Greek MPs pass reforms, high-stakes intrigue, and falling furniture

The daily briefing “FirstFT” from the Financial Times.

Greek MPs pass reforms

Athens this morning approved key reforms demanded by eurozone creditors as a condition for starting talks on a new EUR86bn bailout package.

The vote by the 300-member parliament followed a marathon overnight session and threatens to split the ruling left-wing Syriza party, which said on Wednesday that its opposing factions could face a “possible divorce”. (FT)

In the news:

South Korean slowdown

Seoul recorded its weakest economic expansion in six years as economic growth more than halved in the second quarter. The economy grew just 0.3 per cent between April and June as the government struggled to control an outbreak of Middle East Respiratory Syndrome, better known as Mers. (Reuters)

Microchips, major changes

Qualcomm, the $105bn San Diego-based chipmaker announced it would slash its workforce by about 15 per cent and move activity to lower-cost countries as it reels from a slowdown in chip demand. The company has been under pressure since activist hedge fund Jana Partners took a $2bn stake in April and demanded cost cuts and restructuring. (FT)

Our man in Macau

China feared that casinos in Macau run by billionaire gaming magnate and major Republican party donor Sheldon Adelson were being used by US spies to entrap and blackmail Chinese officials. According to a “highly confidential” report on the gaming industry, Beijing believed the former Portuguese enclave had become a hotbed of CIA intrigue. (Guardian)

Uber bites the Big Apple

The administration of New York City mayor Bill de Blasio haltedplans to cap the number of new Uber drivers in the Big Apple following a media blitz and grassroots campaign by the ride-sharing start-up. The plan had been aimed at controlling the number of new cars clogging the city’s roads, but came under fire from Uber and its supporters who accused the mayor of protecting the taxi industry. (FT)

Dreamliner nightmare

Boeing said it had “more work to do” to reduce production costs for its flagship 787 Dreamliner after high losses per aircraft cast a shadow on second-quarter earnings. (FT)

It’s a big day for:

The health insurance industry is on tenterhooks as it awaits news of a deal between Anthem and Cigna. Anthem is reportedly close to acquiring Cigna for $48bn in what would be the second health-insurance deal to be spurred as a direct reaction to Obamacare. (FT)

Bank of America finance chief Bruce Thompson, who leaves the role after a more than four-year stint amid a managment shake-up. Mr Thompson’s exit comes in the wake of BofA’s strongest quarter since 2011, although his tenure will likely be remembered for the misconduct penalities that hit the bank. (FT)

Credit Suisse chief executive Tidjane Thiam, who will preside over his first set of quarterly results, although the former Prudential chief only joined the bank on July 1.

Food for thought:

The law on trial

Hong Kong’s much revered courts are facing a battle to preserve their independence amid Beijing’s growing involvement in the former British colony. For many in Hong Kong, the legal system serves as a beacon – a reassurance that the rule of law will be maintained. (FT)

Warning: falling furniture

Ikea, the world’s largest furniture retailer, has warned customerswho bought 27m chests and dressers that their purchases could tip over and crush children. The warning follows the deaths of two children last year after Ikea’s Malm chests toppled onto them. (USA Today)

Smiles all round

In a true testament of the times we live, Sony Animation has signed a near-seven figure deal to make a movie centered on Emojis, the colourful smiley faces that have become a staple of social media interaction across all generations. (Deadline)

The man behind Trump

Republican presidential hopeful and reality TV star Donald Trump’s campaign manager, Corey Lewandowski, is a lot like his boss. The PR guru with a knack for spectacle and a reputation for ruffling feathers has stood guard as Mr Trump has sprung to the top of the polls. (Politico)

The phantom particle

Chinese scientists have claimed to have discovered an elusive particle that could improve the speed and battery life of future technologies. The research team at the Chinese Academy of Sciences is reported to have confirmed the existence of the Weyl fermion, a massless particle that could mean smartphones would only need to be charged once a year. (SCMP)

Video of the day:

Emerging markets: there and back again

Emerging markets have given back all their gains made during the Chinese rebound of 2009-10. James Mackintosh, investment editor,considers whether emerging markets are now down and out or offering glimmers of hope.

This article is published in collaboration with The Financial Times. Publication does not imply endorsement of views by the World Economic Forum.

To keep up with the Agenda subscribe to our weekly newsletter.

Author: FirstFT is the Financial Times’ editors curated free daily email of the top global stories from the FT and the best of the rest of the web.

Image: The Pierre building is seen through a stairway as customers enter a store. REUTERS/Adrees Latif.