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Here’s what you need to know
Meta lost more than $230 billion in market value. It’s the biggest one-day stock crash in market history. Tech stocks dragged down the Nasdaq and the S&P 500.
Amazon had a much better day. The company reported a 9% rise in sales for the latest quarter, lifting its stock more than 15% in after-hours trading. Prime prices are also going up.
The Bank of England raised interest rates. It’s the second time in three months. The European Central Bank kept rates unchanged but is no longer ruling out an increase in 2022.
The US warned Russia may create a pretext for war with Ukraine. Officials said Russia could stage an attack by Ukraine’s military. Meanwhile, China and Russia have “coordinated their positions” on Ukraine ahead of a meeting between leaders Xi Jinping and Vladimir Putin today.
Toyota put Hilux bookings on hold in India. Demand is outpacing anticipated supply of the pickup truck, set to launch in the country in March.
India joined the Beijing Olympics diplomatic boycott. Delhi objected to the inclusion in the torch relay of a Chinese soldier who participated in a deadly skirmish with India (more on this below). Meanwhile, International Olympic Committee president Thomas Bach said he would support an inquiry into Chinese tennis player Peng Shuai’s allegations of sexual coercion if that’s what she wants.
What to watch for
The Beijing 2022 opening ceremony begins today at 8pm, local time (that’s the rehearsal, above, seen from afar). This extravaganza is typically one of the biggest costs for an Olympic host country, consisting of elaborate video montages, fireworks, and much more. One of the most celebrated ceremonies opened the 2008 Beijing Summer Games, and award-winning film director Zhang Yimou (House of Flying Daggers) is back to direct this year’s.
The top diplomat from India will not attend, nor will India’s state TV broadcast the event. After accusing other countries of politicizing the Games, China selected a soldier involved in deadly border skirmishes with India in 2020 as one of its torch-bearers. Unsurprisingly, India isn’t happy.
Where this leaves India’s only current Winter Olympian, skier Arif Khan, is anyone’s guess.
Subscribe to our Need to Know: Beijing Olympics newsletter for all the conflict and controversy of the 2022 Winter Games.
What’s supercharging food prices?
The cost of food is still on the rise globally. The United Nations’ Food and Agriculture Organization index climbed another 1.1% in January from the month before, reaching its highest point since 2011.
The index measures the monthly change in average prices of food categories like meat, cereals, and sugar. But one category is driving the sharpest increase: vegetable oils. Compared to December, vegetable oil prices are up 4%, ahead of dairy (up 2%). In both cases, a reduction in exports is partly to blame.
Regardless of what’s causing the increase, soaring food prices will continue to disproportionately hit the lowest-income households, where food eats up a much larger share of their incomes.
The eBay of NFTs
What do the Olympics and food prices have in common? Not much. But if you create a JPEG of a banana figure skating… there’s a chance someone ultra-rich like Justin Bieber might buy it on OpenSea. ✦ Learn all about the NFT marketplace of choice and get access to other exclusive emails through a Quartz membership.
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Surprising discoveries
Bartenders and other staff at Olympic hotels are wearing hazmat suits. What exactly is in those cocktails?
A European port will dismantle a historic bridge to deliver a giant yacht to Jeff Bezos. The $500 million ship is under construction in the Netherlands.
A woman abruptly left a work call when she saw a fishing boat sinking. She likely saved the lives of the three men on board by dialing 911.
A rogue chicken tried to sneak past security at the Pentagon. Authorities aren’t sure how the cluck it got there.
A Moncler puffer coat can cost $1,000. But the ones recommended for Mt. Everest climbers will only set you back $400-$600. Learn more in the first episode of the Quartz Obsession podcast’s second season.
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