Greece’s offer, Oscars wins and why less is more

The daily briefing “FirstFT” from the Financial Times.

Lenders will review Greece’s last-ditch economic reform proposals today amid concerns they were too vague to justify a four month extension on its Eur172bn package with the European Commission, European Central Bank and the International Monetary Fund. The plans have exposed fractures within the ruling Syriza party’s ranks, with one veteran politician saying they did not change the substance of the programme and was akin to “renaming fish as meat”. (FT)

In the news

Bank pre-election tax hedge Rothschild is mulling paying 2014 bonuses early to avoid the UK Labour party’s planned levy if it wins in May. (FT)

And the winner is Birdman. It won the best picture in the Oscars, while tying for four awards overall with Grand Hotel Budapest. Eddie Redmayne won best actor for The Theory of Everything. (WaPo)

Pharma deals return A US clampdown on the use of untaxed offshore funds may have slowed takeovers of foreign companies, but serial acquirer Valeant of Canada is to pay $14.5bn to buy Salix, gastroenterology drug maker. (FT)

Shanghai opens to short sellers Foreign investors from next month will be able to bet on falls in Chinese share prices for the first time. Demand has been well below the daily cap of Rmb 13bn for Hong Kong purchases of Shanghai shares since liberalisation in November. (FT)

Climate change critic questioned A top researcher dismissive of the risk of greenhouse gases rarely disclosed $1.2m in support from the fossil fuel industry he received over the past decade. Rajendra Pachauri, chairman of the Intergovernmental Panel on Climate Change, has been accused of sexually harassing an employee. (NYT, FT)

Its a big day for 

BHP Billiton The world’s most valuable mining company is set to reveal details of cuts in it shale drilling budget in response to the slide in oil prices. (FT)

HSBC Its private bank is only 3 per cent of pre-tax profits but is at the centre of fresh probes over the support of its Swiss arm in helping clients avoid taxes. Stuart Gulliver, the chief executive, allegedly shielded income from taxes in Panama. (FT)

Magna Carta The Global Law Summit commemorates progress since the 800^th anniversary of the seminal English legal document, four months early but ahead of the elections and several years after critics argue legal aid cuts have undermined its spirit. (Independent)

Food for thought 

Less is more After a senior executive abandoned late-night emails for a new love without losing productivity, Lucy Kellaway agrees with Helmuth von Moltke, the head of the Prussian army: better clever and lazy than dim and energetic. (FT)

Attack is the best form of cyber defence America’s Manhattan project for cyber security, called the Equation Group, has been in development at least since 2001. (Wired)

The perils of recognition Unesco’s coveted World Heritage Site status can boost tourism but restrict development. It is more suited to archaeological sites than modern cities. (Conversation)

Malcolm X mystery Fifty years after the assassination of the radical black leader, the authorities have still not made public important records and one or more of his killers may still roam free. (Guardian)

The end of television Companies and investors are feeling the advertising pinch as younger Americans abandon “linear” TV for “on-demand” services. (FT)

Video of the day

Watch Gary Silverman on why Walmart raised wages. (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 European Union and Greek flag wave in front of the Parthenon temple in Athens. REUTERS/John Kolesidis.