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France’s presidential election result came as a relief for millions of French voters, European politicians, global investors and interested onlookers outside France. The 39-year-old centrist Emmanuel Macron vowed to heal France’s rifts after a bruising campaign, but said little about his likely choice of prime minister. Loser Marine Le Pen may face a battle to keep control of her National Front party, though she has no obvious successors. Check out our full coverage, including results and maps. — Andy Reinhardt
Doubling down on oil cuts. Saudi Arabia and Russia could extend production cuts into 2018, prolonging an effort to eliminate a supply surplus just as its impact on prices seems to be waning. The world’s two largest crude producers said they may continue their output reductions for longer than previously expected.
There’s more evidence that the U.K. property market is cooling. House prices fell for the first quarter since 2012, according to lender Halifax, meaning almost every U.K. property indicator is now pointing to a housing slowdown. Huge gains in house prices in recent years—at a time of weak wage growth—have pushed home ownership out of reach for many, which Halifax says has curbed demand. A separate report from HomeLet found that London rents declined last month for the first time since 2009.
Sweden’s tax policy produces an economic miracle. Sweden’s finance minister’s recipe for success includes high taxes, strong unions and wealth distribution. It’s the polar opposite of the policy being developed across the Atlantic by Donald Trump, but Sweden is bullish: growth rates topped 4 percent early last year, and budget deficits have turned into surpluses.
Going underground. Israeli soldiers are using virtual reality headsets made by Oculus (owned by Facebook) and Vive (owned by HTC) to prepare for combat in the claustrophobic tunnels dug by Hamas that crisscross the border with Gaza. Commanders estimate the technology will cut training time in half and better prepare soldiers for the tunnel threat.
Even Warren Buffett has regrets. In a sobering moment during the annual bash for Berkshire Hathaway shareholders, the billionaire investor spoke at length about his failure to pounce on opportunities in tech stocks, the challenge of lining up large deals and his frustration with a cash pile approaching $100 billion. Buffet also talked about the day after he dies, why plumbers are better values than hedge funds and how he thinks airlines will fare.
Out of control. Doughnuts, you have gone too far. Not long ago, we were among your biggest champions. We cheered when you evolved into the scrumptious, flakey cronut. But now, you’ve overreached. You are on a global rampage, and you must be stopped.
Compiled by Andy Reinhardt and Leila Taha