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What to watch for today
Xi Jinping begins a controversial European tour… The Chinese president is expected to sign up Italy for China’s trillion-dollar Belt and Road infrastructure project, despite warnings from the US and NATO allies that it will strengthen Beijing’s hand.
…while EU leaders meet in Brussels. They will coordinate positions on a series of issues to be raised with China at an April summit as Europe seeks to limit China’s influence in the region. A decision on how to proceed with UK prime minister Theresa May’s request for a three-month Brexit delay is also expected to be finalized.
The Bank of England sits on its hands. The UK central bank is expected to keep interest rates where they are, amid continued uncertainty about Brexit.
Deutsche Bank and Commerzbank discuss merger plans. Germany’s two largest banks announced Sunday that they were discussing a potential merger as both have struggled with their own overhauls. While the government has backed the tie-up proposal, labor unions say it would lead to significant job cuts.
A blue-chip, blue-jeans IPO. Denim icon Levi’s is expected to achieve a valuation of $5.8 billion while raising $550 million (paywall), the bulk of which will go to the descendants of founder Levi Strauss.
While you were sleeping
New Zealand banned all assault rifles. Prime minister Jacinda Ardern announced a ban on all military-style semi-automatic weapons, assault rifles, and high-capacity magazines, less than a week after terrorist attacks at two Christchurch mosques killed 50 people. The order is now in effect and legislation is expected to be enacted by April 11.
A populist party made big gains in Dutch elections. An exit poll showed that the anti-EU upstart, Forum for Democracy, dealt a blow to prime minister Mark Rutte’s four-party coalition, which lost its senate majority.
Viktor Orbán’s Fidesz party was suspended. The European Parliament’s largest bloc suspended the ruling party of Hungary’s right-wing prime minister. The center-right European People’s Party has long opposed Orbán’s authoritarian style and anti-EU policies, but recent Fidesz campaign posters comparing European Commission president Jean-Claude Juncker and billionaire George Soros prompted calls for the party’s expulsion.
Unemployment in Australia fell to a near eight-year low. Newly released statistics showed the jobless rate had edged down slightly to 4.9%, the lowest since June 2011 and below market expectations of 5%. While job creation outpaced population growth, the number of people looking for work fell.
Lion Air started preparing for a $1 billion IPO. It will be one of Indonesia’s biggest-ever listings (paywall), and comes as the country’s largest private carrier seeks to move past a fatal October crash involving a Boeing 737 Max.
Quartz Obsession
Hedge funds: Capping off a decade of lackluster performance, the industry lost $88 billion in 2018. So why do the ultra-rich and endowed institutions keep investing in them? Hedge your bets with today’s Quartz Obsession, and beware our 2 and 20 fees.
Membership
Corporate boards: It’s not easy being in charge. From activist investors to the government, here are all the ways that directors are under pressure. We also have a helpful primer on the Paul Jarvis book Company of One, which breaks down the merits of staying small, and a riveting installment of Private Key, looking at the New Zealand shooter’s claims to have profited from an infamous crypto pyramid scheme.
Matters of debate
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The best social network is… the email newsletter. It provides an outlet for expression and a mode of connection without bots or trolls.
The college application process is a test of ethics. But many parents are failing it.
The world needs genderless voice assistants. Unlike Alexa or Siri, the voice of the new Q is intentionally neither female nor male.
Surprising discoveries
Smoking potent weed is linked to psychosis. A new UK study also warns that daily use makes mental illness more likely.
Amsterdam is banning guided tours of its red-light district. The city council made the decision because the tours are not respectful to sex workers.
A giant sunfish washed up on a beach in Australia. The giant, odd-looking fish—first mistaken for a piece of driftwood—has now gone viral.
People trust AI to make better decisions than politicians. But they also expect the government to regulate the impact of tech on their lives.
A new postpartum depression treatment costs $34,000. It also requires (paywall) staying in a medical center to undergo a 60-hour IV infusion.
Our best wishes for a productive day. Please send any news, comments, respectful guided tours, and genderless AI assistants 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 Mary Hui and edited by Isabella Steger.