🌍 US, China drag down the global economy

Plus: 15-minute delivery is just the start [Quartz]( Good morning, Quartz readers! Was this newsletter forwarded to you? [Sign up here](. Forward to a friend who’d [pick bitter over sweet](. Here’s what you need to know The US and China are dragging down the world economy. The IMF [lowered its prediction]( for global growth in 2022, in part because of slowdowns in the globe’s two largest economies. Shein still wants to go public in New York. The Chinese e-commerce site’s founder is reportedly thinking about [changing his citizenship]( to get around Beijing’s offshore IPO rules. Companies are worried about potential US sanctions on Russia. Officials [will want to hit]( critical Russian sectors such as aerospace and quantum computing. But a trade group, [representing firms]( such as Chevron and General Electric, is pushing for exemptions so that American companies can fulfill their commitments in Russia. The US is helping Europe find alternate energy sources. If Russia invades Ukraine, it could [disrupt gas shipments]( to the EU. US president Joe Biden also said sanctions against Russian leader Vladimir Putin are on the table. Pfizer will start testing an omicron vaccine. Some health experts question if it’s worth it, given [omicron cases are usually less severe]( and the next variant could be completely different. Mark Zuckerbeg’s cryptocurrency project is collapsing. Meta owns a third of the Diem Association (once known as Libra), the stablecoin initiative [that is now trying]( to sell its assets and return capital to investors. What to watch for Today, Z Holdings, a SoftBank company that operates Yahoo Japan’s search engine and e-commerce services, is [expected]( to lay out its strategy for so-called “quick commerce,” or delivery of groceries and household goods in as little as 15 minutes. Z Holdings, like so many other businesses around the world, is vying for a slice of the money that can be made from the frequent, consistent purchases of food. Let’s look at the receipts: 450: Global cities that can support quick delivery [≤18%:]( Expected grocery share of the US e-commerce market in the next three to five years [$15 billion:]( The valuation of Gopuff, a Philadelphia-based super-fast delivery company [$25 billion:]( Expected value of the “quick commerce” market in the US in 2021 The 15-minute promise Z Holdings isn’t the only company racing to make grocery delivery near instantaneous. But [15-minute delivery is just the start]( for companies from Gopuff to Amazon. ✦ [Try a seven-day free trial of Quartz membership]( to read why, and get other member-exclusive emails, too. India’s newest decacorn The accelerated adoption of food and online grocery paired with a rise in consumer demand for food delivery is a well-cooked combination for India’s latest decacorn: Swiggy. The SoftBank-backed food-tech firm [just closed a $700-million]( funding round led by asset manager Invesco. With its new valuation of $10.7 billion, Swiggy is the latest firm to enter India’s decacorn club of companies with at least a $10 billion valuation. It’s also better positioned to take on rivals like Zomato and powerhouses like Reliance and Amazon, which have made investments in the food delivery space. [A bar chart shows decacorn startups in India. Flipkart leads with $37.6 billion valuation, followed by Byju with $21 billion, Paytm with $16 billion and Swiggy with $10.7 billion.] Handpicked Quartz 🍸 [One of the beverage world’s favorite plants is named for the slave who discovered its promise]( 📖 [The West already monopolized scientific publishing. Covid made it worse.]( 📉 [Crypto’s crash shows digital currency is not a hedge against inflation]( 💵 [Why climate charities can deliver the most charitable bang for the buck]( 🌊 [Shipping lines are paying workers bonuses of more than three years’ salary]( 👎 [The Fed’s CBDC report was lame on purpose]( Surprising discoveries There’s a right way to pay homage to a movie… A tarantula-killing worm was named after Jeff Daniels in honor of his[Arachnophobia character](, who saves a town from killer spiders. …And a wrong way. Two men brought a dead body, Weekend at Bernie’s-style, to an Irish post office to pick up the [deceased’s pension check](. Giving cash stipends to poor mothers improves their babies’ brains. Honestly, this one [isn’t actually all that surprising](. A Mexican cartel used Grand Theft Auto to recruit drug mules. At least one player agreed to drive across the US border with what turned out to be a [shipment of methamphetamines](. A Martian underground “lake” is probably volcanic rock. A new study called hopes for finding water a “[dusty mirage](.” 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, tasteful movie homages, and proof of extraterrestrial water 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 ​​Michelle Cheng, Niharika Sharma, Liz Webber, Morgan Haefner, and Samanth Subramanian. [facebook]( [twitter]( [external-link]( Enjoying Quartz Daily Brief? Forward it to a friend! They can [click here]( to sign up. If you’re looking to unsubscribe, [click here](. Quartz | 675 Avenue of the Americas, 4th Fl | New York, NY 10010 | United States Copyright © 2022 Quartz, All rights reserved.