Good morning, Quartz readers!
Today in membership, we’re wrapping up our field guide on recessions with a members-only conference call with global economics reporter Gwynn Guilford. Rosie Spinks shares her strategies for getting access to a fancy airport lounge, even when you’re flying rock-bottom coach. And we have an exclusive video interview with Novartis CEO Vasant Narasimhan.
What to watch for today and over the weekend
Canada decides on Huawei’s CFO. The government faces a deadline today on whether it will extradite Meng Wanzhou to the US to face charges of violating sanctions on Iran. From Manila, secretary of state Mike Pompeo again warned of the potential risks stemming from Huawei components. The Chinese tech company pled not guilty yesterday in a Seattle court to charges of fraud and trade secret conspiracy.
Pakistan frees a downed Indian pilot. Pakistani prime minister Imran Khan said the release is a “peace gesture” to de-escalate tensions between the two nuclear rivals in the wake of a terror attack in Indian-held Kashmir.
Saudi allies in the EU try to block its inclusion on a money-laundering blacklist. The kingdom has threatened to sever trade ties if the list—which also includes Puerto Rico and three other US territories—is adopted today.
SpaceX launches its astronaut capsule for the first time. An unmanned SpaceX Crew Dragon capsule will be carried into space on a Falcon 9 rocket in the early hours of Saturday, Florida time.
Estonians go to the polls. More than a thousand candidates are running for legislature seats in Sunday’s general election, which pits the Center Party against the center-right opposition Reform Party. Both want to keep the ascendant far-right Estonian Conservative People’s Party at bay.
Families mark five years since MH370’s disappearance. Kuala Lumpur will host a memorial for relatives of the flight’s 239 passengers. There are still more questions than answers about the flight, which vanished while traveling from the Malaysian capital to Beijing.
While you were sleeping
South Korea’s president laid out his vision for a new Korean Peninsula. A day after talks between Trump and Kim Jong Un ended without an agreement, Moon Jae-in said his government will help North Korea and the US reach a settlement “by any means.” North Korea’s foreign affairs minister has disputed Trump’s account of why talks collapsed.
The Fed chairman said the US economy is in a good place. Speaking in New York, Jerome Powell pointed to (pdf) stable inflation and an unemployment rate near historic lows as signs of the economy’s health, but also expressed concern that some Americans are being left behind.
Tesla finally debuted its $35,000 Model 3. CEO Elon Musk has said that Tesla will have to close stores and lay off workers to make it financially sustainable to produce the long-awaited cheaper version of the car. The company is also due to pay debt of $920 million today, about a quarter of its total cash.
China’s massive manufacturing sector contracted, again. February’s numbers mark the third-straight month of declines, and Beijing is considering measures to support the economy as factories shed workers. The ongoing trade war is weighing on earnings for many Asian companies.
The death toll in a Somalia car bombing climbed. At least 29 people are now believed dead, and 80 wounded, following a suicide bombing by militant group Al Shabaab at a hotel in Mogadishu. A gun battle at the site of the blast between Somali troops and militant fighters is ongoing.
Quartz Obsession
Cruise ships: Haughty travel writers love to hate them, but the floating cities are expected to carry 30 million people paying a total of $134 billion this year. A huge swig of that comes from drinks and extras, which makes sense: the good-time industry has its roots in Prohibition-era booze cruises that took patrons into international waters to tipple. Come aboard, we’re expecting you at the Quartz Obsession.
Matters of debate
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YouTube’s economics help conspiracy theories flourish. A paranoid mind-set is threaded through the social fabric of the video-sharing site.
Facebook’s privacy promises will hurt its ad business. And that’s a good thing.
Cryptocurrencies could enable universal basic income. But a global, decentralized digital currency is not yet viable.
Surprising discoveries
The legal cannabis industry loves Ford Transit vans. Businesses without access to banks and armored cars are using customized versions to carry cash and weed.
The cloud is made of magnetic tape. The retro technology is cheap, stores a lot of data, and can be physically secure from hackers.
Indian parrots are getting addicted to opium. The birds are getting high off destroying poppy crops.
Fast food is being super-super-sized. Calorie and sodium counts at chains are rising, despite demand for healthier menus.
Scientists are brewing THC and CBD from the fungus that brought us beer. Genetically engineered yeast skips the hassle of plants.
Our best wishes for a productive day. Please send any news, comments, quadruple cheeseburgers, and psychotropic yeast to hi@qz.com. Join the next chapter of Quartz by downloading our app and becoming a member. Today’s Daily Brief was written by John Detrixhe and edited by Jackie Bischof.