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Intel wants to help solve the global chip shortage… The semiconductor giant has a $20 billion turnaround plan that includes setting up a new foundry to help it rival Taiwan’s TSMC—while still counting on it as a supplier.
…in the meantime the crunch will disrupt Hyundai’s production. The South Korean firm had been relatively resilient compared with other large auto makers until now, the Financial Times reported. A fire at a major Japanese chipmaker is expected to worsen the shortage.
Hong Kong is trying a prominent investigative journalist. Producer Bao Choy is accused of giving false information to access a public vehicle records database for a report on police misconduct.
Move over, Covid-19 shots. China’s CanSino Biologics will begin clinical trials for an inhaled version, while Pfizer is testing an oral antiviral drug similar to those used to combat HIV and hepatitis C.
The Suez Canal is blocked. The Ever Given container ship was bound for the Netherlands from China when it ran aground, blocking cargo traffic in both directions.
Benjamin Netanyahu’s Likud Party leads exit polls in Israel. But even with partners it likely won’t get a majority, making another protracted coalition building effort inevitable.
Rolls-Royce can’t sell its €150 million ($180 million) maritime engine maker. Norway blocked the sale of Bergen Engines to Russia on national security grounds.
Buy now pay later—does it make business better? Discuss the hottest trend in consumer borrowing with senior reporter John Detrixhe, along with Affirm exec Chung-Man Tam and fintech expert Jason Mikula on Clubhouse on Thursday, March 25 at 11am eastern time.
What to watch for
Joe Biden’s next legislative battle will make or break his climate legacy, writes Tim McDonnell. A significant share of the US president’s upcoming $3 trillion infrastructure package will be directed to the electric grid, energy-efficient affordable housing, electric vehicle charging stations, and other clean energy priorities, according to early drafts reviewed this week by the New York Times.
Biden’s goal is to decarbonize the US electricity system by 2035. The administration is betting that leading with a carrot, rather than a stick, will be the fastest, lowest-cost way to make a lasting dent in emissions, while breathing life into the post-pandemic economy.
Specific details of the package have not yet been made public, and whatever the administration proposes will have to survive scrutiny from Congress. Will it include sweeter tax credits for renewables? Incentives to retire coal plants ahead of schedule? Benefits specifically designated for minority and underserved communities?
No matter what, said John Larsen, director of climate and energy at research firm Rhodium Group, “this could be the most promising opportunity to make progress on decarbonization across the economy that the US has had in a long time.”
Charting Paytm’s losses
On Feb. 19, India’s most valued tech startup expanded its stockbroking services to include futures and options trading. While experimenting and growing new services is vital for a tech venture, Paytm may be a cautionary tale of a unicorn that spread itself too thin in a highly competitive market, explains Prathamesh Mulye.
In theory, the diversification should be paying off, as Paytm has a customer base of 100 million to cash in on. But the intense competition has forced the company to pour money into cash back programs and marketing. Paytm’s gamble could still work out, but in the meantime, the company has gotten itself into a tight spot.
Is college still a good deal?
A growing number of jobs require college degrees, so students get them to increase their earning potential. But sky-high tuition and mountains of debt are causing some to reconsider, especially during the pandemic. Quartz’s latest presentation considers how college can be better, from the business model to cheaper alternatives.
✦ Quartz members have access to our field guide about how higher ed has fared in a remote-learning world. Try out a membership for free.
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☀️ The sun will power large parts of Africa’s Covid-19 vaccination program
🎮 Gamers turned Discord into a $10 billion juggernaut
Surprising discoveries
No really, there were dolphins in the Venice canals. After several false claims, a Venetian captured an authentic sighting.
More than 32,000 Indians fessed up about their illegal exotic pets. The government’s voluntary disclosure initiative found cockatiels and macaws were among the most popular.
A Trump campaign lawyer said no rational person would believe her election fraud statements. Why is why, Sidney Powell is arguing, a voting machine company’s defamation suit against her is ungrounded.
A dedicated pasta fanatic created a new noodle shape. It only took three years.
Taking Viagra could lead to longer life. A new study recommends the erectile dysfunction drug for men who have survived a heart attack.
Our best wishes for a productive day. Please send any news, comments, rare birds, and dolphin sightings 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 Tripti Lahiri, Mary Hui, Susan Howson, and Liz Webber.