What to watch for today
Turkey turmoil. Protests are likely to continue in Istanbul even after PM Recep Tayyip Erdogan warned that he will not show “any more tolerance” and police stormed Taksim square. The Turks are watching the lira to see the impact on the economy.
More jobs in the UK? Britain will release its unemployment data for May. A decrease from the 7.8% rate reported for April will help corroborate the recent spate of upbeat economic data and surveys.
Some IPO makeup to make an old face young again. Coty, a 109-year-old US cosmetics company, is set to go public with its $1.1 billion IPO. The shares will start trading on the NYSE from Thursday.
Nobody likes taxes except for… US tax consultancy H&R Block, which is expected to report robust earnings (paywall) with revenues rising 13% and income increasing 28%.
While you were sleeping
Facebook and Google asked for more transparency. Worried about their reputations after the PRISM leaks, the tech firms asked the US Department of Justice to let them publish more details about requests they receive for user data, which are currently largely secret.
And… cut! Cash-strapped Greece shut down its state broadcaster, ERT, and fired 2,600 employees… right after a failed attempt to sell off the state gas company. Related events? Probably—and yet another sign of how precarious Greece’s situation is.
Bloomberg’s barriers. New York City mayor Michael Bloomberg outlined a proposal to spend $20 billion on a network of flood walls and levees to protect the low-lying areas of the city. Last autumn’s Hurricane Sandy caused an estimated $19 billion in damage.
Google got Waze. The search giant confirmed that it has bought the Israeli mapping firm that Apple and Facebook had both been courting; the price is reportedly $1 billion. Waze should help Google beat out the competition.
Quartz obsession interlude
Tim Fernholz on how digital currencies are facilitating tax evasion. “The head of online investigations for the US government’s tax collection agency is concerned that digital currencies could be used to evade taxes, and is considering new disclosure rules for businesses that use them. To which we say, well, duh.” Read more here.
Matters of debate
The Sony-Microsoft price war is inconsequential. The gaming console is dead.
China is taking on even more debt. The local governments are to blame.
The murky world of transnational land deals. Find out who is buying.
Brazil’s economy is losing steam. And its government is running out of options (paywall).
Has Dubai forgotten what got it into trouble? With a roaring economy, the careless bets are back.
Putin launches a new anti-corruption campaign. It may trigger his downfall.
Smartphone technology may make cars more fuel efficient. And it has nothing to do with the engine!
Soccer players beware. Heading could do serious damage.
George Orwell is back in demand. Big Brother knows why.
Indian consumers are fighting back at last. How a restaurant review went viral.
Tax collection, Bangalore-style. It’s a lot of drumming and a little shaming.
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