Good morning, Quartz readers!
What to watch for today
South Korea picks a new president. In the wake of Park Geun-hye’s impeachment, voters are most concerned about corruption and the economy. The frontrunner, Moon Jae-in, is the child of North Korean refugees, and a liberal who favors dialogue with their northern neighbor. Polls close at 8pm local time.
Amazon debuts its latest Echo virtual assistant. The new version of the voice-controlled speaker—a category Amazon dominates—will have a 7-inch touchscreen and could be unveiled today (paywall), according to the Wall Street Journal. It will reportedly allow for video calls and respond to questions with visual search results.
Walt Disney updates investors about its troubled TV business. Shareholders want to know if the media giant has found a way to slow subscriber declines at ESPN, and how low-price “slim” internet TV bundles are performing. Other companies reporting earnings include News Corp and SeaWorld.
While you were sleeping
Germany’s trade juggernaut broke its own record. The world can’t get enough of those quality German wares, boosting Europe’s most powerful economy to its best month ever (paywall) for both imports and exports. It exported €118 billion ($128 billion) worth of goods—up 10% year on year—and imported €92 billion worth, thanks to robust domestic consumption.
China’s Alipay hooked up with US payments processor First Data. Hot on the heels of Tencent, which just partnered with Citcon to let Chinese tourists use WeChat to pay in the US, Alipay users will soon be able to shop at 4 million US merchants. The deal puts Alipay in the same league as Apple Pay in terms of acceptance.
Wells Fargo looked into selling its insurance brokerage unit. Wells Fargo Insurance Services could fetch $2 billion, making it the largest divestiture on record for the US bank, which sees a strong appetite for insurance brokerages among private equity firms, according to Bloomberg. The largest retail bank in the US by branches, Wells Fargo is looking to cut costs and offload some businesses.
Elliott went to court to oust the Akzo Nobel CEO. The activist investor wants to force Antony Burgmans out of the company—which owns Dulux paints—after Burgmans stubbornly refused three unsolicited takeover bids from US rival PPG industries. Elliott said Akzo’s refusal to engage with PPG is “arrogant” and a “flagrant breach” of its fiduciary duties. Expect paint throwing next?
Jakarta’s Christian governor was jailed for blaspheming Islam. The trial of Basuki Tjahaja Purnama was a barometer for religious tolerance in Indonesia, the world’s largest Muslim-majority nation. Imprisoning Purnama could dampen investor enthusiasm for Indonesia and deal a blow to the government as it tries to contain radicalism.
Quartz obsession interlude
Alison Griswold on the demise of a startup that dreamed of a better office lunch. “By overseeing everything from menu design to ingredient supply chains, co-founder and CEO Caleb Merkl believed Maple could create an ‘incredible’ dining experience that was also a sustainable business. The company raised $4 million in seed funding in late 2014. Backing from David Chang, the celebrity chef behind Momofuku, made it an instant food-tech darling, and Maple secured another $26 million early the next year.” Read more here.
Matters of debate
Russia’s meddling in the French election has backfired. It’s turned a level-headed politician with a relatively conciliatory outlook into a new president with a grudge.
Data, not oil, is the world’s most valuable resource. That means a new regulatory approach (paywall) is needed for Alphabet, Amazon, Apple, Facebook, and Microsoft.
The global donut craze must be stopped. Exhibit A: The spaghetti donut.
Surprising discoveries
Venice is banning new fast-food shops. Kebabs and pizza-by-the-slice are out; gelato is spared.
No one wants to have sex on Monday. Instacart data proves it’s the least amorous day of the week.
China’s seniors are lining up to go back to college. Some 7 million of them are currently enrolled in courses on everything from English to yoga to smartphone use.
Shell-attached robots can control turtles with snacks. The reptiles could be used for exploration or surveillance.
Penguins are flourishing in a Falkland Islands minefield. But the Magellanic penguins may lose their home due to an anti-mine treaty.
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