Good morning, Quartz readers!
WHAT TO WATCH FOR TODAY
Janet Yellen talks to US lawmakers. Markets will look for hints on the timing and number of interest rate hikes as the US Fed chair speaks before a Senate banking committee in Washington. It will be her first time (pdf) addressing lawmakers since Republicans gained control of both houses of Congress and the White House.
Binyamin Netanyahu meets with Donald Trump. The Israeli prime minister is hoping for a better relationship than he had with Barack Obama. Trump was a strong supporter of Israel’s government on the campaign trail, but he recently said expanded settlements in occupied territories “don’t help” the peace process (paywall).
Fossil Group reports its earnings. The maker of traditional watches is expected to announce a fall in sales amid competition from smartwatches and smartphones. Investors will look for new strategies, such as getting more involved in wearable technology.
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Can productivity help offset Brexit? Decisive monetary action helped allay market concerns in the wake of the Brexit vote — but bold monetary policy can only go so far. So what’s next? Explore our Research insights on countering Brexit with growth.
WHILE YOU WERE SLEEPING
Michael Flynn abruptly resigned as Trump’s national security adviser. His departure followed Justice Department warnings abouthis links with Russia (paywall), and inconsistencies in his explanations of them. Flynn apparently misled vice president Mike Pence by saying he hadn’t discussed sanctions with Russia’s ambassador before joining the administration.
China’s inflation measures hit multi-year highs in January.From a year ago the producer price index shot up 6.9%—to thehighest level since 2011—and the consumer price index rose 2.5%, the strongest pace since mid-2014. The numbers suggest sustained recoveries in productivity and growth, and have the central bank eyeing tighter a monetary policy.
Justin Trudeau met with Donald Trump. The leaders did not discuss Trump’s controversial clampdown on refugees and immigrants, with Trudeau arguing that Canadians don’t expect him to “lecture another country on how they choose to govern.” Talks centered on cross-border trade, in addition to a discussion panel featuring prominent female executives.
Toshiba unexpectedly delayed the release of its quarterly earnings. Investors were waiting for it to explain a write-down to its nuclear power business that could amount to $6 billion amid diminishing prospects and a series of disastrous projects in the southern United States. The company gave no new time for the announcement, and shares plunged 9.5% after the delay.
The US designated Venezuela’s new vice president a “foreign narcotics kingpin.” The Treasury Department slapped sanctions against Tareck El Aissami, accusing him of being personally involved in the international narcotics trade. The move freezes his US assets and bars Americans from doing business with him.
QUARTZ OBSESSION INTERLUDE
Heather Timmons on the US customs and border agents that defy court orders as they do Trump’s bidding: “The initial ban was hugely popular among CBP officers, who backed Trump in large numbers during the election… morale among agents and officers ‘has increased exponentially since the signing of the orders.’” Read more here.
QUARTZ MARKETS HAIKU
Apple sets records
But it’s still undervalued
Call Mister Buffett.
MATTERS OF DEBATE
Fake news is a Cold War tactic. Disinformation and other “active measures” used by the United States and Soviet Union are beingretooled for the digital age.
Apple’s great design is a lie. Its new $5 billion headquarters is another case of hiding internal shambles under sleek exteriors.
Renewable energy is no longer “alternative.” Fossil fuels are doomed to a shrinking slice of the energy market.
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Chinese couples are taking out wedding insurance policies. If they tie the knot within 10 years, they get 10,000 roses.
Drones are carrying passengers in Dubai… The China-made craft can carry a 100 kg (220 lb) passenger and a small suitcase.
…And battling golden eagles in France. The winged predators are being tested by the air force as a drone countermeasure.
A French man sued Uber for exposing his infidelity. His wife was able to track his affair thanks to notifications on her phone.
There’s growing evidence that butter is actually good for you.Vegetable oil is linked to higher rates of death from heart disease.
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