Good morning, Quartz readers!
WHAT TO WATCH FOR TODAY
A US ban on carry-on laptops for Europe-US flights. The security restrictions currently in place for several Middle East carriers will be expanded to include European flights, according to the Daily Beast. The Department of Homeland Security is expected to make an official announcement today.
The US briefs the G7 on Donald Trump’s tax plan. Treasury secretary Steven Mnuchin will also discuss the administration’s plansfor infrastructure spending and financial regulatory reform when he meets with his counterparts in Bari, Italy.
The Bank of England unveils its quarterly economic outlook.The pound soared in anticipation of an interest rate hike, but some experts believe that the bank will merely “prepare the ground” for future rises.
WHILE YOU WERE SLEEPING
A draft of the Labour party’s election manifesto leaked. In what the Financial Times describes (paywall) as its “most leftwing platform since 1983,” the party’s proposal reportedly calls for the nationalization of the UK’s railway and mail system, the abolishment of university tuition fees, and an extra £7.6 billion ($9.8 billion) spent annually on the National Health Service and social welfare. Party members are expected to approve the document today.
James Comey sent his colleagues a farewell letter. “I have long believed that a President can fire an FBI Director for any reason, or for no reason at all. I’m not going to spend time on the decision or the way it was executed,” wrote the former FBI director, in a noteobtained by CNN. Before getting the boot on May 9, Comey reportedly requested “a significant increase in resources” as he continued his probe of the Kremlin’s involvement in the 2016 US election.
Snap’s first-ever quarterly results were dismal. Snapchat’s parent posted $150 million in revenue and an unexpected $2.2 billion loss in its first earnings report as a public company. Amid concerns of slowing user growth, shares plummeted by more than 20% in after-hours trading.
Boeing grounded its new 737 Max jetliner. Days before the fastest-selling jetliner in Boeing’s history was due to be delivered to airlines, a supplier found an issue with the plane’s turbines. The company said it still expects to make the first delivery of the 737 Max this month, but the news sent shares down by 2.1%.
Whole Foods shook up its board. Facing pressure from activist hedge fund Jana Partners, co-founder and CEO John Mackey appointed a new chairwoman and CFO to the company and replaced five of its board members. The change-up comes after the grocer posted dismal earnings, in which same-store sales declined for seven quarters in a row.
QUARTZ OBSESSION INTERLUDE
Michael Coren on the math behind Elon Musk’s moonshots:“Whether it’s reaching Mars or boring tunnels through the earth, the CEO of Tesla and SpaceX loves to talk about basic math. On investor calls and press conferences, Musk often muses on the addition, subtraction, and multiplication of what he’s trying to do.”Read more here.
MATTERS OF DEBATE
The next financial crisis needs a playbook. Bill Gates, Jeff Bezos, and Michael Bloomberg are giving 0.004% of their net worthto write one.
Fighting climate change means cutting back on steak. Former US president Barack Obama has some ideas about reshaping agriculture.
Automation isn’t killing enough jobs. Sectors like health care aretoo resistant to robots (paywall).
MESSAGE FROM OUR PARTNER
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Southern Comfort is getting a remake that adds whiskey. That may surprise many drinkers who thought it was already there.
Scientists have found a familiar new species of dinosaur. The ankylosaur bears an an uncanny resemblance to the demigod Zuul from Ghostbusters.
One of Jupiter’s moons has huge waves—but you wouldn’t want to surf them. They consist of molten lava.
Cigarette companies are getting more profitable as people smoke less. Smokers are paying way more to feed their addictions.
Norway is building a self-driving ship. The battery-powered vessel is expected to replace 40,000 annual cargo trips currently completed by truck.
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