Good morning, Quartz readers!
What to watch for today
The Trump administration visits Beijing… The White House is sending a high-level delegation amid escalating trade tensions between the world’s largest economies. The delegation includes free-trade advocates—Treasury secretary Steven Mnuchin and economic adviser Larry Kudlow—as well as hardline protectionists Robert Lighthizer and Peter Navarro.
…And China’s foreign secretary visits Pyongyang. Wang Yi will begin two days of meetings to discuss the upcoming US-Korea summit and a possible North Korea trip by Chinese president Xi Jinping.
Teva Pharmaceuticals reports quarterly earnings. Investors will be all ears when the world’s largest generic drugmaker gives an update about its business, especially its closely watched fremanezumab migraine treatment, which has run into regulatory delays.
While you were sleeping
Tesla beat expectations by losing a mere $709.6 million. The electric car company posted its worst-ever quarterly loss, but said Model 3 production was on track to hit a target of about 5,000 per week within two months. The company ended the quarter with $3.2 billion in cash, which may allay fears that it is burning through reserves while it boosts production of the mid-priced sedan.
The Fed coined a new buzzword. The US central bank noted that inflation had moved closer to its 2% target but noted the measure was “symmetric,” which market analysts took to mean that the Federal Reserve would not overreact if inflation overshot the mark. Investors still expect an interest rate hike in June.
Donald Trump’s lawyer is quitting. White House counsel Ty Cobb, who has advised the president to cooperate with special counsel Robert Mueller’s probe, said he plans to retire at the end of the month. He will reportedly be replaced by Emmet Flood (paywall), a veteran lawyer for the second Bush administration who also helped defend Bill Clinton during his impeachment.
Basque separatist organization ETA said it is disbanding. The group responsible for decades of terrorist attacks in Spain said it “has completely dissolved all its structures (paywall) and has terminated its political initiative.” ETA, whose full name means Basque Homeland and Freedom, has been marginalized by a series of arrests of its senior leaders.
Cambridge Analytica shut down after the Facebook scandal. The political consulting firm best known for working on Donald Trump’s presidential campaign said it would cease operations immediately, along with its UC parent company SCL. Clients fled amid ongoing investigations into its illicit use of Facebook data and discussion of political dirty tricks that were caught on a hidden camera.
Quartz obsession interlude
Youyou Zhou on the foreign students turning away from US universities: “The Saudi government cut funding for international-education scholarships in 2016 after a year of low oil prices, resulting in a 14% drop … Another factor: Facing deep state budget cuts and legislative protection for local students, some major public universities increased tuition for international students to raise revenue. The current US political climate makes the situation even worse.” Read more here.
Matters of debate
Executives are overly obsessed with their share prices. Sainsbury’s singing CEO is only the latest example.
Are artichokes kosher? Some rabbinical authorities say they can’t be properly cleansed of insects, but vendors in Rome’s Jewish quarter beg to differ.
The rare sight of women wearing glasses proves South Korea’s unjust beauty norms. Wearing eyeglasses or insufficient amounts of makeup is seen as unprofessional.
Surprising discoveries
Japan is holding funerals for robot dogs. The discarded Sony Aibos receive honorary rites at a Buddhist temple before their “organs” are donated as spare parts.
A knife-wielding burglar stole a wad of McDonald’s “Monopoly” game cards. Police in London are still seeking a suspect, but have ruled out the Hamburglar’s involvement.
A janitor in Seoul’s Incheon airport found gold bars worth 350 million won ($330,000) in a garbage can. Under a “finders keepers” law, he may be able to keep them.
Obsessive fans detected a change in Häagen-Dazs vanilla ice cream. Quartz has the scoop.
An author writing about poker won so much money that her book is on hold. The New Yorker’s Maria Konnikova has netted more than $150,000 in two tournaments.
Our best wishes for a productive day. Please send any news, comments, ice-cream suspicions and robot dog funeral rites 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 and edited by Adam Pasick and Susan Howson.