Good morning, Quartz readers!
Here’s what you need to know
Rishi Sunak will be the UK’s next prime minister. The rise of the former finance minister will be historic for more than a few reasons (more below).
Indian stocks hit a one-month high. The gains occurred in a special one-hour Diwali trading session yesterday, boosted by some good financial results from ICICI Bank.
China’s economic growth was better than expected. After an unexplained release delay, data show the country’s GDP was up by 3.9% in the third quarter.
Kenya faces mounting calls to investigate the death of Pakistani journalist Arshad Sharif. Kenyan media and Pakistan’s government want to know why he was shot by police near Nairobi.
Nigeria was warned about possible terror attacks in its capital city. Citing intelligence findings, the US, the UK, and Australia have issued travel alerts.
At least 50 people were killed in an air raid in Myanmar. The attack was targeting Kachin insurgents who were celebrating at a concert.
Toyota will roll out a new electric sedan in China. The car, called bZ3, will use batteries produced by Chinese EV-maker BYD.
What to watch for
When Intel first declared its intention to spin off self-driving tech maker Mobileye through an IPO earlier this year, the chipmaker eyed a valuation of $50 million. Now, Intel is targeting a $15.9 million valuation—barely making back the $15.3 million it paid for the Israel-based firm five years ago.
CEO Pat Gelsinger was betting heavily on Mobileye’s IPO to fund the company’s new chip plants. But unfortunately for Intel, the US IPO market is in its worst shape in two decades.
Mobileye shares are expected to start trading on the Nasdaq on Oct. 26. The following day, Intel reports earnings, which some analysts expect to be grim, forecasting a 15% drop in revenue and an 81% fall in earnings compared to last year. Intel has reportedly warned staff that layoffs are coming in November, joining a growing number of tech firms looking to freeze or cut headcount.
America’s investigation of Huawei thickens
The US Department of Justice leveled charges against more than 13 Chinese nationals yesterday, including two suspected spies for trying to interfere with a criminal investigation of Huawei, one of China’s largest technology companies. While the complaint doesn’t name Huawei, sources close to the investigation confirmed the company’s identity, the Washington Post reported.
Huawei is far from the only Chinese (or Beijing-influenced) company in America’s crosshairs. In recent years, the US government has blocked deals that could have given China more control of dating app Grindr and chipmaker Qualcomm and pressured companies to delist from the New York Stock Exchange. And of course, former president Donald Trump attempted to ban WeChat and TikTok, the latter of which is still facing federal scrutiny.
The UK’s youngest, wealthiest prime minister
The UK’s incoming PM might be its third this year, but Rishi Sunak is not your grandfather’s prime minister. As a British Asian, he’ll become the first non-white person to hold the office. At 42 years old, Sunak will also be the youngest PM in more than two centuries—and with an estimated fortune of £730 million ($824 million) shared with his wife, Infosys heiress Akshata Murty, he’s going to be the wealthiest British PM ever.
With this figure in mind, it’s hard to disagree with Quartz editor-in-chief Zach Seward, who described the UK as “an entrenched plutocracy [squabbling] over the scraps of a stagnant economy that is now, largely by its own choice, of declining relevance to the rest of the world” in our latest Weekend Brief.
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Our best wishes for a productive day. Send any news, comments, otter buddies, and sushiless sushi to email@example.com. Reader support makes Quartz available to all—become a member. Today’s Daily Brief was brought to you by Sofia Lotto Persio, Cassie Werber, Ananya Bhattacharya, Susan Howson, and Morgan Haefner.