Good morning, Quartz readers!
What to watch for today
The National People’s Congress begins in Beijing. During the two-week summit, the Communist Party is expected to abolish the two-term limit for the Chinese president and vice president, which would allow Xi Jinping, 64, to serve indefinitely. Bloomberg has a cheat sheet on what investors should look for.
High spirits at a Houston oil gathering. Top industry execs meet at the CERAWeek conference amid booming shale oil production that could allow the US to surpass Russia as the world’s largest oil producer this year.
The Bill & Melinda Gates Foundation announces $170 million in funding for women. It will be used over the next four years to help women exercise their economic power through managing their own businesses and bank accounts. As Melinda Gates writes for Quartz: “When money flows into the hands of women, everything changes.”
Over the weekend
The Shape of Water won big at the Oscars. It scooped the awards for Best Picture and Best Director (Guillermo del Toro). Meanwhile, Frances McDormand won Best Actress for “Three Billboards” and Jordan Peele won Best Original Screenplay for Get Out. Both visual effects and cinematography went to Blade Runner 2049, which we likened to an art gallery.
The US government intervened in the Qualcomm takeover. It ordered the chipmaker to delay its upcoming shareholder meeting while it investigates (paywall) whether the proposed $142 billion takeover by Broadcom is a national security risk. Broadcom said it was a “blatant, desperate act by Qualcomm” to stop shareholders from voting Broadcom’s nominees onto the board of directors.
Italians flocked to populist parties. Preliminary results show no party won an outright majority in Sunday’s election—the center-right coalition has won about 37%, and the 5-star Movement notched 31%. It’s unlikely these rivals would band together, but it would be bad news for the EU if they did—they’re both highly euroskeptic. Expect months of political gridlock in Italy.
Germany’s government finally came together. The Social Democrats voted Sunday to form a coalition with chancellor Angela Merkel’s Christian Democrats, ending more than five months of political limbo in Berlin. Merkel can now kick off her fourth, and likely final term, and it won’t be a relaxed one.
Vietnam welcomed a US aircraft carrier. The arrival of the USS Carl Vinson and its strike group’s 5,500 sailors today marked the biggest landing (paywall) of its kind since the US troop withdrawal in 1975. China’s expansionist maneuvers in the South China Sea have effectively brought the US and Vietnam closer.
China boosted its military spending. This year’s defense budget will reach $175 billion, up 8% from 2017, as Beijing continues to modernize the People’s Liberation Army. Harry Harris, head of US Pacific Command, recently warned about China’s rapidly advancing military technology, saying America might struggle to compete “on future battlefields.”
Quartz obsession interlude
Ana Campoy on understanding Trump’s trade war through the lens of US history. “Even if Trump manages to significantly dent trade, history suggests his successors would seek to revert that—particularly if his protectionist policies result in economic pain. In the past, it’s been when the US has felt it’s being left out that it has sought to engage in international trade negotiations.” Read more here.
Matters of debate
Titan is a better place for a human settlement than Mars. The largest of Saturn’s moons has a lot going for it, including low gravity and a thick atmosphere.
Policy choices are responsible for the downsides of globalization. They, rather than trade or technology, are the biggest causes of inequality.
Beware of fintech firms pushing bitcoin. The cryptocurrency’s get-rich-quick potential is a sexier sell for them than traditional investments.
Surprising discoveries
Rita Moreno recycled her 1962 Oscars gown at last night’s event. She wore the gown last when she won Best Supporting Actress for West Side Story.
A supercolony of 1.5 million penguins was just discovered by satellite imagery. The Antarctic colony has been around since at least the 1950s.
Oscar nominees were given pepper spray in their $100,000 gift bags. The inclusion a gel pepper spray and a keyring-sized pepper spray is an acknowledgement of the widespread claims of sexual harassment in Hollywood.
There are five types of diabetes. The current division into just Type 1 and Type 2 is overly simplistic, and could be resulting in improper treatments.
UK supermarkets are banning sales of energy drinks to under-16s. They’ll have to provide proof of age to buy drinks with more than 150mg of caffeine per liter.
Our best wishes for a productive day. Please send any news, comments, organized penguins, and decaf fizzy drinks to hi@qz.com. You can follow us on Twitter for updates throughout the day or download our apps for iPhone and Android. Today’s Daily Brief was written by Jill Petzinger and edited by Lianna Brinded.