Good morning, Quartz readers!
What to watch for today
François Hollande and Angela Merkel discuss the refugee crisis. The French president and German chancellor will hold a joint press conference about Europe’s plans. Hollande has expressed frustration with the EU’s “slow“ decision-making.
Janet Yellen and her predecessors share a stage. The chair of the US Federal Reserve will sit with 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.
What’s next for 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. The bank could respond with fresh measures (paywall) if the eurozone economy is hit by new shocks, ECB chief economist Peter Praet said today.
While you were sleeping
Dutch voters rejected Europe by rejecting closer ties with Ukraine. The national referendum on a deal to remove trade barriers with Ukraine was rejected by 61% in a national referendum that was seen a plebiscite on the European Union. The vote is non binding, but prime minister Mark Rutte said the government may have to reconsider the deal.
Panama promised to improve transparency… President Juan Carlos Varela is to appoint an international “panel of experts” to oversee the country’s offshore financial industry, after the huge document leak from Panamanian law firm Mossack Fonseca revealed the extent of its work on behalf of the global elite.
…and the Panama Papers claimed another victim. Michael Grahammer, the chief executive of Austria’s Hypo Landesbank Vorarlberg, resigned after the Mossack Fonseca leak revealed his bank was connected to offshore companies through trustees in Liechtenstein. He is one of the first financial leaders to quit over the revelations.
Iceland named a new prime minister. Agriculture minister Sigurdur Ingi Johannsson will take over following the swift resignation of Sigmundur David Gunnlaugsson this week after the Panama Papers revealed his offshore holdings and sent the anti-establishment Pirate Party high in the polls.
Samsung beat estimates thanks to its latest smartphone. The South Korean tech giant reported strong sales of its well-reviewed Galaxy S7, which it released early to get a jump on Apple and Chinese rivals. A lack of production hiccups helped, too.
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.
Matters of debate
Don’t spend your tax return, but don’t pay off your debt either. Invest your tax rebate 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
Venezuela declared Fridays a national holiday. The country will have long weekends for the next two months to conserve energy.
A “Sweeney Todd” school musical was called off after some necks were cut. Now that’s method acting.
Daimler’s shareholder meeting turned into a food fight. Police had to intervene after investors started battling for limited quantities of buffet sausage.
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.
…and Tokyo’s first hedgehog cafe is a hit. People are lining up to cuddle different types of hedgehogs, which are popular pets in Japan.
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