đ ByteDance is in the hospital
Plus: Disneyâs world is magic.
Good morning, Quartz readers!
Hereâs what you need to know
ByteDance bought a Chinese hospital group. TikTokâs parent company acquired Amcare Healthcare for $1.5 billionâamid a broader trend of tech sector expansion into medical servicesâthough it hasnât said why, exactly.
China and the UK agreed to restart direct passenger flights. Suspended since late 2020, Chinese airlines will lift off first, with British Airways slated to follow.
India passed an energy conservation bill. The legislation includes minimum renewable energy requirements for corporations and penalties for noncompliance.
London will offer a polio vaccine booster to children. Kids aged one to nine will be eligible under the new program.
China published its first white paper on Taiwan in decades. It provides a blueprint for reunification, according to an analyst. Meanwhile, China ended days of unprecedented military drills but stated âwar preparationâ is ongoing.
Softbank will slash its stake in Alibaba. The Japanese conglomerate expects to make $34 billion from the sale of around 38% of its most famous investment after reporting a record first quarter loss.
Key commercial waterways in Europe are drying up. Rivers like the Rhine and Danube are evaporating in the heat, threatening $80 billion in trade. That same heat could make olive oil 20-25% more expensive.
What to watch for
After weeks of rumors and speculation, the Hong Kong government has finally announced that mandatory hotel quarantines for inbound travelers will be shortened from three days to seven.
But Hong Kongâs stringent quarantine measures and at-times contradictory covid policies continue to deter tourists and business travelers. Its economy has taken a hit from the travel slowdown, sliding into a recession last month following two consecutive quarters of negative GDP growth.
Fitch Ratings predicts the economy will shrink again this year, as zero-covid policies locally and in mainland China continue to weigh on production, trade, and consumption.
However, the easing of quarantine restrictions has already brightened Cathay Pacificâs second-half outlook and sparked a jump in travel searches for outbound tickets. The resumption of flights between China and the UK could also signal a further easing of covid restrictions in the near future.
The Mouse in the high castle
Walt Disneyâs third-quarter earnings had a liberal sprinkling of fairy dust. Theme parks continue to be heroes, but the Mouse may be squeezed along with consumersâ belts due to inflation and recession fears. After all, a week-long Disney vacation âbaselineâ price for a family of four is $5,731, according to MouseHacking.com.
Theatrically, Disneyâs doing fine, with a huge global showing at the box office for Doctor Strange in the Multiverse of Madness and Thor: Love and Thunder. And, unlike with Netflix, streaming is not this earning reportâs villain. This quarter, Disney+ reached 152.1 million subscribersâabout 5 million more than forecasts guessed. A lower cost, ad-supported tier is expected to help the streaming service become profitable.
A strong slate of content will only help matters, including I Am Groot, She-Hulk: Attorney at Law, and The Guardians of the Galaxy Holiday Special, all on Disney+, as well as the highly-anticipated Black Panther: Wakanda Forever in cinemas.
US inflation has finally peaked (we think)
US consumer prices didnât increase at all in July compared to the previous month, coming in much lower than economistsâ predictions. Nate DiCamillo explains what could be next, barring any unforeseen circumstances like invasions, factory shutdowns, and massive ships wedged into important canals. Itâs been quite a time for the global economy, really.
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Surprising discoveries
A stolen Hindu idol resurfaced at a New York auction house. The 12th century statuette of the goddess Parvati was taken from a temple in 1971.
An ancient Chinese recipe for bronze has finally been deciphered. The translation of two components had been lost in translation.
The American middle class is hungry for cheap eateries. Restaurant chains Applebeeâs and IHOP are seeing a growth among patrons earning more than $75,000 a year.
A volcanic island saw its first magma eruptions in 1,000 years. Japanese meteorologists donât think theyâre significant enough to warrant a special report, but Japanese fish disagree.
Chinese studies are now the worldâs most cited. The countryâs scientific research has overtaken the USâs both in terms of the quantity of papers published, and the number of citations they get.
Our best wishes for a productive day. Send any news, comments, cool but not geologically significant sightings, and bronze cookbooks to [email protected]. Reader support makes Quartz available to allâbecome a member. Todayâs Daily Brief was brought to you by Adario Strange, Mary Hui, Sofia Lotto Persio, Julia Malleck, Morgan Haefner, and Susan Howson.