The World
Weekly jobless claims stayed above 1 million for the 13th consecutive week as first-time claims totaled 1.5 million last week. Meanwhile, the IMF says a deeper-than-expected contraction in U.S. economy likely in 2Q20. (CNBC, Reuters)
American and Chinese foreign policy chiefs met in Hawaii, and U.S. Secretary of State Pompeo’s seven-hour meeting with Yang Jiechi ‘helps atmosphere’ – but differing statements show divisions remain. (South China Morning Post)
China moved to allay investor concerns about the law’s impact on Hong Kong’s status as a financial hub, as the U.S.-China trade deal shows no signs of weakening. The G7 expressed deep concern about China’s plans to impose new security laws. Meanwhile, China is collecting DNA from men and boys from across the country to build a genetic map of its roughly 700 million males, giving the authorities a powerful new tool for their emerging high-tech surveillance state. This occurs as China rapidly seals off Beijing amid growing second wave fears. (South China Morning Post, Wall Street Journal, The Guardian, New York Times, Washington Post)
Explainer: They are both ambitious, nationalist leaders, eager to assert greater roles for their countries in a turbulent world. With major challenges at home, neither wants to risk losing face, even in a dispute over mountainous territory that is all but desolate. Xi Jinping of China and Narendra Modi of India — leaders of the two nuclear-equipped countries — now confront a military crisis that could spin dangerously out of control. (New York Times)
The Supreme Court ruled that the Trump administration may not immediately proceed with its plan to end DACA, a program protecting about 700,000 young immigrants known as Dreamers from deportation. Chief Justice John G. Roberts Jr. wrote the majority opinion. (New York Times)
Seven in ten Black adults say they have experienced serious incidents of discrimination in their lifetime, including half who say they have felt their life was in danger because of their race or ethnicity, and about one in five (rising to 30% of Black men) who say they have been a victim of police violence. About six in ten Black adults also report experiencing unfair treatment in various settings in the past 12 months. Big partisan differences remain: Large majorities of Democrats say racism (82%) and police violence against the public (65%) are “big problems” in the U.S., while much smaller shares of Republicans agree (25% and 14%, respectively). Conversely, 62% of Republicans compared with 24% of Democrats say “violence caused by protesters” is a big problem. (Kaiser Family Foundation)
The Florida Department of Health reported 2,783 new cases of the virus – the largest single-day spike the state has seen since the beginning of the pandemic. Oklahoma recorded 259 new cases, a single-day record for the second day in a row. Arizona did not record its first 20,000 coronavirus cases until June 1, but it took less than three weeks for the state to record 20,000 more. Meanwhile, Anthony Fauci cast doubt on the NFL playing this year. (WFLA, New York Times, CNBC)
Economy & Finance
Banks are rushing to borrow record €1.3tn at negative rates from the ECB, as the central bank offers ultra-cheap loans to prevent pandemic becoming credit crunch. (Financial Times)
The tech IPO is roaring back. As the stock market largely shrugs off the coronavirus, start-ups are scrambling to go public. Even startup health appears to be recovering. Meanwhile, DoorDash has raised $400 million in new equity funding at a $16 billion post-money valuation. (New York Times, TechCrunch, Axios)
Americans have skipped payments on more than 100 million student loans, auto loans and other forms of debt since the coronavirus hit the U.S. The number of accounts that enrolled in deferment, forbearance or some other type of relief since March 1 and remain in such a state rose to 106 million at the end of May, triple the number at the end of April. (Wall Street Journal)
Many workers will never go back to the office post-coronavirus, as employers are finding the work-from-home experiment more effective than expected. (Boston Globe)
Technology
TikTok’s U.S. revenues expected to hit $500 million this year. Last year, TikTok brought in about $200 million to $300 million in revenue worldwide, a figure that hasn’t previously been reported. (The Information)
Subscription-based enterprise software companies are proving as susceptible to the downturn as ad-based tech firms like Google and Twitter. Oracle reported sales in the May quarter fell slightly; Slack reported that it had allowed customers with Covid-related issues to defer payments; Salesforce said its new business was hurt by customers delaying or reducing what they are buying; Adobe said that some enterprise bookings were delayed. (The Information)
Zoom and Google Docs win out for remote learning, as math and English/language arts teachers are most likely to say videoconferencing tools are “very effective” for delivering instruction. (EdWeek)
52% of ad-buyers plan to spend more on podcast ads during the second-half of 2020. Only 14% plan to increase their spend on radio ads. A chart on podcast popularity around the globe. (IAB, Daily Shot)
Smart Links
The Kremlin fears American disorder more than it celebrates it. (Foreign Affairs)
How the pandemic will reshape architecture. (New Yorker)
First dinosaur eggs were soft like a turtle's. (American Museum of Natural History)
Lyft says all rides will be in electric cars by end of 2030. (Bloomberg)
The design & science of reopening a restaurant. (Wired)