Yahoo’s spin-off nixed, Trump absorbs outrage, secret Soviet Coke
Good morning, Quartz readers!
What to watch for today
The president of Iraqi Kurdistan goes to Turkey. Masoud Barzani is visiting Ankara at a time of heightened tension between Iraq and Turkey. Barzani wants Turkey’s help fighting ISIL in Kurdistan, but the Iraqi government in Baghdad sees the Turkish military’s advisory presence in Iraq as a threat to its sovereignty.
Joe Biden’s potentially dicey trip to Ukraine. The US vice president will speak before Ukraine’s legislature and voice support for anti-corruption measures and opposition to Russian expansionism. Those are run-of-the-mill duties for the VP—except for the fact that his son, Hunter, is on the board of one of Ukraine’s largest gas companies, whose owner has been probed for money laundering.
Seven police officers go back on trial in Hong Kong. The officers are accused of beating up activist Ken Tsang, a prominent member of Hong Kong’s pro-democracy Civic Party, during the Umbrella Movement protests in 2014. Tsang himself is facing assault charges for allegedly throwing water at the officers.
Brazil braces for inflation data. The inflation rate has likely risen even more since November, when it topped 10% for the first time in a dozen years. That may force Brazil to raise already-high interest rates, which will only deepen its troubling economic recession, and further erode president Dilma Rousseff’s popularity.
While you were sleeping
Yahoo is reportedly calling off its planned Alibaba spin-off. CNBC’s David Faber, citing anonymous sources, reported that Yahoo will not proceed with its controversial plan to create a new company to house its minority stake in Alibaba, and will consider selling its core internet business.
Donald Trump defended his call to ban Muslim immigrants. Responding to widespread outrage from politicians and voters alike, the GOP frontrunner framed his call to ban all Muslims from entering the US as a temporary measure in response to heightened threats of radical Islamic militants. Meanwhile, Amazon CEO Jeff Bezos offered to send Trump to space—presumably on a one-way trip.
The US announced plans for a new terrorism threat level. The US has two national security alerts—imminent and elevated—to signal when the government knows of or suspects an attack. Details of the third terror alert have not yet been disclosed, but it could reflect new concerns about “lone wolf” terrorists.
Oil prices sank to a seven-year low. Analysts are at a loss to explain why international benchmark Brent crude fell below $40 a barrel, but there could be plenty of room left to fall. The so-called “smart money” in hedge funds and other asset managers is reportedly moving en masse to short the commodity.
Spotify courted free music-hating musicians. The company has reportedly changed course and will allow artists to make their music available only to paid subscribers (paywall), but not to the company’s much larger tier of free listeners. No word yet what Taylor Swift thinks of the move.
Quartz obsession interlude
Bobby Ghosh on the significance of the Iranian capital’s love for murals. “If relations with the US remain testy, then anti-American themes will occasionally pop up—for certain, the arch-villain Shemr will need a new companion after the US presidential election next year. If more and more Iranian soldiers are killed in Syria, that could set off a new wave of martyrdom murals. Some Iranians worry that when sanctions are removed and the economy recovers from a recent slump, there will be pressure to give over some wall space to commercial, rather than artistic, expressions.” Read more here.
Quartz markets haiku
Rupiah, krone
Real, peso, Aussie, won
Matters of debate
Burgers, beer, coffee, and condoms are the best investment going. They will all benefit from the rise of the global middle class.
Donald Trump is not a radical aberration. Pundits tend to underestimate his celebrity status and potential impact.
China and India’s smog crisis is a climate change headache. Removing black carbon is a health priority, but it could actually accelerate global warming.
Surprising discoveries
A Soviet general got secret Coca-Cola during the Cold War. It was clear and featured a red star on the bottle.
Another woman’s portrait may be hidden under the Mona Lisa. A scientist who analyzed the painting says she is not looking at the viewer.
Fossil fuels kill more people than murders, wars and traffic accidents combined. A staggering 4.5 million annual deaths are caused by air pollution.
Icelanders are flocking to a new religion with very old gods. Zuists worship ancient Sumerian dieties—and get a tax break from the government.
Electronic cigarettes are linked to “popcorn lung.” They contain flavoring chemicals that may cause severe lung disease.
Our best wishes for a productive day. Please send any news, comments, Soviet soda bottles, and Icelandic tax breaks to [email protected]. You can follow us on Twitter for updates throughout the day.