Uncertainty over the British question, the $4 smartphone and why leftists move to the right

European diplomats are pressing for a “self-destruct” clause in Britain’s “new settlement” with the EU, which would in effect close down the option of a second negotiation and referendum should Britain vote to leave.

The possible inclusion of a statement saying that the deal is the final offer for the UK was among a host of unresolved disputes facing David Cameron as he arrived in Brussels for a two-day summit to answer the so-called “British question” and pave the way for a June referendum. Here’s what’s at stake. (FT, Guardian, NYT)

In the news:

ECB’s appetite for action

Mario Draghi, president of the European Central Bank, will have wide support to inject further monetary easing into the eurozone next month, if deemed necessary, according to minutes from the bank’s January policy meeting. (FT)

‘Helicopter money’ on the horizon

Bridgewater’s Ray Dalio has argued that central banks’ ability to invigorate economic growth has atrophied and predicts a new era of radical monetary policy possibly involving “helicopter money”. (FT)

Citi chief to get 27% pay rise

Citigroup’s chief executive Michael Corbat has become the latest Wall Street executive to get a pay rise after the US bank handed him a package worth as much as $16.5m — 27 per cent more than a year ago. (FT)

Walmart reports worst sales in 35 years

The world’s largest retailer said sales had declined last year for the first time since 1980, underlining the stiff challenges it faces competing against Amazon in ecommerce while coping with the impact of the strong dollar. (FT)

The Donald v the pontiff

Pope Francis said Donald Trump was “not Christian” for wanting to build a wall with Mexico and the Republican frontrunner responded by calling the pope a “disgrace” for questioning his oft-debated faith. Twitter rejoiced. Next round: who has more gold in their house? (FT)

Test your knowledge with the week in news quiz. Which multinational mining group has been downgraded to junk status?

It's a big day for:

Syria

A ceasefire takes effect as the US struggles to rein in allies Turkey and Saudi Arabiafrom military action. Both are angry at what they see as US failure to take a more muscular stance against Moscow’s campaign to support the regime of Bashar al-Assad. (FT)

US presidential hopefuls

Republicans are making their final push in South Carolina, where Donald Trump remains in the lead, while Democrats campaign in Nevada, where Bernie Sanders has narrowed the gap with Hillary Clinton, the day before primary voters in those states go to the polls. Sign up for our daily US politics email here. (FT)

Food for thought:

Hedge fund ‘secret sauce’ under threat

Financial engineers are unpicking the factors that drive returns for alternative asset management industry. Now some say they have reverse-engineered many popular high-octane hedge fund strategies, and can replicate them more cheaply. (FT)

Meet the internet’s top hoax buster

On the web, a tragedy usually starts with requests for prayers, and often leads to a crowd-funded donation site — but often they turn out to be about as serious as a deposed Nigerian prince. Enter Taryn Wright, who exposed an elaborate fake tragedy on Facebook and soon found herself leading a squad of online detectives — but on the internet, it doesn’t take long for a crowd to become a mob. (The Guardian)

The $4 smartphone: too good to be true?

Ringing Bells, a little-known Indian company, has started taking orders for its Freedom 251 phone for $3.67 each — less than the price of a Big Mac in the US — with a promise to deliver its product by June 30. All it has to do is build two manufacturing plants . . . in the next four months . . . in one of the most bureaucratic countries in the world. (WSJ)

Japan’s vanishing golf courses sum up Abenomics

Henny Sender takes to the links to argue that the prime minister’s economic policies have failed. (FT)

Why leftists move to the right

In the course of a lifetime, the prevailing political winds are westerly — they blow from left to right, writes George Packer. “The move rightward is thus a sign of the hard wisdom that comes with age and experience — or, perhaps, the callousness and curdled dreams that accompany stability and success. (The New Yorker)

Video of the day:

Turkey reacts to terror attack

Turkey points at the Kurdistan Workers’ party after Wednesday’s bombing in Ankara. The FT’s Mehul Srivastava in Istanbul explains how the attack and its aftermath mark a change in the war in Syria. (FT)