What to watch for today
Turkey burning. Tens of thousands of protesters clashed with riot police for a fourth day, setting fire to offices of the ruling AK Party. Prime Minister Recep Tayyip Erdogan dismissed protesters as “bums” and “looters,” and called social media “a curse.”
Apple on trial. The Department of Justice begins its antitrust court case against Apple, which is accused of colluding with book publishers to raise e-book prices. All five of the publishers involved have settled—here’s why Apple’s still fighting.
Manning on trial. If he’s found guilty of passing a trove of government secrets to Wikileaks, Bradley Manning could face life in prison without parole.
Russia chats with the EU. Syria will be top of the agenda; other issues include Iranian nukes, North Korea, and the fee Russia imposed on foreign car makers that looks suspiciously like a trade tariff.
Central bank musical chairs. Stephen Poloz takes over as Bank of Canada governor, replacing Mark Carney, who is moving to the Bank of England in July. Poloz will have to tackle slower economic growth and an overvalued currency.
US car sales. The world’s biggest market for cars is expected to have grown at 6.5% year-on-year. Manufacturing data from the Institute of Supply Management (ISM) are also due.
Over the weekend
China slowed down. HSBC’s purchasing manager index showed the first decline in manufacturing in seven months. Official data, which gives heavier weight to state-owned enterprises, posted a slight increase. The tale of the two PMIs highlights China’s conundrum.
South Korean inflation fell to a 14-year low. Prices in May were up 1% from April and 0.8% on the previous year, increasing the chances of another interest rate cut.
Europe stabilized. PMI Day reminder: over 50 indicates expansion. German PMI rose to 49.4 in May as new work and output both increased. UK PMI rose to 51.3, a 14-month high. French PMI was 46.4, the highest in a year. The euro zone as a whole was 48.3—a 15 month high.
Sticky-fingered Lords. Three members of Britain’s upper house of parliament were suspended after a newspaper sting caught them offering to ask parliamentary questions and lobby ministers in return for cash
Come fly with me. The International Air Transport Association projected annual profits at the world’s airlines will hit $12.7 billion this year, a big gain on last year’s $7.6 billion.
Barclays entangled. The British bank has been dragged into the investigation against Costa Rica-based digital currency exchange Liberty Reserve, accused of laundering more than $6 billion in illicit funds. Amid a bitcoin boom, virtual currencies are now in the news for all the wrong reasons (paywall).
Quartz obsession interlude
Matt Phillips on why Swedish students have massive debt even though tuition is free. “85% of Swedish students graduate with debt, versus only 50% in the US. Worst of all, new Swedish graduates have the highest debt-to-income ratios of any group of students in the developed world. Why?” Read more here.
Matters of debate
Reassuring markets 101. President Jacob Zuma asking the media to “just report nicely on South Africa” doesn’t work.
A startup isn’t a rebellion. It’s just a means to an end.
Overworked? Set these boundaries and reclaim your life.
Don’t be bashful. Stockholm’s startups need to boast more.
The Bill Gates of marijuana? Not so fast.
Homemade hepatitis smoothies. Via frozen berries from Costco.
The cosmos is a Russian doll. The first evidence of universes beyond our own.
Stomach share and bliss points.The ominous menu of tasty phrases
Don’t throw out your scanner just yet. Japanese engineers can turn it into a holographic camera.
Commencement gems. The 30 best pieces of unconventional advice for the class of 2013.
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