Good morning!
Today in membership, we have an infographic about which industries do well during a recession, the inside scoop from a reputation-management expert on the power of a bad review, and a Private Key feature on the future of Ethereum, one of the world’s largest blockchain platforms.
What to watch for today and over the weekend
The US and Canada face key deadlines regarding China. President Donald Trump has already put off plans to raise tariffs on Chinese goods as the clock ticked down to a March 1 deadline for a trade deal—but it’s anyone’s guess what will happen. Meanwhile Canada must decide on extradition proceedings for Huawei CFO Meng Wanzhou, who’s wanted by the US.
Pakistan frees a downed Indian pilot. Pakistani prime minister Imran Khan said the planned release of Abhinandan Varthaman today is a “peace gesture” to de-escalate tensions between the two nuclear rivals in the wake of a terror attack in Indian-held Kashmir.
Saudi allies in the EU try to block its inclusion on a money-laundering blacklist. The kingdom has threatened to sever trade ties if the list—which also includes Puerto Rico and three other US territories—is adopted today.
SpaceX launches its astronaut capsule for the first time. An unmanned SpaceX Crew Dragon capsule will be carried into space on a Falcon 9 rocket in the early hours of Saturday, Florida time.
Estonians go to the polls. Sunday’s general elections, with more than a thousand candidates running for seats in the legislature, will pit the Center Party against the center-right opposition Reform Party. Both want to keep the ascendant far-right Estonian Conservative People’s Party at bay.
While you were sleeping
South Korea’s president laid out his vision for a new Korean Peninsula. A day after a peace summit between Donald Trump and Kim Jong Un ended without an agreement, Moon Jae-in said in a speech that his government will help North Korea and the US reach a settlement “by any means.” The North’s foreign affairs minister, Ri Yong-ho, has disputed Trump’s account of why talks collapsed.
Argentina convicted former officials in Jewish center bombing cover-up. A court found that a former federal judge and the ex-intelligence chief obstructed an investigation into the 1994 attack in Buenos Aires believed to have been linked to Iran. The highest-profile defendant, former president Carlos Menem, was acquitted.
The Fed Chairman said the American economy is in a good place. Speaking in New York, Jerome Powell, pointed to low inflation and an unemployment rate that is near a historic low as signs of the economy’s health, but also expressed concern that some Americans are being left behind.
Rival US and Russia resolutions on Venezuela were defeated at the UN. World powers were divided on how to deal with the crisis in Venezuela. Russia and China vetoed the US draft resolution, which called for new presidential elections, while the Russian text failed to get enough votes.
The US unveiled a new plan to pull out of Afghanistan and share power with the Taliban. The proposed Pentagon peace plan (paywall), which is currently being discussed with European allies, would end America’s 18-year war. Half of the 14,000 US troops would be withdrawn within a year.
Tesla finally debuted its $35,000 Model 3. CEO Elon Musk has said that Tesla will have to close stores and lay off workers to make it financially sustainable to produce the long-awaited cheaper version of the car. The company is also due to pay debt of $920 million today, about a quarter of its total cash.
Quartz Obsession
Cruise ships: Haughty travel writers love to hate them, but the floating cities are expected to carry 30 million people paying a total of $134 billion this year. A huge swig of that comes from drinks and extras, which makes sense: the good-time industry has its roots in Prohibition-era booze cruises that took patrons into international waters to tipple. Come aboard, we’re expecting you at the Quartz Obsession.
Matters of debate
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The economics of YouTube help conspiracy theories flourish. A paranoid mind-set is threaded through the social fabric of YouTube.
Facebook’s privacy promises are going to hurt its ad business. And that’s a good thing.
Cryptocurrencies could enable universal basic income. But a global decentralized digital currency is not yet viable.
Surprising discoveries
The legal cannabis industry loves Ford Transit vans. Customized versions are being used to carry cash and weed, since businesses can’t use banks or armored cars.
The cloud is made of magnetic tape. The retro technology is cheap, stores a lot of data, and can be physically secure from hackers.
Opium is addicting Indian parrots. The addicted birds are destroying poppy crops.
Fast food is being super-super-sized. Despite consumer demand for healthier menus, some chains have increased calories and sodium.
Scientists are brewing THC and CBD from genetically engineered yeast. From the fungus that brought us beer comes a weed experience without the hassle of plants.
Our best wishes for a productive day. Please send any news, comments, quadruple cheeseburgers, and psychotropic yeast 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 Mary Hui and edited by Tripti Lahiri.