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Here’s what you need to know
More than 40 countries pledged to quit coal at COP26. However, some of the world’s biggest coal-dependent countries, including Australia, India, China, and the US, did not sign on. Separately, more than 20 countries and financial institutions have decided to stop financing fossil fuel development abroad from next year, diverting an estimated $8 billion a year to clean energy.
Developing nations want $1.3 trillion a year in climate finance by 2030. The demand, backed by India, China, and others, is significantly more than the $100 billion rich countries had pledged—but have so far failed to deliver—by 2020.
OPEC+ is sticking to its oil production schedule. The group agreed to boost output by 400,000 barrels a day in December, despite US president Joe Biden’s request for an even bigger increase. Meanwhile, India lowered fuel taxes to quell discontent over a sharp rise in gas prices.
Europe could see 500,000 more covid deaths by February. A World Health Organization official warned the continent is once again the “epicenter of the pandemic.” Meanwhile, the UK became the first country to authorize Merck’s covid antiviral pill.
Hong Kong’s top court made it harder to charge people for rioting. In a defeat for the government, the Court of Final Appeal ruled bystanders can’t be prosecuted if there’s no evidence to show they were participating in a riot or unlawful assembly.
Surprise! The Bank of England didn’t raise interest rates. Bond markets in the UK and the US reacted poorly to the news.
What to watch for
September’s job growth numbers disappointed big time. But economists are staying hopeful and forecasting the US added 408,000 jobs in October, up from 194,000 in September.
There’s some reason to believe economists will hit the mark this time. Recent job data from HR services provider ADP show the US economy added 571,000 jobs in October, above expectations of 400,000. Most of that growth came from the hospitality and leisure sector, while manufacturing jobs saw the biggest month-over-month jump in 13 months. However, ADP only counts private sector jobs, while the more official report includes government jobs, which declined last month.
A strong jobs report could show that the economy has processed the delta covid-19 spike. A weak one could mean that employers may have to continue hiking wages to attract new workers.
Shots (and tests) or fines for US employers
The US Occupational Safety and Health Administration released its full covid-19 vaccination rule for large employers yesterday. To avoid fines, companies with more than 100 workers will have to request proof of vaccination or test employees weekly for covid-19 as a condition of employment.
Here are some of the key facts about the rule for private-sector employers:
- It takes effect Jan. 4. By that day, employees must be fully vaccinated or face weekly testing. Anyone who tests positive must leave the workplace immediately.
- Unvaccinated workers who choose to get tested weekly must wear masks on the job at all times.
- The rule won’t apply to remote workers or people who work outdoors exclusively.
US president Joe Biden has also strengthened an existing mandate for federal employees and contractors, who have until Dec. 8 to get vaccinated or give up their jobs. Weekly testing will not be an option.
It’s-a me, Nintendo!
Nintendo isn’t often associated with cutting-edge gaming. The Japanese game maker has relied on a careful mix of quality and nostalgia that keeps Mario and Zelda fans coming back. And it has worked:
5.1 billion: Nintendo video games sold globally
800 million: Nintendo hardware units sold globally
26 million: Switch Online subscribers
$51 billion: Nintendo’s current market capitalization
But while Nintendo excelled during the covid-19 pandemic, numbers indicate that success is fizzling. In the first half of 2021, sales were down 19% year over year, according to earnings released yesterday.
What Nintendo may need is more eyes toward the future (yes, we’re thinking of a Hyrule metaverse), a possibility we explored in the latest Company email. It gives Quartz members a look into companies that are changing business. ✦ Try a membership free for seven days.
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Surprising discoveries
A city in rural Indiana is luring remote workers with “Grandparents on Demand.” Volunteers will provide free babysitting and fill in at school Grandparents Day.
Pilots probably didn’t see a man with a jetpack flying over Los Angeles. Officials said it was likely a giant balloon of Jack Skellington, a character from The Nightmare Before Christmas.
The Pacific lingcod loses and replaces 20 teeth a day. The frightening fish’s mouth holds around 500 chompers total.
A New Zealand couple found a 7.9 kg (17.4 lb) potato in their garden. They named it Doug.
An exploding comet transformed the Atacama Desert 12,000 years ago. The fireball created large glass fragments across the Chilean landscape.
Our best wishes for a productive day. Send any news, comments, escaped balloons, and potato names 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 Nate DiCamillo, Lila MacLellan, Scott Nover, Liz Webber, and Morgan Haefner.