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The UK pound fell to a three-year low a day after Theresa May vowed to leave the EU by 2019. In her first major speech on Brexit, the prime minister said the UK would become a “fully independent, sovereign” country in the clearest sign yet that she wants a clean break from Europe’s single market.
Chancellor Philip Hammond warned of turbulence on financial markets during the negotiation process and said there would be business uncertainty until the final state of the UK’s relationship with the EU was settled. FT View: Mrs May is right to offer clarity on the Brexit timetable.
In the news
Farc deal poll defeat Colombian voters rejected a peace deal on Sunday that aimed to end the western hemisphere’s oldest conflict, with the surprise result plunging the country and the government into uncertainty. The accord aimed to end a 52-year conflict that has left more than 250,000 people dead and displaced 7m; it also promised to draw a curtain on guerrilla-inspired revolutionary movements in Latin America. (FT)
India’s monsoon boost The best monsoon in three years has raised farm output, boosting GDP by $22bn. Failed monsoons in recent years have caused drought in many parts of India, reducing income and output. (Quartz)
Orban setback Hungarian prime minister Viktor Orban’s battle against EU refugee sharing rules have received a setback after low turnout invalidated a referendum on the issue. But of the 43 per cent who voted, 98 per cent voted No to migrant quotas from Brussels, allowing Mr Orban’s Fidesz party to claim victory. (FT, Politico)
Inequality declining Despite popular belief, the world became a more equal place in the years after the global financial crisis, with twice as many countries seeing declines in inequality as increases, according to the World Bank. (FT)
And the Nobel goes to . . . The 2016 prize for medicine has been awarded to Japanese scientist Yoshinori Ohsumi for discoveries of mechanisms of cell autophagy, which led to a new paradigm in understanding how the cell recycles itself. (Nobelprize)
It’s a big day for
The US Supreme Court The high court begins a new term on Monday, and for the first time in a quarter of a century, only eight of its nine seats are filled — the final slot will be decided by the presidential election. (VOA)
Keep up with the important business, economic and political stories in the coming days with the FT’s weekahead.
Food for thought
The making of Theresa May How a vicar’s daughter who inherited grit, a sense of duty and a no-nonsense attitude ended up at the top of the UK government. (FT)
Trump’s impulse control problem Ed Luce on how the former reality TV star’s inability to keep himself from indulging in his worst instincts may cost him the White House (see: attempting to discredit the former beauty queen he has criticised for gaining weight by sending out tweets at 3am that call her “disgusting”). (FT)
Japan’s desperate need for foreign farmers Foreign farmers coming to Japan will be paid more than locals under a government plan to combat labour shortages. The radical proposal comes as Japan’s farming population has collapsed by 40 per cent over the past decade. (NAR)
‘If I sleep for an hour, 30 people will die’ Meet Adolfo Kaminsky, the teenager who saved thousands of lives by forging passports to help kids flee the Nazis, in this animated documentary. (NYT)
Panda porn Chinese researchers trying to stave off the extinction of the giant panda have found that male pandas would rather munch bamboo than mate. To try to improve their libido, they’ve tried a number of measures, including videos of other pandas mating. (NYT)
Video of the day
The week ahead Josh de la Mare previews some of the big stories in the coming days, including UK prime minister Theresa May at the Conservative party conference on Brexit, Monsanto results as a potential merger with Bayer proceeds, and the International Monetary Fund meeting in Washington.