Can China really squeeze North Korea; French election relief; Saudi Arabia reverses pay cuts

Profitable Moment   My Nigeria week: Day 1 I am in Lagos, Nigeria all this week. We are filming CNN's special report "Business Traveler" and presenting Quest Means Business from here on Thursday & Friday.    Nigeria is finally growing again after a recession that lasted 10 months. The country has a new economic policy that has been endorsed by the IMF.     The economic problems still run deep. The currency has devalued by up to 50%, causing huge problems for industry with a shortage of dollars (just this week, the central bank has eased some restrictions to make it easier for business). A government elected two years ago on a reform plan finds itself bogged down by all the usual issues. And, as long as the oil price remains under pressure, Nigeria's growth and reform will be stymied.    So all this week, Profitable Moment comes from this vibrant country as we discover the good, and not so.     Tomorrow, I will tell you about $43 million suddenly found in the walls of an apartment....and why it was placed there. -Richard.Quest@cnn.com  What's new... what's next   By Matt Egan, Patrick Gillespie, Julia Horowitz and Paul R. La Monica of CNNMoney 1. French election relief + US tax hope = rally Investors breathed a sigh of relief after the results of the first round of French presidential elections didn't lead to a nightmare scenario of two anti-EU candidates advancing. Polls show a big lead for centrist Emmanuel Macron when he faces off against Marine Le Pen on May 7. Moving across the pond, Wall Street rallied on the French election news and more hopes that President Trump's upcoming tax reform plan will boost consumer and corporate spending. 2. Russia is spending big on its military again Russia is back in the top ranks of military spenders. The country boosted its military spending to $69.2 billion in 2016, according to a new report. The 5.9% increase puts Russia behind only the US and China. And military spending made up 5.3% of its economy in 2016, the largest share of production since Russia became an independent state in 1991. 3. China squeezes North Korea. But not too hard Trump wants China to pressure North Korea over its nuclear weapons program. The real question is whether China is willing to play ball. It wields huge influence over North Korea's economy, accounting for more than 80% of its foreign trade. China is stopping imports of North Korean coal...but overall imports from North Korea are up 18% in the first three months of this year. The China-North Korea-US balancing act illustrates how trade and geopolitics are often bound together.  4. Saudi Arabia reverses pay cuts for workers Austerity is short-lived inside the world's biggest oil exporter. King Salman of Saudi Arabia has rolled back wage and benefit cuts imposed on public workers and top ministers. Those moves were launched in October to shore up the kingdom's finances. But they were unpopular as hundreds of thousands saw their bonuses and allowances slashed by as much as 40%. The royal decree cited a desire by the king to "provide comfort to Saudi citizens."  5. Quick Takes: Almost ready for takeoff: China's first jetliner clears final hurdle  Malaysia Airlines CEO is attempting 'greatest turnaround'  Panera Bread to hire 10,000 workers in the US, including delivery drivers  Wells Fargo scandal: Where was the board? Jimmy Choo is on sale...the company, not the shoes  6. What's next: Coke, McDonald's, DuPont, Caterpillar: The four Dow members are all on tap to hit the earnings stage on Tuesday morning. Look for comments from corporate leaders about the impact of Trump's tax and trade plans. Many other major companies are also expected to post results in the morning, including Baker Hughes, Eli Lilly, Lockheed Martin and Xerox. AT&T and Chipotle: The earnings avalanche continues after the closing bell as Chipotle updates Wall Street on its E. coli comeback efforts. Also look for results from AT&T, which should give fresh details on when its deal to acquire CNN owner Time Warner may get a green light from regulators. Wells Fargo board under fire: The embattled big bank is convening its annual shareholder meeting at 10 a.m. ET on Tuesday from Ponte Vedra Beach, Florida. Several prominent shareholder watchdog groups have urged Wells Fargo investors to reject many of the bank's board members over their handling of the fake account scandal. 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