Good morning, Quartz readers!
What to watch for today
Donald Trump announces his decision on the Paris climate treaty. According to multiple reports, he’s decided to pull the US out of the landmark international deal, which seeks to limit greenhouse gas emissions. If so, the US will join Syria and Nicaragua as the only countries to reject the accord. Trump tweeted that he’ll reveal the verdict at 3pm ET. EU council president Donald Tusk tweeted back, imploring him to reconsider.
China makes friends in Europe. After meeting Angela Merkel in Berlin, premier Li Keqiang heads to Brussels to convince EU leaders that Beijing is serious about showing leadership on big issues like global trade and climate change. China wants the EU to recognize it as a market economy; the EU wants Beijing to level the playing field for foreign companies in China and stop selling its goods below cost.
Shareholders grill Facebook about fake news. Investors will vote on a proposal to demand that the company explains what steps it’s taking to mitigate the legal and reputational risk to its business.
Young Americans spell it out. The final of the 90th annual Scripps National Spelling Bee promises to deliver tension, tears, and words that adults can’t even spell. Watch out for those tricky German words, kids!
While you were sleeping
Uber lost $708 million—and its finance chief. Gautam Gupta left the ride-hailing giant as it booked a loss of $708 million in the first three months of the year, despite increasing revenue by nearly 10% to a whopping $3.4 billion. Got your CV up to date? Uber may need a new CFO with public-company experience as it mulls an IPO this year.
The US House Intelligence Committee send out its first subpoenas. Seven subpoenas were issued as the group ramps up its investigation (paywall) into Russian interference in the 2016 election, including to former national security adviser Michael Flynn and Trump’s personal lawyer Michael Cohen.
Finland is back! The Nordic country, often dubbed the “sick man of Europe,” celebrated rapid first-quarter growth—GDP expanded 1.2% from previous quarter. Tough labor reforms have made its companies more competitive, plus a surge in exports and consumer spending have helped the country turn a corner.
Barclays got out of Africa. The British bank put shares worth $2.8 billion up for sale, which will leave it with just a 15% stake in Barclays Africa Group, effectively ending its 90-year-history as a major player in African banking. CEO Jes Staley plans to use the money from the sale to bolster the bank’s capital cushion, and refocus it towards customers in the US and Britain.
China’s tough-but-vague cybersecurity law went into effect. The measure requires companies to store user information “and other important business data” within the country’s borders. Critics say the law’s lack of clarity makes it impossible for foreign firms to comply—and that may be the point.
Quartz obsession interlude
Corinne Purtill on the upside to suspecting that the world is ending. “Yes, there is a lot to worry about. There’s the threat of nuclear warfare and insecurity about climate change and the fact that the US nuclear defense system is based on islands threatened by rising sea levels… But when we start to think we have less time to live—whether that’s due to age, illness, or external threats—we make adjustments (often subconsciously) to the way we live now.” Read more here.
Matters of debate
China created its own insurgency headache. Repressing Uyghurs on its western frontier has created a self-fulfilling prophecy of terrorism.
Most Americans believe in climate change, but Trump doesn’t care. He can score points because most falsely think global warming won’t affect them personally.
The wealthy dodge taxes even more than you think. The top .01% evade about 30% of their obligations, versus 3% for the average Joe.
Surprising discoveries
A new book by JRR Tolkien is being published after 100 years. The “Lord of the Rings” author wrote the tale after returning from the Battle of the Somme.
Manuel Noriega’s pen pal was an American schoolgirl. The late Panamanian leader corresponded with 10-year-old Sarah York for several months after she wrote to ask for one of his hats.
Female CEOs actually earn more than their male counterparts. There’s a catch: they only make up 5% of all chief executives.
Some spiderwebs get stronger after catching an insect. They reinforce themselves with chemicals from the victim’s own shell.
Ethiopia shut down the country’s internet to beat exam cheats. Critics said the move was unnecessary and a violation of people’s digital rights.
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