Good morning, Quartz readers!
What to watch for today
The US Federal Reserve urges patience. Chairman Jerome Powell is scheduled to hold a news conference the same day the Fed will update its economy forecasts and issue a policy statement. Rates are expected to hold steady—potentially for the remainder of the year.
The Disney-Fox deal closes. At long last, Disney will officially take over the film and television divisions of 21st Century Fox. The remaining Fox Corp. entities, still owned by Rupert Murdoch, announced Tuesday—the same day it began trading as a standalone company—that former US House speaker Paul Ryan would be joining its board of directors.
General Mills and BMW report numbers. The food manufacturer is expected to show a year-over-year slump upon release of its third-quarter earnings, while the automaker will wrap up its fiscal year with similarly disappointing news that could prompt significant cost-cutting.
Australia puts a cap on permanent migrants. Prime minister Scott Morrison will release details on a new immigration policy, which sets limits of 160,000 migrants for the next four years and introduces a new skilled-worker visa.
While you were sleeping
Google got into gaming. The company revealed a cloud gaming service called “Stadia” that will tie into Google’s services and products, to launch in 2019. No games or prices were revealed, but the service will be compatible with Google’s Pixel and Chromebook hardware, as well as its Chrome browser.
Kazakhstan’s president announced his retirement after 29 years. Nursultan Nazarbayev shocked the political world by stating his intent to step down. The 78-year-old has been head of the oil-rich country since it was a Soviet republic, and was expected to be elected for a fifth term in 2020.
Facebook promised an end to discriminatory advertising. As part of a settlement to several lawsuits, the platform will revise its advertising rules (paywall) and ban targeting certain demographics for housing, employment, or credit ads. Facebook will pay $5 million in legal fees and compensation, and has pledged to meet with the plaintiff groups for the next three years to discuss implementation.
The UN called Cyclone Idai the southern hemisphere’s worst-ever disaster. The storm that cut a wide and devastating path through Mozambique, Malawi, and Zimbabwe has killed or injured thousands, potentially affecting more than 2.6 million people. Experts are pointing to climate change as the engine behind these increasingly powerful storms.
Quartz Obsession
American cheese exists because of Canadian and Swiss ingenuity. In 1916, Canada’s James Kraft patented a process for pasteurizing cheese that enabled it to be shipped to US troops, who sought it out at grocery stores upon their return home. Then, Swiss-born Emil Frey figured out how to use an emulsifying agent to melt scraps into blocks. Et voila, Velveeta—still unmatched in meltability. Read more in our Quartz Obsession.
Membership
Today we continue our look at corporate boards with a roster of individuals and groups influencing company directors. We also have a new primer on a book that celebrates keeping a business small, and a fresh Private Key piece on the notorious crypto pyramid scheme by which the New Zealand shooter profited.
Matters of debate
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Take egg studies with a grain of salt. Despite what the latest headlines say, the humble food is neither a nutritional powerhouse nor a heart-stopping cholesterol bomb.
Humanity is not prepared to handle AI. The government needs training in how to prepare for the technologies being developed by universities and private companies.
Moderating content won’t stop the spread of online extremism. Platforms are fundamentally engineered to encourage and reward incendiary content.
Surprising discoveries
There’s now an official guidebook to modern cannabis manners. Penned by Lizzie Post, granddaughter of etiquette grand dame Emily Post, it goes way beyond puff, puff, pass.
A man in the Australian town of Woodenbong wants to build a giant wooden bong. He’s petitioning residents to support his proposed new landmark.
Some Europeans would rather leave policy decisions to artificial intelligence. A quarter of respondents to a technology survey seem disillusioned with democracy.
Goths in China are posting selfies to protest discrimination. The movement was sparked when a Guangzhou subway security guard asked a woman to remove her goth makeup.
Mediums are flocking into the self-care market. The “psychic services” industry reached $2 billion in revenue (paywall) last year.
Our best wishes for a productive day. Please send any news, comments, weed etiquette tips, and giant wooden bongs to hi@qz.com. Join the next chapter of Quartz by downloading our app and becoming a member. Today’s Daily Brief was written and edited by Susan Howson and Jessanne Collins.