Greece talks, French fine wine, boring surfers

The daily briefing “FirstFT” from the Financial Times.

Athens’ chances of finding itself without an EU financial backstop in one week will come down to a bitter face-off in Brussels today between the Greek and German finance ministers, afterBerlin rejected Greece’s request to extend its €172bn rescue by six months.

The German rebuff came just hours after Yanis Varoufakis, the Greek finance minister, reversed his government’s long-held promise to kill the current bailout in a letter to his fellow ministers. But the letter, obtained by the Financial Times, had clauses that Berlin told counterparts amounted to “a Trojan horse” designed by Athens to change the conditions it must meet to receive €7.2bn in aid available for finishing the bailout. (FT)

In the news

Pentagon warns on Isis attack The Pentagon has taken the unusual step of disclosing plans for an Iraqi-led attempt to retake Mosul , Iraq’s second-largest city, from Islamist militants in a spring offensive. About 20,000 Iraqi and Kurdish soldiers are being prepared for the battle. The Pentagon said there was no decision yet on any US participation. (FT)

Ukraine freeze on gas A new faultline has opened up between Ukraine and Russia over natural gas, after pro-Russian rebels in east Ukraine accused Kiev of cutting off supplies amid sub-zero temperatures. Russia said it had started supplying gas, while Kiev said the problem was pipelines being damaged by heavy fighting. (FT)

UK bank probe Investment banks in the UK face an investigation by the Financial Conduct Authority regulator into possible conflicts of interest and anti-competitive practices. Bankers profess to be “stunned” at the potential intervention into activities worth more than £10bn annually. (FT)

French no-confidence vote France’s socialist government has survived a no-confidence votein parliament. It fell well short of the 289 votes needed and means the survival of an economic reform package that President Francois Hollande argues is vital for restoring growth. (FT)

Dutch fans run riot in Rome Hundreds of fans of Feyenoord, the Dutch football club, clashed with armed Italian riot police in one of Rome’s most beautiful piazzas, capping a torrid week for European football. (FT)

Its a big day for

Fashionistas London Fashion Week begins, with 78 designers showcasing autumn and winter collections and £100m in orders expected to be placed over the next few days. However, the catwalks will be upstaged today by a memorial to Professor Louise Wilson of Central Saint Martins art school, who died last year and taught and influenced famous designers such as Alexander McQueen. (London Fashion Week, Guardian)

Boring surfers The Severn Bore – a tidal surge up the Severn estuary in south-west England – could carry surfers more than 20 miles, helped by the highest tides in 20 years. (Bristol Post)

Food for thought

Vintage year for fine wine sales? A 12-bottle case of 1945 Chateau Latour Bordeaux went for GBP 21,150 at Bonham’s fine and rare wine auction on Thursday – another sign the market is heading for recovery after years of volatility. (FT)

Antiquities aid for Isis Islamic State supporters are helping fund its cause by smuggling and selling relics. The BBC has been investigating the trade, following the route from Syria through Turkey and Lebanon to Europe. (BBC)

Greenspan on oil shift The fall in the oil price has led to a marked change in the economic and geopolitical landscape, with the US and its allies the main beneficiaries, argues Alan Greenspan, former chairman of the US Federal Reserve. Opec is having to deal with shale oil output that can expand and contract with demand more rapidly than conventional wells. (FT)

Bring them back! They may have been corrupt, but  trade unions were good for middle class Americans. Their obliteration is causing a bigger economic divide. A columnist makes a strong case for the return of the labour unions. (NYT)

And the Oscar nominees are not…. The Wall Street Journal has produced some unusual categories that will not be included at this year’s Hollywood awards, including Most Fisticuffs, Most F-Bombs and Most Snow and Rain for the Best Picture nominees. The Conversationpoints out how Anglocentric the Oscars remain, with UK, Irish and Australian films not considered foreign. (WSJ, The Conversation)

Video of the day

One-tap apps Some apps hardly need a tap to get things done. The FT’s personal tech columnist Tim Bradshaw reviews Workflow and Do apps as time savers.

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 European Union (L) and Greek flag wave in front of the Parthenon temple in Athens. REUTERS/John Kolesidis.