Good morning, Quartz readers!
Here’s what you need to know
Oracle partners up with TikTok. After Microsoft’s bid to buy the app’s US operations was rejected, in large part due to new export restrictions issued by China, the database software giant is expected to be announced as TikTok’s “trusted tech partner” in the US.
The UK Parliament debates whether to break international law. The government’s controversial internal market bill, which would override parts of the UK-EU withdrawal agreement, comes up for a second reading and debate as opposition to it grew louder over the weekend.
ARM Holdings was sold for $40 billion. US graphics chip designer Nvidia bought the British chipmaker from Japanese conglomerate SoftBank. Nvidia has promised to keep the business in the UK.
China and the EU hold a summit. Xi Jinping will likely use the meeting with German chancellor Angela Merkel and EU leaders to make the case for closer ties between Beijing and the bloc ahead of US elections. The summit follows a week-long European tour by foreign minister Wang Yi, whose diplomatic offensive was overshadowed by human rights concerns.
The Afghan government called for a ceasefire with the Taliban. The leader of the government’s delegation said there is “no winner through war,” as the two sides started their first-ever direct peace discussions in Qatar. The Taliban’s leader reiterated that Afghanistan should be under Islamic law.
What to Watch For this Week
Monday: Japan’s ruling party elects a new leader, Huawei stops receiving shipments from most suppliers, and Russian president Vladimir Putin meets with his Belarusian counterpart to discuss closer integration.
Tuesday: Israel and the UAE sign a US-brokered peace deal at the White House.
Wednesday: The US Fed, Bank of Japan, and Brazil’s central bank make policy announcements.
Thursday: The Bank of England makes a policy decision, and acting secretary of the US department of homeland security is subpeonaed to testify in a hearing about threats to the country.
Friday: Israel goes back into a country-wide lockdown for at least three weeks.
Saturday: Thai protesters plan a major demonstration demanding the government step down.
Charting the economic impact of school closures
As schools all over the world struggle with how to operate while preventing the spread of Covid-19, economists have begun modeling the potential long-term damage to students’ livelihoods and to the global economy. A new OECD report found that students in grades 1-12 affected by school closures will see approximately 3% lower earnings in their careers—and likely more for disadvantaged students.
Countries can expect at least a 1.5% drop in GDP for the rest of the century. The only solution is to catch kids up by making schools better than they were before the pandemic.
Read more about the cost of closing schools here.
We interrupt this programming
For the big brands that rely on the $70 billion TV advertising industry to drive awareness, and the global media conglomerates that produce the content between the commercial breaks, the next five years will be the most critical since televisions first entered living rooms.
Companies that depend on TV ads will have to adapt to a rapidly changing media landscape or risk falling into irrelevance—and that means embracing a level of innovation they’ve never considered before.
This week’s field guide is all about the future of TV advertising, and it includes a handy list of some ad industry jargon you might see mentioned throughout:
Now that you’ve brushed up on your industry definitions, read the full guide here.
Obsession interlude: How we spend
What does it mean to be obsessed with how we spend? We asked culture and lifestyle editor Oliver Staley:
Consumer spending is about 40% of China’s gross national product, compared with around 63% in the UK and 70% in the US. It’s not a coincidence that the tech companies driving the US stock market—Amazon, Apple, Google, and Facebook—make their money selling or advertising stuff to consumers. When people spend less, the economy suffers. President George W. Bush was criticized for urging Americans to shop after the terrorist attack of Sept. 11, 2001, but he wasn’t wrong to do so. Shopping keeps the global lights on.
Increasingly, consumers are using all that power to force whole industries to change. Their increasing excitement about clean vehicles helped to make Tesla more valuable than Ford and GM, combined. Their disdain for cable companies gave us Netflix.
Read more about How We Spend or splurge on these recent stories:
Macy’s is planning a future outside of malls
Why the US can’t stock dumbbells fast enough
Surprising Discoveries
Jo Malone London apologized for erasing John Boyega. The British perfume company admitted to reshooting an ad for the Chinese market that cut out the Black Star Wars actor.
There’s a Japanese app promoting slow and clear speaking. It helps users practice making their speech easier to understand for people with hearing loss.
Women are plastering Paris with posters against sexual violence. “The Gluers” put up messages like “You said you loved me, but it was still rape.”
Virginia is sending around empty school buses. It’s one way to justify keeping drivers on the payroll.
Vinyl records are more popular than compact discs. Sales of records in the US surpassed CDs for the first time since 1986.
Our best wishes for a productive day. Please send any news, comments, feminist posters, and resurgent vinyls 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 Mary Hui, Isabella Steger, Katherine Bell, John Detrixhe.