G7 climate commitment, Apple streaming, and China inflation

The daily briefing “FirstFT” from the Financial Times.

The Group of Seven industrial powers took a historic step in the fight against climate change by throwing their weight behind a cut in greenhouse gas emissions by 40 to 70 per cent by 2050 from 2010 levels. That’s the first time they have backed such a precise long-term target.

The leaders also reaffirmed a pledge to mobilise an annual $100bn by 2020 to help poorer nations tackle climate change, expected to boost negotiations among nearly 200 countries to finalise a global climate deal in Paris in December. Here is a timeline of the roughly 30-year struggle to do just that.

Additionally, the leaders said they would place new economic sanctions on Russia if Moscow increased military backing for separatists in eastern Ukraine. (FT)

In the news

HSBC’s cost drive The UK-based bank is targeting annual cost cuts of up to $5bn a year but stayed mum on the subject of any job losses as the bank’s chief executive, Stuart Gulliver, unveiled his latest plans to simplify Europe’s biggest bank by assets. (FT)

Obama: Greece must make ‘tough choices’ The US president put Athens on notice at the G7 summit in Germany, increasing Greece’s isolation on the international stage after it rejected the latest EU creditor bailout deal. “What it’s going to require is Greece being serious about making some important reforms, not only to satisfy creditors, but also to create a platform where the Greek economy can start growing again.” (FT)

Apple launches new streaming service The tech giant has made its biggest push into digital music since it launched iTunes 12 years ago, with a new product that will compete with Spotify and new services from Google and Jay-Z. Apple Music includes an internet radio service and will launch later this month in 100 countries. (FT)

China inflation cools Signs of a slowdown in the world’s second-biggest economy continue to pile up, with consumer prices rising 1.2 per cent year on year in May – their slowest pace since January, and below market forecasts. (FT)

Paul Volcker’s warning The former chairman of the Federal Reserve has warned that US states rely on faulty practices to balance their budgets, masking the true nature of their finances and leading to poor policy making. (FT)

More Libor Royal Bank of Scotland was ordered to hand over documents relating to its negotiations with the UK finance regulator over its fine for Libor manipulation as part of a lawsuit alleging mis-selling of interest-rate hedging products that were underpinned by the benchmark. This comes ahead of a major review into UK financial regulation, due to bepublished on Wednesday , that is expected to recommend new laws banning market manipulation and the creation of a new market standards body. (FT)

Monsanto seeks Syngenta inversion The US agricultural company is pursuing a “tax inversion” acquisition of its Swiss rival, with the merged entity to be domiciled in the UK under a new name. Syngenta released details of the proposed takeover after it rejected a revised offer – same SFr449 a share price tag as an earlier approach, but with added $2bn termination fee. (FT)

China developers try crowdfunding Dalian Wanda Group, China’s largest commercial developer by sales, is turning to the country’s web-savvy masses to help finance construction of its next batch of shopping malls, with the launch of its first online investment product. (FT)

Investors prepare for Fed rate rise Utilities and real estate investment trusts have been popular with investors because of their dividends. But the sectors have underperformed in recent weeks alongside a rise in bond market yields as investors reconsider high-yielding stocks as a first rate rise from the US central bank looms. (FT)

It’s a big day for

China The results of the latest reshuffle of the MSCI Emerging Markets index are released after the close of trading in New York and investors will watch to see whether Chinese A-shares have been added. “It is not quite like waiting for white smoke from the Vatican,” observed the FT’s John Authers, but this is what you need to know about the decision. (FT)

Brexit The House of Commons will hold its first debate and vote on a bill to hold a referendum on EU membership by the end of 2017. David Cameron’s attempt to impose discipline on eurosceptic members of his party unravelled Monday. (FT)

Food for thought

Tracking your career He only had himself to blame, Mike Weston thought ruefully as he strapped a Fitbit to his wrist one cold February morning. His company was about to start tracking him 24 hours a day, gathering data on everything from his sleep quality and heart rate to his location and web browsing habits. (FT)

Vending machine diplomacy Japan and China may have their fair share of territorial and historical disputes, but it seems relations could thaw with the help of a cold drink, instant noodles or ice cream – from a vending machine. Japan’s quietly influential vending machine business lobby is preparing to meet with its Chinese counterpart to discuss the potentially enormous growth opportunities of selling to the Middle Kingdom. (FT)

Black hole hunters How astronomers aiming to make the first portrait of the “hungry monsterat the center of our galaxy” built “a telescope as big as the world”. (NYT)

Battling Isis: A long campaign ahead President Obama said the US hasn’t yet developed a “complete strategy” for training the Iraqi military to take on the Islamist extremists. A cache of materials seized during a Delta Force commando raid last month that killed an Isis leader in eastern Syria yielded valuable information about its leadership structure, financial operations and security measures. But despite US-led airstrikes the group appears stronger than ever.What can be done to halt its bloody progress? An FT interactive map marks Isis’s advance in Iraq. (WSJ, NYT, FT)

Down the ClickHole How a BuzzFeed/Upworthy parody site designed to mock the Internet – brought to you by the folks behind the Onion – became the best thing on it. See: this list ofBruce Springsteen songs. (Slate, ClickHole)

Sesame Street education The most authoritative study ever done on the impact of the long-running television show has found it has delivered lasting educational benefits comparable to pre-school to millions of children. (WaPo)

Video of the day

Turkey’s post election turmoil A look at the fallout from an election that saw the ruling AK party lose its parliamentary majority, and what is next for president Recep Tayyip Erdogan. And James Mackintosh looks at Turkey’s lessons for the emerging markets investor. (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: Smoke bellow from the chimneys of a power station. REUTERS/Peter Andrews.