Good morning, Quartz readers!
What to watch for today
Germany reports on its current account for April. The nation’s balance in goods, services, and payments with the rest of the world (its current account) hit a record high in March (paywall), and another wide surplus is expected this time around. But while the nation is on a roll, there is danger in smugness.
The Bilderberg Meeting begins. The exclusive four-day annual gathering of world leaders, executives, and assorted grandees kicks off at an undisclosed location in Dresden, Germany. Topics will include migration, China, and the “precariat” (see below).
Barack Obama meets with Bernie Sanders. Hillary Clinton has clinched the Democratic nomination, but Sanders has vowed to fight on. Obama has yet to endorse a candidate in the 2016 race, but is expected to encourage Sanders to bow out and unify the party as it prepares to battle Donald Trump.
While you were sleeping
Apple revealed upcoming changes to its App Store. The tech giant said it will introduce paid search ads, though that could favor monied startups. It will also reward subscription-based apps that keep customers around longer, by halving its slice of the payment to 15% after a year.
Glencore agreed to sell a stake in its agriculture unit. A Canadian pension fund will spend $625 million for a nearly 10% stake in the unit, which the commodities trader and miner is selling to help cut its debt. Switzerland-based Glencore is suffering amid a prolonged rout in commodity prices.
Gunmen killed four people in Tel Aviv. Two Palestinian men opened fire on patrons at an open-air dining and shopping complex around dinner time, in what police called a terror attack. They were taken into custody by security forces.
South Korea’s central bank made a surprising rate cut. Though it was widely expected to keep rates unchanged amid minor signs of economic improvement, the Bank of Korea lowered its base rate to a record low 1.25%. The bank is under growing pressure to ease policy and spur growth.
Sweden banned M&Ms. A Swedish court ordered international candy giant Mars stop selling its famous M&M chocolate candies in a trademark dispute, ruling that Kraft’s Marabou brand has the exclusive right to the lowercase “m” on chocolate-covered candies. Uppercase M&Ms, however, are perfectly fine.
Quartz markets haiku
That squirrel is straining
To reach the perfect nut
But it just might fall
Quartz obsession interlude
Jason Karaian on the hot new discussion topic at the world’s most elite conference. “The ‘precariat’ is a term popularized by British economist Guy Standing, describing a growing class of people who feel insecure in their jobs, communities, and life in general… [and] is fueling the rise of populist politicians like Donald Trump in the US and similar rabble rousers in Europe and beyond.” Read more here.
Matters of debate
The app boom is over. People aren’t downloading new apps because they already have everything they need.
The most disruptive companies are dictatorships. Ruling with an iron fist is how strong leaders change industries.
China’s “shadow” banks are a looming disaster. There are disturbing echoes of the US financial crisis.
The face of undocumented US immigration is changing. More Chinese nationals are getting caught crossing from Mexico.
Americans are obsessed with presidential hair. The fixation goes back to the nation’s beginnings, when presidential hair was a popular souvenir.
Beehive thefts are on the rise. The obvious suspects are other beekeepers, who have the rare expertise to safely handle them.
The Playboy mansion was sold to a Twinkie mogul. Hugh Hefner has the right to live there for the rest of his life.
Uber’s CEO doesn’t have a driver’s license. Travis Kalanick wants to end car ownership—though he does have a broken BMW in his garage.
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