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Quartz Daily Brief–Asia Edition–Syria, Portuguese taxes, mobile web

  • Tim Fernholz
By Tim Fernholz

Senior reporter

This article is more than 2 years old.

GOOD MORNING QUARTZ READERS IN ASIA!

WHAT TO WATCH OUT FOR TODAY:

Is the Syrian civil war spreading? Turkey shelled Syria late yesterday after Syrian mortar shells struck Turkish border towns; Prime Minister Recep Erdogan promised that similar attacks would prompt retaliation. Turkey is a member of the NATO collective self-defense pact; representatives of the alliance from Europe and America attended an emergency meeting. Meanwhile, dozens died after explosions in Aleppo, Syria. 

The first of three US presidential candidate debates pits incumbent Barack Obama against Republican standard bearer Mitt Romney for 90 minutes of domestic policy discussion. We feel confident this will not limit complaints about China’s trade policies, but you may not care.

The European Central Bank announces its interest rate decision today in Frankfurt; no major change is expected but ECB chief Mario Draghi may offer more detail on his plans to purchase Eurozone sovereign debt. In other Eurobarometers to watch: The Bank of England will also revisit its interest rates, and Spain will auction off two-, three- and five-year bonds.

WHILE YOU WERE SLEEPING:

China’s services industry expands at lowest level in two years. Add it to the list: we’re seeing a slowdown in the PRC.

Good news for US economy: Employment, services and housing finance indicators came in expansionary flavors, suggesting that the Fed’s recent stimulus plan is having some effect. YUM.

Portugal announced massive tax increases to save its bailout. If the problem is really “public backlash,” this won’t help.

Oil prices fall to a two-month low. Production is growing fast, and competition with natural gas is also pushing down crude.

Hewlett-Packard’s market value slumped below its book value. The markets are predicting losses for HP, where CEO Meg Whitman’s turnaround project isn’t off the ground yet.

Several Chinese banks say they’re skipping IMF meetings over island dispute with Japan. In case it’s not clear, this little dispute isn’t going away, but the move is probably counter to China’s hopes of becoming a bigger player on the international stage.

QUARTZ OBSESSION INTERLUDE:

Christopher Mims on the mobile web: “As long as internet connectivity is fickle, Apple has an advantage. Its apps and content live on its phones, tablets and computers, where they are always available. All Apple’s cloud has to do is let you download new apps and content when connectivity is strongest, leaving Apple to concentrate on building pretty devices that work smoothly. But if Google is right and the future is ubiquitous internet connectivity, then Apple has a problem. More and more services will be moved on to the cloud, where Apple has yet to demonstrate any real expertise.” Read more here.

MATTERS OF DEBATE:

Muslim anger as an investment strategy. Is the upside of Middle East protests economic growth?

Indian parents should be able to choose whether to have girls. The case for gender selection.

America needs to become an alternate Asia—and fast. Why the US’s economic future depends on trans-Pacific immigrants.

Do overseas votes count? Yes.

Demographics are behind China’s labor strife. A look at the people behind China’s industrialization.

SURPRISING DISCOVERIES:

“Entrepreneurs are still seen as drifters with nothing better to do”: Can a new generation shake off Japanese economic malaise?

Fanny Sit, Moses Chan, Dodo Cheng, Magnum, Bunny: Hong Kong loves unusual English names.

A bizarre, tiny dinosaur: Meet Pegomastax africanus, the “thick jaw from Africa.”

ALSO TODAY: The US Federal Reserve releases the minutes of its most recent meeting so we can catch all the laugh lines. In 2004, SpaceShipOne became the first privately-built spacecraft, winning the Ansar X PRIZE.

Best wishes from Quartz for a productive day. Please send any news, queries, Middle-East-inspired panic attacks, and unusual names to hi@qz.com.

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