🌎 Student debt repayment's extended break

Plus: Genesis was behaving badly Was this newsletter forwarded to you? [Sign up here]( [Quartz]( November 23, 2022 [View in browser]( Good morning, Quartz readers! Here’s what you need to know The Biden administration extended a student debt repayment pause. The Department of Education is waiting for the Supreme Court to review injunctions from lower courts [against the $400 billion relief program]( before resuming repayments. Videos uploaded on social media purportedly show unrest at Foxconn’s iPhone factory. Workers appear to be violently protesting [pay and working conditions](, as well as strict covid regulations. A mass shooting took place at a Walmart store in Chesapeake, Virginia. Police said [six people were killed]( by a gunman, who has also died. Donald Trump’s Truth Social got a deadline extension for its SPAC deal. The planned acquisition, which is currently facing regulatory scrutiny, is one of the reasons why the former president [has yet to make a return]( on Twitter. Meta’s comms director denied a rumor about a possible Mark Zuckerberg departure. There was nothing indicating such a rumor had any substance, but Andy Stone’s public reply [put the idea on the table]( for all to consider. The UK started investigating Apple and Google’s mobile systems. Antitrust authorities have 18 months to probe potential [anti-competitive behavior](, with a focus on mobile browsers and cloud gaming. Cristiano Ronaldo split with Manchester United. The two parties [severed their ties]( after the 37-year-old player publicly criticized the club. In other sports drama, Saudi Arabia declared [a public holiday]( after clinching a historic victory over soccer powerhouse Argentina. What to watch for The UK Supreme Court decided Scotland cannot hold [a second independence referendum]( without approval from Westminster. The ruling gives first minister and Scottish National Party leader Nicola Sturgeon more clarity on the legality of the referendum demands. She will now need to focus her efforts on persuading UK prime minister Rishi Sunak to allow for a vote to take place nearly a decade after 55% of Scots rejected independence. Sunak has repeatedly stated his objection to a second referendum, not just on principle, but also because of the economic damage that he fears uncertainty around the vote would cost the country. Recent opinion polls have also shown that neither side of the debate would be assured a clear victory. That won’t stop supporters of Scottish independence from showing their desire to leave the UK; [more than a dozen rallies]( are set to take place today (Nov. 23). Et tu, Genesis? Genesis Global Capital abruptly halted operations last week, blaming crypto market turmoil and a crisis of confidence in the industry. Three people familiar with operations at Genesis during the recent crypto boom-and-bust period told Quartz that the company’s loans were sometimes unsecured or secured with collateral from other clients. Sound familiar? These are the same practices that felled Alameda Capital, the hedge fund attached to FTX, which declared bankruptcy this month. Alameda took loans from Genesis using FTX’s now-worthless token [as collateral](, Reuters reports, though the amount of debt is still unknown. In a nutshell, [Quartz’s investigation of Genesis Global Capital]( has found: 🤷 Unsecured loans to clients, who then used that money to raise capital during the crypto bull market without having to sell their holdings. 😓 Secured loans that had their collateral lent out as well, a practice known as rehypothecation that is closely regulated in traditional finance after it helped set off the 2008 global financial crisis. When did luxury brands’ customers get so young? Photo: Getty Images(Screenshot / Getty Images) Once devoted to ballgowns, Balenciaga has undergone a streetwear-savvy makeover, hawking everything from sneakers to trash bags to whatever’s going on in the above picture. In 2019, millennials and Gen Z accounted for 40% of luxury shoppers in North America, and 44% for the industry globally. These generations are expected to account for as much as 70% of the global luxury market by 2025. China’s growing, young luxury market is partly responsible for the trend, as is savvy marketing, forays into casualwear, and fashion resale sites. The most fun way to measure the shift, though, is undoubtedly “Who’s dropping what brand name in which Billboard Top 100 song?” Quartz’s Tiffany Ap [does just that in her breakdown]( of luxury consumer trends. ✦ Help keep Quartz free for those who can’t sport Gucci on the regular, and grab a membership now, at [50% off our usual price](. Message from Our Partner Do you want to stay up to date on industry trends that drive the future? You’re not alone — which is why we read TheFutureParty. Trusted by over 190,000 driven professionals, their daily newsletter delivers stories that intersect between media, technology, and business. Don’t miss out on concise hot takes that are actually digestible and fun to read. [Subscribe for free]( Quartz’s most popular 🤐 [Trump gets to tweet again—so what’s he waiting for?]( ⤵️ [The fall and fall of Peter Thiel-backed right-wing fintech app GloriFi]( 🚂 [The US is back on track for a rail strike this holiday season]( ❌ [A running list of all the things that aren’t working on Twitter anymore]( 💸 [Qatar’s $200 billion splurge will be hard to justify when the World Cup ends]( 👐 [The next big perk for Gen Z isn’t in the office: it’s belonging]( Surprising discoveries Bacteria may have more air mileage than you. They can fly [thousands of kilometers]( aboard floating dust particles. The universe is now clickable. Johns Hopkins has created a free, interactive map featuring [200,000 galaxies](. Cars in the future could include PlayStation consoles. Sony and Honda are shooting for “[PS5 capability](” by 2025. A new AI renders 3D models from text prompts. Nvidia’s Magic3D claims to be [two times faster]( than Google’s DreamFusion. Your shoe can double as a wine opener. All you need is flat footwear, a solid wall, and a [few good whacks](. Our best wishes for a productive day. Send any news, comments, bacteria passports, and universe directions, to hi@qz.com. Reader support makes Quartz available to all—[become a member](. Today’s Daily Brief was brought to you by Nate DiCamillo, Ananya Bhattacharya, Sofia Lotto Persio, Julia Malleck, 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](