What to watch for today
NATO and Russian ambassadors meet in Brussels. They’ll discuss cooperation on fighting terrorism, transparency in military exercises, and the Ukraine peace process in the first such meeting since June 2014.
Nawaz Sharif comes home to deal with the Panama Papers. The Pakistani prime minister has been in London, reportedly for medical treatment, during a growing scandal about his family’s offshore companies. He has called a meeting of senior officials in Islamabad on Wednesday.
Barack Obama starts an awkward trip to Saudi Arabia. The Saudis are unhappy with America’s nuclear deal with Iran, and with recent US criticism of the Gulf kingdom.
Earnings: Coca Cola, Qualcomm, American Express, Yum Brands, and Mattel all report their quarterly results.
While you were sleeping
Donald Trump and Hillary Clinton won in New York’s presidential primaries. Both were heavily favored, with Trump being from the state and Clinton having served as senator there. Trump’s win puts him closer to clinching the Republican nomination outright, while Clinton’s victory gives her a nearly unstoppable lead over rival Bernie Sanders.
Yahoo reported a loss but edged past estimates. The struggling internet giant reported an 11% drop in revenue and a net loss of $99 million in the first quarter. That was slightly better than expected and seen as a good sign for its plan to auction its core business.
Intel announced job cuts. The chipmaker announced a restructuring plan that involves laying off about 12,000 people, or 11% of its total workforce. Plummeting PC sales have spurred the company to focus on cloud-based services and internet-connected devices.
Apple said it refused China’s request for the source code of its operating system. Speaking at a congressional hearing, the company’s top lawyer said Beijing made the request in the past two years. Some law enforcement officials have questioned whether Apple cooperates with Chinese authorities but not US ones.
Lexmark struck a $3.6 billion deal with Chinese buyers. A consortium led by China-based Apex Technology and Asia-focused PAG Asia Capital will acquire the US printer maker in an all-cash transaction. Lexmark will remain headquartered in Lexington, Kentucky.
Quartz markets haiku
It’s odd to see stocks
And bonds rising together
And yet, here we are
Quartz obsession interlude
Amy Wang on how a lawsuit against Kanye West gets at the heart of the problem with music streaming. “Baker-Rhett wants to turn the suit into a class action with other fans who were allegedly misled into buying Tidal subscriptions. His claims implicitly raise a trickier question: In the new era of widely available digital music, what does ‘exclusive’ mean?” Read more here.
Matters of debate
Canada is the global economy’s last hope. Prime minister Justin Trudeau’s deficit spending is a bold move that other countries should emulate.
Dilma Rousseff’s impeachment won’t save Brazil. An economy that’s solely dependent on commodity exports needs more than new leadership.
The global CEO is a myth. The newest batch of corporate leaders is more male and white than ever, especially in the US and Canada.
You can pay someone to name your baby. Stressed-out parents fear the wrong choice could ruin their children’s lives.
Half of the people who buy vinyl records don’t listen to them. Even people with turntables may choose not to use them.
Ben & Jerry got arrested. The ice cream company founders were among 300 protestors arrested April 18 on the steps of the US Capitol. They were demanding a vote on Supreme Court nominees.
Trees are connected by the “fungal internet.” The network exchanges carbon between different arboreal species.
The US may finally stop making pennies. But Treasury secretary Jack Lew’s proposal is opposed by the zinc industry.
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