Good morning, Quartz readers!
What to watch for today
The G7 summit starts in Japan… Leaders from the world’s largest industrialized democracies meet to discuss security threats and ways to kickstart the global economy. Japan favors a coordinated stimulus package, while Germany is pushing for structural reforms.
…While China and India meet on their own. Indian president Pranab Mukherjee will meet with Xi Jinping and other Chinese leaders to discuss boosting trade. China, meanwhile, is sweating over prospects of the G7’s criticism of its aggressive stance in the South China Sea.
French nuclear workers go on strike. A major union is leading national protests against the government’s proposed labor law reforms, and 19 nuclear power plants will be affected. Three-quarters of French electricity comes from nuclear power, but no blackouts are expected.
While you were sleeping
US regulators are probing Alibaba’s accounting practices. The company said it would provide information on its logistics network and sales on Singles Day, China’s blockbuster online shopping holiday. Shares plunged by nearly 7%—the biggest decline since Alibaba went public in 2014.
Hillary Clinton was criticized for sloppy email security. An investigation by a US government watchdog concluded that the former secretary of state did not seek permission to use a private email server. The report will add fuel to a controversy that has shadowed Clinton’s presidential campaign.
Exxon shareholders issued a split decision on climate change. The oil giant’s investors approved a rule change that could enable a climate expert to join its board, but struck down a measure requiring it to address the business risks of climate change. Exxon banned some news organizations from the meeting for their “lack of objectivity about climate change.”
Chevron invested up to $37 billion in a Kazakh oil field. A consortium that also includes Exxon and Lukoil will make one of the biggest commitments since the oil price slump began. The group has already spent $37 billion on what has become one of the world’s most expensive fields.
US states sued the White House over its transgender bathroom policy. Governors of 11 states argued that Barack Obama has turned schools and government offices “into laboratories for a massive social experiment” by requiring open access to bathrooms based on gender identity.
Quartz markets haiku
Crude back near fifty
Moscow, Riyadh, and Tehran
All breathe easier
Quartz obsession interlude
Josh Horwitz on Xiaomi’s drone conundrum. “If consumers flock to it for the low price it could finally popularize household drones. Xiaomi would earn some short term profits. But once again, Xiaomi will face a wave of hardware commoditization—more players will enter the market and offer competing drones at even lower prices.” Read more here.
Matters of debate
One-percenters have a new weapon to silence critics. Peter Thiel’s stealth legal battle against Gawker threatens the freedom of the press.
Hip-hop is an essential tool for dissent and free expression. So said Barack Obama in Vietnam.
Bonuses should go to burger flippers, not CEOs. Straightforward jobs are much easier to evaluate.
Surprising discoveries
One of life’s biggest mysteries may have a solution. We may owe our existence to the violent solar flares that warmed the young Earth.
More young Americans live with their parents than with their partners. It’s the highest percentage since the Great Depression.
Insect poop is turning the Taj Mahal green. Pollution is killing the fish that normally eat the defecating pests.
Your Zodiac sign is probably wrong. Constellations have drifted significantly over the last 2,000 years.
If you want your book to be a bestseller, make it yellow. Brightly colored covers pop for online shoppers.
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