Biden versus Putin

One year after George Floyd was murdered in broad daylight by Minneapolis cop Derek Chauvin, America from its boardrooms to Congress continues to grapple with its response. In Washington, President Joe Biden met with Floyd’s family while urging lawmakers to pass a major policing overhaul. Companies that promised to fight for racial equity are being pressured to follow through with an unprecedented surge in shareholder proposals. Minneapolis is also weighing its political and economic future a year after its police killed Floyd, an unarmed Black man who cried for his mother as Chauvin asphyxiated him. Though one of a near-constant drumbeat of U.S. police killings of unarmed Black men, this one shook the world. Here’s where things stand now. —Margaret Sutherlin

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic globally and across America.

Here are today’s top stories

Biden will meet Russian President Vladimir Putin in Geneva on June 16 for their first face-to-face meeting since Biden took office. The meeting comes as deep tensions between the two nations continue to mount over Russia’s alleged cyber attacks on America and attempted assassinations, its military aggression in Ukraine and its record of human rights abuses.

A group of Senate Republicans plan to present an almost $1 trillion counteroffer to the Biden administration on its infrastructure package. Democratic lawmakers have warned that time is running short for a bipartisan deal, with progressives calling for a go-it-alone approach. The new offer would still be well short of Biden’s recent $1.7 trillion bill.

Moderna said its Covid-19 vaccine was highly effective in 12 to 17 year-old adolescents in a large study, paving the way for approval and wider inoculations. In Bloomberg’s Covid Resilience Ranking, last month’s leader—Singapore—fell along with other Asian economies. Here’s the latest on the pandemic.

Amazon is in trouble again. The District of Columbia accused the retailer of setting anticompetitive policies that prohibit third-party sellers from offering products at lower prices on rival platforms. The result? Higher prices for consumers and monopoly power for Amazon, the D.C. attorney general said.

America needs houses. As construction backlogs build and prices climb higher (they’re at their highest since 2005), new home sales declined in April by more than forecast. The rush to buy, thanks in part to low rates, has also spurred wholesalers to pour into poor neighborhoods and buy homes from distressed sellers at bargain prices and some states are fighting back. Here’s your markets wrap.

At least one European Union leader is cautioning that the measures taken against Belarus might not be enough. French President Emmanuel Macron praised new sanctions after Minsk forced a passenger plane to land and detained an opposition journalist who was onboard. In the same breath, Macron acknowledged that the EU is limited in how it can respond. Belarus, a close ally of Russia, has become increasingly isolated.

How is Cuba fighting the Covid-19 pandemic? With an untested vaccine, produced in its own borders. It’s a high risk gamble that could pay off big.

What you’ll need to know tomorrow

The Latest Would-Be Tesla Killer Is Here

Lucid Motors, the Saudi-backed electric-vehicle startup waiting to go public via a blank-check company, is ready to take on Tesla—and it has been for a while now. The startup is facing more setbacks thanks to Covid-19 supply chain disruptions and delays, and a global chip shortage. But that’s not stopping Chief Executive Officer Peter Rawlison from showing off the pre-production Air, a $169,000 sedan.

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