🌏 No bailout for SVB

Plus: ADNOC’s banner IPO
🌏 No bailout for SVB

Good morning, Quartz readers!

Here’s what you need to know

Silicon Valley Bank won’t get a bailout. US treasury secretary Janet Yellen said the federal government will instead work to help depositors recover their money.

Saudi Aramco made more than $161 billion last year. The state-owned oil giant credited higher energy prices and supply for the record windfall.

Li Qiang is China’s next premier. A close ally of president Xi Jinping, Li will be tasked with trying to rehabilitate the world’s second-biggest economy.

Gautam Adani and his family made some loan prepayments. In the past six weeks, the Adani Group founders have made $2.7 billion in prepayments in the aftermath of the Hindenburg report.

What to watch for

Abu Dhabi National Oil Company (ADNOC) Gas is launching on the Abu Dhabi stock market today (Mar. 13). Having raised $2.5 billion at a $50 billion valuation, it’d be a blockbuster IPO by any standard, but it’s also the world’s largest so far this year.

The listing is remarkable for its size, but it won’t be a one-off. Countries in the Persian Gulf, and the UAE in particular, are going to see a wave of sizable debuts on bourses this year. Ananya Bhattacharya looks into what 2023 holds for the region’s capital markets.

The US is thawing

Spring arrived at least 20 days early for many parts of the US this year, most notably in the northeast. The trend is likely to continue. In fact, the entire contiguous US as well as Alaska could see fewer frozen days by 2040, according to data from the Climate Impact Lab.

Quartz’s Clarisa Diaz breaks down why analysts aren’t feeling too hot about fewer cold days.

A map of the US is shown, with states in different color gradients based their annual average days that temperatures are projected to be below zero by 2040.
Graphic: Clarisa Diaz

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Surprising discoveries

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… and so is the boozy UK. Young Brits are drinking a lot less alcohol and opting for sobriety.

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Sometimes too many trees means too many fires. Abandoned lumber forests or tree-planting efforts can mean unchecked growth that fires love to eat. Silicon Valley is coming up with solutions.

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Our best wishes for a productive day. Send any news, comments, mocktails, and helpful sheep to hi@qz.com. Reader support makes Quartz available to all—become a member. Today’s Daily Brief was brought to you by Clarisa Diaz, Sofia Lotto Persio, Julia Malleck, and Morgan Haefner.