Good morning, Quartz readers!
What to watch for today
Cypriot banks won’t reopen after all. Cyprus’s banks, due to reopen today after 10 days of being shuttered, will stay closed until Thursday. The bailout deal reached late Sunday night keeps emergency cash flowing to them, but Cyprus will impose some capital controls to ward off a run on the banks.
BRICs in South Africa. China’s new leader, Xi Jinping, will take the his place alongside Russia’s Vladimir Putin, Brazil’s Dilma Rousseff, and India’s Manmohan Singh in Durban, to discuss cooperation, including a new development bank for big emerging economies. Egypt rather improbably wants to be one of them.
US business spending update. Aerospace orders are expected to give the headline number on US durable goods a lift. But the guts of the report—an item known as nondefense capital goods excluding aircraft—is expected to be a bit soft, down 1%. That’s an important gauge of US business spending.
SpaceX splashdown. Elon Musk’s SpaceX expects its unmanned Dragon cargo capsule to hit the Pacific off the coast of Baja California at around 12:36 EDT. It delivered half a ton of supplies to the International Space Station earlier this month.
While you were sleeping
Dell deal-making heated up. The company’s board said Monday that alternate plans submitted by activist investor Carl Icahn and private equity firm Blackstone Group could potentially result in “superior” offers to the one from founder Michael Dell and Silver Lake Partners.
Yahoo made a teenager very rich. Seventeen-year-old Nick D’Aloisio wrote Summly, an app for summarizing news stories to fit on a mobile-phone screen. Yahoo has now paid him almost $30 million for it, as it looks for opportunities in mobile news.
Xi Jinping promised more Chinese money in Africa. China’s new president stressed Chinese economic ties and signed hefty infrastructure deals on a visit to Tanzania.
Quartz obsession interlude
Tim Fernholz on what markets should take away from the Cyprus bailout. “While Cyprus is special, it’s not that special. Germans don’t want to bailout Russian depositors, but they also don’t want to bail out anyone. The Spain model isn’t working and the expectation that it will means disappointment. A euro zone mired in recession is not going to be able to out-grow its debt problem with a weak financial system. Those banks needs to be recapitalized, and to avoid the problem of a fractured currency, it needs a banking union, something the Eurogroup has already begun work on. Recognizing reality may make markets nervous, but to solve the crisis, creditors, private or public, will eventually have to pay up.” Read more here.
Matters of debate
Hillary Clinton. Strongest. Front-runner. Ever.
China’s real-estate bubble could spark a banking crisis.
The end of Cypriot hot money. The island might have to maintain capital controls for years.
Power failure. Why a whole lot of solar companies need to die.
Professional wrestling is the perfect cultural match for the modern Middle East. Why? It’s safer than sex.
Your phone could tell you you’re about to have a heart attack. Thanks to tiny blood-monitoring implants.
Organizers of the Sochi Winter Olympics are storing snow. Just in case.
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