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Here’s what you need to know
The WHO says asymptomatic coronavirus transmission is “very rare.” Contact tracing data from around the world shows that asymptomatic transmission is possible, but doesn’t happen often. Meanwhile, New Zealand lifted its remaining lockdown measures after the number of active Covid-19 cases hit zero.
US stocks hit new highs on reopening hopes. The S&P 500 wiped out its 2020 losses and the Nasdaq Composite reached a new record. The market’s bullish mood comes even as new economic data confirms that the US economy entered a recession in February.
BP will lay off 15% of its workers. The 10,000 job cuts are partly a response to a pandemic-induced recession, but CEO Bernard Looney said they’re also part of his plan to transition the fossil fuel giant toward renewable energy.
Samsung’s heir-apparent avoided a return to jail. A South Korean court denied an arrest warrant for Lee Jae-yong, the company’s de facto leader, who has been embroiled in a legal battle over his alleged role in fraud and bribery during a corporate merger in 2015. The charges against him remain, and he may still be arrested if prosecutors turn up new evidence.
It’s the anniversary of Hong Kong’s million-person march. The vast protest against a proposed extradition bill was an early highlight in the city’s year-long struggle to maintain its autonomy. A year on, amid a pandemic that brought large gatherings to a halt, the ranks of demonstrators have thinned out considerably.
When the world stands together
Today, George Floyd will be laid to rest in his hometown of Houston, Texas. Floyd’s death under the knee of a Minneapolis police officer touched off protests against racial injustice that, over the course of a week, spread across the US and then the globe.
Africa: More than 100 prominent African writers signed a statement condemning “the acts of violence on Black people in the United States” and demanding justice “for any and all racial killings.” Small protests sprung up in Nairobi and Cape Town.
Europe: Over the weekend, thousands gathered in London, Berlin, Paris, Madrid, and Budapest, among many other cities across the continent. In Rome, protesters kneeled for eight minutes before shouting “George Floyd is here! No to racism.”
Asia: To a crowd gathered in Tokyo, protest organizer Taichi Hirano shouted, “Even if we are far apart, we learn of everything instantly on social media. Can we really dismiss it all as irrelevant?” In Seoul, protesters gathered for several days in a row.
Australia: Marchers used the moment to protest the racial injustice against the country’s indigenous people, with placards carrying messages like “Same story, different soil.”
Middle East: The phrase “We want to breathe, too” is spreading on social media in Iraq.
Charting the way we spend now
Those who still have money to spend are merely funneling it into different channels than they were a year ago. Any of these—or a combination thereof—sound familiar?
🌵The Hipsteader (DIYus hippus domesticus): The gardener, the baker, the candlestick maker (maybe?). This consumer has traded Instagram-worthy outings for Instagram-worthy tomato plants, and they’re growing the revenue for seed companies, flour manufacturers, and Crocs.
📺 The Screenhead (zombus remotus): Gamers, film fans, and virtual concertgoers. Screenheads used to haunt movie theaters and arenas, but now they’re throwing their ticket budget at streaming services, platforms, and delivery giants.
💪 The Overachiever (proactivus nervosis): The kind that never stops improving. They’ve been using this time to learn new skills, hit Peloton goals, and perfect their hair-highlighting touch. As the chart below shows, Overachievers may forego trying a new lipstick, but are insistent on keeping their roots in check.
For members: China within German industry
In the early 2010s, Chinese companies took advantage of the opportunities presented by the eurozone debt crisis to heavily invest in or outright take over many German manufacturers in verticals like:
- High-end factory robotics
- Luxury vehicles
- Blood coagulation disorder treatments
- Waste management
- Energy management
- Banking
- Plastics processing
- Forklift trucks
- Concrete pumps
The prospect of Chinese competitors in Germany’s backyard worried Berlin enough that it tightened its rules on foreign investments, and has repeatedly called for EU-wide measures to prevent Chinese corporate takeovers tied to Covid-19. Read more about how Covid-19 is a defining moment in the relationship between Europe and China in this week’s field guide on China’s changing influence.
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Building an anti-racist company
Turning company statements and social media posts into meaningful action is the next leg of the journey for any leader. And that’s what anti-racism is—a journey with lots of potential roadblocks and wrong turns along the way. It may seem daunting, but inaction will take a higher toll as companies start to bear more of the responsibility for structural change.
Join us for a free online workshop that will help point you in the right direction, featuring Melissa Theiss, vice president of operations at Quorum, Nadia Owusu, associate director at Living Cities and author of Aftershocks, and Steve Pemberton, chief human resources officer at Workhuman.
We’ll be live on Thursday, June 11 at 11am EDT. Register online, and we’ll see you there!
Surprising discoveries
Apple has a patent on the socially distant group selfie. The tool would allow users to stitch photos of themselves together, even if they have to stay apart.
A “telefriending” service is easing isolation in London. LGBTQ people over 50 are matched with volunteers who call them up to chat each week.
Masks have become a life vest for drowning Indian fashion design companies. Beyond just keeping their customers on-trend, mask-makers were allowed to count themselves as an essential business.
Airbnb is back…sort of. The site is reporting a surge in local rentals within driving distance of travelers’ homes.
Scientists entangled trillions of hot atoms. Normally you need cold temperatures to maintain the quantum state, but this time it worked at an oven-ready 350°F (177°C).
Our best wishes for a productive day. Please send any news, comments, responsible selfies, and mask fashion tips to hi@qz.com. Get the most out of Quartz by downloading our app on iOS or Android and becoming a member. Today’s Daily Brief was brought to you by Susan Howson and Nicolás Rivero.