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Here’s what you need to know
Alibaba’s earnings plunged 38%. China’s crackdown on its technology sector and slow economic growth were to blame for the year-over-year decline. The e-retailer’s US-listed shares were down 11% yesterday.
An Evergrande default is likely, S&P said. Despite the $273.5 million sale of the developer’s full stake in streaming firm HengTen Network, the ratings agency said Evergrande’s business model is “effectively defunct.”
Shares in Paytm crashed on their first day of trading. The digital payments company’s owner, One97 Communications, went public yesterday in India’s biggest-ever IPO.
Ford and GM took chips into their own hands. Driven by shortages, Ford Motor said it is working with a New York-based company to develop chips, while General Motors is working on partnerships to make semiconductors.
Japan may let foreign workers stay indefinitely. The change, which would mostly affect jobs in blue-collar fields like farming, construction, and sanitation, could take effect as early as 2022.
US attorneys general are investigating Instagram’s effect on children. Officials are particularly interested in how its parent company Meta gets young users to stay on the app for long periods of time.
What to watch for
The Guangzhou Auto Show opens today, giving Chinese automakers a chance to show off their latest electric vehicle designs. This year’s show will feature new wheels from Chinese electric carmakers BYD, NIO, XPENG, and Guangzhou Automobile Group, which will offer test rides on its experimental robotaxi service during the event.
The auto show highlights China’s large and growing role in the global electric vehicle market, both as a competitor to the US and a crucial market and manufacturer for US automakers. US-based Lucid Motors plans to build a new factory in China, and (if rumors are to be believed) Tesla’s is already under construction. The latter revealed in October that its China sales have grown to nearly half the size of its US sales.
Making robots a little more human
Tokyo-based DAWN, or Diverse Avatar Working Network, is a cafe staffed by robots—but not your average bots. They’re operated remotely by people with severe physical disabilities, like amyotrophic lateral sclerosis, known as Lou Gehrig’s disease. The operators, referred to as “pilots,” can control the robots from home—from a wheelchair or bed—by mouse, tablet, or a gaze-controlled remote.
The experimental business won the grand prize in the prestigious Good Design Awards this year. DAWN’s success should be a lesson to Meta, or any company trying to build avatars in the metaverse, about how good design can lead to meaningful human interaction.
Our members recommend…
We think our members are a pretty smart bunch—not just because they’re loyal readers of Quartz, although that certainly helps! Instead of us telling you what to read today, here’s a list of the Quartz articles most-read by members in the past month:
- In one tweet, Elon Musk captures the everyday sexism faced by women in STEM
- A Spotify playlist with 715 songs known to give people chills
- Facebook doesn’t need a new name. It needs new people.
- Christiana Figueres reflects on the emotionally charged climate debate that riveted TED
- The Dave Chappelle controversy is a test of what kind of workplace Netflix wants to be
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Handpicked Quartz
📈 Finance Twitter is getting its own Dow Jones Index
😔 Cocaine and stimulants overdoses in the US have almost doubled since the start of the pandemic
🍎 Apple’s hiring spree suggests its retail plan for India is back on track
🏘 US home builders can’t get houses up fast enough to meet demand
⛏ India is missing out on the huge potential to use its green energy for mining cryptocurrency
🩺 Covid travel restrictions had an unexpected effect on medical tourism from Africa
Surprising discoveries
Barbados is taking its embassy to the metaverse. The Caribbean nation hopes one day you’ll grab an e-visa and teleport over.
Crabs decorated Christmas Island red in their annual migration. We think it’s a bit too early.
Sweatpants aren’t forever. Our pandemic garb is being left behind for Crocs, faux fur, and just plain old jeans.
A Frida Kahlo self-portrait sold for $34.9 million. It’s the highest auction for any piece by a Latin American artist.
You can make clothing out of kudzu. Seriously! Just listen to the latest episode of our Quartz Obsession podcast to learn more about the plant of all trades.
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Our best wishes for a productive day. Send any news, comments, virtual vacations, and work-from-home outfits 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 Nicolás Rivero, Anne Quito, Morgan Haefner, and Liz Webber.