Good morning, Quartz readers!
What to watch for today
US retail sales for February. Research firm Retail Metrics expects a 1.9% gain year-over-year, after a 0.8% drop in January.
While you were sleeping
Two police officers were shot in Ferguson. The officers were hit by gunfire outside of the Missouri city’s police station early Thursday morning during a confrontation with protesters. One officer was hit in the face, the other in the shoulder; both are conscious.
South Korea joined the rate-cut trend. The central bank cut its benchmark interest rate by a quarter-point to an all-time low of 1.75%, following a surprise cut in Thailand yesterday, and after similar moves by more than 20 central banks this year. South Korean inflation is at its lowest point since 1999, and exports are falling.
Saudi Arabia signed a nuclear deal with South Korea. The countries agreed to investigate the possibility of building two Saudi nuclear reactors. The deal is seen as a Saudi move to counter Iran’s nuclear capabilities—especially if a deal with the west allows Tehran to maintain some enrichment capabilities—and could signal the start of a Middle East nuclear arms race.
Ukraine’s economic forecast got a severe downgrade. The International Monetary Fund expects the economy to contract by 5.5% this year, a sharp revision from its previous expectation it would grow by 1%. The IMF, which is organizing a $17.5 billion bailout for Ukraine, predicted that inflation will “spike temporarily.”
Quartz obsession interlude
Max Nisen on pharma’s biggest nightmare. “For years, drug makers have feared an onslaught of competition from ‘biosimilars,’ the generic version of drugs that are made by living organisms. It finally arrived last week when the FDA approved Novartis’s Zarxio, a near copy of Amgen’s blood cancer drug Neupogen and the first biosimilar in the US.” Read more here.
Matters of debate
Surprising discoveries
Death by firing squad might return to the US. Utah lawmakers passed a bill approving the method if lethal injection supplies run short.
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