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Novo Nordisk will restrict weight loss drug sales in China. The company plans to curb initial sales of Wegovy to avoid depleting supply for the rest of the world.
Boeing was slapped with more sanctions. It “blatantly” violated an agreement with the federal government in regard to its 737 Max 9 incident.
The U.S. Supreme Court blocked Purdue Pharma’s OxyContin settlement. The agreement would have protected its Sackler family owners from future lawsuits (more on another SCOTUS ruling affecting more of the uber-rich below).
Google said its latest Gemini AI is 20% faster than the newest ChatGPT. Gemini 1.5 Flash is officially available, and Google thinks it’ll beat out OpenAI’s models.
Amazon wants to compete with Shein and Temu. The e-commerce giant is planning to launch a new storefront for Chinese vendors.
The Supreme Court made it harder to punish billionaires
The U.S. Securities and Exchange Commission got a lot more aggressive in its fight to punish financial fraudsters during the Biden administration, under the guidance of its chair Gary Gensler. Now the Supreme Court is telling the SEC and Gensler to back off.
SCOTUS yesterday ruled in favor of a former conservative radio talk show host and hedge fund manager, George Jarkesy, in his case against the SEC. The ruling will bar the SEC from using its in-house courts to administer enforcement actions against people who break financial-fraud laws. Yesterday’s decision could make a whole bunch of laws unenforceable by different federal agencies.
Jarkesy’s legal fight was backed by Elon Musk and Mark Cuban — billionaires who’ve had their fair share of fights with the SEC in recent years. Quartz’s Will Gavin explains why the billionaires are likely celebrating the decision.
One big number: $685 billion
The 31 largest U.S. banks are in good condition to handle even a severe recession, but they’d lose a lot of money in the process. The Federal Reserve Board’s annual stress test found that banks would lose $685 billion in an economic downturn. And Goldman Sachs would fare the worst.
Friday markets haiku
Walgreens to close shops.
Death to the late-night errand?
Say it isn’t so.
Walgreens said it is planning to close a “significant” number of underperforming stores in an effort to stave off economic difficulties, which jolted investors and led to a 24% slump in its stock price yesterday.
More from Quartz
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💼 Office vacancies could hit 24% by 2026
🏃 TikTok is coming for Amazon on its biggest day of the year
🐶 Chewy and Petco stocks spiked after ‘Roaring Kitty’ tweeted a dog pic
🎢 Disney World addressed its long, long wait times during its busiest time of the year
🌮 Taco Bell entered the fast food meal deal showdown
Surprising discoveries
The June 27 U.S. presidential debate is the earliest of any American election cycle. Televised debates have largely been held in September or October since the first one between John F. Kennedy and Richard Nixon in 1960.
What does it look like to move a four-story building by putting it on wheels? Three companies in Wisconsin did it in three days for more than $1 million.
Nevada has the nation’s best-rated Olive Garden. Some 82% of TripAdvisor and Google reviews gave it a rating of “excellent,” according to a study from the website Pricelisto.
There are no adults allowed at this garden in London. Thirty-one elementary school children co-designed a show garden called “No Adults Allowed” for this year’s Chelsea Flower Show.
Canada’s 2023 wildfires created four times more emissions than planes did last year. The fires produced 3.28 billion tons of heat-trapping carbon dioxide.
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Our best wishes for a productive day. Send any news, comments, buildings on wheels, and exclusive gardens to talk@qz.com. Today’s Daily Brief was brought to you by Laura Bratton and Morgan Haefner.