🌎 A swift exit from Credit Suisse

Plus: Are EVs really better for the environment? Was this newsletter forwarded to you? [Sign up here](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/t92-eyD9dq3WCw_ADWh7irwB4c9H775D-tR0n07zL88=290) [Quartz](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F1850191673%2Fa-swift-exit-from-credit-suisse%2F/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/T0_1spki7vkNcZ7vTOyKX_hMI1n8Pf8FpvoyNFE9DCc=290) March 6, 2023 [View in browser](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F1850191673%2Fa-swift-exit-from-credit-suisse%2F/2/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/1Etuir3P-x52CluNpiSBK0d2iqXinf7gB5I7t9EryPQ=290) Sponsored By Good morning, Quartz readers! Here’s what you need to know Credit Suisse lost a major shareholder. US-based activist investor Harris Associates [began its exit](%2F%2Fqz.com%2Fharris-associates-credit-suisse-saudi-national-bank-1850191631%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/FgFAJJlci3IkrB096_1YfJnKmyWMxdzIZq1e97nD0SI=290) after the Swiss bank raised $4.3 billion in a Saudi-led funding round last year. China set its lowest economic growth target in decades. Beijing settled for a [roughly 5% rise in GDP](%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2023-03-05%2Fchina-sets-modest-growth-target-as-economic-risks-persist/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/DX6atW8Moa6YvBTZGWLV3ZTkD_jp3NiyrNVXzp-duEc=290) while seeking to boost its military spending. Tesla cut the cost of two of its most popular models in the US. [Model S and Model X](%2F%2Fqz.com%2Ftesla-cut-the-price-of-its-most-expensive-models-in-the-1850191696%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=%26rev=1678101226895/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/dzsdgriqhYBOMeSu00q-6jonC-uWghWcELukY8fXnjs=290) are now 4% to 9% cheaper after investors failed to be impressed by the company’s [plans for growth](%2F%2Fqz.com%2Ftesla-investor-day-2023-musk-ev-twitter-1850168313%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/pt07VCWTyAaxp7MRuLBoiRuQvL49GQ9w4Z8qviiCUws=290) last week. Funko is sending $30 million worth of plastic figurines to the landfill. The toymaker’s [unsold stock costs more](%2F%2Fkotaku.com%2Ffunko-pop-spider-man-harry-potter-post-malone-pokemon-1850178280/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/C1qw5bgpcbF-8riIC9yrEZAdS3Cr8PVGoVdaihC08nI=290) to store than to throw away. UN members agreed to protect biodiversity in the high seas. It took more than two decades to finally approve a framework [to safeguard marine life](%2F%2Fapnews.com%2Farticle%2Fun-oceans-biodiversity-treaty-0b024fa07e8c1947236d8b8491ebf92c/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/rznSuGLj-svAd4rEQ7qpGUvfk5toVtSVRwsf2ETZNo8=290) in territories outside of national waters. Sponsor content by ADP While business today is more unpredictable than it was yesterday, the possibilities for success are endless. At ADP, we turn unpredictability into an advantage using data driven insights to design HR solutions to help businesses of every size work smarter, so they can think beyond today and find even more success tomorrow. Learn more at Why ADP. [Learn More]( What to watch for The US Citizenship and Immigration Services (USCIS)’s coffers need replenishing, but proposed changes to the cost of various visa applications which, in some cases, would [more than double](%2F%2Fqz.com%2Fwhat-higher-h1b-visa-fees-will-mean-for-indians-1849952534%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/flymA5TcfV1ysboIi3lBKet99f_q0ulUUfoAAqMlyL0=290), have been described as “simply unfair,” “outrageous,” and “untenable.” The proposal’s public consultation period was due to close today (Mar. 6), but has been postponed to Mar. 13 after a glitch last month prevented the submission of comments for several hours. Some commentators speculated that the deadline extension might give time to garner more positive feedback amid [a deluge of negative responses](%2F%2Fqz.com%2Fus-visa-fee-increase-uscis-public-comment-criticism-1850183222%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=%26rev=1677861543640/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/rCBA4tg4S_t3hk2tBW4fiEuUi1Lh7t8jqmLQpCRAn8Y=290). The proposal has received more than 4,000 comments so far, some of which reflect how such increases would impact workers and businesses in sectors from farming to entertainment. Many end with the same plea: “I urge you to reconsider.” Are EVs really better for the environment? Electric vehicle sales have been [accelerating](%2F%2Fqz.com%2Fstellantis-2022-results-electric-vehicles-fiat-new-500-1850144027%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/0UhmNU59u_DigIUGtiUD7QryJcTAHILIrPWczIc4elA=290), but while the cars may be emissionless, their manufacturing process certainly isn’t. But if the elements in an EV take such a heavy ecological toll, are they really so much cleaner than gas-fueled internal combustion engines? Compare the two options wheel-to-wheel, you’ll see a [pretty clear winner](%2F%2Fqz.com%2Felectric-vehicles-cleaner-battery-mining-1850129845%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/OwisVlB7-uWrTRADgzlTWBlc3Euy4_rSLtvx_HrZGdE=290). [A bar chart showing the life-cycle carbon emissions intensity of internal combustion engine vehicles vs. electrics vehicles. ](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F1850191673%2Fa-swift-exit-from-credit-suisse%2F/3/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/tWSCgYa-LVWuKvyW43u9ytwUWR48FAyhn-IiNVuRgbI=290) Graphic: (Clarisa Diaz and Mary Hui) ✦ Love stories like this? Support our newsroom by becoming a Quartz member. Daily Brief readers get [50% off](%2F%2Fr.g-omedia.com%2FCL0%2Fhttps:%252F%252Fqz.com%252Fsubscribe%252Fnewsletter%252F%253Futm_source=email%2526utm_medium=daily-brief%2526utm_campaign=story-love-test-50%2526code=popupsale%2F1%2F010001867b48f5d1-5a25f887-6504-4b9a-8464-5430abcda922-000000%2Fbd0g5uo3GXIlCAp7syyFrJy6kvKHC5y9L8faaZAtHbY=289/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/4x3iACHUNpwMf7lGZ-lVjcwLVrwM23U3dj_kVPx8Oo8=290). The future of Escobar’s cocaine hippos The muddy waters of Pablo Escobar’s abandoned ranch are home to a herd of 3,000–pound problems: invasive hippopotamuses. While the hefty mammals love Colombia’s ecosystem, the environment doesn’t love them back. The natural habitats of the country’s manatees and capybaras are paying the price for Escobar’s cocaine pets. But the hippos [may finally be getting a new home](%2F%2Fqz.com%2Fcolombia-hippos-esscobar-invasive-species-mexico-india-1850184330%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/yPNiRPFA2v1TugJThMr4eQU2Yw9DInC1Qwhzlp5jh5g=290). Quartz’s most popular 🚫 [Biden’s first veto could be over an anti-ESG bill](%2F%2Fqz.com%2Fbidens-first-veto-could-be-over-an-anti-esg-bill-1850181235%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/GoEvUmEMorHu-n56xmmb_Fa-sndsAwUn_4RpyQiXBtM=290) 🌍 [What the World Bank’s new leader is up against](%2F%2Fqz.com%2Fajay-banga-will-have-to-fight-the-us-government-if-he-w-1850184378%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/QzWAiAlhK130HSwNlRNnGXn_A6r7RQz974D8JTWt2eM=290) 💲 [Citizenship-by-investment programs are on the rise in Africa](%2F%2Fqz.com%2Fcitizenship-by-investment-programs-are-on-the-rise-in-a-1850183218%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/mSkso3WzQz5sqgBZFIh9DoSEyj0Gu4LcUrv68LJy-5M=290) 🌴 [Can millions of genetically modified trees slow climate change?](%2F%2Fqz.com%2Fliving-carbon-genetically-modified-trees-climate-change-1850163716%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/kqhUKnSGEEXUsddJtVlA0YiITqRn-l99kE1Vu7SYHT8=290) 🤑 [Ericsson pays up for failing to come clean on corruption](%2F%2Fqz.com%2Fericsson-bribery-charge-fine-doj-sec-1850183147%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/uT9UAzINtPjhfbBZ-XJNX4YSpnRJoubaJ2TdMoiO9bo=290) 🔩 [How are Russian airlines still flying if they can’t import spare parts?](%2F%2Fqz.com%2Fhow-are-russian-airlines-still-flying-if-they-cant-impo-1850174874%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/k27PuyTRovlaUHYUi6RhQl2A9CdsuaJC6ajY4WnJLK4=290) Sponsor content by ADP While business today is more unpredictable than it was yesterday, the possibilities for success are endless. At ADP, we turn unpredictability into an advantage using data driven insights to design HR solutions to help businesses of every size work smarter, so they can think beyond today and find even more success tomorrow. Learn more at Why ADP. [Learn More]( Surprising discoveries Come on down to fungus town. A community in Tennessee has [whiskey to blame](%2F%2Fwww.foodandwine.com%2Fwhiskey-fungus-tennessee-7182054/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/7tBb7Gj48b0ktedtc4Q4jZrl7t8t3_IWMPFITeyDXAk=290) for a pesky black mold that’s coating homes and trees. All aboard the escape-your-daily-life cruise. For [$30,000 a year,](%2F%2Fedition.cnn.com%2Ftravel%2Farticle%2F3-year-cruise-mv-gemini%2Findex.html/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/PNCkp0qb5mdUFLPMrxkbH-15806BwcI47Hd4ULkbsaw=290) a ship could be your new home. Ford is working on cars that could repossess themselves. If repo is too expensive, they’ll just drive themselves [straight to the junkyard](%2F%2Fwww.thedrive.com%2Fnews%2Ffuture-fords-could-repossess-themselves-and-drive-away-if-you-miss-payments/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/Z-kGJUYqYhy2UhWgllby0SlIuDpHohf-ASC-8Bns4fk=290). Deep boreholes could solve our nuclear waste problem... They’d keep waste [much farther](%2F%2Farstechnica.com%2Fscience%2F2023%2F02%2Fcould-deep-boreholes-solve-our-nuclear-waste-problem%2F/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/TncsHp5Fe2O-O9w6PB7iaqPgUKkm9XGhkuCgb4z7Dnc=290) away from groundwater, for one thing. … and clean energy could also bring us clean water. Nuclear fusion power could finally make desalination reality—we just need to make fusion power a reality first. [Episode 2](%2F%2Fqz.com%2Fnuclear-fusion-power-breakthrough-climate-change-1850175543%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/1OHN5nXAkpe8x1qFsCL8re5AOwTPuG22ysQFGoJ_8wY=290) of the [Quartz Obsession](%2F%2Fqz.com%2Fseries%2Fquartz-obsession-podcast%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/uvoAbZjX6W6BZ65AtumZRK4iDJkylzHQyydlax5Wm7E=290) takes the plunge into our fusion powered future. 🎧 Listen on: [Apple Podcasts](%2F%2Fpodcasts.apple.com%2Fus%2Fpodcast%2Fquartz-obsession%2Fid1587735076/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/WK4m3Ax2qDWgnbwdyXxOqEuL1D6RLGQbqIVHKYSOmiE=290) | [Spotify](%2F%2Fopen.spotify.com%2Fshow%2F6yEQvRgukZ7LJGdGXNi1BT/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/kLpmRvRdm3BIYMTlcq2vx8b0e3ElaPXl_oT3_ybHZkg=290) | [Google](%2F%2Fpodcasts.google.com%2Ffeed%2FaHR0cHM6Ly9mZWVkcy5tZWdhcGhvbmUuZm0vcXVhcnR6b2JzZXNzaW9ucG9kY2FzdA/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/iH0d0Trc7-bJVWqYXv0hmgx6-7jXD3pK7MVVXA017Ro=290) | [Stitcher](%2F%2Fwww.stitcher.com%2Fshow%2Fquartz-obsession/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/_s5ulx6iIpmlk5xo87zkRlqifvyk6IwhxZDJHqIfqaA=290) Our best wishes for a productive day. Send any news, comments, bermuda shorts, and fusion food to hi@qz.com. Reader support makes Quartz available to all—[become a member](%2F%2Fqz.com%2Fsubscribe%2F/1/01000186b6cb6e95-84d3f728-a2bb-4a72-8c3b-fc3e504baa99-000000/O2cVfWWqgl09RDBNyyQf-kSZUjqkR21SM_Y6XtlHhQ8=290). Today’s Daily Brief was brought to you by Sofia Lotto Persio, Julia Malleck, and Morgan Haefner. 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