Good morning, Quartz readers!
Here’s what you need to know
UK inflation hit 10.1% in July as food and energy prices soared. In response, British bond yields jumped to their highest point since 2008.
Apple may make products in Vietnam. The US tech giant is reportedly in talks to produce Apple Watches and MacBooks in the country, further distancing itself from China.
Tencent’s quarterly revenue dipped for the first time. The Chinese tech giant’s results were chilled by strict gaming regulations, covid lockdowns, and fewer ad sales.
North Korea resumed weapons testing. The country fired two missiles yesterday morning, the first since a covid outbreak started in June.
India did a U-turn on Rohingya aid. An official had promised Muslim refugees housing in New Delhi, but India’s home ministry later said Rohingya will be held in detention centers and deported to Myanmar.
What to watch for
The Pokémon World Championships begin in London today, bringing together—in person and via Twitch streaming—players of all types, be they console, mobile, or card enthusiasts. One must catch ‘em all.
The colorful creatures’ franchise is managed by The Pokémon Company, founded by Nintendo and game developers Game Freak and Creatures two years after the first video games took the world by storm in 1996. Valued at around $92 billion, the Pokémon universe includes films, all sorts of merchandise, figure stickers, trading cards, mobile games—media Nintendo can leverage with every new game release. Console and games sales remain Nintendo’s revenue cornerstone, but in a quarter affected by semiconductor supply chain disruptions, it was playing cards that provided a sole, albeit minor, area of revenue growth.
Nintendo’s last major release ahead of the all-important holiday season is a Pokémon game for the Switch, so summoning all Pokémon masters a few months beforehand is a great hype opportunity.
China’s house party
China is desperate to revive its faltering real estate sector, which for years has contributed a sizable share of national GDP growth.
Attempts thus far include:
🏡 Lowering down payments
🏡 Issuing subsidies for home purchases
🏡 Allowing for bigger loans from the state-sponsored housing fund
🏡🏡🏡🏡 Leaning on party officials to buy many fancy apartments (??)
That last one was brought up in a speech by a party secretary, who said “If you’ve bought one, buy two. If you’ve bought two, buy three. If you’ve bought three, buy four.” That sure sounds like speculation, which president Xi Jinping has expressly criticized.
“Houses are for living in, not for speculation,” has become policy and a key part of Xi’s “common prosperity” program. More likely, the Chinese government will have to step in to support the struggling property sector, repair market sentiment, and do the hard work of reconfiguring the entire real estate industry.
Is a comic retelling of Elon’s life a Musk-see?
Among the thousands of shows at the Edinburgh Fringe, one of the world’s largest arts festivals, a particular performance caught the eye of Quartz’s Amanda Shendruk: “00:01 to Elaunch: the Immersive Muskperience.”
So, obviously, Amanda volunteered for a free trip down the memory lane that is Elon Musk’s life, which includes yachting with Peter Thiel, the cave-trapped Thai kids, and sleeping Tesla drivers. She emerged onto the streets of Edinburgh, pondering questions about the comedic value of an eccentric, absurdly wealthy CEO’s life. Is it funny by default?
✦ If you find that you absolutely Musk have Quartz in your life most days, consider becoming a member. Your support helps keep Quartz stories free and accessible to all. Daily Brief readers can take 40% off!
Quartz’s most popular
No, the pic above isn’t chorizo. It’s the sun releasing plasma bursts, which it did twice this week in an event that could send striking auroras as far south as New York.
China is blasting iodine rods into the air to make it rain. Authorities are trying to seed clouds as drinking water in rural areas dries up.
Japan wants its people to please, please start boozing. The country’s alcohol tax revenue has slowed to a trickle.
Our best wishes for a productive day. Send any news, comments, aurora borealis photos, and ham radios to firstname.lastname@example.org. Reader support makes Quartz available to all—become a member. Today’s Daily Brief was brought to you by Susan Howson, Mary Hui, Sofia Lotto Persio, and Morgan Haefner.
- A COSTLY AFFAIRDays after cautioning Putin on war, India may skip Russian ESPO crude oil importQuartz India • September 23, 2022
- New York v. TrumpNew York’s fraud case against Donald Trump is all about exaggerating his wealthQuartz • September 21, 2022
- SERIOUSLY DUDE?The president of the World Bank isn't sure climate change is realQuartz • September 21, 2022
- Different strokesTarget and Walmart are making very different preparations for the holiday seasonQuartz • September 22, 2022
- SWITCHEROOEurope is replacing energy dependence on Russia with solar reliance on ChinaQuartz • September 22, 2022
- DIFFERENT STROKESHow do you draw a circle? We analyzed 100,000 drawings to show how culture shapes our instinctsQuartz • June 15, 2017
- THE ROYAL WINDFARMSKing Charles' real estate empire is a powerful climate toolQuartz • September 22, 2022
- GAME ONThis game will show you just how foolish it is to sell stocks right nowQuartz • August 26, 2015