What to watch for today
Great expectations. The US Federal Reserve starts a two-day meeting amid fevered speculation about when it will start to “taper” its $85-billion-a-month asset purchase program. Investors will have to wait till Wednesday for hints.
Libor crimes. Tom Hayes, a former UBS and Citibank trader, will become the first individual in the UK to be criminally charged for his role in manipulating the key lending rate.
Huawei’s prestige smartphone. The Ascend P6 handset will be presented in London with all the pomp and circumstance associated with rival releases by Samsung and Apple.
Turkish rate-setting. Turkey’s central bank will hold its monetary policy committee meeting. Meanwhile the Turkish government has threatened to use the army to end protests.
RIP Obamamania. President Obama will visit Berlin for the first time since his rousing speech as a candidate in 2008. This time he is unlikely to be treated like a superstar.
Will the good run last? US housing starts and consumer prices for May are due—will the recent run of strong economic data continue? The UK will announce inflation numbers.
Results binge. Adobe will report its second-quarter numbers. Analysts expect the software maker to post a 54% decline in profits. More relaxingly, La-Z-Boy, makers of the iconic reclining chair, is expected to report growth.
While you were sleeping
Taking it to the streets. Over 100,000 people turned out in eight cities across Brazil for a day of drumming, singing and samba to protest against high taxes and poor public services. Indonesian protesters also gathered after the government cut fuel subsidies.
M&A maneuvering. Sprint Nextel filed a lawsuit on Monday against Dish Network for attempting to “fool” and “coerce” the shareholders of Clearwire. Sprint already owns 51.2% of Clearwire and wants to buy the rest, but Dish Network has bitterly contested the acquisition.
No country for whistleblowers. NSA leaker Edward Snowden said in an online chat that he won’t get a fair trial in the US, but revealed little else new about the agency’s surveillance practices. Meanwhile, his father gave an interview to Fox News and pleaded with his son not to do anything stupid, but to come home and face the law.
The road to Damascus. Presidents Obama and Putin clashed over Syria, raising the possibility of a proxy war as the US arms rebels and Russia arms the Assad regime.
India cabinet reshuffle. Prime Minister Manmohan Singh appointed eight new ministers in a bid to revive his flagging Congress Party.
A rival bid for Kabel Deutschland. Liberty Global tries to trump Vodafone with a €7.5 billion ($10 billion) counter-offer.
Quartz obsession interlude
Josh Meyer on why mobile payments might be the next big conduit for money laundering. “M-payments are most popular in countries with weak laws and enforcement against financial fraud and money-laundering. Customers often need little in the way of identification. The whole process often bypasses a country’s financial reporting system.” Read more here.
Matters of debate
“The worst year in history.” A record number of young Chinese will graduate this year, and the timing is not great.
Dropout nation. Americans entering the workforce today are less educated than those retiring from it.
Weaponized memes. Chinese web users reveal officials’ sexual misdeeds and fancy watches, but also extort them with Photoshopped evidence.
Nuke number crunching. The economic case for nuclear power is weak.
Turkish deception. Turkey’s economic growth numbers mask underlying frictions.
Animal rights activists rejoice. The future of drugs testing is on microchips, not bunnies.
Revolutionary cuisine. This top chef is resisting terrorism in Mogadishu, one prawn at a time.
Canadian sex toys are patent protected. The US trade commission banned the sale of infringing “two-armed vibrators.”
China’s drone diplomacy. China may sell discount drones to strengthen its ties to emerging economies.
Royal baby mania! The birth of the royal heir could give UK’s economy a $400 million boost.
The price of success. An enthusiastic response to a Kickstarter project cost a man his house.
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