šŸŒŽ The legality of legacy

Plus: All about that luxe |

Visitors walk through the Yard near the John Harvard Statue at Harvard University in Cambridge, Massachusetts, U.S., July 6, 2023.
Photo: Brian Snyder (Reuters)

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Hereā€™s what you need to know

The US Department of Education is investigating Harvardā€™s legacy admissions. A complaint alleges that favoring legacy and donor-linked applicants in college admissions violates federal civil rights law.

Banc of California is swallowing up long-struggling PacWest. The combined bank will have $36.1 billion in assets, less than what PacWest held at the end of March.

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Slower Azure growth clouded enthusiasm for Microsoftā€™s AI development. The tech giantā€™s shares fell more than 3% in after-hours trading after reporting slow revenue growth.

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UPS and Teamsters struck a tentative deal. The new five-year contract now faces a vote from the 330,000 union members.

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General Motors delivered good earnings news thanks to gas-guzzling cars sales. A milestone in electric vehicle production didnā€™t dispel concerns about battery production delays.


Asia and Europe canā€™t shake their hunger for luxury goods

LVMH has two regions to thank for the bulk of the French luxury giantā€™s latest revenue growth: Asia and Europe. But the US? Not so much.

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Just take a look at sales growth rates in the three markets for LVMHā€™s second quarter:

23%: Increase in revenue in Asia (excluding Japan), compared to a year ago
22%: Increase in sales in Europe, compared to a year ago
3%: Year-over-year revenue increase in the US šŸ˜¬

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Pop quiz: The cost of ad-free tunes is going up

Which country isnā€™t subject to Spotifyā€™s first premium subscription price hike in 12 years?

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A. Brazil
B. India
C. UK
D. Singapore

Hint: Itā€™s one of the fastest growing markets for the Swedish music streaming service, with an estimated 55 million users. Quartzā€™s Julia Malleck has the answer for you.

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One big number: $190 million

Amount the US Virgin Islands wants JPMorgan to pay in penalties and disgorgement for entertaining Jeffrey Epstein as a client.

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Americaā€™s largest bank and the US Virgin Islands have been locking horns over who did the most to facilitate Epsteinā€™s crimes. Quartzā€™s Ananya Bhattacharya details whatā€™s in the latest accusations.


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Surprising discoveries

Antarctica hasnā€™t rebuilt its sea ice this winter. At least one scientist is calling it a ā€œfive-sigma eventā€ā€”that is, a thing that should only happen once every 7.5 million years.

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Japan is training dogs to sniff out fire ants. How the nation fares against the dangerous, invasive species will come down to a little beagle.

Jamaican rums have become top shelf. Old brands are finding that their out-of-date processes are cool again.

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You can hire a consultant to help your kid become the perfect sorority girl. What to wear, how to act, what to postā€¦ fitting in is a thriving business.

A particular meteorite may have come from Earth. If itā€™s true, the only plausible explanationā€”besides some superhero discus eventā€”is that another meteoriteā€™s impact launched the rock into space.

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Our best wishes for a productive day. Send any news, comments, beagle heroes, and meteorite passports to talk@qz.com. Reader support makes Quartz available to allā€”become a member. Todayā€™s Daily Brief was brought to you by Sofia Lotto Persio, Susan Howson, and Morgan Haefner.