🌏 Twitch can’t afford South Korea

Good morning, Quartz readers!

Here’s what you need to know

Twitch is shutting down in South Korea at the end of February. The streaming site’s CEO said the service is too expensive to run in the country.

Italy dropped out of the Belt and Road initiative. The program, which sought to deepen China’s international ties through infrastructure developments, didn’t live up to its promises.

Apple has a hardware solution to its sales problem. The company hopes new iPads and Macs, products that account for 15% of its revenue, will entice consumers.

The Bank of England will assess AI’s effect on the UK’s financial system. A report due out next year will outline threats and risks.

Volkswagen didn’t find any evidence of forced labor at its plant in China’s Xinjiang region. An audit commissioned by the German carmaker looked into claims of human rights violations in the area.

McDonald’s has 50,000 on the mind

Worldwide, McDonald’s owns more than 40,000 locations. By 2027, it’d like that number to be 50,000.

Most of that crazy-fast growth is expected to take place outside of its biggest market, the US. More than a third of the 10,000 new restaurants are planned for China, closing the gap between the burger chain’s top two markets.

McDonald’s isn’t the only fast food brand expanding its footprint in China.

A pleated and steamed return-to-office indicator

As America’s white-collar employees head into the office again, they’re trying to dress the part—and that’s helping bring in revenue to clothing rental service Rent the Runway.

The company’s latest earnings report wasn’t entirely wrinkle-free. Revenue and profits both came in below analyst expectations at $72.5 million and $3.5 million, respectively. But the company has seen the trudge back to the office positively affect growth, and expects to soon get back to its pre-pandemic upward trajectory.

The sports jackets of Wall Street, however, weren’t quite as convinced that the company still won’t have a few wardrobe malfunctions.

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Surprising discoveries

Companies spend hundreds of thousands of dollars on IPO prospectuses that no one wants to read. Arm’s 200-page one cost $900,000.

The nutcracker as we know it was first designed in 1870. And the family behind the wooden doll is still making them today.

Women’s sports could bring in $1 billion by 2024... That’s up 300% from just three years ago.

…and that could mean even more money will be poured into authenticating things with invisible diamond dust. One company just raised $40 million in funding to get into sports memorabilia.

Amateur archaeologists found a lost Tudor palace in the UK. Hobbyists, rejoice! “It’s naïveté and just hard work that has led us to it,” the diggers said.

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Our best wishes for a productive day. Send any news, comments, invisible diamond dust, and ground-penetrating lasers to [email protected]. Today’s Daily Brief was brought to you by Morgan Haefner.