Good morning, Quartz readers!
What to watch for today and over the weekend
US-Canada NAFTA talks go down to the wire. Canadian foreign minister Chrystia Freeland and US trade representative Robert Lighthizer hope to iron out considerable differences to allow Canada to sign onto a revamped trilateral trade pact with the US and Mexico before today’s deadline.
The world pays its last respects to the Queen of Soul… Aretha Franklin’s funeral takes place today in Detroit, Michigan, and the guest list for the star-studded event includes Stevie Wonder, Smokey Robinson, and Bill Clinton. The funeral will be broadcast and livestreamed starting at 10am ET. Here’s how you can tune in.
…And bids farewell to John McCain. A public processional honoring the late US senator will be followed by a memorial service at the Washington National Cathedral on Saturday. The events will be livestreamed and covered by major US TV outlets beginning at 8:30am ET.
While you were sleeping
Coca-Cola snapped up Costa coffee for $5.1 billion. Acquiring the world’s second-largest coffee chain allows Coke to continue moving away from fizzy drinks, in step with healthier consumer habits. Its president and CEO James Quincey noted that hot beverages are one of the few drinks segments where Coca-Cola does not have a global brand.
Currency woes roiled emerging markets. After Argentina’s peso hit a record low against the US dollar yesterday, which prompted an interest rate hike to 60%, Indonesia’s rupiah (paywall) slid to a two-decade low against the dollar today. The Indian rupee also reached a record low, while the battered Turkish lira swung up and down (paywall) after the government waived a tax on lira savings to try and shore up the currency.
Japan heeded Trump’s call to buy US military hardware. The president last year called on Japan to buy “massive amounts” of American military equipment, in part to reduce its trade surplus with the US. Tokyo, which today hiked its 2019 defense spending to $47 billion, will now buy a new US missile-defense system for $2.1 billion (paywall).
The Catholic Church in Australia defied a call for compulsory reporting of abuse. A landmark inquiry recommended that priests be forced to report sexual abuse learned in confessionals, but the church said children would be “less rather than more safe” under such laws, which have already been introduced in five states.
BlackRock hoped to replace Elon Musk as Tesla’s chairman. A new filing revealed that Blackrock-managed funds had voted in favor of a defeated June shareholder proposal demanding an independent chairman. Some activists have called for Tesla to split the roles of chairman and CEO to improve oversight.
Quartz Obsession interlude
Allison Schrager on why airlines’ checked-bag fees benefit flyers. “Paying for something that used to be free feels wrong. But in this case, it is something to celebrate… The unbundling of airline services is generally a good thing. Cheaper prices for passengers willing to forgo certain amenities allow more people to fly more often. Studies also show that reducing the number of checked bags, by charging fees to discourage them, cuts the time it takes to get bags on and off planes.” Read more here.
Matters of debate
California is no place to put down roots. As wildfires and heat waves worsen in the age of climate change, the Golden State is losing its sheen.
Skim reading is eroding society. It discourages critical analysis, making us more likely to accept false information.
Internet memes can be forces for good. Viral images encourage positive changes in our behavior.
Surprising discoveries
Hybrid pythons are devouring Florida’s wildlife. The invasive snakes can weigh up to 200 pounds—and their crossbreed status makes them extra-resilient.
Utah restocks its mountain lakes by air-dropping fish from planes. About 95% of them survive the fall.
Bees have developed a taste for pesticides. Their preference is similar to smokers’ addiction to nicotine.
Dinner receipts cost some bankers their jobs. Wells Fargo has fired or suspended a bunch of employees for allegedly doctoring expense receipts.
A New Zealand town wants to ban cats. The proposal would force owners to neuter cats they already have and stop them from getting new ones.
Our best wishes for a productive day. Please send any news, comments, fish parachutes, and unwanted Kiwi cats 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 Sarah Todd.