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. German chancellor Angela Merkel is pushing for environmental commitments, but Russia’s aggression toward Ukraine, Greece’s economy, and public health are expected to dominate the agenda.
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 the Wall Street Journal (paywall). GE has been trying to sell off most of GE Capital to get out of banking.
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. The German lender’s co-CEOs, Juergen Fitschen and Anshu Jain, are stepping down in phases: Jain will leave on June 30, and Fitschen will depart next year. John Cryan, a member of the bank’s supervisory board and the former chief financial officer of UBS, will take over as the bank attempts to overhaul its image.
Turkey’s ruling party was rebuked by voters. President Tayyip Erdogan’s AKP led in parliamentary polls but lost its single-party majority, meaning it will have to rule by coalition after 13 years of single-party rule. The Republican People’s Party, the AKP’s main opposition and one that promised massive infrastructure projects, won the second-highest share of the votes.
Mexican elections were hit by violence. Activists, including members of a teachers’ union, burned ballots and ransacked government offices in protests against teacher testing and the lack of answers over the 43 students who disappeared last year. President Enrique Peña Nieto’s party is expected to keep a narrow majority in Congress after Sunday’s vote.
China’s trade data slumped. Exports fell 2.8% in May from a year earlier, better than an expected 4% drop but marking the third consecutive month of declines; imports fell 18.1%, their seventh consecutive drop. The weak imports coincide with slowing domestic investment growth, and will maintain pressure on the government to stimulate the economy.
Japan’s GDP growth was revised up. A recalculation of business spending meant the economy likely grew at an annualized 3.9% in the first quarter. That easily beat expectations of 2.7% growth, and will boost confidence in the government’s attempts to raise business and household spending.
Saudi Arabia shot down a missile. The Cold War-era Scud missile was fired across the border by Yemen’s Houthi rebels, potentially signaling an escalation in the fighting between the rebels and Saudi Arabia. The Saudi military has led a coalition of forces against the rebels since March.
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.
High-paying jobs of the future will kill your free time. It used to be that the lowest-paid worked the longest hours, but that’s changing.
The US has lived with austerity far longer than Europe. Americans have no safety nets like public healthcare or paid leave.
Hong Kong is risking its reputation for sound management. It will eventually regret opening its stock market to mainland cash.
Don’t bother dating. If you want more time for yourself—and to find a higher quality partner—just don’t go looking for one.
The Feds can charge you for deleting your browser history. A US man is facing obstruction of justice charges for doing just that.
A Texas policeman pulled his gun on children. He had complained about running around carrying his gear in the sun.
Orson Welles once edited a porn scene. The filmmaker, who argued ecstasy could never be captured on film, contributed to the movie 3am: The Time of Sexuality.
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.
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.