Greece is seeking a bailout extension along the lines proposed by Pierre Moscovici, the European Commission’s economic chief. It wants to extend its Eur172bn programme by four months but with discretion over which economic reforms . Eurozone officials rejected the idea on Monday and have given Athens till the end of this week to concede. (FT)

In the news

Pacific takeover Japan Post has agreed to buy Australia's Toll Holdings for A$6.5bn, making the domestically-focused Post one of the world's biggest logistics companies. (FT)

Chinese New Year celebrations

UN approves Ukraine "ceasefire" The Security Council unanimously approved the Minsk agreement even as the US warned Russia of the costs of its violation of the deal. (BBC)

Obama delays immigrant plan A federal judge in Texas ruled that the US president’s plans to allow legal protection to hundreds of thousands of migrants would impose heavy burdens on states and strain their budgets. (NYT)

Underpaid bankers Credit Suisse and Deutsche Bank consider raises to junior staff to offset lavish bonuses. Bank of America Merrill Lynch recently hiked the pay of first-year analysts to GBP50,000. (FR)

Virtual reality Apple wins patent for wireless head-mounted display that slots iPhone in front of the eyes. (FT)

It's a big day for

Cristina Fernandez de Kirchner Tens of thousands of Argentines are expected on a silent march to mark the death of prosecutor Alberto Nisman, who accused the president of obstructing his probe into a deadly terrorist attack: against a Jewish centre in Buenos Aires in 1994. (NYT)

Modi's suit The Indian prime minister's pinstripe, seen as one reasons his party lost elections in Delhil, is due to be auctioned in Gujarat to raise money for cleaning the Ganges river. (Huffpost)

Food for thought

Unbalanced hopes Martin Wolf writes that the strength of the dollar reflects high demand, but will make it harder to tighten policy than the Federal Reserve imagines. (FT)

Cyber reversal European governments which previously criticised US spy agencies tapping into social networks now want Silicon Valley companies to open up encryption in the fight against extremism. (WSJ)

Virtual victories The ideas of victory and defeat are outdated, says a UK general. The information age has changed the nature of conflicts, and perceptions are as important as the battlefield. (FT) 

Press freedom Veteran British columnist quits Daily Telegraph after claiming the divide between its advertising and editorial department had collapsed. It failed to report on HSBC's role in tax evasion, in "a fraud on its readers". (Guardian)

Insects as sushi Grub pioneers seek to make bugs palatable (FT)

Video of the day

Rolls Royce accused The FT's Hugh Carnegy and Peggy Hollinger discuss the implications for the British engineering group of bribe-giving claims to Petrobras.

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