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The City of London has given up hope of Norwegian-style universal access to the EU single market and is seeking a bespoke deal for its different sectors to trade with Europe. The preferred Swiss approach — ever more contested in Brussels — gives some sectors full two-way access to the single market in return for keeping regulation at an equivalent level. That could explain why Theresa May went on holiday to the Alpine nation. (FT)

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In the news

Doping athletes At least 120 of the 11,000 participants in the Rio Olympics have previously been suspended — and 25 have won medals so far. Ukraine and the US had most offenders, with form from another 61 of the 205 national delegations. (NYT)

Brazil mulls legal action Police are considering charges against US Olympic swimmer Ryan Lochte and three others for allegedly lying in official testimony about being robbed at gunpoint at the weekend. They had not been assaulted by thieves as the gold medallist had claimed but instead were involved in an altercation at a petrol station, police said. (FT)

Digital doctors More than 20 Japanese companies and institutions are part of a new government-backed Riken research institute to open next month exploring artificial intelligence. One project is to trawl patient medical records to propose tailor-made treatments. (NAR)

US will cease using private prisons The Department of Justice is phasing out its use of the facilities, in a blow to companies such as Corrections Corp of America and Geo Group while cheering critics who assailed the industry for putting profits ahead of inmate needs. The ruling will not affect the many more private prisons used by state and local authorities. (FT)

Cautious ECB hints at further action in September Policymakers at the European Central Bank have said the latest wave of uncertainty in the global economy needed “very close monitoring”, in a hint that the eurozone’s monetary policy council will act next month unless inflation and growth show signs of picking up sooner than expected. (FT)

It’s a big day for

Australia Federal and state energy ministers are due to hold an emergency meeting to discuss what went wrong and how the country — one of the world’s biggest exporters of coal and gas — can improve its energy security as it reduces its reliance on coal-fired electricity. (FT)

BHS All remaining stores in the British retail group previously owned by Sir Philip Green are to be closed permanently by Saturday (Guardian)

Insomniac Londoners The night Tube service begins tomorrow, with plans for the Victoria and most of the Central line to run all night at weekends. (FT)

Food for thought

The whistleblower’s tale The man who helped expose false accounting at Deutsche Bank has turned down a multimillion-dollar award from the Securities and Exchange Commission in protest against the agency’s failure to punish executives at the bank. (FT)

Yellow fever pandemic The mosquito-borne disease is spreading from Africa to Asia, probably via unvaccinated Chinese expatriates returning home. Health experts are struggling to supply vaccines and diagnostics. (Scientific American)

The amateurs trying to put a human in space Despite having second-hand equipment and little money, a team of Danish enthusiasts are aiming to win their own space race. (FT)

How Lending Club’s biggest fanboy uncovered shady loans The start-up has lost 80 per cent of its market value since its peak shortly after its 2014 IPO. Its chief executive resigned three months ago amid alleged ethical breaches on his watch. But things might be even worse at Lending Club than anybody realises. (Bloomberg)

Best of the bad losers From accusations of cheating and complaints about the crowd to straight up insults, here are the Olympic athletes who failed to accept their losses. (BBC)

A night on the town in North Korea Never mind the missiles. The country has launched its first beer festival, inviting revellers to sit by the river in downtown Pyongyang and sample a locally made beverage. The brewery behind the beer was originally located in Wiltshire, England, before being bought by the North Koreans in 2000 and shipped piece-by-piece back to the capital. (Atlantic, Independent)

Video of the day

Oil price rise explained Benchmark crude oil prices have risen to about $50 a barrel as traders look for an output freeze. Anjli Raval, oil and gas correspondent, explains what is at stake. (FT)

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