Good morning, Quartz readers!
What to watch for today
English voters go to the polls for local elections. With about 150 councils and some mayorships up for grabs, the results will hint at how much (paywall) Theresa May’s government has been hurt by immigration and Brexit battles. The prime minister’s Conservatives are expected to suffer losses, while a poor showing by Labour would embarrass its leader Jeremy Corbyn.
The Trump administration talks trade in Beijing. The visit by the high-level delegation comes amid escalating tensions between the world’s largest economies. The group includes free-trade advocates—Treasury secretary Steven Mnuchin and economic adviser Larry Kudlow—as well as hardline protectionists Robert Lighthizer and Peter Navarro.
Teva Pharmaceuticals reports quarterly earnings. Investors will be all ears when the world’s largest generic drugmaker gives an update on its business. Of particular interest is the rollout of its new migraine treatment fremanezumab, which could be held up due to US regulatory concerns over the manufacturing process.
While you were sleeping
Tesla beat expectations by losing a mere $709.6 million. The company posted its worst-ever quarterly loss (paywall), but said Model 3 production is on track to hit a target of about 5,000 per week within two months. It ended the quarter with $2.7 billion in cash, which may allay fears that it is burning through reserves too fast while it boosts production of the mid-priced sedan.
Xiaomi filed for an IPO in Hong Kong. The smartphone maker’s listing is expected to be the biggest by any company in nearly four years, and could value the firm at up to $100 billion. Xiaomi also makes a wide range of internet-connected home appliances, and its inexpensive smartphones pose a rising challenge to Apple and Samsung.
Trump hinted at the possible release of US prisoners held in North Korea. He suggested in a tweet the three men’s release could be forthcoming. That followed news reports they had been relocated to a hotel outside Pyongyang and were receiving medical treatment. One of them has been held since 2015.
Cambridge Analytica shut itself down. The political consulting firm best known for working on Trump’s presidential campaign said it would cease operations immediately, along with its parent company SCL. Clients fled amid ongoing investigations into its illicit use of Facebook data; a hidden camera catching execs discussing political dirty tricks didn’t help.
China upped the ante in the South China Sea. The country has quietly installed anti-ship cruise missiles and surface-to-air missile systems on three of its fortified outposts in the Spratly archipelago west of the Philippines, according to CNBC. The hardware represents a significant addition to Beijing’s military portfolio in the contested sea.
The Fed used a surprise buzzword. The US central bank left rates unchanged as expected, and said that while inflation had moved closer to its 2% target, the measure was “symmetric.” Market analysts took that to mean the Federal Reserve would not overreact if inflation shot past the mark. Investors still expect an interest rate hike in June.
Quartz obsession interlude
Youyou Zhou on US universities receiving fewer foreign students. “A number of policies instituted by the Trump administration, ostensibly aimed at protecting Americans, have barred international students from entering the country. A majority of US academic institutions cited visa issues as the top reason for enrolling fewer international students in fall 2017… Other English-speaking countries saw their numbers of international higher-ed students rise.” Read more here.
Matters of debate
Executives are overly obsessed with 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.
South Korea’s beauty norms are unjust. Wearing eyeglasses or too little makeup at work 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 South Korea’s Incheon airport found gold bars worth $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, Monopoly prizes, and rejected artichokes 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.