'Crunch time' for Cameron, Fed must act on ‘economic anger’ and the best exercise to boost your brain

David Cameron’s bid to win backing for his EU reforms has reached “crunch time”, a UK government official says. The UK prime minister heads for a Brussels summit later hoping to agree a deal on changes that will pave the way for the UK’s in/out referendum.

The referendum, slated for June 23, is a big step. Few single-issue plebiscites have been as consequential for Britain, Europe or transatlantic relations. Here is everything you need to know about how we got here and why the EU reform deal is important. (BBC, FT)

In the news:

Iran supports oil freeze, but doesn’t commit

Tehran said it backed the effort by Saudi Arabia, Russia and the world’s biggest oil producers to stabilise prices by capping their output. But the oil minister stopped short of saying Iran would curb its own output. (FT)

Ankara hit by deadly car bomb

At least 28 people have been killed and another 61 injured after a car bomb exploded in the heart of the Turkish capital’s government and security district. No group has yet claimed responsibility, although officials believe it could be the work of the Kurdistan Worker’s party, or PKK. (FT)

Apple backed in FBI encryption fight

The chief executive of Google and the founder of WhatsApp, the Facebook-owned messaging service, have voiced their support for Apple in its fight with the FBI over encryption. Apple has said it would challenge a federal court order to unblock an iPhone used by one of the San Bernardino shooters, as the FBI tries to investigate their links to Isis militants. (FT)

Fed must act on ‘economic anger’

So says Neel Kashkari, the outspoken Minneapolis Fed chief, following his first speech since joining the central bank, where he called for the break-up of the banks. (FT)

Iraq’s missing radioactive material raises Isis fears

The country is searching for “highly dangerous” radioactive material stolen last year, according to officials who fear it could be used as a weapon if acquired by the jihadi group. (Reuters)

China deals collapse amid regulatory fears

A pair of Chinese mega-takeovers were scrapped amid concerns over regulatory matters, in a sharp blow to the country’s flourishing appetite for acquiring overseas companies. (FT)

It’s a big day for:

Nestlé

The world’s biggest food and drinks company will offer a glimpse into the health of the global economy when it reports full-year results for 2015. (FT)

Walmart, which reports earnings.

The world’s largest retailer by sales had a difficult time last year as it invested billions of dollars resetting its business, paying higher wages and building out its ecommerce operations. (FT)

Food for thought:

Central banks: negative thinking

A concept once only subject to small-talk among economists is now an uncomfortable reality . With quantitative easing seemingly losing its power to dazzle markets, and many governments either unable or unwilling to countenance raising spending, central banks have felt compelled to try new tools, including negative rates. (FT)

‘Hairy panic’ on the streets of Australia

Residents in the state of Victoria are at their wit’s end: a rapid-growing tumbleweed — known as “hairy panic” — is clogging up homes, with piles at times reaching roof height. “It’s physically draining and mentally more draining,” said one resident. (BBC)

The millionaires’ property club

Nearly a quarter of all homes in London are set to exceed £1m in value by 2030, making the UK capital so unaffordable that inheritance will provide the only route to ownership for many. (FT)

Your boss knows when you’ll get pregnant

Insurers and employee wellness groups are working with companies to mine data about the medicines workers use, how they shop and even whether they vote in order to predict their individual health needs and recommend treatments. In related news: good luck pulling a sickie. (WSJ)

The best exercise to boost your brain

A new study from researchers in Finland has found that some forms of exercise may be much more effective than others at bulking up the brain. The scientists looked at running, weight training and high-intensity interval training in rats and found that the occasional jog is probably the best way to keep the brain running at optimal levels. (NYT)

Video of the day:

Big bank break-up debate

What are the justifications for the call from Federal Reserve of Minneapolis president Neel Kashkari that the major banks should be broken up, and are his motivations political or in the best interests of society and investors. Lex US editor Sujeet Indap and US banking editor Ben McLannahan discuss. (FT)