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The departure of respected Reserve Bank of India governor Raghuram Rajan is unnerving investors, who had lauded the former IMF chief economist for his assured handling of the country's macroeconomy and his tackling of its bad debt problem. But Mr Rajan's larger-than-life image, his plan speaking and his willingness to tackle tough issues head on may well have cost him his job. 

Mr Rajan is reported to have felt undermined by his political bosses in the weeks leading up to his abrupt decision to return to his job as a professor at the University of Chicago. His departure will be a huge setback for reform in India, argues Eswar Prasad, and may stoke capital outflows. (FT, Reuters)

In the news

China in talks to renegotiate Venezuela loans Beijing isrenegotiating billions of dollars of loans to Venezuela and has met with the country’s political opposition, marking a shift in its approach to a nation it once viewed as a US counterweight in the Americas. (FT)

Brazil's 20-year budget freeze The ambitious plan to eliminate real increases in budget spending for up to two decades is a central plank of a number of reforms that the government of interim president Michel Temer is rushing through congress. (FT)

David Cameron warns Brexit is 'irreversible' The prime minister said the economic impact of a Leave vote could be even worse than the central forecast by the Treasury that the economy would be 6 per cent smaller than if Britain chose to remain in the EU. Click here to see our special Brexit hub page on the new FT website. (FT)

Chinese ‘democracy village’ chief arrested Riot police locked down Wukan and detained Lin Zulian after he called for renewed protests against corruption and land grabs in a town viewed as an incubator for grass roots democracy. (FT)

Micromax rounds on Chinese rivals The co-founder of India's biggest smartphone maker accused mainland rivals of dumping unsold inventory in India at low prices, in the latest sign of global unease over the knock-on effects of China's slowing economy. (FT) 

Jo Cox murder prompts scrutiny of far-right extremists The killing of the Labour MP has prompted renewed fears of nationalist violence just as British groups normally regarded as extremist have been trying to make common cause with mainstream parties in the EU referendum campaign. (FT)

Abu Dhabi banks in merger talks State-owned National Bank of Abu Dhabi and First Gulf Bank said they are discussing a $13bn merger, potentially sparking further rationalisation in the United Arab Emirates as the oil-rich region weathers the oil price slump. (FT)

Hollande to face primary challenge France's governing Socialist party voted unanimously to hold a primary in an attempt to help President François Hollande unify his camp before seeking re-election. (FT)

Imagine a blood supply without needles A Japanese startup is working to create large amounts of blood in vitro as it seeks to compensate for a shrinking pool of donors in the country. (NAR)

It's a big day for

Facebook Investors in the social networking site will vote on a proposed new class of shares that will allow founder Mark Zuckerberg to give away his wealth without giving up long-term control of the company at the annual shareholder meeting. (FT)

Food for thought

Whatever happened to the China crisis? Gavin Davies on the dog that didn't bark. “In the past few years, China risk has waxed and waned, without ever quite going away. The very slow-burning ‘crisis’ is still rumbling along, without any clear signs of an early resolution in either direction.” (FT)

Vitali Klitschko's biggest fight The former world heavyweight boxing champion is facing his greatest challenge outside the ring two years into his tenure as mayor of Kiev. (FT)

Donald Trump is being pretty charitable when he boasts about his donations The former reality TV star has spent years making grandiose claims about his charitable giving - he spends a lot of time on the campaign trail doing it as well. But a review of his foundation's records reveals a lot of big talk, but not a lot of money: between 1988 and 2014, the man who claims to be worth billions donated just over $5m. Keep track of the race with the FT's daily US politics newsletter. Sign up here. (BuzzFeed)

Mentally ill or Muslim? That seems to be the distinction the media makes when it comes to mass shooters. But Omar Mateen — the Orlando gunman — had no real ties to Isis, and a very troubled past, writes Hannah Allam. (McClatchy)

Video of the day

A look at the week ahead Vanessa Kortekaas previews the key stories in the week ahead, including the historic UK vote on whether to remain in the European Union, and what investors can expect from FedEx's results. (FT)

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