🌏 Foxconn plugs into India

Plus: Crypto winter is coming
🌏 Foxconn plugs into India

Good morning, Quartz readers!

Here’s what you need to know

Foxconn signed a deal in India that will create 100,000 jobs. It’s the latest move the Apple supplier has taken to diversify its dealings outside of China.

Saudi Aramco is betting on hybrid car engines. The oil company is working with French automaker Renault and Chinese carmaker Geely on a new venture.

US secretary of state Antony Blinken met his Russian counterpart. He urged foreign minister Sergey Lavrov to “end this war of aggression” in Ukraine at a G20 summit.

SpaceX launched four astronauts into space. Two Americans, one Russian, and one Emirati are crewing the six-month expedition at the International Space Station.

Apple blocked a ChatGPT update to an email app. The company told BlueMail it must have a 17+ age restriction on any AI-generated content.

What to watch for

The botched implementation of a banknote redesign has left many Nigerians struggling to access cash. Here’s what happened:

  • Nov. 23, 2022: New 200, 500, and 1,000 naira notes are introduced.
  • Jan. 31: Old naira banknotes are supposed to stop being legal tender, but president Muhammadu Buhari extends that deadline to Feb. 10.
  • Feb. 8: The government is stopped from implementing the new deadline after three states sue.
  • Feb. 10: The central bank maintains the old banknotes are no longer legal tender.
  • ​​Feb. 16: Buhari says the old N200 banknote will remain legal tender for 60 more days.

The timeline of Nigeria’s cash shortage illustrates how a rushed policy that lacked capacity and clarity from the get-go has now left the country with a major cash shortage. But a ruling by the country’s Supreme Court today (Mar. 3) could end the weeks-long debacle.

Where the uber rich went to school

The uber wealthy invest not just in name-brand cars and clothing but also in name-brand degrees.

A third of the US’s centi-millionaires—people that have $100 million or more—graduated from just eight universities. The schools with the largest share of centi-millionaire graduates include:

🎩 Harvard University: 7%

🦫 Massachusetts Institute of Technology: 5%

🌲 Stanford University: 5%

🥣 University of Pennsylvania: 4%

See how the colleges stack up against four other top schools.

The latest crypto on ice

Gif: Giphy

Winter is coming for Silvergate Capital.

The crypto bank’s stock, which has plummeted from an all-time high of $220 in 2021, just reached an all-time low of less than $8. Why? Well, it doesn’t help that the US Department of Justice may be investigating its dealings with a house it probably shouldn’t have gotten mixed up with.

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Surprising discoveries

Japan discovered 7,000 islands after a map update. It’s hard to agree on the minimal circumference needed to define an island.

Instant noodles account for a third of childhood burn injuries. Flavor packet shakers beware.

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