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Here’s what you need to know
Facebook is postponing Instagram Kids. As criticism mounts over Instagram’s negative effect on teenage girls, the social media company decided to hit pause on the version of the app designed for children under 13.
Blackstone is making its most profitable deal… The Cosmopolitan casino and hotel in Las Vegas was bought for $1.8 billion by the investment firm, who should net about $4.1 billion on its upcoming sale, as tourism on the Strip picks up.
…And Rolls-Royce landed a huge contract. The UK-based engine-maker will be supplying B-52 engines for the US, beating out incumbent Pratt & Whitney, in a six-year deal that promises at least $500 million.
Germany’s Social Democrats have claimed victory. Olaf Scholz said voters gave his party a green light to form a government, though conservatives may put up a fight.
Crypto exchanges are starting to close user accounts in China. After Beijing said all cryptocurrency transactions were illegal, Huobi Global and Binance announced they’re pulling out of the mainland.
What to watch for
TikTok is holding its first-ever TikTok World event today, a presentation aimed at brands and marketers. The social video app, owned by ByteDance, has grown quickly since the start of the pandemic; it announced Monday it now counts 1 billion users. That’s an impressive figure considering ByteDance operates a separate app, Douyin, in China and is banned in India, once its single largest market.
The app has been trying to convince marketers to spend more money in recent years, presenting at various industry events like the IAB’s Digital Content NewFronts with slogans like “Don’t Make Ads. Make TikToks.” Now TikTok is hosting its own event, similar to Snap’s Partner Summit, designed to showcase new ad products and educate marketers on how to make effective and entertaining ads on the app.
What’s causing the truck driver shortage in the UK?
The UK had a deficit of about 60,000 truck drivers before the pandemic and the shortfall has grown to 100,000 in recent months. According to the Road Haulage Association, the biggest factors have been retirements, post-Brexit difficulties in hiring workers from the EU, and drivers leaving the industry for higher-paying jobs in other sectors. In addition, tax changes, known as IR35, have crimped earnings by as much as 25%.
The shortfall has had a ripple effect, contributing to a gasoline shortage that has been compounded by consumer panic buying. UK politicians are trying to repair the damage by, among other things, issuing 5,000 temporary visas for foreign drivers, training thousands of new drivers, and encouraging drivers to return to the industry.
A lack of workers means more robots (sometimes)
Chinese e-commerce companies like Alibaba, JD.com, and Meituan are moving full speed ahead to replace some delivery workers with robots, with plans to operate more than 2,000 between them by 2022. While the pandemic—and an accompanying labor shortage—has accelerated the trend toward automation in many industries, the full picture is a bit more nuanced:
🤖 Robots are replacing tasks, not jobs. At restaurants, for example, tech tools like kiosks can automate reservations or provide menus—freeing up workers to deliver a better experience to customers.
🤖 They’re getting cheaper and more efficient. Are robots cheaper than human labor? It depends. A robot used to move electronics will be more expensive than one moving dollar-store items, for instance.
🤖 They’re staying behind the scenes. While robots are multiplying in warehouses, don’t expect to see them when walking into a shop.
The latest edition of the Forecast unpacks the consequences of the Great Resignation, for employers and employees—both human and robot. ✦ Want the Forecast in your inbox each week? Become a Quartz member today and enjoy 40% off with code QZEMAIL40.
What we’re reading
🇨🇳 The return of Huawei’s CFO has become a nationalist moment for China. Meng Wanzhou has been depicted as a hero who faced unfair treatment by the US and Canada.
💊 A daily pill to treat Covid-19 could be just months away. At least three promising antivirals for coronavirus are being tested in clinical trials.
🤔 Why do so many Chinese brands begin with “Ever”? From Evergrande to Ever Given, it comes down to Feng Shui.
📱 The iPhone 13 is more expensive for Indians than for almost anyone else in the world. The average Indian will have to work 724 hours to afford one.
👶 China is going to make it harder for women to get abortions. Leaders are worried about the country’s shrinking population.
💉 Travel is complicated for those who received mixed Covid-19 vaccine doses. Some countries have yet to clarify what counts as “fully vaccinated” for quarantine exemptions.
Surprising discoveries
Rajasthan shut down the internet to prevent exam cheating. Around 1.6 million people were sitting for a teacher eligibility exam, and the Indian state wasn’t taking any chances.
There’s a new “world’s biggest Imax screen.” It’s in Germany, it’s wider than a Boeing 737, and it will open in time for the latest Bond film.
A crypto-trading hamster is doing better than human investors. Tunnels and a wheel in Mr. Goxx’s cage trigger buying and selling.
Car filters are also a street drug. Please, please, do not try this at home.
Heinz has made a product you don’t need. It both helps squeeze ketchup from packets and is shaped like a ketchup bottle.
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