Greece Won't Pay & Other News You Need to Know Now

The money Greece owes the IMF in June “will not be given and is not there to be given,” said Interior minister Nikos Voutsis on television. "It is now up to institutions to do their bit. We have met them three-quarters of the way, they need to meet us one-quarter of the way,” insisted his Finance colleague, Yanis Varoufakis. This could all be public posturing to force their creditors’ hand in negotiations, but truth is, no one knows where Greece could find the €1.6 billion without a bailout deal. And Angela Merkel wasn’t making that sound likely before the weekend.

Nigeria, the largest economy in Africa, is on the verge of shutting down for lack of oil. With an unreliable grid, businesses depend on diesel generators. Flights have been grounded, radio stations have shortened air time and the leading mobile provider warns it may have to cut service. Though a massive producer, Nigeria doesn’t have refineries and is forced to export and re-import its own oil, at subsidized prices. It’s those subsidies the government has left unpaid, to the tune of $1 billion, sending fuel transporters on strike. 

John Nash, the mathematician portrayed in “A Beautiful Mind,” died Saturday, along with his wife Alicia Nash, in a taxi accident. Nash was the father of non-cooperative game theory – “the study of how individuals or institutions might interact strategically if they don’t communicate,” writes a former student – which is applied today in virtually all behavioral sciences. He received the Nobel Prize for economics in 1994. 

Amazon is about to pay more taxes. The retailer has started declaring sales made in the UK, Germany, Italy and Spain locally, instead of funneling it all through fiscal haven Luxembourg. Amazon becomes the first big US tech company to (partly) give up the controversial tax optimization practice, which the EU and national governments have been fighting. 

BlackBerry announced a new round of worldwide layoffs, so far an unspecified number. The WSJ published a striking account of the day the iPhone was announced, seen from inside the RIM leadership. The Blackberry team’s mistake was underestimating the iPhone’s appeal to a business user and discounting the value of a beautiful design. 

GM will likely be facing criminal charges over its faulty ignition switches. The WSJ reported that federal prosecutors are closing in on criminal charges but still debating whether to charge individual employees, or the company only. The defect is linked to more than 100 deaths. 

Ireland voted yes to marriage equality. It is the first time a country gives gays the right to marry by referendum. 

Markets are closed for Memorial Day in the US. It’s also the celebration of Whit Sunday in much of Europe, Buddha’s birthday in much of Asia and a bank holiday (just because) in the UK. Things sure are quiet around here. 

Every morning, we share the top headlines professionals need to know about right now. To not miss one, click the "Follow" button. Comment below and consider writing your own take on the day's news and trends.