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It’s been under British control since 1713 and has long been a point of contention with Spain. But the fate of Gibraltar in the post-Brexit world surged into prominence over the weekend after former Conservative Party leader Michael Howard compared the area to the Falkland Islands, hinting that Britain would be willing to wage war to retain “the Rock” at the mouth of the Mediterranean. Spain suggested that the U.K. should keep its cool. Theresa May, traveling to the Mideast for meetings, laughed off the rhetoric. — Andy Reinhardt
Death in St. Petersburg. An explosion rocked the subway in central St. Petersburg, Russia’s second-largest city and the home of President Vladimir Putin, killing nine people and injuring at least 29. The blast came from a homemade bomb filled with shrapnel, authorities said.
Another twist in the French election. Left-wing candidate Jean-Luc Melenchon is gaining in the polls, within touching distance of François Fillon, currently polling in third place. He’s unlikely to make it to the second round of voting. Still, Melenchon’s rise adds another intriguing storyline to a tumultuous and unpredictable election campaign. Rival Emmanuel Macron cautions that a victory by nationalist Marine Le Pen cannot be ruled out.
Who’s laughing now? After years of losing business to discount airlines, the major carriers in Europe are gaining strength and outperforming in stock markets. Lufthansa, Air France-KLM, and IAG (the parent of British Airways and Iberia) are all projecting stronger results ahead. With their shares trading at lower multiples than discounters EasyJet and Ryanair, they’ve got upside headroom.
The price of glory. British chip designer Imagination Technologies Group learned the hard way about the downside of being an Apple supplier. The company’s sales tripled when Apple decided to use Imagination’s graphics technology in iPhones and iPads. But its stock fell 72 percent Monday after Apple revealed plans to end the relationship, which accounts for more than half of Imagination’s revenue.
Marching for academic freedom. Thousands of Hungarians took to the streets this weekend to protest against a bill that aims to shut down a university funded by George Soros. Prime Minister Viktor Orban is a frequent critic of the billionaire. Parliament is set to begin debating the bill on Wednesday.
When April Fools’ Day hits the bottom line. Turkish chocolate maker Ulker isn’t amused after an April Fools’ Day ad gone wrong sank its stock. The animated clip faced an intense backlash, with critics saying it invoked last year’s failed coup. By lunch time in Istanbul, Ulker’s shares had tumbled as much as 4.7 percent.