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Here’s what you need to know
Oil prices are now surging. Brent crude climbed above $80 for the first time since 2018, with the global energy crunch raising demand.
Evergrande is raising $1.5 billion by selling its stake in Shengjing Bank. The Chinese property giant is using the money to pay a debt to the same bank, just one of many creditors.
Japan has a new prime minister-in-waiting. Former foreign minister Fumio Kishida was elected leader of the ruling Liberal Democratic Party, and is seen as an establishment choice.
The US mistakenly raised Hong Kong’s Covid risk rating. The Centers for Disease Control and Prevention said it made an error earlier this week, with the city’s infection rate minimal.
Harvard Business School moved back to remote learning. There is a Covid-19 outbreak on campus, despite high rates of vaccination among students.
The MacArthur “genius” grants were announced. The work of two of the fellows—who all receive $625,000—has been central to our understanding of Covid-19.
What to watch for
One of the things that separates savvy investors from average Joes is that the pros have a deep knowledge of companies most of us have never heard of. By the time the average consumer learns about a company, its shares have often been snapped up.
But in the next few months, there will be a slew of public offerings from companies that make and sell stuff you might actually already buy and use. It’s a chance for amateur investors to feel like insiders.
👓 Warby Parker, the glasses maker for millennials, will offer its shares in a direct listing today.
👟 Allbirds, the wool sneaker company for millennials, is planning an IPO for later this year.
🥣 Chobani, the millennial yogurt brand, is also planning an IPO.
🥗 And millennial salad chain Sweetgreen has disclosed plans to go public, although it may hold off after its CEO drew fire for his Covid-related comments.
What we’ve learned from recent Covid-19 studies
The results of two Covid-19 studies have been making the rounds, as the pandemic’s seemingly endless tenure has given researchers more time to learn more about both the virus and its vaccine. Let’s take a look at what they’ve said—or not said.
❣️ Vaccine-caused heart inflammation is still very rare. A Canadian study inadvertently fanned anti-vaccine flames when harried researchers used a wrong figure. The rise of scientific preprints, which get information out more quickly, means that the results of flawed studies can get picked up and spread with no way to put all of the toothpaste back in the tube.
🕰 Long Covid affects a startling one third of Covid-19 sufferers. This Oxford study could only capture those who reported symptoms, or it may have missed those who went undiagnosed. But as one of the largest comparative studies of long Covid to date, it provides evidence that a significant proportion of people who are trying to “get back to normal” will have health issues to manage.
How to stay motivated at work
It’s Wednesday, and the week’s not even half over. If you’re feeling pretty blah about work these days, you may be tempted to blame the job itself, the sorry state of the world, or a personal failing—a lack of grit. While one silver lining of the Great Resignation is that people may be transitioning to jobs that are better for them, the truth is that if you liked your job pre-pandemic but are finding it hard to lurch over to your at-home desk and open your laptop, there’s an even more likely culprit. You might just miss working with and around people.
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What we’re reading
🏘 The deck is stacked against renters. Berliners want to seize housing from big corporate landlords, while federal assistance can’t get to US renters fast enough.
💡 The US infrastructure bill doesn’t go far enough… It’ll take more than $27 billion to climate-proof the electric grid.
⚡️ …While China’s crypto ban could free up a country’s worth of energy. As much as Finland uses in a year, to be exact.
💸 A full sixth of urban Indians are investing in cryptocurrency. And nearly 20% intend to do so in the next six months.
🚢 It’s very difficult to unload overstuffed cargo ships. They’re both a symptom and an exacerbater of the supply chain crisis.
🤖 AI loans are helping small businesses in the US. Just leave it to the algorithm…
Surprising discoveries
Netflix revealed its most popular movies and series of all time. They might not be what you expect.
A new species of prehistoric eagle was discovered in Australia. Archaehierax sylvestris lived 25 million years ago and feasted on koalas and possums.
Yale decides once and for all its famous Viking map of North America is a fake. The British Museum suspected as much back in 1957, but the American university bought it anyway.
An unreleased recording of John Lennon and Yoko Ono will be auctioned in Denmark. Four teenagers made the cassette in 1970, just months before the Beatles broke up.
Scientists may have found a planet that orbits three stars. A true three-body problem.
Our best wishes for a productive day. Send any news, comments, fake maps, and rare recordings by Beatles 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, Tripti Lahiri, Oliver Staley, Lila MacLellan, Liz Webber, and Susan Howson.