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Here’s what you need to know
Mike Pompeo had a secretive meeting with Chinese diplomats. The US secretary of state is slated to chat with China’s Yang Jiechi in Hawaii on Wednesday (local time). Both sides have been tight-lipped about the agenda, which comes amid rising tensions between the two countries, a China-India border dispute, and North Korea’s latest saber rattling. Meanwhile, US president Donald Trump signed a law condemning China’s human rights abuses against Uyghurs.
Speaking of the India-China border dispute… Talks Wednesday between major generals from the two countries were reportedly “inconclusive,” but a Chinese statement said they’d agreed to “cool down the situation.” Companies like Alibaba and Tata Motors that operate in one country and rely on the other for consumers or raw materials may have cause for concern if the situation worsens.
The EU took steps to limit Chinese and American companies’ influence. New European Commission proposals seek to prevent state-subsidized foreign firms from acquiring EU companies or competing with them for certain contracts within the bloc.
China’s sussing out the details of its national security law. The standing committee of the National People’s Congress will finalize the bill over the next few days that will tighten the country’s hold on Hong Kong by prohibiting “separatism, subversion, terrorism and foreign interference” and could also include extradition to the mainland. The law could go into effect within the month.
In app news… TikTok boosted parent company ByteDance to new heights, as the latter pulled in 40 billion yuan ($5.64 billion) over the first quarter of 2020—a 130% increase from the same quarter last year. Another Beijing-based company, BlueCity Holdings, is hoping for a $50 million IPO on Nasdaq. With more than six million monthly users, its gay dating app, Blued, is the largest of its kind in China.
Charting distorted inflation numbers
Covid-19 has radically changed what consumers are spending money on—a lot more on food, a lot less on transportation and clothes. Those sudden shifts mean government inflation data is way off, says Harvard Business School economist Alberto Cavallo, one of the world’s leading researchers on the subject.
For a recently released study, Cavallo attempted to calculate inflation after accounting for changes in what people are buying. His adjusted inflation figures were higher than official ones in 11 out of the 17 countries he looked at.
Quiz: Are you suited for remote work?
Give yourself a point for each of these attributes that describes you:
- Conscientious
- Structured
- Considerate
- Sympathetic
- Efficient
High score: People who possess these traits are seen as dependable, strong in relationship building, and effective at self-management—all key to success in a distributed work environment.
Low score: Don’t stress if those personality characteristics don’t resonate with your own working style. As Tomoko Yokoi, a digital business transformations researcher, writes for Quartz, there are ways to adjust your behavior to improve others’ perception of you. And just remember that everybody is adjusting together. Figuring out the remote-working norms at your company will take time.
For Members: Europe’s low-cost airlines are flying high
Which European airline stock is the better bet right now? It might seem counterintuitive, but Morgan Stanley recommends low-cost carriers that didn’t receive billion-dollar government bailouts over the big national airlines.
With a large swath of European countries poised to reopen for air travel within the Continent by July 1, read more on what that might mean for its airlines (✦ Quartz member exclusive).
✦ You know what’s always a good bet? A Quartz membership, obviously. Access our stories, presentations, field guides, workshops, and more with a seven-day free trial. ✦
We’re obsessed with videoconferencing
Sorry, you go ahead. Millions of us would be rather lost by now without our videoconferencing tools, which allow us to stay close to each other while also peering into the fascinating lives of our colleagues. Once a clunky technology without enough payoff, videoconferencing so quickly became an essential part of the way we live and work that it’s unlikely to go anywhere anytime soon. Unmute your eyes, it’s time to read the Quartz Weekly Obsession.
Surprising discoveries
Disposable urinals are a must-have for summer. Avoid public restrooms by using a chemical-filled bag you can throw away later.
These notepads are edible. They’re made from recycled paper waste and come with coffee-flavored pens.
A whole new meaning to card shark. MyBookie.com now lets gamblers place bets on sharks’ migratory habits.
Queen bees quack when they’re ready to roam. They also fight to the death with other queen bees.
Long-distance pets are helping Indians beat lockdown blues. Virtual adoptions start at just $40 a month.
Our best wishes for a productive day. Please send any news, comments, edible office supplies, and long-distance pets 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 Dan Kopf, Susan Howson, and Liz Webber.