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European leaders have stepped-up secret discussions about a future union without Britain, drawing-up a “plan B” focused on closer security and defence co-operation in the event of a UK vote to leave the EU.

Meanwhile, G7 leaders warned on Friday that a vote for Brexit would seriously threaten the world economy, as they promised “more forceful” policies to boost global growth but papered over differences about fiscal stimulus. (FT)

In the news

Trump: Fossil fuels to the fore Donald Trump has vowed to unleash the full power of fossil fuels in US energy policy, warning that restrictions proposed by Democrats would leave the US “begging for oil” from the Middle East. Sign up for our daily US politics newsletter here.

Apple executive eyes media business Eddy Cue, who oversees the iTunes store, Apple Music and iCloud, broached the idea of buying Time Warner at a meeting with the owner of HBO, CNN and Warner Brothers at the end of last year. The fact that Apple considered bidding for one of the world’s most prominent media companies — Time Warner has a market capitalisation of almost $60bn — underlines the tech group’s growing desire to offer its own content. (FT)

Assault on Raqqa An assault by Kurdish-led forces on the Isis stronghold is being compromised as US officials struggle to convince enough local Arab forces to take part. The offensive comes as Isis propaganda sounds increasingly resigned to the eventual loss of its de facto capital. (FT)

Special One to Man Utd Manchester United may have made its biggest signing. José Mourinho, the former Inter Milan, Real Madrid and Chelsea manager known as The Special One, has agreed a three-year contract that fans hope will restore the glory days to the soccer club previously achieved by Sir Alex Ferguson. (FastFT)

Gawker on the block? The US media group has hired bankers to weigh its options after receiving multiple approaches from rivals following a $140m court judgment against it for publishing a sex tape involving wrestler Hulk Hogan. But the level of interest is unclear since Peter Thiel, the Silicon Valley billionaire, revealed that he was financing several lawsuits against Gawker. Felix Salmon argues that Mr Thiel’s involvement provides a dangerous blueprint for the moneyed to destroy independent media. (FT, Fusion)

At Goldman, you’re more than a number Wall Street bank Goldman Sachs is abolishing its system of rating staff on a scale of one to nine as part of an overhaul of company performance reviews (WSJ)

It’s a big day for

US-Japan relations Barack Obama has become the first sitting US president to confront the consequences of using an atomic bomb as he visited Hiroshima to remember its dead and demand a world free from nuclear weapons. (FT)

Food for thought

Universal basic income: money for nothing The fact that next month Switzerland, one of the world’s most prosperous countries, is holding a vote on implementing unconditional basic incomes highlights how the once radical idea has become mainstream. Across the globe, governments are toying with such plans as they struggle to overhaul inefficient welfare states and manage tech-driven social disruption. (FT)

The boy who escaped Trump country The GOP nominee received his highest share of the vote in Buchanan County, Virginia, a place of closed mines and collapsing property prices. Ed Luce meets some of Trump’s most passionate supporters — and a 22-year-old swimming against the tide. (FT)

Found in translation When translator Deborah Smith took to the stage at the Man Booker International prize last week to share the honour — and the £50,000 award — with Han Kang, the South Korean author of The Vegetarian, the spotlight fell on a role that has traditionally been left in the shadows. The lowly status of the translator was one factor behind the prize’s overhaul, which until last year was awarded only to the author. (FT)

Why burger flippers, not bankers, deserve bonuses Bonus schemes and incentive plans tend to be tied to easily observable indicators such as the share price or a year’s trading profits. This helps explain why such schemes distort behaviour, incentivising short-term over long-term gains and quarterly share price increases over customer satisfaction. The more complex the job, the more dimensions involved — as in being a corporate chief executive, say — the less justification there is for an incentive reward scheme, writes Diane Coyle. (FT)

Earth: home to a trillion microbes As recently as 1998, the number of microbial species was thought to be a few million at most, little more than the number of insect species. But new research has concluded that the actual number may be far greater than any previous estimates: about 1tn. (NYT)

The new wave of nanobreweries It is hard to know which came first — the limited edition IPA with overtones of summer fruit and mown grass, or the British drinker with the thirst for craft beer. But to the plethora of microbreweries that have emerged, the UK can add a new phenomenon: the nanobrewer. (FT)

How to sound charismatic If you listen closely to Donald Trump’s speeches, you can detect how he panders not just with words, but with how he delivers them. This variation of pitch and volume has caught the attention of researchers examining the vocal tricks used by politicians to influence voters. “It’s a good way to lead . . . the audience will never get bored and they will always cheer.” (Atlantic)

Video of the day

Saint Laurent chief on balancing the business Francesca Bellettini, chief executive of Saint Laurent, talks to the FT’s fashion editor Jo Ellison about cleaning up the company, looking at new markets from a digital perspective and why retaining talent is the biggest challenge for luxury brands. (FT)

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