What to watch for today
JP Morgan’s Alabama sinkhole. The bank could lose up to $1.6 billion that it is owned by Jefferson County, Alabama, which is set to become the biggest US municipal bankruptcy.
Turkey tries to assuage protesters. Demonstrators largely shrugged off an apology from Turkey’s deputy prime minister for authorizing excessive police force. The prime minister is out of the country for a visit to northern Africa.
New leadership in Pakistan. Nawaz Sharif is sworn in as prime minister for the third time. He faces numerous challenges—in particular, an energy crisis.
Economic data dump. The ADP employment report will provide the first look at US employment in May. Data on non-manufacturing business activity and factory goods orders will also hit the tape, along with global service PMI figures from Markit.
While you were sleeping
Shinzo Abe’s “third arrow.” Japan’s prime minister gave a much anticipated speech laying out further steps for economic revitalization, including easier investment rules for pension funds. Markets were unimpressed.
Vodafone’s long-running tax saga may finally come to an end. Six years after it entered India and was slapped with a $2.2 billion tax notice, Vodafone and Delhi have finally agreed to sit down and work towards a compromise.
Australian GDP grew a measly 0.6% in the first quarter, just below analysts’ predictions.
Coca-Cola returned to Myanmar. After a 60-year hiatus, CEO Muhtar Kent compared it to the fall of the Berlin wall.
Tesco sales took a hit. Britain’s biggest supermarket chain posted a 1% fall in sales in the quarter ended May 25, mostly due to non-food sales.
France confirmed Syria’s government used chemical weapons, putting the US in an awkward position given President Obama’s declaration their use would constitute crossing a “red line.” Washington said it would deploy Patriot missiles and fighter jets to Jordan.
Quartz obsession interlude
Josh Meyer on why the global warrior elite is recognizing “deviant globalization” as the next big geopolitical threat. ”The concept describes the convergence of all of the types of criminal activity that flourish in the teeming underworld of black market economies. … Adm. James Stavridis, one of the foremost creative thinkers among the global warrior elite, is talking up the concept, which he has also dubbed “criminal convergence.” Read more here.
Matters of debate
Google could swing an election by manipulating the search results for candidates.
Tipping should be banned. It’s discriminatory and linked with corruption.
Everything that’s wrong with Silicon Valley: Sean Parker’s destruction of a redwood grove for his wedding.
Erdogan has nothing to fear. Half of Turkey supports him, the other half is scared of him.
The truth about US college tuition fees. They aren’t growing as fast as you think.
Don’t think about crashing. Adventures with the world’s first thought-controlled helicopter.
The BBC can’t tell time. It’s harder than you might think.
US work-life balance is out of whack. Because of single mothers.
Merci, Italia. The French learned how to make wine from the Italians 2,400 years ago.
A US Navy SEAL reveals a secret: Her transgender life.
Who is the Tank Man? 24 years after the Tiananmen Square protests, the identity of the iconic protester is still unknown.
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