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A customer trying a Xiaomi MI phone. Photo: Zhang Peng/LightRocket via Getty Images

Xiaomi, the Chinese consumer electronics giant, disclosed a $1.1 billion (7 billion yuan) loss on revenue of $5.4 billion (34.4 billion yuan) for 2018 Q1 because of one-time accounting charges, according to a new regulatory filing obtained by The Wall Street Journal. Excluding those charges, it reported $265 million (1.7 billion yuan) in profit.

Why it matters: Xiaomi is slated for the biggest IPO ever later this year, expected to value the company at $70 billion. The company's ambitions to sell smartphones in the U.S. could also be hindered by growing legislative hostility to Chinese companies.

Go deeper

6 mins ago - Health

Popular independent COVID tracker officially ends daily updates

Illustration: Sarah Grillo/Axios

The COVID Tracking Project, a volunteer group of data analysts, researchers, and journalists brought together by The Atlantic, published its final daily update on Monday — the one-year anniversary of its founding.

Why it matters: The project quickly became a vital resource for news media, academic researchers, and everyday Americans to track COVID-19 cases, hospitalizations, and deaths in the absence of reliable and public data from the federal government.

Ben Geman, author of Generate
1 hour ago - Politics & Policy

Energy and climate move closer to center stage on Capitol Hill

Illustration: Rebecca Zisser/Axios

The imminent enactment of Democrats' $1.9 trillion COVID-19 relief package creates space for lawmakers and the White House to craft infrastructure plans with big climate and energy-related provisions.

Why it matters: President Biden, during the campaign, vowed to make low-carbon energy, climate-resilient infrastructure and transportation projects a big focus of an economic recovery package. And the Texas power crisis could give fresh momentum to investments in grid modernization.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

The European Central Bank and the market's moment of truth

ECB president Christine Lagarde; Photo: Chip Somodevilla/Getty Images

The biggest event for markets this week will be Thursday's meeting of the European Central Bank's governing council and the press conference following it from ECB president Christine Lagarde.

Why it matters: With interest rates jumping around the globe, investors are looking to central bank heads to see if they will follow the lead of Fed chair Jerome Powell, who says rising rates are nothing to worry about, or Bank of Japan governor Haruhiko Kuroda, who has drawn a line in the sand on rates.