There will be no free lunch in Switzerland; JP Morgan loosens its tie, and other top news.

This could be the biggest IPO of the year, by far, in an otherwise dreadful market for going public. And it's from a country whose tech leadership, frankly, hasn't impressed us much lately. Messaging app Line, the Whatsapp of Japan, is planning to raise between $1 and $2 billion in an IPO split between New York and Tokyo, for a valuation at $5-6 billion, Bloomberg's Yuji Nakamura reports.The company is aiming to get half that from US investors, to fund its much delayed expansion into Western markets.

Janet Yellen will speak at lunchtime in Philadelphia. Fed-gazers are hoping for signs of the bank's next move, after Friday's dismal job data cast doubt on its ability to raise rates at its next meeting on June 15. 

#Quote

"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.”

Muhammad Ali, 1942-2016

The world's top two economies are meeting. US Treasury Secretary Jacob Lew and Secretary of State John Kerry are in Beijing for a summit with Chinese leadership. The Americans are pressing Beijing on its contested foreign NGO law, on its power struggle in the South China Sea and on economic overcapacity, which is depressing commodity prices. That's unlikely to make for pleasant chatter. 

Switzerland rejected the notion of a basic universal income. The idea was to give every adult about $2,500 a month and about $600 for every child, no questions asked, but 77% of voters said nay. (The pro campaign, which wanted to start a debate, is just thrilled that 23% said yay.) Decoupling income from labor isn't just a crazy European socialist notion; it's gaining popularity in libertarian Silicon Valley too, as an arguably more cost-effective way to fight poverty than current transfer payments and as a response to automation taking over human jobs. But the idea of getting something for nothing still doesn't sit well with many... 

#Stat

Up to €2 billion

That's the potential cost to French insurers of the country's worst floods in 30 years. (That's about $2.2 billion.) Waters were starting to recede today.

Will Alphabet hold on to Nest? The parent company dropped into the news purgatory that is Friday night that Nest founder and CEO Tony Fadell was out. Nest failed to deliver much but bad PR for Google. New CEO Marwan Fawaz is a discrete technical exec and veteran of telcos, the Tim Cook to Fadell's Steve Jobs. He is known for having taken over Motorola Home under Google just long enough to turn it around for a sale. Will he refocus Nest on execution — or will he too prepare it for the auction block? 

A too-perfect anecdote to illustrate the financial state of journalism. The International Consortium of Investigative Journalists — the nonprofit that brought you the Panama Papers —has had to let go three contractors and move into cheaper offices to compensate for a funding glut. 

You can undo the top button. JP Morgan Chase, that stalwart of the most conservative of industries, is loosening up its dress code. Suit and tie will no longer be required most days, in another move to win the talent war. If you're a strictly-hoodie Millennial though, Silicon Valley will still be your best bet. 

Cover art: The Seine river flooding near the Ile de la Cité in Paris. (Photo by Eric Bouvet/Getty Images)