Quartz Daily Brief—Even cheaper oil, Germany’s weak inflation, Spaniards find jobs, Sir Sildenafil
Good morning, Quartz readers!
What to watch for today
India’s coal strike. For five days, half a million workers employed by India’s state-owned coal mining companies will down tools to protest a bill in parliament that would open the coal industry to private firms.
The US Congress gets back to work. The House and Senate will be Republican-controlled for the next two years and will likely try to roll back many of president Barack Obama’s reforms. First up on the list: healthcare, immigration, and the US relationship with Iran.
California breaks ground for its bullet trains. It’s going to be a few years until the $68 billion project is complete, but once it’s done, it’ll be the first railway line in the United States that can handle trains traveling at 220 mph (350 kph). San Francisco to Los Angeles should take less than three hours.
Fresh protests in Brazil. A bump in bus fares (paywall) was the last straw in 2013 and caused chaos in multiple cities across the country. Today, another increase has been scheduled, to 3.40 reais ($1.25), in São Paulo, Brazil’s largest city, where the 2013 protests first took place.
SpaceX tries to resupply the International Space Station. Last month, technical troubles and bad weather delayed Elon Musk’s rocket from taking off with the food and equipment to supply scientists on board the ISS. Today the company will try for lift-off again.
While you were sleeping
An attack killed two Saudi border guards. No group has yet taken responsibility for the suicide attack at a post on the Iraqi border, but the Islamic State (or ISIL) holds sway in Iraq’s Anbar province, just across the border. Thousands of guards were deployed on the frontier in July after Saudi Arabia joined the US-led coalition against ISIL.
Spaniards are getting jobs again. After declining every year since 2007, employment in Europe’s fourth-largest economy grew in 2014, according to the labor ministry: Compared with the previous year, 417,574 more Spaniards registered as employed. But hold the cava: At 23.7%, Spain’s unemployment rate is the second-highest in the euro zone.
German inflation came in below expectations. Economists were expecting Europe’s growth engine to report inflation hitting 0.3% in December—it actually came in at 0.1% (paywall). This doesn’t bode well for Germany given the nine-year lows the euro is currently experiencing, plus a potential Greek exit from the euro zone.
Crude oil breached new thresholds. WTI fell below $50 a barrel and Brent below $55 for the first time since mid-2009. That gave Canada’s stock market its worst day since 2013, and the euro dropped to its lowest since 2006.
Quartz obsession interlude
Zainab Mudallal finds a nation of workaholics. “Although it isn’t legally required, most full-time employees in the US receive some paid vacation. It’s around 10 paid work days a year in addition to six federal holidays, according to the Center for Economic and Policy Research, a nonprofit think tank. That may seem like small mercy by Western standards (European workers typically get far more), but the sad truth is that Americans aren’t even using the handful of vacation days at their disposal.” Read more here.
Matters of debate
Facebook is the new AOL. Actually, the whole tech landscape today feels a lot like the late 90s, and it looks like companies are repeating the same mistakes.
Germany does worry about a Grexit. European instability could provoke an anti-German backlash, cut GDP growth, and give Putin new targets.
Now is the time to raise carbon taxes. Oil prices are collapsing, so governments could both curb fuel consumption and line state coffers by bumping up taxes.
Stop giving the Palestinians a pass. Former US negotiator Dennis Ross is cross with Palestinian president Mahmoud Abbas for using the UN to pressure Israel (paywall).
The Arab world revolves around Iran. The situation in Iraq, Syria, Yemen, and Libya puts Iran in the best position to become the regional power.
Surprising discoveries
Whales could hold the key to our longevity. Scientists found genes in the bowhead whale, the world’s longest-lived mammal, that slow down aging and fight cancer.
Ban one vice and people will simply find another. In areas of the US where the sale of alcohol is prohibited, methamphetamine production spikes.
Lions love Christmas. They’re thrilled when you take down your ornaments and put your tree on the curb.
Turkey will have its first new church in 90 years. The government hasn’t permitted one since 1923; the $1.5 million structure will cater to Istanbul’s 18,000 Syriac Christians.
No good deed goes unrecognized. The chemist behind Viagra has been knighted.
Our best wishes for a productive day. Please send any news, comments, gently used Christmas lights, and oil price predictions to [email protected]. You can follow us on Twitter here for updates throughout the day.