Good morning, Quartz readers!
What to watch for today
“Duterte Harry” wins the Philippine presidential election. The final results are expected to show that controversial mayor Rodrigo Duterte easily defeated four other challengers. He made a series of offensive comments on the campaign trail and threatened to execute hundreds of thousands of criminals.
China releases a new batch of economic data. Consumer and producer price indexes are due for the month of April; officials reported a drop in imports and exports over the weekend. Additional evidence of a slowing Chinese economy would make a US interest rate hike less likely.
Walt Disney reports earnings. The entertainment conglomerate will likely report a strong second quarter, thanks to box-office hits such as Zootopia and The Jungle Book. That should assuage investors’ worries about ESPN, at least for a while.
While you were sleeping
Names from the Panama Papers went live. A trove of new data detailing offshore banking secrets was posted by an international consortium of journalists. The newly released names included 36 Americans, who had been largely absent from the first round of stories about the leaked papers from a Panamanian law firm.
A coffee giant spent $1.35 billion on donuts. German holding company JAB agreed to buy Krispy Kreme, adding some pastry assets to its collection of coffee brands, including Keurig, Peet’s, and Stumptown. JAB, owned by four billionaire siblings, is the world’s largest coffee conglomerate.
Dilma Rousseff’s impeachment was cancelled—or at least postponed. The acting speaker of Brazil’s lower house of Congress stunned the country by declaring that the chamber would need to re-vote on the president’s impeachment due to procedural snafus. This is likely just a delay in Rousseff’s ouster, but caused tremors among investors who are counting on a new pro-business government.
A legal drama over Sumner Redstone’s competence ended abruptly. A judge threw out a lawsuit by the billionaire media mogul’s nurse and ex-girlfriend. A successful suit would have thrown the future of Viacom and CBS into doubt, though questions remain about whether the 92-year-old Redstone is capable of turning the struggling businesses around.
Lending Club’s head stepped down. The online lender’s French CEO Renaud Laplanche resigned after an internal review found that he sold loans against an investor’s wishes, sending the company’s stock down nearly 30%. The departure comes as the online lender faces increased scrutiny from regulators and Wall Street.
Quartz markets haiku
In the Shanghai sea
oily water laps against
empty hulls of ships
Quartz obsession interlude
Jenny Anderson on the difficulty of “leaning in” as a single mom. “Sheryl Sandberg, now a widow, took to Facebook on Mother’s Day to say she gets it: ‘Some people felt that I did not spend enough time writing about the difficulties women face when they have an unsupportive partner or no partner at all. They were right.’” Read more here.
Matters of debate
There is no justification for tax havens. Thomas Piketty and 300 colleagues say they distort the global economy.
It’s the best time in history to be “young, gifted, and black.” Barack Obama reminded college graduates how much the world has changed.
The era of great famines could be over. Shortfalls are caused by politics, not overpopulation.
Surprising discoveries
Russia’s largest weapons manufacturer is starting a fashion line. Kalashnikov hopes military-style clothing will offset business lost to sanctions.
Facebook has been suppressing stories about Republicans. It has enormous power to shape the political news that users read.
Drones could replace $127 billion worth of labor and services. The energy and rail sectors may be disrupted the most.
Scientists developed an easy way to test for Zika. It’s as simple as a home pregnancy test and costs less than a dollar.
Trump voters are better educated than the average American. They also earn more than the US median.
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