Good morning, Quartz readers!
What to watch for today
Toshiba’s Westinghouse unit could declare bankruptcy. The nuclear power company has struggled with cost overruns, badly damaging its Japanese parent firm. Toshiba’s future losses will be limited if Westinghouse files for bankruptcy, a move which is imminent according to Reuters.
Theresa May invokes Article 50. The British prime minister is expected to trigger the start of the two-year long process of negotiating the UK exit from the European Union, by citing an exit clause in the EU founding treaty.
Samsung launches a new smartphone. The Galaxy S8 will be the company’s first significant release since its flammable Galaxy Note debacle. One bad omen: A Samsung retail outlet in Singapore caught fire on Tuesday.
While you were sleeping
Tencent bought a big stake in Tesla. The Chinese internet giant bought 5% of Tesla’s shares for about $1.7 billion. The influx of cash comes at a good time for Tesla, as it prepares to ramp up production of its mass-market Model 3 sedan.
Amazon bought Souq.com for $800 million. The acquisition of the Dubai-based retailer is a sign that online shopping in the Middle East is growing fast. Amazon beat out Emaar Malls, which runs the world’s biggest shopping mall.
Trump rolled back Obama’s environmental regulations. The US president signed an executive order to dismantle rules that curb power plants’ greenhouse gas emissions. The regulations—currently being contested in court—would have prevented thousands of premature deaths a year.
The US admitted its likely role in a deadly Mosul bombing. “My initial assessment is that we probably had a role in these casualties,” the top US commander in Iraq said, referencing airstrikes that killed up to 200 civilians. Amnesty International said that Iraqi officials told Mosul residents not to leave the area.
Uber abandoned Denmark. The ride-hailing giant said it could not abide by new regulations that will require for-hire vehicles to have seat occupancy sensors and fare meters, among other measures. The exit marks the latest setback for the company in Europe, home to strong taxi lobbies and labor rules.
Quartz obsession interlude
Dan Kopf on the compelling evidence that robots are taking jobs and cutting wages: “A central question about robots is whether they replace human workers or augment them by boosting productivity. Acemoglu and Restrepo’s research is a powerful piece of evidence on the side of replacement.” Read more here.
Markets haiku
After rainy days /
Investors peek out the door,
They like what they see
Matters of debate
The FBI’s facial recognition database has gone too far. Nearly half of Americans are in the system, and its algorithms are deeply flawed.
Israel’s next war is inevitable. The country is taking deterrence too far with its constant bombing of Hezbollah.
Facebook is proof that originality is overrated. Its last five major products were copied from Snapchat, Apple, Twitch, Slack, and Snapchat once again.
Surprising discoveries
Richard Branson wants Kiwi farmers to raise weed, not cows. It would be more profitable and easier on the environment.
A Coca-Cola plant in Northern Ireland was shut down by feces. Police were called in after it clogged the plant’s machinery.
An Airbnb host illegally rented out her Trump Tower apartment. New York city slapped her with a $1,000 fine.
Three rivers are now legally people. One is in New Zealand and two are in India, where they will be treated as minors in court.
Amazon giveth as Barnes & Noble taketh away. For every bookstore that B&N closes this year, Amazon is opening a high-tech brick-and-mortar replacement.
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