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Here’s what you need to know
Leaders and activists are processing the COP26 deal. UK prime minister Boris Johnson says the agreement is a “death knell” for coal, but others are not so sure—and his climate envoy Alok Sharma rebuked India and China.
Shell plans to move its HQ to the UK. The energy giant would also drop the “Dutch” in Royal Dutch Shell, as it aims to end its dual-location structure and shift completely away from the Netherlands.
Property prices in China suffered their biggest fall since 2015. The real estate crisis, led by Evergrande’s ongoing failure, is beginning to hit everyone’s wallets.
India finally opened its borders to vaccinated tourists. The industry used to be worth around $30 billion a year.
The Trumps are selling their Washington hotel. The property, in which many lobbyists and foreign dignitaries stayed during Donald Trump’s presidency, is going for at least $375 million.
Sesame Street has its first Asian American character. Ji-Young, who’s of Korean origin, makes her debut in a Thanksgiving special.
What to watch for
US president Joe Biden and president Xi Jinping of China hold a virtual summit today (Nov. 15), a meeting that US officials are billing as an opportunity to ease growing tensions between the world’s two largest economies.
The two leaders head into the gathering dealing with very different political issues at home. Xi is fresh off a major political win that consolidates his power and paves the way for a potential third term as party general secretary. Biden, meanwhile, has seen his approval ratings dip to new lows as he struggles with his own party to pass big-ticket spending plans.
Here are the topics that will likely come up:
💱 Trade tensions
⚔️ Escalating military tension
🌎 Climate change
🇹🇼 Taiwan
🕊️ Human rights
Five vital lines in the COP26 deal
COP26, the biggest climate change summit of the last five years, concluded in Glasgow on Nov. 13. The agreement it produced—10 pages known as the Glasgow Pact that outline the next phase of the world’s fight against climate change—left many activists disappointed but nonetheless represents forward momentum.
Here’s what we can gather from the deal’s five most important lines:
- Informal commitments got the spotlight
- Countries must return next year with stronger commitments
- Fossil fuel will be phased down, not phased out
- Rich countries were shamed on climate finance
- There’s little guidance and no cash on “loss and damage,” which is essentially reparations from rich countries
Korea’s messaging king 👑
Go anywhere in Korea and you’re sure to hear the distinctive chirping of “katalk.” That’s the sound of a message arriving on Kakao—with more than 50 million monthly active users, it’s by far the country’s most popular messaging app.
By the digits:
96%: Kakao Talk messaging app’s market share in South Korea
$3.5 billion: Kakao Corp’s revenue in 2020, driven by ad sales
$93 billion: The combined market cap of Kakao’s listed companies in August, making it Korea’s fifth most valuable company
Kakao was the topic of our latest Company email, which offers members a look at firms changing the way business works. ✦ It’s Member Week at Quartz, and we’re celebrating by offering a chance to get in on the full email experience for 50% off. Use code MEMBERSWEEK21 at checkout.
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🚪 Twitter is putting its most important fix behind a paywall
Surprising discoveries
Earth has another follower. It’s known as Kamoʻoalewa, it functions like a quasi-satellite, but while it may be dislodged from our moon, don’t call it one.
A notorious US bank robber was identified after 52 years. The thief said he watched Steve McQueen’s The Thomas Crown Affair to prepare for a heist worth $1.7 million in today’s dollars.
An Oasis tambourine sold for $4,829. Kasabian and the Arctic Monkeys also had a hand on the instrument.
A penguin from Antarctica wound up in New Zealand. At least the bird (thought to be only the third of its kind to make the 2,000-mile trek) got some fish smoothies upon its arrival.
In Sweden, oat milk accounts for more than three quarters of non-dairy milk sales. And one company—Oatly—accounts for 53% of the market, an alt-dairy dominance that has inspired the latest episode of our Quartz Obsession podcast.
🎧 Listen to all this season’s episodes on Apple Podcasts | Spotify | Google | Stitcher
Our best wishes for a productive day. Send any news, comments, instruments used on famous songs, and long-lost penguins 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 McDonnell, Clarisa Diaz, Tripti Lahiri, and Morgan Haefner.