Quartz Daily Brief—Greek reform, HSBC in the hot seat, Mall terror, “Humane” executions
Good morning, Quartz readers!
What to watch for today
Greece to present a reform agenda. Officials have been working round-the-clock to outline new policies for the approval of Greece’s creditors, part of the deal the indebted country reached to extend its bailout. While a veteran of Greece’s left-wing governing party criticized the agreement, saying “there can be no compromise between the oppressor and oppressed,” Greeks at large seem ready to meet in the middle (paywall).
HSBC earnings, with a side of a chagrin. Executives are likely to be peppered with questions about allegations of money laundering at its private Swiss bank when the UK banking giant reports earnings. An investigation into 100,000 individuals turned up a roster of politicians, royals, and arms dealers who held accounts with more than $100 billion in assets.
A mining giant stung by falling commodity prices. BHP Billiton, the Anglo-Australian mining firm, is expected to outline profit declines in its petroleum and iron ore businesses today. Investors will also be looking for an update (paywall) on a $15 billion spin-off of aluminum, nickel, and other “non-core” assets.
Over the weekend
Turkey sent troops into Syria’s civil war. Some 600 Turkish troops were deployed to evacuate dozens of soldiers guarding an Ottoman tomb threatened by Islamic State militants, as well as the remains of Suleyman Shah, grandfather of the founder of the Ottoman Empire.
US officials warned of terror threat at malls. America’s most iconic mall increased security measures after US security officials warned of potential threats to US shopping centers. The alert is due to a video calling for terror attacks on malls worldwide, released by individuals connected to al-Shabaab, the Somalia-based terrorist group responsible for a 2013 attack in a Nairobi, Kenya mall that killed 67 people.
The cease-fire in Ukraine started to take effect. Ukrainian troops and Russian-backed rebels have begun exchanging prisoners under a cease-fire agreement brokered by European leaders on Feb. 12. While the rebels’ seizure of a strategic town earlier this week violated the deal, these exchanges and a plan for the rebels to withdraw heavy weapons suggest the separatists are satisfied with the new facts on the ground in eastern Ukraine—for now.
At least 37 people died in a Bangladesh ferry accident. A double-decker ferry carrying more than 100 people capsized on the Padma River after it was hit by a cargo vessel on Sunday.
Prada reported a poor year. The Italian fashion house said sales of its luxury goods fell 1% in 2014, reversing two years of double-digit growth rates. Increases in the US, Japan, and the Middle East weren’t enough to offset weakness in Europe and the crackdown on gift-giving and corruption in China.
New documents revealed a climate change researcher’s conflicts. A prominent researcher whose work argued that humans aren’t responsible for climate change failed to disclose $1.2 million in payments from oil companies.
A labor deal wasn’t enough for smooth sailing at US ports. Dockworkers on the US Pacific coast reached a deal with their bosses, unfreezing seaports that handle more than 50% of US shipping. Still, challenges loom: The backlog of containers waiting for export, ships waiting offshore to be unloaded, and the dismal state of US shipping infrastructure.
Quartz obsession interlude
Gwynn Guilford on how China’s island-building spree is about more than just military might. ”Shallow reefs in the Spratly Islands have sprouted white-sand outcrops, sporting what look to be Chinese military facilities, according to satellite imagery published this week by IHS Jane’s Defence Weekly, a consulting company. The Spratlys are more strategic than they are substantial; under international law, the archipelago could have exclusive claim to the bounteous fishing grounds in the surrounding seas, and to the potentially oil-rich seabed.” Read more here.
Matters of debate
Lenovo’s spyware scandal is a major betrayal. The company’s credibility is shot after it “sold its soul to the devil and forgot to get much of anything in return.”
A year on, the $19 Billion Facebook spent on WhatsApp was well spent. It had already missed out on Snapchat, which is now valued at $20 billion and has become the “bane of Facebook’s existence.”
There’s more than sexism behind the question “who are you wearing?” Sexist questions on the Oscars red carpet are driven by dollars.
There’s a virtue to waiting in line. But even more virtue in paying to skip it.
Surprising discoveries
Robotic workers need skilled human helpers. The president of a Japanese robotics firm says growth is being held back by the lack of skilled human engineers needed to deploy robots in more workplaces.
Fewer American students want to learn foreign languages. Russian, German, and French are particularly hard hit, while more schools are teaching Chinese, Arabic, Korean, and American Sign Language.
Someone bought Warren Buffett’s old car for $122,500. The customized and signed 2006 Cadillac DTS sold for $115,000 more than its model-expected resale value. Another market inefficiency exploited by the Wizard of Omaha—for charity, of course.
All the ways America has chosen to execute people since 1776. New legal scrutiny of lethal injections has led to a search for more “humane” ways to put people to death.
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