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Here’s what you need to know
Elizabeth Holmes was convicted of fraud. A jury in California found the Theranos founder guilty of four of the 11 charges against her.
Evergrande shares rose after trading resumed in Hong Kong. The debt-ridden property company had suspended trades yesterday over unspecified “insider information.”
Tesla faces criticism over its new Xinjiang showroom. The company is under fire over its commercial presence in a region where China is accused of human rights abuses.
Apple briefly hit a $3 trillion market cap. Though it’s the first US company to reach the milestone, it’s mostly symbolic.
The David Bowie estate sold his publishing rights. Variety reports the deal with Warner Chappell could be worth “upwards of $250 million.”
What to watch for
The world’s top oil-producing countries aren’t too concerned about rising omicron infections. In a Jan. 2 memo, the Organization of Petroleum Exporting Countries (OPEC) said it expects the impact to be “mild and short-lived.”
Throughout the pandemic, OPEC countries have sought to balance their desire to increase production with the risk that cranking up the pumps too quickly will drive down the price. In the last few months, they’ve mostly taken a bearish view of the prospects for oil-demand growth, and steadily raised their production quota.
So far, the bet has paid off: Oil was among the commodities with the greatest price increase in 2021. The group seems likely to boost production at its meeting today, which would raise its quota to about 70% of pre-pandemic levels—and on track to be fully restored by September.
Germany’s nuclear phaseout hurts its climate goals
Germany closed three of its remaining six nuclear power plants on Dec. 31. Much of the energy shortfall will be made up by burning natural gas, now at record high prices.
The nuclear rollback has slowed Germany’s short-term progress on reducing greenhouse gas emissions, and will force it to rely on fossil fuels for longer than its peers. Germany and the UK, for example, both source about 44% of their electricity from renewables. But the UK plans to eliminate its use of coal by 2024, six years earlier than Germany.
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Surprising discoveries
Covid lockdowns sent condom sales drooping. It turns out hotel stays are key, said the CEO of Malaysia’s Karex, the world’s biggest condom-maker.
Staff at a US minor league baseball team received life-changing bonuses. After the Iowa Cubs’ sale, the team’s owner thought $2,000 per year employed was fair.
Seven hundred German sheep and goats assembled in the shape of a syringe. The shepherd, who used bits of bread to get them to stand whee he wanted, was promoting vaccination.
But a German swan was put back in its place. An elderly lady expertly grabbed the escapee and hurled it over a fence into the water whence it came.
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