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.
Theresa May asks for a Brexit delay. After being blocked this week from putting her proposed withdrawal agreement to UK parliament for a third time, the prime minister will ask European Council president Donald Tusk for a postponement of Britain’s EU departure beyond the March 29 deadline.
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. The government has been criticized for its xenophobia and hostility towards Muslims in the wake of the Christchurch terrorist attacks.
Bayer gears up for phase two of its trial. The German pharmaceutical group’s liabilities and damages will be considered after a US jury ruled yesterday that its widely used Roundup weedkiller contributed to causing a man’s cancer. The company denies the connection; it faces 11,200 pending cases (paywall) in the US.
Costs take a bite out of General Mills. The consumer foods maker behind the popular Cheerios brand is expected to post a rise in fourth quarterly sales, but investors will want to see how much freight and commodity costs (paywall) are weighing on the bottom line.
While you were sleeping
The first funerals began for victims of the New Zealand shootings. Hundreds gathered for the services in Christchurch after last week’s terrorist attacks at two mosques left 50 people dead. In one of her first interviews since the tragedy, prime minister Jacinda Ardern called for a global fight against far-right extremism.
Disney started a new chapter with its acquisition of 21st Century Fox. In a $71 billion deal, the entertainment conglomerate took over Fox’s film and TV networks, National Geographic, FX Productions, and more. The deal comes as Disney prepares to launch its answer to Netflix, Disney Plus, later this year.
Boeing shook up its top management. The planemaker brought in a new vice president of engineering and dedicated a top executive to aircraft investigations as the company reels from the two deadly crashes of its flagship 737 Max 8 aircraft in five months.
Hermes and BMW provided insight into trade-sensitive sectors. Luxury brand Hermes saw a 15% rise in net profit in 2018, thanks to high demand from Asia, although the company remains “cautious” about the year ahead. Meanwhile, BMW wrapped up its fiscal year warning of a steep profit drop in 2019 and announcing $13.6 billion in cost-cutting measures.
Amnesty International accused the US of killing civilians in Somalia. In a new report, the group detailed five airstrikes in 2017 and 2018 that killed 14 civilians, refuting the Pentagon’s claims that no civilians have died, even as US attacks have surged.
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
We continue our deep dive into corporate boards with two researchers’ innovative idea for fixing them: get rid of the people. UCLA law professor Stephen Bainbridge and his counterpart from the University of Chicago, Todd Henderson, argue that it’s time to allow consultant-like firms to oversee the corporation. The duo even has a kitschy name for their fictitious creation: “Boards R Us.”
Matters of debate
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Take egg studies with a grain of salt. The humble food is neither a nutritional powerhouse nor a heart-stopping cholesterol bomb.
Moderating content won’t stop the spread of online extremism. Platforms are fundamentally engineered to encourage and reward incendiary content.
Climate action is the antithesis of white supremacy. The former acknowledges that everything is connected, while the latter is an ideology of separation.
Surprising discoveries
There’s an official guidebook to modern cannabis manners. One suggestion: put finger bowls on the table in case someone needs wet fingers to troubleshoot a joint.
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 by Sam Rigby and edited by Jackie Bischof.