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David Cameron is savouring his last day in office as he prepares to hand over to his successor Theresa May, who will become Britain’s next prime minister by Wednesday evening. Speaking outside parliament in her first public comments since becoming leader-in-waiting, Mrs May said: “Brexit means Brexit and we are going to make a success of it.”

The FT’s Janan Ganesh anticipates the prospective policies of the enigmatic Mrs May, concluding with an ominous note: “ Free-marketeers, gird yourselves.” Here’s how rival Andrea Leadsom’s campaign unravelled, and a look back at a 2014 profile of the longest-serving home secretary for more than 50 years. (FT)

Meanwhile, the UN tribunal for the Law of the Sea ruled against China’s maritime claims in the South China Sea. The court said on Tuesday that there was no legal basis for Chinese claims to as much as 90 per cent of the region’s waters. It accused Beijing of violating the sovereign rights of the Philippines, which brought the case to the UN in 2013.

China has consistently challenged the authority of the tribunal and is hoping to convince the Philippines to set aside the rights claim in return for economic inducements. This would undermine the US, which is trying to convince countries in the region to present a united front against Beijing’s territorial expansion. The judgment could result in a robust response from Beijing. In this multimedia piece, the New York Times documents what happens when a Philippine fishing boat enters the disputed waters. (FT, NYT)

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In the news

Donald Trump’s No. 2 The former reality TV presenter is expected to reveal his VP pick this week to generate buzz before the Republican convention begins on Monday. It’s looking like it will come down to one of four men: former house speaker Newt Gingrich, New Jersey governor Chris Christie, retired general Michael Flynn and the favourite, Indiana governor Mike Pence. Here’s how they stack up. Keep up with the race with our daily US politics newsletter. Sign up here. (FT)

US army’s new Iraq deployment The US is to deploy an extra 560 troops to Iraq to help Baghdad retake the city of Mosul from Isis. Iraqi and US officials have been buoyed by the success of Iraqi forces in retaking Fallujah from the jihadis but the battle for Mosul, a key city in Isis’s so-called caliphate, is expected to be complex and bloody. (NYT, Guardian)

Bankers’ bonus Pay for the CEOs of big banks jumped nearly 8% in 2015 to an average of $13.1m each. The packages of top US bank heads were almost twice as big as their European rivals, according to analysis by the FT and compensation company Equilar. (FT)

Pokémon: party like it’s 1996 Nintendo’s shares continued to surge this morning, jumping 5 per cent within the first 45 minutes of trading in Japan. The company’s market capitalisation increased more than $7bn on Monday on the back of the white-hot popularity of the Pokémon GO mobile game. The FT’s Hannah Kuchler tests out the app to see what all the fuss is about. (FT)

Tesla jolted The US Securities and Exchange Commission is investigating whether Tesla Motors breached securities laws by failing to disclose to investors a fatal crash in May involving an electric car that was driving itself. News of the probe comes as Elon Musk continues to invite superhero comparisons with the teasing of a “Top Secret Tesla Masterplan”. Stocks rose 4 per cent on the cryptic titbit. (WSJ, BBC)

It’s a big day for

US Democrats After three weeks of private preparations, Senator Bernie Sanders is expected to endorse Hillary Clinton at a campaign event in New Hampshire. (NYT)

China-EU relations President Xi Jinping is set to attend the 18th bilateral summit between the two, focusing on political and economic relations. China is also set to make good on its promise to invest €2bn in the EU’s new infrastructure fund. (Reuters)

Food for thought

Nationalism returns to haunt Europe Fuelled by the eurozone’s struggles and last year’s refugee and migrant emergency, the instinct to defend national self-interests has soared to new heights, writes Tony Barber. “The radical right is more than nativist. It draws on a well of angry attitudes among sections of society that are offended not only by multiculturalism, or by losing out in a globalised economy, but by liberal values.” (FT)

Libya’s security challenge The new Government of National Accord is making inroads in the fight against Isis but even if it manages to dislodge the group from key coastal cities such as Sirte, it will still face myriad armed opponents. (Atlantic Council)

US automakers: adding new routes The owner-driver model is under pressure, but leading carmakers are fighting to stay relevant in a fast-changing world. (FT)

Technology as truth disrupter The demise of public-interest reporting and rise of social media has ushered in an era of post-truth politics, argues Kathrerine Viner. (Guardian)

Life of a Saudi morals enforcer For most of his adult life, Ahmed Qassim al-Ghamdi was a dedicated member of the country’s hardline religious police. Then he had an awakening and began to question the rules. That’s when the death threats began. (NYT)

Millennials, welcome to neverland Here is the reality of it: you will never retire. At least not in the traditional sense. The good news is that society might adapt so that an extended working life could actually be worth celebrating. And isn’t that a fairytale ending? (Quartz)

Video of the day

Who is Theresa May? She will be Britain’s next prime minister. But who is Theresa May and what are her politics? Editor Lionel Barber talks to the FT’s Janan Ganesh for his take on the incoming most powerful person in British politics. (FT)

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