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The EU voted to ban combustion engines

The mandate will help speed the transition to fully electric vehicles.

The charging socket is seen on Ford Motor Co's all-new electric Mustang Mach-E vehicle during a photo shoot at a studio in Warren, Michigan
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  • Susan Howson
By Susan Howson

News Editor


Good morning, Quartz readers!

Here’s what you need to know

The EU voted to ban combustion engines in 2035. In the fight against climate change, the mandate would help speed up the transition to fully electric vehicles.

Vietnam’s health minister was arrested over price-gouging covid tests. An expanding investigation also targeted the capital’s mayor.

China and Cambodia officials revealed a new naval port. The countries dismissed US concerns that it would provide Beijing with a strategic military outpost on the Gulf of Thailand.

US Treasury secretary Janet Yellen said some China tariff cuts may be warranted. But she warned that such cuts are not a “panacea” for easing soaring inflation in the US.

The US emphasized allied cooperation with South Korea and Japan. The reaffirmation comes as North Korea pressed ahead with preparations for its first nuclear test exploration in nearly five years, said US officials.

A man in Berlin was detained after driving a car into a crowd. He killed a teacher and injured 14 children. Meanwhile a bus accident in Pakistan and derailed train in Iran killed dozens.

What to watch for

Crypto prices have plummeted in recent months—with bitcoin and ether in particular down 40% and 60% respectively in the last six months. So when crypto fanatics gather at CoinDesk’s Consensus 2022 conference in Austin, Texas today, the mood might be significantly less celebratory than usual.

These days, crypto news stories are more likely about scams, crimes, and regulation than success stories. Recently, the Terra-Luna stablecoin collapsed, showing it wasn’t the most aptly named coin. The US Justice Department brought charges for insider trading against an OpenSea employee in a first-ever case. And US senators introduced new legislation to regulate crypto assets as commodities—and even that would be a lenient framework.

At the conference, topics of discussion will include regulation, avoiding scams, dealing with burnout, and navigating tax laws. Crypto is seeing a vibe shift, so to say, and crypto-optimism has given way to reality checks.

4 reasons Netflix should buy Roku

Streaming hardware company Roku was born in 2007 as a Netflix initiative named “Project Griffin” that was ultimately spun off into its own company, which went public in 2017. But now Roku employees are speculating their former parent company might become their new one.

In four important ways, such a purchase would make a lot of sense.

1️⃣ Netflix is changing its tune on ads, and Roku has a baked-in advertising process

2️⃣ The aggregation game is not what it used to be

3️⃣ Roku plus Netflix’s recommendation system would be a lot of fun

4️⃣ Streaming isn’t just about TV and movies anymore

The friendshoring zone

What’s the word for running supply chains only through countries that are close political partners? Ah, yes, friendshoring.

The word is newer to the supply chain lexicon, though the concept of friendshoring isn’t. While some political and corporate leaders think friendshoring can make supply chains more resilient,  the next Weekend Brief will explain why it actually might make for choppier seas.

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