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Good morning from the Financial Times. Today is Thursday June 30th and this is your FT News Briefing.

Chinese stocks are making a comeback. Facebook's rules for its virtual reality

app store are frustrating developers. And Revlon has struggled to keep up with the changing

beauty industry. I'm Joanna Gal, in for Mark Filipino, and here's the news you need to start your day.

Chinese equities are on track for their best month in nearly two years.

The CSI 300 index has climbed more than 8 percent in June. Investors are betting the worst of

strict COVID-19 lockdowns is over. Authorities have managed to get outbreaks and shanghai and Beijing

under control. And this week they ease travel quarantine restrictions. Investors were also encouraged

by suggestions that regulators would take a lighter approach in the tech sector.

Tech companies are gearing up to profit from the metaverse. That's the virtual world some are

heralding as the future of the internet. Facebook's parent company Meta has a crucial money-making

advantage right now. It sells an important tool you need to access the metaverse, a virtual reality

headset. Meta has imposed fees for heads that related apps and app developers are not happy.

Some have vented their frustration to the FT's Patrick McGee. He joins me now. So Patrick,

what have these app developers told you? I think the frustration is that if you're some sort of

developer that's been building things for the iPhone or Android for the last 15 years, you've

been paying this 30 percent fee and you've viewed Meta Facebook as a potential ally because they

have adopted this anti-Apple stance involving full page newspaper ads declaring that Apple has

this strangle hold on the app store and what gets on your phone and it's a monopolist. And you would

think, given all that rhetoric, in their opportunity to build a computing platform, they would have

...