Good morning, Quartz readers!
What to watch for today
The Federal Reserve will almost certainly hike interest rates. The US central bank has prepared financial markets for higher rates, with more hikes to come—a course that sets up an inevitable collision with the Trump administration’s desire to boost the economy. US inflation and retail sales data are also due.
Rex Tillerson starts a big trip to Asia. The US secretary of state will begin his jaunt in Japan, where tensions are high due to North Korea’s missile tests and Chinese anger about US antimissile defenses.
South Korea’s former president is questioned by prosecutors. Park Guen-hye, stripped of presidential immunity when she was removed from office this week, is being investigated for bribery, extortion, and abuse of power.
Japan’s parliament considers the emperor’s abdication. A draft bill would allow Emperor Akihito to step down to allow his son Naruhito to rule. The compromise legislation allows the possibility of future abdications, but assures that no emperor will be forced out against his will.
While you were sleeping
Neiman Marcus is up for sale. A consortium of private equity firms are in talks to sell the 100-year-old luxury clothing chain to Canada’s Hudson’s Bay, which also owns Lord & Taylor and Saks. Hudson’s Bay is reportedly to structure a deal that would avoid taking on Neiman’s $5 billion in debt, according to the Wall Street Journal.
Somali pirates hijacked their first commercial ship in five years. An oil tanker with an eight-member crew from Sri Lanka was captured in the Gulf of Aden, en route to Mogadishu. A multinational naval force successfully reduced piracy from a peak in 2012, but the number of armed vessels has recently fallen.
An EU court ruled that headscarf bans are legal. The European Court of Justice (ECJ) determined that employers can ban headscarves as part of a policy requiring “neutral dress,” as long as other “political, philosophical or religious signs” are also barred.
French presidential candidate Francois Fillon is under formal investigation. The center-right politician is trailing in the polls after a wide-ranging scandal over huge public payments to his family members. Fillon previously promised to withdraw if a formal investigation was declared.
Volkswagen changed its tune about Fiat. After dismissing merger rumors last week, Volkswagen CEO Matthias Mueller refused to rule out a deal. He told reporters:“It would be very helpful if [Fiat Chrysler CEO Sergio Marchionne] were to communicate his considerations to me too and not just to you.”
Quartz obsession interlude
Annalisa Merelli on the refugees who made some of the nicest things we have: “David Tran, inventor of America’s beloved sweet and spicy Sriracha hot sauce, was a Vietnamese refugee. Freddie Mercury, born Farrokh Bulsara in Zanzibar to Indian parents, settled in the UK after fleeing the Zanzibar revolution in 1964. Alec Issigonis, creator of the iconic Mini Cooper, was evacuated from Smyrna (now Izmir, Turkey) during the Greek-Turkish war in 1922.” Read more here.
Matters of debate
The most detailed maps in the world will be for robots. Autonomous vehicles need to know exactly where they are, using maps that no human could read.
The world’s oil producers are back on the brink of a price war. Just a few months after an apparent truce, OPEC and Russia are under siege from US shale oil.
Women in finance are punished more severely than men. They’re 50% more likely to lose their jobs as a result of misconduct.
Surprising discoveries
Chinese thieves love QR codes. They can be used to hack smartphones or route payments to rogue accounts.
A “smart vibrator” maker was fined for tracking user data. The Bluetooth-enabled “We-Vibe” was also highly vulnerable to malicious hackers.
Spiders are the world’s most prolific predators. There are 45,000 different species that eat a total of 400-800 million tons of prey per year.
Japanese toilet maker Toto is getting into bathtubs. If they’re as confusing as the country’s notoriously high-tech loos, bathtime should be an adventure.
MIT is handing out a $250,000 prize for disobedience. The award will go to someone who takes a personal risk to create a positive change for society.
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