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EU leaders prepare to hold their first summit without the presence of the UK, as they plot a response to Brexit. Prime Minister David Cameron bade an emotional farewell to the EU on Tuesday night, saying Britain would not “turn its back on Europe” but claiming that he could have avoided Brexit if European leaders had let him control migration.
Despite his frosty reception in Brussels, with members riven over the departure of one of its largest members, global markets began to stabilise on Wednesday, with sterling bouncing back from sharp falls.
Angela Merkel has warned the UK that there could be no “cherry picking” in its Brexit negotiations. But she also urged the UK to be given time to decide how it would exit. The FT’s Alan Beattie argues that the German chancellor’s talent for procrastination will be crucial because Britain needs time.
Meanwhile, the opposition Labour party is bracing itself for a bruising leadership contest after its leader, Jeremy Corbyn, refused to step down following an overwhelming vote of no-confidence — by 172 to 40 — and a wave of resignations from his front bench. The depletion of Labour’s ranks has prompted the Scottish National Party to ask to become the official opposition. (Guardian, FT, BBC)
In the news
Istanbul airport attack Three suicide bombers opened fire and detonated explosions rocked Istanbul’s Ataturk airport late on Tuesday, killing at least 36 people and injuring more than 150. Isis is thought to be responsible for the bombing — the latest in a string of terror attacks over the past year. (FT)
Putting you on hold Vodafone has signalled that it might consider moving its headquarters out of the UK given the uncertainty about how many of the “positive attributes” of being in the EU will remain once Britain has left the bloc. The telecoms group has more than 13,000 workers in the UK. (FT)
Mario Draghi calls for global alignment The ECB chief called on economic officials to join forces, saying a shift towards a more global view would prevent some of the worst side-effects of aggressive monetary easing by central banks. (FT)
Slowing Apple orders Taiwan’s Advanced Semiconductor Engineering, the world’s biggest chip assembler and tester, said the tech giant was placing smaller orders compared with last year, in a sign that the company is responding to slowing iPhone demand. (NAR)
Benghazi red tape The latest House report into the 2012 attack on the US consulate in Benghazi blamed bureaucratic delays for holding up an effort to help the four Americans who died but did not find new evidence of mistakes or wrongdoing by Hillary Clinton, then the secretary of state. (FT)
It’s a big day for
The ‘Three Amigos’ That is, US President Barack Obama, Canadian Prime Minister Justin Trudeau and Mexican President Enrique Peña Nieto, who will meet for the final time to discuss trade. (Reuters)
Japanese shareholders Nearly 800 companies are holding their AGMs, with scandal-hit corporate chiefs expected to face a grilling from shareholders. (NAR)
Food for thought
An unpalatable dawn What does Brexit mean for British food? The falling pound, and the UK’s reliance on imported goods, bodes ill for the nation’s plates, one food critic suggests. (The New Yorker)
Brexit and the British expat Britons living and working in the EU are scrambling to get EU citizenship amid uncertainty over their ability to live and work in Europe. (FT)
To live and die in the South Bronx A look at the life and death of a New York City drug dealer. (NYT)
Arabian Game of Thrones How Saudi crown prince Mohammed bin Salman has upended the politics of the Kingdom’s ruling family. (Washington Post)
Advice for PM Boris Johnson The FT’s Martin Wolf walks through the options for the man who could become the next British prime minister, after describing him as “to economic forecasting what England is to football”. (FT)
Video of the day
As the summer holiday season gets under way, what could the UK’s decision to leave the EU mean for consumers? The FT’s Dan Thomas looks at travel, petrol, retail and telecoms. (FT)