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Here’s what you need to know
AstraZeneca is expected to miss its EU delivery target. It will supply less than half of the contracted 180 million Covid-19 vaccine doses in the second quarter, delaying the bloc’s 70% vaccination goal.
Australia is set to pass amendments to its media bill. A key change gives the government the discretion to exempt Facebook or Google from striking payment deals with all publishers if the platforms make “significant contributions” to Australia’s news industry.
China did “little” to investigate Covid-19 origins. An internal World Health Organization report on an agency mission to China last summer said limited epidemiological investigative work appeared to have been done by Chinese authorities in the pandemic’s early months.
Joe Biden and Justin Trudeau began repairing their alliance. The US and Canadian leaders pledged to cooperate on the climate, economic recovery, and countering China. Meanwhile, Biden will call Saudi Arabia’s King Salman ahead of an intelligence report on the murder of journalist Jamal Khashoggi.
The US Congress held its first Capitol riot hearing. Former top Capitol security officials testified that intelligence warnings of an armed attack were not passed up the chain of command, and deflected responsibility.
Top executives of Texas’s power grid resigned. The state’s primary electric grid operator had faced sharp rebukes for last week’s blackouts that left millions without light, heat, and water during a winter storm.
What to watch for
A “Herculean task” to “revive South Africa’s economy” in its most “important budget yet.” That’s what headlines are telling us about the fiscal plan that will be laid out today by the country’s finance minister Tito Mboweni.
South Africa was already facing high unemployment, debt, and a sluggish economy even before the coronavirus pandemic. Analysts are looking for Mboweni to provide direction on how the country plans to deal with its:
💉 Vaccine rollout program: The government is aiming to vaccinate two-thirds of the population by the end of year year at a cost of R24 billion.
📈 Deficits in public finance: This includes debt projected to peak at 95.3% of GDP by 2026.
💸 Tax revenues: Only a small percentage of the country pays tax, so any effort to finance the government’s coffers by increasing taxes will be unpopular.
💡 State-owned enterprises: Companies like Eskom have been sapping government finances—the deeply unstable electricity provider is the culprit behind extensive and ongoing blackouts. How the government plans to deal with these companies will be critical.
Charting Uniqlo’s rise to supremacy
Japanese clothing company Fast Retailing just surpassed Zara’s Spanish owner Inditex to become the world’s most valuable clothier, thanks to its Uniqlo brand. Fast Retailing’s market capitalization of $105.6 billion has eclipsed Inditex’s $98.2 billion, and rivals like H&M, Nike, and LVMH trail them both significantly.
While Zara and H&M still lead in sales, Fast Retailing has seen its stock rise since April as its competitors’ valuations fluctuated wildly, and the company’s growth in China and India is yet another cause for optimism.
Your next video meeting could look like Burning Man
Last April, the organizers of Burning Man canceled all in-person revelry because of the pandemic, opting for a festival using Topia, a virtual meeting app where virtual Burners built virtual versions of their festival campsites.
The app, which was founded by former Burning Man employees, now wants in on your next office meeting.
Topia bills itself as a more sociable alternative to Zoom, and is one of many startups racing to create more realistic social experiences online. The pandemic kickstarted a market boom for conferencing apps, and now Topia wants to charge organizations a $5 monthly fee to create their own digital real estate, writes Nico Rivero.
✦ When we throw a virtual festival, you’ll definitely be invited. Try a Quartz membership free for a week.
Surprising discoveries
We’re imagining icebergs wrong. Little pyramids with an elongated submerged body would simply topple over.
A software bug is keeping some Arizona prisoners behind bars too long. The program wasn’t updated after a 2019 law made it easier for certain inmates to earn early release.
Scientists used wasp nests to date Australia’s oldest rock art. It’s a more than 17,000-year-old kangaroo painting.
Minnesota won’t let residents vote to name a snow plow “Abolish ICE.” But “Plowy McPlowface” and “Raspberry Brrr-et” still have a shot.
Perseverance’s parachute hid a message in binary code. Translating the colors to ones and zeroes spells out JPL’s slogan “Dare mighty things” and the GPS coordinates of its offices.
Our best wishes for a productive day. Please send any news, comments, ‘roo art, and proper iceberg sketches 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 Mary Hui, Tripti Lahiri, Jordan Lebeau, Jackie Bischof, Susan Howson, and Liz Webber.