Good morning, Quartz readers!
What to watch for today
Tensions escalate between Taiwan and China. Taiwan has accused China of abducting a group of Taiwanese nationals, who were deported from Kenya after being accused of running illegal call centers. Another batch of Taiwanese are due to be released today.
Facebook’s F8 conference kicks off. The social network is expected to focus on chatbots for its popular Messenger app, which could help users order goods and services, at its annual developer conference.
Luxury goods conglomerate LVMH reports earnings. First-quarter sales missed analysts’ estimates in the wake of terrorist attacks in Paris and Brussels. The group has also suffered due to falling demand in China and a decrease in global tourism.
The IMF releases its World Economic Outlook. The fund is expected to cut its growth outlook, after managing director Christine Lagarde warned of global economic instability.
While you were sleeping
The UK found a buyer for part of its steel industry. Tata is selling mills in England and France for a mere £1 to investment firm Greybull Capital as it exits Great Britain; the new firm will operate under the storied name of British Steel. Meanwhile, the UK government said it would consider co-investing with a private partner to save Tata’s massive Port Talbot steel works.
Goldman Sachs coughed up $5.1 billion for mortgage deception. The bank completed its settlement with state and federal US officials over its role in the financial crisis—the last big bank to do so. A number of foreign banks are still being investigated for peddling dodgy mortgage-backed securities.
Tesla recalled its Model X SUVs. The car maker said all vehicles made before March 26 would need to have their third-row seats replaced, due to a faulty part that could cause them to collapse in a crash. The news underscores Tesla’s production challenges as it faces an overwhelming amount of orders for its Model 3 sedan.
A presidential daughter took the lead in Peru. Keiko Fujimori, daughter of the country’s jailed former president, won the first round of voting, and will face former World Bank economist Pedro Kuczynski in a run-off in June. Fujimori said that tackling crime was her top priority.
Alcoa kicked off earnings season. The aluminum giant beat analysts’ expectations on earnings, and missed the mark on revenues, though it expects strong demand from the aerospace sector. Investors, meanwhile, are bracing for the worst quarterly earnings period since the financial crisis.
Quartz markets haiku
Inhale. Smell money?
The market doesn’t either
Which is why stocks fell.
Quartz obsession interlude
Frida Garza on how male gamers react when they have to play female characters. “The only objective in Rust, a popular online video game, is to survive in the wild. But now, some players will have no other choice than to survive as female characters. Plenty of fans, voicing their discontent on Reddit and video game forums, are not happy about it.” Read more here.
Matters of debate
“New York values” help everyone live longer. The city’s spending on social services improves life spans for rich and poor alike.
Did Putin leak the Panama Papers? Clifford Gaddy, an economist at the Brookings Institution, has a counter-intuitive conspiracy theory.
Occupational segregation is the real reason for the gender gap. Jobs dominated by women pay less than those dominated by men.
Surprising discoveries
Americanized Chinese food is popular in China. The hybrid cuisine draws in expats and locals alike with moo shu pork and General Tso’s chicken.
There’s a hedgehog cuddling cafe in Tokyo. People are lining up to play with the prickly mammals.
White people can be trained to not be racist. Overcoming their low tolerance for stressful discussions is key.
Scientists discovered a woman who lives in a “perpetual present.” It’s the first known case of “severely deficient autobiographical memory.”
Spelling out “HELP” on the beach rescued three men on a deserted island. They were spotted by a US Navy plane in the South Pacific.
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