Good morning, Quartz readers!
What to watch for today and over the weekend
Greek bailout talks continue. Finance ministers from representatives from Germany, France, Italy, Spain, and the Netherlands will meet with IMF officials in Berlin to complete a review of how Greece has handled its third bailout, which it was given last year. The euro zone is aiming for a new agreement on fiscal reform by Dec. 5.
Lufthansa pilots extend their strike until Saturday. The strike over pay has been going on since Wednesday, grounding 1,000 flights, scotching the travel plans of 300,000 passengers, and costing the German carrier €20 million ($21 million) in its first two days alone.
Conservative primaries in France. Former prime ministers François Fillon and Alain Juppé battle it out on Sunday for the chance to be the presidential candidate for Les Républicains. Pro-business Fillon was seen as the winner of Thursday night’s TV debate against Juppé.
A less-crazy Black Friday in US stores. The traditional start of holiday shopping in the US is expected to break records in terms of sales, but more Americans will stay home and bargain hunt online this year. Some major retailers will be closed for business—trying to generate goodwill by giving employees the day off instead.
While you were sleeping
Germany led the push for a new arms-control agreement with Russia. Fifteen EU countries have joined the initiative to open a dialogue with Russia to stop an arms race, in the wake of Russia’s annexation of Crimea and intervention in eastern Ukraine. Frank-Walter Steinmeier, who’s leading the group, was criticized for his conciliatory stance toward Russia by US officials earlier this year.
The world’s biggest pension fund gained $21 billion. Japan’s Government Pension Investment Fund saw its first quarterly profit (paywall) in a year, as its stocks enjoyed a rebound in the quarter ending September. The fund, which owns more than 5% of the domestic stock market, lost more than 15 trillion yen ($132 billion) over the previous three quarters.
Hungary’s president hailed Donald Trump. After a phone call with the president-elect, Viktor Orban said on Friday that Trump will be good for Hungary. Orban has been vocally anti-Clinton, who nagged Hungary for its lack of democratic freedom, and has praised Trump for not being “ideologically limited.” Bilateral trade between the US and Hungary is small.
Europe’s biggest biotech group surged. Actelion shares leapt by 10% on reports that Johnson & Johnson had made an initial takeover offer for the Swiss drugmaker. Actelion launched two lucrative lung medicines recently, which are expected to offset the financial hit from copycat versions of its Tracleer blood-pressure drug; Tracleer accounted for more than half the company’s revenue in 2015.
Turkey threatened to flood Europe with refugees. Earlier this year Recep Tayyip Erdogan made an agreement with the EU—well, mostly with Angela Merkel—that he’d close Turkey’s borders to halt the flow of refugees into the EU, in exchange for billions of euros in aid. Now, furious that the EU Parliament has voted to suspend talks on Turkey’s membership, he’s threatening to renege on the deal.
Quartz obsession interlude
Aamna Mohdin on the economic case for the US granting amnesty to undocumented immigrants. “In 1986, Ronald Reagan gave amnesty to nearly 3 million undocumented immigrants… There’s evidence that shows undocumented workers went on to get better jobs and higher wages in the years after legalization. A previous study suggests there was a 15% increase in productivity after legalization in 1986, followed by another 10% to 12% increase in productivity when migrants became citizens.” Read more here.
Matters of debate
Don’t lie to your children about Santa Claus. This elaborate, long-lasting deception subtly but permanently damages family trust.
Self-control is a myth. Willpower can’t be strengthened, so try to avoid situations that call for it.
India is displaying classic signs that foreshadow fascism. Under Narendra Modi, the country is checking off items on Umberto Eco’s classic list of features of “Ur-Fascism.”
Surprising discoveries
Mad Shelia, a cheap knockoff of Mad Max: Fury Road, is streaming in China. It’s a bit of a parody, a bit of an homage, and a whole lot of taking someone else’s creative work.
The founder of Corona beer left more than $200 million to his home village. Cerezales del Condado only has 80 residents.
The Vatican is launching a Tinder-like app for confessing sins. It matches users with nearby places to confess and attend Mass.
Japan is using ramen to lure elderly drivers off the roads. Police arranged for a chain of noodle restaurants to give discounts to senior citizens who relinquish their driving licenses.
That bling-y picture of Nigel Farage and Donald Trump is raising thousands for charity. The photographer sold the rights to the image and is donating his share of the proceeds.
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