Good morning, Quartz readers!
What to watch for today
Markets brace for a Fed rate hike. Chairman Jerome Powell is due to announce a rise in the US central bank’s benchmark rate, the first of the year. Markets are waiting for signals about how many hikes will follow, and for the Fed’s view on economic growth and inflation.
Shareholders vote on Elon Musk’s $2.6 billion pay package. Shareholder California State Teachers’ Retirement System, one of the biggest pension funds in the US, will vote against the Tesla CEO’s compensation at the firm’s AGM today. Musk’s package is based on Tesla’s market value rising to $650 billion over the next decade.
Two mid-level Facebook staffers brief angry US lawmakers. The company’s associate general counsel and deputy chief privacy officer will tell Congress why it allowed Cambridge Analytica—a marketing firm used by the Trump presidential campaign—to harvest the information of tens of millions of users.
While you were sleeping
The creator of the Cambridge Analytica’s data-harvesting app said he’d been made a “scapegoat” by Facebook. Academic Aleksandr Kogan claimed he had no idea the data of 50 million users would be mined to benefit the Trump campaign. Facebook says Kogan violated the site’s policies—he says he was assured everything was legal. Cambridge Analytica CEO Andrew Nix was suspended on Tuesday. There’s still no sign of Mark Zuckerberg.
The president of Myanmar suddenly resigned. Htin Kyaw, who’s only been president for two years and believed to suffer from ill-health, will step down immediately. That leaves de facto leader Aung San Suu Kyi without a key ally as she faces a storm of criticism over her handling of the Rohingya refugee crisis.
Geely revved up. The Chinese car maker, which owns Volvo, Lotus, and nearly 10% of Daimler, said its 2017 net profit had almost doubled (paywall). Demand for SUVs powered the ambitious company to a 73% growth in year-on-year revenue.
Natural disasters devastated Lloyd’s balance sheet. Insurance company Lloyd’s of London posted a 2017 pre-tax loss of £2 billion ($2.8 billion) and slipped into the red for the first time in six years. Hurricanes, earthquakes, and wildfires last year caused insurers some $135 billion in losses.
Israel admitted to bombing a Syrian nuclear reactor in 2007. The admission came after an 11-year media gag order was lifted. Authorities said Israel would not tolerate projects posing an “existential threat,”and intelligence minister Israel Katz tweeted that the bombing mission sent a message to Iran that Israel wouldn’t allow it to obtain nuclear weapons.
Quartz obsession interlude
Tim Fernholz on how a startup launched satellites after the US said no. “Security experts have already been sounding the alarm about how easier access to space could have bad effects, too, warning that it could quickly create a space traffic management issue. This time around, the worst-case scenario is an accidental collision, but future sneaky satellites could be operated by people with more pernicious aims.” Read more here.
Matters of debate
You should tell your boss about your weaknesses. It’ll help reinforce your desire to keep improving.
Deleting Facebook improves happiness. Whether or not you’re sending the company a message, you’ll increase your appreciation of what’s actually important in life.
Brick-and-mortar beauty stores are impervious to the app invasion. The ability to quickly hands-on test the products can’t be matched by online offerings.
Surprising discoveries
South Korea is using K-pop diplomacy with North Korea. More than 150 artists will travel to Pyongyang, where no K-pop singers have performed since 2005.
The world’s oldest nuclear reactor was restarted. The primary reactor at the Beznau nuclear plant in Switzerland was offline for three years for repairs.
Jeff Bezos has a terrifying robot dog. The Spot Mini from Boston Dynamics was seen strolling casually next to the world’s richest man at a robotics conference.
Child-abuse images could bring down bitcoin. Unidentified users have been using the cryptocurrency’s blockchain to store and distribute disturbing images of minors.
Gerhard Schroeder has inspired a new word for “corruption.” The German ex-chancellor’s relationship with Vladimir Putin inspired the term “Schroederization.”
Our best wishes for a productive day. Please send any news, comments, K-pop ambassadors, and robodogs 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 Lianna Brinded.