What to watch for today
Signs that BlackBerry’s dive is bottoming out. After another drop in profit and revenue last quarter, BlackBerry is expected to show signs of stabilizing (paywall) under its fairly new CEO, John Chen. Analysts expect a loss of 27 cents per share, compared to 80 cents per share last quarter.
UK retail sales take a dive. May’s monthly change in retail sales is expected to drop into negative territory for the first time in four months, although the annual change is forecast to remain positive.
Lithuania moves closer to the euro. Eurozone finance ministers gather to discuss Lithuania’s bid to adopt the euro, following the European Commission’s announcement that the Baltic nation has fulfilled all the conditions to join the eurozone. The decision is set to be confirmed on July 23.
¡Viva España, viva el rey! Crown Prince Felipe will become King Felipe VI of Spain, following his father’s abdication to make way for fresh blood—but he’s not taking on an easy role. The coronation will be a low-key affair, in line with Spanish austerity.
Obama’s energy proposals go to Congress. At the first hearing on the proposed curbs—a 30% reduction in power plant emissions by 2030—the Obama administration will defend them against opponents who say they will kill the US coal industry.
World Cupdate. Colombia v Ivory Coast (5pm BST), Uruguay v England (8pm), Japan v Greece (11pm).
While you were sleeping
Amazon unveiled its smartphone. Though it’s really a shopping machine disguised as a phone, with an app that recognizes things so you can buy them instantly on Amazon. Its pricing is suprisingly unradical, despite predictions that Amazon might try to disrupt the wireless industry.
Oil majors began pulling out of Iraq. The government’s reassurances that the country will continue producing around 3 million barrels of oil per day despite the insurgency is in doubt, as BP and Exxon Mobil both announced they have started pulling oil workers out of Iraq. So far oil prices remain unmoved in the market, largely due to the massive influx of US oil.
American Apparel’s chairman was ousted.The company’s board ejected founder Dov Charney for an unnamed reason that “grew out of an ongoing investigation into alleged misconduct.” Charney has faced several lawsuits alleging sexual harassment in recent years.
Japanese confidence remained positive… Manufacturers maintained their confidence and the service sector appeared to be regaining its, too, after a slight dip in May. The Reuters Tankan for June—a confidence survey—suggests that industries are weathering the April 1 sales tax rise.
…But not Sony. Kazuo Hirai, Sony’s chief executive, apologized to investors at the company’s annual meeting, and reassured them that the company would complete its restructuring efforts within a year to turn Sony back to profitability. The company had just announced a sixth projected loss in seven years—while investors are not calling for Hirai’s job yet, this is a make-or-break year for him.
Construction gave New Zealand a GDP boost. The country’s economy grew at the fastest past since 2007 in the first quarter this year, rising 3.8% on the year. On a quarterly basis, GDP grew 1.1%. Chinese demand for New Zealand dairy is pushing growth, while the construction sector expanded 12.5%.
Spain got knocked out of the World Cup. The defending champions are going home after losing 2-0 to Chile following a 5-1 defeat at the hands—or should we say feet—of the Dutch. In their match, the Netherlands beat Australia 3-2, with both teams scoring their first goal within a minute of each other.
Quartz obsession interlude
Tim Fernholz on Starbucks’ history of dubious social responsibility campaigns. “Starbucks announced its latest effort at social responsibility this week: It will provide tuition reimbursement for its workers to take online college courses at Arizona State University for free—kicking in about $7,500 per employee. It seems like a good move for the company and its CEO, Howard Schultz… But dig a little deeper and there are real questions about how much Starbucks employees will benefit.” Read more here.
Matters of debate
Dick Cheney shouldn’t be talking about Iraq… At least not without journalists reminding viewers that he—and others—were the ones who screwed the country up.
…Actually, let him talk. Silencing the hawks entirely does no good.
Mental health is an economic issue. It is closely correlated with unemployment and poverty.
The ad industry has lost the Millennial generation. It’s still making ads for the TV while the kids are all on their smartphones (paywall).
The Dutch are good at football because they’re good at hockey. From style to tactics, the two sports have much in common.
It should be ISIL, not ISIS. But it’s no surprise that nobody can agree what to call Iraq’s jihadists.
An independent Scotland should adopt Norway’s currency. For a country dependent on the oil economy, the krone makes more sense than the euro.
The FBI has an internet slang glossary. And it’s quite laughably out of date.
Adobe has made a $200 stylus. It comes with a ruler too, and is designed to interact with your iPad.
Now sitting can give you cancer. If you spend too much time sitting, that is.
Syria, not Afghanistan, is now the world’s least peaceful country. And it’s the seventh year in a row that the world has become less peaceful.
The latest must-have messaging app lets you say only one thing: ”Yo.” The one-trick pony has already raised $1 million from investors.
Butter in your coffee is the new miracle everything. The brew is said to boost energy, focus and mental clarity—and help you diet.
North Dakota pumps 1 million barrels of oil a day. That’s one US state, producing 1% of the world’s oil.
A Japanese photographer has flown with 156 airlines. That’s a Guinness world record.