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Sri Lanka’s political chaos deepened

Sri Lanka’s economic crisis has led to widespread protests and unrest.

People are shown protesting behind metal bars in Sri Lanka.
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  • Morgan Haefner
By Morgan Haefner

Deputy email editor

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Here’s what you need to know

Sri Lanka’s political chaos deepened. Amid an economic crisis and widespread protests, the government has tried everything, including banning all social media, to maintain order.

The US blocked Russian sovereign debt payments. Russia can no longer use dollars stashed in US banks to make bond payments, raising the risk it will default on its debt.

GM and Honda teamed up to make affordable electric cars. The automakers say they will jointly produce millions of electric cars that sell for less than $30,000 starting in 2027.

Poland vetoed the EU’s plans for a global minimum tax. Last year, 137 countries agreed to impose a 15% minimum tax on big corporations—but the implementation is stalled in the US and EU.

Amazon will spend billions on a new fleet of internet satellites. The company has planned up to 83 rocket launches to build a satellite internet service to rival SpaceX.

Shein’s valuation ballooned to $100 billion. The buzzy Chinese fast-fashion retailer raised more than $1 billion in a funding round that valued the company more than H&M and Zara combined.

Elon Musk will join Twitter’s board. By joining the board, Musk agreed not to buy an even bigger stake in the company. His first order of business: pushing for an edit button.

What to watch for

A person standing at a clear podium speaks on a stage. Behind the person are three white chairs and a backdrop of a tropical landscape with a large orange circle with the bitcoin symbol inside of it.
Image copyright: Marco Bello/AFP via Getty Images
Miami Mayor Francis Suarez speaks on stage during the crypto-currency conference Bitcoin 2021.

Bienvenido a Miami, Bitcoin. The Bitcoin 2022 conference in Miami begins today, running through Saturday, April 9. The event kicks off with a lineup of big names (in the world of finance) like Microstrategy CEO Michael Saylor, investor Cathie Wood, billionaire Peter Thiel, US senator Cynthia Lummis, and Nayib Bukele, the Bitcoin-obsessed president of El Salvador.

The half-week event is a forum for big announcements, but also an in-person excuse to hype up a crowd that predominantly connects online. The New York Times described last year’s conference, also held in Miami, as “if Twitter had come to life” after a year of pandemic-induced isolation.

Charting the Great Resignation

The uptick in workers quitting their job during the pandemic, dubbed the “Great Resignation,” isn’t very exceptional, according to research from the San Francisco Federal Reserve bank. When economies recover quickly from an economic downturn, it’s common for workers to quit at about the same rate they have been over the past two years. As job openings increase, workers move around to find better opportunities.

A line graph showing how US employment has changed following recent recessions. Other recessions, including the 2000 tech bubble and the 2007 great financial crisis, saw a steady dip and gain in employment, though the 2007 recessions lasted nearly 80 months. The 2020 pandemic, by contrast, saw a huge dip in unemployment followed by a rapid increase in employment in under 30 months.

The current Great Resignation only feels special because recent economic recoveries have been unusually slow. In the US, it took years for employment numbers to bounce back from the 2000 tech bubble and the 2007 financial crisis; the pandemic recovery, by comparison, has moved at lightning speed, creating the feeling of great turmoil and change in the economy.

Work in the climate economy

There’s a hot job market out there for a certain kind of worker: the climate change professional. But how do you go about finding a job in a net-zero world? ✦ We answered this question in one of our latest member-exclusive emails. Subscribe today to support journalism that seeks to make business better.

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🚫 Sri Lanka is only the latest Asian country to ban social media

Surprising discoveries

A New York City building went public. Investors can buy a stake in the 18,759-square-foot retail and office property, which trades under the name “TESLU.”

Lost Charles Darwin notebooks were returned to Cambridge University. They mysteriously appeared in a bright pink gift bag after 22 years.

Scientists documented what they think is the earliest stage of a gas planet forming. Even in its infancy, the giant AB Aurigae b is nine times the mass of Jupiter.

Fungicides used on fruits may grow a different problem. Researchers in India found the chemicals can inadvertently fuel a deadly, drug-resistant super yeast.

A test launch of NASA’s mega moon rocket was delayed again. Lightning strikes, malfunctioning fans, and valve issues have stalled the rehearsal.

Our best wishes for a productive day. Send any news, comments, TESLU stock, and nicely wrapped artifacts 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 Scott Nover, Nicolás Rivero, and Morgan Haefner.

 

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