🌎 The legality of legacy

Plus: All about that luxe | Was this newsletter forwarded to you? [Sign up here](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F/1/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/d3yWaEFn9L42FHbQm-ukaw7TCgkeLKPTPe9dHYvtRPc=311) [Quartz](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F1850677221%2Fthe-legality-of-legacy%2F/1/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/OAsrxjU-xXAXbtSL4oKxPQEHtVDELOSzL_qsTpd6UNM=311) July 26, 2023 [View in browser](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F1850677221%2Fthe-legality-of-legacy%2F/2/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/1c2xEwsU1mvqFMroQEXmLaQhgol7aoTG7Od1kP60SWw=311) Sponsored By [Visitors walk through the Yard near the John Harvard Statue at Harvard University in Cambridge, Massachusetts, U.S., July 6, 2023.](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F1850677221%2Fthe-legality-of-legacy%2F/3/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/JWcPSc1PPelVDhiQXkPeqv-pTTYuBsxZQEpVMeDgUNg=311) Photo: Reuters (Brian Snyder) Good morning, Quartz readers! Here’s what you need to know The US Department of Education is investigating Harvard’s legacy admissions. A complaint alleges that [favoring legacy and donor-linked applicants](%2F%2Fqz.com%2Fharvard-legacy-admissions-education-department-probe-1850677262%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850677221/1/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/thm839-6-KrorDoT4lbmhZo50zYLH4x7gwjJ1H6kWw8=311) in college admissions violates federal civil rights law. Banc of California is swallowing up long-struggling PacWest. The combined bank [will have $36.1 billion in assets](%2F%2Fqz.com%2Fbanc-of-california-pacwest-merger-regional-bank-crisis-1850677213%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850677221/1/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/62N8Nd2f3T-J2BeTiOUCzT_CKiZDfGnsBzUKwEYSfJU=311), less than what PacWest held at the end of March. Slower Azure growth clouded enthusiasm for Microsoft’s AI development. The tech giant’s shares [fell more than 3%](%2F%2Fqz.com%2Fmicrosoft-investors-are-reconciling-hopes-for-ai-with-c-1850675794%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850677221/1/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/tL6CKN4NQtrGYjrppiUdnIf-FSCn6E-cFnjFlRptrh0=311) in after-hours trading after reporting slow revenue growth. UPS and Teamsters struck a tentative deal. The [new five-year contract](%2F%2Fqz.com%2Fups-avoided-a-major-strike-as-teamsters-tout-historic-1850675721%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850677221/1/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/PgGSByqxAldEFYdTvu0uJJjDcOFF1CwIct51vLInIIM=311) now faces a vote from the 330,000 union members. General Motors delivered good earnings news thanks to gas-guzzling cars sales. A milestone in electric vehicle production [didn’t dispel concerns](%2F%2Fqz.com%2Fgm-earnings-stock-ev-production-target-ultium-battery-1850673741%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850677221/1/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/cLt1SevNEiPQr9SOLj13zkV2QKslOl2l1XixlYCZDAM=311) about battery production delays. Sponsor content by Baker Tilly [Baker Tilly]( Go there. Start here. [advertisement][advertisement][advertisement] Asia and Europe can’t shake their hunger for luxury goods LVMH has two regions to thank for the bulk of the French luxury giant’s latest revenue growth: Asia and Europe. But the US? Not so much. Just [take a look at sales growth rates](%2F%2Fqz.com%2Flvmh-earnings-q2-2023-asia-europe-us-slow-growth-1850674844%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850677221/1/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/a5Czbv-eePdrKV5XYnAAW6VCPdLYmZX3iS6txyyC2qs=311) in the three markets for LVMH’s second quarter: 23%: Increase in revenue in Asia (excluding Japan), compared to a year ago 22%: Increase in sales in Europe, compared to a year ago 3%: Year-over-year revenue increase in the US 😬 Pop quiz: The cost of ad-free tunes is going up Which country isn’t subject to Spotify’s first premium subscription price hike in 12 years? A. Brazil B. India C. UK D. Singapore Hint: It’s one of the fastest growing markets for the Swedish music streaming service, with an estimated 55 million users. [Quartz’s Julia Malleck has the answer for you](%2F%2Fqz.com%2Fspotify-q2-earnings-premium-price-subscription-hike-1850673183%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850677221/1/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/pjvBFLhcmwDjLh45i1ixGs7BPaTYxCHOYtQc6A4THHg=311). One big number: $190 million Amount the US Virgin Islands wants JPMorgan to pay in penalties and disgorgement for entertaining Jeffrey Epstein as a client. America’s largest bank and the US Virgin Islands have been locking horns over who did the most to facilitate Epstein’s crimes. Quartz’s Ananya Bhattacharya details [what’s in the latest accusations](%2F%2Fqz.com%2Fus-virgin-islands-filing-jpmorgan-jeffrey-epstein-ties-1850673351%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850677221/1/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/YhNmFfU28wRHkhgrm8mB9DFJgIZ0Ay91bNhXqkNsoOQ=311). 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Start here. [advertisement][advertisement][advertisement] Surprising discoveries Antarctica hasn’t rebuilt its sea ice this winter. [At least one scientist](%2F%2Fwww.abc.net.au%2Fnews%2F2023-07-24%2Fantarctic-sea-ice-levels-nosedive-five-sigma-event%2F102635204/1/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/EoWbM05V_rviqBnJcQv88FrFwk6aOjGQPVQv1NDRXBM=311) is calling it a “five-sigma event”—that is, a thing that should only happen once every 7.5 million years. Japan is training dogs to sniff out fire ants. How the nation fares against the dangerous, invasive species will come down to [a little beagle](%2F%2Fwww.japantimes.co.jp%2Fnews%2F2023%2F07%2F25%2Fnational%2Fjapan-test-fire-ant-sniffer-dog-first-time/1/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/2QqJ4WixnQvQZul9XnsIT2yc-P-l9uGULbh4s3B56aY=311). Jamaican rums have become top shelf. Old brands are finding that their out-of-date processes are [cool again](%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2023-07-24%2Faged-jamaican-rum-is-the-new-liquor-of-choice-for-high-end-spirits-collectors/1/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/TnNI4W0lF6rvKJBzr-GxzICv6EwmsfBzKcfuzmKVM1g=311). You can hire a consultant to help your kid become the perfect sorority girl. What to wear, how to act, what to post… fitting in is a [thriving business](%2F%2Fwww.wsj.com%2Farticles%2Fsorority-consultants-rush-colleges-parents-prepare-80b2cfc8/1/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/6pn_gdZ1SiBuJij6_NEEcrkJdWiQk4wu37UXdIkO6gY=311). A particular meteorite may have come from Earth. If it’s true, the only plausible explanation—besides some superhero discus event—is that another meteorite’s impact [launched the rock into space](%2F%2Fwww.space.com%2Fboomerang-meteorite-left-earth-and-returned/1/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/e4PMK27jtOB1JzbeiOoJLq7RjZLwjVjzgMJw7rWehgo=311). Our best wishes for a productive day. Send any news, comments, beagle heroes, and meteorite passports to [talk@qz.com](mailto:talk@qz.com?cc=&subject=Daily%20Brief%20feedback%20&body=). Reader support makes Quartz available to all—[become a member](%2F%2Fqz.com%2Fsubscribe%2F/1/0100018991b71dc1-0184ff16-56e5-4667-a5df-392bcf618f2b-000000/WXIssN1kD9mTFc2uI0I6ZRlcBPs3Feh7mRPZAKDrla0=311). Today’s Daily Brief was brought to you by Sofia Lotto Persio, Susan Howson, and Morgan Haefner. 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