Quartz Daily Brief—NSA reforms, Wall St. earnings, Google contact lenses, internet for bees

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Good morning, Quartz readers!

What to watch for today

Obama’s views on spying. The US president will outline proposed changes to NSA surveillance programs in the wake of the Snowden leaks. He’s pointedly chosen the anniversary of Eisenhower’s farewell address, which warned of “the potential for the disastrous rise of misplaced power.”

A look at the UK’s holiday cheer. December retail sales numbers will be released by the Office for National Statistics, and are forecast to have grown by more than 3% from a year earlier.

Wall Street’s winning streak. Analysts predict Morgan Stanley’s fourth-quarter profits could reach $927 million, but Bank of America’s strong earnings report earlier this week could be a hint of even healthier numbers.

And General Electric’s too? GE’s profit and revenue are expected to have soared in the fourth quarter. The company is currently working to narrow its scope by getting rid of non-core businesses like its consumer credit card business.

How America’s industry weathered the cold. The US releases housing starts and industrial production data for December. The cold weather probably reduced construction activity (pdf).

While you were sleeping

China’s first IPO in a year. Neway Valve’s shares rose more than 20% as the manufacturer raised about $240 million in Shanghai (paywall), but questions remain about China’s IPO backlog.

Detroit bank deal rejected. A bankruptcy judge said a proposed $165 million interest-rate swap settlement was financially imprudent (paywall), leaving the city’s financial restructuring in doubt.

Thai PM named in corruption probe. Protests against Yingluck Shinawatra have largely fizzled, but she faces a new challenge from an anti-corruption court over a hugely expensive rice subsidy scheme.

Google is making contact lenses. The company’s Google X labs is testing a prototype that helps diabetics measure glucose levels.

China Mobile started selling iPhones. Some 763 million subscribers will be able to buy Apple’s iPhone smartphone, and analysts think the expansion could trigger a massive subsidy war among Chinese carriers.

Sponsor content by Intel

Are the materials used to make your electronics conflict-free? Intel set out several years ago to create a way for identifying the origins of mined minerals. The result is changing how consumer electronics are made and how people think about them before they make a purchase.

Quartz obsession interlude

Mark DeCambre on what mobile phones have meant for brick-and-mortar bank branches. “Bank of America plans to trim nearly 20% of its brick and mortar retail branch network—a process which effectively began back in 2009. The bank has already reduced its retail branches by 950 branches, or 15.5% over the past four years and is aiming to cut about 150 more in 2014. At the same time, it’s spending about $3 billion a year to improve its technology and infrastructure around mobile and banking.” Read more here.

Matters of debate

Yahoo’s “comeback” is a mirage. The company’s performance is lagging and its stake in China’s Alibaba is about to decrease sharply.

Photoshop is losing its edge. 2014 could be the year web browsers replace it.

There’s no way to stop the next financial crash. You can’t tell if prices are in a bubble until that bubble bursts.

Samsung should be worried about its smartwatch. Chinese tech counterfeiters are so unimpressed that they aren’t even copying it.

Surprising discoveries

China’s left-behind kids. About 61 million Chinese children haven’t seen one or both of their laborer parents for at least three months.

Sony makes a prison radio. The SRF-39FP (for “Federal Prison) is a lifeline for inmates and beloved by radio aficionados—but good luck finding one if you’re not behind bars.

Bye bye beepocalypse. Scientists have found a way to pinpoint the causes of the global bee die-off by attaching little sensors to bees’ backs.

The economics of blow. Cocaine exports account 2,5% of Colombia’s GDP, the same proportion as the mining industry does for the US.

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