Good morning, Quartz readers!
What to watch for today
Barack Obama and Shinzo Abe meet before G7 summit. The presidents will discuss how to prevent crime by US military-base workers in Japan, after an American working on a base on Okinawa island was arrested last week in connection with the murder of a Japanese woman.
EU regulators announce new rules for Netflix. Both Netflix and Amazon will likely be required to devote at least 20% of their offerings to locally produced content under a new proposal, aimed at bolstering European film production. They could also be forced 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. China’s Xiaomi is diversifying into other consumer gadgets as its smartphone growth has been dented by copycats.
While you were sleeping
Greece reached a breakthrough with creditors. Euro-zone finance ministers agreed to extend a further $11 billion in bailout loans and additional debt relief to the struggling country, after late-night talks in Brussels. The Greek parliament recently approved another round of spending cuts and tax increases.
Cuba legalized small private businesses. It didn’t say whether these small businesses would be allowed to import supplies or export products. Permitting private enterprise to grow is part of president Raul Castro’s drive to stimulate the Communist country’s economy, following the restoration of relations with the US last year.
Violence erupted at a Donald Trump rally in New Mexico. Riot police were deployed as protests against the Republican candidate’s immigration policies turned violent. Trump won the Washington state primary on Tuesday, and Democrat Hillary Clinton beat Bernie Sanders in the state.
Hewlett Packard Enterprise announced a spinoff. The IT company will merge its struggling services unit with Computer Sciences by the end of March 2017, to allow it to focus on its cloud services businesses. Revenue from the enterprise group business rose about 7% to $7 billion in the second quarter from a year earlier.
Marks & Spencer braced for a hit. The new CEO said his turnaround plans for the struggling British company will dent profits in the short term. M&S reported a 4.3% profit increase to £689 million ($1 billion) in the year to April, with food sales doing well, and clothing sales stuttering.
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.
Retirement is an obsolete concept. Many seniors can’t stand the thought of spending their remaining healthy years idle.
Rodrigo Duterte is no Donald Trump. The Philippines’ new president is terrifying—but in a completely different way.
Surprising discoveries
Peter Thiel has been secretly funding a lawsuit against Gawker. The PayPal co-founder and Trump enthusiast has been paying the bills for Hulk Hogan’s legal action.
A London skyscraper is a metaphor for the city’s opaque property market. A close Putin associate, a former Nigerian bank chairman, and a vodka tycoon appear to be among the owners.
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.
One third of India’s 197,327 ATMs are broken. Banks often can’t afford to set up and maintain the cash machines.
Adidas unveiled a robot factory. The German plant will use robots to make all its shoes, eventually taking business away from humans in Asia.
Our best wishes for a productive day. Please send any news, comments, functioning Indian ATMs, and sneaker-making robots to hi@qz.com. You can download our iPhone app or follow us on Twitter for updates throughout the day.