Good morning, Quartz readers!
What to watch for today
Will Xi Jinping anoint a successor? China’s president will announce the members of the Politburo Standing Committee, and everyone will be watching to see if anyone is young enough to feasibly become the country’s leader in the decade from 2022.
The Tokyo Auto Show opens under a cloud. The Japanese auto industry’s reputation is in tatters after scandals at Nissan, Takata, and Kobe Steel, so it’s no wonder carmakers are focused on the future. Toyota is touting a luxury hydrogen cell concept vehicle.
Nike tries to win over disillusioned investors. The company is struggling with stagnant sales and renewed competition from Adidas, and its stock has fallen 17% in the last two years as Nike has largely missed the “athleisure” trend. CEO Mark Parker will probably have to temper his projection of $50 billion in sales by 2020.
While you were sleeping
General Motors posted a $15.5 billion quarterly loss. North American sales fell sharply, and the company took a series of large write-downs and charges. The numbers were significantly worse than analysts expected, but shares rallied anyway (paywall)—along with those of Fiat Chrysler, which posted a 50% increase in quarterly profits.
India approved a $32.4 billion plan to recapitalize state-owned banks. Many of the lenders are struggling under the burden of nonperforming debts. Analysts think even more may be needed—as much as $65 billion in new capital—to meet new regulatory requirements.
Saudi Arabia announced a new $500 billion mega-city on the Red Sea. Crown prince Mohammed bin Salman said “NEOM” will straddle the borders of Egypt and Jordan, funded by the Saudi sovereign wealth fund and outside investors. A promotional video showed women jogging in sports bras and working side-by-side with men in R&D labs.
The US refugee freeze expired. The Trump administration let a four-month ban on new admissions lapse, without providing a replacement policy, though officials are reportedly preparing more stringent screening procedures.
Netflix is selling $1.6 billion in junk bonds to fund new shows. The record issuance will give the company more financial firepower to take on Hollywood—even though most subscribers prefer to watch back-catalog TV and movies instead of streaming originals.
Quartz obsession interlude
Dan Kopf on why you should stop making charts and start using tables. “Charts can give data an undeserved patina of authority because it shows you have done some additional processing of the information. ‘Graphs are gimmicks, substituting fancy displays for careful analysis and rigorous reasoning,’ wrote the influential Columbia University statistician Andrew Gelman. ‘It is basically a trade-off: the snazzier your display, the more you can get away with a crappy underlying analysis.’” Read more here.
Matters of debate
Trash-talking your competitors can boost employee morale. But insults can promote unethical behavior and disrupt focus.
Eastern Europe’s economies are having a “Goldilocks moment.” High economic growth, low unemployment, and manageable inflation put Poland, Romania, and the Czech Republic ahead of their western neighbors.
The US monopoly problem is causing a general malaise. Giant tech firms and globalized corporations means fewer choices and less control.
Surprising discoveries
Sony’s new robot dog will love you and your appliances. The successor to the Aibo is expected to learn new tricks and communicate with smart appliances.
The oldest known astrolabe was discovered in an Indian Ocean shipwreck. The navigational tool was made around 1500 and accompanied a Portuguese explorer to his watery grave.
Scientists say the universe should not actually exist. New data on matter and antimatter suggest they should cancel each other out.
This tiny worm hasn’t had sex in 18 million years. Diploscapter pachys doesn’t seem to mind the dry spell—it’s been producing near-perfect clones for millennia.
Colombians are finally drinking good coffee. The country has produced quality beans for export since the 1950s, but high-end beans are just starting to find customers at home. (paywall)
Our best wishes for a productive day. Please send any news, comments, existential quandaries, and Colombian coffee to hi@qz.com. You can follow us on Twitter for updates throughout the day or download our apps for iPhone and Android.