Plus: Swiss problems
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Here's what you need to know
Iran said it found one of the world's largest deposits of lithium. The government claims to have discovered 8.5 million tons of the sought-after metal.
British chipmaker Arm is aiming for an $8 billion IPO. The firm, owned by Japan's SoftBank Group, is planning a debut on the US stock market later this year.
French retailers agreed to cap food prices. Finance minister Bruno Le Maire declared an ' anti-inflation quarter ' as the country faces double-digit food inflation.
JD.com launched a price war. The Chinese e-commerce giant announced a 10 billion yuan ($1.4 billion) subsidy campaign as competition heats up against Alibaba and Pinduoduo.
What to watch for
Remember when, for a little while at least, it looked like interest rate hikes were going to calm down a bit? When US Federal Reserve chair Jerome Powell appears before various congressional committees and panels today, we're likely to learn those days are behind us.
Of course, things could change. The Fed's decision, scheduled for March 21-22, will be informed by a bunch of data yet to be released:
🤑 Consumer inflation report: (March 10) Although better than last year, inflation could be plateauing at well above the Fed's 2% annual goal. If it maintained January levels, it would suggest the Fed has to maintain a tight fist.
🛍️ Retail sales data: (March 15) A jump would signal the central bank may need to keep rates high.
Read more about the factors at play, and what major banks are predicting for rate hikes in 2023.
Credit Suisse is losing friends, fast
Harris Associates, Credit Suisse's former top shareholder announced that it had sold all of its stake in the bank.
It's not hard to see why. Last month, Credit Suisse reported its worst annual loss since the 2008 global financial crisis—7.3 billion Swiss francs ($7.9 billion), to be exact—and intoned some dire predictions for 2023.
110.5 billion Francs ($120 Billion): Credit Suisse client withdrawals during the fourth quarter 2022.
50%: Decline in the bonus pool for the whole bank. The executive board will receive no bonuses at all for last year.
5: The number of Credit Suisse scandals that occurred in the last two years. We have gathered them all for you.
Other Swiss problems...
Toblerone no longer uses the Matterhorn as a packaging design. It will now state that it was not made in Switzerland but was only established there.
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A robot was hired by the Romanian government as an advisor. It then committed copyright violations.
Fungus-killing compounds got a Keanu Reeves namesake. ' Keanumycins ' are to fungi as Neo is to Agent Smith.
Bing AI can be changed to change its personality type. Matthew McConaughey can help you shoot the breeze!
Local seagulls could have a case of plasticosis. The condition is plaguing sea birds' stomachs.
There is a way to get rid of the confusion surrounding fusion and fission. The Quartz Obsession episode 2 will explore the possibilities of a nuclear-fusion-powered future.
Join today! Ananya Bhattacharya and Julia Malleck brought you today's Daily Brief. Susan Howson also contributed to it.