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Another day, another Brexit disagreement. U.K. Brexit Secretary David Davis this morning flatly rejected paying as much as €100 billion ($109 billion) to leave the EU, and threatened to walk away without a deal if provoked. Moments later, the EU’s chief negotiator, Michel Barnier, reinforced the bloc’s hardline approach to talks, saying he insists on “settling the accounts” before discussing a trade deal. Those talks haven’t even started yet. — Andy Reinhardt
The bank Brexodus is getting under way. JPMorgan Chase says it will move hundreds of employees from London to expanded offices in Dublin, Frankfurt and Luxembourg after Britain leaves the EU. Banks are preparing for the possibility that the U.K. will lose access to the European single market. Standard Chartered has also settled on an EU base, choosing Frankfurt.
Can Emmanuel Macron learn when to stop talking? Macron, the front-runner in the French election, speaks in a technocratic vocabulary with long-winded sentences. Macron’s style makes it hard for him to reach some voters, especially up against soundbite-spinning rival Marine Le Pen. The two candidates face off in a 2-1/2 hour debate tonight. Follow our live blog starting at 8:40 pm CET.
Beyond metals and oil. Swiss commodities giant Glencore is growing into a major player in agribusiness, taking on established rivals such as Archer-Daniels-Midland and Cargill. The independent Glencore Agriculture unit ships and stores products ranging from wheat and pulses to sugar and cotton. Its next ambition is breaking into the huge U.S. market, where it now has no presence.
There’s an energy boom going on in the Arctic. Oil companies are expected to drill a record number of wells in the Barents Sea off Norway’s northern tip this year. The area is ideal for drilling—it’s largely ice-free and shallow. And the prize is huge: the Barents Sea contains more than 17 billion barrels of oil and gas, or almost 65 percent of Norway’s undiscovered resources, according to estimates. Norway is betting on the region to boost its oil industry, whose production has fallen by half since 2000.
“Dad, did they name the shoe after you or you after the shoe?” Legendary tennis player Stan Smith says his son once asked him that question about the Adidas sneaker launched in the ’70s. The Stan Smith, made of white leather with pale green accents, has recently made one of the greatest comebacks in marketing history. It’s all thanks to a campaign designed to look grassroots but which was in fact choreographed from start to finish. Read the inside story of how Adidas made an old shoe a must-have.
Hospitality gold. From trendy cocktail bars to hip hostelries, everything that Pierre-Charles Cros and Xavier Padovani touch seems to pay off. The pair have just launched their latest venture, the Henrietta Hotel at London’s Covent Garden. The nightlife impresarios share some of their favorite haunts for eating, drinking and shopping in the British capital with Bloomberg’s Nikki Ekstein.
Compiled by Andy Reinhardt and Leila Taha