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Earnings season continues. UnitedHealth, Bank of America, Wells Fargo, Goldman Sachs, United Airlines, US Bancorp, and PNC Financial Services all report today, but although Citibank and and JPMorgan (paywall) delivered healthy profits yesterday, their CEOs urged more US government assistance for the economy.
China’s stock market value moved beyond $10 trillion. It’s a record high (paywall), as the country’s economic recovery from the coronavirus pandemic continues. In 2015, stocks also topped $10 trillion, but crashed shortly afterwards. Analysts predict greater stability this time around.
The WTO gave the green light for European tariffs on US goods. The EU has been trying to respond to the billions of dollars of US levies on Airbus planes and other imports, and it can now reciprocate (paywall) up to the value of $4 billion. But this ruling may pave the way for a settlement between the US and EU.
Apple is changing the way we charge phones. The 5G-enabled iPhone 12 comes in three sizes, but will no longer include a charger or wired headphones. At the same time, Verizon announced the rollout of its US 5G network.
Stevie Wonder left Motown. The legendary musician launched his own imprint with Republic Records, nearly 60 years after signing for Berry Gordy’s equally legendary label at the age of just 11. He also announced two new songs.
The next step for reparations
Last week, our “How to Do Reparations” series thought through how reparations would actually work in practice, asked what the UK owes, and started adding up the debt to Black Americans US companies have accrued. We’re taking it a step further this week.
- What Africa is owed. The loss of human life from the African continent due to the transatlantic slave trade had a real cost, but how can we calculate it?
- What we can learn from Germany. There’s a blueprint from not-too-distant history that the US could follow.
Charting Disney’s streaming metamorphosis
Disney had no streaming platforms three years ago. Today, its business revolves around them. On Monday, the company announced a “strategic reorganization” to further prop up its streaming services: Disney+, ESPN+, and Hulu. Effective immediately, Disney will separate content creation from distribution.
The Mouse House will not abandon cinemas, but its reorganization is an admission that theaters do not represent the future of the company, or perhaps of any Hollywood content company. Adam Epstein tunes us in on Disney’s fast-forward to streaming.
Whither the whiteboard
When lockdowns forced consultants the world over to work from home, one of the first challenges was how to replicate the on-site experience normally so central to their work. More specifically, they had to find a suitable stand-in for, you guessed it, the humble, powerful, usually ubiquitous whiteboard.
The sudden need to replicate brainstorming online has increased the popularity of collaborative, digital whiteboards. But it’s also led to other creative in-house solutions.
“We found both the value of some of the new tools has surprised us, [as well as] our workarounds to creating great experiences with clients…it has created its own interesting kind of energy,” says Clark Scheffy, a partner and managing director at IDEO, a global design consultancy. “I believe when we return to whatever this next world is after the pandemic, many of the things we’ve discovered and created will continue because they provide a unique value.”
Consultants keep many industries moving smoothly along, but how to consult during Covid? Read this week’s field guide to take a lesson from how the consulting world is coping.
✦ We consulted our whiteboard, and on it was written the code QZTWENTY, which will give you 20% off a year of field guides and presentations without a paywall in sight. It’s all part of a Quartz membership.
Obsession interlude: Rethinking Cities
If we ask you to think of climate change and urban design, you might conjure an image of solar panels and sea walls. But for many cities around the world, an even more important project will be improving access to affordable housing. As people are forced to move away from communities that flooding, wildfires, and other climate impacts have made unlivable, they will need somewhere to go. A recent study projected that there may be 13 million such climate migrants in the US alone by 2100.
The trouble is, the housing market in cities that could be “climate havens,”those that are relatively isolated from environmental impacts and have room to grow, is trending in the opposite direction. Of 10 US cities researchers identified as likely climate havens, all but one have seen the availability of affordable housing decrease in recent years, most faster than the national average:
Read more about the effort to prepare cities for climate migrants and take a stab at designing your own climate haven in our Green Haven package, part of our Rethinking Cities obsession.
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Surprising discoveries
Just look at this stunning photo of a rare Siberian tiger. It won Sergey Gorshkov the title of Wildlife Photographer of the Year.
These colors absolutely run. California officials have asked voters to stop disinfecting their mail-in ballots.
A World War II bomb exploded in Poland. Divers had been trying to defuse it, and they were all unharmed.
A designer created a “self-picking” guitar. Radiohead guitarist Ed O’Brien is a fan.
Stealing from Pompeii brings bad luck. At least according to a woman who sent back artifacts she took from the site 15 years ago.
Our best wishes for a productive day. Please send any news, comments, lucky charms, and an original pressing of Innervisions to hi@qz.com. Get the most out of Quartz by downloading our iOS app and becoming a member. Today’s Daily Brief was brought to you by Hasit Shah, Susan Howson, and Liz Webber.