Good morning, Quartz readers!
What to watch for today
A Venezuela-China oil deal goes through. President Nicolás Maduro will finalize a contract with the China National Petroleum Corporation, pledging additional oil exports of up to 1 million barrels per day. The agreement follows Maduro’s recent meeting about strengthening bilateral ties with president Xi Jinping in Beijing.
Darden Restaurants reports earnings. The owner of popular eateries such as Olive Garden and Longhorn Steakhouse posts its first-quarter results before the opening bell, with analysts expecting tasty revenue boosts from its acquisition of Cheddar’s and recent cost-cutting efforts.
Look out for a text message from Donald Trump. The Federal Emergency Management Agency plans to send a message to all US cellphones today to test an alert system that would warn people in the event of a national emergency. The message will be labeled “Presidential Alert,” and phones will emit a loud tone and make a special vibration.
While you were sleeping
The US convinced Volkswagen to pull out of Iran. US ambassador to Germany Richard Grenell persuaded Germany’s biggest automotive group to comply with US sanctions and halt all business in Iran. VW doesn’t do massive business there, but its compliance with the US symbolically undermines the EU push to keep the Iran nuclear deal alive.
Facebook got an ultimatum to comply with EU consumer rules. Europe’s justice chief Vera Jourova said that Airbnb had made the necessary changes to misleading terms of service, but Facebook still hadn’t. She said the social media giant will face sanctions if it doesn’t comply by the end of the year.
Shinzo Abe trounced his rival in a leadership challenge. The Japanese prime minister beat Liberal Democrat challenger Shigeru Ishiba in a party challenge, winning another three years at as LDP leader—and putting himself on course to become the country’s longest-serving PM.
Aston Martin pegged its IPO in the Ferrari range. The British sports car company said it was aiming for a valuation of just over £5 billion ($6.6 billion) when it floats a 25% stake on the London Stock Exchange next month. Bloomberg analysts are skeptical (paywall) that the niche manufacturer can deliver as well for investors as Ferrari has done.
Chinese food-delivery app Meituan Dianping made its trading debut. The Tencent-backed company raised $4.2 billion in a Hong Kong IPO, valuing it at $53 billion. The stock jumped as much as 7% on its first day of trading, bucking the recent trend of underperforming Chinese tech IPOs.
Quartz Obsession interlude
Corinne Purtill on why the work day should end at 3pm: “It’s a suggestion in line with a growing movement across industries to rethink long-standing norms about how work should get done—norms created in an earlier economy, at a time when the technology to accommodate flexible work did not exist.” Read more here.
Matters of debate
The medical profession is approaching obesity all wrong. Overweight people need to be supported, not shamed.
It’s time to set a maximum wage for CEOs. Compensation has a ‘diminishing marginal utility,’ i.e. more pay has less and less of an incentivizing effect.
Broad characterizations of generations are always wrong. Social science is powerless to assess personality traits of specific age cohorts.
Surprising discoveries
Cathay Pacific spelled its own name wrong on a plane. The Boeing 777 flew to Hong Kong emblazoned with the name “Cathay Paciic.”
A Texas granny avenged her miniature horse by killing the alligator who ate him. Judy “Nana” Cochran is also the mayor of her town.
International rugby players and fans were warned about tattoos in Japan. Those attending next year’s Rugby World Cup have been told to cover up their ink in public to avoid causing offense.
Kidney stones are weirdly beautiful. The painful crystalline deposits look like kaleidoscopic coral reefs (paywall) under a microscope.
There are now more $100 bills than $1 bills in the US. Scarred by the financial crisis and low inflation, more people are storing their money in high-denomination banknotes.
Our best wishes for a productive day. Please send any news, comments, fierce grannies, and hidden tats 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 Sarah Todd.