Good morning, Quartz readers!
What to watch for today
Norway decides whether to give its $1 trillion oil fund more flexibility. After fierce debate, the finance ministry will rule on whether the world’s largest sovereign wealth fund will be allowed to invest in private equity to help boost returns. Skeptics fear fund managers would become less disciplined (paywall).
Mark Zuckerberg’s mea culpa to Congress. As he is grilled over the Cambridge Analytica scandal and related privacy issues today and tomorrow, the Facebook CEO will apologize for not doing enough to prevent the platform’s “tools from being used for harm,” including foreign interference in elections. The sessions will be streamed live.
Donald Trump’s next move in Syria. On Monday evening in Washington, DC, the US president said he will announce within 24 to 48 hours what steps America will take in response to a chemical-weapons attack against civilians in a rebel stronghold near Damascus: “If it’s the Russians, if it’s Syria, if it’s Iran, if it’s all of them together, we’ll figure it out.”
While you were sleeping
Xi Jinping outlined plans to open up the Chinese economy. Speaking at the Boao Forum for Asia, the Chinese president said China would better enforce the intellectual property of foreign firms, improve the investment climate for international companies, and lower import tariffs for cars and other items. The remarks follow tussles over tariffs with the US.
The FBI raided the office of Trump’s personal lawyer Michael Cohen. Agents seized records pertaining to “several topics,” the New York Times reported (paywall), including payments made relating to Trump’s alleged affair with porn star Stormy Daniels. They acted in part on a referral by special counsel Robert Mueller, whom Trump then publicly mulled firing.
Beijing might be planning a military base near Australia. According to Fairfax Media, China has had preliminary discussions with Vanuatu about building a permanent military presence there. A base in the South Pacific island nation could help the People’s Liberation Army challenge the US’s post-war dominance of the ocean.
Malaysia set a date for its next election. Voters will go to the polls on May 9, as the ruling coalition faces its toughest challenge in over 60 years. Prime minister Najib Razak, mired in a scandal over the alleged misuse of a state development fund, is expected to retain power, but he could face a leadership challenge from his own party if enough seats are lost in parliament.
Alarm bells rang over ballooning US deficits. The nonpartisan Congressional Budget Office projected the federal government’s budget deficit would reach $1 trillion by 2020, two years sooner than expected, because of tax cuts and spending increases signed by Trump. CBO director Keith Hall will testify to lawmakers about the forecasts this week.
Quartz obsession interlude
Echo Huang on China investing far more in renewable energy than any other country. “China, the world’s largest emitter of greenhouse gases, is determined to rebalance its energy mix, and incorporate more clean energy. That determination is reflected in the money it put into renewable energy last year, dwarfing spending by the next biggest investor, the US.” Read more here.
Matters of debate
Government algorithms should be studied like environmental hazards. We need assessments of AI implementation similar to the environmental-impact reports now required by many jurisdictions.
Blockchain is flawed in vision and design. Regulation-free currency highlights just how important regulations are.
Economies of scale are on the way out. New technologies are enabling small companies to undercut their once-formidable larger competitors.
Surprising discoveries
An Indian actress publicly disrobed to protest sexual harassment. Sri Reddy hopes to publicize rampant misogyny in Bollywood (paywall).
Black Lives Matter’s biggest Facebook page was allegedly run by a white Australian man. He walked away with more than $100,000 in donations.
Nikola Tesla predicted mobile phones in 1926. He also said wireless capabilities would turn the world into a “huge brain,” and that women would surpass men.
Baby-eel smugglers were thwarted in Spain. Trade in the endangered European glass eel is hugely lucrative, with one shipment alone worth about $490 million (paywall).
The Westworld creators offered to spoil the entire second season. They said they’ll post a video outlining the upcoming season if the idea got enough upvotes on Reddit.
Our best wishes for a productive day. Please send any news, comments, algorithm-impact reports, and spot-on technology predictions 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 Steve Mollman and edited by Alice Truong.