Good morning, Quartz readers!
What to watch for today and over the weekend
G20 finance leaders meet in Germany. US treasury secretary Steven Mnuchin will meet his counterparts in Baden-Baden as they seek clarity about the Trump administration’s “America First” trade proposals. Germany is warning against trade barriers that would be “a lose-lose game for all of us.”
Donald Trump and Angela Merkel have a tête-à-tête. Two leaders with wildly divergent world views and temperaments will look for common ground when they meet at the White House. Merkel plans to offer a tutorial on trade.
Rex Tillerson visits South Korea and China. The US secretary of state continues his tour of the region, where tensions are high over North Korea’s missiles and US defenses. Tillerson, traveling with a sole US journalist from a right-leaning news outlet, will continue on to China on Saturday.
While you were sleeping
A letter bomb exploded at the International Monetary Fund. An employee in the IMF’s Paris office suffered burns to her face and arms after a booby-trapped letter exploded. One day earlier, a parcel containing explosives was mailed to the head of the German finance ministry in Berlin—an act claimed by a Greek terrorist group.
The Trump administration released a “hard power” budget. The White House proposed a big boost in defense spending, offset by major cuts in foreign aid and diplomacy. Other budget losers: mass transit, environmental regulations, climate change monitoring, arts and culture, scientific research, and education spending other than charter school grants.
Canada Goose gave investors a toasty warm feeling. The luxury winter jacket maker, known for its $900 parkas, posted a 27% increase on its first day of trading, for a market capitalization of about C$2.3 billion (US$1.7 billion).
Congress said Trump wasn’t wiretapped. The bipartisan leaders of the Senate Intelligence Committee said there were “no indications that Trump Tower was the subject of surveillance” by US intelligence agencies, before or after Election Day. Trump alleged that the Obama administration was spying on him in a series of early-morning tweets.
A teenage gunman wounded four people in France. The heavily armed 17-year-old opened fire at his high school, triggering a terrorism alert. He was allegedly “obsessed” with the notorious Columbine shooting in the US, which took place 18 years ago.
Quartz obsession interlude
Lily Kuo on a looming ecological disaster: “Egyptians have for centuries depended on the nutrient-rich soil of the Nile River Delta. Now, the Nile barely meets Egypt’s water needs, providing just 660 cubic meters per person, one of the lowest per capita water shares in the world.” Read more here.
Markets haiku
A turtle slowly
Extends its head. Will rates move
Just as cautiously?
Matters of debate
South Korea needs to do some soul-searching. The May 9 presidential election is about more than just cleaning house after a scandal.
Big Beer should be worried about marijuana. Brewers are expected to lose up to $2 billion annually as people pass on alcohol in favor of cannabis.
The Dutch election shows the slow motion implosion of the center-left. Disillusioned voters have tilted toward liberal candidates for decades.
Surprising discoveries
Park Geun-hye left behind nine dogs behind in South Korea’s presidential palace. An animal rights group has filed a complaint against her for abandoning her pets.
A US ally used a $3 million missile to destroy a $300 quadcopter. Using pricey Patriot missiles isn’t the best anti-drone strategy.
Norway’s crowdsourced currency design is stunning. Artist Terje Tønnessen turned the back of kroner into pixelated works of art.
The UK has an elaborate plan for Queen Elizabeth’s death. A carefully choreographed series of codewords and alerts will disseminate the news to the world.
Yoga pants and fleece jackets are polluting the sea. Microfiber clothing sheds plastic particles that end up in the ocean, where they’re just as harmful as microbeads.
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