🌎 SVB looks for a savior

Plus: ADNOC’s banner IPO Was this newsletter forwarded to you? [Sign up here](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/h_gkrj9Iz-p-16hFicxYQ0yA4whHaltkooY24QZEkho=291) [Quartz](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F1850218177%2Fsvb-looks-for-a-savior%2F/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/cCHmIp9hRDgV-FiZVj6vJBeoGgXvOoGZkhXdA_Xa37E=291) March 13, 2023 [View in browser](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F1850218177%2Fsvb-looks-for-a-savior%2F/2/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/p0y-OchEYbHsd1qxbSEub4F6FpGMhidqp4v1VgdV4l8=291) Sponsored By Good morning, Quartz readers! Here’s what you need to know US taxpayers won’t bail out Silicon Valley Bank. The US government will [focus on helping depositors](%2F%2Fqz.com%2Fwith-svb-and-signature-the-us-is-making-a-systemic-ri-1850217617%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/oUGbslwBq87qVLIZe_WeM9_xuKzmZr3htXR5tOYaOF0=291) recover their money, but the US’s [second-largest banking collapse](%2F%2Fqz.com%2Fsilicon-valley-bank-is-the-second-largest-us-bank-failu-1850214350%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/YZtF3lFAK5sLzLuDVUk2ZC3B5jikmIR8QZspdV8MotE=291) to date has repercussions across the world, including [India](%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2023-03-13%2Fbanks-in-india-stand-out-amid-svb-crisis-macquarie-says/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/qWmtuBV3w-byMbGldvEBjyn4g-q1HaUjENbcc0VNRDI=291) and [China](%2F%2Fedition.cnn.com%2F2023%2F03%2F13%2Finvesting%2Fsvb-panic-china-companies-tycoons-intl-hnk%2Findex.html/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/3fLTbCbu6F1ZmNg3U1h1t19Tf2o02A11NTFs6wbavvg=291). In the UK, HSBC [has struck a deal](%2F%2Fwww.bbc.co.uk%2Fnews%2Fbusiness-64937251/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/HAJw8nSd0v9zQw92TZ64oXMwAqU_VxK0e1rW69v5ECo=291) to buy the bank’s British arm for £1 ($1.21). JP Morgan lent First Republic Bank a hand. The California-based bank secured funding from the Wall Street giant that gives it [more than $70 billion](%2F%2Fwww.wsj.com%2Farticles%2Ffirst-republic-gets-additional-funding-from-fed-jpmorgan-d11e68ca/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/UKPkYyfyv5drA9AnuFpcn0_v8Jfpp39jNh6UhXJENgg=291) in unused liquidity. Sanofi is buying Provention Bio for $2.9 billion. The French pharma giant is [offering $25 a share](%2F%2Fdocs.google.com%2Fdocument%2Fd%2F1BCu43Rsd6SIsVzk3mSOtoM8PF7ItJXnq-f_-QvpJHyg%2Fedit/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/2JgLRgc2W91fT9T0UbdNjWU1VYIPS7p902BxTFJof9w=291) for the US-based company known for its diabetes treatment. Everything Everywhere All at Once dominated the Oscars. The night was a triumph for the multiverse action film that beat All Quiet on the Western Front in [taking home the most awards](%2F%2Fqz.com%2Feverything-everywhere-all-at-once-won-all-the-oscars-ac-1850218256%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/0SZ-pJfb8KNg2LRmlo2HH17fK7Z_mboJSkXLAtZFJP0=291). Sponsor content by PwC [Sustainability: How to deliver on your commitments to stakeholders—and the planet](%2F%2Fpubads.g.doubleclick.net%2Fgampad%2Fclk%3Fid=6242427827%26iu=%2F4246/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/pamVa499rD_ST5aO5Tf0gqdbJ3-Ch6zII7RokTVyPcQ=291) Listen as Allbirds Co-CEO, Joey Zwillinger, shares how they are working towards ESG and climate goals and how to take sustainability initiatives to the next level. [Advertisement] What to watch for Abu Dhabi National Oil Company (ADNOC) Gas is launching on the Abu Dhabi stock market today (Mar. 13). Having raised $2.5 billion at a $50 billion valuation, it’d be a blockbuster IPO by any standard, but it’s also the world’s largest so far this year. The listing is remarkable for its size, but it won’t be a one-off. Countries in the Persian Gulf, and the UAE in particular, are going to see a wave of sizable debuts on bourses this year. Ananya Bhattacharya looks into [what 2023 holds for the region’s capital markets](%2F%2Fqz.com%2Fuae-ipo-listings-2023-adnoc-abu-dhabi-1850211527%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=%26rev=1678458958581/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/0xb-yGp4_rtfiy5FsASKSuMoPtxvJ_iJg5WR51n_sGs=291). The US is thawing Spring arrived at least 20 days early for many parts of the US this year, most notably in the northeast. The trend is likely to continue. In fact, the entire contiguous US as well as Alaska could see fewer frozen days by 2040, according to data from the Climate Impact Lab. Quartz’s [Clarisa Diaz breaks down](%2F%2Fqz.com%2Fby-2040-almost-every-us-state-could-have-fewer-days-be-1850207484%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/kLNfvg3h-tGCc7JysKajPqbiExDXdYs3smV4qtYsCCE=291) why analysts aren’t feeling too hot about fewer cold days. [A map of the US is shown, with states in different color gradients based their annual average days that temperatures are projected to be below zero by 2040.](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F1850218177%2Fsvb-looks-for-a-savior%2F/3/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/Vlj74F57y-HzbtX63_TZFgqj3orLMlkgNhYP7XlB-Pw=291) Graphic: (Clarisa Diaz) ✦ Do you rely on stories like this to stay in the loop? Support our newsroom by becoming a Quartz member, and take [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=289/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/VD-TxaZiRFQ4caft9JAqOA-kRxdxwdBKHSmlXdzmJuA=291). 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[Advertisement] Surprising discoveries White vans are losing their stereotype... In the UK, 43% of drivers are women, and a lot of them [eat avocados](%2F%2Ftheface.com%2Flife%2Fmeet-the-uk-white-van-women-drivers-lorries-life/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/7jfpYC-QEDF7ZD-AosRPYeB0ke49GGaIzOAAjXm3NkI=291) and do yoga. … and so is the boozy UK. Young Brits are [drinking a lot less](%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2023-03-10%2Fgen-z-is-going-sober-why-young-people-are-rejecting-uk-s-boozy-pub-culture/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/WlSv5k0dI5QOJDY-8nKYkQpsaAnRmVdOAQqf6lDvg2o=291) alcohol and opting for sobriety. The evolution of tool use may have been more accidental than intentional. TL;DR: we [might not be as smart](%2F%2Fthehill.com%2Fpolicy%2Fequilibrium-sustainability%2F3894439-new-study-on-monkeys-using-stone-tools-raises-questions-about-evolution%2F/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/Yn5mAVMwRcBwY_cvvqV4BnK6Pdu7E2VaxfNTeDakKIw=291) as we thought. Without grazing sheep, we wouldn’t have Pompeii’s ruins to study. Unruly grass, [be gone](%2F%2Fwww.reuters.com%2Fworld%2Feurope%2Fsheep-come-rescue-pompeii-ruins-2023-03-09%2F/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/m-2-pq2JfuOo9nlFGV44m6G-Y82EkpPq98JVbDyKVfo=291)! Sometimes too many trees means too many fires. Abandoned lumber forests or tree-planting efforts can mean unchecked growth that fires love to eat. Silicon Valley is [coming up with solutions](%2F%2Fqz.com%2Ffiretech-silicon-valley-wildfires-1850204437%2F%3Futm_source=email%26utm_medium=daily-brief%26utm_content=/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/9AcMMSNB0v_FYqoVT6iGcOO09BCivRjLp-neWZw4hOo=291). 🎧 Listen to the “Firetech: A match for the Valley,” the latest episode of the Quartz Obsession podcast on: [Apple Podcasts](%2F%2Fpodcasts.apple.com%2Fus%2Fpodcast%2Fquartz-obsession%2Fid1587735076/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/LfopuIEeDfO5L6CEG-fBeEcKWAYv7FqF_oFi0UJAnK0=291) | [Spotify](%2F%2Fopen.spotify.com%2Fshow%2F6yEQvRgukZ7LJGdGXNi1BT/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/VJo2yd11xj2bNaUaZ0CCVh-w_iZLxZB4POojnp86djI=291) | [Google](%2F%2Fpodcasts.google.com%2Ffeed%2FaHR0cHM6Ly9mZWVkcy5tZWdhcGhvbmUuZm0vcXVhcnR6b2JzZXNzaW9ucG9kY2FzdA/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/NITLbO2TdHX6J5rK4Sv9iXOs7xiO_acq9Ctdynf-e8I=291) | [Stitcher](%2F%2Fwww.stitcher.com%2Fshow%2Fquartz-obsession/1/01000186da716b9a-0e3147cb-503c-432c-b067-e877c3c826f8-000000/TL6m6Oob2w4qFqqYb1c0ZiQ9g4FKB_YwWsewGDcGyMA=291) Our best wishes for a productive day. 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