Oil freeze fail, South China Sea spat, indestructible roach robots
Good morning, Quartz readers!
What to watch for today
Australia and China spar over the South China Sea. Australian foreign minister Julie Bishop will press her Chinese counterpart Wang Yi over controversial man-made islands during her visit to Beijing. She has already received a frosty reception, with China warning Australia not to undermine “regional peace and stability.”
Taiwan reports its GDP. The island’s economy is expected to show a slight decline for 2015 as it emerges from recession. It has struggled with weak demand for its exports and low consumer spending.
Earnings, earnings, earnings. US satellite broadcaster DirectTV is expected to fall short of targets after losing subscribers to rivals like Time Warner Cable. Wireless carrier T-Mobile, which has also struggled with subscriber losses, may benefit from attempts to woo customers away from Verizon and AT&T with an aggressive marketing campaign.
While you were sleeping
The Saudi-Russian oil freeze fizzled. The attempt to end the misery of oil producers failed to prop up prices because of a crucial caveat: Iran had to agree to keep production at current levels.
Anglo American announced drastic restructuring plans. The multinational mining company said it would sell billions of dollars worth of assets, including coal-mining and iron-ore operations, and shift its focus to platinum, diamonds, and copper. It suffered a massive $5.5 billion loss in 2015.
Former UN head Boutros Boutros-Ghali died at age 93. The charismatic diplomat had a long career in Egyptian and later global politics (as well as a memorable mention in a “Seinfeld” episode). He was known for his role in the historic 1979 Israel-Egypt peace agreement, and as the first African and Arab in the secretary-general post.
The US and Cuba restored daily flights. The two countries reached a civil aviation agreement to allow regularly scheduled US flights to Havana and other destinations in Cuba. Americans are still banned from visiting the island as tourists, but there are a growing number of programs that enable them to fly to Cuba legally.
Details emerged of the US backup plan for Iran. If nuclear talks had not succeeded, the US military would have launched “Nitro Zeus,” an extensive cyberattack that would have crippled Iran’s air defenses, communications systems, and power grid. The plan was shelved after Iran and western powers signed a comprehensive nuclear deal.
Quartz obsession interlude
Corinne Purtill on the highly profitable but complicated world of Instagram’s famous animals. “Animal Instagram makes perfect sense, the place where America’s $60 billion pet industry and obsession with curated moments come together in an adorably fuzzy ball. And as with most things pet-related, the way we relate to it says a lot more about us than it does about the animals.” Read more here.
Market haiku
A quiet market
Then giants appear—hungry
Business to be done
Matters of debate
High denomination banknotes should be abolished. The US and euro zone currencies are everyone’s problem.
Anti-vaxxers are making a misinformed yet self-interested choice. They are valuing their own children over the public good.
E-commerce is horrible for the environment. We’re paying for convenience with mountains of cardboard and plastic packaging.
Surprising discoveries
China is displacing thousands of people to hunt for aliens. A 500-meter radio telescope will dwarf the current record holder.
Researchers studied cockroaches to create an indestructible robot. It can survive crushing pressures and scurry through small spaces.
Grocery stores are selling Parmesan cheese laced with wood pulp. The cellulose is added to cut costs.
Some white noise is actually pink. Sound engineers have a rainbow of noises at their disposal.
Gender bias in science and math is not just a theory. Women who get A’s are rated on par with men who get B’s.
Our best wishes for a productive day. Please send any news, comments, real Parmesan cheese, and pink noise machines to [email protected]. You can follow us on Twitter for updates throughout the day.