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Good morning from the newsroom of the Financial Times.

Today is Wednesday, June 19th, and this is your FT news briefing.

Facebook has revealed its plans for a new global digital currency, and banks and regulators respond.

The F.T. reports that Nissan and Renault are quietly unwinding parts of their alliance, and the latest round of MP voting cuts the candidates in the UK Conservative Party leadership race down to five.

Plus, the F.T.'s Richard Waters explains what's in store for slack as the cloud-based communications

platform prepares to go public. I'm Mark Filipino and here's the news you need to start your day.

On Wednesday, Facebook revealed its plans for a new global digital currency.

Facebook says it'll be backed by a reserve of low-risk assets

and that more than two dozen companies have come out in support of the project

including Visa, Lift, and Spotify.

But Facebook's new digital coin

has also left a lot of questions open,

such as, how will this shake up traditional financial services?

And how will it be regulated?

The FT's Laura Noonan has more.

What we know about it so far is it's going to be called the Libra coin.

It's not going to have a fixed value relative to any individual currency rather will have a

value which will be linked to a handful of currency. The value is going to fluctuate

and it's going to be overseen by a foundation which at the moment includes Facebook

and around two dozen other industry participants.

...