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Here’s what you need to know
Boris Johnson announced new ministerial appointments. He resigned as the UK’s prime minister and Tory party leader yesterday, but intends to carry out his term until the fall. Meanwhile, a contest for the next leader of the party is already underway.
Indian authorities seized $59 million from China’s Vivo. The smartphone maker, which has been accused of tax evasion, has requested the probe be “non-discriminatory.”
Pfizer agreed to supply African countries with its covid-19 treatment. Vaccination rates remain low across the continent, where more than 250,000 people have died since the pandemic began.
Inflation has plunged 71 million people into poverty since March. The war in Ukraine exacerbated food and fuel prices across the developing world, according to a UN report.
Asian stock valuations hit a more than two-year low. Regional markets have struggled as recession fears loom and central banks hike rates to tame inflation.
The Netherlands is on track to make work from home a legal right. It may become one of the first countries to enshrine remote work into law, if it passes a Senate vote.
US basketball star Brittney Griner pleaded guilty to drug charges in Russia. The athlete, who has been imprisoned since February, said she did not intend to break the law.
What to watch for
Today, Spirit Airlines shareholders are set to vote on whether to merge with fellow US budget airline Frontier or reject the offer in favor of rival suitor JetBlue. Spirit and Frontier agreed to merge in February, but JetBlue stepped in with a surprise offer of its own.
Since then, JetBlue has lobbied Spirit shareholders to vote down the deal and shake on their offer instead. The vote has been delayed twice already as Spirit works behind the scenes to shore up shareholder support for the Frontier offer, which it believes is more likely to get regulatory approval.
Buying Spirit would allow JetBlue or Frontier to become the fifth largest US airline and quickly expand their fleet of jets, roster of pilots, and presence at key airports. Both companies say they want to scale up to compete with the four biggest US airlines—American, Southwest, Delta, and United—and force them to bring down prices. Plus, neither Frontier nor JetBlue wants to see their rival merge with Spirit and become an even bigger competitor.
The cost of living your best life
How much money would you need to live your ideal life?
- $10 million
- $1 billion
- $100 billion
A recent study surveyed nearly 8,000 people across 33 countries to test their answer to this question, offering a range from $10,000 to $100 billion. Turns out, people are not as desirous for extravagant wealth as might be assumed, with most opting for a moderate amount ($1 million or $10 million) amongst the options.
The findings pose a challenge to the foundational economic principle of “unlimited wants,” or the idea that people always want to consume more, which is often conflated as a core characteristic of human nature. This study suggests otherwise, and that could be good news for sustainability efforts.
What’s behind Africa’s e-commerce boom?
$46.1 billion: The amount e-commerce revenues are expected to hit in Africa by 2025, up from about $28 billion in 2020.
Several factors have contributed to the rising number of businesses selling online in Africa, including smartphone and internet use, as well as the uptake of digital payment services.
The latest issue of the Quartz Africa Member Brief zoomed in on how Kenyan logistics company Sendy is becoming a one-stop shop for ecommerce logistics across the continent.
✦ Quartz Africa members get an exclusive email each week that dives into emerging industries, trends, and companies from across the continent. Sign up for a membership today and take 40% off! And while you’re at it, sign up for the Quartz Africa Weekly to keep up with the headlines every Sunday (it’s free!)
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Our best wishes for a productive day. Send any news, comments, picky penguins, and Coca-Cola cans to email@example.com. Reader support makes Quartz available to all—become a member. Today’s Daily Brief was brought to you by Nicolás Rivero, Sofia Lotto Persio, Morgan Haefner, and Julia Malleck.