More Chinese property developers are in trouble

Plus: WeWork is finally going public. [Quartz]( Sponsored by Good morning, Quartz readers! Was this newsletter forwarded to you?[Sign up here](. Forward to the friend who is [most excited about the Rugby World Cup](. Here’s what you need to know Two more Chinese real estate developers are in trouble. Sinic Holdings said it likely won’t repay $250 million worth of bonds and China Properties Group said it defaulted on $226 million worth of notes, all while [questions around Evergrande’s future swirl](. Americans will be cleared to mix and match booster shots. The Food and Drug Administration will let people in the US [receive a Covid-19 vaccine]( booster that is different than the one they initially received. The WHO is aiming to secure low-cost Covid-19 drugs for poor countries. The new program seeks to [provide fair access]( to tests and antiviral drugs after poor countries were pushed aside by rich nations in the race to secure vaccines. Apple dropped new products. At the company’s Unleashed event, humankind learned of the [MacBook Pro 14-inch]( and the [third generation of AirPods](. Facebook is seeking “metaverse” talent. The company said it will [create 10,000 jobs in the EU]( and invest $50 million to ensure its virtual world is built “responsibly.” Foxconn unveiled three “Foxtron” EV prototypes. Plans for an electric sedan, an SUV, and a bus are part of the Taiwanese iPhone assembler’s [push into the auto industry](, though Foxconn doesn’t plan on making the vehicles itself. Former US secretary of state Colin Powell died. Powell was the [first Black person to hold the office](, but his biggest legacy is arguably his role in pushing the US toward war with Iraq. Sponsor content by JobsOhio Ohio’s economy is booming, and the rest of the world is getting in the game. The Buckeye State is home to 4000 international companies and employees from all over the world. Doing business here means [doing business on a global stage](. What to watch for WeWork is expected to make its public debut this week, pending approval of a SPAC (special purpose acquisition company) merger with BowX Acquisition Corp., whose shareholders [will vote]( today on the $9 billion deal. It’s been a rocky road to the New York Stock Exchange for WeWork, which [infamously bombed]( its 2019 attempt at an IPO under the helm of disgraced founder Adam Neumann. Now under new leadership, WeWork is trying to show investors that it’s become a responsible company. But because [SPAC deals are less transparent]( than traditional IPOs, it may be harder for investors to parse the coworking company’s true state of affairs. Acquisition targets are not required to face the same levels of [scrutiny and due-diligence obligations]( as companies that undergo an IPO. And unlike traditional IPOs, the SPAC process permits companies to make [potentially inflated projections]( about their future earnings. Sarah Todd has more on the [potential dangers of SPACs](. Another financial debut: A bitcoin ETF The first US exchange-traded fund (ETF) for bitcoin is set to start trading as early as today. The launch of the bitcoin ETF, run by ProShares under the ticker “BITO,” comes as bitcoin prices have risen to about $62,000, the highest price on a closing basis since April. [A line chart showing bitcoin's price from 2017 through 2021, with spikes at the points where its futures start trading on CBOE, and much larger ones at Coinbase's IPO and when US bitcoin ETF are poised to trade in 2021.] If recent history is any guide, the US Securities and Exchange Commission’s green light for the ETF could mark another peak for crypto. Two earlier watershed moments for digital assets—bitcoin futures’ debut on trading exchange Cboe Global Markets and Coinbase’s IPO—[were followed by losses](. With several other bitcoin ETFs slated to hit the US market in coming weeks, [history could be set to repeat itself](. What’s a DAO? Imagine a company owned and run by its shareholders, without a CEO. Imagine its rules, its governing structure, even its basic functions are locked in and automated by immutable code—specifically by blockchain technology. That’s the central idea behind decentralized autonomous organizations (DAOs), which have become increasingly popular amid a maturing tech ecosystem, particularly in [finance](. But the idea goes beyond corporate structure: Proponents say that the rise of DAOs will transform how people run communities in general, overhauling not just companies, but the broader internet—and eventually, [society at large](. Before the DAO market can expand and go even more mainstream, proponents and other stakeholders have [some questions to answer](. SPAC, ETF, DAO—a Quartz membership will keep you up to date with all the latest business acronyms, as well as what they mean for the global economy. [Sign up today]( and get 40% off with code QZEMAIL40. One last acronym… 🎧 This week on the Quartz Obsession podcast, we’re talking about CAPTCHAs: Completely Automated Public Turing tests to tell Computers and Humans Apart. They stop robots from gumming up the internet, but what happens as it gets harder to prove our humanity online? [Click here to listen](, or subscribe on [Spotify](, [Apple](, [Google](, or wherever you get your podcasts. Sponsored by American Express Quartz announcement It's hard to imagine a time in our work lives before Slack. Ali Rayl, VP of Product, has spent the past seven years learning from users and teammates how to #makebusinessbetter and building Slack into the critical collaboration tool it is today. Tune in at 11am ET today, October 19, via Quartz's [YouTube](, [Facebook]( or [LinkedIn]( channels to hear Ali share her lessons with Quartz CEO Zach Seward, from making bold pivots to accelerating for scale to tackling her own remote work challenges of the past year and half. Handpicked Quartz 🦢 [China’s GDP data shows the damage to its economy from “black swan” events]( 🌱 [How does global climate finance get spent?]( 🤨 [The COP26 climate summit has corporate sponsors—and they’re already demanding changes]( 💰 [2021 has already shattered yearly records for startup funding]( 😔 [Ghana’s new anti-gay bill proposes prison terms for LGBTQ+ Ghanaians and their allies]( ⛓ [The Indian government is testing blockchain technology to streamline its logistics industry]( Surprising discoveries A crusader sword was found beneath the Mediterranean Sea. A diver spotted the [900-year-old shell-encrusted weapon]( in a cove that was a popular sheltering spot for marine vessels. An award-winning Spanish female author is actually three men. [Carmen Mola’s works]( have been cited on lists of must-read books by and about women. Vienna museums opened an OnlyFans account. It was getting too difficult to promote works of nude art on [any other social platform](. A UK bakery used illegal sprinkles. They [contained red E127 food coloring]( that’s only allowed in candied cherries, as everyone knows. Otters don’t damage aquatic ecosystems by digging for clams after all. They actually [improve eelgrass’s genetic diversity](, which in turn makes the whole habitat healthier. SPREAD THE WORD Over 500k readers and counting. You already know why half a million people read the Daily Brief, so why not spread the word? [Share the Daily Brief today]( and get rewarded. Our best wishes for a productive day. Send any news, comments, pen names, and illicit bakery toppings 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 Sarah Todd, John Detrixhe, Jasmine Teng, Morgan Haefner, Susan Howson, and Liz Webber. [facebook]( [twitter]( [external-link]( Enjoying Quartz Daily Brief? Forward it to a friend! They can [click here]( to sign up. 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