What to watch for today
Protests rage on in Istanbul. Turkish demonstrators are likely to enter a fifth day of protests in the city’s Taksim Square. After four days of clashes between police and protestors, the AP reports that 2,300 people have been wounded and one killed. Turkish stocks fell 10.5% on Monday.
Elizabeth marks 60 years as the UK’s queen. Queen Victoria—who died in 1901—still holds the record for longest-serving British monarch, with 63 years.
Brazil reports industrial production for April. The latest data on manufacturing output amid sluggish economic growth.
Russian prices probably rose in May. Economists polled by Bloomberg believe that Russia’s consumer price index probably picked up slightly, to 7.3%. This would vindicate the central bank’s decision not to cut interest rates, despite government pleas to do so.
While you were sleeping
Green shoots or goners? Purchasing managers’ indices (PMI) for manufacturing picked up in Germany, France, Spain, Italy, and Germany, although all still showed output contracting.
More disappointment from the European Central Bank. The ECB could be scaling back a plan (paywall) to help small- and medium-sized enterprises get cheap financing as the region plods on through recession. The plan, mooted at its last monetary policy meeting, won’t be a ” big bazooka,” the FT reports.
A cull at Zynga. The technology gaming company, best known for the Facebook hit “Farmville,” announced plans to lay off 18% of its staff—520 employees—and shutter its New York and Los Angeles offices.
Money ran out the door on Steve Cohen. SAC Capital’s investors had until Monday to withdraw their money from the hedge fund, which is being probed for insider trading; the word was that most of the fund’s remaining $4 billion in outside investment would leave.
Critic of Egyptian president got jail time. Ahmed Douma, who called president Mohamed Morsi “a criminal evading justice” after a deadly crackdown on protestors in February, was convicted of spreading false news and insulting the president and received a six-month suspended sentence. This is the first such conviction under Morsi’s regime.
Flooding not seen for half a millennium engulfed southeast Germany. Floodwaters hit record highs as the Danube, Inn, and Ilz rivers overflowed their banks. German news agency DPA said that the last time the town of Passau saw this kind of flooding was in 1501. German Chancellor Angela Merkel will visit the flood-hit areas on Tuesday.
Quartz obsession interlude
Leo Mirani on why China is running in the wrong space race. “It is true that America—the state—is no longer capable of putting people into space. But Americans—the people—are racing to be able to do what is presently the preserve of sovereign nations. Three companies—Boeing, Elon Musk’s SpaceX, and Sierra Nevada Corporation—hope to carry astronauts to the International Space Station before the end of its life. SpaceX is already ferrying payloads back and forth… So China may look like it’s on the way to winning the space race. But increasingly, China’s race is one that hardly anyone else is taking part in.” Read more here.
Matters of debate
The disruption bubble. Silicon Valley only makes stuff for people who live there.
How to finally get along with your spouse: Get divorced.
Online education could leave teachers high and dry. Giving every Chicago student an iPad would cost just 10% of what the city pays its teachers (paywall).
Down to the pennies. A precise salary request will net you a thicker wallet.
Technology that will let you “use the force.” The NeuroSky brainwave kit and other wearable goodies.
Executive email brawl. Execs from Apple and publishing houses call each other idiots.
Computers breed commitment. A new study suggests couples who meet online are less likely to get divorced.
China cracks down on jaywalking. Pedestrians’ poor manners or inattention to their rights?
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