Good morning, Quartz readers!
What to watch for today
Apple unveils its streaming music app… The company’s weeklong developer conference kicks off today in San Francisco with a highly anticipated keynote address. One of the announcements, confirmed ahead of time by Sony Music’s chief, will be a new product to rival Spotify and other subscription music services. It’s likely a relaunch of Beats Music, which Apple acquired last year.
…and improvements to its operating systems. Apple is also expected to announce new versions of Mac OS for personal computers, iOS for iPhones and iPads, and perhaps a new watchOS for its latest electronic device. New features could lead to more apps that can be enjoyed without even opening them.
Day two of the G7 summit. Heads of state convened Sunday in a Bavarian castle for the annual summit. On the agenda: Russia’s aggression toward Ukraine, Greece’s economy, global warming, and public health. Leaders, including German chancellor Angela Merkel and US president Barack Obama, remain firm on sanctions against Russia, which is absent from the summit after getting booted from the G8 last year.
GE sells its huge private-equity lending unit. The buyer of about $11 billion worth of assets is Canada’s largest pension fund, according to reports (paywall). GE has been trying to get out of banking by selling off most of GE Capital to interested buyers.
US consumer expectations. The New York Fed releases its monthly report on sentiments about inflation, job prospects, and future spending. The last survey showed a modest rise in wages and expectations of soft inflation due to cheaper gas prices.
Over the weekend
Deutsche Bank’s chiefs abruptly resigned. John Cryan, a member of the bank’s supervisory board and the former chief financial officer of UBS, will take over. The giant German bank has been trying to overhaul operations in an effort to rehabilitate an image hurt by a bevy of regulatory fines, legal problems, and financial missteps. Deutsche Bank’s current co-CEOs, Anshu Jain and Juergen Fitschen, are stepping down in phases: Jain will leave on June 30, and Fitschen will depart next year, at which point Cryan will become the lone CEO.
Turkey’s ruling party was rebuked by voters. President Tayyip Erdogan’s AKP won a plurality of seats but still lost its majority in parliament, according to early projections of Sunday’s election. The party has ruled by itself for 13 years but will now need to build a coalition. Kurdish opposition party HDP, which had been subject to violence ahead of the vote, also appeared to have secured its first seats in Turkey’s parliament.
Violence also rocked elections in Mexico. The party of president Enrique Peña Nieto is expected to keep a narrow majority in Congress after Sunday’s vote. Activists, including members of a teachers’ union, burned ballots and ransacked offices, calling for an end to teacher testing and demanding answers for 43 students who disappeared last year.
Sports history was made. American Pharoah won the first triple crown, the highest achievement in horse racing, since 1978. The racehorse won the Belmont Stakes on Saturday after earlier victories at the Kentucky Derby and Preakness Stakes. On the other side of the world, Swiss tennis player Stan Wawrinka defeated Novak Djokovic in four sets to win the French Open, completing a career grand slam.
Saudi Arabia shot down a missile. Yemen’s Shiite rebels, the Houthis, fired a Cold War-era Scud missile across the border. The Yemeni military was believed to hold about 300 Scud missiles, most of them in possession by rebels, but a coalition of Arab nations led by Saudi Arabia reported that most of the Houthis’ Scud missiles have been destroyed. In more than two months of fighting between the coalition and rebels, more than 2,000 have been killed and about half a million displaced.
Quartz obsession interlude
Omar Mohammed on foolish hopes that FIFA’s overhaul will return football back to Europe. “Football’s spirit has not been purely European for a long time now. A brief cursory glance at the top leagues shows just how non-European the game has become.” Read more.
Matters of debate
Universities are becoming multinational corporations. More institutions are creating branch campuses in foreign countries.
Not having it all might not be so bad. One startup founder shares her life hack for getting things done: forego dating.
The “female Viagra” drug doesn’t live up to the hype. Unlike the little blue pill, the new drug alters women’s brain chemistry instead of a creating an immediate physical change.
Russia and Qatar’s World Cups are at risk. The countries could be stripped of their hosting rights in 2018 and 2022, respectively, if there is evidence of bribery.
Yes, money brings happiness. But so does old age.
Scientists have found frogs the size of M&Ms. Measuring between 9 and 13mm, the new species is among the smallest vertebrates on the planet.
The prison population is up, but the number of escapees has gone down. And those who do escape are often caught shortly thereafter.
Hospitals might not be the best place to have babies. Unlike home births, there’s the risk of over-intervention, such as unnecessary C-sections.