Quartz Daily Brief—Americas edition—New York’s new mayor, Twitter sets IPO price, Apple’s “warrant canary,” Somali pirates’ paltry booty

November 6, 2013
November 6, 2013

What to watch for today

Nuclear talks with Iran. Negotiations between Iran and six world powers begin in Geneva, but Iranian lead negotiator Abbas Araqchi is already lowering expectations.

Twitter names its price. Twitter is expected to set the final price per share for its public offering ahead of Thursday’s stock market debut after raising its range to $23-$25, which would make it the second-largest offering ever by an internet company.

The Supreme Court takes on public prayer. The court will hear arguments about prayer at government meetings; two women in 2008 sued to stop the practice before town board gatherings in Greece, New York.

BAE job cuts. Britain’s largest defense contractor is set to announce shipbuilding will come to an end in Portsmouth, meaning the loss of over 1,000 jobs in England and Scotland.

While you were sleeping

Apple’s “warrant canary.” Tech companies aren’t allowed to say when they’ve received government surveillance orders, so Apple is trying out a novel legal maneuver to let people know when it’s being forced to comply.

Israel’s former foreign minister was cleared. A Jerusalem court unanimously acquitted Avigdor Lieberman, a right-wing powerbroker and ally of prime minister Benjamin Netanyahu, on charges of fraud and breach of trust. He will now return to his post.

A bombing in China. Several explosions in front of a Communist Party building in the northern province of Shanxi killed one person and wounded eight, adding to China’s long list of terrorist attacks.

Econ data dump. Euro zone PMI slipped to 51.9, European September retail sales fell more than expected, UK industrial output beat forecasts, UK house prices skyrocketed, and Italy service sector growth slowed.

Samsung lifted the veil. The smartphone maker held its first strategy briefing for analysts in eight years, announcing plans to increase spending on acquisitions and double its dividend.

Shuanghui’s IPO plans. The Chinese company that bought the American pork producer Smithfield Foods will aim to raise as much as $6 billion in Hong Kong.

Bill de Blasio was elected New York City mayor in a landslide, becoming the first Democrat to hold the post in 20 years by promising to curtail the city’s stop-and-frisk policies and address concerns about income inequality. In other US elections, Democrat Terry McAuliffe is the new governor of Virginia, and New Jersey’s Republican Governor Chris Christie cruised to re-election.

Quartz obsession interlude

Todd Woody on why even California can’t stop catastrophic climate change. “The good news is that under all the scenarios California easily meets its 2020 goal of cutting carbon emissions to 1990 levels. But even under the most optimistic scenario, the state will still be emitting 208 MtCO2 in 2050, or 145% above the emissions cap necessary to avoid climate Armageddon.” Read more here.

Matters of debate

Quantitative easing is a zero-sum game. Toyota’s soaring quarterly profits today show that loose monetary policies merely capture demand (paywall) that would otherwise be met elsewhere, says Pimco CEO Mohamed El-Erian.

Bitcoin is broken. Groups of colluding “miners” can destroy what’s supposed to be a decentralized system.

Extended maternity leave is wasteful. Moms who take more than six months off produce no additional benefits for the economy—or their children.

The US is guilty of hypocrisy. It venerates Malala Yousafzai, who was attacked by the Taliban, but ignores Nabila Rehman, who lost her family to an American drone strike.

Surprising discoveries

Melting ice could erase the coasts. If all the polar ice disappeared, major cities would be swallowed by the seas rising 216 feet.

Why you hate your daughter’s boyfriend. A computer model suggests kids choose unsuitable partners to guilt their parents into giving them more money.

A cologne calibrated for cows. The scent, which costs $110 per bottle, is designed for urban cowboys who don’t want to upset bovines.

Pirates’ miserable booty. Somali hijackers get as little as 1% of ransom money—most goes to their financiers—and often fritter it away on booze, cars, and prostitutes.

Our best wishes for a productive day. Please send any news, comments, melting ice doomsday scenarios, and barnyard scents to hi@qz.com. You can follow us on Twitter here for updates during the day.

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