🌎 Student debt (band-)aid

Plus: Tesla’s trendy stock split Was this newsletter forwarded to you? [Sign up here]( [Quartz]( August 25, 2022 [View in browser]( Good morning, Quartz readers! Here’s what you need to know US president Joe Biden is forgiving $10,000 in student debt for most borrowers. It’s [too much for conservatives]( and too little for progressives, but changes in income-based payments could [have a big impact](. Long covid could be responsible for 15% of US labor shortages. [More than 2 million Americans]( are thought to be unable to work because of the condition. Social media platforms took down a campaign to promote US interests abroad. It’s the first time Meta and Twitter [discovered and removed]( such an operation. Peloton is riding on Amazon. The deal ends Peloton’s reliance [on its website and stores]( for selling its at-home equipment products. The US National Labor Relations Board accused Starbucks of union-busting practices. A complaint alleged the coffee chain [illegally withheld wages]( of unionized workers. Amazon Care is shutting down. The decision to end the primary care and telehealth service follows [Amazon’s acquisition]( of One Medical and [rumored bid for]( Signify Health. Peru is suing Repsol over the January oil spill. The Latin American country [seeks $4.5 billion]( in damages from the Spanish oil company. What to watch for After the market closed yesterday, Tesla did one of the trendiest things in finance—it [split its stock](. Every share held in Tesla is now three shares, with each worth a third as much as the original. In June, Amazon executed a [20-for-1 stock split](and meme stock [GameStop split 4-for-1]( in July. Apple, Google, and Shopify have all been to Splitsville too, but this is Tesla’s second trip. The electric car manufacturer completed a 5-for-1 stock split just two years ago, in August 2020. So why do companies do this? Stock splitting is more of a psychological marketing trick than a feat of financial engineering. But with many large publicly traded companies courting retail investors, it’s come back in style. And [stock prices typically rise]( with increased retail buying in the weeks leading up to a split. So it’s not just a cosmetic change, is it? China’s dictionary as economic indicator In 2014, when the last edition of the Standard Dictionary of Contemporary Chinese was published, terms like “sharing economy” and “carbon neutral” hadn’t caught on, much less “influencer.” But the 2022 edition has [a number of new entries]( that reflect key political socioeconomic trends in China, as well as the challenges that lie ahead. 📖 “New normal” [新常态]: According to Chinese state media, the Chinese version of the phrase and its eponymous theory were first coined by president Xi Jinping in 2014. Its inclusion in the dictionary is a reminder that Beijing is far from realizing its goal of rebalancing the economy. 📖 “Overtaking on the bend” [弯道超车]: Supercharging China’s technological capabilities to surpass those of major powers like the US is a staple of China’s many industrial policies. While China has “overtaken the bend” in EVs and batteries, not all of Beijing’s efforts have panned out. Corporate purpose takes a step backward A New York judge ruled against Ben & Jerry’s in an unusual case earlier this week. The ice cream maker had taken its parent company, Unilever, to court, arguing that selling its product in Occupied Palestinian Territories through a local distributor threatened Ben & Jerry’s overall mission. ​​The case highlights a question gaining prominence within modern capitalism: [What is the purpose of companies?]( ✦ Love a deep dive? Member support helps keep Quartz stories like these free and accessible to all. Sign up today and [take 40% off]( when you do! Message from Our Partner Subscribe to B The Change Weekly. B The Change Weekly delivers the most important and most relevant stories about people using business as a force for good. The newsletter from B Lab U.S. & Canada features insight and context on the stories we share. [Subscribe today]( Quartz’s most popular 💉 [240 million Americans will likely be eligible for omicron-specific vaccine boosters after Labor Day]( 🖼 [Exhibition of Benin artworks returned from France showcase royal past]( 🪞 [Nigeria’s TV and film industry is influencing fashion]( 🐭 [Google’s Sajith Sivanandan to lead Disney+ Hotstar India]( ☹️ [No one wants to work in American nursing homes after covid]( 🪑 [Searches for “remote work” (and “back pain”) are spiking]( Surprising discoveries Dugongs are functionally extinct in China. The gentle sea cow [hasn’t been spotted in Chinese waters]( for several years. The drought in Texas unveiled dinosaur tracks. Act fast, Instagrammers, they’ll be [underwater again]( in a week. Scientists are developing wind turbines using food-grade resin. They can be broken down and [recycled into gummy bears](. A giant space umbrella will measure how much wood is left in forests. It will [help us understand the role of trees]( in carbon capture. Wild oysters truly are better in R-months. When the [weather is colder](, oysters are more mature, tastier, safer, and more sustainable. Our best wishes for a productive day. Send any news, comments, hydrogen power and wandering dugongs to hi@qz.com. Reader support makes Quartz available to all—[become a member](. Today’s Daily Brief was brought to you by Annalisa Merelli, Mary Hui, Sofia Lotto Persio, and Susan Howson. [🌐 View or share this email online.]( [📬 Check out our emails]( [👀 Read Quartz’s latest stories]( [📈 See what stories are trending]( 1290 Avenue of the Americas, New York, NY 10104 © 2022 G/O Media Inc. [Unsubscribe](