Hong Kong’s financial sector can expect more of the same — Quartz Daily Brief — Quartz


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Hong Kong maintains its financial course. Finance Secretary Paul Chan will retain his post, signaling little change in Hong Kong’s financial policy under new leader John Lee.

French President Emmanuel Macron’s party is set to lose its ruling majority. A coalition of left-wing parties and the far-right party are poised to win more seats in the country’s National Assembly.

China has launched a peace conference in Ethiopia. The first meeting of its kind in Addis Ababa will focus on stability in the Horn of Africa, marking a shift in Beijing’s non-intervention strategy in the region.

An IMF delegation is visiting Sri Lanka today. The country is seeking a loan to help it weather its worst economic crisis since 1948. Over the weekend, the country’s military opened fire on demonstrators protesting fuel shortages.

Qantas and Airbus pledge $200 million for low-carbon jet fuel. The airline and aircraft manufacturer hope to accelerate sustainable production of aviation fuel in Australia.

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

Eurovision is turning to the UK. Usually the winner of the song contest is the next host, but the organizers decided that Ukraine could not do so in 2023.

To monitor

Europe is adjusting to further cuts in its natural gas supply after Russia halted or reduced the flow of gas to a dozen countries including Germany, France, Poland and Italy last week last. The fuel cuts coincide with a heatwave that is spreading across Europe from the Mediterranean to the North Sea.

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

Will Amazon run out of people to hire?

Amazon, the world’s second-largest private employer, may be running out of staff to hire. An internal research note obtained by Recode said the e-commerce giant fears its available workforce in US warehouses will run out very soon.

Amazon played down the implications of the research note, saying it does not represent what is actually happening. But even though the company isn’t on the cusp of a labor shortage, it’s grappling with attrition as employees raise concerns about unsafe work environments and lead efforts of unionization. It’s clear that even Amazon knows it’s getting harder and harder to find people who find the job satisfying.

2024: The year the memo predicts labor supply at Amazon’s U.S. warehouses will dry up

75%: Growth rate of Amazon’s global workforce during the pandemic

70%: Share of Amazon retail sales made in the United States

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

African CEOs love Côte d’Ivoire

Côte d’Ivoire is reclaiming its reputation as a top investment destination in Francophone Africa – and 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 the African private sector.

Political stability, business-friendly reforms and a strong economy are key factors in the West African country’s renewed prominence.

Quartz Africa Editor-in-Chief, Ciku Kimeria, explained why companies want to do business in Ivory Coast in Quartz Africa’s latest weekly briefing. Follow the continent’s news by registering today and reading our latest edition.

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Surprising discoveries

Half of Japanese companies may still use Internet Explorer… A report found that a fifth of companies didn’t even plan to switch browsers once Microsoft ended support.

…while in South Korea, Internet Explorer had a final resting place. A software engineer paid 430,000 won ($330) for a tombstone commemorating the browser atop a cafe.

Nepal moves its Everest base camp to a lower altitude. Climate change and overexploitation are melting the Khumbu Glacier where 1,500 people gather each season.

There is already trash on Mars. NASA believes a bright object photographed between two red rocks is a piece of an aluminum thermal blanket from a 2021 mission.

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

Our best wishes for a productive day. Send news, comments, Internet Explorer memories and space junk pickers to hi@qz.com. Reader support makes Quartz accessible to everyone – become a member. Today’s Daily Brief is brought to you by Nicolás Rivero, Ana Campoy and Morgan Haefner.


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