Starbucks will use milkshakes to lure children into its Indian stores as part of a new strategy announced today. It kind of reminds me of that song by Kelis.

The lowdown

• 🥤 Starbucks changes its strategy in India to better play to local tastes.

• 🏇 China’s state banks cut deposit rates to spur the economy.

• 🕹️ Pandemic meme stock Gamestop has ousted its CEO after larger than expected quarterly loss.

Flex your finance muscle

What is going on with the Turkish lira?

Turkey's lira has experienced its worst selloff since the historic 2021 crash, plunging 7.6% to a record low. This time, the fall may signal a deliberate move away from state controls towards a freely traded currency.

Under President Erdogan's “unorthodox” (very kind way of putting it) program, Turkish authorities have heavily intervened in FX markets, using tens of billions of dollars of reserves in attempts to stabilize the lira. It has not worked.

The central bank was pressured to cut its policy rate to stimulate growth and investment, which led to a lira crisis in 2021 and sent inflation to a 24-year high of 43.7%. It has since fallen to 39.6%...

Featured stories

Reddit aims for profitability ahead of IPO

Reddit announced that it is trimming 5% of its workforce, equating to roughly 90 employees. Tech companies more generally have been downsizing to prepare for potential economic turbulence.

Separately, Reddit also announced it is preparing to levy hefty API fees on third-party apps, which has sparked discontent among some of its users. A protest is set to take place on June 12, during which hundreds of subreddits intend to become inaccessible for a period of 48 hours.

Reddit’s actions appear aimed at reaching profitability before a planned IPO, which the company filed for back in December 2021. This decision was influenced by the platform's message boards becoming a favored spot for day traders during the meme stock trading frenzy.

The content we're consuming today

• Behind the Money podcast: Libor’s long goodbye.

• FT: Telegraph titles set to be sold after Lloyds calls in receivers ($).

• NY Times: All About the Deep-Pocketed Saudi Wealth Fund That Rocked Golf ($).

Off-balance sheet items

• Succession fans – check out this old interview on comedy writing with the creator of Succession Jesse Armstrong and his sometimes-writing partner Sam Bain. (And if you haven’t seen Peep Show, do that too.)

The bottom line