What to watch for today
George Osborne presses for EU changes. The UK chancellor delivers a speech in Berlin laying out the case for renegotiating Britain’s membership in the European Union, demanding legal guarantees over Britain’s status as a non-euro member in the bloc. The ruling Conservative party is planning a referendum on the UK’s EU membership no later than 2017.
Internet executives gather in Dublin. More than 40,000 people, including senior executives from Amazon, Google, Facebook, and Slack, are attending the annual Web Summit. Ireland’s status as a tax haven for big tech companies is coming under pressure, and the event will move to Lisbon in 2016.
Cyclone Chapala arrives on the Yemeni mainland. The cyclone, with winds equivalent to a Category 3 hurricane, swept through the remote Yemeni island of Socotra yesterday, and is scheduled to hit the mainland today. The storm is predicted to drop 30 inches (75 cm) of rain on the al-Qaeda-held city of Al Mukalla.
Tesla drives into the red. Analysts are predicting revenue of around $1.3 billion, a 35% jump from the same quarter last year, but a loss of 50 cents per share, compared to a small profit a year ago. Investors will be looking for updates on the new Model X SUV and the rollout of semi-autonomous driving technology.
US attention turns to Ohio. Voters will decide on a constitutional amendment that could change the way House and Senate districts are carved up in the state (paywall). Ohioans will also vote on a particularly controversial bill to legalize recreational marijuana; opponents warn that it risks creating a state monopoly.
While you were sleeping
Activision announced the purchase of King Digital. The maker of console games such as Call of Duty will pay $5.9 billion for the smartphone game maker behind Candy Crush Saga. That gives Activision a major foothold in a fast-growing, competing sector—and at a bargain, too: King went public last year valued at over $7 billion.
An Iraqi politician instrumental in the 2003 invasion died. Ahmad Chalabi helped persuade the US to topple Saddam Hussein’s regime and launched unsuccessful attempts to lead the country himself. The US later suspected Chalabi of spying for Iran and distanced itself from him. He died of a heart attack in Baghdad; he was 71 (paywall).
Standard Chartered will cut 15,000 jobs. The Asia-focussed British bank said it will eliminate around 17% of its workforce and revealed a $139-million third-quarter loss, down from a $1.5-billion profit a year earlier; it also showed revenues fell for the fifth consecutive quarter. CEO Bill Winters said the bank would raise $5.1 billion.
The US planned to return to the South China Sea. Admiral Harry Harris told an audience in Beijing to “expect more demonstrations” of the kind seen a week ago, when the US navy sailed a ship through water claimed by China. US patrols could take place two or more times per quarter, according to Reuters.
BMW announced a surprise profit. The German luxury auto maker reported a 4.3% increase in third-quarter earnings before interest and tax, compared with expectations of a 6.3% drop. Rising costs and lower demand in China were outweighed by a boost in European sales.
UBS lowered its forecast despite strong earnings. The Swiss bank warned of tougher conditions ahead as it published a third-quarter net income of 2.1 billion Swiss francs ($2.1 billion), up from 762 million a year earlier. Net new money growth, a crucial measure, slowed largely due to an Asia slowdown.
Quartz obsession interlude
Anne Quito on Pantone color chips as pop culture icons. “Unless you work in design, chances are your first encounter with the mythic New Jersey-based color standards company was via a color-coded mug, iPhone case or in a Sephora makeup counter. In recent years, the design of Pantone’s color chips has become a graphic trope: always a plain band of color with a white bar and some words and black numbers in Helvetica on the bottom.” Read more here.
Quartz’s The Next Billion is back in New York on Nov. 16, exploring the next wave of internet users in emerging markets and on mobile platforms. Speakers include Phil Libin of Evernote, Luis von Ahn of Duolingo, Catherine Hoke of Defy Ventures, and many more. We’re hosting a full day of live interviews, interactive demos, debates, and networking with local and international innovators and decision makers. Register today using the code QZBRIEF for a 40% discount.
Matters of debate
There is another, lesser-told migrant story in Africa. Its Mediterranean shore is a “vast waiting room” for those who don’t make it to Europe (paywall).
China should be learning from Mexico. It might study the Central American nation’s recent history for cautionary tales about transformation.
It should be illegal to take creepshots of women in public. US law still largely allows people to film members of the public without their permission.
The next financial crisis has likely already begun. Debt is too high globally, productivity is limping, and financial risks are severe.
Insider trading has quietly been legalized in the United States. A newly-created loophole went unchallenged by the Supreme Court.
The US spent $43 million on an Afghan gas station. It offered a fuel that Afghan cars can’t even use.
Scientists found a planet with metal clouds. Storm clouds of molten iron, to be precise.
North Korea is reporting it has a solar-powered bus. A US analyst said the photos had “no credibility.”
A giant raptor was discovered in North Dakota. Dakotaraptor steini had 9.5-inch (24cm) claws.
A new animal species emerged while scientists watched. The “coywolf” has genes from dogs, wolves, and coyotes.