Up next: Frexit, oil discoveries slump to 60-year low and Facebook wins China trademark case

Technology Eye | May. 09, 2016

Britain will quit Europe’s single market if the country votes to leave the EU, Michael Gove, the Leave campaign’s most senior figure, has confirmed for the first time .

The admission, which the vast majority of economists have warned would be the most disruptive option for the UK if it left the bloc, was seized on by pro-EU campaigners, who warned of the long-term damage such a move would bring.

Meanwhile, David Cameron is today set to raise the stakes by invoking the Balkans war and genocide in Srebrenica to make his case that Britain is more secure within the union. (FT)

In the news

Up next: Frexit Britain’s referendum is widely expected to trigger a domino effect of similar votes on EU membership, with a significant majority of French and Italian voters wanting to take the issue to the ballot box, regardless of the outcome in the UK . (FT)

The Philippines votes Filipinos head to the polls as a presidential election that has focused more on personalities than policy reaches its climax. Tipped to win is Rodrigo Duterte, the crime-busting mayor of Davao City whom human rights groups accuse of using brutal death squads to eliminate suspected criminals . (FT)

Oil discoveries slump to 60-year low Data point to potential oil supply shortages in the next decade, reflecting a slowdown in exploration activity as hard-pressed oil companies seek to conserve cash. (FT)

Facebook wins China trademark case The social networking site won the case against a company that registered the brand name “face book”, in a sign that Beijing attitudes are softening towards the world’s largest social networking site, which is blocked to China’s 700m internet users. (FT)

Japan eyes Iran infrastructure Tokyo hopes to team up with India to play a role in the development of a regional logistics hub in southeastern Iran, becoming the latest country hoping to build stronger ties with Tehran as it emerges from sanctions. (NAR)

It's a big day for

Software copyright A long-running battle between Google and Oracle that could have a sweeping impact on how copyright laws apply to the software industry is back in court. Oracle has lodged a claim for $8.8bn in profits that it says Google made by infringing its copyright in the Android smartphone operating system. (FT)

Uber , which is set to pull out of the Texan capital Austin rather than comply with a requirement to run fingerprint-based background checks on drivers . (FT)

Food for thought

‘America is the new Switzerland’ After years of threatening Swiss and other foreign banks that helped Americans hide their money, the US stands accused of providing similar services for the rest of the world. Some states have become a magnet for offshore wealth, particularly South Dakota, which has guaranteed secrecy . (FT)

British politics: bipolar no longer The days when one or other of the two big parties routinely commanded the support of more than 40 per cent of the electorate have long gone, writes the FT’s chief political commentator Philip Stephens. “Britain now has patchwork politics, with cultural and regional faultlines overlaying more familiar ideological divides .” (FT)

The end of American meritocracy Since the late 1960s both the Republican and Democratic party, in different ways, have turned a blind eye to the economic interests of the middle class, writes the FT’s Edward Luce. “Polls say Mr Trump would win a clear majority of the white vote. Think about that. Mr Trump is the president white America wants .”

Our parents were Russian spies For years Donald Heathfield, Tracey Foley and their two children lived the American dream. Then an FBI raid revealed the truth: they were agents of Vladimir Putin’s Russia. Their sons tell their story . (Guardian)

The high cost of Germany’s savings culture Wolfgang Münchau argues that the European Central Bank’s biggest problem is not Greece — it’s Germany . “Low interest rates and Germany’s current account surplus are the poisonous twins of the eurozone economy.” (FT)

The woman who senses earthquakes Moon Ribas, a 30-year-old Spanish artist, is a self-described cyborg. A seismograph-connected magnet in her arm allows her to feel tremors in real time, with stronger quakes producing more intense vibrations . (Quartz)

Video of the day

North Korea congress stays behind closed doors Pyongyang may have invited the world’s media to cover the once-in-a-generation event, but they don’t want them to actually see anything. Jamil Anderlini reports from outside the seventh Workers’ Party of Korea Congress . (FT)

SOURCE: World Economic Forum

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