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The largest producer of aluminum in the US reported a surprise loss. Alcoa blamed the higher costs of energy and raw materials for the $60 million adjusted loss.Ā
Tesla released its third quarter results. The electric car maker reported slightly lower revenue than analysts expected, better-than-forecast earnings.
Hyundai investors demanded action to address child labor reportsĀ at US plants. The South Korean car maker promised to cut ties with the Alabama factoriesāimplying it had yet to do so.
Corporate board members began resigning seats held at rival companies. The US justice department reported progress in its drive to investigate potential breaches of antitrust law.
UPS agreed to pay a $5.3 million fine and fix hazardous waste violations. The US Environmental Protection Agency had found breeches at more than 1,100 facilities across the country.
Mining giants made their case against Chileās proposed royalty bill. Representatives of BHP and Antofagasta Minerals told lawmakers the levy would affect billions of planned investments.
What to watch for
Leaders of the EUās 27 member states begin a two-day meeting today (Oct. 20) in Brussels. The energy crisis remains a top priority for the bloc, especially following the recent damage to the Nord Stream pipelines.
Members face a complex task: achieving independence from Russian fossil fuels while also curbing energy prices. The EU is due to implement a ban on Russian oil imports in December as well as impose a price cap on oil and gas, but progress on both fronts has been a slog.
A price cap on Russian oil was approved earlier this month as part of a new round of Russian sanctions, but it was light on important details, such as the actual price point. And a plan for a gas price cap isnāt ready, but the European Commission has asked members to draft a proposal. Reaching a consensus will be tricky, but implementation even trickier.
Who needs subscriber forecasts anyway?
Streaming giant Netflix surprised investors by turning around two quarters of subscriber losses in its latest earnings report, netting 2.41 million new viewers. But donāt expect future subscriber forecasts from the company. Beginning in 2023, that metric is gone, and itās all about that top-line revenue, baby.
Netflix hopes that by nixing its subscriber forecast in favor of a revenue guidance, investors will start to see it as a diversified entertainment media brand instead of just a streaming company. It makes senseāNetflixās days of binging on unchallenged subscriber growth are over, so why not decouple its fortunes from its ability to expand its 223 million-strong subscriber base?
But the reporting change (Netflix prefers āguidance evolutionā š ) doesnāt alleviate the growing competitive pressures it faces from rivals like Disney and Amazon. A new number might shift investorsā focus, but theyāll still be tough critics.
The next step in Amazonās union saga
The Amazon Labor Union was just handed its second election loss in a row at a warehouse in Albany, New York. Itās not the kind of momentum workers were looking for ahead of another vote set to take place at an Amazon warehouse in Moreno Valley, California.
While unionizers wonāt accept the results of the last two elections lying down, the setbacks do raise questions around whether the grassroots organization has the resources and experience to take on the e-commerce behemoth.
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Surprising discoveries
Feel like youāre saying āIDCā all the time? The pandemic may have damaged our ability to care about other things like climate change.
Iranās state media is attempting to roast Britney Spears. But maybe the Islamic Republic News Agency should just leave Britney alone.
Workers could be flipping between apps and websites over 1,000 times a day. The ātoggling taxā may also be lowering attention spans and engagement in the office.
An SUV-sized sunfish was found near Portugalās Azores. Weighing as much as a Lexus LX, it could be the heftiest bony fish ever discovered.
The Bubonic plague had a lasting effect on our immune systems. Genes that helped our ancestors survive back then may be detrimental today.
Our best wishes for a productive day. Send any news, comments, toggle goggles, and fish-sized SUVs to hi@qz.com. Reader support makes Quartz available to allābecome a member. Todayās Daily Brief was brought to you by Sofia Lotto Persio, Ananya Bhattacharya, Julia Malleck, and Morgan Haefner.