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Here’s what you need to know
Twitter cut dozens of jobs. Esther Crawford, head of Twitter Blue, was among those who were dismissed, despite CEO Elon Musk saying in November that layoffs had ended.
The US Department of Energy updated its assessment of the covid lab leak theory. Confidential information led the agency to assess the theory as “likely” but with “low confidence,” according to The Wall Street Journal, adding to the debate about the pandemic’s origins.
Nokia unveiled a new logo. The Finnish tech company tried to make a clean break from its past as a phone manufacturer to tell the world it is now focusing on 5G infrastructure.
Biotech firm Seagen found a different suitor. Pharmaceutical giant Pfizer is reportedly pursuing an acquisition that could be worth more than $30 billion after Merck failed to clinch a deal last year.
Union Pacific announced plans to replace its CEO. A hedge fund that holds a $1.6 billion share of the rail-based freight company raised concerns about Lance Fritz’s eight-year tenure.
China Renaissance issued an update about its missing CEO Bao Fan. The Chinese billionaire banker is apparently cooperating with a government investigation.
Thousands of demonstrators in Mexico protested against election reform. Rallies across the country condemned a new law as an attempt to undermine the independence of electoral authorities.
A British family wants to atone for its slave ownership past. Members of the Trevelyan family are launching the Reparations Research Fund at the University of the West Indies today.
What to watch for
The UAE is about to celebrate another milestone on its journey to space dominance. Emirati astronaut Sultan Al Neyadi is one of four crewmembers set to launch toward the International Space Station (ISS) today (Feb. 27).
Al Neyadi follows in the footsteps of compatriot Hazzaa Al Mansoori, who became the first Arab to go to space on a eight-day mission to the ISS in 2019. Al Neyadi’s stay will be longer, up to six months.
The UAE, a country that aims to set up a Mars colony by 2117, isn’t the only Arab nation with galactic ambitions. Saudi Arabia, which launched its first astronaut program last year, plans to send two of its citizens to the ISS as part of the Ax-2 mission that it’s conducting with Houston-based Axiom, and that will make Rayyanah Barnawi the first Saudi woman to go to space.
Which generation had it best?
Wealth inequality is a perennial topic in the US, and a common Millennial lament is that they’re worse off than their Baby Boomer parents. But that may not necessarily be true.
Jeremy Horpedahl, an economist at the University of Central Arkansas, has found that when measuring wealth in per capita terms, Millennials are actually as wealthy as Boomers were at their age, and Gen X (born between 1965 and 1981) is wealthier now than Boomers at the same age.
That said, inequality within generations has been increasing, with the richest Boomers wealthier than previous generations, while the poorest have become even poorer. Horpedahl is optimistic about Millennials’ future financial prospects, but one key factor to watch is homeownership. Treating housing as primarily a wealth-building investment is likely to exacerbate inequality.
The Quartz Obsession podcast is branching out
What do pasta, disco, and Google docs all have in common? Not much, admittedly, except that like most items we interact with daily, their stories get complicated once you start asking where they came from and what they tell us about the forces that are changing the way we live.
That’s the idea behind the Quartz Obsession podcast, back for its fourth season. The first episode will look at how the seemingly altruistic act of planting trees might be doing more harm than good for our planet.
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The earliest bow and arrow used in Europe was found. The 54,000-year-old weapon was used by Homo sapiens to hunt bison and horses in France’s Rhône Valley.
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