The daily business briefing: February 22, 2016
The British pound falls as E.U. exit battle intensifies, Samsung unveils the Galaxy S7, and more


1. British pound falls as E.U. exit battle heats up
The British pound fell by 1.7 percent on Monday due to fears that the U.K. will vote to leave the European Union. Prime Minister David Cameron is heading to the House of Commons to drum up support for remaining in the E.U. in a June referendum. Cameron says a deal he struck on Friday with the 28-nation E.U. would protect the status of the pound against the euro single currency. London Mayor Boris Johnson, one of the country's most popular politicians, said in a column in Monday's Daily Telegraph newspaper that he would campaign for exiting the E.U.
The Associated Press Daily Telegraph
2. Samsung shows off its latest iPhone competitor
Samsung unveiled its new Galaxy S7 and Galaxy S7 Edge smartphones on Sunday at the World Mobile Congress in Barcelona. The South Korean tech giant's high-end competitors for Apple's iPhone look nearly identical to the S6 line, but Samsung brought back a memory-card slot and removable batteries with extended life. The S7 has a 5.1-inch screen while the S7 Edge has a 5.5-inch screen, the same size as the iPhone 6s Plus. Samsung also showed off the Gear 360, a new 360-degree camera designed to work with the S7 and boost sales in a slowing smartphone market.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. HSBC profits miss expectations as China trouble creates 'bumpier' road
HSBC reported Monday that its profit slipped to $13.5 billion last year, down 1.2 percent from the year before and below analysts' expectations. The news sent HSBC shares tumbling by 4.7 percent. The London-based bank also warned of a "bumpier" road ahead because of a slowdown in China, home of the world's second largest economy. HSBC is cutting thousands of jobs and selling businesses in Brazil and other countries to focus on Asia, where it expects rising wealth to drive profits.
4. Rising oil prices lift stocks
U.S. stock index futures gained early Monday, thanks largely to an uptick in oil prices. Crude prices rose by 3 percent, due to a decline in the number of U.S. rigs and a projection by the International Energy Agency that U.S. shale oil output would fall. Shares also rose in Europe and Asia. London's resources-heavy FTSE 100 index gained 1.1 percent, in line with other European markets.
5. San Bernardino victims back government effort to unlock killer's iPhone
Some victims of the deadly San Bernardino attack are filing a legal brief backing the Justice Department's effort to force Apple to help unlock the iPhone of one of the shooters, a lawyer for the victims said Sunday. "They were targeted by terrorists, and they need to know why, how this could happen," the lawyer, Stephen Larson, said. Apple says providing a backdoor into the iPhone would damage security. FBI Director James Comey said in an open letter Sunday that the FBI just wants a way to "guess the terrorist's passcode without the phone essentially self-destructing."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
What does the Le Pen verdict mean for the future of French politics?
TODAY'S BIG QUESTION Convicted of embezzlement and slapped with a five year ban on running for public office, where does arch-conservative Marine Le Pen go from here — and will the movement she leads follow?
By Rafi Schwartz, The Week US Published
-
Discount stores were thriving. How did they stumble?
The Explainer Blame Walmart — and inflation
By Joel Mathis, The Week US Published
-
Kaja Kallas: the EU's new chief diplomat shaping the future of European defense
In the Spotlight Former Estonian Prime Minister's status as an uncompromising Russia hawk has gone from liability to strength
By David Faris Published
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
By Abby Wilson Published
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
By Justin Klawans, The Week US Published
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
By Sorcha Bradley, The Week UK Published
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
By Rafi Schwartz, The Week US Published
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical
By The Week Staff Published
-
Why Assad fell so fast
The Explainer The newly liberated Syria is in an incredibly precarious position, but it's too soon to succumb to defeatist gloom
By The Week UK Published
-
Romania's election rerun
The Explainer Shock result of presidential election has been annulled following allegations of Russian interference
By Sorcha Bradley, The Week UK Published
-
Russia's shadow war in Europe
Talking Point Steering clear of open conflict, Moscow is slowly ratcheting up the pressure on Nato rivals to see what it can get away with.
By The Week UK Published