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🌍 Hong Kong’s financial sequel

China will keep Hong Kong’s financial secretary in place, signaling little policy change for the sector

Hong Kong Chief Executive-designate John Lee attends a news conference with his newly appointed cabinet.
Reuters/Tyrone Siu
Hong Kong Chief executive-designate John Lee attends a news conference with his newly appointed cabinet.
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  • Morgan Haefner
By Morgan Haefner

Deputy email editor

Published

Good morning, Quartz readers!


Here’s what you need to know

Hong Kong is sticking to its financial course. Finance secretary Paul Chan will retain his post, signaling little change to Hong Kong’s financial policy under incoming leader John Lee.

The party of French president Emmanuel Macron is projected to lose its ruling majority. A coalition of leftist parties and the far-right party are on course to pick up more seats in the country’s national assembly.

China kicked off a peace conference in Ethiopia. The first-of-its-kind meeting in Addis Ababa will focus on stability in the Horn of Africa, marking a shift in Beijing’s strategy of nonintervention in the area.

A delegation from the IMF is traveling to Sri Lanka today. The country is seeking a loan to help it through its worst economic crisis since 1948. Over the weekend, the country’s military opened fire on demonstrators who were protesting fuel shortages.

Qantas and Airbus pledge $200 million for low-carbon jet fuel. The airline and the planemaker hope to ramp up sustainable aviation fuel production in Australia.

Heavy rains flooded India and Bangladesh. The monsoon storms have killed more than 40 people, left millions stranded, and halted flights at Bangladesh’s third largest airport.

Eurovision looks to the UK. Usually the winner of the song competition is the next host, but organizers decided Ukraine won’t be able to in 2023.


What to watch for

Europe is adjusting to new cuts in its natural gas supply after Russia stopped or reduced the flow of gas into a dozen countries including Germany, France, Poland, and Italy last week. The fuel cuts coincide with a heat wave stretching across Europe from the Mediterranean to the North Sea.

In response, Germany announced yesterday it would restart its coal-fired power plants, a setback for climate policy after the country invested $45 billion to phase out coal by as early as 2030. Italy may be forced to ration gas and burn more coal to meet power demand this week, and Spanish power plants are stockpiling gas to prepare for coming shortages. In the coming days, more European governments are likely to announce their plans for coping with fuel shortages.


Will Amazon run out of people to hire?

Amazon, the world’s second largest private employer, may be running out of people to hire. An internal research memo obtained by Recode indicated that the e-commerce giant is worried its available US warehouse labor will deplete very soon.

Amazon has played down the implications of the research memo, saying it doesn’t represent what’s really going on. But even if the company isn’t on the cusp of a labor shortage, it is struggling with attrition as employees raise concerns about unsafe working environments and lead unionization efforts. It’s clear even Amazon knows it’s getting harder to find people who consider the work fulfilling.

2024: Year the memo predicts Amazon’s US warehouse labor supply will dry out

75%: Rate at which Amazon’s global workforce grew during the pandemic

70%: Share of Amazon’s retail business sales that are in the US

$18: Amount Amazon has raised its minimum wage to, on average


Africa’s CEOs are hyped on Côte d’Ivoire

Deloitte's Africa CEO results

Côte d’Ivoire is reclaiming its reputation as a top investment destination in Francophone Africa—and on the continent as a whole, according to the 2022 CEO Barometer Survey released at the Africa CEO Forum in Abidjan, the largest annual gathering of Africa’s private sector.

Political stability, favorable business climate reforms, and a strong economy are the key factors in the west African country’s renewed prominence.

Quartz Africa editor Ciku Kimeria wrote about why companies want to do business in Côte d’Ivoire in the latest Quartz Africa Weekly briefing. Keep up with the continent by signing up today and reading our latest edition.

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Surprising discoveries

Half of Japan’s businesses may still be using Internet Explorer… A report found a fifth of companies didn’t even have a plan for switching browsers once Microsoft ended support.

…while in South Korea, Internet Explorer got a final resting place. A software engineer paid  430,000 won ($330) for a headstone commemorating the browser on top of a cafe.

Nepal is moving its Everest base camp to a lower altitude. Climate change and overuse is melting the Khumbu glacier where 1,500 people gather each season.

There’s already litter on Mars. NASA believes a shiny object photographed between two red rocks is a piece of a foil thermal blanket from a 2021 mission.

People are saving their pee for farmers. A fertilizer shortage has inspired some Americans to fill jugs with urine to help their local growers increase crop yields.



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