Good morning, Quartz readers!
What to watch for today
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.
The Brussels Economic Forum. European Central Bank President Mario Draghi opens the annual European Commission meeting of policymakers and business leaders.
While you were sleeping
Germany’s April trade surplus hit a record high. Europe’s biggest economy maintained its export levels while imports fell thanks to weaker global demand from key trading partners like China and Brazil. The country has been urged by the IMF and the OECD to ramp up its investment in infrastructure to reduce its current account surplus.
Israel suspended Palestinian entry permits. Authorities suspended 83,000 permits after two Palestinians opened fire in a shopping precinct in Tel Aviv on Wednesday, killing four and injuring 16. It’s not clear if Islamist group Hamas—which praised the attack—is behind it.
South Korea’s central bank made a surprise rate cut. Though it was widely expected to keep rates unchanged, the Bank of Korea lowered its base rate to a record low of 1.25%. The bank is under growing pressure to ease policy and spur growth.
Baghdad suffered two car-bomb attacks. More than 22 were killed and 70 wounded in a commercial street and at an army checkpoint in the capital on Thursday. The attacks come amid a major offensive by the Iraqi army to rout ISIL militants from the nearby city of Fallujah.
Vodafone sold off its New Zealand arm. Auckland-based Sky Network Television paid $2.4 billion for the unit—and Sky shares jumped 20%—in what is the biggest acquisition deal for New Zealand this year. The sale frees up the British telecoms giant to focus on faster growth markets in Asia.
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.
The face of undocumented US immigration is changing. More Chinese nationals are getting caught crossing from Mexico.
Thailand celebrated the world’s longest-serving monarch. Festivities have begun for the 70th anniversary of the King Bhumibol Adulyadej’s reign.
Americans are obsessed with presidential hair. The fixation goes back to the nation’s beginnings, when presidential hair was a popular souvenir.
Arctic sea ice fell to record low earlier this year. Meaning that 2016 could be the worst year ever for summer-ice melt.
Beehive thefts are on the rise. The obvious suspects are other beekeepers, who have the rare expertise to safely handle them.
Mexicans love K-pop. People are flocking to the South Korean pop academy in Mexico City to learn the lyrics and dance moves.
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