Good morning, Quartz readers!
What to watch for today
India tries to balance Japan and China. Defense minister Nirmala Sitharaman will host his Chinese counterpart a day after meeting with his counterpart from Japan. Delhi and Tokyo have long-standing strategic ties, while Indo-Chinese relations have been strained by a territorial standoff.
Malcolm Turnbull’s day of reckoning. The Australian prime minister will address a tense party conference after abandoning his signature carbon emissions policy, which was opposed by his own coalition.
While you were sleeping
Venezuela closed its shops and banks for a historic devaluation. The government lopped five zeros off its currency—1,800 “sovereign” bolivars are equal to 1.8 million worth of old banknotes—while also reconfiguring the minimum wage and pegging the exchange rate to the little-understood “petro” cryptocurrency. Economists say the moves will only add to the country’s hyperinflation, which is forecast to hit 1 million percent this year.
Donald Trump ramped up criticism of the Fed. The US president dispensed with long-standing precedent, saying he was “not thrilled” with the policies of chairman Jay Powell. Asked by Reuters if he believed in the Fed’s political independence, Trump replied: “I believe in the Fed doing what’s good for the country.”
Ant Financial reportedly delayed its IPO. The Financial Times (paywall) cited two sources who said a stock market listing was unlikely before the end of 2019, despite earlier indications that an IPO could take place this year. The Alibaba payments affiliate, recently valued at $150 billion, is under pressure from the Chinese government crackdown on non-traditional finance, and from rival Tencent.
The Taliban accepted an offer for Russia-hosted peace talks. Officials representing the fundamentalist Afghan insurgents will meet with world leaders in Moscow on Sept. 4 along with representatives from China, India, Iran, and Pakistan, the Wall Street Journal reported (paywall). The US is not expected to attend.
Quartz Obsession interlude
Akshat Rathi on a surprising energy storage innovation: “About 96% of the world’s energy-storage capacity comes in the form of pumped hydro, which requires particular geographies, with access to water and to reservoirs at different altitudes…A startup called Energy Vault thinks it has a viable alternative to pumped-hydro: Instead of using water and dams, the startup uses concrete blocks and cranes.” Read more here.
Matters of debate
Whales and krill offer us a lesson in humility. Human decisions are ultimately insignificant—and that’s liberating.
Utility customers are paying for Amazon’s electricity. As tech companies expand their physical footprints, firms and lawmakers are shifting the burden (paywall).
Allegations against Asia Argento are proof that we need #MeToo. It is all too possible for Argento to be both a victim and a perpetrator.
Surprising discoveries
Kevin Spacey’s new movie only made $126 on its opening day. Billionaire Boys Club became an epic flop after sexual misconduct allegations against its star.
Emergency rooms are packed with scooter injuries. Rookie riders are getting hurt as startups flood cities with unauthorized rides.
The word “ummhmm” has a controversial past. Experts think the word came to the United States via the slave trade.
Ants are efficient because they know when to take a break. The insects leave a worksite when it got too crowded, leaving 30% of the colony to do 70% of the work (paywall).
Europe has been stricken by a mystery measles epidemic. There have been more than 41,000 infections in 2018, and no one knows why.
Our best wishes for a productive day. Please send any news, comments, dangerous scooters, and efficient ants 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 and edited by Adam Pasick and Aisha Hassan.