Good morning, Quartz readers!
What to watch for today
Joe Biden and Bernie Sanders debate one-on-one, literally. The two remaining Democratic candidates for US president will spar without a live audience or assembled press corps because of precautions related to Covid-19. The debate, which was moved from a theater in Arizona to a CNN studio in Washington, starts Sunday at 8pm US eastern time (midnight GMT and 8am Monday in Hong Kong).
A Japanese company starts selling rapid tests for Covid-19. The 15-minute test kits, which require a small sample of blood, were developed by Kurabo Industries’ business partner in China. A red line on a test strip indicates a positive test result.
An interesting collection of earnings reports. Investors will get quarterly figures from companies including Tencent Music Entertainment; the newspaper chain McClatchy and US dairy giant Dean Foods (both of which are operating under bankruptcy protection); and Dallas-based Capital Senior Living, which has already restricted visitor access to its residences in 23 US states and will likely have more to say about the impact of Covid-19.
Over the weekend
Subscribe to Quartz’s free newsletter on Covid-19. Need to Know: Coronavirus examines how the epidemic is affecting the health of the global economy. Sign up here.
The Federal Reserve slashed its benchmark interest rate. The US central bank is now targeting a federal funds rate of zero to 0.25% and said in a Sunday evening statement that it is “prepared to use its full range of tools” as the impact of Covid-19 ripples through the economy. This includes buying an extra $700 billion in Treasury and agency mortgage-backed securities.
More of Europe went into lockdown. France shuttered public spaces and Spain confined citizens to their homes after the World Health Organization declared Europe the new epicenter of Covid-19. The US expanded its European travel ban to include the UK; as airlines slashed international routes, US airports struggled to screen dense crowds of returning travelers. Meanwhile, China saw more coronavirus cases imported from abroad than local transmissions.
Aramco announced a 21% drop in profit. The Saudi oil giant made a mere $88.2 billion in 2019, disappointing investors. The firm says it will cut capital spending amid plunging demand and a price war with Russia, but will still pay a $75 billion cash dividend this year.
Kenneth Chenault left Facebook’s board over frustrations about political policies. The former American Express CEO had pushed Mark Zuckerberg to crack down on misinformation, but grew disillusioned when his advice went unheeded, the Wall Street Journal reports. The newly freed-up Chenault instead took a seat on the board of Berkshire Hathaway recently vacated by Bill Gates.
Yes Bank lost $2.5 billion in the October-December quarter. The troubled Indian bank disclosed record losses driven by a spate of bad loans. The State Bank of India and a group of private-sector lenders had already committed $1.35 billion to rescue the firm.
Quartz membership
Now is a good time to master meditation. In this episode of Exceptional Humans, a member-exclusive video series, experienced meditators explain how the practice not only helps with stress, but changes your brain to make you smarter, more creative, and better at decision making.
Quartz daily obsession
One of the brightest stars in the sky could go supernova on us. We’re used to Betelgeuse (Alpha Orionis) representing the constellation Orion’s right shoulder. But after thousands of years of dependability, the red supergiant is acting strangely, leading some to believe it’s on a path to self-destruction. Take a look at our brilliant friend (while we can) with the Quartz Daily Obsession.
Matters of debate
You can tell the boss it’s time for a mandatory office shutdown. Feel free to crib from a few examples of actual emails employees have sent their managers.
Every South African province should have a quarantine site. Sending everyone to Limpopo is unfair, members of the ANC Youth League argue.
America is filled with pointless policies. Coronavirus has underscored how many of the country’s rules are unnecessarily burdensome.
Surprising discoveries
Alex Jones is hawking a phony coronavirus cure that could turn you blue. The “nano-silver” toothpaste can cause argyria, a bluish-gray skin discoloration that’s usually permanent.
The Vatican controls a luxury real estate empire in London. The Catholic church confirmed it owns a controlling stake in a firm funded in part by cash from Benito Mussolini.
On an “extreme” exoplanet, molten iron rains from the sky. Temperatures reach 2,400°C on the sunny side of the celestial body known as WASP-76b, hundreds of lightyears from Earth.
The Shaft Bottom Boys played the world’s deepest concert. The Canadian group performed a 50-minute set in a nickel mine, nearly 1,894 meters (6,213 feet) below sea level.
Not all parents love reading with their kids. But a few simple fixes to their approach can make it a better experience for everyone involved.
Our best wishes for a productive day. Please send any news, comments, office-shutdown emails, and metallic rain to hi@qz.com. Get the most out of Quartz by downloading our app on iOS or Android and becoming a member. Today’s Daily Brief was brought to you by Heather Landy and Nicolás Rivero.