Financial Markets and Economy
Oil drops on fears of more U.S. drilling after climate deal withdrawal (Reuters)
Crude fell more than 1 percent on Friday, heading for a second straight week of losses, on worries that U.S. President Donald Trump's decision to withdraw from an international climate accord will spur further domestic production and contribute to a persistent global oversupply.
Brazil emerges from recession as GDP grows 1% (BBC)
The GDP increase came after two consecutive years of negative growth, during which the Brazilian economy shrank by almost 8%.
A record harvest of soybeans, one of Brazil's main exports, gave the economy a boost.
Once a Coal Goliath, India Is Turning Green (NY Times)
ust a few years ago, the world watched nervously as India went on a building spree of coal-fired power plants, more than doubling its capacity and claiming that more were needed. Coal output, officials said, would almost triple, to 1.5 billion tons, by 2020.
Coal bows to natural gas, as consumption falls to lowest since 1984 (Market Watch)
The Energy Information Administration’s Today in Energy report Friday showed consumption of 677 million tons of coal by the domestic electric power sector in 2016—and that represented more than 93% of all coal consumed in the country.
Wall Street Has More Bad News for OPEC: 2018 Doesn’t Look Great (Bloomberg)
As oil prices sag despite OPEC’s renewed efforts to shore up world crude markets, Wall Street banks have more bad news for the producer group: the outlook for next year isn’t great either.
U.S. oil-rig count posts weekly climb, up 5 months in a row — MarketWatch (Dow Jones Newswires)
Baker Hughes (BHI) on Friday reported that the number of active U.S. rigs drilling for oil climbed by 11 to 733 rigs this week. That marked a 20th weekly rise in a row, or roughly five months. The total active U.S. rig count, which includes oil and natural-gas rigs, climbed by 8 to 916, according to Baker Hughes.
Why Consumers Aren't Spending (Bloomberg)
Consumer confidence and retail sales have not moved in tandem of late. Since the U.S. economic expansion started in mid-2009, a gauge of confidence has risen sharply from a low of 25.3 in December 2008 to 120 in April, and has accelerated recently. After an initial recovery, however, retail sales growth has trended down.
Retail keeps bleeding jobs (Business Insider)
Retail trade lost 6,100 jobs overall, according to data from the Bureau of Labor Statistics.
The majority of those jobs came from department stores and "other general merchandise" stores, but food and beverage stores also saw a large drop-off.
HENRY BLODGET: This chart explains everything that's wrong with the economy today (Business Insider)
Henry Blodget explains the most important chart in the world right now based on economist Pavlina Tcherneva's analysis of income gains during recoveries. Which have gone entirely to the top 10%.
Vancouver's rental market is so hot that 80% of the listings are gone in less than 10 days (Better Dwelling)
Let’s face it, renting in Vancouver isn’t easy. The prices are high and the competition is stiff. Rumor has it that no one can find pet-friendly housing and if you do luck out, you’ll get renovicted in a few months anyways.
The world is sitting on a $400 trillion financial time bomb (Quartz)
Financial disaster is looming, and not because of the stock market or subprime loans. The coming crisis is more insidious, structural, and almost certain to blow up eventually.
Here's why regulators need to get serious about bitcoin (Business Insider)
As bitcoin's price skyrockets and popular demand increases, some of the world's largest wealth managers have started giving their clients the opportunity to invest in the digital asset.
The real story behind Trump's claim that Paris would kill 2.7 million jobs (CNN)
That's the grim future that President Trump said he was trying to avoid when he announced that the United States will withdraw from the Paris climate change deal.
Kushner tapped program meant for job-starved areas to build a luxury skyscraper (Los Angeles Times)
Jared Kushner and his real estate partners wanted to take advantage of a federal program in 2015 that would save them millions of dollars as they built an opulent, 50-story residential tower in Jersey City, N.J.'s booming waterfront district, just across the Hudson River from Lower Manhattan.
The U.S. Supreme Court Is Reining in Patent Trolls, Which Is a Win for Innovation (Harvard Business Review)
In the last week, the U.S. Supreme Court issued two important rulings limiting patent rights. The decisions, which were both unanimous, significantly scaled back the ability of patent holders to slow innovation by competitors, tipping scales that many legal scholars believe have become badly imbalanced.
Despite OPEC/NON-OPEC Producers Extending Cuts, Oil Market Fundamentals Remain Bearish (S&P Global Platts)
OPEC and its non-OPEC partners agreed May 25 to maintain crude oil production cuts, yet prices tumbled. James Bambino explains why doubts remain about the balance of global markets and examines whether the commitment to output cuts is enough to reverse the bearish state of the spot oil market.
Stock market and bonds rallied at the same time, and it’s befuddling investors (Market Watch)
The stock market clambered to records on Friday, while government bonds remained in rally mode, pushing the benchmark 10-year Treasury note yield to a seven-month low, marking a puzzling dynamic on Wall Street.
Spain's Sixth Largest Bank Crashes Most In 28 Years On Liquidation Fears (Zero Hedge)
Even as attention has turned once again to Italy as the next possible source of European financial contagion, Spain's sixth largest bank has found itself in freefall over the past few days as concerns grow that the bank may be liquidated unless a last-minute buyer, or source of capital, emerges.
BoJ, ECB Balance Sheets Exceed The Fed's For First Time Ever – What Happens Next? (Zero Hedge)
or the first time in history, both the ECB and BoJ balance sheets have grown larger than the Fed's.
The BoJ’s balance sheet topped the JPY500tn (USD4.48tn) mark at the end of May, central bank data showed today.
Companies
Walmart Just Created a Side Hustle for Its 1 Million Employees (Should You Do the Same?) (Inc)
In the old days, it was paper routes and second jobs. Today, many side hustlers aspire to be the next internet star or consulting guru. But most are simply looking to make an extra buck or two.
Blue Apron Gets Ready to Prove Food-Delivery Chops on IPO Trail (Bloomberg)
Meal-kit delivery company Blue Apron Holdings Inc. is hoping it can stand out to public investors in an increasingly crowded marketplace for on-demand food.
Here’s how often IBM’s Watson agrees with doctors on the best way to treat cancer (Business Insider)
We're starting to get a better picture of how artificial intelligence could help doctors better treat cancer.
And in data presented at the American Society of Clinical Oncology meeting, IBM Watson Health gave a snapshot of how it's playing out so far.
Panera Bread just fixed a huge problem that's haunting Starbucks (Business Insider)
Panera Bread has managed to cut its wait time to order food from eight minutes to one minute, thanks to the company's efforts to boost mobile ordering, the Wall Street Journal reported. Today, online orders make up more than 25% of sales at the fast-casual chain's company-owned stores.
Lululemon Reverses Decline with Breakout (LULU) (Investopedia)
Lululemon Athetica Inc. (LULU) shares soared more than 12% by mid-day Friday after reporting better than expected financial results. First-quarter revenue jumped 5% to $520.3 million – beating consensus estimates by $6.38 million – while net income rose beat consensus estimates by four cents at $0.32 per share.
Technology
7 million people have downloaded that ridiculous 'Fidget Spinner' app (Mashable Asia)
Yes, the only thing more inane than an actual fidget spinner is an app version of a fidget spinner.
Still, ridiculous as they are, the apps are — inexplicably — nearly as popular as the toys themselves. Seriously.
Draper’s DragonflEye cyber-bug takes flight (Tech Crunch)
Back in January we heard about Draper’s efforts to outfit a living dragonfly with a sort of solar-powered mind control backpack. This project, known as DragonflEye, is cruising right along, and the R&D firm just released a video of the modified insect taking flight.
This Drone Fishing Buddy Spots the Fish and Drops the Bait (Bloomberg)
The PowerRay, a submersible drone attached to a fishing line, can take a lot of the guesswork out of fishing. The fish finder spots fish, relays their position to the user, and attracts them with a built-in light and a bait drop.
Cheap Sensors Bring Self-Driving Cars One Step Closer (Forbes)
Most people are self-driving car skeptics. They just can’t imagine the cumbersome robot cars we see in the media today will ever become good or cheap enough for widespread use.
Politics
Could Trump Muzzle Comey? A Look at Executive Privilege (NY Times)
James B. Comey, the former F.B.I. director, is scheduled to testify before the Senate Intelligence Committee next Thursday. That prospect raises a question for President Trump’s legal and political advisers: Should the president invoke executive privilege to try to block Mr. Comey from talking?
Trump Adviser Cohn Open to Concessions on U.S. Debt Ceiling (Bloomberg)
Gary Cohn, the National Economic Council director, appeared to align himself with Trump’s budget director, Mick Mulvaney, and against Treasury Secretary Steve Mnuchin, who has said Congress should pass a "clean" bill to raise the debt limit. The internal administration dispute has become unusually public.
Trump Hands the Chinese a Gift: The Chance for Global Leadership (NY Times)
President Trump has managed to turn America First into America Isolated. In pulling out of the Paris climate accord, Mr. Trump has created a vacuum of global leadership that presents ripe opportunities to allies and adversaries alike to reorder the world’s power structure.
Bucking Trump, These Cities, States and Companies Commit to Paris Accord (NY Times)
Representatives of American cities, states and companies are preparing to submit a plan to the United Nations pledging to meet the United States’ greenhouse gas emissions targets under the Paris climate accord, despite President Trump’s decision to withdraw from the agreement.
Hillary Clinton says Donald Trump's White House could be doing 'lasting damage' to US institutions (The Telegraph)
The former Democratic presidential nominee lashed out at the Republican president as she reflected on the 2016 campaign during an appearance at book industry conference in New York City.
Jimmy Kimmel Explains Trump’s Backdrop for Leaving Paris Accord (NY Times)
Jimmy Kimmel reacted to the president’s speech on Thursday announcing the United States’ withdrawal from the Paris climate agreement.
Lawmaker thinks God will ‘take care’ of climate change if it becomes a ‘real problem’ (Think Progress)
Look, if climate change gets really bad, God will make it go away.
At least, that was the message Rep. Tim Walberg (R-MI) preached last Friday at a town hall in his home state.
Trump son hawks dad’s campaign merch despite ‘separation of church and state’ promise (Think Progress)
About a month after the inauguration, Eric Trump told Forbes he and his brother Don Jr. planned to maintain “a clear separation of church and state” between their father’s presidency and the business he continues to own, which is now being run by them.
EU, China Show Climate Unity as Trade Frictions Surface (Bloomberg)
The European Union and China paraded a united front over the need to fight climate change while revealing nagging differences over the path to deeper trade and investment ties.
Samantha Bee, Al Franken say mean things about Ted Cruz (Salon)
As a liberal jokester, Samantha Bee knows where the line is when it comes to political humor. That’s why it was somewhat peculiar Wednesday night when the “Full Frontal” host asked Sen. Al Franken whether he had been somewhat cruel to his colleague, Sen. Ted Cruz, lately.
Trevor Noah is baffled by Donald Trump’s arms deal with Saudi Arabia (Salon)
“Daily Show” host Trevor Noah returned from the holiday weekend Tuesday with a biting monologue about President Donald Trump’s foreign trip. The South African comedian noticed that the president got a little handsy on his tour abroad — with his touching of a glowing orb and the Western Wall, and a hand check from his wife, Melania.
'Washington can't stop Americans': Michael Bloomberg pledges to pay US share of Paris climate funding (The Telegraph)
US billionaire Michael Bloomberg has offered $15 million to UN efforts to tackle climate change after President Donald Trump announced he is pulling the United States out of the Paris Climate Accord.
Texas wants to criminalize helping people get abortions (Think Progress)
Texas has advanced an omnibus anti-abortion bill that, among other things, lays the groundwork for criminalizing people who help women obtain abortion care.
EPA chief cites flawed NYT column to justify Trump’s exit from Paris deal (Think Progress)
At the daily White House press briefing on Friday, one day after the Trump administration withdrew the U.S. from the Paris climate agreement, Press Secretary Sean Spicer handed the podium to EPA Administrator Scott Pruitt.
A retroactive ethics waiver that applies to Steve Bannon may have broken ethics rules (Salon)
It appears that at least one of the 17 ethics waivers that President Donald Trump has issued may have actually broken ethics rules.
Trump protesters could be facing decades in prison for inauguration demonstrations (Alternet)
Nearly six months after Donald Trump was sworn into office, more than 200 protesters who gathered in Washington, D.C. to protest his inauguration are facing felony charges that carry sentences of 70 to 80 years.
California's Single-Payer Healthcare Clears Hurdle Despite Unclear Financing (Forbes)
In what many see as an important political test for single-payer nationally, the California Senate overwhelmingly approved a “Medicare for all-type/single-payer bill” by a 23-14 vote Thursday. It still faces approval in the California Assembly, where support has been building among lawmakers.
Nicaragua Didn’t Join Paris Accord Because It Was Too Weak, So Don’t Compare It to Trump (Remezcla)
With President Donald Trump officially slated to withdraw from the Paris climate accord, many have noted that this decision puts the United States in the company of Syria and Nicaragua. But while the comparisons are meant to call out those countries that aren’t contributing to the greater good, they aren’t fair.
Health and Biotech
A startup that charges $8,000 for young blood transfusions swears they’re worth every penny (Quartz)
At the Recode conference in Rancho Palos Verdes, California, Jesse Karmazin, who leads the small biotech startup Ambrosia, told New Scientist that he had positive results from a preliminary trial injecting older patients with younger plasma,the liquid part of blood that doesn’t contain any cells.
Life on the Home Planet
Rock am Ring festival evacuated in Germany over terror alert (BBC News)
A rock music festival in western Germany, Rock am Ring, has been evacuated over a "terrorist threat", the organisers have announced.
Giant iceberg close to separating from Antarctic ice shelf (DW Made For Minds)
A crack in the Larson C ice shelf reached within 8 miles (13 kilometers) of the ocean after expanding 11 miles (17 kilometers) in just the last week, scientists with Project MIDAS at the University of Swansea in Britain said on Thursday.
Einstein called it: Gravitational waves found again, 3 billion light years away (USA Today)
More cool news from outer space: For just the third time ever, scientists have detected gravitational waves, the strange ripples in space-time first foreseen by Albert Einstein a century ago.
What to Do When You Inherit a Team That Isn’t Working Hard Enough (Harvard Business Review)
The bad news is that she was handed a leaky bag. The branch she will now manage has some long-standing norms she sees as unproductive and possibly unethical. Staff members routinely spend working hours on personal projects.
Scientists are trying a different approach to deal with climate-change deniers (Grist)
Since the dawn of scientific consensus on climate change, there has been climate denial. Realists have tried to undermine skepticism through political tactics, public shaming, and shouting facts into the void.
The 22 most beautiful buildings in the world, according to architects (Business Insider)
Like paintings and sculptures, buildings can be beautiful works of art.
We asked architects to tell us the one building that's a design game-changer, that inspired them to become architects, or that they find stunning.
There Are Now Two American Supercarriers Off The Korean Peninsula (Foxtrot Alpha)
When you want to send an international message that can’t be missed, you send an aircraft carrier. When you want to put up a neon sign, you send two. And yesterday, the U.S. Navy did just that, by confirming that the USS Carl Vinson and the USS Ronald Reagan carrier strike groups had joined up off the Korean coast.
Japan, Short on Babies, Reaches a Worrisome Milestone (NY Times)
No longer, in the latest discomforting milestone for a country facing a steep population decline. Last year, the number of births in Japan dropped below one million for the first time, the Ministry of Health, Labor and Welfare said on Friday.
Fyre Was Bad. For the Concert Industry, This One Could Be Worse. (NY Times)
For the concert industry, the disastrous failure of the Fyre Festival in the Bahamas was an outlier — a sad spectacle, but an isolated one.
But the collapse of another event, the Pemberton Music Festival in the mountains of Canada, has put the business on edge, with veteran talent agents and promoters warning that it could have wide implications for the booming festival market.
