Good morning, Quartz readers!
What to watch for today and over the weekend
US sanctions against Iran kick in—with waivers for some. Countries had been purchasing less oil from Iran before the new sanctions come into effect at midnight on Sunday. Washington has reportedly (paywall) agreed to let eight countries, including India, South Korea, and Japan, keep buying Iranian oil after sanctions begin.
Berkshire Hathaway earnings on Saturday. Hurricane-insurance claims and Kraft Heinz’s sales rut aren’t expected to drag much on Warren Buffett’s empire; analysts predict a record net income of $19 billion in the third quarter.
Alibaba’s earnings. China’s biggest tech company will deliver its first quarterly update (paywall) since Jack Ma announced his retirement plans.
It’s US jobs day. Reuters expects the Labor Department’s report to show nonfarm payrolls added 190,000 jobs last month, and the unemployment rate holding steady at 3.7 %.
While you were sleeping
Asian shares surged after a phone call between Donald Trump and Xi Jinping. After a rocky month, indexes in Japan, Hong Kong, and Shanghai climbed on Friday after China’s foreign ministry confirmed Trump’s announcement that the two leaders had had a positive phone call on Thursday about trade. Trump has reportedly asked his cabinet to draft a possible trade deal, ahead of the G20 in Argentina later this month.
The hedge fund that owns Toys ‘R’ Us wants to reopen its stores. Solus Alternative Asset Management and Angelo Gordon are raising capital to relaunch the retailer, which shut down in June, as a new standalone operation. First, it plans to create pop-ups inside Kroger grocery stores in the US for the holiday season.
China said that a deadly bus plunge was caused by a woman fighting with the driver. Authorities today released footage from last Sunday’s crash, which shows a passenger hitting the driver, who then appears to lose control of the bus, before plunging over the edge of a bridge. They said both driver and passenger were responsible for the crash, in which at least 13 people died.
North and South Korea agreed to bid to co-host the 2032 Olympics. Sports ministers from the two countries said they would officially inform the International Olympic Committee of their intention. They will also send combined teams to international sports tournaments, starting with the world handball championships in January.
Apple’s market cap dipped briefly below $1 trillion. A combination of disappointing factors in its fourth-quarter earnings report sent Apple’s stock price plummeting in after-hours trading by 7% to $207, before recovering. It’s the first time the company’s market cap has fallen below the trillion-dollar-mark since August.
Obsession interlude
Roasting meat as it rotates on a spit is prehistoric. But a revolution started in the 1990s, when the take-out rotisserie chicken became a star of drive-thrus, infomercials, and grocery chains. Today, Americans eat 625 million a year. What keeps the rotisserie chicken in rotation? Dig in at the Quartz Obsession.
Matters of debate
People are fine with Apple making iPhones more expensive. The company’s earnings show people aren’t phased by $1,000 phones.
The cost of breeding more humane chickens is almost nothing. A projected 1% increase in prices is a small one to pay to stop animal suffering.
Cities need more women on bikes. Angry male cyclists make urban cycling dangerous, especially in crowded cities like London.
Surprising discoveries
Japan lost an island. Esanbe Hanakita Kojima, which was only slightly above sea level, was named just four years before the sea swallowed it up.
Palau is the first country in the world to ban toxic sunscreens. Stores selling them will be fined up to $1,000, and bottles will be confiscated when entering the country.
AI will test truthfulness in European airports. Virtual border guards will look more skeptical and use different tones of voice if they think passengers are lying.
Girls are building Kyrgyzstan’s first satellite. It’s part of the country’s plan to crowdfund its space program.
India’s top science university had caste-segregated dining halls. Attempts to combine them were met with protests until the 1950s.
Our best wishes for a productive day. Please send any news, comments, lost islands, and ocean-friendly sunscreen 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 Jackie Bischof.