Good morning, Quartz readers!
What to watch for today
EU regulators take on video streaming. Netflix and Amazon would be required to devote at least 20% of their offerings to locally-produced content under a new proposal aimed at bolstering European film production. It could also force streaming companies to invest in local movies and series.
Xiaomi unveils its first drone. The device, made in partnership with FIMI Technology, will be 20% cheaper than a comparable drone from market leader DJI. Xiaomi is diversifying into other consumer gadgets as its smartphone growth has been dented by copycats.
HP reports its earnings. The printer and PC-maker is expected to post a further drop in revenue, ahead of the upcoming split of its hardware and enterprise businesses. Costco and Tiffany’s also post their quarterly results.
While you were sleeping
Toyota and Uber struck a deal. In addition to co-developing apps and cooperating on research, Toyota will provide a fleet of cars for the ride-hailing app and make a non-specified “strategic investment” in Uber. General Motors and Lyft signed a similar deal recently, as car companies align themselves with “alternative mobility” startups.
Google’s Paris office was raided by French authorities. About 100 tax officials, police, and prosecutors entered the premises early in the morning, looking for evidence of tax fraud and money laundering. France claims Google owes up to €1.6 billion ($1.7 billion) in back taxes.
US housing growth reached pre-crisis levels. New home sales surged 17% in April, the fastest clip since January 2008, and median prices rose to a record $321,000. Though the US housing market is healthier than it’s been in years, household ownership rates are still at a nearly 50-year low.
Bill Cosby’s sexual assault trial will go forward. The entertainer’s lawyers spent months trying to get the case dismissed, but a judge decided that prosecutors could move forward. The actor and comedian is charged with drugging and sexually assaulting a woman at his Philadelphia home in 2004—one of dozens of alleged attacks.
Monsanto wants Bayer to sweeten its takeover offer. The US agricultural giant rejected the German conglomerate’s $62 billion proposal but said it was still open to a deal. Monsanto executives and investors viewed the bid as too low, but Bayer’s investors may not support a higher price tag.
Twitter gave itself a clumsy makeover. The social network announced a number of sweeping changes that effectively expand its famous 140-character limit. It’s an attempt to simplify the user experience—but even expert tweeters are confused by the new rules.
Quartz markets haiku
Open windows, doors
Spring breezes sweep the new house
Hopes rise—also, stocks
Quartz obsession interlude
Manu Balachandran on Narendra Modi’s masterful port deal with Iran. “On May 22, the Indian prime minister flew down to Tehran and the next day signed 12 agreements, including a deal to develop Iran’s Chabahar port. India will spend $500 million on the project, with a plan to invest an additional $16 billion in the Chabahar free trade zone. But Chabahar—located about 1,800 kilometres south of Tehran—is more than just a port with an adjoining free trade zone.” Read more here.
Matters of debate
World War III will be fought over water. Terrorism and conflict are fueled by competition for the increasingly scarce natural resource.
If AI is the future, Apple is in trouble. The company risks becoming another Blackberry unless it can close the gap with Google and Facebook.
Rodrigo Duterte is no Donald Trump. The Philippines’ new president is terrifying in a completely different way.
Surprising discoveries
Angelina Jolie will be a university professor. The actress and activist will teach a course on sexual violence in conflict at the London School of Economics.
The solution to traffic jams may be a bus that straddles traffic. It would span two lanes and carry as many as 1,400 passengers.
Police and prison guards want to quash legal marijuana in California. The war on drugs is a big moneymaker for both groups.
A robot may soon be taking your Pizza Hut order. The cute/creepy humanoid named Pepper will be working at retailers around the world by the end of the year.
China has been making beer for 5,000 years. Newly discovered equipment suggests brewers used surprisingly modern techniques.
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