Good morning, Quartz readers!
What to watch for today
Theresa May lays out her Brexit plan. The British prime minister will deliver a speech detailing how the UK plans to leave the EU. She’s expected to focus on national unity, border control, trade, and customs. Yesterday the pound slid on the prediction that she’ll emphasize leaving the EU’s single market to regain control of immigration policy.
The World Economic Forum in Davos kicks off. The gathering of world leaders, business people, and economists runs from Tuesday through Friday in Switzerland. Today’s highlights include the WEF opening speech by Xi Jinping (see below) and outgoing US secretary of State John Kerry’s speech on “diplomacy in an era of disruption.”
Morgan Stanley’s numbers. The investment bank is due to deliver its fourth-quarter report before the opening bell. Last week it announced bonus cuts and made some senior layoffs.
While you were sleeping
Xi Jinping sang the praises of globalization. There was standing room only for the first Chinese president to speak at the World Economic Forum. Xi defended globalization, which fueled China’s explosive growth and is now under growing attack in the West. But he said it had to be more inclusive, and blamed the woes of the world on conflict and the excessive pursuit of profits.
British American Tobacco inhaled the rest of Reynolds. BAT bought the 57% stake in its rival (paywall) that it doesn’t already own for $49 billion to form the world’s biggest tobacco company by revenue and value. This means BAT, owner of Lucky Strike and Dunhill, will return to the US after a 12-year absence; Reynolds is the second biggest tobacco company in the US.
Russia’s foreign minister looked back on 2016. At his annual press conference, Sergey Lavrov said Europe’s desire to export its values was to blame for the Arab Spring and the Ukraine conflict—Russia, he said, was guided by pragmatism. He invited Donald Trump to attend the upcoming Syria peace talks in January and said he expects a dialogue with the Trump administration on nuclear weapons.
Germany’s top court refused to outlaw a neo-Nazi party. A suit brought by the upper house of parliament argued that the far-right National Democratic Party is racist, anti-Semitic, and a threat to the nation’s democratic order. The Federal Constitutional Court, however, ruled that the NPD (which has no seats in the Federal Parliament) did not have the potential to overthrow Germany’s democracy.
Hyundai hiked its US investments. The South Korean automaker (and its affiliate Kia Motors) plans to pump $3.1 billion into its US operations in the next five years and is considering building a new US plant. Hyundai president Chung Jin-haeng said he expects a boost in demand in the US, based on Trump’s promise to create one million jobs in five years.
The longest plane search in history ended. After almost three years, the last search vessel departed the southern Indian Ocean and the hunt for Malaysia Airlines Flight 370 was officially called off. The plane, with 239 people on board, disappeared en route from Kuala Lumpur to Beijing on March 8, 2014.
Quartz obsession interlude
Jenni Avins tries wine from a startup that pledges pricing transparency. “Each line item on Alit’s cost sheet offers an opportunity for customers to learn something about the wine and the values behind it. I was initially put off by $2.88 for custom packaging, until Tarlov told me the majority of the investment wasn’t for a fancy bottle, but rather a recyclable shipping box that wouldn’t require any environmentally harmful styrofoam packaging.” Read more here.
Matters of debate
Martin Luther King Jr. was ahead of his time on universal basic income. King advocated for the idea in 1967.
Trust is a thing of the past. An Edelman survey found a “global implosion” in people’s trust for business, government, the media, and NGOs.
The US should revisit the 45-year-old “one-China policy.” Strategic US priorities (paywall) in the region have changed since 1972.
Surprising discoveries
Marijuana only has three concrete medical benefits. An analysis of 10,000 scientific studies also identified four high-risk factors associated with cannabis use.
A bunch of “teach-ins” will happen in the US on Trump’s inauguration day. One group of scholars will discuss Michael Foucault’s lectures on the defense of society.
Amazon tried selling Indian-flag doormats and Gandhi-themed flip-flops—in India. The tone-deaf offerings raised a stink, though some feel the reaction has been too much.
Theresa May will appear in Vogue. Annie Leibovitz shot the British prime minister for the US April edition.
Two Swedish midwives are offering training for car births. The maternity ward in Solleftea is closing and the nearest hospital is more than 100 km (62 miles) away.
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