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Here’s what you need to know
Evergrande shares are suspended. The debt-laden firm is reportedly set to sell a 51% stake in its property management business for $5 billion to a rival, Hopson Development.
A major oil spill off the California coast threatens beaches and wildlife. At least 126,000 gallons of oil are in the water, spreading over a slick more than 10 miles long, and investor Marc Lasry’s tough week just got a lot worse.
The Facebook whistleblower revealed her identity. Frances Haugen, a former product manager at the company, had leaked a stack of confidential documents to the Wall Street Journal.
Japan’s new prime minister is set to call an early election. Fumio Kishida, a former foreign minister, was confirmed in the top job by the Japanese parliament today.
Two US scientists jointly won the Nobel prize for medicine. David Julius and Ardem Patapoutian receive the award “for their discoveries of receptors for temperature and touch.”
What to watch for
US trade representative Katherine Tai is expected to outline the Biden administration’s approach to the US-China trade relationship, in a speech at the Center for Strategic Studies in Washington that begins at 10am US eastern time.
The White House has previously said that China isn’t keeping pace with trade commitments it made in a deal struck with former US president Donald Trump in early 2019. Joe Biden has maintained tariffs that Trump ordered on hundreds of billions of dollars of Chinese imports.
Here’s a quick primer on Tai, whose speech follows a “comprehensive review” of US-China trade policy.
- Sworn in: March 18, 2021
- US Senate confirmation vote: unanimous
- Previous job: chief trade counsel for the US House Ways and Means Committee
- Prior USTR experience: associate general counsel (2007-2011), chief counsel for China trade enforcement (2011-2014)
- Birthplace: Connecticut
- Work abroad: taught English at Zhongshan University in Guangzhou, China (1996-1998)
- Education: Yale University, Harvard Law School
- Other relevant qualification: fluent in Mandarin
Charting visits to nursing homes
Visits are rebounding now, but it’s been a long, lonely pandemic for people in senior care.
Quartz’s Lila MacLellan is grateful for the technology that allowed her to stay connected with her parents when she couldn’t visit them in person at their nursing home. Using the Amazon Echo Show’s “drop-in” function, there was no limit on how frequently she could “see” her parents during lockdowns. And unlike Zoom or FaceTime, there was no need to ask anyone to help her parents fiddle with devices and programs they don’t understand.
Lila makes the case that the Amazon Echo Show ought to be standard in every nursing home, and offers tips on everything from setup to privacy concerns.
Misreading the signals in US inflation data
Citing “runaway inflation,” pivotal US senator Joe Manchin of West Virginia recently demanded that the Federal Reserve end its asset-purchase programs before he would vote for a government spending bill. Quartz’s Tim Fernholz argues that Manchin’s concerns are misguided.
Sure, the run-up in government spending during the pandemic played a role in driving up prices. But even if the Biden administration’s spending plans are enacted without further cuts, US spending will fall by $1 trillion and borrowing will plunge by nearly $2 trillion in 2022 compared to 2021. Plus, the proposed spending bill calls for investments in ports and home construction and cuts to drug prices, which are some of the best ways to tame inflation.
Read our full analysis here.
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Surprising discoveries
Even small vintners are turning to robots to harvest grapes. A shortage of human workers is accelerating adoption of robot labor at Italian vineyards.
The Taliban ended Kabul’s blackouts (but not for long). A failure to pay the power bill means major power outages are coming soon.
Nobody understands the economy. A US Federal Reserve bank economist shook up the profession with a paper questioning fundamental assumptions about how people react to changing prices.
A burp-busting diet isn’t enough to stop climate change. Researchers working to reduce cattle methane emissions say we need fundamental changes in beef production.
There were consequences for a brazen media startup. Ozy shut down less than a week after the New York Times revealed the firm’s pattern of hype and lies.
Our best wishes for a productive day. Send any news, comments, US-China trade reviews, and anyone who understands the economy 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, Tim Fernholz, and Heather Landy.