Good morning, Quartz readers!
What to watch for today
G7 leaders meet in Japan. Leaders from the world’s largest industrialized democracies will discuss security threats and ways to kickstart the global economy—Japan favors a coordinated stimulus package, while Germany is pushing for structural reforms.
French nuclear workers go on strike. Their union is leading national protests against the government’s proposed labor-law reforms, and all 19 nuclear power plants will be affected. It is the eighth day of strikes (link in French), with a blockade of fuel refineries meaning that a fifth of France’s gas stations have run out and the government has had to tap its strategic reserves.
Astronauts inflate a new kind of room at the International Space Station. They will study how the Bigelow Expandable Activity Module stands up to the rigors of space over the next few years; bigger versions could follow. NASA will provide a video stream of the event starting at 10:30am London time.
While you were sleeping
Oil went above $50 a barrel for the first time this year. The recovery has been spurred by supply disruptions in the wake of the Canadian wildfires and increased global demand. Recent OPEC talks about freezing oil production also contributed to the price jump.
The Pentagon suggested China will send nuclear subs to the Pacific Ocean. A report said Beijing feels undermined by new US defence systems and is planning to deploy its first nuclear-armed submarines in the region “sometime in 2016.” Tensions are high since two Chinese fighter jets flew dangerously close to a US spy plane in the South China Sea last week.
US Foods notched the second-biggest US IPO of 2016. The food distributor raised just over $1 billion. It became only the third private equity-backed IPO to have raised more than $1 billion since the start of 2015.
Thailand closed down three more islands. The government is banning all tourism on Koh Khai Nok, Koh Khai Nui, and Koh Khai Nai near the tourist mecca of Phuket to try to save the beaches and endangered coral reefs. It closed Koh Tachai island indefinitely a few weeks ago.
New Zealand anticipated budget surpluses for the next four years. Robust migration, construction activity, and tourism are helping the economy, even as it faces heightened external risks, including China’s slowdown. The nation expects to post a NZ$668 million ($641 million) surplus in the year to June 2016.
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 (paywall).
Surprising discoveries
“The world is going to have to continue using fossil fuels, whether they like it or not.” So says ExxonMobil’s CEO.
Muslim students must shake hands with their female teachers in Switzerland. Refusing to shake hands at the start and end of lessons can result in a $5,000 fine.
More young Americans live with their parents than with their partners. It’s the highest percentage since the Great Depression.
Your zodiac sign is probably wrong. Constellations have drifted significantly over the past 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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