🌍 Russia goes next-level

Plus: The IMF is unlikely to give us good news.
Investigators examine a crater and a damaged bus, following a missile strike in Dnipro on October 10, 2022, amid Russia's invasion of Ukraine.
Investigators examine a crater and a damaged bus, following a missile strike in Dnipro on October 10, 2022, amid Russia's invasion of Ukraine.
Photo: Dimitar Dilkoff (Getty Images)

Good morning, Quartz readers!

Here’s what you need to know

Russia launched its biggest attack on Ukraine since the war began… Airstrikes hit multiple civilian centers, including Kyiv, in retaliation for a bridge bombing in Crimea this weekend that Moscow has blamed on Ukraine.

…and Germany launched a probe into the Nord Stream leaks. Prosecutors aim to identify who carried out the suspected act of sabotage, and why. Germany also announced it will cover December gas bills for homes and businesses under a new plan to cap energy prices.

Corporate America’s big earnings week is putting a spotlight on recession risk. Some of the US’s largest banks and corporations report their quarterly results this week.

Iran’s oil workers joined the country’s nationwide protests. It marks an expansion of the demonstrations to a critical sector in Iran’s economy. Meanwhile, the UK imposed sanctions on Iran’s morality police in response to its violent suppression of protests.

China tightened its covid restrictions in multiple regions. Authorities are seeking to keep case numbers under control ahead of this weekend’s Party Congress in Beijing.

Getir is in talks to buy food delivery company Gorillas. The Turkish delivery startup is seeking to expand into Europe. In other “in talks” news, France’s Renault and Japan’s Nissan are renegotiating their partnership, and UK arms maker BAE and the US are considering howitzer production.

The 2022 Nobel Prize in Economics focused on banking regulation. Former Fed chairman Ben S. Bernanke was one of the three winners recognized for their work on banks and financial crises.

What to watch for

The IMF is due to release its latest World Economic Outlook today, and the expectation is that the report won’t contain a whole lot of good news.

As anticipated by IMF managing director Kristalina Georgieva last week, the global growth forecast for 2022 and 2023 will be downgraded from current levels due to the triple threat of lingering covid disruptions, Russia’s invasion of Ukraine, and climate disasters.

Image for article titled 🌍 Russia goes next-level
Graphic: Sofia Lotto Persio

Among those attending the IMF gathering in Washington, DC this week is British finance minister Kwasi Kwarteng, whose tax-cut-driven plans for the UK economy earned a rare and stern rebuke from the organization. With Kwarteng having already U-turned on his intention to abolish the UK’s highest tax bracket, the meeting may provide inspiration for additional policy changes ahead of the fiscal statement scheduled for Nov. 23.

The digital rupee won’t be like crypto

Following in China’s footsteps, which are about to step across borders, the Reserve Bank of India (RBI) announced a digital currency last week. Presenting: the e-rupee!

“E-rupee or digital rupee will provide an additional option to the currently available forms of money. It is substantially not different from banknotes, but being digital it is likely to be easier, faster, and cheaper,” said the central bank’s Oct. 7 concept note (pdf).

There’s no launch date as yet, but there are a couple things we do know:

👛The e-rupee will be held in an e-wallet and be e-controlled by the e-central e-bank (or, just the RBI, but here’s hoping for a rebrand).

💸 E-rupees will involve a token-based system. A person transferring the digital currency must have the recipient’s public key, a sort of digital address.

🏦 It’ll be released in two forms: wholesale for interbank settlements and retail for the public. Although issued by RBI, commercial banks can further distribute the digital currency.

What are you doing about your employees’ mental well-being?

Most well-being solutions ask people to do things in addition to their work, but they don’t ask people to change how they work. The people who take on extra yoga classes, meditate regularly, and are loyal to their sleep apps are typically those with the time (which also costs money to free up) and the means to do them.

Those overwhelmed at work and drowning in home responsibilities are left in the dust. But employers can play a big role in closing the gap in well-being and mental health support at work. In honor of World Mental Health Day, experts Dr. Janet Ahn and Tessa West describe five science-based actions companies can take to make a difference.

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Surprising discoveries

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The sun isn’t the hottest spot in our solar system. A place in the village of Culham, Oxfordshire actually gets 10 times hotter.

Vermeer may not have painted Girl with a Flute. Upon closer inspection, the paint strokes are not up to snuff.

There’s a town in Italy where every other person is named Tucci. Actor Stanley Tucci was in good company when he made a visit to his ancestral hometown.

Our best wishes for a productive day. Send any news, comments, butter pats, and Tuccis to hi@qz.com. Reader support makes Quartz available to all—become a member. Today’s Daily Brief was brought to you by Susan Howson, Niharika Sharma, Sofia Lotto Persio, and Julia Malleck.