Quartz Daily Brief—Obama meets the GOP, Libyan PM kidnapped, record Uniqlo profits, Foxconn interns
Good morning, Quartz readers!
What to watch for today
Unfolding events in Libya. Militia gunmen seized Libya’s prime minister, Ali Zidan, from his hotel at dawn due to his administration’s role in the US’s capture of top al-Qaeda suspect Anas al-Liby in Tripoli this weekend. Developing reports suggest that he has subsequently been released.
Shutdown Day 10: talks continue as debt ceiling looms. President Obama will have a no doubt tense meet-up with Republican legislators at the White House. In the meantime, there’s a random guy mowing the lawn at the Lincoln Memorial.
The Bank of England’s interest rate decision is expected to result in continued low rates. A surge in optimism had some worried that new Governor Mark Carney would be forced to lift rates ahead of schedule, but patchy manufacturing and trade data suggest he’s right to be cautious.
While you were sleeping
Greek unemployment surprise. Analysts expected a drop in the jobless rate, but it ticked up to 27.6% in July from 27.5% the previous month, just as newly released IMF documents have re-ignited debate over how the country’s debt should be reduced.
Kerry told Asia’s leaders not to sweat the debt limit. The US secretary of state told China Premier Li Keqiang and others at the East Asia Summit in Brunei that Obama is committed to solving the impasse. Kerry also cancelled his scheduled visit to Manila due to an approaching typhoon.
Fast Retailing reported record profits on brisk sales at its Uniqlo clothing stores, though the company fell short of its profit target due to steep discounting.
Azerbaijan announced its election results early. The government’s smartphone app announced that President Ilham Aliyev had been overwhelmingly reelected—the day before the election.
Australia’s unemployment declined. The September jobless rate unexpectedly dropped from 5.8% to 5.6%, showing the economy could be strengthening thanks to interest rate cuts.
Dreamliner toilet trouble. A Japan Airlines Boeing 787 flight from Moscow to Tokyo was forced to turn around after an electrical problem shut down six toilets. Separately, a Norwegian budget carrier is taking its second Boeing Dreamliner out of operation after repeated hydraulic and electrical faults grounded its first one.
Microsoft’s board wants a new CEO this year. Steve Ballmer said in August he would leave within twelve months, but directors are reportedly feeling a bit more urgency.
Foxconn’s bummer internship. Chinese university students were pressed into “interning” on the assembly line to build Sony’s Playstation 4, including night shifts and overtime.
Quartz obsession interlude
Matt Phillips on why Janet Yellen will be the most powerful woman in US history. ”A misplaced word from a Fed chairman could have huge ramifications for the economy as a whole and the 300 million Americans within it. Similar slips coming from the speaker of the house, secretary of state or a supreme court justice barely register outside the beltway.” Read more here.
Matters of debate
Turkey’s “cleavage crackdown” is worrying. The government also lifted a headscarf ban, raising fears of discrimination against non-religious Turks.
Cutting US aid to Egypt is a mistake, emboldening extremists just when they’re on the defensive.
The danger of a US-China flare-up is higher than ever. The worrying imbalance of power could make conflict more likely.
Banksy’s latest work is terrible. The populist street artist is spoofing Syrian rebels’ propaganda videos, but a Lebanese satirist says the message is shallow.
Surprising discoveries
Musical chairs at work. Companies are periodically shuffling office seating to foster productivity and collaboration.
Perusing the top of the pyramid. A new report offers a granular look at the very richest of the rich.
China’s shadow banking system is huge. It’s the equivalent of 40% of the country’s gross domestic product.
Cows in India are bad investments. The average return in rural areas is -64%, but owning them does promote saving.
Back pain is genetic. A mutated gene is linked to lumbar disc degeneration.
An Oregon brewery is selling a $2,000 bottle of beer. The barleywine from Portland’s Hair of the Dog brewery is aged for 19 years.
Our best wishes for a productive day. Please send any news, comments, airplane bathroom horror stories, and expensive bottles of barleywine to [email protected]. You can follow us on Twitter here for updates during the day.