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What to watch for today
A spicy IPO for Haidilao. The Chinese restaurant chain, known for theatrical dining and gimmicks like free manicures as well as its Sichuan-style hot pot, is set to raise about $1 billion in its Hong Kong stock offering.
Donald Trump chairs a meeting of the UN Security Council. It’s unclear whether the topic will be Iran, as the US president seems to believe, or broader questions of weapons proliferation, as his staff has promised.
The Fed raises interest rates. Investors have already priced in an expected quarter of a percentage point rise in its benchmark rate, to a range of 2% to 2.25%. Chairman Jerome Powell is sure to face questions about the consequences of Trump’s trade war and the White House’s influence over central bank policy decisions.
While you were sleeping
Trump blasted globalism in his speech to the UN General Assembly. The president berated countries for taking advantage of the US, accused OPEC of “ripping off the world” (paywall), and called on leaders to unleash the “passion that burns in the hearts of patriots.” After openly laughing at Trump’s grandiose claims, world leaders offered a polite round of applause.
Comedian Bill Cosby was sentenced to three to 10 years in prison for sexual assault. Judge Steven O’Neill ruled that the 81-year-old comedian is a “sexually violent predator” after he was convicted of drugging and sexually assaulting former professional basketball player Andrea Constand. More than 60 women have accused Cosby of sexual misconduct, including rape.
The owner of Arby’s bought Sonic for $2.3 billion. Inspire Brands, which also owns Buffalo Wild Wings, is acquiring the popular US burger chain that has some 3,500 restaurants and $4.4 billion in annual sales.
Ebola fighters warned of an escalating crisis. The World Health Organization said civil war in the Democratic Republic of Congo, lack of virus-tracking data, and the disease’s rapid spread could turn an already dire situation into an all-out catastrophe.
Europe, China and Russia created a special fund to get around US sanctions on Iran. The new entity will aid companies seeking to do business in Iran, in the hopes that Tehran will keep its end of a 2015 deal restricting the country’s nuclear weapon development. On Nov. 4, the US is set to re-impose Iran sanctions designed to prevent any foreign companies from doing business there.
Quartz Obsession interlude
Nupur Anand on India’s brewing crisis: “India’s financial markets are in the throes of a bear hug. And the core of the crisis that has shaved off Rs8.48 lakh crore ($116.33 billion) in investor wealth in the last ten days is Mumbai-based Infrastructure Leasing & Financial Services (IL&FS).” Read more here.
Matters of debate
Facebook’s trust rankings are untrustworthy. Reputation testimonials are often just as fake as the fake news they’re meant to validate.
The pot industry won’t stay radical for long. Massive tobacco, soda, and beer companies will decide the future of the industry.
“Innocent until proven guilty” doesn’t apply to job interviews. Brett Kavanaugh’s defenders are using the wrong legal standard, especially for a powerful lifetime appointment.
Surprising discoveries
Robot furniture could help us live in smaller spaces. Beds will descend (paywall), walls will move, and storage cabinets decide what possessions we can jettison.
Part of our brain keeps the lights on when we blink. The medial prefrontal cortex evens out our visual perceptions.
The UN’s breakout star is still in diapers. The three-month-old daughter of New Zealand’s prime minister, Jacinda Ardern, was in attendance for her mother’s speech.
Bees love the buzz of urban life. Hives do better when they’re far from insecticides and rural monocultures.
A US rapper overdosed on Hot Cheetos. Lil Xan, 21, was hospitalized for internal bleeding after indulging the spicy, cheesy snacks.
Our best wishes for a productive day. Please send any news, comments, self-making beds, and city bees 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 Susan Howson.