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Here’s what you need to know
The US marks Juneteenth. Major companies like Nike and Twitter are recognizing the day that marks the end of slavery in the US in 1865 as a paid holiday, while president Donald Trump eventually moved his rally in Tulsa—the site of a massacre of Black people in 1921—to tomorrow.
Two more major British institutions apologized for their links to the slave trade. The Bank of England and the Church of England said that former officials profited from slavery, and in the central bank’s case, their images will no longer be on display. The church said it is a “source of shame.”
The US Supreme Court blocked Trump’s attempt to end the “Dreamer” program. The Obama-era policy—Deferred Action for Childhood Arrivals (DACA)—protects people who entered the US illegally as children against deportation, and allows them to work. The 5-4 ruling saw conservative John Roberts joining the court’s four liberals.
New York City continues to reopen on Monday. Outdoor dining, office work, and shopping in any store will be allowed, which means around 300,000 people can get back to their jobs. Covid-19 cases in the state have declined sharply since their early-April peak.
An Indian company cleared a $21 billion debt in less than two months—in a pandemic. Reliance Industries, which is owned by Asia’s richest man, Mukesh Ambani—raised a lot of the money by selling stakes in its telecom and internet venture.
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 used the Six Degrees of Kevin Bacon concept. 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.
Dinosaurs once laid soft-shelled eggs. Fossils found in Argentina and Mongolia challenge the hard-shell orthodoxy.
Astronomers produced a breathtaking map of the universe. Just take a look at this.
A movie that cost $0 to make topped the box-office chart. Its makers took advantage of a loophole in the way charts are complied.
There will be drive-in music festivals across the UK this summer. Ash, Dizzee Rascal, The Lightning Seeds, and Gary Numan have all signed up.
Our best wishes for a productive day. Please send any news, comments, a box office hit, and a convertible with a fridge 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 Hasit Shah, John Detrixhe, Dan Kopf, Liz Webber, and Max Lockie.