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Here’s what you need to know
The world’s largest vaccine trial is underway. 30,000 volunteers have begun receiving doses of an experimental Covid-19 vaccine developed by the US National Institutes of Health and biotech firm Moderna. Over 150 vaccines are currently in development.
India banned another 47 Chinese apps. Many of the new additions to the blacklist were “lite” versions of the 59 apps that the government banned weeks ago amid border tensions with China. Local media reported that 275 other apps might get axed in the future, including the popular “PUBG Mobile” game.
LVMH revenues slumped. The luxury retailer saw revenues drop 28% in the first half of 2020 compared to the same period last year. Overall profit sank 84%, despite high margins from brands Louis Vuitton, Christian Dior, and Moët Hennessy.
Malaysia’s former prime minister will hear the verdict of his 1MDB trial. Najib Razak faces corruption charges for allegedly looting the country’s sovereign wealth fund. A verdict today will conclude the first of three trials against him, with this one centering on a $9.8 million transfer from the fund to Razak’s bank account.
Google extends work from home until Summer 2021. The Wall Street Journal reports the decision was partly influenced by the needs of parents whose children may require at-home instruction next year.
To Jeff, from Bill, with love
In an antitrust hearing on July 29, Apple’s Tim Cook, Alphabet’s Sundar Pichai, Amazon’s Jeff Bezos, and Facebook’s Mark Zuckerberg will appear—virtually, at least—before the US House Judiciary Antitrust Subcommittee.
It’s the biggest hearing of its kind in the US since Microsoft’s back in 1998. Bill Gates was widely considered to come off like an evasive jerk in his testimony at the time … Which means he is now perfectly positioned to help Jeff Bezos learn from his mistakes in the Amazon titan’s first appearance before Congress.
We were fortunate enough to intercept the following—definitely real and completely not imagined by Quartz’s Sarah Todd—message from one tech titan to another. Here’s a sample:
I was feeling feisty, like a person who had definitely never had any cream pie thrown at him. I told those senators they should knock off the regulation talk and be grateful for everything Microsoft had done for America. I told them, “The computer-software industry is not broken, and there is no need to fix it.” Well, you know what happened next: The Department of Justice decided we had a monopoly, sued Microsoft in a lawsuit that went on for years, and ultimately won. Microsoft lost its dominance. I stepped down as CEO.
Read the rest of this letter (which really is filled with actual facts) here.
Charting luxury shoppers abroad
The luxury industry is heavily reliant on traveling shoppers, and tourists from many countries wait until they’re abroad to start snapping up handbags, perfumes, and haute couture clothing. This is particularly prevalent in Europe, in part because luxury merchandise there can be much cheaper than in, say, China, whose citizens are the world’s top buyers of luxury goods.
Tourists from South Korea and Japan also spend a significant amount outside their borders, as detailed in a note today from investment firm Bernstein. It said traveling shoppers account for about 40% of all luxury sales, and Europe, it added, was the “elite” traveler’s top destination for shopping abroad.
✦ For members: Break out the chore chart
“Mom, Dad…as long as you’re under our roof, you’ll obey our rules.”
Mortgage lender Freddie Mac recently showed a steady and significant increase in sales of so-called in-law suites, granny pods, or coach houses—officially known as accessory dwelling units, or ADUs—between 2009 and 2018.
But for those who need greater levels of care, living with family or aging in place may not be feasible. Our latest field guide looks at how the pandemic is shifting trends in elder care, potentially making senior housing safer, more enriching, more equitable, and better understood.
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Matters of Debate
👶 A lower birth rate doesn’t necessarily help the planet. It’s other factors that will steer the fate of climate change.
🎮 We’re all gamers now. Working from home all day can inflict the same damage on a spine as many hours of Fortnite would, so maybe we need esports chairs.
🏈 Don’t let American football become the new baseball. Major League Baseball made some Covid-19 errors—dooming its season in the process—that the National Football League is on track to repeat.
Surprising discoveries
Solar power has revolutionized heroin production. Afghan poppy farmers have embraced green energy, which allows them to irrigate their fields on the cheap.
Unsolicited seeds from China are sowing confusion in several US states. Authorities have advised puzzled recipients not to plant the seeds, which may belong to invasive species.
Big box stores will close for Thanksgiving in the US. Target, Walmart, and others want to avoid crowding the aisles in what will most likely still be the middle of a pandemic.
The pandemic made it cheaper to be rich. US survey respondents now cite an average figure of $2 million as the bar for wealth—down 23% from January’s $2.6 million.
A new contender snatched the electric car crown in Europe. Renault’s Zoe outsold better-known competitors from Tesla, Volkswagen, and Nissan.
Our best wishes for a productive day. Please send any news, comments, safe seeds, and esports chairs to hi@qz.com. Get the most out of Quartz by downloading our app on iOS and becoming a member. Today’s Daily Brief was brought to you by Susan Howson and Nicolás Rivero.