Trump goes to Saudi Arabia; Bollywood success in China; Colombia & Venezuela


What’s new… what’s next
 

By Patrick Gillespie and Julia Horowitz of CNNMoney

1. Dealmaker Trump will be busy in Saudi Arabia

Buckle up: The first stop on President Trump’s freshman overseas trip is Saudi Arabia. And it’s going to be busy. He’s due to attend three summits in two days and witness the signing of several deals worth billions of dollars. The deals will cut both ways to help both American firms and Saudi Arabia with investment the country urgently needs for its ambitious plan to break its oil addiction and diversify the economy by 2030.

2. This billionaire dropped $111M on a painting

Japanese billionaire Yusaku Maezawa has made a name for himself as a rock musician, an online fashion mogul and, most recently, a high-rolling art collector. The 41-year-old tech tycoon made waves in the art world this week when he dropped $110.5 million on a Jean-Michel Basquiat painting at Sotheby’s in New York on Thursday night. It’s the highest price ever paid at an auction for a work by an American artist. Want to look up the picture? It’s titled “Untitled.”

3. A Bollywood film is a blockbuster in China

The Guardians of the Galaxy are being beaten by a pair of female wrestlers. “Dangal,” a film based on a true story about a former wrestler who trains his daughters to follow in his footsteps, raked in nearly $80 million in China since it released May 5. That’s $15 million more than what “Guardians of the Galaxy Vol.2” sold in the People’s Republic. It’s on pace to be China’s most popular non-Hollywood film ever. 

4. A tale of two countries: Colombia and Venezuela

President Trump slapped sanctions on Venezuelan officials Thursday and right before he did that, he praised Colombia President Juan Manuel Santos at the White House. The tales of the two South American neighbors couldn’t be more different. Santos won the Nobel Peace Prize last year for ending a 50-year civil war. Venezuela President Nicolas Maduro is facing a mounting wave of criticism for the humanitarian crisis in his country and lack of democratic institutions. Their economies also couldn’t be further apart. 

5. Quick Takes:

A record 107 million Americans have car loan debt 

China makes a ‘flammable ice’ breakthrough in the South China Sea

London airport’s new control tower won’t have anyone inside

Elizabeth Warren spars with Treasury secretary over breaking up big banks

6. What’s next:

Wheels up: President Trump travels this weekend and next week to Saudi Arabia, then later to Israel, the Vatican in Rome and finally Sicily for the G7. It’s his first trip abroad as President.  

Uncertainty weighs on Mexico: The final look at Mexico’s first quarter GDP publishes Monday. It was sluggish by all accounts. Foreign investment is slowing down, which experts argue is a result of the uncertainty over upcoming NAFTA negotiations. 

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