Greece reaches breakthrough deal, the rise of rage rooms and why we were wrong about millennials

Greece’s international creditors have bought time to secure the country’s financial future after agreeing broad but inexact principles to ease its debt mountain and break an impasse between Germany and the International Monetary Fund.

After almost 11 hours of talks in Brussels, eurozone finance ministers and the IMF agreed to a range of measures to restructure Greece’s debts when its €86bn bailout ends in 2018 — but put no figures on the concessions and left them subject to political decisions by eurozone countries. (FT)

In the news

US crude hits 7-month high US crude oil bounced to the highest level in seven months on Tuesday, as traders foresaw a decline in bloated inventories in the world’s biggest petroleum consumer. Nymex July West Texas Intermediate, the benchmark for light, sweet crude, jumped as much as 2.5 per cent to $49.27 a barrel late in New York. (FT)

Monsanto: show me the money The US agribusiness said it was open to discussions on a deal with Bayer, even as it rejected a record-breaking $62bn cash bid from the German conglomerate as “incomplete and financially inadequate”. (FT)

The recriminations begin With a new poll showing the Remain camp pulling ahead, campaigners for a British exit from the EU are getting antsy, accusing the official Vote Leave campaign of “losing us this referendum”. “It is time for them to put aside their pathetic prejudices and start using Nigel Farage,” said one unhappy Brexiteer. (FT)

Google raided French authorities conducted an early-morning raid on the tech group’s Paris offices, turning up the heat in the spreading European tax war against US tech giants. The move comes as European authorities attempt to crack down on the use of complex tax-avoidance schemes by multinationals to shift profits to lower-tax countries. (FT)

Rare sign of discord emerges in China over economy Clear divisions have emerged within the Chinese leadership over macroeconomic policy. Premier Li Keqiang and other senior government officials view the current state of the Chinese economy in a positive light, but an anonymous figure seen as close to President Xi Jinping has made a splash by issuing a rebuttal. (NAR)

Chechen hardman v British comedian When a politician hits back after a public skewering, you know the comedian has hit a raw nerve. For Chechen hardman leader Ramzan Kadyrov — a man accused of human rights abuses and linked with murders of opposition figures — that nerve is a lost cat. (Guardian)

It's a big day for

Drones Xiaomi, the Chinese smartphone maker, is planning to introduce its first drone at a price more than 20 per cent below a comparable product from market leader DJI. (Bloomberg)

HP The tech company is expected to continue a slide in revenues when it announces earnings. (WSJ)

Food for thought

How to defeat rightwing populism Martin Wolf argues that while it seems quite likely that Donald Trump will fail in his quest for the presidency, his backward protectionism and ignorant views may yet live on. “Mr Trump’s rise is a symptom of a disease that he would undoubtedly exacerbate. If it is not too late, people must now find more effective ways to cure it.” Sign up for our daily US politics email here. (FT)

Sunk How a Chinese billionaire’s dream of making an underwater fantasy blockbuster turned into a legendary movie fiasco. (The Atavist)

Hedge funds: Overpriced, underperforming The industry — along with managers’ wallets — ballooned thanks to pension funds. But now institutional investors are taking a long look at costs that don't seem to be justified by returns that pale in comparison to an index fund. (FT)

The ‘weaponisation’ of Lego The plastic kits are taking on increasingly violent themes as toymakers engage in an “arms race” to catch children’s attention in the digital age, a study by New Zealand researchers has found. And the strategy seems to be working: Lego almost went bankrupt in 2003 but now the Danish company has seen 11 straight years of growth. (BBC)

The rise of rage rooms Faced with a sluggish economy and fed up with their lot, Americans are increasingly taking to “rage rooms” to blow off steam. Turns out destroying domestic appliances with a golf club or baseball bat is a popular form of therapy — and a lucrative business model. (Guardian)

Why we were wrong about millennials If — like the rest of us — you had accepted the idea that millennials are impatient, footloose souls who have little sense of employer loyalty, then it might be time to re-evaluate your thinking. A new survey of nearly 20,000 21- to 36-year-olds across 25 countries found that 87 per cent said job security was a priority, second only to money and way ahead of things such as “purpose” and “flexibility”. (FT)

Video of the day

More sterling jitters ahead over Brexit EU referendum opinion polls show a clear lead for the Remain camp. This is having an impact on sterling. The FT’s Roger Blitz explores why the pound has been volatile and whether the market is more bullish about the Remain campaign winning. (FT)