Fed will 'proceed cautiously' in lifting interest rates, Britain's ‘living wage’ experiment and China’s future challenge for the world economy

The British steel industry suffered a severe blow as India’s Tata confirmed fears it was about to put its UK business up for sale.

Late on Tuesday the Indian group said it was “looking at strategic alternatives” to the current ownership “to explore all options for portfolio restructuring, including the potential divestment of Tata Steel UK, in whole or in parts”. (FT)

In the news

Brazil’s house of cards The odds are looking increasing likely that President Dilma Rousseff could be impeached — possibly as soon as next month — after her biggest coalition partner, the Brazilian Democratic Movement party, quit the government. The move is expected to be followed by other smaller, centrist parties in the ruling coalition. (FT)

Trump aide hit with battery charge Corey Lewandowski, the presidential campaign manager for Donald Trump, has been charged with battery following an incident in which he allegedly grabbed a female reporter who was covering a rally in Florida. Mr Trump made clear he would not fire his colleague, saying: “I don’t discard people, I stay with people.” (FT)

Yellen: softly, softly Federal Reserve chair Janet Yellen has reiterated the need to “proceed cautiously” in lifting interest rates given unfavourable market conditions, weaker than expected overseas growth and an uncertain inflation outlook. (FT)

Pakistan detains hundreds More than 200 suspected Islamist militants are still being held by Pakistan’s police and army after a crackdown at the weekend. The arrests follow a suicide bombing on Easter Sunday that killed at least 70 in the country’s Punjab province. (FT)

HSBC’s money laundering lapses The monitor overseeing the bank’s compliance with a landmark anti-money-laundering settlement has uncovered a range of potential lapses including loans to companies that exported miniskirts to Iran and candy to Syria, and the opening of an account by a man in Mexico who had thousands of dollars of cash in a bag. (WSJ)

Pelé sues Samsung The football great is looking for damages of at least $30m after alleging the South Korean company improperly used a look-alike in an advertisement that ran in the New York Times without permission. (Reuters)

It's a big day for

EU-India relations Trade agreements and strategic partnerships will be discussed when top EU officials meet Indian Prime Minister Narendra Modi and his delegation at a summit in Brussels. (FT)

Spain Political leaders meet in a renewed attempt to try and thrash out a deal to end a three-month political stalemate. (FT)

Food for thought

China’s future challenge for the world economy The country’s attempted economic transition has deep implications, not just for the emerging nation, but for the rest of the world, writes the FT’s Martin Wolf. “The last time a hegemonic financial power emerged, the world suffered the Great Depression. It has to do better this time.” (FT)

The ‘living wage’ experiment The eyes of the world are on Britain this week as the government prepares to roll out the fastest rise in the minimum wage in the country’s history. The new policy, which starts on Friday, will see the wages for low-paid workers rise four times faster than average earnings this year. (FT)

Dances with unicorns At 15 feet long and 6 feet tall, the “Siberian unicorn” was more comparable to a woolly mammoth than the mythical creature. But it probably lived among humans and may have died out less than 30,000 years ago, according to a new study. (The Guardian)

Switzerland: rebuilding the brand From US probes into Swiss banks to the Fifa saga last year, a series of crises and scandals has threatened to tarnish the country’s reputation. Now, some Swiss businesses and entrepreneurs are seeking to reinvent themselves. (FT)

Get up, stand up If you are reading this sitting down, stand up now. Researchers using data from 54 countries have confirmed the fears of office-bound individuals worldwide: sitting too much may increase the risk of dying prematurely. (NYT)

Video of the day

Why Saudi oil market share is falling In 90 seconds, FT oil and gas correspondent Anjli Raval explains why Saudi Arabia, the world’s biggest oil exporter, has lost market share in more than half of the most important countries it sold crude to in the past three years. (FT)