Volatility in Chinese markets, Varoufakis defends ‘Plan B’ and beating breast cancer

The daily briefing “FirstFT” from the Financial Times.

China’s benchmark stock index pared losses to 1 per cent by midday on Tuesday, after opening down more than 4 per cent a day after suffering its second-worst single-day percentage decline. (FT)

Gyrations in Chinese stock markets have created a dilemma for policy makers in Beijing, where the government now faces a serious challenge to its credibility. (FT)

In the news

Travellers rejoice La Guardia Airport is to be rebuilt. The 75-year-old airport – described by US vice-president Joe Biden as something a traveller might find “in a third world country” – will be mostly torn down and then reconstructed in a more organised and aesthetically pleasing fashion. (NYT)

Killer robots Some of the biggest names in science and technology have called for a ban on “killer robots” amid fears that advances in artificial intelligence mean the military could be fielding cyborg soldiers within two decades. Such weaponry would create a “third revolution in warfare” following the invention of gunpowder and nuclear weapons, they say. (FT)

Varoufakis defends ‘Plan B’ Former Greek finance minister Yanis Varoufakis insisted he has done nothing improper after running a five-month clandestine project that prepared Greece for a possible exit from the euro. The programme, which was not implemented, involved hacking Greece’s independent tax service. (FT)

Chequebook diplomacy David Cameron kicked off a trade visit to Southeast Asia with a pledge of GBP1bn in financing for infrastructure projects in Indonesia. The prime minister is hoping to use the tour to promote UK business and capitalise on the region’s growth. (FT)

Baidu takes a hit Shares in the Nasdaq-listed search engine Baidu fell 8 per cent after itmissed key targets in its quarterly earnings. The Chinese company has been under scrutiny by investors as the apps-driven mobile internet threatens the role of traditional search engines. (FT)

Turning the tables A sex worker in the US may have ended a nationwide killing spree after she shot and killed a suspected serial murderer who police believe was targeting prostitutes across the country. “I knew he was there to kill me,” the woman told a local radio station. (BBC)

It’s a big day for

Earnings US earnings season continues its brisk pace, with 41 companies in the S&P 500 reporting quarterly results. Ford, Merck, Precision Castparts, DR Horton, UPS, Gilead, Corning and Twitter are among companies set to report. (fastFT, FT)

UK GDP The UK economy is projected to grow 0.7 per cent sequentially in the second quarter – compared with a 0.4 per cent expansion in the previous quarter – as the country’s economy finds a more stable footing. (Telegraph)

Food for thought

Beating breast cancer New research has found that a class of inexpensive, generic drugs – known as aromatase inhibitors – may be more effective in treating breast cancer than existing tried-and-tested options. (WaPo)

Google gives up It was a long time coming, but Google has thrown in the towel in its bid to turn Google+ into a real competitor to the likes of Facebook and Twitter. The company said that a login for the four-year-old social media platform would no longer be necessary in order to access other Google products. (WSJ)

Cross-cultural concerns Bill Emmott argues that despite their differing approaches to journalism, there is no reason why Nikkei’s takeover of the Financial Times should lead to clashes. (FT)

Forgotten warriors Far into India’s hilly northeast, tucked away in some of the most inaccessible parts of the planet, lie the graves of the “Forgotten Army” – a British-led regiment whose bravery fighting invading Japanese troops in 1944 has largely been consigned to oblivion. (FT)

Time to ditch your font People in the US spend about a third of their work week, or roughly 11 hours, reading email. Most email clients – Gmail, Apple Mail and Outlook – rely on sans serif fonts such as Helvetica and Arial. While those sans serif fonts are default, improvements in technology mean it is time to upgrade to a better class of fonts. (Bloomberg)

Video of the day

Turkey ups ante in regional tensions Turkey has increased its military response to Isis and local Kurdish militia. Foreign editor Roula Khalaf talks to Daniel Dombey, former Turkey correspondent, about why the country has shifted gear in its policy towards the Syrian crisis. (FT)

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

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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: A man rides an escalator near Shanghai Tower. REUTERS/Carlos Barria.