What to watch for today
China’s ZTE shakes up its management. The leadership change—which includes the CEO—is part of a deal the telecom-equipment giant struck with the US, sources told the Wall Street Journal (paywall). The US sanctioned the company due to illicit sales it allegedly made to Iran.
The Reserve Bank of India tweaks interest rates. The central bank will likely cut its benchmark rate from 6.75% to 6.5% (or even 6.25%) due to fears of slowing inflation. India’s benchmark stock index rose to a three-month high in anticipation of the move.
More fallout from the “Panama Papers.” Governments around the world are gearing up investigations into the rich and powerful, based on leaked documents from a Panamanian law firm, Mossack Fonseca, that helps set up offshore companies. Here are key charts from the leaks so far.
Indian prime minister Narendra Modi launches a new lending scheme. “Stand Up India” will provide loans and debit cards to historically disadvantaged borrowers—including women and certain castes and tribes—so that they can build credit and start companies.
While you were sleeping
Tesla reported on its first quarter. The electric-car maker sold 14,820 vehicles in the first quarter, compared to its forecast of 16,000. It cited a parts shortage, inability to manufacture enough in-house, and its own “hubris” in adding too much technology to the Model X SUV.
Kenya’s Jambojet hinted at launching its first international route this month. Willem Hondius, CEO of parent company Kenya Airways, declined to specify the route. He said the low-cost carrier doesn’t want to be a pan-African operator, nor would it fly inter-continental routes.
Australia’s central bank kept interest rates unchanged. The Reserve Bank of Australia left its benchmark rate unchanged at 2%. The rising Australian dollar could threaten the recovery of the non-mining economy, warned bank governor Glenn Stevens.
The British steel industry found a potential savior. Investment firm Liberty House is in talks with the UK government (paywall) to buy Tata Steel’s British assets, in an attempt to salvage thousands of blue-collar jobs.
Quartz markets haiku
A single Apple
Atop a pile of lemons
Won’t make the juice sweet.
Quartz obsession interlude
Mike Murphy on the ability to 3D print anything. “3D printing has not yet lived up to the hype heaped upon it, which we can mostly chalk up to the technical challenge of consistently printing multiple materials, and in multiple colors at once. But Stratasys, the largest 3D-printing company in the world, says its newest industrial printer does both.” Read more.
Matters of debate
America isn’t 100% safe from terrorism, and that’s a good thing. A country that could prevent every suicide bombing wouldn’t be free.
An apocalypse is about to hit the restaurant business. Chefs are fleeing, antiquated tipping practices need to go, and food’s too cheap.
The Bernie Sanders movement isn’t going away. His chances of victory are slim, but his message will continue to shape liberal politics.
Ancient horse poop revealed Hannibal’s path across the Alps. It’s a tortuous path, even without the elephants he brought along.
Video games can get you a Japanese visa. South Korean “League of Legends” players got entry permits reserved for pro athletes.
A US hotelier spied on guests for decades through holes in the ceiling. He described himself as “a deranged voyeur.”
Boston’s subway is telling riders not to wear VR headsets. Detachment from reality makes you a “soft target.”
The world’s first driverless taxis are launching this year in Singapore. They are based on an MIT project that built autonomous golf carts.
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