Good morning, Quartz readers!
What to watch for today
Theresa May faces another test. After the historic defeat of her Brexit proposal, opposition leader Jeremy Corbyn has put forward a no-confidence motion that will be debated today, with a vote due around 7pm local time. May’s government is expected to survive, but a loss could pave the way for the UK’s third general election in four years.
The UN Security Council votes on sending ceasefire monitors to Yemen. A UK-drafted resolution aims to send 75 observers to the port city of Hodeidah to monitor if the Houthi group and Yemeni government are abiding by the terms of a ceasefire.
The Fed releases its beige book. The report, a snapshot of business conditions in the Federal Reserve’s 12 regional districts, is used by central-bank officials to determine interest-rate policy. The most recent beige book noted companies’ concerns (paywall) about tariffs and rising interest rates.
A fresh look at oil. New US stockpile data will shed light on the shifting crude-oil market (paywall), with analysts expecting stockpiles to fall for the sixth time in seven weeks. Prices rose yesterday on signs that China would introduce new stimulus measures.
Revenue reports. Goldman Sachs, BlackRock, Bank of America, and BNY Mellon all report fourth quarter results today. Analysts will look for (pdf) an update on Goldman’s investigation into the Malaysia 1MDB scandal, Blackrock’s health after a tough year, and Bank of America’s strategy now that it has completed several cost-cutting measures.
While you were sleeping
The death toll in a Nairobi terror attack rose to at least 14. A suicide bomber and gunmen from the Somali Islamist group al-Shabaab stormed an upscale hotel complex in the Kenyan capital, wounding at least 25 people. The dead include an American and Briton. The event was reminiscent of a 2013 attack by al-Shabaab, when extremists killed 67 in a luxury shopping center.
The US and UK wrapped up joint drills in the South China Sea. The operation, which addressed “common security priorities” for the two countries, will likely antagonize China, who have two island bases in the region. Brunei, Malaysia, the Philippines, Taiwan, and Vietnam all dispute China’s claims in the area, which is a valuable trading route.
Sears will live to see another day. The company’s chairman, Eddie Lampert, was successful in a takeover bid during the department store chain’s bankruptcy auction, a source confirmed to Reuters today. The $5.2 billion deal will keep 425 stores open and save up to 45,000 jobs. The deal still needs to be approved by a bankruptcy judge later this week.
Kirsten Gillibrand joined the 2020 presidential race. The New York senator last night announced the formation of an exploratory committee for the Democratic presidential nomination (paywall) on The Late Show With Stephen Colbert. She joins Massachusetts senator Elizabeth Warren and former US Housing and Urban Development Secretary Julián Castro in the primary field, and will begin campaigning in Iowa at the weekend.
Snap’s chief financial officer is leaving. Tim Stone, who joined the company eight months ago from Amazon, will help search for his replacement. His departure adds to an exodus of executives over the past year, including its chief strategy officer, human-resources chief, vice president of product, and vice president of marketing. Snap’s shares plunged 7% in after-hours trading.
Quartz obsession interlude
The Trump administration is taking aim at rubber bands in its trade war with China. A report alleges the Chinese government has been subsidizing elastic makers, allowing them to dump their wares in the US below market value prices. Read all about the rise and fall of the US firm that lodged the complaint—the Harley-Davidson of rubber bands—in today’s Quartz Obsession.
Quartz Membership
Alibaba is poised to reinvent retail. The Chinese e-commerce giant is supporting a push for what it calls “new retail” by digitizing and merging traditional department stores with online platforms. But there’s a catch: You can only pay with Alibaba’s payment app Alipay or cold, hard, increasingly unpopular cash. Sign up for a free 30-day Quartz membership trial and learn more about the company that could be taking over the digital world.
Matters of debate
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It doesn’t get easier with a second child. In reality, parents experience an exponential increase in stress as they have more kids.
Big brands can change cultural norms. Gillette’s bombshell ad attacks toxic masculinity in a way that could make a true difference.
Dating apps are addictive to validation seekers. The search for the perfect match isn’t helped by lightning-fast technological tools.
Surprising discoveries
McDonald’s no longer has the trademark for “Big Mac” in the EU. A court ruled in favor of fast-food chain Supermac’s, allowing other companies to use the name.
Germany has produced the world’s ugliest coin. The commemorative item celebrates 70 years of currywurst with an image that’s difficult to unsee.
A massive alien-looking ice disk formed in a Maine river. Some residents are comparing the 300-foot-wide formation to a frozen crop circle that seems to be growing.
K-pop stars were too cool for school. South Korea’s education ministry revoked the college diplomas for seven singers who cut deals with their universities to skip class.
Archaeologists may have found the world’s oldest clove. The 1,000-year-old spice was discovered during an archeological dig at an ancient port in Sri Lanka.
Our best wishes for a productive day. Please send any news, comments, ugly coins, and politically contentious rubber bands 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 Sam Rigby and edited by Jackie Bischof.