Good morning, Quartz readers!
What to watch for today
The US hits its debt ceiling. The country’s legal limit for how much it can borrow—roughly $18 trillion— goes into effect after a one-year suspension. If Congress does not raise the limit quickly, Treasury secretary Jack Lew has vowed to use measures to maintain the country’s creditworthiness through at least October.
Over the weekend
The former Sears Tower is changing hands. Private-equity firm Blackstone has agreed to buy the Willis Tower for $1.3 billion, according to Marketwatch—a record price for US office space outside of New York City. A group of investors paid $841 million for the Chicago landmark in 2004.
A cement mega-merger got stuck. France’s Holcim said a $44 billion deal to combine with its Swiss counterpart Lafarge “ can no longer be pursued in its present form” due to currency fluctuations between the Swiss franc and the euro since the deal was announced last year. ( Don’t say we didn’t warn you about the perils of mega-mergers.)
China became the world’s third-biggest arms exporter. A 143% rise in weapons exports over the past five years allowed China to surpass Germany. Five percent of weapons exports originate in China, compared with 31% from the US and 27% from Russia.
Brazilian protestors called for Rousseff’s impeachment. More than 1 million people took to the streets across Brazil to demonstrate against president Dilma Rousseff, with many calling for her ouster over a corruption scandal involving the state-owned oil company Petrobras. Rousseff ran the company at the time of the alleged kickback scheme.
Indian wholesale inflation tanked. Prices fell by a record 2.1% in February from a year earlier (paywall), surprising analysts expecting a 0.8% decline. The drop is mainly due to low fuel and power costs, but core inflation is also weak.
A suspect was arrested for shooting police in Ferguson. Jeffrey Williams admitted to firing shots that wounded two police officersduring a protest in the Missouri town last week, but says he did not intend to harm the officers. He has been charged with assault and firing a gun from a motor vehicle, and could face life in prison if convicted.
Jenni Avins on the craze for secondhand yoga pants. “Lululemon’s corporate culture—calling its store associates “educators” and managers “key leaders,” and sending employees for self-improvement at the Landmark Forum—has earned it comparisons to a cult. But it seems to be a limited-edition manufacturing practice that creates scarcity and drives the deep desire for, say, “Beachscape Wunder Under Pants.” Read more here.
Matters of debate
Surprising discoveries
Women won’t earn as much as men until 2058. That’s according to a new report from the US-based Institute for Women’s Policy Research.
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