Good morning, Quartz readers!
What to watch for today and over the weekend
Dalian Wanda resumes trading. The conglomerate’s giant movie unit had its stock automatically frozen after it plunged by 10% yesterday. While Wanda blamed rumors about the sale of its bonds, investors see political risks to firms that have rapidly expanded overseas (paywall).
For its next trick, SpaceX will launch two rockets in 48 hours. Elon Musk’s rocket company will show off its ability to carry cargo into space more frequently than its competitors. Meanwhile, India will launch its 712 kg (1600 lbs) satellite, the Cartostat-2, along with 29 nanosatellites from 14 countries.
Theresa May courts EU leaders. After shaky domestic election results, the embattled UK prime minister will outline a softer approach to Brexit at Friday’s summit. Her proposal is expected to focus on protecting the rights of EU citizens living in the UK.
While you were sleeping
Qatar Airways made a move on American Airlines. The state-owned airline said it plans to buy a 10% stake in the US carrier, despite years of acrimony and a diplomatic stand-off between Qatar and its Middle Eastern neighbors. The stake, currently worth more than $800 million, would make Qatar one of American’s biggest investors.
Republicans in the US Senate released their health care bill, finally. The legislation, which was written in secret, may hit poor voters even harder than the House version that passed in early May. The bill, spearheaded by an all-male team of senators, could also be particularly harsh for women.
Foxconn said its US investment might top $10 billion. Chairman Terry Gou declined to say where his contract manufacturing firm would build a display panel factory. But he promised to announce details of projects in at least three US states by August.
Tesla moved forward with plans to open a China plant. The automaker is in talks with Shanghai officials to build an electric vehicle factory. The news, which boosted shares by 1.5%, comes in the wake of Ford’s announcement to expand production of its Focus model to China.
Donald Trump admitted there are no secret White House tapes. The US president ended weeks of speculation about possible tapes of his conversations with former FBI director James Comey by tweeting that he “did not make, and do not have, any such recordings.”
Quartz obsession interlude
Corinne Purtill and Dan Kopf on the person we spend the most time with across our lifetimes: “Time with friends, colleagues, siblings, and children diminishes over the course of a lifetime. The older we get, the person we spend the most time with is the one we see in the mirror.” Read more here.
All the banks have passed / their stress tests. Clearly, we’re not / grading on a curve.
Matters of Debate
Robots are gaming human compassion. The push to humanize AI could dehumanize actual people.
Apple’s next big investment could reshape capitalism. Cashing in on Trump’s tax reforms laws could fund the largest basic-income trial ever.
Millennials are the cheapest generation. Young people aren’t playing hard to get—they just don’t want your cars or houses.
An ancient Chinese dynasty had foreign slaves. A new study shows the Shang dynasty exploited non-locals’ labor before beheading them as human sacrifices.
Opioids killed as many Americans last year as the last three US wars combined. Only 10% of addicts get treatment.
One-third of Australian preschoolers own a smartphone or tablet. Parents distract their kids with screens to get their own work done.
No one in Britain’s royal family wants to rule. Nevertheless, Prince Harry says his family “will carry out our duties at the right time.”
The successor to the fidget-spinner is seriously dangerous. Chinese parents are demanding a ban on the viral “toothpick crossbow.”
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