What to watch for today
Big Three labor talks (and a car show). The United Auto Workers union is trying to sign a new contract with Fiat Chrysler as a template to use with Ford and General Motors. Fiat Chrysler CEO Sergio Marchionne is skipping an appearance at the Frankfurt Motor Show to fly to Detroit as Monday’s midnight (4am GMT) deadline approaches.
The Bank of Japan updates its monetary policy. Analysts don’t expect the central bank to announce any new quantitative easing or other stimulus measures until next year, according to Reuters. But there is a chance that China’s market turmoil could spur the BoJ to move more quickly.
Jeremy Corbyn faces his first test. The new UK Labour Party leader will give a speech to the annual conference of UK trade unions—the core of the party’s longtime base. Corbyn’s new shadow government appointments recently drew criticism for not giving women more important positions.
US economy 411. The Commerce Department discloses whether July’s strong retail sales were a fluke, or if they continued into August. The answer will be a key factor as the Federal Reserve considers whether to raise interest rates.
A crucial vote for Ukraine’s economy. Lawmakers are due to vote on a debt-restructuring deal that the country’s finance minister reached with foreign creditors. If it passes, it will reduce Ukraine’s $18 billion debt by 20% and provide other forms of financial relief.
While you were sleeping
Australia’s prime minister was ousted. Tony Abbott, a deeply unpopular climate change denier, was replaced by party rival Malcolm Turnbull. It’s the latest in a series of political upheavals in Australia; once Turnbull is sworn in, the nation will have had five prime ministers in the last five years.
Austria, the Netherlands, and Slovakia tightened their borders. Germany’s decision to set up border checks over the weekend appears to have had a ripple effect. As migrants and refugees continue spilling across the EU, more countries are instituting border controls to prevent chaos.
Google hired a former Hyundai CEO to run its self-driving car program. John Krafcik is credited with turning Hyundai’s sales around during the Great Recession, and he was previously the chief engineer at Ford. The move to hire a seasoned auto veteran suggests Google is interested in turning its pet project into an actual business.
The US justice department has its eye on more FIFA officials. Attorney general Loretta Lynch said more individuals and entities may be charged in the US corruption investigation. She declined to comment on whether longtime FIFA president Sepp Blatter would be one of them.
Apple predicted record-breaking sales of its new iPhone. Pre-orders for the iPhone 6S and 6S Plus are on pace to exceed 10 million devices ahead of a Sept. 25 launch, the company said. Analysts said that numbers would likely be roughly flat if sales from China—soon to be Apple’s single largest market—were not being included for the first time.
Deutsche Bank is slashing staff by a quarter. The group will eliminate 23,000 jobs by laying off technology workers and spinning off its PostBank division, according to Reuters. The cuts are part of a broader reorganization by new CEO John Cryan, who has promised to trim costs.
Quartz obsession interlude
Matt Phillips outlines why the US Fed would be nuts to raise rates now. ”The Fed doesn’t have to hike rates. The global economy and financial markets have already done it. The US central bank would be wise to hold its fire and see how the US economy—still finding its footing after the Great Recession—fares in response, before piling on an interest rate increase of its own.” Read more here.
Matters of debate
Gender-neutral clothing is a two-way street. If girls can wear Spider-Man backpacks, boys should be able to wear pink.
Color-blindness is counterproductive. Ending racial bias means embracing color consciousness.
Don’t blame the west for Syria’s catastrophe. Assad and regional powers—not Obama’s risk-averse policies—bear the most responsibility.
Donald Trump and Jeremy Corbyn have one thing in common. They are seemingly authentic voices in an inauthentic age.
The migrant crisis is a preview of the global warming future. Millions more will have to flee their homes due to climate change.
Modern furniture is killing firefighters. New synthetic materials may be causing higher rates of cancer.
The United States doesn’t take $100 million checks. The government’s processing machinery can’t handle anything bigger than $99,999,999.99.
Mexico has its very own WikiLeaks. Méxicoleaks has uncovered a series of major scandals—but participating journalists have been arrested.
A historian thinks he’s pinpointed the oldest known use of the F word. It’s a nickname in an 1310 English court document.
Terrorists love the Casio F-91W. The iconic digital watch has a reliable timer that’s perfect for setting off IEDs.