What to watch for today
A joint French-German address to the EU. German chancellor Angela Merkel and French president François Hollande will talk about the pressing refugee crisis and ways to deepen integration in a speech before the European Parliament.
And the chemistry Nobel goes to…? The latest Nobel prize, following recent announcements for medicine and physics, is in chemistry. Leading contenders include discoveries related to genetics and batteries.
Alexis Tsipras faces a confidence vote. The newly re-elected prime minister will wrap up a three-day parliamentary debate with a vote, as is standard procedure following an election. Tsipras is trying to strike a balance between the demands of international creditors and his pledge to ease the pain of austerity measures.
While you were sleeping
Yum Brands tanked after a profit warning. The owner of KFC and Pizza Hut said its full-year profit would be “well below” an earlier forecasted gain of at least 10% compared to last year; that sent shares down by as much as 19% in late trading. Recovery from a food safety scandal in China, where Yum earns more than half its revenue, is taking much longer than expected.
Airbus ended talks with Bombardier over potential collaboration. The European aerospace giant confirmed that it had been in talks with the struggling Canadian plane maker about assisting with the production of Bombardier’s CSeries jet, but that talks are now over. Bombardier’s CSeries has been expensive and delayed; its stock price is down 57% this year.
Japan held steady on its stimulus. The central bank left its 80 trillion-yen-per-year ($663 billion) stimulus measure in place, and maintained its interest rate at zero, citing a continued moderate recovery (paywall). That’s despite the bank struggling to hit its target inflation rate of 2%.
AirAsia is considering a management buyout. Founders of Asia’s largest budget carrier are seeking investment for the deal, according to Reuters. That follows a report in June that questioned the airline’s accounting practices and sent its share prices to their lowest in years; at yesterday’s close the company was valued at 3.5 billion Malaysian ringgit ($796 million), the same as when it went public over a decade ago.
Volkswagen said recalls will begin in January. Matthias Mueller, the German automaker’s new CEO, said all 11 million affected cars will be fixed by the end of 2016. All investments not absolutely necessary will be put on hold, and new spending will come under intense scrutiny, Mueller told Frankfurter Allgemeine Zeitung (link in German).
Autoworkers walked out of talks with Fiat Chrysler. The UAW union gave notice that its 40,000 members will go on strike at 11:59 pm today (time zone unspecified) unless their demands are met. Last week, the UAW rank and file overwhelmingly voted to reject a labor contract crafted by Fiat and union leaders.
Quartz obsession interlude
Gwynn Guilford on America’s lobster boom. “A scientist who tracks baby lobsters reports that in the last few years their numbers have abruptly plummeted, up and down Maine’s coast. With the number of breeding lobsters at an all-time high, it’s unclear why the baby lobster population would be cratering—let alone what it portends. It could reflect a benign shift in baby lobster habitats. Or it could be that the two-decade boom is already on its way to a bust.” Read more here.
Matters of debate
Britain is the best place to die. It ranks near the top in palliative care, affordability, and other key measures.
China’s new credit scoring system is an Orwellian nightmare. Run in part by Alibaba, it measures the ability to repay debt along with political compliance.
Turkey is in serious trouble. Take political unrest and a slowing economy, and add Russian activity in its backyard.
Facebook’s “poor internet for poor people” is better than nothing in Africa. Even cynically restricted access to the internet will help severely under-connected communities.
Clean energy will be this generation’s version of landing a man on the moon. It can be done, if the world is motivated enough.
Properly cooking pasta requires more than one pot. Don’t settle for a single-pan shortcut just because Martha Stewart does.
Humans are worse for wildlife than nuclear disasters. Wildlife is thriving at the site of the Chernobyl disaster, which is devoid of human habitation.
Nike wants you to print your shoes at home. A top executive said 3D-printed footwear is “not that far away.”
The CIA once paid spies with items from Sears catalogs. Twenty days in the field were worth one boys’ red velvet blazer.
The cure for scurvy was quickly forgotten. Twentieth-century South Pole explorers paid the price (PS: It’s vitamin C).