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What to watch for today
Fed policymakers are expected to keep rates steady. After a two-day meeting, they are more likely to indicate cuts for later this year.
Britain holds a third round of votes for prime minister. Parliament will vote on the five remaining candidates, and the bottom vote-getter will leave the race. Boris Johnson remains the front-runner and is expected to extend his lead.
Oracle and Barnes & Noble announce Q4 earnings. Oracle’s cloud division faces a competitive landscape as sales of software licenses decline. Investors seek an update on Barnes and Noble’s $475.8 million deal with hedge fund Elliott Management Corp.
While you were sleeping
Trump withdrew his nomination for US defense secretary. Patrick Shanahan, who had been serving as acting defense secretary, announced his resignation shortly after the Washington Post published a story about domestic violence incidents in his family. Trump tapped Army secretary and former Raytheon lobbyist Mark Esper to take his place.
Facebook said it wants to make money now. As in, currency. The social network and 27 partner organizations unveiled plans for a global cryptocurrency called Libra. If successful, it could bring millions of people into digital finance and make Facebook more powerful than ever.
Trump and Xi agreed to a meeting. The presidents of the US and China, which are currently engaged in a trade war, will talk face-to-face at the G-20 meeting in Japan next week.
Britain kicked one more candidate out of the prime minister race. In Tuesday’s parliamentary vote, former Brexit secretary Dominic Raab failed to meet the minimum threshold of 33 votes required to stay in the race. The surviving candidates moved on to a televised debate that Boris Johnson actually showed up for.
Iran encouraged other countries to challenge US dominance of the financial system. Ali Shamkhani, secretary of Iran’s Supreme National Security Council, made the appeal days after the US announced plans to deploy more troops to the Middle East.
Membership
At the intersection of the $4 trillion wellness-industrial complex, the $17 billion legal cannabis industry, and the anxiety epidemic crippling America sits a little bottle of CBD oil. To some, it’s a radical cure with massive, untapped potential. To others, it’s snake oil. We continue our deep dive into the CBD boom with an insider’s view from cannabis analyst Vivien Azer.
Quartz Obsession
Compost may be key to addressing climate change, but large-scale collection of food scraps, yard trimmings, and even human bodies poses a huge logistical challenge. Cities like Seoul, South Korea, which recycles 95% of its food waste, are proving it’s possible, while sites in Sweden, California, and New York are turning egg shells and carrot tops into biogas and saving money in the process. Sift through the compost heap with the Quartz Obsession.
Matters of debate
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Hong Kong leader Carrie Lam’s apology was not enough. She still refused to budge on a majority of protesters’ demands.
US socialism is back. And it’s here to stay until the market economy benefits more people.
Maternity leave is a no-win scenario for moms. Women are penalized whether they take time off or not.
Surprising discoveries
Two neighboring bookshops in Paris are fighting a culture war. The ideologically opposed shopkeepers’ tactics include demanding the return of bookmarks.
Indians want their food to be extra. Data from Uber Eats show the most popular requests in the country are for extra sauce, onions, mayo, and cheese.
Boaty McBoatface made a serious contribution to science. The unmanned submarine, named by internet trolls, uncovered a link between Antarctic winds and warming seas.
There’s a hit Japanese TV show about work-life balance. Titled “I Will Not Work Overtime, Period!” the show follows a professional striving to leave the office by 6.
A Pakistani politician gave a press conference as a cat. Someone accidentally applied a feline filter to the Facebook livestream carrying his address.
Our best wishes for a productive day. Please send any news, comments, yard trimmings, and extra sauce 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, Sarah Kessler, and Nicolás Rivero.