Good morning, Quartz readers!
What to watch for today
The European Union discusses overhauling its asylum system. Currently, migrants need to claim in the first EU country they set foot in, but countries like Greece and Italy that bear the brunt of refugee arrivals are pushing for a fairer redistribution system.
A Dutch national referendum on Ukraine—and Europe. The issue at stake is a proposed treaty to bring Ukraine closer to the EU, but the non-binding referendum is being seen as a test of anti-EU sentiment. Read our take on how Ukraine’s offshore dealings could boost the case for Brexit.
Pfizer and Allergan scrap their merger… The Pfizer board is expected to make a formal announcement on the termination of the $160-billion deal following the US Treasury’s new curbs on tax inversions. The US pharmaceutical giant planned to pay less taxes by moving its headquarters to Dublin, where Allergan is based.
…and the US may block an oil merger, too. US regulators are reportedly preparing an anti-trust lawsuit to block the $35-billion merger between Halliburton and Baker Hughes (paywall), the second- and third-largest US oilfield service companies. The oil giants have been working on a merger deal since 2014.
While you were sleeping
Ted Cruz and Bernie Sanders won the Wisconsin primaries. The victories for the US presidential underdogs could be turning points, though more so for Cruz, who now has a better chance of forcing Republican front-runner Donald Trump into a convention fight. On the Democratic side, Hillary Clinton still looks unstoppable, despite the Sanders win.
A Vietnam leader switcharoo. The National Assembly voted 430 to 32 to dismiss prime minister Nguyen Tan Dung—it was a mere formality after he failed in his bid to become the leader of the country’s Communist party. His likely successor, Nguyen Xuan Phuc, will face drought, declining oil revenue, and tensions with China.
A mild winter hit H&M profits
. The Swedish fashion chain’s
(paywall)
of $410 million, down from $580 million over the same period last year, was due mainly to warmer weather forcing it to mark down winter clothes as well as the stronger US dollar.
Glencore offloaded part of its agriculture arm. The mining and commodities giant sold off a 40% stake in its agribusiness to the Canada Pension Plan Investment Board for $2.5 billion, as part of its plan to reduce its $30 billion debt.
Barclays hooked up with a bitcoin startup. The British bank is the first in Europe to allow the US social-payments app to use its infrastructure. Circle runs partly on the bitcoin blockchain network but will also allow users to transfer US dollars and sterling free of charge.
Quartz obsession interlude
Mike Murphy on the 122-year-old company that tests the safety of the world’s electronics. ”The level of detail testers require can seem whimsical at times. They use a certain thickness of cheesecloths to simulate drapes that might come into contact with something electric and set a house on fire, and a certain shade of black paint to test appliances.” Read more.
Matters of debate
Economists aren’t all-knowing truth-sayers. An over-reliance on mathematical models makes their work difficult to check.
Some shell corporations aren’t so bad. They have legitimate uses in authoritarian countries, for example.
Robots make it easier to sexually objectify women. Bots modeled after beautiful women like Scarlett Johansson make it easier for men to avoid dealing with rejection.
Surprising discoveries
The world’s biggest Starbucks will open in New York in 2018. It will offer up “coffee as theater.”
The Antonin Scalia School of Law creates the acronym “ASSoL.” So the university changed it to the Antonin Scalia Law School.
Scientists found evidence of a new state of matter. Quantum spin liquid occurs when an electron splits into two or three fermions.
Smart luggage can tell you the best way to get to the airport. The Raden line of app-connected suitcases can also tell you how long the security line takes.
Executions are at their highest since 1989. The number of people executed globally rose 50%—and that doesn’t count China.
Our best wishes for a productive day. Please send any news, comments, new states of matter, and unfortunate acronyms to hi@qz.com. And download our new iPhone app for news throughout the day.