Good morning, Quartz readers! We have some important updates for you:
1. Saudi Arabia and Russia have agreed to extend oil production cuts. However, US President Joe Biden has warned of potential consequences if Saudi Arabia partners with Russia on cuts. This could result in increased costs for transportation and related industries.
2. The impact of Threads on Meta’s stock value is uncertain. It remains to be seen whether Threads will have a positive or negative effect on Meta’s stock performance.
3. Canadian pilots are increasingly seeking work opportunities in the US, while Canada’s own carriers are grappling with staff shortages. As a result, Air Canada pilots have gained more bargaining power, which may benefit them during contract renegotiations later this month.
4. America’s oldest craft brewer, Anchor Brewing, may be saved by a GoFundMe campaign. Launched by the brewery’s employees, the campaign is just $12,000 short of reaching its $50,000 target. This crowdfunding effort could help preserve the brewery’s legacy.
5. Arm, a chipmaker, is planning a smaller IPO than initially reported. While the IPO is still significant at $4.87 billion, it would be the largest IPO of the year on the New York Stock Exchange.
Now, let’s delve into some intriguing news stories:
1. Hong Kong has reopened its borders after three years of pandemic travel restrictions. Mainland Chinese visitors are flocking to the city for shopping sprees, particularly to purchase insurance policies. Buying insurance in Hong Kong allows mainlanders to bypass Beijing’s capital controls and transfer their capital overseas.
2. Elon Musk is blaming the Anti-Defamation League (ADL) for financial problems at his company, X. Musk plans to sue the prominent Jewish civil rights group for allegedly encouraging advertisers to pause their spending on Twitter (now X). The ADL claims hate speech was spread on the platform, a charge Musk denies. Recent accusations of hate speech on Twitter/X further complicate the situation.
3. Canada has experienced a record-breaking number of wildfires this year. The severity of the fires surpasses what is typical, leading to significant challenges. Clarisa Diaz explains the factors contributing to these destructive fires and predicts that they will continue for several more weeks.
In addition to these stories, here are some captivating finds:
– More American executives are choosing to prolong their careers instead of retiring early.
– Smuckers recognizes that Uncrustables, frozen PB&J sandwiches, are enjoyed by adults as well.
– Sticking your tongue out while using tools indicates that your brain is functioning properly.
– Solo office desks take up a lot of space, while people prefer small collaborative spaces in their workplaces.
– Chinese construction workers drove through the Great Wall, causing irreversible damage.
We hope you have a productive day ahead! If you have any news, comments, or interesting discoveries to share, feel free to reach out to us at [email protected]. Quartz is made possible by reader support, so consider becoming a member to access our content. Today’s Daily Brief was prepared by Susan Howson and Samanth Subramanian.
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