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Australia came under a massive cyber attack. Without naming the country, prime minister Scott Morrison said a “sophisticated” state actor was behind sustained attacks on government organizations and businesses. Senior government sources named China as the likely culprit.
The US marks Juneteenth… The day marking the end of slavery in the US in 1865 is receiving more attention than usual this year, amid a new wave of anger at police brutality against Black people. Major companies like Nike and Twitter are recognizing it as a paid holiday.
…and Donald Trump claimed credit for it. The president said he made the day “very famous” after he decided to move a campaign rally in Tulsa, Oklahoma originally scheduled for today to tomorrow. The justice department will also go to court today to try to halt publication of former national security advisor John Bolton’s tell-all memoir.
The European Union holds a summit. Leaders will try to find common ground on a post-Covid 19 economic recovery plan, as the bloc continues to be divided over the more frugal northern nations and the hard-hit south. Members will discuss, among other things, a proposal to borrow €750 billion euros ($840 billion).
China charged two Canadians with spying. Former diplomat Michael Kovrig and businessman Michael Spavor have been detained since 2018 amid a rapid worsening of China-Canada relations over the arrest of Huawei’s CFO in Vancouver.
India and China pulled back from the brink. China released 10 Indian soldiers after deadly clashes broke out on Monday in the Galwan Valley border area. Prime minister Narendra Modi will discuss the situation with all political parties today, and a fourth round of meetings between generals from the two sides will take place.
Visualizing a better social bubble
Everybody wants to see their friends and family while remaining as safe as possible. That’s why sociologist Per Block, who researches informal social networks and social mobility, used the Six Degrees of Kevin Bacon concept to help strategize safer socialization. Block has developed three different kinds of networks to help add layers of separation between individuals in a community—but you have to stick carefully to them. Here’s one strategy, check out the article to see the rest.
How we’re thinking about diversity
Longstanding concerns around race, money, and the workplace are finally receiving overdue attention. Here are a few ways we’re tackling the issues:
- Parsing the data. The number of Black-owned businesses fell by 41% from between February and April.
- Thinking differently. The history of Black management reveals an overlooked form of capitalism.
- Understanding the past. Ethiopia’s war against fascism helped inspire Black Americans, who then came to the country’s aid some 40 years later.
- Appreciating creativity. Take a look back with design critic Ralph Caplan, who said that 1960s lunch counter protests were the era’s greatest design.
For Members: Putting private philanthropy to the test
Under normal circumstances, the Chan Zuckerberg Initiative (CZI) funds a range of projects to advance its many lofty ambitions, including ending all disease by 2100. But in March, CZI scrambled to redirect its patrons’ wealth to confront just one virus: SARS-CoV-2.
The saga of CZI’s Covid-19 lab illustrates the potential and power of private philanthropies to move scientific endeavors forward at lightning speed. Read about how Covid-19 is putting the power of private philanthropy to the test (✦ Quartz member exclusive) in our field guide on science’s great pandemic pivot.
✦ If funding projects is your thing too, why not become a member to see inside our lab. Here’s a seven-day free trial to get you started. ✦
You asked about the stock market
Why is the stock market doing so well despite job losses, production fallout, companies defaulting, etc.? And how long will this discrepancy continue until it bursts? —Cornelia
We’re with you, Cornelia. The fact that the major US indexes continue to make gains while the rest of the economy sputters and stalls can make it feel like investors are living in a parallel universe (✦). The puzzling phenomenon is happening elsewhere, too, with Indian stocks bouncing back even as the economy heads in the opposite direction.
A few reasons for the disconnect: Continued uncertainty has led many companies to suspend their earnings guidance, meaning investors are essentially flying blind. Also, stock prices are technically based on future cash flows, so investors are buying now in anticipation of recovery down the road. Global central banks have also flooded the zone (✦) with low interest rates and easy credit.
It’s hard to say how long this will go on. Even if rising Covid-19 case counts don’t force fresh lockdowns in the US, wary consumers—many still unemployed—aren’t likely to bring the economy back to pre-coronavirus levels anytime soon. And it’s likely only a matter of time before markets figure that out.
Surprising discoveries
Believe it or not, those two dots are the same color. Now scientists know why we see them differently.
A coronavirus-denying Russian priest is holed up in a convent. Sergei Romanov, who is wanted for breaking public health orders, is being protected by Cossack fighters.
Dinosaurs once laid soft-shelled eggs. Fossils found in Argentina and Mongolia challenge the long-held belief that all dinosaur eggs had hard shells.
Warner Records signed a 12-year-old African American boy. Keedron Bryant released a song a day after the killing of George Floyd about being young and Black in the US.
A racist toothpaste brand is getting renamed. Colgate-Palmolive’s Darlie, previously known as Darkie, is still sold as “Black People Toothpaste” in Chinese.
Our best wishes for a productive day. Please send any news, comments, delicate dino eggs, and appropriate toothpaste 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 Isabella Steger, Mary Hui, John Detrixhe, Dan Kopf, Liz Webber, and Max Lockie.