Good morning, Quartz readers!
What to watch for today
Vladimir Putin’s marathon press conference. The Kremlin bills the annual hours-long televised conference as a way for reporters to get access to the Russian president, but past events have typically been characterized by praise and softball questions.
Harvey Weinstein goes to court. The disgraced Hollywood mogul, who faces five felony charges, will appear in a New York courtroom for a pretrial hearing in his criminal case. The judge could schedule a trial, throw out the indictment, or dismiss some or all of the charges. Among the attendees in the gallery will be Jennifer Lawrence.
The Bank of England convenes. It’s expected to hold rates steady at 0.75% as it awaits additional news on Brexit.
A privacy lawsuit against the US Justice Department. A digital-rights group wants a federal judge to order the FBI to release the names of people who’ve received national-security letters, or government demands for customer information that telecom and internet providers can’t disclose. The records could reveal whether the bureau is complying with a federal law around the letters.
Nike reports earnings. The athletic-apparel giant is expected to outperform projections, though analysts caution trade tariffs likely stifled its growth. Revenue is expected to hit $9.17 billion, up from $8.55 billion in 2017.
While you were sleeping
A Japanese court denied a request to extend Carlos Ghosn’s detention. Nissan’s former chairman, who’s been detained since his Nov. 19 arrest, and his close aid Greg Kelly will soon be released on bail, reports Japanese broadcaster NHK. Ghosn’s arrest has put Japan’s judicial system (subscription)—and 99.9% conviction rate—under scrutiny as he was held for three weeks before being charged.
Markets sank after the Fed raised interest rates. In its fourth hike this year, the US Federal Reserve increased the benchmark federal-funds rate by a quarter point to 2.25%-2.5%, but signaled fewer raises for 2019. A close reading of the Fed’s statement suggests a slowing economy, spooking investors and leading the Dow, S&P 500, and Nasdaq to hit new lows for 2018. Asian markets also slumped on the news.
The US Senate passed a stop-gap funding bill. The legislation, passed late Wednesday, will avert a government shutdown until Feb. 8 but does not include funding for a US-Mexico border wall. The House will have to pass the bill by Friday, the deadline for when funding expires for several federal agencies including the Department of Homeland Security.
The US Treasury Department will lift sanctions on three Russian companies. Sanctions on En+Group, U Rusal, and EuroSibEnergy will end in 30 days, after they agreed to reduce the stakes of Oleg Deripaska, a Russian oligarch known to be close with Putin and linked to Donald Trump’s former campaign chairman Paul Manafort.
Pinterest prepared to file its IPO. The social network could choose bankers next month and go public as soon as April (subscription). With more than 250 million active monthly users, it could be valued above $12 billion when it hits the scene alongside other closely watched IPOs, including Uber’s and Lyft’s.
Obsession interlude
For some eaters, fast food’s no longer about simplicity. Menu hacking—which might date back to surfer hangs at In-N-Out in the 1960s—is all about secret menus and clever ingredient combinations. It adds a bit of personalization to the least personal cuisine, and establishments are learning more about their customers from it. Get the inside scoop in today’s Quartz Obsession.
Membership
Selling bras is not unlike selling pot. When everyone in the market is offering basically the same product, differentiation is expressed in the details and in the emotional experience. Peter Horvath, former COO of Victoria’s Secret and current CEO of Green Growth Brands, shares how he’s leveraging his experience in lingerie for cannabis. Read his QZ&A with Alex Halperin here.
Matters of debate
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Amazon Prime isn’t reliable anymore. It’s failing to live up to its promise of two-day shipping, as shoppers discover at checkout an arrival date far later than anticipated.
To truly quit Facebook, you need to give up Instagram and WhatsApp. The exit of WhatsApp’s founder shows how inextricably tied the service was to its parent.
The mirror test says more about humans than about animals. We need better ways to gauge animal self-awareness.
Surprising discoveries
Saturn’s rings are disappearing. The signature features of the sixth planet in our solar system are being sucked in by gravity’s pull.
China’s war on Christmas hasn’t deterred kids from writing to Santa. Some cities have banned the holiday and the spread of “religious propaganda.”
Even commodities traders don’t know what a bushel is. Most have probably never seen a bushel basket (subscription) and routinely have to convert the amount into metric tons.
Costa Rica went 300 days on only renewable energy. It set a new record running its electricity on hydropower, wind, and other renewables.
Juul employees can’t vape at work anymore. Using e-cigarettes in California workplaces has been illegal since June 2016.
Our best wishes for a productive day. Please send any news, comments, bushel baskets, and letters to Santa to hi@qz.com. Join the next chapter of Quartz by downloading our app and becoming a member. Today’s Daily Brief was written by Alice Truong and edited by Isabella Steger.