Good morning, Quartz readers!
What to watch for today
Berkshire Hathaway convenes its annual shareholders’ meeting. Warren Buffett will hold his “Woodstock for Capitalists” in Omaha, Nebraska. Yahoo will be streaming the event live for the first time.
South Korean president Park Geun-hye visits Tehran. The two-day visit is intended to deepen ties with post-sanctions Iran, as leaders discuss issues such as energy and engineering. It will be the first visit by a South Korean leader since the two countries established diplomatic relations in 1962.
Exxon Mobile reports first-quarter results. The world’s largest publicly traded oil producer is expected to post a significant decline in profit due to low crude prices. Chevron, which is also reporting quarterly results, is expected to post a loss.
While you were sleeping
Amazon had a stellar first quarter. The online giant handily beat analysts’ expectations, posting a $531 million profit after a loss the previous year, sending its shares up more than 10%. Revenue from cloud computing grew 64% to $2.57 billion.
China tightened its grip on foreign NGOs. A new law will require government approval for nongovernmental organizations and allow police to inspect their operations at any time. The measure, part of president Xi Jinping’s crackdown on foreigners, takes effect in January.
The US economy slowed. The gross domestic product grew at an annual rate of 0.5% in the first quarter, its slowest pace in two years, as businesses cut back on investments. Still, most economists say the country is not at risk of a recession.
Carl Icahn broke up with Apple. The billionaire, once one of the company’s biggest stakeholders, said he sold his shares because he feared Apple might get pushed out of China. The company’s second-largest market is facing a potential crackdown by the Chinese government.
Comcast agreed to buy Dreamworks for $3.8 billion. The US cable giant is taking a baby step toward becoming the next Disney, with a purchase of the studio behind Kung Fu Panda and Shrek.
Quartz markets haiku
When Carl Icahn speaks
The market tends to listen
Apple is dead weight
Quartz obsession interlude
Adam Epstein on how the NFL draft became one of the biggest nights in American sports. “The draft, perhaps more than any actual live game, benefits from the advent of internet-connected screens…It’s designed to be consumed in nuggets, on any device, in any room of your house. It’s a series, not an episode, and each season of this hit show offers viewers its own unique twists and turns.” Read more here.
Matters of debate
Thirteen years after its creation, iTunes is terrible. Apple’s media software is bloated, confusing, and ugly.
History’s greatest philosophers weren’t that great. They just happened to be born early.
Our failures are more telling than our successes. A Princeton professor posted a CV listing all the prestigious programs that rejected him.
Surprising discoveries
Half of all western European men share a single ancestor. A new genetic study traces the lineage of one bronze age king.
One Chinese monk has been mummified in gold… It’s a local Buddhist practice reserved for the most dedicated holy men.
…And another is a robot. “Xian’er” was created by the country’s most tech- and social media-savvy temple.
Facebook has spent $16 million on Mark Zuckerberg’s security since 2011. That’s about ten times more than his CEO peers required.
Finland’s mail carriers will start mowing lawns on Tuesdays. The postal service is short on funds, and it’s a slow day for mail.
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