Good morning, Quartz readers!
What to watch for today and over the weekend
Heads of state convene in China for the Silk Road Summit. President Xi Jinping will discuss Beijing’s poorly understood but undeniably ambitious “One Belt, One Road” infrastructure spending spree to connect Europe, the Middle East, Asia and Africa.
Saudi Arabia invests $40 billion in US infrastructure. A formal announcement is expected to coincide with US president Donald Trump’s upcoming visit to the kingdom, which is eager to improve US-Saudi relations and diversify away from oil.
While you were sleeping
Trump completely changed his story about James Comey’s firing. The president told NBC News that he independently decided to sack the FBI director, contradicting numerous White House officials and his own letter to Comey. Separately, the interim FBI director rejected the administration’s claim that Comey was not supported by rank-and-file agents.
Uber hit a major roadblock in Europe. Ahead of a ruling by the European Court of Justice, a senior legal advisor recommended that the company be classified as a transportation service, which would result in stricter regulations that would likely hamper Uber’s growth. The court typically follows its advisor’s recommendations.
Emirates airline profits plunged due to “destabilizing events.” The Dubai carrier’s annual earnings plummeted 82% to $340 million, the first decline in five years. Chairman Sheikh Ahmed bin Saeed al-Maktoum blamed terror attacks, the Brexit vote, and US travel restrictions.
Macy’s dismal earnings capped an ugly week for retail. The department store chain’s sales fell more than expected, dragging down its shares along with those of Nordstrom, Sears, Kohl’s, and JCPenney. The US retail sector has been hammered by declining mall traffic and merciless competition from online rivals.
Bombardier’s executive chairman stepped down, boosting shares 10%. Pierre Beaudoin, a member of the conglomerate’s founding family, relinquished managerial responsibilities after an outcry from institutional investors. In March, the company handed out generous raises to top executives after laying off thousands of workers.
Quartz obsession interlude
Dan Kopf on the economics errors in Trump’s interview with The Economist: “In the course of a wide-ranging interview that touched on trade, immigration, and tax reform, and health care, Trump made three particularly strange statements that bely his misunderstanding of economics.” Read more here.
Markets haiku
Brick-and-mortar sinks / No one wants to go shopping / But SNAP is on sale
Matters of debate
AI will rob companies of their best training tool. The apprenticeship model at firms like Deloitte won’t work if robots do the grunt work.
The rise of nationalism is alive and well. The populist frenzy in Europe and the US will soon arrive in the developing world—and maybe in Russia.
Corn is the crop that ate America. Due to increasing yields and profitability, it will soon make up 68% of the US grain harvest.
Surprising discoveries
The Nordic green energy boom is fighting a cold snap. Temperatures just hit a 70-year low, putting the pinch on hydropower production.
People with HIV are starting to live as long as people without it. Life expectancy for HIV-positive Americans and Europeans is only about four years lower than average.
Researchers just completed the first bird census from space. Improvements in satellite imagery made it possible to count endangered albatross.
Robert Mugabe isn’t sleeping through meetings as his critics allege. The 93-year-old president of Zimbabwe is protecting his eyes from “bright lights.”
India wanted to love Justin Bieber—but his lipsyncing got in the way. Fans said he didn’t even try to make his act believable.
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