Good morning, Quartz readers!
You may notice a few new things in the Daily Brief, as part of Quartz’s biggest expansion since we launched six years ago. We’re introducing a new app for the Quartz community, built around commenting and conversation, and a new membership program that offers a field guide to the players and phenomena that are upending the global economy.
The Brief’s new “Conversation Starters” section takes the place of “Matters of Debate,” and gives you the highlights of the day’s comments in the new Quartz app (iOS only for now, Android very soon). We hope you’ll join the conversation!
What to watch for today
Singapore hosts the East Asia Summit. Leaders from ASEAN members, as well as from China, Japan, South Korea, Russia, Australia, New Zealand, India, and the US, will gather amid escalating tensions between Beijing and Washington, DC.
Walmart reports earnings. The retail behemoth saw e-commerce growth of 40% in the second quarter, and analysts expect the same or better in the third. Also anticipated: a jump in same-store sales thanks to increased customer traffic.
The US commerce department releases retail sales data for October. Sales were weaker than expected in September, marking a second straight month of slowing sales heading into the holiday season.
While you were sleeping
Theresa May’s cabinet backed a Brexit draft agreement. Emerging from a five-hour meeting with her ministers, the UK prime minister hailed the “decisive step” and said an agreement could be finalized in the coming days. But getting parliament to approve the deal could prove challenging.
The death toll from California’s fires hit 50. Northern California’s Camp Fire, already the deadliest and most destructive in state history, accounted for 48 of the fatalities. Scientists believe climate change has acted as a “threat multiplier” for such conflagrations.
Berkshire Hathaway revealed a big bet on financials. In a new filing, Warren Buffett’s company disclosed a new position in JPMorgan Chase of 35.6 million shares. Elsewhere, it added to its positions in Bank of America and Goldman Sachs, and added a new one in PNC Financial.
Kevin McCarthy was elected to succeed Paul Ryan. The California Republican will serve as the minority leader in the US House of Representatives and play a major role in directing his party’s next moves on immigration, health care, and tax policy.
Scientists detected a chilly “super Earth” around a nearby star. In a study published in Nature, they reported strong evidence of the exoplanet around Barnard’s Star, one of the sun’s nearest neighbors at “just” six light-years distance.
Obsession interlude
Cloud seeding only sounds futuristic. It’s actually an old technology, a product of WWII utopianism enlisted to combat climate dystopia. Sprinkle some silver iodide in the clouds, and voila—rain. Or at least more than you would get otherwise. It’s cheaper than desalinization or “renting” water, assuming it works. Fifty-six countries believe in it enough to give it a try. But we may never know if it actually makes it rain.
Conversation starters
“Analysts like myself and several others, published investment research reports pre-IPO calling out the bevy of challenges Snap faced and why the stock would be a risky investment. Chief amongst those was rising competition from Instagram. Instagram was replicating Snap’s business model with ease and with speed and that was clear to all investors. We recommended that investors not buy the stock. Some chose to make their bets anyway knowing the challenges Snap faced. They lost money and are now trying to recoup. I’ve seen this occur throughout my career.”
—Victor Anthony, internet equity analyst at Aegis Capital, commenting on: Exclusive: Snap reveals U.S. subpoenas on IPO disclosures
“Local players such as soon-to-be Disney’s Hotstar, with exclusive cricket and a lot of Bollywood and regional cinema (thanks to Star TV) haven’t been able to grow paid subs at prices Netflix is now proposing so this isn’t a fait accompli. There is also a significant data cost issue among the very price conscious customers they are going after there. So watch for the marketing spends too that need to follow these apps.”
—Raju Narisetti, professor at Columbia Journalism School, commenting on: Netflix is testing a mobile-only subscription to make its service more affordable
“If you measure it, you can change it. The FT found that only 21% of people quoted in the paper are women so staff told that automated analysis could warn about the lack of female voices in an article as it is being typed.”
—Kristalina Georgieva, CEO at the World Bank, commenting on: Financial Times tool warns if articles quote too many men
Surprising discoveries
GQ named Serena Williams its “Woman” of the Year with a cringe-worthy cover. The cover design was created by an artist known for his use of quotation marks, but fans of Williams are crying foul over its negative implications (paywall).
Marie Antoinette’s jewelry is hitting the auction block. Perhaps the most striking accessory up for grabs is a diamond ring featuring a lock of hair, which is expected to fetch $10,000.
An EU court ruled that taste can’t be copyrighted. The decision came after cheesemaker Levola sued competitor Smilde over a suspiciously similar spreadable cheese.
High-end straws have hit the market. Companies like Tiffany & Co. charge $375 per twisty sterling silver straw, while competitors offer brass-and-silver options in the name of luxury eco-friendliness.
Coca-Cola’s Christmas truck cut its route short. Pushback from UK lawmakers and activists over the sugary soda led Coke to shrink its route to 24 cities—down from 42 last year.
Our best wishes for a productive day. Please send any news, comments, spreadable cheeses, and questionable quotation marks 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 Steve Mollman and April Siese.