What to watch for today
Another bumper month for US jobs. Economists expect 220,000 new jobs in May, making it four straight months above 200,000— a feat the US economy hasn’t pulled off since the go-go years of the late 1990s. Here’s what you need to know ahead of the report, due at 8:30am Eastern Time. Canada also reports job numbers.
World leaders smile through gritted teeth. Queen Elizabeth, Barack Obama and Vladimir Putin are among those set to attend ceremonies in Normandy commemorating the 70th anniversary of the D-Day landings. Tensions over Ukraine will be simmering in the background.
Germany’s industrial update. The largest economy in Europe, which has shown surprising pep lately, will publish data on industrial production and foreign trade for April.
Brazilian inflation remains stubbornly high, with expectations that May’s rate will be at the high end of the government’s 6.5% target. Raising interest rates further does not appear to be an option for Brazil’s central bank.
While you were sleeping
Bank of America faces a huge mortgage fine. The bank is in talks with the US Justice Department to pay at least $12 billion (paywall) to settle probes into its handling of shoddy mortgages, according to the Wall Street Journal. At least $5 billion would be put aside for homeowner relief.
Taiwan warned of a possible terror attack on a China airline. An unusually specific alert from Taiwan’s intelligence agency says a woman may bring a bomb on a flight from mainland China to Hong Kong on Friday or Saturday. China has seen several terror attacks in recent months, but an attempt to attack a plane would signal a serious escalation.
Vietnam called out China over boat attacks. Officials released a video taken on May 26, which shows a Chinese vessel ploughing in to a Vietnamese fishing boat that subsequently sank. Vietnamese officials also said that Chinese boats had damaged 24 Vietnamese boats in recent weeks since a Chinese oil rig was placed in disputed waters.
General Motors admitted its faults. The US automaker cited a “pattern of incompetence and neglect“ to explain why it took more than a decade to report the defective ignition switches that are now blamed for 13 deaths. GM said 15 people have been fired, but that there was no cover-up; some questions remain unanswered.
Verizon got huffy with Netflix. The US telecom giant sent the video-streaming site a cease-and-desist letter demanding it stop displaying messages that blame Verizon for slow service, in a growing row about internet traffic speeds.
The SEC promised to clip traders’ wings. Mary Jo White, who heads the US securities regulator, said the agency is formulating a sweeping set of new rules to impose limits on high-frequency trading, “dark pools” and other technologies blamed for volatility in the markets.
Quartz obsession interlude
Yitz Jordan on how Marriott’s Mormon owner cashed in on LGBT travel. “Why is Bill Marriott so careful to separate faith and business when it comes to LGBT consumers? In a nutshell, $202 billion. That’s how big the global LGBT travel market is predicted to be this year, up from $181 billion in 2013, according to industry analysts Out Now Global—with LGBT spending comprising 13% of all global travel spending.” Read more here.
Matters of debate
It’s time to reset the net. An online coalition is urging new tools and protocols to stop NSA snooping.
High-priced art should be an anti-status symbol. Wealthy collectors should do something more ethical with their money.
Russia and China’s alliance is built to last. They share values, governing styles, and an interest in teaming up against the West.
The World Cup isn’t worth it. Brazil’s expenses and lost productivity could cancel out any economic benefits.
There’s an antidote to click-bait. @SavedYouAClick tirelessly reads articles with teaser headlines so you don’t have to.
Fish can reduce global warming. They help the ocean absorb carbon dioxide—as long as we don’t eat them.
An Indian man has been walking backwards for 25 years. It started as a peace protest; now he’s forgotten how to walk forwards.
Some people run a mile every single day. They call themselves “streak runners” (not the naked kind) and they’re a little bit obsessive.
Lego employees have the world’s best business cards. They’re in the form of little Lego figurines.