Good morning, Quartz readers!
What to watch for today and over the weekend
Donald Trump holds a day of meetings with Xi Jinping. The Chinese president arrived at his US counterpart’s Mar-a-Lago resort on Thursday night. Both men need a big win: Trump to erase his healthcare debacle and Xi to look good ahead of a crucial party conclave.
The US releases its March jobs report. Economists are eager to see if the labor market can maintain its momentum, with an average of 236,500 monthly jobs added in 2017. Hourly earnings and the number of people looking for work will also be closely watched.
Saudi Arabia starts its $10 billion sukuk roadshow. The oil-rich country has hired Citigroup, HSBC, and JP Morgan to coordinate its sharia-compliant bond offering, and will start meeting with potential investors on Sunday. The Saudis are raising funds to diversify their finances and plug a budget hold caused by low oil prices.
While you were sleeping
Turkey said sarin was used in a Syrian chemical weapons attack. The banned nerve agent was found in autopsies of the scores of people killed in rebel-held northern Syria. Separately, Trump said that “something should happen” with respect to Syrian president Bashar al-Assad.
Unilever bid adieu to its butter substitutes. Margarine spreads are on the chopping block in the company’s restructuring, after an abortive takeover attempt from Kraft. The sale, which includes I Can’t Believe It’s Not Butter and Flora, is expected to fetch Unilever up to $8.5 billion.
Lyft capitalized on Uber’s recent woes. The second-largest US ride-hailing company, which has gained new riders due to its rival’s PR disasters, raised at least $500 million in new funding at a valuation of $7.5 billion. That’s well above its previous round’s valuation, but below the $9 billion price tag it reportedly sought in buyout talks last summer.
US Senate Republicans deployed “the nuclear option.” GOP lawmakers rewrote parliamentary rules to overcome a Democratic filibuster, which will enable them to confirm Supreme Court nominee Neil Gorsuch to a lifetime appointment. The change is seen as a symbol of increasing partisanship and rancor.
Devin Nunes recused himself from a congressional Russia investigation. The Trump ally and House Intelligence Committee chairman is being investigated by the House Ethics Committee for allegedly disclosing classified information. Texas Republican Mike Conaway will take over the probe into Russia’s possible involvement with Trump campaign.
Quartz obsession interlude
Marc Bain on a new breed of even-faster fashion: “British fashion retailers ASOS and Boohoo are able to conceive, design, produce, and have clothing ready for shoppers on the sales floor quicker than Zara and H&M … and the two millennial-focused, social-media savvy brands are enjoying the rewards.” Read more here.
Markets haiku
A Cohn-Warren team?
There could be stranger pairings
But not too many.
Matters of debate
Entrepreneurs love their companies like children—and not in a good way. Brain scans reveal a pervasive bias that discourages outside perspectives.
The world’s craving for chocolate and coffee is damaging Africa’s forests. Demand for the commodity crops is leading to more industrial plantations.
The Trump administration says it wants to split up big banks. But Wall Street is unconcerned.
Surprising discoveries
It’s now illegal in Russia to share pictures of Putin as a gay clown. The popular meme was placed on a list of “extremist materials”; violators could spend up to 15 days in prison.
Donald Trump thinks he’s had “one of the most successful 13 weeks in the history of the presidency.” He has only been president for 11 weeks.
The paleo diet included eating other humans. But a new study concludes that they weren’t a very good source of cannibal calories.
Gig economy startups have a list of forbidden words. Mentioning “employees,” “uniforms,” or “hiring” could lead to legal problems.
“Young poo” may fight old age. Research shows that older fish live longer when they’re fed microbes from the feces of young fish.
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