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Quartz Daily Brief—Europe edition—gas pipelines, Argentina’s costly news, more GM recalls, football manners

Published This article is more than 2 years old.

What to watch for today

The next stage in Alstom’s bidding war. General Electric has said it won’t improve its $16.9 billion offer for Alstom, but the US conglomerate could offer fresh concessions (paywall) to the French government to bag its approval, after Siemens and Mitsubishi put forward a cheaper but more complex bid.

Sino-British relations warm. Chinese premier Li Keqiang’s three-day visit to Britain this week is a sign of improving relations between the two nations after UK prime minister Cameron’s 2012 meet with the Dalai Lama. Some $30 billion in trade deals are expected to be signed, and Li will meet the Queen.

UK inflation eases slightly. The UK’s consumer price index is set to fall from 1.8% to 1.7% after unexpectedly marking its first increase in almost a year last month. With the rate under the government’s 2% target, this shouldn’t present a problem for the central bank—unless the UK follows its continental neighbors and heads towards deflation.

Rengan Rajaratnam’s insider trading trial. The former Galleon Group fund manager is charged with trading on insider information provided by his brother Raj, who is currently serving a sentence of more than 11 years (paywall). Rengan Rajaratnam made $800,000 in profits from the tips.

Canada decides: to pipe or not to pipe? The Canadian government reaches a deadline to decide whether to approve the Northern Gateway pipeline. Many environmentalist groups oppose Enbridge Inc’s $6.5 billion plan to pipe oil through the Rockies to the British Columbia coast for because of the risk of spills.

Hillary Clinton faces the wolves. The potential future Democratic presidential candidate could tackle questions on topics from Benghazi to same-sex marriage when she gives an interview on pro-Republican Party Fox News to Bret Baier and Greta Van Susteren, a week after the release of her book, Hard Choices.

The World Cup’s second leg of group games kicks off. Brazil takes on Mexico at 8pm BST Tuesday in the second Group A game; both teams won their first match last week. Brazil is seen as the stronger team—but Mexico beat Brazil in the 2012 Olympic final and has won several recent matches against it. Also playing: Belgium v Algeria (5pm Tuesday), and Russia v South Korea (11pm). The US beat Ghana 2-1.

While you were sleeping

A costly ruling for Argentina. The US Supreme Court, upholding the verdicts of lower courts, decided that Argentina must pay all creditors at the same rate on bonds it issued before defaulting in 2001. Since it doesn’t have the money for that, Argentina could default again at the end of this month, unless it cuts a new deal with creditors.

GM’s safety crisis escalated. The automaker is recalling 3 million more cars globally for ignition issues, and said it was aware of eight crashes and six injuries related to the recall, but no fatalities.

Russia cut off Ukraine’s gas supply. For the via Ukrainian pipelines to the EU.

China topped the global debt ranking. At $14.2 trillion, China’s level of corporate debt is at a global high after surpassing the US’s $13.1 trillion last year, according to a S&P report. China’s debt could overtake North America’s and Europe’s combined by 2016.

Greenpeace International admitted to a bad bet. The environmental group (which is distinct from individual country chapters) revealed that it lost €3.8 million ($5.2 million) last year—on total income of €72.9 million—due to an employee’s ill-judged currency hedge.

The World Cup’s “Group of Death” surprised footy fans. Portugal endured an embarrassing 4-0 loss to Germany, playing with 10 men after Pepe got himself sent off in the first half. Iran and Nigeria played the least eventful game of the tournament so far, drawing 0-0.

Quartz obsession interlude

Tim Fernholz on how Marriot is helping “Bitcoin Jesus” sell cheap citizenship in Caribbean tax havens. “Tired of paying wealthy-nation taxes? Worried that, in the event of calamity, your citizenship is going to drag you down? Roger Ver, the investor known as “Bitcoin Jesus,” has the product for you: Just use bitcoin to purchase a share in a Marriott development on the Caribbean island of St. Kitts and Nevis, and the government will throw in citizenship and a passport that gets you to 140 countries without a visa.” Read more here.

Matters of debate

President Obama has every right to pop into Starbucks. A free press shouldn’t negate a free president; he should be able to grab a coffee without alerting the media.

The World Cup isn’t really about football. What could be the biggest event in television history is advertisers’ heaven.

Boring banks are great. Wells Fargo, a Warren Buffett favorite, is set to become the most highly valued financial institution in US history—and it’s also reassuringly boring.

Twitter doesn’t give the people a voice. It’s a more effective tool for amplifying celebrities’ opinions than nurturing open discussion.

Terry Richardson got off easy. A profile of the controversial fashion photographer is seriously flawed, because it doesn’t adequately address numerous complaints of sexual exploitation.

Surprising discoveries

Starbucks offered its baristas a fully-funded college education. 135,000 employees are eligible to choose an undergraduate program at Arizona State University.

Watching the World Cup isn’t a given in Ghana. The country bought electricity from Ivory Coast to ensure uninterrupted game viewing.

It would cost $343,368 to buy every product featured in June’s issue of Vogue. If you’re on a budget, buy everything in Real Simple instead. That’ll cost you a mere $15,581.

Narcissism is a helpful trait during job interviews. Modest applicants from reserved, self-deprecating cultures could suffer.

Japanese football fans have the best manners. Even though their team lost on Saturday, the fans stayed behind to clean up the stadium.

Our best wishes for a productive day. Please send any news, comments, polite football chants, and Vogue freebies to You can follow us on Twitter here for updates throughout the day.

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