Good morning, Quartz readers!
What to watch for today
Crucial primaries in Indiana. Donald Trump has a strong lead over Ted Cruz, who has pinned his hopes on the state to keep Trump from getting the Republican Party’s nomination. Democrat Hillary Clinton is expected to edge ahead of Bernie Sanders in a tight race.
The European Commission releases its spring economic forecast. Its latest expectations for growth, inflation, and budget deficits will be central (paywall) to gauging the state of the EU economy.
Halliburton and others report results. The oil services giant will have to explain what went wrong in a failed merger with Baker Hughes (paywall), as well as an expected 40% decline in quarterly revenue. CVS, Estée Lauder, and Starwood also report earnings (pdf).
While you were sleeping
Australia’s central bank cut interest rates to a record low. Citing a weaker outlook for inflation than previously forecast, the Reserve Bank of Australia cut the cash rate to 1.75%. The Australian dollar tumbled on the news.
France began to debate controversial labor-reform laws. The reforms, which will allow employers greater freedom to set rates of pay and working conditions, are being considered in the National Assembly (link in French). They have provoked weeks of Occupy-style protests by students and trade unions across the country in a movement dubbed the Nuit Debout.
HSBC did better than expected… Europe’s biggest bank reported a 14% drop in pretax profit of $6.1 billion for the first quarter, down from $7.1 billion a year ago, but above the analysts’ forecasts. It blamed “extreme levels of volatility” in the financial markets for the dip, but said its Asian business was gaining momentum.
…while UBS’s first-quarter profit plunged. The Swiss bank also blamed market turbulence, a slump in trading, and risk-averse clients for its 64% year-on-year drop in the first three months of 2016.
Lufthansa trimmed its wings. The German national carrier adjusted its 2016 growth forecasts downwards (paywall), as it posted a net loss of €8 million ($9 million) for the first three months of 2016 from a profit of €425 million a year ago, a boost brought about by the sale of its shares in Jetblue.
Quartz obsession interlude
Sarah Todd on how sex education shortchanges teenage girls. “As attitudes toward premarital sex evolve, many parents, teachers, and other authorities have begun to emphasize safe sex and consent. Yet despite all these changes, girls remain deeply unequal in the bedroom. Just because they’re making the choice to have protected sex with boys doesn’t mean they’re having fun.” Read more here.
Matters of debate
Hundred-year-old lines on a map are responsible for untold human misery. It’s the anniversary of the Sykes-Picot treaty that carved up the Ottoman empire (paywall).
Apple should buy Tesla and get Elon Musk. As its iPhone business withers, the company needs to rethink its business model and leadership.
It doesn’t really matter who invented bitcoin. An Australian’s disputed claim will have little impact on the disruptive digital currency.
Surprising discoveries
Apple no longer exclusively owns the iPhone name in China. A Chinese company won the right to sell handbags branded “IPHONE.”
Chinese police will patrol the streets in Rome and Milan. The experiment is meant to make Chinese tourists feel safer.
Expensive money transfers are bleeding Africa dry. Lower remittance costs could save $16 billion a year.
Only 1% of the Indian population paid income tax in 2013. Most employees earn less than the taxable limit.
More single men means more beards. It’s an evolutionary strategy that draws women’s attention.
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