Good morning, Quartz readers!
Here’s what you need to know
Seven rail companies in the US finally joined a program for close-call reporting. The program was first piloted in 2007, but it took the Norfolk Southern incident to prompt action.
Ericsson pleaded guilty to bribery charges after failing to work with US authorities. The Swedish telco has been fined $206 million for violating a 2019 agreement.
ExxonMobil was sued over nooses repeatedly found at a Louisiana facility. The US Equal Employment Opportunity Commission accused the oil company of failing to properly investigate incidents linked to the hate symbol.
The US added 37 Chinese companies to its trade blacklist. The move will make it harder for those entities to access US goods, and is likely to increase tensions between Washington and Beijing.
Nordstrom is exiting Canada. The US retailer is closing down 13 locations and expects 2,300 people to lose their jobs.
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
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.
✦ Love following each chapter of the crypto saga? Support our newsroom by becoming a Quartz member. Daily Brief readers get 50% off.
Quartz’s most popular
🥵 Inflation in the euro zone isn’t falling fast enough
👀 Women are now publishing more books than men
☕ Starbucks’ union-busting tactics are facing the heat
💉 What Eli Lilly’s insulin copay cap doesn’t do
🤑 Peep the most expensive property on sale in London
🤳🏾 Indian YouTubers are manipulating the stock market
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.
Banks in China want 95-year-olds to take out mortgages. But only if their kids sign on.
A new Moai statue was found in a volcanic crater on Easter Island. The sculpture likely had been there for 300 years.
The first carbon offset purchase was made in the 1980s. Hear how the idea that a corporation could cancel out its emissions took root on episode one of the Quartz Obsession podcast, season four!
🎧 Listen on: Apple | Spotify | Google | Stitcher | Megaphone
Our best wishes for a productive day. Send any news, comments, unclaimed islands, and chill snacks to hi@qz.com. Reader support makes Quartz available to all—become a member. Today’s Daily Brief was brought to you by Sofia Lotto Persio, Julia Malleck, Diego Lasarte, and Morgan Haefner.