Good morning, Quartz readers!
What to watch for today and over the weekend
Italy holds a general election… Italians will vote for a new parliament on Sunday, with former prime minister Silvio Berlusconi back in the game and leading the center-right Forza Italia party. (He can’t run for office himself, though, following a tax fraud conviction.) Right-wing and populist parties hope to capitalize on anti-immigrant sentiment and Italy’s dire economic straits.
…and Germany might finally get a government. Some 460,000 Social Democratic Party members are expected to give their go-ahead to enter another coalition with Angela Merkel’s Christian Democrats. Germany has been in limbo under a caretaker government since federal elections in September.
Hollywood gathers for the Oscars. Talk show host Jimmy Kimmel will return for the second time to host the award show on Sunday night (5pm local time) in Los Angeles. The Shape of Water leads with 13 nominations, including for best picture.
While you were sleeping
The Weinstein Company revived a deal with investors. An investor group led by Maria Contreras-Sweet said it would buy most of the studio’s assets, just days after the company said it would file for bankruptcy. The deal includes a victims’ fund (paywall) worth up to $90 million—the company is currently being prosecuted for harassment of employees.
Asia and Europe fretted about Donald Trump’s tariffs. Markets opened down (paywall) after the president said on Thursday that he would slap big trade tariffs on steel and aluminum imports. China and Australia warned on Friday that it could harm global trade and provoke retaliation.
HNA checked out of the Hilton. The Chinese conglomerate is selling its 25% stake, worth about $1.4 billion, in Park Hotels & Resorts, which owns Hilton resorts. HNA Group, like other Chinese companies, is under pressure from Beijing to shed overseas assets; it recently reduced its stake in Deutsche Bank to just under 9%.
Blackstone’s CEO took home at least $800 million last year. Stephen Schwarzman’s eye-opening pay packet (paywall) is one of the largest ever at a publicly traded company, and highlights how investment managers are reaping the rewards of rising markets.
South Korea plans to send a special envoy to the North. In a phone call with Trump, president Moon Jae-in said that he wants to capitalize on the momentum in diplomatic relations between the two countries after the Winter Olympics. The White House said that its ultimate goal remains North Korea’s denuclearization.
Quartz obsession interlude
Gwynn Guilford on why Xi Jinping’s presidential power grab is bad news for China’s economy. “Most China experts agree that to sustain long-term growth, the Party must cede its control over the economy… Without these reforms, the country will continue to amass debt and encourage capital outflow, leading ultimately to economic catastrophe.” Read more here.
Matters of debate
Trump’s tariffs will mean fewer goods “Made in America.” Companies that make things out of steel are a much bigger share of the economy than the raw metal industries Trump is trying to protect.
Vladimir Putin wants modern weapons, not a modern Russia. The president’s recent saber-rattling is an attempt to distract from his lack of economic vision.
Americans won’t, and can’t, turn fascist. The American government is so large and unwieldy that it would be too hard for fascists, or other radical groups, to seize control.
Surprising discoveries
Fans can bring weed and cocaine to the World Cup in Russia. All they need is a doctor’s note, and reams of customs paperwork.
Stretchy pants are more popular than jeans in the US. Imports of women’s elastic knit pants exceeded those of blue jeans for the first time last year.
A teacher in Ghana teaches software on a blackboard. Richard Appiah Akoto’s methods swept across the internet, revealing Africa’s dire educational supply needs.
A helicopter bank robbery explains why cash is dying in Sweden. A string of heists prompted the country to question if keeping cash was worth the risk.
The Loch Ness monster will be featured on a British 10-pence coin. The new coins, which celebrate “the granularity of British life,” also feature cricket and fish-and-chips.
Our best wishes for a productive day. Please send any news, comments, comfortable trousers, and Nessie sightings 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 Jill Petzinger and edited by Jason Karaian.