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Quote of the Day

We are here and it is now. Further than that, all human knowledge is moonshine. - H. L. Mencken

Word of the Day

Cajole - to persuade with flattery or gentle urging especially in the face of reluctance : coax

In the news...

Angela Merkel holds forth in China.On a two-day trip German chancellor will meet with president Xi Jinping and others to discuss commerce and international affairs. Trade between the nations reached record highs last year, but German companies want fairer play and easier market access. Meanwhile both countries vowed today to stand by the Iran nuclear deal.

Russia begins its annual St. Petersburg International Economic Forum. Investors want to know what Vladimir Putin has to say about his country’s uncertain economic outlook amid shaky international relations and continuing sanctions. Other speakers include French president Emmanuel Macron and Japanese prime minister Shinzo Abe.

Recep Tayyip Erdoğan launches his election campaign. Turkey’s president will speak in Ankara to formally begin his run for reelection, but traders will be looking for reassurances on the lira (paywall). The currency is in crisis, having declined on all but three days this month.

Narendra Modi holds a summit with his Dutch counterpart. India’s prime minister will meet Mark Rutte to discuss economic cooperation, with the stalled free-trade agreement between his country and the European Union high on the agenda. Dutch expertise in water and waste management is of particular interest in New Delhi.

Uber posted a profit, sort of. After years of mounting losses the ride-hailing giant announced a first-quarter profit of $2.5 billion. But it would have been over $300 million in the red if not for two large deals in which it ceded to overseas competition: selling its business in Southeast Asia to Grab and finishing a merger of its Russia business with Yandex.

Apple has teamed up with VW to develop self-driving vehicles. The German automaker will turn some of its new T6 Transporter vans into autonomous shuttles for Apple employees, under a deal reported by the New York Times. It’s still unclear whether Apple’s end ambitions are to build and sell its own autonomous vehicles, or just the software inside.

The Federal Reserve may hike interest rates “soon.” Minutes from the central bank’s meeting earlier this month showed officials saying the economic outlook warranted a rate hike, signaling that they may modestly overshoot their 2% inflation target for a temporary period.