Obama speaks out on Brexit, world leaders set to sign Paris Agreement and the secret shame of middle-class Americans

Barack Obama arrived in Britain on Thursday night with a forthright warning that the UK would be less able to deal with economic shocks, terrorism and the migration crisis if it leaves the EU.

The US president will use his three-day visit to urge British voters to embrace “the remarkable legacy” of the EU in building peace since the second world war, a message which has infuriated Brexit campaigners.

In the news

Alphabet shares dive 7% after results released Net profits at the parent company of Google, YouTube and Nest rose 20 per cent to $4.2bn but adjusted earnings, which exclude certain items, came in at $7.50 a share, missing estimates of $7.96. Cost per click — a closely watched measure of ad pricing — fell by 9 per cent, with the decline even sharper at 12 per cent on Google’s own websites, which include search. (FT)

Daimler opens emissions investigation The owner of Mercedes-Benz has opened an investigation into “possible indications of irregularities” in its emissions at the request of the US Department of Justice, the automaker announced late on Thursday evening. The company said it was co-operating with authorities in the probe but provided very few further details. (FT)

Prince dead at 57 Over the course of his 35-plus-year career, the flamboyant singer, songwriter and performer transformed musical genres from funk to soul to rock, while playing with concepts of race, gender and sexuality (and pretty much every instrument on most of the 39 albums he put out). Celebrate this thing called life with this full concert from 1982 and his legendary performance of "Purple Rain" in a rainstorm at the Super Bowl in 2007. (FT, Vulture, Veoh)

VW to buy back up to 480,000 US vehicles The German carmaker is seeking to draw a line under its emissions scandal, agreeing to purchase almost half a million vehicles that contained test-cheating defeat devices as part of a deal with US regulators outlined in a California court. The final terms of the settlement, including the scale of the compensation for US car owners and the costs to VW, are still being negotiated with regulators but are expected to run into billions of dollars. (FT)

SunEdison’s ambitions end in bankruptcy The world’s largest renewable energy developer filed for bankruptcy protection in the US, bringing an end to its ambitious, debt-fuelled bid to become a solar and wind power “supermajor”. Here's a deep dive into how it fell apart. (FT)

Beijing auditions foreign agencies to polish China’s brand The Chinese government’s information and propaganda arm has heard presentations from five global public relations firms including Hill+Knowlton, Ketchum and Ogilvy Public Relations. It asked the firms to give presentations on China’s most pressing image problems and demonstrate their expertise on managing new forms of media. (Reuters)

FBI paid more than $1.4mn for iPhone hack The FBI paid more than $1.4mn to hackers who developed a way to gain access to the iPhone used by one of the San Bernardino attackers, leading the law enforcement agency to drop litigation against Apple intended to force the company to help break into the device. (FT)

It's a big day for

The global climate World leaders are set to sign a major climate agreement at the United Nations Headquarters in New York — but can they deliver on their promises to fight global warming? Doubts remain. (NYT)

Food for thought

Brexit may break the Tory party The FT’s Philip Stephens writes about why the battle raging between conservatives over the fate of the UK's place in the EU may portend their doom. (FT)

The secret shame of middle-class Americans Nearly half of Americans say they would have trouble coming up with $400 in an emergency. Neal Gabler is one of them. (The Atlantic)

Have there been more celebrity deaths in 2016 than usual? Last week Radio 4 set out to answer a question that's all the more relevant in light of Prince's death. (BBC)

Crafting a kosher cocktail during Passover Only the most serious enthusiasts tackle “liquid Seders,” but they’re part of a broader trend: finding ways to craft Passover-proof cocktails that adhere to the dietary limitations of the holiday. (WSJ)

Video of the day

The oil keeps gushing John Authers explains why the oil price keeps rising, despite confusion at Opec and high US inventories. (FT)