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” (paywall).
Donald Trump and Angela Merkel have a tête-à-tête. Two leaders with divergent world views and temperaments will look for common ground when they meet at the White House. Germany’s chancellor plans to offer the US president a tutorial on trade.
Rex Tillerson visits South Korea and China. The US secretary of state, travelling with just one US journalist, continues his tour of the region, where tensions are high over North Korea’s missiles and US defenses—he said Friday that military action against North Korea was “an option.” A South China Sea sanctions bill introduced this week by Florida senator Marco Rubio won’t make the talks in Beijing any easier.
While you were sleeping
Britain’s intelligence agency denied wiretapping Donald Trump. GCHQ called White House press secretary Sean Spicer’s claim that it spied on Trump “utterly ridiculous.“ Spicer spent an excruciating 16 minutes defending the wiretapping claim at a press conference Thursday. Senate Intelligence Committee leaders also said there were “no indications that Trump Tower was the subject of surveillance” by US intelligence agencies.
Apple upped its commitment to China. It will establish two more R&D centers in Shanghai and Suzhou, on top of the two it’s building in Beijing and Shenzhen, as part of a $500 million investment in the country. Apple’s iPhone sales have been slowing in China, thanks to domestic competition. CEO Tim Cook is at an economic forum with senior government officials in Beijing this weekend.
Nintendo doubled down on Switch. The Japanese console maker said it would at least double production of its new console (paywall) in the next 12 months to 16 million units. Nintendo said the Switch sold more on its launch weekend than any other of its products. The company’s share price is up 9% since March 2, the day before the Switch launched.
Sinopec neared a deal with Chevron in South Africa. The Chinese oil and chemical giant could pay around $1 billion for Chevron’s South African assets, Reuters reports. The purchase would give China its first refinery in Africa.
Indonesian stocks hit a record high. Investors are betting the nation will soon get a credit rating upgrade from Standard & Poor’s, thanks to progress on fiscal reforms. That could help it lure $5 billion from Japan alone. Of the major ratings agencies, S&P is the only one still putting Indonesia’s sovereign debt one notch below investment grade.
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.
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
A US ally used a $3 million missile to destroy a $300 quadcopter. Using pricey Patriot missiles isn’t the best anti-drone strategy.
There are more than two jobs for every applicant in Tokyo. Japan’s job-to-applicant ratio is at a 25-year high thanks to a low birth rate and slowly recovering economy.
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 code words and alerts will disseminate the news to the world.
Singaporeans are becoming Uber drivers to skip the high cost of car ownership. They use weekly rentals, drive a bit for others to cover the cost, and then enjoy the wheels the rest of the time.
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