Good morning, Quartz readers!
What to watch for today
ZTE shakes up its management. The CEO of the Chinese telecom equipment giant will be replaced along with two senior executives. Sources told the Wall Street Journal the leadership change is part of a deal with the US (paywall), which sanctioned ZTE due to illicit sales it allegedly made to Iran.
The Reserve Bank of India makes some interest rate moves. The RBI will likely cut its benchmark rate from 6.75% to 6.5% or even 6.25%, due to fears of slowing inflation. India’s benchmark stock index, boosted by auto and tech companies, rose to a three-month high in anticipation of the announcement.
PM Narendra Modi launches a lending scheme for disadvantaged groups. “Stand Up India” will provide loans and debit cards to scheduled castes, scheduled tribes, and women borrowers so that they can build credit and start their own enterprises.
While you were sleeping
Tesla hit a brick wall. The company, boosted last week by a 250,000-strong waiting list for its upcoming Model 3, only delivered 14,820 cars in the first quarter, falling short of expectations. It blamed a parts shortage, citing the its own “hubris” and inability to manufacture enough in-house.
The Panama Papers caused a storm. The leaked documents had an immediate impact in Iceland, where the prime minister—owner of a secret holding company with holdings in the country’s banks—refused calls to resign. Leaders in Ukraine and Argentina faced similar pressure after their tax shelters were revealed.
The EU-Turkey migrant deal took effect. A group of mostly Pakistani and Afghani migrants were sent from Greece to Turkey, and a planeload of Syrian refugees landed in Germany and Finland. But critics say the people who are shipped back to Turkey are likely being forced back into the war zones they have tried to flee.
The British steel industry found a potential savior. Investment firm Liberty House is in talks with the UK government (paywall) to buy Tata Steel’s British assets, in an attempt to salvage thousands of blue-collar jobs.
Yves Saint Laurent got a new creative director. Anthony Vaccarello, a 36-year-old Belgian known for sleek, sexy designs, was named to the position by Kering, the luxury conglomerate that owns the brand. His predecessor Hedi Slimane was widely beloved by YSL fans.
Quartz markets haiku
A single Apple
Atop a pile of lemons
Won’t make the juice sweet.
Quartz obsession interlude
Mike Murphy on the ability to 3D print anything. ”3D printing has not yet lived up to the hype heaped upon it, which we can mostly chalk up to the technical challenge of consistently printing multiple materials, and in multiple colors at once. But Stratasys, the largest 3D-printing company in the world, says its newest industrial printer does both.” Read more here.
Matters of debate
America isn’t 100% safe from terrorism, and that’s a good thing. A country that could prevent every suicide bombing wouldn’t be free—or very much fun.
An apocalypse is about to hit the restaurant business. Chefs are fleeing, antiquated tipping practices need to go, and food’s too cheap.
The Bernie Sanders movement isn’t going away. His chances of victory are slim, but his message will continue to shape liberal politics.
Surprising discoveries
Ancient horse poop revealed Hannibal’s path across the Alps. It’s a tortuous path, even without the elephants he brought along.
Video games can get you a Japanese visa. South Korean “League of Legends” players got entry permits reserved for pro athletes.
Millennials are better at saving than their parents. More education will outweigh higher levels of college debt.
Boston’s subway is telling riders not to wear VR headsets. Detachment from reality makes you a “soft target.”
The world’s first driverless taxis are launching this year in Singapore. They are based on an MIT project that built autonomous golf carts.
Our best wishes for a productive day. Please send any news, comments, millennial savings tips, and Hannibal horse poop to hi@qz.com. And download our new iPhone app for news throughout the day.