What to watch for today
An insider trading trial. The crackdown on insider trading continues as Michael Steinberg—the most senior SAC Capital employee charged so far—begins trial in Manhattan. He faces charges of securities fraud and conspiracy for allegedly trading Dell shares on the basis of insider tips.
Rattled by bitcoin. It’s been a year of ups and downs for bitcoin, and a US Senate committee considers the “potential promises and risks” of using the virtual currency.
Ready, set, think. A World Economic Forum summit kicks off in Abu Dhabi. Social and political issues in the Middle East top the agenda, alongside climate change, youth unemployment, and disruptive technology.
Krispy Kreme’s sugar high. Krispy Kreme releases earnings and is expected to post a third-quarter sales growth of 8.5%. The donut company’s stock price hit a nine-year high earlier this month, thanks in part to a planned South America expansion.
Latin American barometer. Chile’s growth domestic product for the third quarter is expected to grow 1%, compared to 0.5% in the last quarter, signs of progress for its conservative president. Meanwhile, Venezuelan GDP and Argentina’s unemployment rate are also released today.
Over the weekend
Chile election results. Michelle Bachelet, the former president of Chile, looks like she will emerge victorious in general elections. The center-left candidate has pledged to tackle income inequality and education, and to overturn policies that date back to Chile’s dictator-led past.
Tensions mounted ahead of Iran talks. Israel repeated its previous warnings (paywall), saying it has the power to strike Iran and is willing to do so without international backing. Reports emerged that Israel and Saudi Arabia are secretly planning an attack if nuclear negotiations fail, and French president François Hollande kept his hardline stance against compromising with Iran.
The PS4 flew off shelves. Sony said it sold more than a million PlayStation 4 consoles in North America within 24 hours, the strongest-ever opening for the games platform. The PS4, which faces competition from Microsoft’s Xbox One to be released later this week, is expected to be Sony’s last console.
A plane crashed in Russia. Fifty people were killed when a Boeing 737 airplane on its way from Moscow crashed in Kazan, Russia, bursting into flames as it hit the runway. An intelligence officer and the son of the president of the province of Tatarstan are among the dead.
Quartz obsession interlude
Tim Fernholz on how acid oceans could cost the world billions of dollars. “One estimate of the cost to mollusc fisheries alone is $130 billion. Reductions in coral reefs, the heart of complex ocean ecosystems, are also strongly indicated, and while the economic impact is hard to specify, it could cost as much as $1 trillion within the century.” Read more here.
Matters of debate
It’s ok if your kid isn’t fluent in Mandarin. China’s growth can’t possibly last, according to Larry Summers’ latest research.
Qatar should never have been given the World Cup. Its labor laws are like modern-day slavery.
Sunday isn’t really the weekend. It’s the day we do what we would do at work—without having to be at work.
Indian women are leaning out. The percentage of women in India who work has dropped to 22.5% over the last decade.
Candy Crush Saga is sweetly addictive. One out of every 23 Facebook users is a fan of the game.
Dogs for donkey’s years. Humans have been domesticating dogs for up to 32,000 years.
Um, the sun’s that way. Turns out, most of the world’s solar panels are facing the wrong direction.
Is the pope Catholic? Pope Francis is one of the 50 most influential Jews in the US.