What to watch for today
Narendra Modi visits the UK. The Indian prime minister will visit David Cameron’s country estate, then on Friday meet with Queen Elizabeth and speak to 50,000 members of the Indian diaspora at Wembley Stadium. The UK previously distanced itself from Modi over deadly religious riots when he was chief minister of Gujarat.
European leaders propose a new African migration fund. In return for a €1.8 billion ($1.9 billion) trust fund aimed at helping African countries address the root causes of migration, European leaders at an EU-Africa summit are expected to request that nations accelerate the repatriation of those who reach Europe but do not qualify for asylum.
Sweden strengthens its borders. The number of migrants entering the country will be checked and controlled from midday local time (6am ET). The measures are set to last for 10 days, but could be extended.
Disruption in Greece. Thousands of government and private sector workers are walking off the job for 24 hours to protest further tax hikes and pension cuts. The governing Syriza, which backed austerity in return for a third bailout, somehow also backs the strike as being against austerity.
Earnings, earnings, earnings. Cisco, Petrobras, Viacom, Nordstrom, and Kohl’s report their quarterly results.
While you were sleeping
Rolls-Royce’s market value plummeted on bad news. The British engineering company lowered its 2016 profit forecast by 30%, sending its share price down by as much as 22%. CEO Warren East said he would unveil a plan to cut costs later this month.
Vladimir Putin ordered a doping investigation. The Russian president said that the country’s sports organizations will provide “professional cooperation” with international investigators after the World Anti-Doping Agency recommended Russia be banned from all athletics competitions. Russia will also look into the matter itself.
Lenovo reported better-than-expected results. The Chinese IT company posted a fiscal second-quarter loss of $714 million, beating expectations of an $800 million shortfall. That was due largely to emerging market appetite for its smartphones; Lenovo has avoided selling in China due to fierce competition.
The European Central Bank hinted at further stimulus. Central bank chief Mario Draghi said the likelihood of inflation returning to the euro zone is shrinking, but that slowing global trade represents a growing risk. He told the European Parliament that the central bank would use “all the instruments available” to avoid a crisis.
Apple is developing a person-to-person payments system. The iPhone maker is discussing with banks the creation of a service that allows users to send money to one another via their phones, according to the Wall Street Journal (paywall). That would put Apple in competition with PayPal’s Venmo.
Australia posted a major jobs data surprise. The Australian economy added 58,000 jobs in October, almost quadruple analyst expectations, strengthening the currency and lowering the likelihood of an interest rate cut. But outstanding Aussie jobs data has been wrong before.
Quartz obsession interlude
Heather Timmons and Josh Horwitz on how Chinese consumers are leaving Australian shops empty.
“Increasing Chinese consumer demand, and growing the country’s already enormous middle class, is part of the ruling Communist Party’s long-term goals—and niche, high-demand companies like Bellamy’s [baby formula]
may need to choose between making their local customers happy or satisfying China’s massive market.”
Matters of debate
Why aren’t we allowed to be ambiguous about remembering wars? It should be reasonable to have mixed feelings.
Only a real Islamic caliphate can stand up to the sham of ISIL. It would bring peace and order to the wider Muslim world, too.
A futures markets could help improve science. Putting their money on the line would help scientists choose better studies.
Without corruption, Mexico would be an economic superstar. It costs the country an estimated $53 billion a year—at least.
Need to carry $1 million in cash? There’s a bag for that. The radio-shielded pouch is designed to glide across marble floors.
A Georgia town has a monument to one of the US’ worst war criminals. Henry Wirz led a brutal prisoner-of-war camp in the southern US state.
Dolphins have names. Along with humans and parrots, they use the unique identifiers to manage social relationships.
Fecal transplants were invented by termites. The bugs pioneered the medical procedure long before it was trendy.
US citizens can legally own bits of outer space. Lawmakers passed a bill to enable extraterrestrial ventures like asteroid mining.