What to watch for today
Janet Yellen testifies before Congress. The chairwoman of the Federal Reserve appears before the House Financial Services Committee to discuss the Fed’s oversight (paywall) of the financial system. She will likely face questions about the supervision of big banks.
A state of emergency in the Maldives. President Abdulla Yameen suspended several provisions in the constitution for 30 days and ordered security forces to arrest those planning to join an opposition protest scheduled for Friday. Activists planned to oppose the arrest of Mohamed Nasheed, the recently jailed opposition leader.
A $500-million art auction kicks off. Sotheby’s is selling 77 pieces of a 500-lot collection, including artwork by Picasso, De Kooning, and Modigliani. The rest of the items, belonging to the late A. Alfred Taubman, will be sold over three later auctions, and are expected to set a record price tag for a private collection.
Facebook reveals its earnings. The social media giant is expected to report bumper third-quarter profits, despite a promised increase in investments in its Messenger and WhatsApp services to boost ad revenue, and in VR device Oculus Rift to power future growth.
More earnings. Other companies reporting results include Allergan, Qualcomm, 21st Century Fox, Time Warner, ING, and Prudential.
While you were sleeping
The year’s biggest global IPO skyrocketed. Japan Post Holdings’ share price rose by 26% on its trading debut, while its banking and insurance units saw gains of 15% and 56%, respectively. The Japanese government privatized around 11% of each company, raising 1.4 trillion yen ($12 billion).
US voters shot down “liberal” issues. Local election results are still trickling in, but issues such as equal rights, a minimum wage hike, and health insurance for the poor have been rejected so far. San Francisco voted to protect the interest of Airbnb renters, which have been criticized for exacerbating a housing crisis.
China and Taiwan’s presidents confirmed a historic summit. Xi Jinping will meet Ma Ying-jeou later this week in Singapore for the first-ever meeting between leaders of the two countries. They will discuss issues concerning the Taiwan Strait; but the meeting could have a strong impact on upcoming Taiwanese elections.
Turkey’s new government pledged financial reforms. Mehmet Simsek, the finance minister, will introduce changes to increase tax revenue, competitiveness, personal savings and employment, he told the Financial Times (paywall). The reforms, expected to come into effect within 18 months, will encourage local companies to raise equity instead of debt.
Volkswagen’s share price tumbled on fears of a new scandal. The troubled German auto maker’s stock price dropped 5.6% in early trading after fresh revelations that a further 800,000 cars could be affected by “irregularities” in their carbon dioxide levels.
SoftBank reported bumper earnings and US job cuts. The Japanese conglomerate said its fiscal second-quarter operating profit rose to 342 billion yen ($2.8 billion), from 246 billion yen a year earlier. But it warned of thousands of job cuts next year at Sprint, its loss-making US carrier; total cutbacks would aim to save $2.5 billion next year.
At least 41 died in a South Sudan plane crash. The Russian-built cargo plane failed shortly after taking off from the capital, Juba, and crashed into an area typically populated by fishermen. The plane ”probably” had around 20 people on board, sources told Reuters; the death toll is expected to grow.
Good news from the euro zone. The Markit PMI showed that new orders in the economic bloc grew at the fastest pace in half a year, potentially pointing to a robust fourth quarter. The overall gauge for October rose to 53.9, from 53.6 a month earlier.
Quartz obsession interlude
Allison Schrager on America’s high-earning poor people. “We tend to associate empty bank balances with those on the lowest rungs of the income ladder. But many in America’s upper middle classes have almost no emergency cushion and are woefully unprepared for retirement. And years into the recovery, they are still struggling, leaving the entire economy vulnerable.” Read more here.
Quartz events
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
China’s slowdown could be good for the West. It’s lowering consumer prices without lowering local wages.
We’re not in a tech bubble, we’re in a bust. Public-market valuations are cheap—but privately held “unicorns” are another matter.
Hawaii should be worried about Dengue fever. A recent outbreak has been traced to local mosquitoes.
US education policy is back-to-front. Reducing tough love against unruly students hurts those who strive to achieve good grades.
Cheap chicken has a human cost. A $50-billion industry is fueled by low-wage workers in abysmal working conditions.
Surprising discoveries
The EU has relocated only 116 refugees so far. They meant to rehouse 160,000 arriving in Greece and Italy.
Video games can invade your life. “The Tetris Effect” makes people see gaming elements in the real world.
An Ebola survivor had a healthy baby. Ada Igonoh, the only female doctor to contract Ebola and survive, gave birth to a baby girl yesterday.
A cartoonist is laboring over Apple’s user agreement. Robert Sikoryak’s graphic novel is based on the terms and conditions for iTunes.
An activist group wants the human race to die. The Voluntary Human Extinction Movement says it’s the only way for Earth to recover.
Our best wishes for a productive day. Please send any news, comments, Tetris life lessons, and examples from your private art collection to hi@qz.com. You can follow us on Twitter for updates throughout the day.