Good morning, Quartz readers!
What to watch for today
Donald Trump’s first congressional address. The US president will speak to the House and Senate at 9pm ET (10am HK). Investors will be watching to see if the Trump market rally will persist, and for hints at how his budget will affect various parts of the economy, including infrastructure, law enforcement, healthcare, and military contractors.
The Saudi king visits Indonesia with an enormous entourage. King Salman is reportedly bringing at least 1,500 people and more than 500 tons (450 tonnes) of luggage on a nine-day trip to the world’s largest majority-Muslim country.
Germany’s economy update. February jobless figures and inflation data will signal whether Europe’s largest economy is still gaining momentum.
While you were sleeping
YouTube launched a streaming service for live TV. Users, who already stream a billion hours of video every day, will get four US broadcast channels and 30 pay channels for $35 a month. The new service (US-only for now) is aimed at cord-cutting millennials; 40% of them only use the internet for entertainment.
A French sniper accidentally shot two people during a presidential speech. A policeman stationed on a roof in Western France inadvertently fired a bullet into a tent where Francois Hollande was speaking. It passed through a waiter’s thigh before striking another person’s calf.
The US attorney general vowed to ease up on police. Jeff Sessions said that the justice department would be more supportive of local police, arguing that crime is on the rise because of a lack of respect for cops.
Target took a tumble. The retailer’s profit outlook fell drastically short of analyst estimates, as its stylish offerings were no match for its rivals’ lower prices. The company is being squeezed between Amazon’s digital dominance and Walmart’s hyper-efficient supply chain.
US economic growth was tepid in the fourth quarter. GDP grew by an annualized 1.9% in the commerce department’s second revision, as lower business and government spending counteracted stronger spending by consumers.
Quartz obsession interlude
Heather Timmons on what Americans need to hear from their president. “Republicans, Democrats, investors, and everyday voters are craving more than just buzzwords. They need to know that there’s more substance behind Trump than the shambolic, blustery first few weeks of his term would suggest.” Read more here.
Matters of debate
The need for exponential growth kills innovation. Silicon Valley’s obsession is damaging a generation of startups.
The best way to reduce police brutality is to hire more female cops. They’re just as likely to use force, but less likely to use it excessively.
Big Data and AI could mean the end of democracy as we know it. It will definitely bring a sea change to the way society is organized.
Surprising discoveries
Barcelona wants fewer tourists. The city is contemplating a plan that will raise property taxes on short-term rentals and raise costs for day-trippers.
There’s an island that divides its time between France and Spain. The two countries have joint custody of Pheasant Island, near the Basque town of San Sebastian.
There could be more plastic than fish in the ocean by 2050. Humanity’s “throwaway culture” is to blame.
A Chinese tailor won Warren Buffett’s life-long loyalty. The founder of Dalian Dayang Trands started sending him free suits after a chance encounter.
Netflix is thinking about how to entertain AIs. In 50 years, CEO Reed Hastings isn’t sure if his customers will even be human.
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