1. Verizon to hike pay 10.9 percent in deal to end strike
Verizon will add 1,400 new jobs and raise pay by 10.9 percent over four years under a deal to end a nearly seven-week strike, the telecommunications giant and two unions said Monday. Verizon had proposed 6.5 percent raises before the wireline workers went on strike. One analyst called the agreement "very rich" for the 40,000 workers represented by the unions. "They needed to end the strike and they bit the bullet," said Roger Entner of Recon Analytics. Union workers return to work Wednesday but still must vote to approve the deal.
2. Social media giants agree to E.U. rules against hate speech
Facebook, Twitter, Microsoft, and YouTube agreed Tuesday to back a European Union code of conduct designed to combat hate speech online. European governments have been pushing for social media companies to take action in recent months, because racist posts have been on the rise following Europe's refugee crisis and recent terror attacks. The guidelines call for social media companies to review most valid requests to remove illegal hate speech within 24 hours.
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3. USDA to investigate safety of Cincinnati Zoo enclosure
The U.S. Department of Agriculture will investigate the safety of the Cincinnati Zoo's Gorilla World enclosure following a "life threatening situation" in which a 4-year-old child fell into the gorillas' habitat, Cincinnati Zoo Director Thane Maynard said Monday. Zookeepers killed a western lowland gorilla named Harambe to rescue the child, sparking still-mounting outrage among animal rights activists. Maynard said the exhibit enclosure is similar to those at other zoos, and no visitor has ever fallen in before. "The exhibit is safe," he said.
4. European stocks post mixed end to best month since November
European stocks climbed on Monday while U.S. markets were closed for Memorial Day. A driving factor was Federal Reserve Chair Janet Yellen's Friday statement that the U.S. central bank was likely to raise its benchmark interest rate in coming months if the economy continues to improve. St. Louis Fed President James Bullard reinforced Yellen's confidence on Monday, saying global markets appeared "well-prepared" for a summer rate hike. European stocks declined slightly on Tuesday, but finished May up by 2.3 percent, their best month since November.
5. Germany's jobless rate hits record low
Germany's unemployment rate fell to a record low in May, strengthening expectations that consumer spending will help Europe's biggest economy grow this year. Germany's jobless rate fell to 6 percent from 6.3 percent in April, reaching the lowest level since German reunification in 1990. The unemployment rate in the rest of the eurozone is just over 10 percent, down from 11 percent in April of last year.
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