Good morning, Quartz readers!
What to watch for today
Insight from the European Central Bank. The ECB is publishing minutes from its March 10 meeting, when it decided to cut interest rates and increase quantitative easing. Those stimulus measures were controversial, and two of the bank’s executive board members are expected to explain in more detail at a conference in Frankfurt.
François Hollande and Angela Merkel discuss the refugee crisis. The French president and German chancellor are meeting in Metz, France and will hold a joint afternoon press conference about Europe’s plans. Hollande has expressed frustration with the EU’s “slow” decision-making but said a collective plan will be better than a piecemeal approach.
Janet Yellen and her predecessors share a stage. The chairwoman of the US Federal Reserve will sit with former chairs Ben Bernanke, Alan Greenspan, and Paul Volcker for a group interview in New York. It’s the first time the four have appeared together for a public event.
While you were sleeping
FIFA fell prey to the Panama Papers. Swiss police raided the group’s offices after leaked documents suggested the group’s new president, Gianni Infantino, had dealings with two businessmen who have been implicated in a massive corruption scandal. Separately, ethics committee member Juan Pedro Damiani resigned, after documents revealed his work for the same businessmen, Hugo Jinkis and Mariano Jinkis.
Angola requested a bailout from the International Monetary Fund. The government had previously rejected the idea of seeking IMF assistance, but record-low oil prices are driving the country toward a financial crisis. A number of other commodity-dependent African economies have already turned to the IMF for help.
Coal titan Donald Blankenship was sentenced to a year in prison. The former Massey Energy CEO will serve the maximum misdemeanor penalty for conspiring to violate federal safety standards, resulting in an accident that killed 29 workers. Blankenship is the first US coal executive to ever face criminal prosecution, though jurors acquitted him of several more serious felony charges.
H&M announced plans to double its stores. The Swedish clothing retailer aims to open 7,000 to 8,000 stores in the next four to eight years. The expansion is part of its strategy to close the gap with Zara owner Inditex and stay ahead of Amazon.com, which recently entered the fast fashion industry.
Pfizer and Allergan called off their $160 billion marriage. The cancelled merger—doomed by a recent change in US tax rules—brings the total of failed M&A deals this year reached $376 billion, the highest since 2007.
Quartz markets haiku
The doves coo and sigh
What a lovely sound for stocks
Best day in a while
Quartz obsession interlude
Jenni Avins on how lab-grown diamonds could disrupt the jewelry industry. “I wondered whether a diamond grown in a lab could carry the same emotional weight as the real thing, without the guilt. And really, if it was identical to a natural diamond down to every last atom, as Roscheisen swore it was, what does it even mean to be the real thing?” Read more here.
Matters of debate
Don’t spend your tax return, but don’t pay off your debt either. Invest your tax check in the stock market.
Downward mobility is the new normal. Three-quarters of Americans think that things are looking worse.
When it comes to global tax havens, the US is tops. No need for Switzerland or Panama when you’ve got Delaware and Nevada.
Surprising discoveries
A Japanese ice cream giant apologized for raising prices by 9 cents. The company’s executives bowed to the nation in a somber 60-second ad.
Iceland’s Pirate Party is benefiting from the Panama Papers. Following revelations about the country’s prime minister, 43% of Icelanders want to vote for anti-establishment politicians.
Mexico City pollution is sending Uber surge pricing into overdrive. Forty percent of passenger cars are banned, so demand is sky high.
A nine-year-old reporter beat everyone to a murder scoop. She posted a lacerating video aimed at critics who told her to “play with dolls” instead.
Daimler’s shareholder meeting turned into a food fight. Police had to intervene after investors started battling for limited quantities of buffet sausage.
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