Good morning, Quartz readers!
What to watch for today
Emmanuel Macron proposes toughening France’s immigration and asylum laws. Despite criticism from human rights groups, the French president will push a bill shortening deadlines to apply for asylum and doubling the time in which illegal migrants can be detained to 90 days. Illegally crossing borders would become an offense punishable by a year in jail and fines.
South Africa announces its budget. President Cyril Ramaphosa, who replaced scandal-plagued Jacob Zuma last week, must restore confidence in the nation’s ability to get back on track. Given the government’s need to increase revenue, taxes will almost certainly go up—the real questions are which ones and by how much.
Glencore shares its 2017 numbers. The world’s biggest commodities trader is expected to notch a record profit. With all the cash it’s raking in, analysts are wondering how much it will return to shareholders and how much will go toward M&A. Another is what impact proposed mining regulations in the Democratic Republic of Congo could have.
While you were sleeping
New Zealand released the full text of the CPTPP. The trade deal—officially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership—reduces tariffs among 11 countries, including Canada, Japan, Peru, Australia, and Mexico. It’s expected to be signed in early March. Donald Trump yanked the US out of the original deal, the TPP, early last year.
Walmart shares had their worst day since 1988. Its stock plunged by over 10%—and its market cap by about $30 billion—after it reported a drop in profit and online sales growth during the 2017 holiday season. The poor performance was the latest evidence of how even the giants of retail are under siege from Amazon.
Venezuela said the launch of its “petro” cryptocurrency raised $735 million. President Nicolas Maduro provided no details or evidence to back the claim, which followed the cryptocurrency’s first day of pre-sale. He hopes the petro will help pull the nation out of an economic tailspin amid hyperinflation and US sanctions.
Robert Mueller’s Russia probe uncovered more deceit. Dutch national Alex van der Zwaan, formerly a lawyer in London at the US firm Skadden, pleaded guilty to lying to FBI investigators about his communications with former Trump campaign aide Rick Gates. He faces up to six months in prison (paywall).
Quartz obsession interlude
Marc Bain on China’s newfound love for streetwear. “For hip-hop in the world’s most populous country, it marks a turning point. The genre has been accumulating fans since the 1990s, but even so it has remained basically an underground art form. The government kept a wary eye on it, concerned it might promote the wrong values for good Communist youth, and has gone so far as to ban songs in the past for ‘promoting obscenity, violence, crime or threatening public morality.'” Read more here.
Matters of debate
It’s unwise to talk about weed at work. Even if certain drugs aren’t against your employer’s policies or local laws, it could still impact how your coworkers view you.
Trump’s order to ban bump stocks is an empty gesture. The devices, which basically turn legal weapons into machine guns, weren’t used in last week’s school shooting in Florida.
Rising US wages aren’t to blame for inflation. Medical care and education are much bigger culprits.
Surprising discoveries
Emoji activists lobbied for an anatomically correct lobster. Maine residents demanded a redesign after an early version showed eight legs rather than 10.
An average skier gamed the system to compete in the Olympics. US-born Elizabeth Swaney skied for Hungary in the freeski halfpipe with a simple run devoid of any tricks.
Vampire bats are a marvel of evolution. Blood is low in nutrients and high in pathogens, so the bats had to mightily adapt to make it work.
A rare copy of the US Declaration of Independence was found in a cardboard box. James Madison’s version is in better shape than the original (paywall).
Humanity’s reaction to an alien landing may be pretty chill. A new study predicts that most people will react positively to proof of extraterrestrial life.
Our best wishes for a productive day. Please send any news, comments, Chinese streetwear, and crafty Olympians to hi@qz.com. You can follow us on Twitter for updates throughout the day or download our apps for iPhone and Android. Today’s Daily Brief was written by Steve Mollman and edited by Alice Truong.