What to watch for today
Ben Bernanke’s last taper. At the Fed chairman’s last policy meeting, the US central bank is expected to reduce bond-buying by another $10 billion per month, ignoring weak jobs December growth (which economists think was an anomaly) and emerging-market turmoil.
Facebook tries to hush the haters. The company is expected to post a whopping 65% jump in fourth quarter profits on revenue of $2.34 billion, thanks to a boost in advertising over the holidays, even as a string of reports suggest the social media site is becoming less popular.
Will South Africa act to save the rand? With the currency trading at five-year lows, the central bank is under pressure to follow India and Turkey in raising interest rates at its meeting. Investors often treat the rand as a proxy for emerging-market currencies,
While you were sleeping
Emerging markets rebounded on Turkey’s bold move. Asian stocks surged after Turkey more than doubled interest rates, stemming the three-day stampede out of the developing economies.
Obama’s state of the union speech. The US president introduced plans to boost the minimum wage and create behavioral economics-enabled retirement accounts, and touted America’s popularity among foreign investors, which has surpassed China for the first time in more than a decade.
Ford drove up its sales, posting full-year pretax profits of $8.56 billion—one of its highest figures in recent history—and sales growth of 12%, trumping Toyota. However, investors expressed concerns about Ford’s upcoming expensive year.
Google made Glass look (slightly) more normal. The company has unveiled regular frames, including sunglasses and prescription lenses, with the Google Glass face computer clipped on.
Wall Street not impressed with Yahoo. Though the company’s quarterly results beat forecasts, its shares fell in after-hours trading on a so-so first-quarter outlook. And it didn’t say anything about whether it’s making money from Tumblr, the blogging platform it bought last May.
Quartz obsession interlude
Gwynn Guilford on how fish oil fashion is sending rare sharks to their death. “Today’s bloodbath bulletin concerns whale sharks, which feed on plankton and can grow up to 40 feet (12 meters)—about the length of four station wagons. The sharks are so vulnerable to extinction that most countries forbid fishermen from catching them. That’s not stopping a factory in China’s Zhejiang province from slaughtering 600 whale sharks per year.” Read more here.
Matters of debate
America’s “industrial renaissance” is a farce. It’s a trickle of jobs at poverty-level wages that are heavily dependent on huge public subsidies, says former Obama auto advisor Steven Rattner.
The sun is setting on the iPod. Streaming services—as well as the ever-growing spread of iPhones—are killing Apple’s original music player.
Hamid Karzai is playing a dangerous game. The Afghan president’s digs at the West won’t protect him from a resurgent Taliban when the US pulls out.
War photography has been turned on its head. What used to be a tool to expose cruelty has become a way for perpetrators to document and brag about their violence.
Dungeons & Dragons as management training. Kids who learn to organize a band of elves, wizards and warriors have all the tools to manage a workplace team.
Antarctica was perhaps once a forest. Ancient tree stumps have been discovered on the giant continent buried in ice a mile deep.
Erecting flagpoles for dictators. Trident Support Corporation builds the world’s tallest—like the 541 ft (165 m) record-holder in Dunshabe, Tajikistan—for authoritarian rulers around the world.
Germany will win the most medals at the Winter Olympics. So says a prediction based on a little simple math.