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Here’s what you need to know
Two Covid-19 vaccines got a boost… The US Food and Drug Administration gave high marks to the Pfizer/BioNTech shot ahead of a meeting of its advisory panel tomorrow to discuss emergency authorization. Meanwhile, a peer review confirmed the safety and efficacy of AstraZeneca’s vaccine.
…and Biden promised 100 million Americans will receive vaccines in his first 100 days in office. Even so, the president-elect admits the outbreak won’t simply end shortly after he’s sworn in.
French president Emmanuel Macron seeks cabinet approval for an anti-extremism law. The law, which was newly relevant after the murder of a French teacher in October, targets mosques and associations suspected of spreading jihadist ideology.
A Chinese oil company is bailing out Iraq’s government. China ZhenHua Oil will reportedly pay billions upfront for a year’s supply of oil; the deal is set to last a total of five years.
The healthcare arm of China’s other giant e-commerce platform had a great debut. Shares of JD Health, part of JD.com, surged 56% in Hong Kong’s largest listing this year, a title that would have belonged to Ant Group had Beijing not tanked the fintech’s IPO.
Shipping rates are too damn high. Air freight and cargo costs are soaring in the UK and globally due to a greater-than-usual holiday shopping rush, plus the need to transport coronavirus vaccines.
Uber sold its flying taxi business. Elevate becomes the second experimental unit Uber has sold off this week, after effectively paying a startup to take on its self-driving car division.
What to watch for
IPO madness. DoorDash and Airbnb are going public today and tomorrow, respectively, with hiked listing prices that reflect seemingly insatiable demand. They’re the latest two companies to join a flood of billion-dollar IPOs that have added to the list of Historic Things About 2020, a year that combined low interest rates with a pandemic-fueled passion for both food delivery and weird workcations.
That state of affairs may raise alarm bells, given that the last year to set a record for US IPOs was 2000—the height of the tech-led dot-com boom and its subsequent bust. But while valuations are certainly inflated, the businesses themselves might be more structurally sound.
Charting minimum wage in the US
If Covid-19 has unwittingly helped create a hunger for huge IPOs, it has also advanced another arguably more important battle in the US—the fight for a $15 minimum wage. The pandemic has increased recognition for America’s hardest workers and lowest earners, and proponents see raising wages as an opportunity to boost the broader economy while reducing poverty and narrowing income inequality.
Before the virus hit, companies were already changing their tune about raising their hourly pay, or at least ceasing efforts to fight mandated minimum wage increases. With a federal increase unlikely due to a Republican-controlled Senate, states will continue to make the most impactful moves.
Home field advantage in India
Thousands of Indian farmers are protesting against three new farm laws—and two of the country’s richest men. Reliance Industries chairman Mukesh Ambani and Adani Group chairman Gautam Adani have been eyeing the farm sector, and the protesting farmers believe that laws drafted by the government of prime minister Narendra Modi favor large corporations and eliminate safeguards for farmers.
All three men were burned in effigy on Saturday. Negotiations between the government and farmers’ unions have yet to go anywhere, as agricultural workers continue to strike and demonstrate. Niharika Sharma describes how the protests are providing fertile ground for international support.
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Surprising discoveries
China and Nepal finally agree on how tall Mount Everest is. The world’s highest mountain gained about 0.86 meters (2 ft 10) in a new official measurement.
A Chinese women’s university football team had to forfeit over hair. One player’s locks were deemed “not black enough,” per an official ban on hair dying.
The coronavirus is even tanking fake travel. A Royal Caribbean “cruise-to-nowhere” had to return to Singapore and quarantine 2,000 passengers in their cabins after one tested positive.
Argentina might put Diego Maradona on its money. The proposed banknote would also feature an image of one of the player’s most famous goals.
KFC made a sexy Christmas movie. The 15-minute film stars Mario Lopez as Colonel Sanders.
Our best wishes for a productive day. Please send any news, comments, deeply black hair dye, and Maradona tributes 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 Jane Li, Alex Ossola, Tripti Lahiri, Niharika Sharma, and Susan Howson.