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Tesla tore it up again. The electric vehicle leader recorded its fifth consecutive quarter of profit, beat Wall Street’s revenue estimates, and saw its stock pop in extended trading. The company continues to build factories on three continents and recently began shipping Shanghai-made machines to Europe.
Growth in Asia is slowing down. A sharp economic contraction in India led the International Monetary Fund to revise its forecast to a 2.2% GDP decline in the region. The United Nations offered a similar outlook for global trade which it says could fall by up to 9% this year.
Donald Trump has a Chinese bank account. The account—which House speaker Nancy Pelosi labeled a national security threat—is reportedly connected to the US president’s hotel operations and has paid over $180,000 in taxes to the Chinese government. Meanwhile, the White House targeted six Chinese media organizations with new restrictions.
Reliance Industries stepped up its mobile offerings. The telecom wing of India’s largest company launched a new “made-in-India” web browser, JioPages. Jio Platforms also announced a partnership with California-based Qualcomm on 5G network infrastructure in a continued separation from China.
Huawei shows off its new flagship phone. The Mate 40 and Mate 40 Pro devices will feature the Chinese company’s latest tech and come equipped with a price tag well in excess of $1,000. On the regulatory front, Huawei is reportedly trying to block chipmaker Nvidia’s $40 billion acquisition of Arm technology.
Samsung’s heir’s trial begins in Seoul. Lee Jae-yong is not expected to be in court during his trial over corporate fraud and market manipulation charges. Lee was previously jailed over a 2017 bribery scheme that led to the ouster of South Korean president Park Geun-hye.
The situation in Nigeria
Since the beginning of Nigeria’s anti-police brutality protests, tagged #EndSARS, there has been widespread suspicion that the national government would eventually shut down internet access. Those fears have only grown after the army was filmed firing live rounds into a crowd of unarmed and peaceful protesters on Tuesday.
These protests, the largest in at least a decade, may have just started this month, but their roots go back to the colonial era. For Quartz Africa, Benjamin Maiangwa of the University of Manitoba argues that addressing the protestors’ demands hinges on understanding present-day Nigeria not as a country but as a business entity rooted in the British model of corporate colonization.
Right now, however, it’s a new generation of Nigerians using universally recognizable street protest tactics as well as the latest technology to fight for a better future in Africa’s most populous country.
Charting Nestle’s bet on pets
A beloved animal friend for you means big business for Nestle. The Swiss company’s latest earnings report showed quarterly growth of 4.9%—its best in six years.
Some of Nestle’s core products, water and candy, have taken a hit as home-bound consumers cut out impulse purchases. But its pet food brand, Purina PetCare, was a main contributor in each of the company’s global markets, growing 10.6% so far this year.
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We’re obsessed with post-election chaos
It’ll be madness. With Donald Trump refusing to commit to a peaceful transition of power and disinformation campaigns sewing doubts, not to mention the mail-in or drop-off ballots necessitated by the pandemic, the US general election on Nov. 3 is already and likely to rank among the most controversial in American history. But elections—both in the US and around the world—devolve into madness fairly regularly. The Quartz Weekly Obsession invites you to prepare yourself for a bumpy ride.
Learning to live with Covid-19
It’s no secret that lockdowns don’t have the same impact on everyone. Young people often suffered the most emotionally while the elderly and other at-risk populations are more likely to become severely ill. No matter what your situation is, there are strategies and advice to deal with the new normal.
If you ever thought the podcast you obsess over would make a good movie or TV series, someone in Hollywood probably agrees with you.
Hollywood has mined podcasts for story ideas since the early 2000s, but the relationship between the two industries is now at the next level. Film and TV production companies increasingly use podcasts as their personal content incubators, testing out ideas on the audio-based medium to decide if they should make the jump to screens.
Find out how film studios are using podcasts to decide which movies to make in our latest field guide to the podcast business.
What a ride. The Fast & Furious saga will finally reach the end of the line—though don’t worry, spinoffs will go the distance.
A building walked through Shanghai. It took 200 devices and 18 days to walk the primary school out of the way for a new commercial center.
The UN is stewing over borscht. A Ukrainian effort to claim the dish as its own awoke Russia’s ire.
A spool of thread became a house in Osaka. The lengthy line of trades was all part of a bartering experiment.
Inspired by Osaka’s bartering experiment? Head on over to Quartz’s Fixing Capitalism obsession for more out-of-the-box ideas.