Good morning, Quartz readers!
What to watch for today
A US appeals courts hears arguments on Trump’s refugee and travel ban. The controversial executive order is blocked for now, but the Ninth Circuit Court of Appeals will consider the legal cases for and against it. About 100 US tech companies filed a joint condemnation of the ban on Sunday night.
The US Senate votes an education secretary. Betsy DeVos could become the first nominee for the post to be rejected, but it will be a close call either way. The billionaire has scant experience in education policy—she couldn’t identify basic education terms at her confirmation hearing in January. DeVos and her family have given millions to Republicans in the Senate.
An update on the US trade deficit. Economists don’t expect much to change in December, but the $45 billion deficit will be in the spotlight as president Donald Trump tries to rework NAFTA and other trade deals. The White House has proposed narrowing the persistent gap by imposing fees on certain imports.
While you were sleeping
Trump accused the media of playing down terror threats. The White House released a list of 78 attacks over two years that did not receive “the media attention they deserve.” The list included attacks that got worldwide blanket coverage, such as the Bataclan theater bombing in Paris, the Nice truck attack, and the Pulse Nightclub shooting in Florida. Right-wing news outlets have pushed the theory that the media is whitewashing terrorist attacks to protect Muslim migrants.
BP was the biggest loser in London. Shares in the British oil giant dropped more than 2% (paywall) on the FTSE 100 on Tuesday morning after its fourth-quarter results fell below expectations. It did however double profits to $400 million from the same quarter a year ago thanks to recovering oil prices, and said it’s planning to increase production this year thanks to a bunch of new projects.
Amnesty International reported on mass hangings at a Syrian prison. Based on interviews with former detainees, guards and judges, the report says as many as 13,000 people were hanged by Syrian authorities at Saydnaya prison north of Damascus between 2011 and 2015. For comparison, 21,000 have been killed in the Aleppo war zone since 2011.
Harvard University netted $1.2 billion from donors. But its record haul—the most of any US university—was wiped out by investment losses and spending totaling $2 billion. Harvard’s closest rival, Stanford, received $951 million in donations, while overall, US colleges pulled in a record $41 billion in the last fiscal year.
BNP Paribas pinned its hopes on a tech transformation. France’s largest listed bank (by assets) reported a 36% drop in earnings from retail banking in the fourth quarter, due to rock-bottom interest rates and a sluggish economy, but these losses were offset by a robust performance in its corporate arm, where profits were up more than 50%. It announced plans to close hundreds of branches (paywall) and invest more than $3 billion into digital tech over the next few years.
Quartz obsession interlude
David Yanofsky explores all $304.6 billion in goods that the US imports from Mexico in a year: “Trump has floated a 20% import tax on all Mexican products to finance his border wall. A blanket tax, however, may not be the best approach. Tariffs are typically applied in a much more nuanced way.” Read more here.
Matters of debate
The IMF should leave Greece before it makes things worse. Forgiving the country’s debts to the IMF would allow Europe and Greece to work out their own solution.
The US should not use Russia to fight ISIL. Moscow’s goals have very little to do with fighting the extremist group.
Isolating China will only hurt the US. A trade war or military conflict (paywall) will make China more defensive and anti-American.
Surprising discoveries
Cubans buy their apps in brick-and-mortar stores. The internet is slow and expensive, so vendors use cables to transfer software to customers’ phones.
Craftsmen are restoring a golden chariot for the late Thai king. The 15-ton chariot, pulled by 216 men, will transport the king’s urn to its cremation site.
A Hamilton Ponzi scheme ensnared some prominent billionaires. Michael Dell and hedge fund boss Paul Tudor Jones were among the victims of the ticket resale fraud.
Apple is doubling down on dongles. Yet another iPhone connector—somewhere between the old lightning port and the new USB-C—is in the works.
Science designed a song to makes babies happy. They like upbeat, surprising tracks sung by energetic female vocalists.
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