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Here’s what you need to know
A French court reduced UBS’s penalties. The Swiss bank had previously been fined $5 billion for assisting wealthy tax evaders in France—now it will pay just $2 billion, and its stock rose on the news.
Germany’s rejection of a Russian pipeline sent gas prices soaring even higher. Berlin cited EU requirements and Ukraine tension as the main blockers for Nord Stream 2.
Jimmy Lai was sentenced for encouraging others to attend a 2019 Tiananmen Square vigil. The former Hong Kong media mogul, who left before the event started, and seven other activists, many of whom are already serving time for other charges, received up to 14 months.
US officials are investigating Amazon’s warehouse collapse. Six died at the Kentucky facility on Friday, when it was hit by a tornado that was part of a storm that has claimed 65 lives so far.
The US is trying to buddy up to southeast Asia. Secretary of state Antony Blinken, who says he’s repairing Donald Trump’s diplomatic damage, is touring the region as China’s influence increases.
Elon Musk is Time magazine’s person of the year. The publication said the maker of both electric vehicles and rockets represents a “massive shift in our society.”
What to watch for
As the China Game Industry Annual Conference kicks off today, the government’s increasingly tight controls over video games loom large.
Nearly half the country’s population plays video games, generating roughly $45.6 billion in revenue each year. However, new rules designed to prevent gaming addiction that prohibit children under 18 from playing games more than three hours a week may put a dent in that number. Also of concern for gaming companies: Earlier this year China suspended new game licenses in the country, although some believe that will be eased near the start of 2022.
The government’s often opaque regulation of films, both foreign and domestic, has cut into the local industry’s growth and profits. The latest regulations threaten to do the same to Chinese gaming companies.
There won’t be just one metaverse
There’s been a lot of talk about the metaverse recently, but what will it actually look like? Reporter Scott Nover recently asked Raja Koduri, who leads Intel’s Accelerated Computing Systems and Graphics Group; Intel will introduce a new series of graphics processors in 2022 that will power the metaverse. While different metaverses might be linked by a single account or powered by a common technological framework, Koduri envisions a multiverse based on different use cases:
🤝 Collaboration: A 3D work environment, “kind of Zoom on steroids.”
🎥 Social: When you need more than a simple video meeting—a creative space “for storytelling or movies or even physical objects.”
🎮 Gaming: A place “where we are having fun, earning points, and doing quests.”
Read the rest of the QZ&A for Koduri’s take on the technology behind the metaverse and how long it will take us to build it.
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Surprising discoveries
Fatally beautiful maps are on display again in Florence. At least that’s how director Dario Argento characterized them in a 1996 film.
The maker of fake Birkin bag NFTs is unhappy about knockoffs of his products. Hermes is suing the former for trademark infringement, but who will sue the latter?
Try out a job in virtual reality. MGM Resorts is trying to reduce staff turnover by giving applicants a spin before they decide.
If your social media handle happens to be the new name picked by a massive tech company, you’ll probably be out of luck. Just ask the Instagrammer formerly known as Metaverse.
Peloton used an ad to get back at the Sex and the City reboot. It wasn’t happy to have its product associated with a character’s sudden death.
Our best wishes for a productive day. Send any news, comments, sickeningly gorgeous art, and knockoffs of knockoffs 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 Adario Strange, Scott Nover, Susan Howson, and Liz Webber.