Quartz Daily Brief—Air France’s cuts, Walmart’s results, Apple’s car batteries, Vice’s Vegas splurge
Good morning, Quartz readers!
What to watch for today
The European Central Bank drops the veil. It releases minutes of the January meeting that took the historic decision to go ahead with quantitative easing. The update will also be the first of its kind under ECB’s new push for transparency.
Greece asks for more time. It wants euro-zone creditors to grant a six-month extension (paywall) on its €240 billion ($272 billion) bailout; finance ministers will meet tomorrow to consider the proposal. Yesterday, the ECB released more emergency funds for Greek banks, which have been leaking deposits amid the turmoil.
The world according to Walmart. Quarterly results from the world’s largest retailer will reveal whether lower fuel prices are prompting people to spend more on other stuff, and if Walmart managed to lure online shoppers back into stores over the holidays.
More earnings and data. T-Mobile, DirecTV, and Nordstrom are among those releasing quarterly earnings. There’s also consumer confidence for the euro zone and initial jobless claims for the US.
While you were sleeping
Air France-KLM is cutting back. The airline, struggling in the wake of an expensive pilot’s strike, said it will reduce investments in new airplanes and services by $640 million over the next two years. Air France-KLM has been cutting costs for the last three years as it battles low-cost carriers and rivals from the Middle East.
Nestlé sales dipped. The world’s biggest food manufacturer said revenue fell 0.6% to 91.1 billion Swiss francs ($97.1 billion) in 2014 as consumer spending in Europe flagged and growth in Asian markets slowed. Organic sales growth, which excludes acquisitions and currency effects, was 4.5%, the lowest in five years.
French prices went negative. January prices fell by 0.4% in the euro zone’s second-largest economy, driven down by falling oil prices and lower costs for manufactured goods. Despite the dip, economists say the overall risk of systemic deflation is low.
SAB Miller’s CFO abruptly resigned. Analysts professed surprise after the brewing giant said Jamie Wilson stepped down “for personal reasons,” but declined to elaborate. He is still eligible for a $1.2 million severance payout.
An electric battery maker sued Apple. The lithium-ion battery firm A123 Systems, which received a $249 million US government grant before filing for bankruptcy in 2012, said Apple has poached a number of its senior engineers, adding to evidence that Apple is building its own electric car. Apple has also reportedly hired more than 60 former Tesla employees.
New Year’s fireworks turned Beijing’s blue skies in a toxic haze. The year of the sheep got off to a smoky start after thousands of pyrotechnic explosions combined with windless weather to cause hazardous air-quality conditions.
Quartz obsession interlude
Gwynn Guilford on the strongest natural substance in the world: limpet teeth. “The structure of these tiny sea snails’ choppers is so strong, engineers could copy it to make cars, planes, and other objects prone to collision, says Asa Barber, an engineering professor at the University of Portsmouth who announced the discovery in a just published study. They could also be used to make false teeth for humans.” Read more here.
Matters of debate
Russia is a “real and present danger” to the Baltics. That puts the NATO alliance in Putin’s crosshairs.
Hong Kong is becoming just another Chinese city. It’s no longer a safe haven from mainland Chinese politics.
Ukrainian anti-Semitism is complicated. But the pro-Russian rebels are among the worst offenders.
Closing the tech gender gap requires men’s help. Tech bros are part of the solution as well as the problem.
Racial biases affect whom you date. Negative stereotypes could prevent you from meeting your soulmate.
Surprising discoveries
Vice’s CEO spent $300,000 on a Vegas steak dinner. The outsized tab was mentioned on the MGM earnings call.
Hong Kong’s leader wants sheep-like citizens. Chief Executive CY “The Wolf” Leung’s New Year greetings were not well received.
Martin Luther King Jr was a Star Trek fan. Or so says actress Nichelle Nichols, who played Uhura.
How pot gives you the munchies. Chemicals in marijuana send “hungry” signals to the brain, even on a full stomach.
Climate change will turn New York City into a swamp. You might want to reconsider buying that Soho loft.
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