Good morning, Quartz readers!
What to watch for today
Janet Yellen talks to US lawmakers. Markets will look for hints on the timing of interest-rate hikes as the US Fed chair speaks before a Senate banking committee in Washington. It will be her first time (pdf) addressing lawmakers since Republicans gained control of both houses of Congress and the White House.
Binyamin Netanyahu meets with Donald Trump. The Israeli prime minister is hoping to foster a better relationship than the one he had with Barack Obama. Trump was a strong supporter of Israel’s government on the campaign trail, but he recently said settlements in occupied territories “don’t help” the peace process (paywall).
T-Mobile US and Fossil report earnings. Analysts predict a rise in fourth quarter revenue for T-Mobile, the country’s third-largest wireless carrier, which this week announced a major upgrade to its unlimited-data plan. Watchmaker Fossil is expected announce a drop in sales as it struggles to compete with smartwatches and smartphones.
While you were sleeping
Michael Flynn resigned as Trump’s national security adviser. His abrupt departure followed Justice Department warnings about his links with Russia (paywall). Flynn reportedly misled vice president Mike Pence by saying he hadn’t discussed sanctions with Russia’s ambassador before joining the administration. Keith Kellogg will fill the role in the interim and, together with David Petraeus and Robert Harward, is on the shortlist to replace Flynn.
Toshiba’s chairman stepped down after a nuclear writedown. The Japanese conglomerate initially postponed its earnings report, spooking investors and sending shares down by nearly 10%. It later confirmed a $6.3 billion writedown (paywall) to its nuclear business amid a series of disastrous projects in the US. Chairman Shigenori Shiga resigned ”to take management responsibility for the loss.”
Germany’s GDP disappointed. The German economy expanded by 0.4% in the last three months of 2016, dragged down by trade. Annoyingly for Berlin, this lagged behind the UK, which grew by 0.6% in the quarter.
Rolls-Royce posted a record loss. A £671 million ($838 million) fine to settle corruption charges and the drop in sterling after the Brexit vote resulted in a mammoth £4.6 billion ($5.7 billion) loss for the British engine-maker in 2016. Analysts were expecting a big, bad number for a year in which sales of the Airbus A330 fell and the company’s marine division slumped.
Credit Suisse languished. The Zurich-based bank posted a $2.4 billion net loss for 2016 and said it planned to slash another 5,500 jobs in 2017—it laid off more than 7,000 last year. CEO Tidjane Thiam said the bank was still looking to list part of its Swiss business in an IPO later this year.
Quartz obsession interlude
Heather Timmons on the US customs and border agents that defy court orders to do Trump’s bidding: “The initial ban was hugely popular among CBP officers, who backed Trump in large numbers during the election… morale among agents and officers ‘has increased exponentially since the signing of the orders.’” Read more here.
Matters of debate
Fake news is a Cold War tactic. Disinformation and other “active measures” used by the United States and Soviet Union are being retooled for the digital age.
Apple’s great design is a lie. Its new $5 billion headquarters is another case of hiding internal shambles under sleek exteriors.
Renewable energy is no longer “alternative.” Fossil fuels are doomed to a shrinking share of the energy market.
Surprising discoveries
Every dollar spent on childhood immunization reaps $44 in economic benefits. That’s just one of the findings from the Gates Foundation’s annual update on its activities.
Chinese couples are taking out wedding insurance policies. If they tie the knot within 10 years, they get 10,000 roses.
A Hitler lookalike was arrested in Austria. The 25-year-old, who was spotted outside Adolf Hitler’s birthplace in Braunau, was charged with glorifying the Nazi era.
Drones will soon fly people around Dubai. They can carry a 100 kg (220 pound) passenger and a small suitcase.
A San Francisco startup will launch 103 little satellites on Tuesday. Planet’s plan is to be able to image the entire earth daily.
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