Quartz Daily Brief—Obamacare tweaked, EU downgraded, China crunched, blogs RIP
Good morning, Quartz readers!
What to watch for today
BlackBerry’s earnings. Investors and remaining customers of Canada’s one-time smartphone colossus will be looking for some semblance of progress, though consensus expectations are for a loss of 43 cents per share on revenue of $1.7 billion.
The acid test for the US economy. The third and final estimate of third-quarter growth in the US might make the Fed’s decision earlier this week to dial down its bond-buying program look very smart, or very silly. According to the second revision, the word’s largest economy expanded by a feisty 3.6% in Q3.
Dennis Rodman’s North Korea visit. The flamboyant ex-NBA player and unlikely friend of North Korean leader Kim Jong-un will be in the volatile country through the weekend.
While you were sleeping
EU credit rating stripped. Standard & Poor’s downgraded the European Union to AA+ from AAA, citing deteriorating economic conditions among its member nations.
Last-minute Obamacare tweak. People whose health insurance policies were cancelled because of new Obamacare regulations can claim a “hardship exemption” and avoid next year’s requirement to buy insurance.
China’s credit crunch… Chinese equities sank for the ninth day—the longest such run in 19 years—and interbank lending rates spiked (paywall), as the central bank’s injection of funds failed to stem liquidity concerns.
…And Everbright’s disappointing debut. Shares in the Chinese bank declined today in Hong Kong following a $3 billion IPO last week, due in part to investors’ anxieties about China’s banking system.
Putin pardoned Khodorkovsky. Russian President Vladimir Putin signed a decree to pardon Mikhail Khodorkovsky, a political opponent who was once Russia’s richest man, after ten years in custody.
Manila airport shooting. Gunmen killed the mayor of the southern town of Labangan and three other people outside the terminal at Manila’s Ninoy Aquino airport before escaping.
The BOJ held steady. As expected, the Bank of Japan won’t change its monetary policy, citing an improving economy thanks to ongoing stimulus measures.
Cathay Pacific ordered $7.5 billion worth of Boeing jets. The Hong Kong airline wants 21 of Boeing’s 777-9X planes to enlarge its fleet, and will take delivery between 2021 and 2024.
[insertSponsor]
Quartz obsession interlude
Steve LeVine on the mysterious story of Envia, the battery startup that allegedly failed GM. “It was… a deal rare to an industry newcomer—a contract worth tens and possibly hundreds of millions of dollars to provide the electric central nervous system for two showcase GM models including the next-generation Chevy Volt. Untested small suppliers almost never get in the door of the world’s major automakers, which regard them as too risky to rely on. But GM was won over by what seemed to be the world’s best lithium-ion battery—a cell that, if all went well, would catapult the company to a commanding position in the industry with a middle-class electric car that traveled 200 miles on a single charge.” Read more here.
Matters of debate
Break California into six states with Silicon Valley one territory unto itself, proposes venture capitalist Tim Draper.
Blogs are dead. Social media has killed reverse-chronological streams, but don’t worry: That’s just how technology evolves, says uber-blogger Jason Kottke.
Foreign businesses can help Ukrainian democracy. Banks, art galleries and consultancies should refuse to deal with the country’s pro-Moscow oligarchs.
The Anarchists’ Cookbook should be taken out of print. Its author says hewrote the classic handbook of violent protest out of naivete, and that it’s done more harm than good.
Surprising discoveries
Positive thinking is overrated. Good news, haters: Experiencing and embracing negative emotions is beneficial to mental health.
An actual “War on Christmas” would be a quagmire. Due to the North Pole’s challenging terrain and extreme cold, a US military campaign against Santa Claus and his elves would likely fail.
Drones are for farmers, too. Despite legal uncertainties, they’re already using the devices to keep tabs on crops and livestock.
Styrofoam containers aren’t Styrofoam. Those insulated cups and takeout containers are actually polystyrene. Actual Styrofoam is used in building insulation and docks.
Our best wishes for a productive day. Please send any news, comments, agricultural drones and Santa Claus war games to [email protected]. You can follow us on Twitter here for updates throughout the day.