Quartz Daily Brief—Americas Edition—FX fixed, UK growth, H&R Block, NSA kids
What to watch for today
An IPO to make an old face young again. Coty, a 109-year-old US cosmetics company, is set to go public with a $1.1 billion IPO on the NYSE.
A bid to take a old firm private again. Dole’s 90-year-old CEO hopes to save the company from lackluster performance, but may need to raise his already generous bid after shares soared 22%.
Vodafone’s big cable play. The wireless operator has made an approach to buy Kabel Deutschland, German’s top cable company, in a potential 10 billion euro ($13.3 billion) acquisition.
Nobody likes taxes. Except US tax consultancy H&R Block, which is expected to report robust earnings (paywall), with revenues rising 13% and income increasing 28%.
While you were sleeping
Currency rates might be fixed, just like Libor. Bloomberg reports that traders at some of the world’s biggest banks are manipulating benchmark foreign exchange rates.
The end of Inditex’s dream run. Hit by bad weather and unfavorable exchange rates, growth slowed for the owner of Zara, with profits of €438 million ($580 million) for the quarter to April, up a piddling 1.4% on last year.
Job growth in the UK. Britain’s unemployment rate for May fell more than expected to 4.5%, adding to the recent spate of upbeat economic data and corroborating forecasts of a recovery. Meanwhile, euro zone industrial output beat expectations, rising 0.4% in April.
Fickle to the last. North Korea called off the highest level talks with South Korea since 2011 because it was miffed at the “low level” of Seoul’s representative. The meeting was aimed at re-opening a jointly operated industrial zone that was closed when North Korea threatened nuclear war.
Samsung went all-in on Southeast Asia. The Korean electronics giant boosted its investment in Vietnam, now the company’s preferred low-cost manufacturing venue.
Quartz obsession interlude
Tim Fernholz on how digital currencies facilitate tax evasion. “The head of online investigations for the US government’s tax collection agency is concerned that digital currencies could be used to evade taxes, and is considering new disclosure rules for businesses that use them. To which we say, well, duh.” Read more here.
Matters of debate
Brace for another recession. Bond manager Pimco calculates a 60% chance that the world will slip back into decline in the next three to five years.
Libertarianism has been done before. It was called feudalism.
How to respect your opponents. Begin by framing their arguments better than they do.
The murky world of transnational land deals. Find out who’s buying.
Dubai forgot how it got into trouble. With a roaring economy, the careless bets are back.
Surprising discoveries
It’s never to early to think about joining the NSA. Hey CryptoKids, come spy with Crypto Cat and Decipher Dog.
Stand aside Boeing. The future of flight is clip-on wings.
Lego people are getting angrier. And more likely to carry guns.
China is building a new stealth bomber. And this may or may not be it.
Caffeine withdrawal is now a psychological disorder. As is caffeine intoxication.
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