What to watch for today
Apple and Samsung go head-to-head. The tech giants face off in US federal court—again—in a new trial to determine the damages Apple is owed after winning a patent infringement case against Samsung last summer. Samsung could also be in trouble for leaking confidential documents Apple disclosed in court.
Russia speeds up. Russia’s economic growth is expected to have accelerated for the first time in seven quarters, ending a year and a half of the worst slowdown the country has seen since its 2009 recession. That would lend credibility to a central bank policy of keeping inflation down rather than stimulating output.
Indian oil goes on sale. The Indian government begins its roadshow in the US and London to sell its 10% stake in Indian Oil Corp, the nation’s largest oil firm, which could fetch some 39 billion rupees ($616 million), part of a 400-billion-rupee divestment program. The shares would likely hit the market in early December.
EU leaders tackle youth unemployment. Germany’s Angela Merkel and France’s François Hollande will discuss how to deal with Europe’s soaring youth unemployment, which is as high as 50% in some countries.
While you were sleeping
A new entry on the “too big to fail” list. China’s Industrial & Commercial Bank of China was added to the list of banks that must hold extra capital because their failure would endanger the global financial system.
Australian business confidence fell. National Australia Bank’s survey for October showed confidence declined to normal levels after two month of increases, due to subdued sales.
The World Bank warned about services for the poor. The lender said in a new report that expanded access microcredit, micro-insurance, and low-fee accounts can lead to overextension and other risks.
A Mazda SUV with automatic braking crashed during a test drive at a dealership in Japan. The Mazda CX-5, which launched last year, uses a laser to detect obstacles and slow the vehicle when necessary. Two people were injured when the car crashed through a barrier while testing the system.
SEC staff are being investigated. The Securities and Exchange Commission’s inspector general’s office and US prosecutors have looked into some New York SEC staff’s financial holdings. Investigators are focusing on employees’ compliance with the agency’s internal trading rules (paywall), the Wall Street Journal reports.
The Philippines declared a state of calamity. More than 9 million people have been affected by Typhoon Haiyan’s rampage through the Philippines, with up to 10,000 believed dead and many more waiting for aid, which is arriving slowly due to damaged roads and airports.
News Corp’s revenues missed expectations in the publishing company’s first earnings report since it separated from the more lucrative entertainment businesses, now called 21st Century Fox, in July.
Quartz obsession interlude
Roberto A. Ferdman on what Typhoon Haiyan will do to Philippine agriculture. “The Philippines is the world’s largest per capita consumer of rice, but it’s been making strides towards self-sufficiency. Rice imports have declined in each of the past five years since hitting a record 2.6 million tonnes in 2008. Estimates for 2013/2014 were hovering around 1.5 million tonnes before the typhoon, but are likely to rise in its aftermath, pushing global prices up.” Read more here.
Matters of debate
The world shouldn’t save Congo. The defeat of the M23 rebel group by the UN and other foreign forces is just a temporary reprieve for the government, and does not address the causes of violent rebellion.
France gets a bad rap. It’s doing okay economically, but basing its fiscal policy on tax increases rather than spending cuts just isn’t fashionable.
Don’t blame people for buying soda with food stamps. The debate over junk food obscures the increasing difficulties that food stamp recipients face.
Sleep isn’t just for the weak. Western culture dismisses it as a waste of time, but lack of sleep undercuts productivity and contributes to expensive health problems.
A goal celebration no-no. Egyptian soccer club Al Ahly has excluded striker Ahmed Abdul Zaher from upcoming games for scoring and then giving a salute supporting ousted President Mohammed Morsi.
A church of non-believers. Atheist mega-churches are springing up around the US, creating communities for people who don’t believe in God.
Google’s creepiest patent yet. It’s an electronic neck tattoo meant to eliminate background noise on phone calls. But it also turns orange when you sweat, revealing when you’re lying.
Hong Kong banker babies. A Hong Kong pre-school is tracking the financial markets on a whiteboard in its playroom.