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David Cameron sat down with the FT to make a pitch for Britain staying in the EU as voters prepare to head to the polls on Thursday, predicting a “Remain dividend” if the country votes to stay part of the bloc.
“I think on Friday that businesses, wealth creators, job creators will think: Britain has made a decision, let’s pile back into the economy and create jobs and opportunity because it’s a great place to do business,” he said. But he cautioned that the close polls mean “nobody knows what's going to happen” in the vote.
Meanwhile, US funds are cutting exposure to UK equities amid fears of a Brexit, Lawrence Summers argues that leaving would have dire economic consequences, and Martin Wolf makes his case for why Britain belongs in Europe. (FT)
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In the news
Janet Yellen warns of “considerable uncertainty” The Fed chair said she will tread carefully as she gauges when to raise rates again as the central bank assesses whether the economic recovery remains on track and the jobs market is still improving. (FT)
Donald Trump’s campaign is basically broke The former reality TV star’s campaign has just $1.3m in the bank, compared to more than $40m for Democratic rival Hillary Clinton — the worst disadvantage of any major party nominee in recent history. The fundraising figures seemed to bolster the case Mrs Clinton made in a speech Tuesday that Mr Trump would be a disaster for the US economy. They come amid a tough few weeks for the presumptive Republican nominee, who has stumbled through a series of self-inflicted wounds, including racial attacks on a federal judge and an insensitive, self-congratulatory response to the Orlando massacre. Keep track of the race with the FT's daily US politics newsletter. Sign up here. (FT, NYT)
Orlando highlights challenge of Isis propaganda The terrorist group is using kittens, violence and western sex scandals in high-quality videos to galvanise people seeking a sense of belonging from disparate walks of life around the world. How can law enforcement keep up? (FT)
SoftBank’s Nikesh Arora abruptly resigns The former Google executive, handpicked to turn the Japanese company into a global internet company, resigned as president. He told the FT that he quit after founder Masayoshi Son declared that he was no longer willing to surrender the reins of the company next year. (FT)
EU may extend Russian sanctions The bloc’s Brussels envoys agreed to extend until the end of January the energy, financial and defence sanctions on Moscow over the conflict in Ukraine, though formal approval is still pending, according to unnamed diplomatic sources. (Reuters)
Former Visium fund manager found dead Sanjay Valvani, who was charged last week with netting about $25m in profits from insider trading, was found dead in Brooklyn of an apparent suicide. (FT)
It's a big day for
Brexit Channel 4 holds the final debate before voting on Thursday as the Leave and Remain camps make their closing pitches. (FT)
Food for thought
Ireland: no place like home As Ireland grapples with the legacy of its financial crisis, the country’s housebuilding industry, which fuelled much of the unsustainable later period of its Celtic Tiger economic boom, has ground to a halt. (FT)
The unbelievable tale of Jesus’s wife Call it the (spoiler alert) real-life Da Vinci Code. A hotly contested manuscript of supposedly ancient provenance — and involving a Harvard professor, a Florida pornographer and an escape from East Germany — suggests that Christ was married. (Atlantic)
A new product for Chinese online shoppers There is a new shopping empire emerging in China as smartphones become a part of daily life — collateral left over from soured loans. With people using their phones to buy everything from books to fresh foods, Chinese financial institutions are also finding this a useful tool for disposing of their nonperforming loans. Items up for sale include real estate, manufacturing facilities and wine. (NAR)
Japan is still innovating Viewed from Silicon Valley, much of Japan’s industry looks like toast. Once-mighty Japanese consumer companies such as Sony, Canon and Panasonic are struggling to adapt to the digital age. But champions of the Japanese model counter that Silicon Valley does not fully understand the significance of innovation, writes John Thornhill. “Which is more innovative: a ride-hailing app, which cleverly mashes up existing technologies, or an artificial spider silk that could revolutionise clothing?” (FT)
Curbing the lure of migration In Somaliland, parents are trying to dissuade their children from dangerous and illegal migration to Europe by buying them second-hand cars that can be operated as taxis. These cabs, now ubiquitous in Hargeisa, the capital of the self-declared state in Somalia, have become known as hooyo ha tahriibin, which translates roughly as a mother pleading “my son, do not tahriib”. (Quartz)
Video of the day
Brexit and markets: what to watch Katie Martin explains how the markets are trading through the UK’s EU referendum, with sterling, UK stocks and Gilts being the main focus. (FT)