Greek talks collapse, US military power, email encryption

The daily briefing “FirstFT” from the Financial Times.

Greek bailout talks broke down in recriminations after six hours. Eurozone finance ministers trying to hammer out a solution in Brussels were not even able to agree a way to take negotiations forward.

It is looking ever more likely that, come expiry in March, Athens will be without any bailout assistance for the first time in nearly five years. Many fear that outcome could spark turmoil and domestic bank runs. The euro weakened on news of the collapsed talks. (FT)

In the news

The social security network Facebook is launching a social network for cyber security professionals to share information and leads on cyber attacks. The world’s largest social network has teamed up with other tech companies including Yahoo and Pinterest to step up its cyber security work. (FT)

Obama wants greater military power The US president asked Congress for new powers to wage military operations against Isis. This has kicked off a debate over the limitations ofpresidential war power. (WSJ$)

Glencore spins off Lonmin stake The miner is to divest its 24 per cent stake in the troubled South African platinum producer just as it slashes spending on its mines over the next year. (FT)

Thousands of Yemenis protested against Houthi rule yesterday after the US, UK and Franceclosed their embassies. (Reuters, FT)

Fosun wins Club Med battle The Chinese conglomerate won the longest takeover battle in French history with its offer of EUR24.60 a share, which values the holiday group at EUR939m. The Wall Street Journal looks at how Club Med’s fortunes have changed after the economic recession. (FT, WSJ$)

It’s a big day for

Ukraine The IMF could announce a new rescue package that will lead to a restructuring of Ukraine’s privately held debts. Even as the leaders of Ukraine, Russia, France and Germany met in Minsk yesterday for last-ditch talks to agree a ceasefire, fighting raged on the ground in Debaltseve. (FT)

South Africa’s president Jacob Zuma delivers his state of the nation address today. (It’s not deja vu – we were first, but also too far ahead of the news in saying it was happening yesterday.) An opposition party plans to take the occasion to confront the president over a scandal surrounding $22m of taxpayers’ money spent on Mr Zuma’s private homestead. (FT)

US west coast ports where vessel loading and unloading will halt today and from Saturday to Monday. The terminals are veering closer to complete shutdown because of an industrial dispute over employment contracts. Nissan and Toyota have said they’ve been forced to airfreight parts to circumvent the hold-ups. (FT)

South Korea’s chaebols A Seoul district court is due to pass judgment on the Korean Air Lines heiress who flew into a rage and disrupted a flight over the way macadamia nuts were served. The “nut rage” case is seen as a test of willingness to tackle misbehaviour at large conglomerates, which has stoked public anger. (WSJ$)

Food for thought

Big data and online sex trafficking The US military has developed its own search engine for identifying signs and patterns in sex trafficking. Economists have also been brought in to study the sex market and its finances, using the data that has been mined. (WSJ$)

Powering the world’s email encryption The email encryption software used by whistleblower Edward Snowden and thousands of journalists and dissidents was single-handedly maintained by a 53-year-old man in Germany who was running out of money. (Pacific Standard)

Wishful drinking Don’t lie to yourself when you’re knocking back a glass – a new studydebunks the idea that moderate alcohol consumption can provide health benefits. (Bloomberg)

Chinese companies may have become big players in the global M&A stage but investment banks are increasingly being cut out of the deal. (FT)

Video of the day

The internet’s modern day robber barons Andrew Keen, author of The Internet is not the answer, says that the internet has created technology that doesn’t empower us but exploits us and widens inequality. He explains why he is particularly concerned at the power that Google wields over our data. (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 (E.U.) flag flutters in front of the monument of Parthenon on Acropolis hill in Athens. REUTERS/John Kolesidis.