Quartz Daily Brief—Hong Kong occupied, Modi in Manhattan, new EU-Apple probe, CIA Starbucks
Good morning, Quartz readers!
What to watch for today
Hong Kong’s pro-democracy protests are going strong. Demonstrators are occupying Hong Kong’s financial district for a second day after mass arrests and tear gas over the weekend, causing disruptions to private businesses and mass transit networks. The protestors adopted the “hands up” gesture of non-violence that was recently seen in Ferguson, Missouri; Beijing blocked Instagram on the mainland and censored mentions of the protests on social media.
The Modi show continues. After speaking at the UN and wowing the crowd at Madison Square Garden, the Indian prime minister meets 11 CEOs from companies including Google, PepsiCo, and Goldman Sachs. He then sits down for dinner with US president Barack Obama, although Modi will be continuing his 9-day religious fast (paywall).
Afghanistan’s first new leader in 13 years. Technocrat Ashraf Ghani takes control of a power-sharing government in the country’s first democratic handover of power. He replaces Hamid Karzai, who has ruled Afghanistan since the US deposed the Taliban in 2001.
Global economic data. Germany will release data on inflation, the US reports personal income, a member of the US Federal Reserve speaks in Chicago, and Brazil’s central bank releases its quarterly inflation report.
Over the weekend
The US hit new targets in Syria. The US-led coalition bombed the country’s largest gas plant, currently controlled by the Islamic State, after previously targeting only small oil refineries. It also destroyed a grain silo in the north of the country and killed a number of civilians, according to the UK-based Syrian Observatory for Human Rights.
The EU prepared a massive fine against Apple. The company will be accused of improperly negotiating for state aid (paywall) from the Irish government by promising jobs in exchange for preferential tax treatment, according to the Financial Times. Apple, which is under fire for its tax avoidance tactics, could face a fine of several billion euros.
UBS says its move to money management is paying off. The Swiss bank said it only took two months to pile up profits of 731 million Swiss francs ($769 million), which is already more than analysts expected for the entire third quarter. But as one analyst noted to Bloomberg, “This is better than expected but then expectations aren’t very high any more.”
The UK housing market eased a bit. The Bank of England said mortgage approvals fell to a lower-than-expected 64,212 in August, from 66,100 in July. There have been minor signs of a slowdown over the last month, as prices eased from “borderline insane” to “garden-variety kooky.”
Italian tax authorities investigated Prada’s married co-CEOs. Miuccia Prada and Patrizio Bertelli are the targets of “an ongoing examination … regarding the accuracy of certain past tax filings.” Italian tax officials are reportedly looking at Prada Holding’s “alleged tax evasion over the 10 years the holding company was in Luxembourg,” according to the Financial Times (paywall).
Alibaba extended its shopping spree. The newly-flush Chinese internet giant will spend $459 million on 15% of Beijing Shiji Information, a technology company that caters to hotels. Alibaba hopes to build its own travel business and recruit hotel customers to its e-commerce platform.
SoftBank sweet-talked DreamWorks Animation. The Japanese telecom giant is in talks to buy Hollywood’s largest independent animation studio, according to the Hollywood Reporter. The deal values DreamWorks Animation at $3.4 billion, compared to its a market capitalization of $1.9 billion on Friday; SoftBank shares rose on the news.
Quartz obsession interlude
Kabir Chibber on how India’s Modi is becoming Lula’s successor as leader of the global poor. “His words, and the manner in which he conveyed them, suggests that the world again has a leader who speaks for the billions of non-Westerners whose interests, although acknowledged, are often ignored. One they haven’t had since January 2011, when Brazil’s Luiz Inacio Lula da Silva left office.” Read more here.
Matters of debate
The West should go easy on returning Islamic State fighters. If they come home, that’s a good thing.
The justification for bombing Syria was bogus. The White House concocted a new threat with the help of pliant journalists.
We’re witnessing the endgame for BlackBerry. But the smartphone maker still has more than $2 billion in cash.
Asia is the most dangerous region in the world. Territorial sea disputes are only one reason why.
Amazon is crushing local economies. It exploits low-wage workers with the help of huge government subsidies.
Surprising discoveries
The CIA has its own secure Starbucks. The outlet forswears loyalty cards and doesn’t write customers’ names on cups.
Americans are spending way less time on household chores. And much more time with their kids.
The human genome is in an evolutionary battle against itself. Two genes are racing to outdo each other.
Saturday morning cartoons are officially over. The weekend TV staple fell prey to changing viewing habits.
What kind of fruit is your fetus? The ubiquitous pregnancy/produce comparison scale is creepy but effective.
Click here for more surprising discoveries on Quartz.
Our best wishes for a productive day. Please send any news, comments, Modi MSG souvenirs, and covert coffees to [email protected]. You can follow us on Twitter here for updates throughout the day.