Quartz Daily Brief—Unrest in Thailand, Ukraine and Singapore; HSBC UK floatation, North Korea family scandal
Good morning, Quartz readers!
What to watch for today
Thailand protests redouble, snap elections called. Prime minister Yingluck Shinawatra dissolved parliament and called for fresh elections—moves that are unlikely to placate thousands of protesters who are demanding the elected government be replaced by a vaguely defined “people’s council.” On Sunday, the country’s main opposition Democrat Party legislators resigned en masse.
The world’s largest airline is born. The $11 billion merger of American Airlines and US Airways is set to be completed, ending a string of legal and regulatory hurdles, including a last-gasp appeal to the US Supreme Court that was rejected on Saturday.
Nuclear wind-down in Iran. Iran and six world powers are expected to meet this week to discuss implementation of a deal struck last month, in which Iran would cap its nuclear activities in return for some relief from sanctions.
A Dominican phone contact. European telecom Orange’s board considers the sale of its Dominican unit to Altice, a cable and telecommunications investor. The $1.4 billion deal is a key part of Orange’s plan to offload non-core assets.
HSBC mulls UK floatation. The bank is reportedly sounding out investors about listing 20% of its UK retail and commercial unit to comply with new British banking regulations, according to the Financial Times.
Over the weekend
China inflation eased. Month-on-month consumer prices fell 0.1% in November, easing fears that authorities might tighten monetary policy. A slower increase in food prices led the decline.
Japan’s growth wasn’t as strong as it seemed. The country’s third-quarter gross domestic product grew an annualized 1.1% compared to the previous quarter, a substantial revision from the initial reading of 1.9%, underlining the challenges facing Prime Minister Shinzo Abe as he tries to spur an economic rebound.
Ukrainian riots escalated. A statue of Lenin was toppled and battered with hammers as hundreds of thousands of protestors in Kiev called for the government to step down, after it rejected closer ties with the EU in the face of pressure from Russia.
Riots in Singapore. In a rare outbreak of civil unrest, about 400 people in the wealthy city-state’s Indian district clashed with police after a man was hit and killed by a bus.
North Korea’s ruling family scandal. Jang Song Thaek, North Korean leader Kim Jong Un’s uncle, was dismissed from his post for misdeeds including financial mismanagement, alcohol and drug use, and womanizing, according to the official KCNA news agency.
Poor countries got a trade boost. Roughly $1 trillion could be pumped into the world economy after the World Trade Organization’s 159 member nations agreed to simplify cross-border business deals and improve access to duty-free goods sold by poor countries.
India’s Congress Party took a beating. The ruling party of India for much of its 66-year independence lost out in Delhi and other key state elections to the Hindu nationalist Bharatiya Janata party, in a potential hint of the electoral tides turning in May’s general elections.
Greek growth hopes. Greece expects to return to growth in 2014 according to the budget passed by lawmakers on Saturday—even though the OECD expects the Greek economy to contract for a seventh consecutive year. Greece’s international creditors have yet to approve the budget, saying its spending cuts don’t go far enough.
Quartz obsession interlude
John McDuling on Qantas’ financial predicament. “Australia’s recent bout of protectionism…makes foreign help seem unlikely. Yet despite suggestions of an equity injection or debt guarantee, the recently elected conservative administration has suggested it won’t come to the rescue. With no obvious way out of this mess, the Australian government will need to decide whether it’s more comfortable with foreign ownership or government ownership, and quickly.” Read more here.
Matters of debate
Uber could be more valuable than Facebook. The on-demand car service has aspirations to provide lucrative transportation and logistics services to fast-growing cities.
The global economy is even more dystopian than the Hunger Games. US immigration restrictions contribute to a cruel form of exclusion.
Raising the minimum wage isn’t free. An increase in wages would require higher costs somewhere else.
South Africa has Mandela to thank for its economic power. The Marxist-leaning leader chose free markets.
Surprising discoveries
HIV is one stubborn virus. Researchers said it became detectable again in two patients who had bone marrow transplants.
Facebook feels your pain. The social network could get a “sympathize” button.
A weather report for Middle Earth. J.R.R. Tolkien’s Mordor has a climate similar to Los Angeles, while The Shire is more like the English midlands.
Stonehenge rocks, literally. Researchers say the site’s stones sound like bells, drums, and gongs when they are hit with hammers.
Our best wishes for a productive day. Please send any news, comments, Facebook button suggestions and Stonehenge musical arrangements to [email protected]. You can follow us on Twitter here for updates throughout the day.