Financial Markets and Economy
Oil Prices Pressured Lower by Supply Concerns (The Wall Street Journal)
Oil prices closed lower on Tuesday, weighed down by concerns over increasing global supply.
Banned at sea: Venezuela's crude-stained oil tankers (Reuters)
In the scorching heat of the Caribbean Sea, workers in scuba suits scrub crude oil by hand from the hull of the Caspian Galaxy, a tanker so filthy it can't set sail in international waters.
Profits Stashed in the Caribbean Are Messing With U.S. Economic Data (Bloomberg)
Companies shifting their profits to the Netherlands or Turks and Caicos probably have taxes in mind. But the consequences are felt well beyond the Internal Revenue Service ledger: growth and productivity also lose some upside.
A Le Pen-Mélenchon Runoff: Investors’ Nightmare Scenario in France (The Wall Street Journal)
With the start of the French election just days away, investors are contemplating their nightmare scenario: a choice between far-left and far-right candidates.
China gathers state-led consortium for Aramco IPO – sources (Reuters)
China is creating a consortium, including state-owned oil giants and banks and its sovereign wealth fund, that will act as a cornerstone investor in the initial public offering of Saudi Aramco, people with knowledge of the discussions told Reuters.
Markets Start to Ponder the $13 Trillion Gorilla in the Room (Bloomberg)
After heading into the uncharted territory of quantitative easing, the world’s central banks are starting to plan their course through the uncharted waters of quantitative tightening.
China sees higher risk of mass unemployment, pledges more support (Reuters)
China's cabinet said on Wednesday that risks of mass unemployment in some regions and sectors have increased and pledged more fiscal and monetary- policy support to address the potential rise in the jobless rate.
Barkindo says OPEC, non-OPEC committed to restore market stability (Reuters)
OPEC Secretary-General Mohammad Barkindo said on Wednesday that all oil producers taking part in a supply-cut pact are committed to bringing global inventories down to the industry's five year average and restoring stability to the market.
Homebuilders Could Be Losers in Early Test of Trump Trade Policy (Bloomberg)
A long-simmering trade dispute between the U.S. and Canada over lumber is heating up, increasing the cost of building houses and causing American businesses to hunt for supplies in other countries.
Retirement savings are in crisis, but state-run plans not the answer (The Hill)
We can all agree that more Americans need to commence saving or increase their savings for retirement. According to the National Retirement Risk Index (NRRI), over half of the country’s households are “at risk” of not having enough to maintain their living standards in retirement.
Young White America Is Haunted by a Crisis of Despair (Bloomberg)
Ryan Johnson was 22 when he succumbed to a heroin addiction that had intensified as the Erie, Pennsylvania, high school graduate grew disillusioned with his future. His mother found him in his room with his head slumped and lips blue.
Robots Are Slashing U.S. Wages and Worsening Pay Inequality (Bloomberg)
Robots have long been maligned for job-snatching. Now you can add depressing wages and promoting inequality to your list of automation-related grievances.
Companies
Theranos Agrees Not to Operate Blood Lab for Two Years (The Wall Street Journal)
Theranos Inc. and its founder pledged to stay out of the blood-testing business for at least two years in exchange for reduced penalties from federal health authorities, in an agreement that resolves a year-long regulatory impasse.
Qualcomm Earnings: What to Watch (The Wall Street Journal)
Qualcomm Inc. is scheduled to announce second-quarter earnings after the market closes Wednesday. Here’s what to look for:
EARNINGS FORECAST: For Qualcomm’s fiscal quarter that ended in March, analysts expect the smartphone chip leader to report earnings per share of $1.19 on an adjusted basis that omits items including stock-based compensation, according to a survey by FactSet, up 14.4% from the year-earlier quarter.
Citi Sees Oil Surging $10 as OPEC Combats Roaring U.S. Shale (Bloomberg)
Citigroup Inc. joined Goldman Sachs Group Inc. in backing commodities, saying it’s the season to have faith in raw materials and oil will probably rally to the mid-$60s by the end of the year.
Akzo Nobel Boosts Payouts, Starts Clock on Chemical Unit Separation (The Wall Street Journal)
Paint and chemicals giant Akzo Nobel NV on Wednesday boosted dividend payouts to shareholders and set a timeline for the separation of its specialty-chemicals division, the latest in the Dutch firm’s efforts to fend off a $24 billion takeover approach from U.S. rival PPG Industries Inc.
Post Buying Weetabix in $1.76 Billion Deal (The Wall Street Journal)
Post Holdings Inc. agreed Tuesday to acquire Weetabix Food Co., maker of the iconic U.K. breakfast brand, for £1.4 billion ($1.76 billion), a move that allows the U.S. cereal maker to expand in the U.K. and other international markets as it targets a broader customer base.
Ferrari Roars Back in China as Rich Snub Xi's Austerity Push (Bloomberg)
Four years after China’s President Xi Jinping started cracking down on corruption and conspicuous consumption, the most extravagant fast cars are making a comeback.
Technology
Toyota is testing a hydrogen fuel-cell powered semi (Engadget)
Toyota built a larger sibling for the hydrogen fuel cell powered Mirai, a semi truck. The automaker is testing a water-expelling big rig at the Port of Los Angeles that it hopes will yield data that will help build a fleet of zero-emission trucks.
The Life of an Apple Supplier Is Getting Even Tougher (Bloomberg)
Imagination Technologies Group Plc discovered how fickle life can be as an Apple Inc. supplier when it was ditched this month by the iPhone maker.
How to Top the iPhone? For Foxconn, It’s With TVs (The Wall Street Journal)
In a corner of a Foxconn Technology Group warehouse in this southern Chinese city, the secretive maker of iPhones is looking beyond Apple Inc. to its own future.
Like many big technology companies, Chinese giant Baidu has been working on self-driving cars for a few years now, even investing with Ford in LIDAR sensor company Velodyne.
Insurance Customers Will Have to Get Used to Talking to Machines (Bloomberg)
Frustrated with automated answering machines before you finally get to speak with a customer service representative? When it comes to insurance, you’ll probably end up dealing with a robot rather than a human within three years, according to a survey by Accenture Plc.
Facebook Gives Staff Green Light to Join May 1 Political Protests (Bloomberg)
Facebook Inc. said it won’t punish employees who take time off to join pro-immigrant protests on May 1. And, in a nod to security staff, janitors, shuttle-bus drivers and others who work for Facebook contractors on campus, the company also said it will investigate if any of its vendors illegally crack down on their employees’ protest rights.
Politics
Trump orders review of visa program to encourage hiring Americans (Reuters)
President Donald Trump on Tuesday ordered a review of the U.S. visa program for bringing high-skilled foreign workers into the country, putting technology firms and the outsourcing companies that serve them on notice that possible changes may be ahead.
Blackwater Founder Said to Have Advised Trump Team (Bloomberg)
In the very public, post-election parade of dignitaries, confidantes and job-seekers filing in and out of Donald Trump’s marquee Manhattan tower, Blackwater founder Erik Prince was largely out of sight.
GOP Targets Trillion-Dollar Tax Break for Democratic States (Bloomberg)
Conservative activists and House Republican leaders want to eliminate a trillion-dollar tax break that mostly benefits wealthy filers in Democratic states, a push that could further imperil President Donald Trump’s hopes of winning bipartisan support for a tax overhaul.
Opponents seek to annul Turkish vote as Erdogan's new powers become reality (Reuters)
Turkey's main opposition began a battle on Tuesday to annul a referendum handing President Tayyip Erdogan sweeping new powers, while the bar association and an international monitor said an illegal move by electoral authorities may have swung the vote.
As Trump warned North Korea, his 'armada' was headed toward Australia (Reuters)
When U.S. President Donald Trump boasted early last week that he had sent an "armada" as a warning to North Korea, the aircraft carrier strike group he spoke of was still far from the Korean peninsula, and headed in the opposite direction.
Venezuelan opposition to hold 'mother of all marches' against Maduro (Reuters)
Venezuela's opposition says it will stage the "mother of all marches" on Wednesday, accusing President Nicolas Maduro of resorting to dictatorial measures to quash popular outrage over a deepening economic crisis.
Runoff likely in much-watched Georgia congressional race (Reuters)
A novice Democratic candidate weathered attacks from President Donald Trump and finished well ahead of his Republican rivals in a much-watched Georgia congressional race on Tuesday, but appeared to fall short of the majority he needed to win outright.
U.S. Carl Vinson Carrier Wasn’t on Way to North Korea (The Wall Street Journal)
The Navy confirmed Tuesday that it didn’t send one of its aircraft carriers directly toward North Korea amid growing tensions with Pyongyang, despite representations by President Donald Trump and his top defense advisers that it was on its way.
Ryan's Best Hope to Avoid a Shutdown: Making Friends With Pelosi (Bloomberg)
There may be only one way for Speaker Paul Ryan to avoid a government shutdown: Ask his Democratic counterpart, Nancy Pelosi, for help.
U.S. says Iran complies with nuke deal but orders review on lifting sanctions (Reuters)
The Trump administration said on Tuesday it was launching an inter-agency review of whether the lifting of sanctions against Iran was in the United States' national security interests, while acknowledging that Tehran was complying with a deal to rein in its nuclear program.
With Help from France’s Elite, Le Pen Tries to Steer Far-Right Party Into Mainstream (The Wall Street Journal)
For more than a year, French presidential candidate Marine Le Pen, representing the once-ostracized National Front, met with influential bankers, corporate executives and government officials to get advice on the radical changes vowed by her campaign. Now the group is helping plan what she hopes will be her first 100 days in office.
Pence says working with allies to put pressure on North Korea (Reuters)
U.S. Vice President Mike Pence said on Wednesday that Washington would work with its allies and China to put economic and diplomatic pressure on North Korea but added that America would defeat any attack with an "overwhelming response".
British PM May calls for early election to strengthen Brexit hand (Reuters)
British Prime Minister Theresa May called on Tuesday for an early election on June 8, saying she needed to strengthen her hand in divorce talks with the European Union by bolstering support for her Brexit plan.
Pence Reaffirms U.S.-Japan Alliance Amid North Korea Provocations (The Wall Street Journal)
Vice President Mike Pence on Tuesday mixed tough words on North Korea with a gentle touch on trade, refraining from pressing Japan for economic concessions at a time of regional tension.
China approved three Ivanka trademarks on same day she met with Xi: report (The Hill)
Three new Ivanka Trump-brand trademarks were approved in China on the same day she and husband Jared Kushner sat next to Chinese President Xi Jinping and wife Peng Liyuan earlier this month at a Mar-a-Lago state dinner, The Associated Press reported early Tuesday.
Trump appointee Gorsuch energetic in first U.S. high court arguments (Reuters)
President Donald Trump's appointee Neil Gorsuch on Monday showed himself to be a frequent and energetic questioner during U.S. Supreme Court arguments in his first day hearing cases as a justice, at one point even apologizing for talking too much.
Health and Biotech
Psychedelic drugs push the brain to a state never seen before (New Scientist)
Measuring neuron activity has revealed that psychedelic drugs really do alter the state of the brain, creating a different kind of consciousness.
Life on the Home Planet
In Afghanistan, Battle With ISIS Grinds On After ‘Mother of All Bombs’ (The Wall Street Journal)
Near the blast site of the “Mother of All Bombs,” U.S. and Afghan forces are trying to dislodge Islamic State from a mountain stronghold where the militant group recently established a new front.
France arrests men suspected of planning attack ahead of elections (Reuters)
Two men arrested in Marseille on Tuesday planned an "imminent and violent attack" ahead of the first round of France's presidential election on Sunday, authorities said.
Arkansas Supreme Court Halts Two Executions Set for Monday Night (The Wall Street Journal)
The top court in Arkansas halted the executions of two inmates scheduled for Monday night, fraying plans by Gov. Asa Hutchinson to put to death six men before the state’s lethal-injection drugs expire at the end of the month.
The cult of ignorance in the United States: Anti-intellectualism and the "dumbing down" of America (Signs Of The Times)
There is a growing and disturbing trend of anti-intellectual elitism in American culture. It's the dismissal of science, the arts, and humanities and their replacement by entertainment, self-righteousness, ignorance, and deliberate gullibility.
U.S. states considering alternative execution methods face legal hurdles (Reuters)
States with the death penalty that are running short of the drugs needed to carry out lethal injections will face legal challenges if they take up other methods of execution such as toxic gas or firing squads, defense lawyers said.
Fox Is Preparing to Cut Ties With Bill O’Reilly (The Wall Street Journal)
Fox News is preparing to cut ties with star anchor Bill O’Reilly, according to people close to the situation, after revelations that he and Fox parent 21st Century Fox settled multiple sexual harassment complaints led to an exodus of advertisers from his show and mounting pressure on the network.
