The World
President Trump threatened to deploy the military, as it was another day and night of curfews and protests in cities large and small — and the area around the White House is sealed off. Stores along some of Manhattan’s most prized shopping streets were ransacked. Los Angeles residents were warned to avoid Hollywood because of looting “on foot and via caravans.” At least five U.S. police officers were shot and wounded. (New York Times, Bloomberg, Los Angeles Times, Reuters)
Small and midsize cities that have seldom, if ever, seen large protests over police brutality see protests. Meanwhile, social media is the battleground as efforts to shape online narrative intensifies. (Wall Street Journal, Wall Street Journal)
The U.S. economy could take the better part of a decade to fully recover, as a series of surveys pointed to continuing weakness in global manufacturing. The Congressional Budget Office marked down its 2020-30 forecast for U.S. economic output by a cumulative $7.9 trillion, or 3% of gross domestic product, relative to its January projections. That said, U.S. manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind. (Wall Street Journal, Reuters)
Nobel Prize-winning economist Joseph Stiglitz said the government stimulus programs have failed American workers. Meanwhile, federal spending to prop up the economy is running out, which could lead to a fiscal cliff. More than 8 percent of homeowners — 4.7 million households — have signed up for mortgage relief programs. Unemployment benefits are closing, while low and middle income earners will run out of support from $1,200 relief checks. (CNBC, Finance 202)
The U.S. is considering welcoming Hong Kong citizens in response to China’s push to impose national security legislation. Meanwhile, Hong Kong police banned a vigil marking the Tiananmen Square crackdown for the first time in 30 years. (South China Morning Post, BBC)
South Korean President Moon Jae-in accepted President Trump’s invitation to attend the Group of Seven nations meeting, while Russian President Vladimir Putin said he wanted more information. Japan Prime Minister Shinzo Abe is caught between Trump's expanded G-7 and China President Xi's state visit. (Wall Street Journal, Nikkei Asian Review)
Sweden will launch an inquiry into the country’s handling of the pandemic before the summer amid growing criticism over nursing home deaths and the lack of testing. In Brazil, meat packing plants remain virus hot spots. Germany’s 16 states are divided. (Reuters, Reuters, BBC)
Black and Asian people in England are up to 50% more likely to die after being infected with COVID-19, a Public Health England study reported. (Reuters)
Finance
China weighs the risk that the U.S. will go for ‘nuclear option’ and cut Beijing from the dollar payment system. Meanwhile, investors have sold the dollar and begun buying riskier currencies on optimism about an economic recovery. (South China Morning Post, Wall Street Journal)
Protests derail comeback plans for restaurants and retailers. Unrest over death of George Floyd shifts businesses’ focus to protecting staff and inserting themselves in racial discourse. (Wall Street Journal)
Goldman Sachs estimates that average funding ratios for public pension funds have declined to 60% and below, down from 74% before the crisis. (ai-cio.com)
The cost of renting an apartment in the Bay Area plummeted in May, as layoffs and the increased flexibility of working from home drove a double-digit drop in some of the nation’s most expensive housing markets. (SF Chronicle)
Tech workers could face steep pay cuts for leaving Bay Area. (The Information)
Technology
YouTube executives are encouraging their employees to take Tuesday off or cancel their meetings in solidarity with nationwide protests of police violence against African Americans. Streamer, YouTuber, and professional gamer Ninja is doing the same. (The Information)
Senior Facebook employees are openly criticising Mark Zuckerberg’s refusal to take action over posts by President Trump that rival social media sites censured for “glorifying violence.” Facebook staff have publicly said they are “ashamed” to work at the social media giant, that they “completely disagree with Mark” and that “history will not judge us kindly.” (The Times)
Twitter restricted a tweet from Rep. Matt Gaetz (R-FL) for violating its policies against glorifying violence, following a similar action taken against President Donald Trump last week. (The Verge)
Smart Links
London Stock Exchange considers shorter trading day. (The Times)
Is Zoom the next Android or the next BlackBerry? (TechCrunch)
How Iceland beat the coronavirus. (New Yorker)
The sharing economy is upended. (NPR)
Universities will never be the same. (Nature)