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Boris Johnson says U.K. must prepare for no-deal Brexit

British Prime Minister Boris Johnson said Friday that the U.K. must prepare for a no-deal split from the European Union, unless the bloc offers a "fundamental" change in its negotiations, AP reports.

What he's saying: "As far as I can see they have abandoned the idea of a free trade deal. ... Unless there is a fundamental change of approach we are going to go for the Australia solution," Johnson said, referencing Australia's lack of a substantive trade deal with the EU.


The state of play: Johnson gave the EU until Friday to strike a deal at the Brussels summit. Britain officially left the EU in January, but remains part of its economic bloc until the end of this year under a transition period.

  • U.K. Foreign Secretary Dominic Raab told the BBC, "There is a deal to be done but there needs to be flexibility on both sides."
  • He added that negotiating issues remain specifically on EU boats' access to U.K. fishing waters and ensuring a "level playing field" for economic competition between Britain and the bloc.

Go deeper: The implications of a "no-deal" Brexit

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Why the startup world needs to ditch "unicorns" for "dragons"

When Aileen Lee originally coined the term "unicorn" in late 2013, she was describing the 39 "U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors."

Flashback: It got redefined in early 2015 by yours truly and Erin Griffith, in a cover story for Fortune, as any privately-held startup valued at $1 billion or more. At the time, we counted 80 of them.

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Scoop: Facebook's new moves to lower News Feed's political volume

Facebook plans to announce that it will de-emphasize political posts and current events content in the News Feed based on negative user feedback, Axios has learned. It also plans to expand tests to limit the amount of political content that people see in their News Feeds to more countries outside of the U.S.

Why it matters: The changes could reduce traffic to some news publishers, particularly companies that post a lot of political content.

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