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Here’s what you need to know
Big Tech testifies. Amazon CEO Jeff Bezos, Google chief Sundar Pichai, Facebook leader Mark Zuckerberg, and Apple boss Tim Cook appeared at a US Congressional antitrust hearing to defend their business practices against growing calls from both political parties for greater regulation. All four of their respective companies report quarterly earnings today.
Investors valued TikTok at $50 billion. The figure comes from a potential takeover group that includes investors in the platform’s Beijing-based parent company, ByteDance. TikTok’s CEO Kevin Mayer is also out with a statement defending the company and offering to reveal its algorithms. Hours later, US president Donald Trump once again threatened to ban the app.
US armed forces say auf Wiedersehen. Secretary of Defense Mark Esper told reporters that the US troop presence in Germany will be reduced by 12,000, or roughly a third, with those individuals to be redistributed to other NATO allies. Meanwhile, southern separatists in Yemen have backed an accelerated peace deal with Saudi Arabia—a country reeling from depressed oil prices and a Covid-induced Hajj cancellation.
The show goes on for AMC and Universal. In April, the two companies went to war over the prospect of immediate at-home viewing of theater-quality films. A new deal announced on Tuesday puts that disagreement under the bridge and fundamentally changes the economics of Hollywood.
The NBA bounces back. After a months-long delay and weeks of scrimmages in their Florida “bubble,” the 2020-21 season kicks off today with a match between the Utah Jazz and New Orleans Pelicans.
Earnings reports: Bytes went up, bits went down… Boeing 🔽, GE 🔽, GM 🔽, Paypal 🔼, Shopify 🔼, Qualcomm 🔼, Spotify 🔽
The great re-scheduling
Covid-19 is wreaking havoc on trade, immigration, and tourism. Here’s what we’re tracking now:
- 🇸🇦 An exceptionally small Hajj begins. Saudi Arabia has effectively canceled this year’s Muslim pilgrimage. That’s bad news for Somali ranchers.
- 🇮🇳 Not many travelers in India either. The country’s Covid-19 tourism slump is putting over 85 million jobs at risk.
- 🇺🇸 And Indians are throwing in the flag. Despite waiting for years, many are giving up their green card dreams.
Charting the unexpected computer boom
The last thing the personal computer industry expected was to see a sales boost in 2020. Global computer sales shot up last quarter by 11% over 2019 to 72.3 million, according to preliminary estimates from IDC, a global market research company. The jump was even higher in the US.
In a normal year, computer sales don’t swing by more than 5% to 7%, according to Jeriel Ong, an equity research analyst at Deutsche Bank.
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For members: Keeping your mind on your money
Ah, the paradox of choice! While the internet is granting people access to more financial tools and expertise than ever, it can become overwhelming to figure out which voices are worthwhile. But Quartz has the financial health of Future You in mind—our Mindful Money series provides solid advice from experts we trust.
Here are just a few topics we tackle:
Considering calling it quits? This 20-year-old book has helped many take that leap.
Pondering a robo-adviser? The right one could make investing a lot less intimidating.
Ready to pop the question? It really is possible to talk to your partner about money, without fighting.
Wondering if a cult favorite financial app is worth the price of admission? We had the same question about You Need a Budget.
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We’re obsessed with coffee makers
Pouring a cup of productivity. For many of us, popping by the local coffee shop or taking advantage of office joe is out of the question right now, so we’re spending a lot more time and jittery energy looking at how we make the stuff at home. The ways in which coffee drinkers get their fix have changed a lot over the years, from steeping ground beans in linen bags back in the 1700s all the way to the highly controversial Keurig—a device now rued by its own inventor. But the link between coffee consumption and Getting Stuff Done remains undefeated. Brew a fresh pot, you’ve got a Quartz Weekly Obsession to read.
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Surprising discoveries
Hong Kong’s pets can be quarantined. As the city faces another surge of Covid-19 cases, humans who test positive can drop off their little pals at a new secure facility.
Australian scientists keep naming bugs and plants after Marvel characters. The latest addition to the series is a fly that resembles Deadpool.
Costco shoppers want sheet cake. The stores stopped selling the sprawling confections because of a decline in parties, but there’s a petition to bring them back.
Malta wants to be a hotspot. For festival-goers, that is. The country has had relatively few infections, and wants to attract British tourists.
Facebook may be bringing fun back to the internet. Its new product, E.gg, lets users create canvases that recapture the spirit of sites like GeoCities and MySpace.
Our best wishes for a productive day. Please send any news, comments, MySpace surveys, and GeoCities URLs 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 Max Lockie.