Today's Headlines

Bloomberg:     

• Tsipras to Meet Hollande, Merkel as Varoufakis Seeks Debt Relief. Greek Prime Minister Alexis Tsipras plans to meet German Chancellor Angela Merkel and French President Francois Hollande again to discuss a financial lifeline as his finance minister joined him in rejecting a new creditor offer. Tsipras spoke with his counterparts on Saturday night and they agreed to converge in Brussels on June 10 on the sidelines of a summit, said a Greek government official, who asked not to be named in line with policy. The call took place hours after Finance Minister Yanis Varoufakis said the most recent offer would exacerbate Greece’s economic plight and urged creditors to consider debt relief instead.
• Carter Says Sanctions Alone Aren’t Deterring Russia in Ukraine. Defense Secretary Ashton Carter said U.S. and European sanctions aren’t enough to force Russia to back down in Ukraine and must be bolstered, including with more allied military exercises. Despite battering the Russian economy, sanctions haven’t altered Russian President Vladimir Putin’s confrontational stance, Carter told reporters on Friday. Russia’s economy is succumbing to its first recession since 2009 amid the sanctions and weak oil prices. Its currency lost about half of its value against the dollar in 2014, although the Russian central bank has taken steps this year to bolster the ruble.
• Canada to Train Ukrainian Police as Russia Conflict Worsens. Canada will send officers and provide funding to bolster the Ukrainian police force, Prime Minister Stephen Harper said in his latest show of support for Ukraine on the eve of a Group of Seven nations summit. Canada will never accept the Russian occupation of Crimea or parts of eastern Ukraine, Harper said after meeting Ukraine President Petro Poroshenko on Saturday in Kiev. Work continues between the countries on trade talks and visa restrictions.
• Saudis Shoot Down Scud Missile Fired by Rebels in Yemen. Saudi Arabia shot down a Scud missile fired into its territory by rebels in neighboring Yemen, marking an escalation in the two-month conflict as the weapons were used for the first time. The warhead was bound for the southwestern town of Khamis Mushait when it was intercepted with a Patriot missile, the state-run Saudi Press Agency reported, citing a statement by coalition forces. The launcher was located in the Yemeni city of Saada and destroyed by an airstrike, it said.
• China Hackers Got Past Costly U.S. Computer Security With Ease. The hackers who stole personal data on 4 million government employees from the U.S. Office of Personnel Management sneaked past a sophisticated counter-hacking system called Einstein 3, a highly-touted, multimillion-dollar and mostly secret technology that’s been years in the making. It’s behind schedule, the result of inter-agency fights over privacy, control and other matters, and only about half of the government was protected when the hackers raided OPM’s databases last December. It’s also, by the government’s own admission, already obsolete. 
• OPEC Shows It Still Matters, and Right Now It’s Bearish for Oil. The last time OPEC met, its decision to leave output unchanged cast doubt on the group’s relevance. That was a little premature.
• Surge in Jobs Gives Fed Clearer Path to Raise Rates This Year. The resurgent U.S. job market is providing Federal Reserve officials reason to look beyond the economy’s first-quarter swoon toward an increase in interest rates later this year. The 280,000 rise in payrolls in May suggests that the central bank is making progress toward its goal of maximum employment, William C. Dudley, president of the Federal Reserve Bank of New York, said on Friday. The gains were widespread and were accompanied by a bit higher wages, he added.

Fox News:

• American Pharoah wins Belmont Stakes, ending 37-year Triple Crown drought.

ZeroHedge:

• Greek Banks On Verge Of Total Collapse: Bank Run Surges "Massively" As Depositors Yank €700 Million Today Alone. (graph)
• Memo To The Fed And Jon Hilsenrath: We're Not Here To Enrich Your Corporate Cronies.
• Looking For The Next One: "All The Pieces Are Already In Position, Missing Now Only A Spark".
• "The Job Numbers Literally Do Not Add Up". (graph)
• Quantifying The Global Sovereign Bond "Carnage": $625 Billion Lost Since March, And Counting. (graph)
• "Stratospheric", "Irrational" Chinese Rally "Screams Speculative Bubble" To BNP. (graph)
• QE Breeds Instability.
• Fed Unable To Comply With Congressional Subpoena Due To Criminal Probe.
• 5 Things To Ponder: Odds And Ends. (graph)
• The "Illegal Immigrant" Recovery? The Real Stunner In The Jobs Report. (graph)
• EU's Junker Snubs Greek Prime Minister, Declines Phone Call.
• Table 9. (graph)
• Capex Recovery Is Worst In History, BofAML Says. (graph)
• SEC Reads Zero Hedge, Launches Crack Down On Activist Hedge Fund "Idea Dinners".

Business Insider:

• Greece's prime minister trashes 'absurd' terms of proposed aid from lenders.
• Report: Social Security overpaid disability benefits by $17 billion.
• Central banks are worried about that terrifying moment when liquidity suddenly evaporates.
• This latest cyberattack is 'an extremely urgent situation,' expert says.
• If you want a reason to be nervous about stocks, this Reddit post might do the trick.
• Bank of America: investors are suffering from 'Stockholm syndrome' — and the outcome looks ugly.
• More British lawmakers are saying they've had enough of the EU.
• Obama’s aloof approach to Syria has had catastrophic consequences.

Telegraph:

• IMF has betrayed its mission in Greece, captive to EMU creditors. The IMF’s Original Sin in Greece was to let Dominique Strauss-Kahn hijack the institution to save Europe's banks and the euro when the crisis erupted, dooming Greece to disaster.

Straits Times:

ISIS working to develop chemical weapons: Australia - See more at: http://www.straitstimes.com/news/asia/australianew-zealand/story/isis-working-develop-chemical-weapons-australia-20150606#sthash.MPXHtoJ3.dpuf

• ISIS Working to Develop Chemical Weapons: Australia.

ISIS has built near-impregnable base and mass appeal: New book - See more at: http://www.straitstimes.com/news/world/europe/story/isis-has-built-near-impregnable-base-and-mass-appeal-new-book-20150205#sthash.TSyXsl7s.dpuf

ISIS has built near-impregnable base and mass appeal: New book - See more at: http://www.straitstimes.com/news/world/europe/story/isis-has-built-near-impregnable-base-and-mass-appeal-new-book-20150205#sthash.TSyXsl7s.dpuf