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Donald Trump has fired his campaign manager Corey Lewandowski in a bid to shake up his faltering campaign.
As an example of how not to run a presidential campaign, “Trump 2016” is already destined to be a prime case study for years to come, writes Ed Luce. “Alas, the only shake-up that could reorient Mr Trump’s style of politics would be to fire the candidate himself. That might be a twist too far even for the creator of the Apprentice — though there are amateur psychologists in Washington who believe Mr Trump is subconsciously looking for an exit. Short of that, Mr Trump and his still very small campaign staff are stuck with an insuperable problem.”
Jonathan Chait argues the dismissal is further evidence that the Trump campaign is a “garbage fire”. (FT, NYMag)
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In the news
‘Spineless’ Senate rejects gun bills “You’d think that if there was one step both parties in Washington could support in the wake of the nation’s worst mass shooting, it would be to close a yawning gap in federal gun background checks — a strategy supported by nearly 90 per cent of Americans,” notes a USA Today editorial. “Yet in an extraordinary act of cowardice” 56 senators — 53 Republicans joined by three Democrats — threw away yet another opportunity to keep guns out of the hands of more felons, fugitives, the mentally ill or people prone to domestic violence. (USA Today)
US low-skill males drop out of jobs market Labour-force participation among men of prime working age has dropped by more in the US than in any other OECD country apart from Italy in the past quarter century. The decline has been driven in part by weaker employer demand for people with lower skills, according to a report from President Barack Obama’s Council of Economic Advisers. The study shed light on one of the major concerns about America’s recovery: while unemployment has been falling, a large number of people have also been dropping out of the jobs market altogether. (FT)
Europeans appeal to UK to stay National leaders and media across Europe mobilised to persuade British voters to remain in the EU, with Hungary’s prime minister Viktor Orban buying a full-page ad in Monday’s Daily Mail urging Britons to choose “Remain”. That sentiment is shared by many in the UK’s Polish community of 850,000, the country’s single largest non-British population. The campaign has inspired feelings of fear or uncertainty among 72 per cent of Poles living in the UK, according to a survey carried out last week by Polish pollster IBRiS. (FT)
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Oi files bankruptcy protection request Brazilian telecommunications operator Oi has filed the country’s biggest bankruptcy protection request, weighed down by R$65.4bn (US$19.2bn) of debt and a slumping economy. Its failure comes as corporate Brazil is struggling with what is expected to be the nation’s worst recession in more than a century, with heavily-indebted companies coming under increasing pressure. (FT)
Germany probes ex-VW chief Prosecutors are investigating Martin Winterkorn on suspicion of possible market manipulation related to the VW diesel emissions scandal. (FT)
It's a big day for
Hillary Clinton The presumptive Democratic presidential nominee plans to portray Donald Trump as an erratic and unfit steward of the nation’s economy, returning to Ohio to press the case that workers would bear the brunt of the business mogul’s policies. In an address in Ohio, one of the nation’s most prominent swing states, she will aim to place a marker on the economy in a similar manner in which she did on foreign policy earlier this month with a searing takedown of Trump in San Diego. (Fortune)
European Central Bank Germany’s constitutional court has ruled in favour of one of the EBC’s most important tools to fight financial crises, in a judgment that will provide significant relief to jittery markets just two days before Britain’s EU referendum. The landmark bond-buying programme was launched at the height of the eurozone’s debt crisis in 2012 and despite having never been used, is widely credited with bringing the currency area back from the brink of collapse. (FastFT)
Fed watchers Chair Janet Yellen will give her semi-annual monetary policy testimony to Congress a week after the central bank opted to hold rates unchanged at its June meeting. (FT)
Food for thought
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)
Pay transparency: the last taboo There may be a case for keeping some details under wraps, and exploring halfway options (such as publishing median pay for particular roles), writes Andrew Hill. “But the real fear of those with keys to the pay padlock is that unlocking it will expose hypocrisy, trigger explanations of context, lay bare inequities and force change.” Research suggests pay secrecy may actually impede performance, while openness and explanation, according to one US survey, curbs the grass-is-greener impulse to quit. (FT)
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)
The shadow doctors The Assad regime has killed almost 700 medical personnel in Syria — a country that didn’t have many doctors to begin with. Now there is an underground race to preserve and spread medical knowledge even as the regime tries to erase it. (New Yorker)
Who will Hillary Clinton choose as VP? One former vice-president described the position as being “not worth a bucket of warm piss”. But the one-time secretary of state must soon choose a running mate, weighing the pros and cons of a handful of potential partners. (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 [smuggle]”. (Quartz)
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