Good morning, Quartz readers!
What to watch for today
Spotify launches in Indonesia. The world’s fourth most-populous country is a new battleground for streaming music, with Spotify and Apple Music facing off against several local services. The company is reportedly also looking at entering Japan and India.
A big earnings day in China. Investors are bracing for bad news about bad debts at state-owned banking giants Industrial & Commercial Bank of China, China Construction Bank, and Bank of China. After a decade of hefty earnings growth, analysts expect profits to have shrunk by 0.3% for 2015.
UN real talk on refugees. Officials will discuss solutions to the refugee crisis in Geneva, including pledges by developed countries to take in displaced Syrians. The UN’s refugee agency has warned that one in ten Syrian refugees will have to be resettled before the end of 2018.
While you were sleeping
Donald Trump’s campaign manager was arrested for manhandling a journalist. Corey Lewandowski turned himself in to police in Florida and was charged with misdemeanor battery. The charge stems from an incident earlier this month, when he allegedly grabbed a reporter and pulled her arm.
Dilma Rousseff was left high and dry by a key partner. The Brazilian Democratic Movement Party (PMDB) said it would leave the coalition government ahead of likely impeachment hearings against Brazil’s president. Rousseff’s popularity has plummeted as Brazil sinks deeper into its worst economic crisis in decades.
An Egyptian hijacking ended peacefully. An EgyptAir flight was rerouted to Cyprus after a man claimed he had an explosive belt. It turned out to be a fake, and passengers and crew were released unharmed. The man, who was trying to reconcile with his Cypriot ex-wife, was “not a terrorist,” just “an idiot,” authorities said.
Janet Yellen expressed concern over low inflation. The Federal Reserve chair discussed the grisly consequences of inflation falling toward zero. Markets now suspect the Fed may not carry on with its plan to lift interest rates next month, sending stocks higher.
China’s Shandong Ruyi is taking over a French fashion firm. The technology and textile company is reportedly putting up $1.5 billion for SMCP, the firm behind chic Parisian labels Sandro and Maje. SMCP plans for an IPO put pressure on Shandong Ruyi to make a move, in a deal that could be announced Wednesday.
Quartz markets haiku
The great silver dove,
Yellen flaps in the face of
all those sullen hawks
Quartz obsession interlude
Alice Truong on the developer who has Airbnb-hopped for the last three years. “He sets a monthly budget of roughly $1,400 to $1,500 for the Bay Area … the median rent for a 1-bedroom apartment in San Francisco was $3,500, the highest in the country, according to apartment-listing site Zumper.” Read more here.
Matters of debate
The difference between a Christian gunman and a Muslim jihadist is racism. The media has its own definition of terrorism.
The FBI-Apple showdown is a disaster for the Feds. The government sought a legal precedent, but exposed its own incompetence.
The return of old diseases is not just because of anti-vaxxers. Governments aren’t doing enough to make vaccinations available.
Surprising discoveries
Cultures that love minimalism are the most wasteful. The Danes, Dutch, Swiss, and Germans are the world’s most wasteful countries.
An Angolan rapper was imprisoned for plotting a coup at his book club. The group was discussing nonviolent resistance.
Unicorns were real just 29,000 years ago. But they probably looked more like rhinos than horses.
Men’s underwear is an economic indicator. Alan Greenspan theorizes that men put off buying undies if money is tight.
One in five employees would happily sell their work passwords. Good luck, corporate security managers.
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