Obama to visit Hiroshima, the price of London's success and why we should hang up on conference calls

Barack Obama will make a historic trip to Hiroshima in two weeks, becoming the first serving US president to visit one of the two Japanese cities devastated by atomic bombs dropped by the US during the second world war.

For decades, a presidential visit has been thwarted by competing sensitivities between Tokyo and Washington over whether the US should apologise for the attack — and the White House has signalled this trip will not “revisit” the decision. Pressed on whether an apology was needed, Japanese Prime Minister Shinzo Abe deflected, saying the visit was a “huge decision”for Mr Obama. (FT, Japan Times)

In the news

David Cameron calls Nigeria and Afghanistan “fantastically corrupt” The prime minister’s search for a global deal on corruption took an embarrassing wrong turn on Tuesday after he insulted two of only four countries that have agreed to attend a summit this week. (FT)

Saudi Arabia raising oil output ahead of IPO The kingdom is ramping up production and pressing ahead with a global expansion plan for its state oil company ahead of what could be the world’s largest ever stock market listing. (FT)

Russian gang suspected in futures market scam Intercontinental Exchange’s London futures market has been used as a front for Russian organised crime, according to police who have made two arrests for suspected money-laundering in a network spanning Switzerland, the Caribbean and Russia. (FT)

Pomp, ceremony and model missiles in Pyongyang North Korea wrapped up a rare Party Congress with an enormous, tightly choreographed parade through the centre of the capital, complete with goose-stepping students, models of nuclear missiles and wailing women in traditional Korean dress. (FT)

The New Silk Road slump Sagging traffic on the trans-Eurasian railway route linking Chongqing with Duisberg, Germany, highlights China’s increasing economic woes. (NAR)

Budweiser renames its beer ‘America’ The rebranding is part of a bold bid to capitalise on US election fever during the busiest season for beer sales. (FT)

It’s a big day for

Ultra-high speed travel A company developing hyperloop technology that would allow people or freight to move at the speed of sound is set to demonstrate its propulsion system in the Nevada desert. (FT)

Ukraine A peace deal for the eastern part of the country may be given new life when foreign ministers from Russia, Ukraine, Germany and France meet in Berlin. (Deutsche Welle)

Food for thought

Germany is the eurozone’s biggest problem The European Central Bank takes a lot of blame — some of it justified — but it is Berlin that is causing the most trouble, writes Martin Wolf. "Germany’s ideas and interests are of huge importance to the eurozone. But they should not determine everything. If Germans believe this fatally weakens the legitimacy of the European project, they should use their exit option." (FT)

US: Neglected nation From decaying bridges to poisoned water, critics say trillions of dollars are needed to fix America’s infrastructure. (FT)

The price of London’s spectacular success It is possible to make London a bit more affordable, but it is not possible to make London affordable, writes the FT’s Janan Ganesh. “Inequality and priciness are features of cities. Great inequality and great priciness are features of elite cities.” (FT)

Trump v Clinton: what it means for markets Donald Trump has been all over the map when it comes to the economy, displaying the kind of uncertainty markets tend to hate. But how might markets react to his presidency or that of likely rival Hillary Clinton? (FT)

Why we should hang up on conference calls Timezone discrepancies. Login complications. Tangling voices. Star-ship speakerphones. Awkward delays. Unnecessary interjections. The list goes on. Just hang up that conference call. (New Yorker)

The truth is out there . . . And Hillary Clinton might be the one to uncover it. She has won over a small but committed cohort of voters with a pledge to open up the government files on UFOs and Area 51. (NYT)

Video of the day

Osborne makes his case against Brexit With just over a month to go until the UK referendum on its EU membership, the Remain and Leave campaigns are heating up. Vanessa Kortekaas reports from an FT 125 event, where chancellor George Osborne outlined the arguments for staying in the bloc. (FT)