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Donald Trump vowed to unite the Republican party after he became the de facto nominee when the last of his 16 rivals, John Kasich, bowed out. It was a stunning turn of events for the former reality TV star, who has been denounced as a racist, misogynist demagogue even by some in his own party. US business leaders are also alarmed, but Mr Trump has grand plans for his first 100 days in office (it includes a lot of “winning”).

Here’s how Mr Trump won the nomination, and why the demographic make-up of the general electorate — and his sky-high unfavourable ratings with everyone from women to minorities — make it unlikely he will win the presidency. Regardless, it’s looking likely to be an ugly race.

Gender will play a crucial role, writes Roula Khalaf, who argues that in the “ woman card” game, Mr Trump has a lot more to lose than Democratic rival Hillary Clinton. But others doubt that this will this work in Mrs Clinton’s favour. (FT, CNN, NYT, Slate, WaPo)

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In the news

JPMorgan Securities on HK ‘name and shame’ list The Hong Kong stock exchange turned down an application for an initial public offering of China’s Shenhua Health Holdings after the US bank’s work on the IPO failed to pass muster. It’s the first such public occurrence for a global bank in Hong Kong and could hurt the bank’s IPO sponsorship business as it faces other reputational challenges in Asia, such as a US investigation into hiring practices in the region. (FT)

Turkish PM set to quit Ahmet Davutoglu may give up his premiership, after failed talks with President Recep Tayyip Erdogan over his independence as the elected leader of the country. (FT)

Uber taps global leaders The taxi-booking operator has assembled an advisory board from around the globe to help guide the company on public policy as it continues to expand into new markets. The board includes Neelie Kroes, a former European competition and telecoms regulator, who was a vocal proponent for Uber while in office and a well-known critic of efforts to ban the company in countries including Germany. (techcrunch, FT)

Syria ceasefire extended The US and Russia have agreed to extend the fragile ceasefire in Syria to Aleppo, the city that has been the site of the fiercest fighting in recent weeks. The US state department said it was critical that Russia redouble its efforts to push Syrian leader Bashar al-Assad to comply with the new truce, which covers the whole province of Aleppo. Both sides were working on establishing “enhanced monitoring efforts” for the new ceasefire. (FT)

ECB scraps €500 note The European Central Bank has decided to stop producing €500 notes, in a move that it depicts as a crackdown on crime but which critics in German-speaking countries say is part of an onslaught on cash and savings. (FT)

Pakistani power plays The country has threatened to buy advanced Russian or Chinese combat jets after Washington withdrew financing for a US arms purchase amid a weakening of its strategic relationship with Islamabad. (FT)

It’s a big day for

London The city is set to elect a new mayor, with Labour’s Sadiq Khan tipped to defeat Conservative Zac Goldsmith. (FT)

Food for thought

End of Pax Americana? Donald Trump is proposing the dismantling of the global architecture established by the US at the end of the second world war. The underlying assumption is that the Pax Americana has been an entirely altruistic venture, an international order gifted by a generous US to an ungrateful world. But upending all this by packing up and going home would serve greatly to diminish US power. Such a choice would be bad for everyone, writes Philip Stephens. (FT)

Why you should give a TED talk Why are most talks bad talks? Two reasons: fear and a lack of preparation. And it is for these reasons that you should give a TED talk, writes Tim Harford. “No matter how often or how rarely you usually speak in public, the act of trying to give a talk in the tradition of TED will change the way you think and feel about public speaking .” (FT)

Kafkaesque tale of thwarted military ambition A US Navy area in Niscemi, Sicily, hosts a quarter of the most sophisticated military communication systems in the world. The three giant disks should be a monument to military technology but, for the time being, they are merely a testimony of how a military power — even one as big as America’s — can still be forced to answer the law of the land. (Quartz)

Lehman Brothers lives on Many of the US investment bank’s top people who had already left in the bank’s final years or in the aftermath of its 2008 collapse decided to strike out on their own. The result is the dawn of a generation of entrepreneurs who have risen from the carnage, writes the FT’s Harriet Agnew. (FT)

Video of the day

America’s profits recession World markets continue to behave as though there is a risk of a US recession. John Authers looks at profits and revenues data to try to explain why. (FT)

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