Brexit visa threat, the war on dirty money and how millennials ended the running craze

Three-quarters of EU citizens working in the UK would not meet current visa requirements for non-EU overseas workers if Britain left the bloc — and that rate will rise further next year, according to research from Oxford university.

The findings illustrate the scale of the challenge employers would face in finding staff if the government moved to curb immigration from the EU, as pledged by Brexit campaigners. (FT)

In the news

Republican elites refuse to back Trump Paul Ryan, the speaker of the House and the highest-ranking elected Republican, and the two living Republican presidents, George Bush Sr and George W Bush, have refused to endorse their party’s de facto nominee, in a dramatic break with traditional election year party solidarity. Meanwhile, Mr Trump has raised the prospect of replacing Janet Yellen as Fed chair. Sign up for our daily US politics newsletter here. (FT)

A Syrian tragedy Months of dragged-out Syria peace negotiations and haggling over ceasefire details have left the US and Russia right back where they started: struggling to agree on President Bashar al-Assad's future. Meanwhile, at least 28 people, including women and children, were killed when air strikes hit a camp for internally displaced people near the country’s border with Turkey on Thursday. (FT)

The great bitcoin U-turn Less than a week after claiming he created the digital currency and had the ability to prove it, Australian computer scientist Craig Wright has backtracked, saying he does not have the “courage” to do so. In a sombre blog post, Mr Wright said he was “not strong enough”, before signing off “and goodbye”. The FT’s Lombard is not impressed. (FT)

The war on dirty money The US has launched a fresh crackdown on illicit money with new measures intended to stop tax evaders, money launderers and terrorists from concealing their identities in the US financial system. The moves come less than a month after the so-called Panama Papers shone a light on the murkier reaches of finance. (FT)

Turkish PM walks away Ahmet Davutoglu gave up his premiership, after failed talks with President Recep Tayyip Erdogan over his independence as the elected leader of the country, putting in doubt a pivotal deal to staunch the flow of migrants into the EU. (FT)

Alberta’s ‘absolutely apocalyptic’ inferno More than 80,000 residents of Fort McMurray in Canada have been forced to flee as wildfires continued to spread. Dashcam footage from the area showed walls of flames flanking the city’s roads in scenes drivers described as “absolutely apocalyptic”. The inferno at the country’s oil sands capital prompted a shutdown in production and a jump in the price of crude. (CBC, Guardian, FT)

It's a big day for

North Korea, which opens its first Party Congress in 36 years. You can expect all the usual — parades, pageantry and political machinations — but also a glimpse into how Pyongyang ischanging. (FT, NAR)

Russia-Japan relations President Vladimir Putin hosts Prime Minister Shinzo Abe in Sochi, where they are expected to discuss Japan’s desire for Russian gas and China’s rising assertiveness in Asia. (Washington Times)

The New Day The new national newspaper will cease publication after launching just two months ago. The paper had been seen as an ambitious attempt to defy the decline of the UK’s print news industry. (FT)

Food for thought

The fall of Vijay Mallya The once-feted Indian liquor tycoon — the “king of good times” — talks about success, failure and his “forced exile” in London with FT editor Lionel Barber and South Asia bureau chief Amy Kazmin. (FT)

Trump would tear up the Pax Americana The former reality TV star and presumptive Republican nominee is beyond the worst nightmares of the rest of the world, writes Philip Stephens. "Mr Trump is proposing in effect the dismantling of the global architecture established by the US at the end of the second world war. The underlying assumption is that the Pax Americana has been an entirely altruistic venture, an international order gifted by a generous US to an ungrateful world." (FT)

The world’s most charmless cities David Tang takes us on a tour of some of the most “alarming” cities he has encountered on his travels — from the “hairy shins” and “ageing mistresses” of Cancún to an encounter with an exceptionally friendly, muscle-bound sheep farmer named Steve on the north coast of Tasmania. (FT)

Norway: environmental hero or hypocrite? In areas as diverse as coal mining, oil and gas exploration, forestry and emissions reduction, Norway stands accused of not practising what it preaches. Critics argue that the type of behaviour it rails against abroad — putting jobs and growth above protecting the environment — is exactly what it is doing at home. (FT)

How millennials ended the running craze Here is another development you can blame on the millennials: the end of the running boom. After two decades of furious growth, the number of participants finishing footraces has begun to decline. The reason: millennials prefer variety . . . and they don’t like competition. (WSJ)

The consequences of careless cartography The Indian government is considering fining and imprisoning people who publish or distribute maps with “wrong or false topographic information”. It might have something to do with ongoing territorial disputes. (Quartz)

Video of the day

The FT visits North Korea Jamil Anderlini arrives in Pyongyang for a week-long visit for the 7th Congress of the Workers’ party, the highest political gathering in North Korea. (FT)