What to watch for today
Fifa chooses its president. Despite the massive corruption scandal that’s rocking soccer’s governing body, the election will go ahead as planned. Incumbent president Sepp Blatter will be up for a fifth term, running against Jordanian Prince Ali bin al-Hussein. Blatter’s position will have been inevitably weakened by the recent storm, but he stills enjoys strong support within the organization.
The Shangri La Dialogue security forum kicks off in Singapore. US secretary of defense Ash Carter will attend the annual summit, as will senior Chinese military officials. One topic that will come up: Growing tensions over China’s creation of man-made islands in the South China Sea, which are seen as a bid to dominate one of the world’s most important waterways.
The US and Brazil release their GDP data. The US Commerce Department will report revised data on the first quarter which initially showed a 0.2% gain. Analysts expect that the US economy actually shrank. Brazil’s economy probably contracted as well, owing to government austerity measures and high lending costs.
Silk Road “Dread Pirate Roberts” is sentenced. Ross Ulbricht has been convicted of running the online black marketplace and faces up to life in prison. US prosecutors have called for a sentence of longer than 20 years, pointing to deaths from drugs purchased on the website as well as murder-for-hire plots.
Earnings: The Bank of Nova Scotia, Big Lots, Cencosud, Genesco.
While you were sleeping
Avago said it is buying rival Broadcom for $37 billion. The cash and stock deal will combine two chipmakers to create a massive $77 billion dollar company. Broadcom’s consumer device and network chips are seen as complementary to Avago’s more industrial-oriented business. It is the largest-ever deal in the semi-conductor industry, which has recently seen a flurry of consolidation.
The African Development Bank elected a new president. Akinwumi Adesina, Nigeria’s agriculture minister won a race to become the pan-African bank’s eighth president. He will take over from Donald Kaberuka, who leaves the post in September. Adesina was one of the favorites, coming from the continent’s largest economy and striking a populist tone in his campaign.
JP Morgan has apparently begun massive layoffs. America’s largest bank is planning to lay off more than 5,000 by next year, reports The Wall Street Journal. It wants to cut down on expenses, and reduce its ranks of human tellers as it automates more. The cuts will be smaller than last year’s, when the bank, which employs more than 240,000 people, eliminated 7,900 jobs.
FIFA’s president Sepp Blatter said he will not quit. Speaking at the association’s annual congress, Blatter said he could not be held responsible for the rampant corruption at FIFA that’s under investigation in the US and Switzerland. Calls grew for Blatter to step down, while Visa, a crucial sponsor for the organization, said it might cancel its contract.
The Republican presidential field became very crowded. Two new long-shot candidates have joined the already jam-packed race for the Republican nomination for US president. Former New York governor George Pataki declared his bid in a 9/11-themed online video one day after former US senator and runner-up for the nomination Rick Santorum announced his run, pledging to fight for the middle class. Eight people have now officially declared their candidacy, with more exploring a possible run.
Quartz obsession interlude
John McDuling on how self-driving cars are going to make some people sick. ”Humans rarely experience motion sickness while driving. It’s more commonly an ailment for passengers—and is heavily dependent on what the passenger is doing while sitting in the car (reading, watching videos, etc.)” Read more here.
Matters of debate
Productivity is falling because of how executives are paid. The main culprit: Bonus culture. (paywall)
Tiger Mom or Cat Dad? China’s debate over parenting methods.
On extramarital affairs, with an app. And both spouses being cool with that.
Fifa can always count on Gazprom. And Blatter on Putin–but it can come at a price.
Mysogyny can lead to suicide among young women. And globally, suicide is the likeliest thing that will kill them.
A new HIV study could revolutionize treatment. The earlier, the better, scientists now say.
Beware the cockroach-eating “dementor” wasp. It’s one of 139 new species found in the Greater Mekong region.
That study that said chocolate would help you lose weight? It was faked to show the hypocrisy of the diet industry.
The immoral effects of Borat’s swimsuit. One town says banning the “mankini” helped it shed its bad reputation.
Burned. Israeli “Burning Man” festival goers torched a prehistoric wooden temple.