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Jacob J. Lew, US Treasury secretary, has announced the most sweeping makeover of American currency in a century, proposing to replace the slaveholding Andrew Jackson on the $20 bill with Harriet Tubman, the former slave and abolitionist, and to add women and civil rights leaders to the $5 and $10 notes. (NYT)

In the news

Russian boosts submarine fleet Russian attack submarines are prowling the coastlines of Scandinavia and Scotland, the Mediterranean Sea and the north Atlantic in what western military officials say is a significantly increased presence aimed at contesting American and Nato undersea dominance. The patrols are the most visible sign of a renewed interest in submarine warfare by President Vladimir Putin, whose government has spent billions of dollars for new classes of diesel and nuclear-powered attack submarines that are quieter, better armed and operated by more proficient crews than in the past. (NYT)

Investors pull out of hedge funds Hedge funds have suffered their worst quarter in seven years after more than $15bn was pulled out by investors starting to fight back against the high fees charged across the industry. The amount invested in hedge funds fell to $2.86tn in the first three months of the year, marking the first time since 2009 that the sector has faced two consecutive quarters of net outflows, according to data from Hedge Fund Research. (FT)

Three charged over Flint contamination Two Michigan regulators and a Flint water-plant supervisor have been charged in the first criminal case stemming from probes into lead contamination of the city’s water. (WSJ)

New Delhi bans Uber ‘surge pricing’ India’s capital city said it was banning “surge pricing” by US-based taxi-hailing app Uber and its local rival Ola, highlighting the challenges the companies still face in what they see as a vast, potentially lucrative market. Surge pricing during times of crises has been a hot political issue around the world, angering commuters and creating the image of Uber as opportunists, and profiteers, seeking to benefit from others’ misfortunes. (FT)

Mitsubishi shares suspended Trading in Mitsubishi Motors shares was suspended after the indicative price fell by its daily limit under a flood of sell orders after the Japanese carmaker admitted that some of its employees had falsified fuel economy data on at least 625,000 vehicles. (FT)

It's a big day for

Volkswagen, which will offer to buy back some of the cars affected by the emissions scandal in a deal agreed with US regulators, according to reports. The agreement follows the discovery of “cheat” devices in 600,000 VW diesel cars last year. The AP news agency said the German carmaker could also spend about $1bn (£700m) to compensate owners of the affected vehicles. VW is expected to announce details of the deal on Thursday. (BBC)

Eurozone rates The European Central Bank will announce its interest rate decision. The bank’s independence will be the centre of attention when its governing council meets after a storm of criticism from Germany. (FT)

US-UK relations President Barack Obama arrives in London for meetings amid pushback from Leave campaigners wary of his anti-Brexit stance. (FT)

Food for thought

Brexit could break Britain’s Tories It is common for political leaders to be denounced as cheats, liars and frauds. Curiously, David Cameron, Britain’s prime minister, finds the charges laid by his cabinet colleagues. “Freed for the duration of the campaign from the rules of collective responsibility, the Brexiteers have opted for invective over rational argument,” writes Philip Stephens. (FT)

Earth raises stakes on climate deal As leaders from more than 150 countries gather this week to sign the historic pact, a drumbeat of bleak scientific findings has shown that current global pledges to combat climate change — including the Paris accord — aren’t aggressive enough to stave off the worst consequences. (WaPo)

Why Trump is the natural choice for China The FT’s Jamil Anderlini argues that even if, “as looks increasingly likely, Mr Trump fails to be elected leader of the free world, Trumpist isolationism has had an impact on Washington’s strategic thinking. Thanks to his influence, the chances of a partial American retreat in the region have already increased — to Beijing’s great advantage.” (FT)

Google’s crafty Android tactics John Gapper argues that the search company is “Microsoft light”. “The way that it has exerted influence over how mobile phones run on Android is subtler and more calculated than Microsoft’s brute force approach to broadening its desktop monopoly in the early 2000s. While Microsoft insisted on its right to repel all competitors by packing what it felt like into Windows, Google has left open a degree of choice.” (FT)

‘Loophole’ primary could stop Trump Pennsylvania uses a nonbinding “loophole” primary and that could cost Donald Trump, whose prize of 1,237 delegates needed to secure the Republican nomination hangs on a thread. No other state leaves so many of its delegates free to vote for whomever they please at the convention. “Our model puts his projected delegate deficit as slightly less than the number of delegates left unpledged (54) in Pennsylvania, meaning he would be projected to win if they were bound delegates.” (The Upshot)

Video of the day

Investors want to be shown the money On a calm day for world markets, John Authers examines investors’ continuing enthusiasm for dividends. (FT)

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