Good morning, Quartz readers!
What to watch for today
Snap releases its first quarterly earnings. Analysts expect the company to post a loss of $0.21 per share on $146.42 million in revenue, and investors will be looking to see if Facebook’s copycat features are eating into the company’s business.
Rodrigo Duterte goes on a roadtrip. The controversial Philippines president will make three stops: the World Economic Forum on ASEAN in Cambodia, a meeting with the Filipino diaspora in Hong Kong, and the Belt and Road Forum in Beijing—China’s attempt at reviving the silk road trading route to link Asian markets with Europe.
Walmart settles a massive bribery case. The retailer is reportedly preparing to pay a fine of about $300 million to resolve a US investigation into bribes paid by employees in Mexico, China and India. Walmart has reportedly spent about $837 million in legal fees since the New York Times broke news of the scandal in 2012.
While you were sleeping
Moon Jae-in was elected president of South Korea. The 64-year-old former human rights lawyer succeeds the impeached Park Geun-hye and ends a decade of conservative rule. Moon is expected to take a more conciliatory stance toward North Korea and push back against a controversial US anti-missile program.
China vowed to protect the Paris agreement. President Xi Jinping told incoming French president Emmanuel Macron that he would defend the climate change treaty in the face of a possible US pull-out. Signatories are meeting in Germany this week to discuss technical details of implementing the agreement.
A tunnel filled with nuclear waste collapsed in Washington state. The US department of energy declared an emergency after a tunnel collapsed at the Hanford Nuclear Reservation, home to 53 million gallons (200 million liters) of radioactive waste. Officials said no workers were exposed or airborne emissions detected, but robots were deployed to take more air samples.
The US will arm a Kurdish militia in Syria over Turkey’s objections. The Trump administration said it will provide training and equipment to the YPG, which Turkey says has links to the outlawed Kurdistan Workers’ Party. The YPG has become a prominent US ally in the battle to reclaim Raqqa from the Islamic State.
Germany detained another soldier for planning a false-flag attack. Police have now arrested three Germans for allegedly plotting to pose as asylum seekers and attack a high-profile target. The case has sparked a scandal over right-wing radicalism within the country’s military.
Quartz obsession interlude
Allison Schrager on stock market’s ominous calm: “I recently asked a few traders if they believed lower volatility reflected less risk in the markets. They laughed nervously and said, in essence, ‘a correction is coming and it will be ugly.’” Read more here.
Markets haiku
Can’t get to Europe? / Don’t worry. Your money is/ going in your place.
Matters of debate
Energy consumption has been transformed by the humble light bulb. Efficient LED bulbs have dramatically reduced electricity consumption.
US home ownership is driving income inequality…The tax system gives vast, hidden benefits to the rich.
….While Modi’s home ownership program is poised to drive economic growth. The government’s plans could unleash $1.3 trillion in investment.
Surprising discoveries
Gas stations are using AIs to set prices. The algorithms tend to raise prices at competing busineses.
North Korea’s only private university is still hiring foreigners. The Kim regime has detained a number of its teachers.
Your sea salt is almost certainly contaminated with plastic. It’s “a testament to humanity’s filthy habits.”
Monday is the least sexy day of the week. Shopping data show that’s when condom orders shrink the most.
An Irish beach that vanished 33 years ago re-appeared overnight. The sand on Achill Island was restored by a “freakish” riptide.
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