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UK leaves the European Union; Pound at lowest level in 31 years

The pound dropped below $1.35 for the first time since 1985. The currency fell as much as 11% and was on course for its biggest one-day fall ever. It was down against all major world currencies.

The U.K. is first country to vote to leave the European Union. Prime Minister David Cameron resigned Friday, saying he would hand over to a new leader in about three months.

Stocks markets around the world are also falling sharply after the campaign to leave the EU won Thursday’s referendum.

“It is vile and ugly out there, the British pound is facing its worst day ever,” said Naeem Aslam, chief market analyst at ThinkForex.

Economists have been warning for months that if the U.K. referendum resulted in a vote for a British exit (Brexit) from the EU, that would do lasting damage to the British economy.

As the market fell, the Bank of England said it will take all necessary steps to meet its responsibilities for monetary and financial stability.

“The Bank of England is monitoring developments closely. It has undertaken extensive contingency planning and is working closely with HM Treasury, other domestic authorities and overseas central banks,” it said in a statement.

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John Lewis leads sit-in on House floor over guns

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Washington (CNN)John Lewis revived Wednesday one of the most evocative forms of protest from the civil rights movement — the sit-in — to demand House Republicans move on gun control.

In a move rich with historic symbolism, the civil rights icon and Democratic congressman from Georgia led a dramatic protest inside the House of Representatives. He and fellow Democrats sat down at the front of the chamber in an unusual demonstration of civil disobedience challenging Republican Speaker Paul Ryan.
“Sometimes you have to do something out of the ordinary. Sometimes you have to make a way out of no way. We have been too quiet for too long,” Lewis said. “There comes a time when you have to say something, when you have to make a little noise, when you have to move your feet. This is the time. Now is the time to get in the way. The time to act is now. We will be silent no more.”
Lewis was sent encouragement by one former president and the current one.
“Thank you John Lewis for leading on gun violence where we need it most,” President BarackObama tweeted.
In an interview with CNN’s Wolf Blitzer, Lewis said “too many of our children, too many of our sisters and brothers, our mothers and fathers, our friends, our cousins are dying by guns and we have to do something about it.”
He said lawmakers would remain on the floor.
“We don’t have any intention of leaving anytime soon,” Lewis said.
The sit-in follows the shooting at an Orlando gay nightclub earlier this month that killed 49 people — the deadliest incident of gun violence in American history. The shooting is renewing the debate over gun control legislation, which seems poised to go nowhere in Congress. The Senate blocked several gun measures Monday even as a CNN/ORC poll this week found that public support for changes such as tighter background checks hovers around 90%.
Ryan didn’t commit to holding a vote.
“The House cannot operate without members following the rules of the institution, so the House has recessed subject to the call of the chair,” his spokesman AshLee Strong said in a statement.
Several Republicans congressman criticized the sit-in as a political stunt.
“Calling this a sit-in is a disgrace to Woolworth’s,” Rep. Mark Walker of North Carolina tweeted. “They sat-in for rights. Dems are ‘sitting-in’ to strip them away.”
Rep. Justin Amash of Michigan tweeted, “Democrats are staging a sit-in on the House floor. They refuse to leave until our Constitution replaces due process with secret lists.”
Lewis, 76, perhaps the most prominent of the 1960s-era civil rights leaders still alive, is sometimes called the “Conscience of the U.S. Congress” and attracts wide bipartisan respect for his role and moral example in the struggle to end racial segregation.
He organized sit-ins at segregated lunch counters after being inspired to join Martin Luther King Jr.’s crusade for equality and eventually led the mass march across the Edmund Pettus Bridge in Selma, Alabama, on Bloody Sunday in 1965, one of the epochal events in American history. Lewis was beaten so badly by Alabama state troopers that they fractured his skull.
On Wednesday, the group of lawmakers chanted from the floor: “I’m sick and tired of being sick and tired!” and “No bill, no break!” while the House remained in recess.
As the sit-in gathered momentum, Connecticut Sen. Chris Murphy, a prominent gun control advocate following the Sandy Hook school massacre in 2012, walked over and joined the sit-in. The lawmaker led a nearly 15-hour filibuster in the Senate last week asking lawmakers to vote on gun reform. Illinois Sen. Dick Durbin and Massachusetts Sen. Elizabeth Warren also joined the group.
Former President Bill Clinton tweeted his encouragement, writing, “This is leadership” and linking to Lewis’ tweet about the sit-in.
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Derrick Rose set to join Knicks after trade from Bulls

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The Knicks and Bulls have agreed to a deal that will send former All-Star point guard Derrick Rose to New York, sources told ESPN.

The Knicks are sending center Robin Lopez, guard Jose Calderon and guard Jerian Grant to Chicago, which is shipping guard Justin Holiday, Rose and a 2017 second-round pick back to New York, sources said.

The Chicago Tribune first reported the deal.

ESPN reported last week that the Knicks had internal discussions recently about trading for Rose, the NBA MVP for the 2010-11 season.

Both Knicks coach Jeff Hornacek and general manager Steve Mills had said that the team was interested in upgrading their point guard position in the offseason.

Rose will be a free agent after the 2016-17 season. He averaged 16.4 points on 42.7 percent shooting and 4.7 assists in 66 games in 2015-16.

The six-year veteran has appeared in just 50 percent of the Bulls’ regular-season games over the past four years because of various injuries, including two major knee surgeries.

The Bulls have scheduled a 5 p.m. ET news conference Wednesday.

Attorneys: Chicago cops falsified witnesses’ accounts, threatened them

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Chicago (CNN)At least three witnesses to the Laquan McDonald police killing were questioned for hours, threatened by officers and ordered to change their accounts to match the official Chicago police version of the shooting, the attorneys for the teen’s estate say.

The allegations are contained in more than 3,000 pages of recently released documents related to the case. The attorneys also allege that police officers up the chain of command fabricated witness accounts to support the way officers at the scene described the October 20, 2014, shooting as justified.

“It’s not just the officers on the street,” attorney Jeffrey Neslund told CNN. “It’s a lieutenant, a sergeant and detectives — and the lengths they went to justify what simply was not true.”

CNN contacted Neslund and Michael Robbins after the city released the documents to the news media in response to multiple Freedom of Information Act requests.

Asked if they stood by the accusations they made in letters to the city’s corporation counsel last March, Robbins said, “Absolutely.”

“You have a false narrative put out by police,” he said, “outright lies to cover up an illegal shooting, corroborated by other officers.”

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