Monday 19 March 2018

Saudi visit, Facebook meltdown, Chessbrahs

Good morning, Quartz readers!

What to watch for today

The Saudi crown prince visits the White House… Mohammed bin Salman is leading a delegation to Washington for the first time since becoming heir. He will meet with US president Donald Trump, lawmakers, and senior officials, with Iran atop the agenda.

…While the US senate could vote on the war on Yemen. A bipartisan group of senators could force a vote calling for the US to withdraw its military from the war-torn country, seen as a proxy battleground for Saudi Arabia and Iran.

US-Korea denuclearization talks begin. Inter-Korean and US-North Korean summits follow weekend talks between US, South Korean, and Japanese officials on achieving complete denuclearization of the Korean peninsula. This week's talks are an opportunity to asses the North's sincerity about denuclearization.

Gen X and millennials will be the investors of tomorrow. In the coming years, we expect to see a massive intergenerational transfer of wealth from baby boomers to gen X and millennials. Understanding these younger generations, and their different financial priorities, is going to be essential for the wealth management industry.

While you were sleeping

Facebook plunged on a bombshell data-harvesting scandal. Its shares dropped the most in four years after multiple regulators called for hearings on reports that Cambridge Analytica, Trump's political advertising firm, illicitly used social media data from 50 million users. An undercover TV report filmed Cambridge Analytica execs offering illegal political intimidation services to its prospective clients, suggesting bribery and blackmail involving Ukrainian sex workers.

Harvey Weinstein's company will file for bankruptcy. Investment firm Lantern Capital said it would buy Weinstein Co.'s assets on the grounds that it file for bankruptcy, after several attempts by the production house to avoid that fate. It's also releasing employees from non-disclosure agreements.

US-South Korea military drills will resume. The two countries said they would kick off their joint annual military exercises on April 1, which had been delayed because of the Olympics-led detente between North and South Korea. The drills take place ahead of a mooted summit between Donald Trump and Kim Jong-un in May.

China issued a stern warning against Taiwan. President Xi Jinping said at the end of an annual parliamentary session that Taiwan—which Beijing claims as its own territory—will face the "punishment of history" if it attempts any separatist activities. Beijing sees Taiwanese president Tsai Ing-wen as harboring independence tendencies.

Cynthia Nixon announced her run for New York governor. The Sex and the City star tweeted that she will challenge current governor Andrew Cuomo in the Democratic primary in September. Nixon, an openly gay activist, has said she wants to fix health care, mass incarceration, and the city's subway system.

Quartz obsession interlude

Sushma U N on the dashed middle-class dreams of India's Ola and Uber drivers. "In 2013, when Uber entered India and Ola turned more aggressive in the face of competition, the two companies went all out to lure drivers: promises of high earnings and minimal commission—as less as 10%—to be paid to the aggregators. … The drivers now barely make Rs20,000 (US$309) a month in a city like Bengaluru after paying steep commissions of up to 30% per ride." Read more here.

Matters of debate

The best ideas come from misfits. They may be rebellious, but they're also likely the ones who drive innovation in a company.

Quitting Facebook to avoid personal data breaches isn't a viable solution. In many countries, Facebook simply is the internet, while increasingly large swathes of public and civic life are organized only through the platform (paywall).

Trump is creating a toxic work environment for America's largest employer. An unpredictable White House is having a destabilizing influence on 2 million federal government workers.

Surprising discoveries

The Philippines is the only country other than the Vatican where divorce is illegal. The heavily Catholic country is only now moving to legalize the procedure.

A John Oliver spoof of the Pence family's new children's book is an instant Amazon bestseller. The British comedian railed against the family's homophobic views in his own parody featuring a gay rabbit.

There's a boom in premium eyedrops in Japan. Excessive screen time means people are shelling out as much as (paywall) $14 for more soothing eyedrops.

Online chess is way more intense than you'd think. A typical session with the "Chessbrahs," who stream their chess matches, includes f-bombs, freestyle rapping, and trash talk.

US nose jobs have declined 43% since 2000. Women no longer want to look like "piglets" and "kittens."

Our best wishes for a productive day. Please send any news, comments, expensive eyedrops, and divorce papers to hi@qz.com. You can follow us on Twitter for updates throughout the day or download our apps for iPhone and Android. Today's Daily Brief was written by Isabella Steger and edited by Alice Truong.

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