Good morning, Quartz readers!
What to watch for today
Xi Jinping meets Rodrigo Duterte in Manila. It’s the first state visit to the Philippines by a Chinese president in 13 years. Since taking office, Duterte has been noticeably warm to China and cold to the country’s traditional ally, the United States.
EU leaders laying out post-Brexit guidelines. Officials in Brussels will publish a political declaration on the framework of the talks that will start after Britain leaves the EU. UK prime minister Theresa May says significant progress is needed on customs agreements and the length of the transition period, which could be extended to 2022.
Recreational cannabis arrives in the Eastern US. Two legal marijuana stores will open in Massachusetts (paywall) as the state joins Alaska, Colorado, California, Washington, Oregon, and Nevada in allowing recreational retail sales.
While you were sleeping
Nissan and Renault plummeted on the arrest of chairman Carlos Ghosn. The executive, considered to be the auto industry’s most powerful, allegedly underreported his compensation for many years. Nissan said an internal investigation showed that he also committed financial violations, such as “personal use of company assets,” along with director Greg Kelly.
Société Générale agreed to pay another huge US fine. The bank reached a $1.34 billion settlement with US regulators for allegedly violating US sanctions against Iran, Sudan, and Cuba. The bank earlier agreed to pay $1.3 billion to France and the US over a bribery case involving Libya, and charges of manipulating interest rates, respectively.
Taylor Swift signed a landmark new recording deal. The singer announced on Instagram that she was leaving Big Machine Records, the indie label she had been with since age 15, to sign with Republic Records and Universal Music Group. As part of the deal, Swift and the label’s other artists will receive a portion of UMG’s proceeds from its Spotify equity stake.
Tech’s five biggest stocks entered a bear market. The FAANG five—Facebook, Amazon, Apple, Netflix, and Google parent Alphabet—continued their autumn swoon, with each down 20% from their peak. Indexes and currencies around the world (paywall) followed suit.
Thousands fled an eruption of Guatemala’s Fuego volcano. Residents were forced to evacuate by massive ash clouds and intense lava flow. The active volcano killed roughly 200 people during an eruption in June.
Obsession interlude
VHS: The rattling, fragile tapes seem primitive in an era of everything-on-demand, but they were an engineering wonder that set the stage for the streams we swim in. For the very first time, viewers could time-shift and binge-watch video to their hearts’ delight. Please rewind at the Quartz Obsession.
Quartz membership
Streaming wars: Netflix purportedly got its start when CEO Reed Hastings was outraged by a $40 late fee for a Blockbuster VHS rental of Apollo 13. Fast-forward to now: Netflix is the champion of the streaming-video market. But next year is shaping up to be a slugfest, as Netflix faces an onslaught from rivals like Apple, Disney, Amazon, and AT&T. For more from our field guide to the future of TV, sign up here for a free trial membership.
Conversation starter
“Selling Nissan or Renault stock on this news is silly. There is no such thing as Key Man risk in a company of 400,000 people. He’s no Steve Jobs either. And Apple did just fine.”
—Junta Nakai, global head of business development at Selerity, on the downfall of Carlos Ghosn.
Surprising discoveries
Google is working on VR sneakers. The wheeled, motorized, omnidirectional shoes could protect us from real world obstacles.
Wombat poop is shaped like a cube. Their unique intestinal output could be upscaled into a manufacturing technique.
Two men are walking across Antarctica, alone together. Walking in parallel a mile apart, they’re each trying to become the first person to cross the icy continent without any help.
Florida ants build walls out of enemy corpses. The crafty Formica archboldi constructs nests with the skulls of its vanquished foes.
The US accused China of cheating on rubber band exports. The Chinese government allegedly subsidizes local manufacturers to undercut American rivals by 30%.
Our best wishes for a productive day. Please send any news, comments, hardcore ants, and wombat poop to hi@qz.com. Join the next chapter of Quartz by downloading our app or becoming a member. Today’s Daily Brief was written and edited by McKinley Noble, Holly Ojalvo, and Adam Pasick.
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