What to watch for today
Will Jamie Dimon become half the man he was? Whether JP Morgan’s CEO and chairman will be stripped of his chairman title will be revealed today at the bank’s annual meeting. Dimon and his backers have been working to lobby shareholders in recent days, suggesting the vote will be close.
Mr. Cook goes to Washington. Members of Congress are expected to question Apple CEO Tim Cook on the more than $100 billion in cash the company has overseas. To avoid taxes, Apple kept that money abroad and instead borrowed in the US to cover its planned payout of $55 billion to Apple shareholders. Cook has some ideas of his own on taxes for overseas cash.
The Xbox, for all-in-one fun. Microsoft unveils its new Xbox, marking the first major revamp in eight years. Games consoles like the Xbox are losing ground to mobile phones and tablets, so why Microsoft is trying to turn the Xbox into an all-round entertainment center.
Talk about drugs in sport. Olympic leaders are scheduled to meet to discuss the World Anti-Doping Agency’s role in fighting the use of performance-enhancing drugs, illegal betting and match fixing.
What are people buying? Electronics retail chain Best Buy, home improvement store Home Depot and Saks Inc report earnings today.
While you were sleeping
Yahoo vows to not screw it up. Yahoo CEO Marissa Mayer officially announced the acquisition of blogging service Tumblr, which she said would remain independent. Tumblr founder David Karp echoed that message, reassuring users and Tumblr employees he would remain as CEO.
Chesapeake Energy names a new boss at last. A year after co-founder and CEO Aubrey McClendon stepped down, the US’s second-largest natural gas producer finally has a permanent chief: Robert Lawler, from rival energy firm Anadarko.
Oil price probe widened. European regulators investigating suspicions of Libor-style price-fixing for oil sent requests for information to commodity-trading houses (paywall), after last week’s raid on oil companies.
Obama praised Myanmar. The US president said Burmese president Thein Sein is taking steps toward political and economic reform, on the first visit by a Myanmar leader to the US in almost 50 years.
Sectarian violence flared again in Iraq. At least 64 people were killed in a spate of car bombings and other attacks.
Quartz obsession interlude
Simone Foxman on the legal trouble you can get into by clicking “like”. ”There are many perils associated with Facebook faux pas (for example, “liking” an ex-girlfriend’s bikini photo or unfriending a former boss), but some are becoming more serious than others—and ending in legal battles. Turns out, seemingly innocuous Facebook clicks have deeper meanings. In the United States, a former prison guard is suing the city sheriff, alleging that he was fired because he “liked” the Facebook page of the sheriff’s opponent in a political race.” Read more here.
Matters of debate
A good trade—immigrants in exchange for retirees. Americans should welcome skilled immigrant labor, while the elderly, the sick and students are spending more time in the developing world.
China’s riches won’t bring it freedom. Liberal democracy isn’t the universal fate of nations.
The White House war on leaks has gone too far.
Private companies are better owners of public hospitals than the government.
Gandhi’s blood, going once, going twice. Two microscope slides containing blood samples from Mahatma Gandhi will be auctioned off.
Man’s best friend. Americans spend an average of $500 a year on their pets, more than on beer.
Find a date on the subway. Prague is setting aside certain train carriages for singles.
Charge your cell in 20 seconds. So says the 18-year-old California student who has invented an energy storage device and won a $50,000 prize for it.
Apple stores are minting money. They sell twice as much per square foot as Tiffany’s.