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Brazil is on the brink of a constitutional crisis after a judge blocked President Dilma Rousseff’s appointment of her predecessor, Luiz Inácio Lula da Silva, to her cabinet, prompting clashes in Congress and on the streets.

Mass protests swept the country this week as a court released phone recordings fuelling accusations that Ms Rousseff had appointed Mr Lula da Silva as a minister to protect him from arrest. State prosecutors requested Mr Lula da Silva’s arrest last week over charges of money laundering and fraud, accusing the former president of secretly owning a beachside penthouse at the centre of investigations into corruption at state oil company Petrobras. (FT)

In the news

US military chief rejects harsh anti-terror rhetoric A senior US military commander said extreme techniques such as waterboarding, whose revival has been advocated by Donald Trump, would be illegal and likely to damage the morale of troops. (FT)

Costs of a crisis The EU’s spending on migration came under fire from its own auditors, who chastised Brussels for failing to plan or monitor its projects properly and for not being able to demonstrate how €1.1bn of funds had been spent. (FT)

N Korea missile test North Korea has fired a mid-range ballistic missile into the Sea of Japan, in its latest show of force to defy tougher international sanctions and US-South Korea joint military drills. The missile was fired on Friday morning from a site north of Pyongyang. It was North Korea’s first test of a mid-range missile capable of reaching Japan since 2014, sparking strong protests from Tokyo.

Struggling to adapt US colleges want more international students to increase tuition revenue and have been making a big play for those from China, but language and cultural barriers make assimilation a struggle. (WSJ)

US stocks up, dollar down The S&P 500 briefly turned positive for the year on Thursday, in a reversal of the unbridled selling that kicked off 2016. The gains mark a significant rebound for US stocks. However, the dollar’s decline, following a dovish Fed statement, continued on Friday. The dollar index, which tracks the world’s reserve currency against six of its main rivals, has fallen to levels last seen in October.(FT)

 

Test your knowledge with the week in news quiz. Shares in which pharmaceutical company lost half their value this week?

It’s a big day for

Ankara, after both the EU and Turkey hardened their positions as they negotiated a European migration plan. The development sets the stage for a clash on Friday over the legal, practical and political elements of a big-bang proposal to systematically turn back migrants reaching Greek islands.

Food for thought

River of life The City and Canary Wharf house thousands of workers from the worlds of finance, law and professional services. But the stretch of the Thames that connects London’s two financial districts is a different kind of workplace altogether. (FT)

No fatal doctrine Fatalism taints the Obama doctrine, writes the FT’s Philip Stephens, but to observe that the US cannot solve every problem should not be to conclude it is powerless. Losing wars has done more damage to US credibility than choosing not to fight them. (FT)

Gone fishing The controversy surrounding Mozambique’s $850m “tuna bond” acts as a cautionary tale of poorer nations getting saddled with debt as the emerging markets boom comes to an end. (FT)

Patent pole position China’s Huawei Technologies held its place as the top international patent filer in 2015, signifying the growing contribution to global intellectual property from east Asia. (NAR)

Death in a cold climate When one woman was asked to write an obituary for her local paper in a remote Alaskan town, she had no idea that over the following two decades she would go on to write hundreds of them, many for people she knew well. (BBC)

Video of the day

Society’s lust for gold has shaped history, through wars, discovering and scientific inquiries. But why do investors continue to hold on to such an idle asset, asks Izabella Kaminska, when they could put their cash into more modern, productive investments?

Copyright The Financial Times Limited 2017. All rights reserved.
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