🌎 Getting rail on the right track

Plus: Crypto winter is coming
🌎 Getting rail on the right track

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

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.

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