What to watch for today
The EU announces massive emergency aid for helping migrants. It’s expected to unveil a plan to spend €300 million ($325 million) for humanitarian aid within Europe. Greece is worried about being overwhelmed by migrants, and Balkan states are blocking their entry.
The UN Security Council votes on sanctions against North Korea. Drafted by the US and China, they’re in response to the country’s latest nuclear tests and include mandatory checks on cargo ships coming in and out of the country.
While you were sleeping
Front-runners dominated Super Tuesday. Donald Trump won six of the states voting in the Republican polls, while Ted Cruz took two and Marco Rubio earned one. Alaska is yet to confirm results. Hillary Clinton took seven of the states voting for their Democrat nomination, against Bernie Sanders’ four.
SABMiller agreed a $1.6 billion beer sale. The brewing giant sold its 49% stake in Snow, the world’s biggest-selling beer, to the brand’s majority owner, a state-backed company in China. The sale, for less than expected, is part of a move to gain regulatory approval for a buyout by AB InBev.
The FBI botched its showdown with Apple. Director James Comey told Congress the agency was asking Apple to “take away the vicious guard dog and let us pick the lock” of a terrorist’s iPhone. But he struggled to answer technical questions and admitted the investigation had made mistakes.
Australia’s GDP beat expectations. The economy grew by 3% in the fourth quarter, compared to a year earlier, beating an anticipated 2.5% increase. That’s despite a huge slowdown in its mining sector and concerns that other sectors aren’t picking up the slack.
The US slapped a 266% tax on steel from China. Six other countries were also hit by the tariffs, but China’s rate was the highest, after it sold the material at unfairly low prices, the Commerce Department said. It’s the second time in three months that the US has tried to curb steel imports.
Moody’s cut China’s debt outlook to “negative.” The ratings agency said that rising debt and falling foreign currency reserves meant that its sovereign rating is at risk of a downgrade. “Uncertainty about the authorities’ capacity to implement reforms” is also a concern.
Quartz obsession interlude
Josh Horowitz and Heather Timmons on how the Sharp-Foxconn deal fell apart. “Much of the blame should be attributed to the advisers to both sides, deal experts say… Despite all this high-powered advice, Foxconn reportedly got cold feet after a 100-point list of potential contingent liabilities, amounting to 350 billion yen ($3.1 billion), mysteriously emerged at the last minute. Read more here.
Quartz markets haiku
Don’t care what they say
No good reason stocks went up
But hey, we’ll take it
Matters of debate
Your checking account might be easier to hack than your email. Banks don’t require the most secure login credentials.
Donald Trump might be the most consequential Republican since Reagan. His campaign is transforming an alliance of free-market conservatives into a populist, nativist party.
Don’t test your kids for grit. Non-cognitive skills like empathy and self-control are difficult to measure.
NASA wants to bring the internet to outer space. Engineers are developing plans for a high-speed network that spans the solar system.
Orchestras have been butchering a famous George Gershwin song. “An American in Paris” calls for a special kind of French horn—the ones on taxi cabs.
Wool sneakers are disrupting the shoe industry. They supposedly walk the line between sporty and high-fashion.
The French hate their offices; Indians love theirs. Research found that the former feel constrained, while the latter find a refuge from crowds.
California’s Death Valley is alive with wildflowers. The rare and beautiful “superbloom” is the result of the El Niño weather pattern.