Weekend edition—The fetish of failure, Flipkart’s misfortunes, self-made rabbis

Good morning, Quartz readers!

A Princeton professor has posted his “CV of failures”—a résumé of jobs not won, awards not awarded, papers rejected. As it went viral, he added a “meta-failure”: “This darn CV of Failures has received way more attention than my entire body of academic work.”

Failure is in fashion. “Fail fast” is Silicon Valley’s motto, and failed startup founders readily share their lessons. Famous stars write of their early failures. A whole slew of TED talks celebrate the power of failure to get you to success. CEOs test prospective hires by askinghow they failed. We’re told that secretly feeling like a failure, a.k.a. “imposter syndrome,” is a sign of greatness. Masters of the universe are out; vulnerability is in.

But these discussions of failure tend to come with a shallow moral: that after all the disappointment and heartache comes hard-earned success. The implication from CEOs and celebrities who boast of having been knocked down is that they eventually triumphed—and so can you! They use failure to burnish their success, to craft the story, to build the brand, to suggest empathy. Even that Princeton professor’s attempt at humility feels a little hollow when you look at his real résumé, a seven-page litany of publications, positions, and prestige.

We read about the failures that lead to victory. We don’t hear of the ones that end in defeat. They don’t fit our myths, our hero’s journeys. But that is how most of us mere mortals fail; without fanfare and without vindication. We try, fail, try again, fail again, grit our teeth, and move on. True vulnerability is admitting that you’ve failed, you’re still failing, and it hurts like hell. Being honest about this while you’re still in the thick of it is the real triumph. —Gideon Lichfield

FIVE THINGS ON QUARTZ WE ESPECIALLY LIKED

The end of Apple’s exceptionalism? Mike Murphy charts the tech giant’s shocker earnings report—the one in which its revenue shrank for the first time in 51 quarters. The last time was around when Apple launched iTunes, and Amy Wang explores why the music portal isnow so awful. And Jenni Avins’ quiz will have you furrowing your brow to tell the difference between Apple founder Steve Jobs and Vogue editor Anna Wintour.

The enduring power of megacities. From Mexico City to Mumbai, the world’s biggest cities are much more permanent than many nations and wield the bulk of the economic and political clout. Parag Khanna argues that redrawing the map in terms of 40 metropolises instead of 200 countries would be a much better way of understanding the world we live in.

Flipkart’s misfortunes. The e-commerce firm was the darling of India’s startup scene, a leader in fundraising and job creation. But over time its mistakes have made it a different kind of case study, writes Itika Sharma Punit: a lesson in all the things not to do.

Coloring books are a cry for help. The craze for adult coloring books has single-handedly lifted both the print book and the pen and pencil industries. But it reflects, more than anything, the insane levels of stress that people—Americans particularly—are going through. Thu Huong-Ha explores the economics and psychology of the “mindfulness industrial complex.”

We should just let Google vote for us. Even if you search on Bing and don’t use Gmail, it’s a near certainty that Google can scrape enough information about you to determine which way you’re likely to vote. So why not just let it do the voting for you? Robert Epstein’smodest proposal is obviously not meant seriously, except… well, hm, why not?

FIVE THINGS ELSEWHERE THAT MADE US SMARTER

The curse of the potato? An ancient mystery is why early tuber-dependent civilizations (potato, cassava, manioc) didn’t become as complex as their grain-focused counterparts (wheat, millet, rice). Jeff Guo for Wonkblog reports on new economic research suggesting that the need to store grains after harvest—unlike tubers, which quickly rot when stored—led to the development of social hierarchies. Apparently, “you are what you eat” is true of societies too.

Maybe you just got lucky. Successful people (see above) often attribute their station in life to hard work rather than chance. But their success itself tends to blind them to the role that luck often plays, argues Robert Frank, in relating his own, life-changing, stroke of luckfor The Atlantic.

The self-made rabbi of Medellín. File under “things you thought impossible until someone did them.” Graciela Mochkofsky in California Sunday tells the tale of the Colombian pastors who, by sheer grit and force of will, converted their Pentecostal congregation into a thriving community of Orthodox Jews. And it’s just one of dozens in a Jewish revival across Latin America, spurred partly by the decline of the Catholic Church.

How ISIL woos Western women. The jihadists need female recruits to help create an image of the caliphate as a welcoming paradise. So they subject women who express any kind of interest on social media to “a kind of love bombing.” Kate Storey for Marie Claire offers an enlightening look at the Islamic State’s sophisticated propaganda and recruiting methods.

Your perceptions of reality are mere illusions. This isn’t a mantra from some self-satisfied guru or a philosopher’s conversational gambit; it’s a serious scientific theory. In a mind-bending interview in Quanta Magazine, Amanda Gefter gets cognitive scientist David Hoffman to lay out the case that all conscious animals evolved toreject the world as it is and embrace a perception of it that helps their genes succeed.

Our best wishes for a relaxing but thought-filled weekend. Please send any news, comments, unused coloring books, and illusions of reality to hi@qz.com. You can follow us on Twitter here for updates throughout the day.

Violence in France, #Amazon amazes, robot monks

Good morning, Quartz readers!

WHAT TO WATCH FOR TODAY AND OVER THE WEEKEND

Berkshire Hathaway convenes its annual shareholders’ meeting. Warren Buffett will hold his “Woodstock for Capitalists” in Omaha, Nebraska. Yahoo will stream the weekend event live for the first time.

South Korean president Park Geun-hye visits Tehran. Her two-day state visit starting Sunday (May 1) is intended to deepen ties with post-sanctions Iran, as leaders discuss issues such as energy and engineering. It will be the first such visit since the nations established diplomatic relations in 1962.

Exxon Mobile reports first-quarter results. The world’s largest publicly traded oil producer is expected to post a significant decline in profit due to low crude prices. Chevron is expected to post a loss.

WHILE YOU WERE SLEEPING

Protests in France turned violent. Dozens of police were injured and over 120 people were arrested in cities across the nation as demonstrators held nighttime rallies against a controversial labor reform bill they fear could deepen job insecurity. Rally organizers distanced themselves from those who turned violent.

Italy and Austria reached a border-crossing deal. Austria had planned to stop migrants at a key border crossing with Italy—Brenner Pass in the Alps—by erecting a fence. At a meeting of interior ministers in Rome it agreed not to, but said Italy must block large numbers of migrants from reaching the border.

Amazon reported a stellar first quarter. The online giant handilybeat analysts’ expectations with a net income of $513 million, after posting a loss the previous year, sending its shares up more than 10%. Revenue from cloud computing grew 64% to $2.6 billion.

Carl Icahn broke up with Apple. The billionaire, once one of the company’s biggest stakeholders, said he sold his shares because hewas worried about Apple’s relationship with China’s government. The company’s second-largest market is facing a potential crackdown by the Chinese government.

The top executive of the New York Times was hit by a discrimination lawsuit. The multimillion-dollar class action lawsuit—filed on behalf of two black female employees in their sixties—alleges that CEO Mark Thompson introduced a culture of discrimination based on age, race, and gender at the newspaper.

QUARTZ MARKETS HAIKU

When Carl Icahn speaks
The market tends to listen
Apple is dead weight

QUARTZ OBSESSION INTERLUDE

Adam Epstein on how the NFL draft became one of the biggest nights in American sports. “The draft, perhaps more than any actual live game, benefits from the advent of internet-connected screens… It’s designed to be consumed in nuggets, on any device, in any room of your house. It’s a series, not an episode, and each season of this hit show offers viewers its own unique twists and turns.” Read more here.

MATTERS OF DEBATE

Thirteen years after its creation, iTunes is terrible. Apple’s media software is bloated, confusing, and ugly.

History’s greatest philosophers weren’t that great. They just happened to be born early.

Our failures are more telling than our successes. A Princeton professor posted a CV listing all the prestigious programs that rejected him.

SURPRISING DISCOVERIES

Half of all western European men share a single ancestor. A new genetic study traces the lineage of one bronze age king.

One Chinese monk has been mummified in gold… It’s a local Buddhist practice reserved for the most dedicated holy men.

…And another is a robot. “Xian’er” was created by the country’s most tech- and social media-savvy temple.

Facebook has spent $16 million on Mark Zuckerberg’s security since 2011. That’s about 10 times more than his CEO peers have required.

Finland’s mail carriers will start mowing lawns on Tuesdays.The postal service is short on funds, and it’s a slow day for mail.

Our best wishes for a productive day. Please send any news, comments, robot monks, and lawn-mowing Finns to hi@qz.com. And download our new iPhone app for news throughout the day.

Websim Focus sui Mercati finanziari 29/04/2016 – WS

Il dato deludente sulla crescita del Pil americano nel primo trimestre ha pesato ieri sulla Borsa americana: l’indice S&P500 ha chiuso in ribasso dello 0,9%, Nasdaq -1,1%.

Mercati deboli anche in Asia: la Borsa di Hong Kong perde l’1,2%, Seul -0,3%, sale Shanghai +0,3%. La Borsa di Tokio oggi è chiusa per festività.
I future sulle Borse europee sono in calo dello 0,7%, condizionati anche dal dato negativo sull’andamento dei consumi in Germania, scesi a marzo dell’1,1%, contro attese di +0,4% .

Il dato del Pil pesa sul dollaro, in calo rispetto all’euro che sale a 1,138, da 1,135 di ieri. Il rallentamento dell’economia Usa allontana ulteriormente l’appuntamento con il prossimo rialzo dei tassi.

Oggi sono attesi in Usa dati sui redditi e sui consumi di marzo, oltre all’indice sulla fiducia dei consumatori dell’Università del Michigan.

BANCHE ITALIANE.
Nel tardo il pomeriggio il Consiglio dei ministri si riunisce per approvare, secondo una fronte di governo, le nuove regole per accelerare il recupero dei crediti bancari e sul rimborso degli obbligazionisti colpiti nel salvataggio dei quattro istituti alla fine dello scorso anno.

Analisi Tecnica Borse.
S&P500 (2.075, -0,9%). La delusione per il risultato debole del Pil americano, insieme ai dati poco brillanti di molte società, hanno determinato ieri la chiusura in ribasso. Ragionevole pensare che la fase di consolidamento/correzione proseguirà ancora per un po’. Arretramenti fino a 1.950 punti non creano allarmi particolari.

Giappone (ieri Nikkei 16.666, -3,6%). Oggi chiuso.

Cina (oggi CSI300 3.161, invariato). Prosegue il movimento poco volatile tra l’area supportiva 3.100/2.800 punti e le prime resistenze a 3.270/3.330 punti. Direzionalità oltre tali livelli.

FtseMib (18.976, +1,2%). Forte e sorprendente rialzo ieri, grazie alle banche. Sopra 18.800 punti potremmo assistere a un allungo verso i top di marzo a 19.200 punti, ma molto dipenderà dal quadro globale. Finché l’indice si mantiene sopra 18mila punti il movimento di recupero resta valido.

Dax (10.321, +0,2%). “Sente” ancora gli ostacoli a 10.300/10.500 punti, nostro target del movimento rialzista partito da area 9mila. Primo supporto e area di acquisto a 9.600/9.500 punti. Sostegni strategici verso 8.400/8mila punti.

Brasile (Bovespa 54.311, -0,3%). La ripresa del prezzo del greggio spinge l’indice su nuovi massimi da giugno 2015. La borsa brasiliana si conferma la più brillante da inizio anno (+35%). Ormai in vista il nostro target di breve verso a 56mila punti. Importanti sostegni/area d’acquisto a 45mila punti.

Commodity.
Petrolio. Prosegue ancora il rialzo. Brent +0,1% a 48,1 usd. Ormai in vista il nostro target di breve a 50 usd.

Oro (1.275 usd). Oggi +0,7%, quinto rialzo di fila. Di fatto il quadro grafico non è mutato. Prosegue la fase di consolidamento nel ristretto range 1.210/1.280 usd. Nuova direzionalità solo al di fuori di questi livelli. Le tensioni sulla Grecia potrebbero riportare interesse.

Forex.
Euro/Dollaro (1,138). Il dato del Pil pesa sul dollaro, in calo rispetto all’euro che sale a 1,138, da 1,135 di ieri. Il rallentamento dell’economia Usa allontana ulteriormente l’appuntamento con il prossimo rialzo dei tassi. I l dollaro si avvicina alla parte alta del range 1,05-1,15/1,17. Per trading è opportuno agire in controtendenza in prossimità degli estremi.

http://www.websim.it

Research & Investment | Lighting a fuse

Research & Investment

 

Lighting a fuse

By Colin Twiggs
April 28, 2016 6:00 p.m. AEST (4:00 a.m. EDT)

Advice herein is provided for the general information of readers and does not have regard to any particular person’s investment objectives, financial situation or needs. Accordingly, no reader should act on the basis of any information contained herein without first having consulted a suitably qualified financial advisor.

The Fed quit quantitative easing more than a year ago, limiting total assets on its balance sheet to $4.5 trillion. But more than $2.5 trillion of cash injected into the financial system had been deposited straight back into the Federal Reserve system by banks as excess reserves, earning 0.25% p.a.

Fed Total Assets and Excess ReservesFresh money continued to leak into the financial system as banks drew down their excess reserves, highlighted above by the widening gap between Total Assets and Excess Reserves. In December 2015 the Fed doubled the rate payable on excess reserves to 0.50% p.a. The intention is clearly to attract more excess reserves and narrow the gap, or at least slow the rate at which excess reserves are being withdrawn to prevent further widening.

Easy money policies followed by central banks around the world are not achieving the desired result of reviving business investment. If we examine the Fed’s track record over the last two decades, sharp surges in business credit were accompanied by speculative bubbles — stocks ahead of the Dotcom crash and housing ahead of the GFC — with disastrous results. GDP failed to respond.

Business Credit Growth v. Nominal GDPThe latest rally in global markets is also driven by monetary easing, this time in China, with a massive surge in the money supply signaling PBOC intentions to print their way out of trouble (and into an even bigger hole).

Ineffectiveness of monetary policy in solving structural problems has often been described as “like pushing on a string”. But recent experience shows it is more like lighting a fuse.

Global

Dow Jones Global Index is headed for a test of resistance at 320 after penetrating its descending trendline. Respect of 320 is likely but a bottom is forming and a higher trough would suggest an inverted head-and-shoulders formation. 13-Week Twiggs Momentum recovery above zero is bullish but another low peak would indicate that bears still dominate.

Dow Jones Global Index

North America

The S&P 500 continues to test the band of resistance at 2100 to 2130. Money Flow remains bullish but I expect stubborn resistance at this level, further strengthened by poor quarterly results, so far, in the earnings season.

S&P 500 IndexA CBOE Volatility Index (VIX) at a low 14 indicates that (short-term) market risk is low. Long-term measures are also starting to ease but we maintain high cash levels in our portfolios.

S&P 500 VIXCanada’s TSX 60 is headed for a test of resistance at 825. Penetration of the descending trendline suggests that a bottom is forming. Resistance is likely to hold but an ensuing higher trough would be a bullish sign. Rising 13-week Twiggs Momentum is encouraging but a low peak above zero would indicate that bears still dominate.

TSX 60 Index

Europe

Germany’s DAX broke resistance at 10000 and is headed for a test of the descending trendline. Rising Money Flow indicates medium-term buying pressure. Retreat below 10000 would warn of another decline.

DAX* Target calculation: 9500 – ( 11000 – 9500 ) = 8000

The Footsie is headed for a test of 6500. Rising Money Flow suggests decent buying pressure. Respect of resistance is likely but a bottom is forming and an ensuing higher trough would suggest a primary up-trend.

FTSE 100* Target calculation: 6000 – ( 6500 – 6000 ) = 5500

Asia

The Shanghai Composite Index retreated below 3000. Breach of medium-term support at 2900 would warn of another test of primary support at 2700. Rising Money Flow suggests that breach of primary support is unlikely.

Shanghai Composite Index* Target calculation: 3000 – ( 3600 – 3000 ) = 2400

Japan’s Nikkei 225 Index broke resistance at 17000, a higher trough signaling a primary up-trend. Expect retracement to test the new support level at 17000. Rising Money Flow confirms buying pressure.

Nikkei 225 Index* Target calculation: 17000 – ( 20000 – 17500 ) = 15000

India’s Sensex is testing its upper trend channel at 26000. Penetration of the descending trendline would suggest that a bottom is forming. Respect, indicated by reversal below 25000, would warn of another test of primary support.

SENSEX* Target calculation: 23000 – ( 25000 – 23000 ) = 21000

Australia

A sharp fall in the Australian Dollar as result of record low inflation numbers may precipitate some selling by international buyers. Further weakness in iron ore would impact both the ASX and the Aussie Dollar.

The ASX 200 has also penetrated its descending trendline, suggesting that a bottom is forming. But bearish divergence on 13-week Money Flow warns of selling pressure. Retreat below 5000 would warn of another test of primary support at 4700.

ASX 200* Target calculation: 4700 – ( 5200 – 4700 ) = 4200

Migration debate, VW conference, translating meows

Good morning, Quartz readers!

WHAT TO WATCH FOR TODAY

The European Parliament debates the EU-Turkey migration deal. Under the deal, struck last month, Turkey would take back migrants who arrive in Greece in return for aid money and the possibility that its citizens could travel visa-free to the bloc. The deal hinges upon that last bit, Turkey insists, but the EU’s lawmaking bodycould veto it.

Volkswagen holds its (delayed) media and investor conference. Last month the company put off the annual event in Wolfsburg, Germany until today, in light of the scandal involving its deliberate cheating on emissions tests. Management will face questions on its handling of the issue, among much else (paywall).

Amazon looks to the cloud for growth. The online behemoth is expected to post slightly higher revenue for its retail business, while Amazon Web Services could grow by 50% or more. As is the norm for Amazon, analysts think its profit will be relatively modest.

WHILE YOU WERE SLEEPING

Facebook’s quarterly results soared. The social media giant demolished analyst expectations with a 51% increase in revenues, thanks to its expanding mobile and video advertising businesses. The company also announced a new shareholding structure designed to keep CEO Mark Zuckerberg in control.

Elon Musk announced a target date for reaching Mars. SpaceX will start sending its Dragon spacecraft to the red planet as early as 2018. The mission, which will take about six months, is intended to gather data that will lay the groundwork for human colonization.

The Federal Reserve kept interest rates steady… It’s the third time this year that chairwoman Janet Yellen and her colleagues decided to keep the benchmark rate unchanged, due to fears about the volatile global economy. But in a “slight hawkish tilt,” the central bank left open the possibility of a rate hike in June.

… And Japan’s central bank followed suit. The Bank of Japan held off on more stimulus and cut its inflation and growth targets. Thatsurprised many economists who thought the strengthening yen would prompt some action, but the bank wants more time to assess the impact of the negative interest rates introduced earlier this year.

Police investigated a death at Apple’s headquarters. Details are still emerging, but local news media report that a male employee wasfound dead in a conference room, with a gun nearby. Officials believe it was an “isolated incident.”

QUARTZ MARKETS HAIKU

There’s a reason that
A group of doves is known as
a “piteousness

QUARTZ OBSESSION INTERLUDE

Steve LeVine on Donald Trump’s big foreign policy moment.“His speech was a polished, re-packaged version of his familiar threats and bombast. But they were delivered with uncharacteristic presidential trappings—read from a teleprompter at a non-Trump hotel in Washington, DC.” Read more here.

MATTERS OF DEBATE

Trade with China is making US politics insane. Lost manufacturing jobs have pushed voters to ideological extremes.

What online misogynists really want is silence. Men who send rape and death threats to women online don’t just disagree with them, they want them to disappear.

The Theranos debacle isn’t Silicon Valley’s fault. Experienced investors noticed many red flags (paywall) at the health care startup.

SURPRISING DISCOVERIES

The NSA can’t say how many Americans it’s surveilling. It’s“working on” providing an answer.

Scientists want to teach humans to speak cat. A project called“Meowsic” is translating meows, purrs, and hisses.

In a real lightsaber duel, your body would be vaporized. TheStar Wars weapons are not laser swords, but rather blades of plasma.

A third of Italy’s pizza-makers are immigrants. A surprising number hail from Egypt.

McDonald’s is making a more natural McNugget. The current version has 32 ingredients, most of which are not chicken.

Our best wishes for a productive day. Please send any news, comments, McNugget recipes, and safe lightsaber designs tohi@qz.com. And download our new iPhone app for news throughout the day.

#Trump wins again, #iPhone sales decline, dogs hate hugs

Good morning, Quartz readers!

WHAT TO WATCH FOR TODAY

The Fed holds steady. Although the US economy is relatively healthy, the central bank is expected to delay hiking its benchmark rate, due to global economic instability.

Facebook versus great expectations. After a string of strong quarterly performances, the social media giant has a high bar to impress investors. Analysts expect 48% revenue growth versus last year, with mobile ads accounting for 80% of the total.

Earnings, earnings, earnings. Companies reporting quarterly results (pdf) include Marriott, PayPal, Boeing, Hilton, and Comcast—and Mitsubishi Motors, which will likely skip the earnings forecast after it admitted to cheating on fuel efficiency tests for 25 years, and has seen its market value halved in about a week.

WHILE YOU WERE SLEEPING

Apple posted its first revenue decline in more than a decade.Sales of the iPhone, the company’s most important product, fell for the first time. Apple also missed expectations (paywall) for its revenue, earnings, and quarterly guidance, sending shares down more than 6%.

Trump and Clinton won some more. In primaries for a handful of states in the northeastern US, Donald Trump added five victories and a large number of Republican delegates to his increasingly dominant presidential campaign. On the other side Hillary Clinton was declared the winner in four states, with Rhode Island going to Bernie Sanders.

Twitter plunged on disappointing guidance. User growth and profits were better than expected, but investors keyed in on its revenue guidance, which was below expectations. Shares plummeted more than 10%, dealing a blow to CEO Jack Dorsey’s turnaround efforts.

Comcast is in talks to buy DreamWorks Animation for more than $3 billion. The US cable giant wants to acquire the maker of animated films including Shrek and Kung Fu Panda, according to the Wall Street Journal (paywall).

The FBI claimed it knows little about the tool it used to hack a terrorist’s iPhone. Apple won’t likely get help from the Feds in fixing the security vulnerability. The agency said that while it knows how to use the tool—for which it paid more than $1 million—it doesn’t knowhow it works (paywall).

A yogurt CEO made his employees potential millionaires. In an unusual move Chobani CEO Hamdi Ulukaya said he would give(paywall) some 2,000 full-time employees shares worth up to 10% of the company when it goes public or is sold. Chobani is worth billions of dollars.

QUARTZ MARKETS HAIKU

The fat apple hangs
Pulling the branch towards the earth
Will the whole thing snap?

QUARTZ OBSESSION INTERLUDE

Akshat Rathi on how new research shows an extreme diet can reverse type-2 diabetes: “We still don’t understand why such reversal is possible. A leading hypothesis is that, following weight loss, removal of excess fat from the liver and pancreas can kickstart insulin-producing cells to normalize sugar levels.” Read more here.

MATTERS OF DEBATE

Driverless trucks will be hugely disruptive. They will slash shipping costs and put millions of people out of work.

The smartest people are often the least happy. They tend to useyardsticks for success that are largely meaningless.

Dating foreigners is tough in China. Not because they’re spies, but because of irreconcilable political differences, young women say.

SURPRISING DISCOVERIES

Led Zeppelin could settle its legal dilemma for $1. But the band would have to share the songwriting credit for “Stairway to Heaven.”

The UK might pay out research grants in bitcoin. The controversial cryptocurrency could simplify a complicated process.

Prince died without leaving a will. That could complicate the fateof the hundreds or thousands of unreleased songs in his vault.

Your dog probably hates hugs. Canines are hardwired to run from trouble, and embraces make them feel trapped.

The rich didn’t always live longer than the poor. After the 18th century, expensive medicine caused the life expectancy gap to grow wider and wider.

Our best wishes for a productive day. Please send any news, comments, unreleased Prince albums, and bitcoin research grants tohi@qz.com. And download our new iPhone app for news throughout the day.

Apple’s earnings, 1MDB in default, Japan’s “everything” burger

Good morning, Quartz readers!

WHAT TO WATCH FOR TODAY

India and Pakistan have a fateful meeting. Their respective foreign secretaries will hold a bilateral talk in Delhi—the first step toward reviving peace talks after a terrorist attack on an Indian air force base in January.

Apple reports quarterly results… Some analysts predict the first-ever dip in iPhone sales. Investors will also listen for clues about forhow Apple is doing in China, where media regulators recently blocked its book and movie stores.

… And so does Twitter. Last quarter, the beleaguered social media company said user growth ground to a halt; investors will now be interested to hear if a streaming deal with the NFL could reach a new audience, and how Twitter’s live Periscope video will stack up to Facebook Live.

WHILE YOU WERE SLEEPING

Volkswagen got into more trouble. In Britain the carmaker—despite its claims to the contrary—hasn’t fixed a single car affected by the emissions scandal, claimed a UK regulator. Meanwhile growing evidence suggests many automakers have been manipulating emissions tests.

Malaysia’s scandal-plagued 1MDB defaulted. The government fund has defaulted on a $1.75 billion bond—spillover from failing to pay over $1 billion in connection with a loan from an Abu Dhabi sovereign wealth fund. That could trigger more defaults by 1MDB, under investigation globally for embezzlement allegations.

Charter’s bid for Time Warner Cable won antitrust approval—with conditions. The US Justice Department said the cable company cannot strike deals with programmers to make it harder for streaming services like Netflix to obtain content. The $55 billion merger would create the second-largest US cable provider, after Comcast.

Islamists killed a Canadian hostage in the Philippines. Five hours after a ransom deadline, the terrorist group Abu Sayyaf left the severed head of 68-year-old John Ridsdel on the street in the southern Philippines. There are fears of even more violence from the Islamist group, which has aligned itself with ISIL.

QUARTZ MARKETS HAIKU

Show us the money
Facebook, P&G, Exxon
This week—and Apple!

QUARTZ OBSESSION INTERLUDE

Thu-Huong Ha on America’s obsession with adult coloring: “From knitting crazes to mindfulness training centers, Americans today will take anything they can get to escape the hum of their perceived hyper-connectivity and overwork. That demand has created a sort of mindfulness industrial complex.” Read more here.

MATTERS OF DEBATE

Torturing terrorists doesn’t keep anyone safe. A newneuroscience study shows that torture undermines the cognitive mechanisms needed to recall information.

Feminism has become a consumer brand. When status is confused with liberation, a social movement looks more like a commodity.

America is terrible at promoting democracy. It would be better off setting an example at home.

SURPRISING DISCOVERIES

A Tesla is a better driver than you are. CEO Elon Musk says drivers are 50% less likely to have an accident in autopilot mode.

Mourning dead celebrities is about remembering your own life.Fans transfer their own memories onto departed superstars like Prince.

A Japanese burger chain has released a terrifying “everything” burger. The meat tower comprises four patties, six sauces, and a heaping of extras.

A new group of superheroes is based on Indian aunties in the UK. The artist created them in tribute to immigrant women, who she merged with characters like the Hulk.

People are racing drones using nothing but thoughts. The brain-to-computer interfaces are still a little slow and clunky.

Our best wishes for a productive day. Please send any news, comments, mind-controlled drones, and superhero aunts tohi@qz.com. And download our new iPhone app for news throughout the day.