š The yuan sinks
Good morning, Quartz readers!
Hereās what you need to know
Chinaās yuan hit a 14-year low. It fell to about 7.23 to the dollar following the US Federal Reserveās interest rate hike last week.
The Bank of England intervened in the bond market. It has committed about Ā£65 billion ($69 billion) to buy long-dated bonds as it seeks to stabilize the market.
The EU announced a new Russia sanctions plan. The proposed package includes an oil price cap, a ban on some steel imports, and chip export restrictions. Ā
Singaporeās SATS will become the worldās largest air cargo handler. The carrierās $1.14 billion purchase of World Flight Services will expand its network to cover over 50% of global air cargo volume.
The first US-Pacific Islands summit got off to a rough start. The Solomon Islands refused to endorse a joint declaration, while Micronesia found US financial support āinsufficient.ā
Shell bought a Nigeria-based solar company. It purchased Daystar Power for an undisclosed sum, marking the oil giantās first acquisition in the African renewables sector.
What to watch for
Nike looks to be sprinting, not walking, into the metaverse. Seven million visitors have traversed Nikeland, the sneaker makerās Roblox world, since its launch five months ago. Meanwhile, Nikeās purchase of non-fungible token studio RTFKT is paying offāin millions of dollars.
But can these digital wins help pick up the sneaker giantās flagging performance? First quarter earnings, released today when the market closes, might provide a clue.
Nike far outstrips other major brands in terms of earnings from the metaverse, minting $185 million compared to its rival Adidasās meager $11 million. While impressive, that figure remains a drop in the ocean that is Nikeās total revenue. Even in a not-so-good year, Nike is making over $12 billion each quarter.
Donāt WhatsApp about finances
As convenient as it is for bank workers to text or send WhatsApp messages to clients and colleagues about business matters, itāsā¦ well, super illegal, and now 16 financial firms are facing a combined $1.8 billion in fines for not putting a stop to the communications.
Itās not like the phenomenon, made all the more acute as bankers worked from home, was just among novice employees. Several managing directors and heads of trading desks were explicitly called out in an investigation by the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), for doing things like directing employees to delete messages.
Several banks have ousted officials over the grievances and slashed bonuses for employees who werenāt following communication regulations. Some have even said theyāre going to employ a person to oversee the issue. Never thought weād see ābank WhatsApp copā on job boards.
š©āš» ā¦ And on the topic of the evolution of tech in the workplace, Quartz at Work is hosting a panel of experts this week to discuss just that matter. Theyāll offer strategies to align the operating systems of your company with the tools that can make a difference. RSVP for the event, which is this Friday, Sept. 30, from 5-6 pm BST / 12-1 pm EDT.
Itās clean out time for space junk
The US Federal Communications Commission (FCC) and NASA are finally taking steps to reduce the huge amount of defunct satellites that are gumming up the space around Earth. Pundits think the FCCās newly proposed five-year deadline to remove space junk is a great step. But does it go far enough?
Monitoring space junk is becoming more complicated as the number of errant itemsāand their risk of collidingāonly increases. Weāre sort of space debris nerds here at Quartz, and over the years have reported on:
š„ Just how close some debris have come to colli ding
š¤ The rise of robot garbage hunters in space
š° Every active satellite orbiting Earth (at least in 2015)
š Why we canāt solve the space junk problem with an orbital garbage truckāyet
šø That youāre likely not seeing a UFO or a shooting star, but space pollution
ā¦ Our 10th birthday is the perfect time to sign up for a Quartz membership to support our expeditions, whether they be about the global economy or into the great beyond. Take 50% off when you subscribe today.
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Surprising discoveries
Experts say we should fly to Venus first, not Mars. Its surface may be hot enough to melt lead, but our sister planet is a lot closer to home.
Ancient birds may not have been complete dodos. An 80 million-year-old avian skull indicates the neurons were firing up there.
āPhygitalā art may be the savior of the NFT market. Though the cringe-worthy name might keep some art collectors at bay.
An all-electric airplane took to the skies. The prototype could become the first fully electric commercial plane.
Brazilās yellow football jerseys are getting the boot. For many fans, its association with far-right politics has soured its symbolism.
Our best wishes for a productive day. Send any news, comments, smart birds, and phygital art to [email protected]. Reader support makes Quartz available to allābecome a member. Todayās Daily Brief was brought to you by Ananya Bhattacharya, Sofia Lotto Persio, Julia Malleck, and Morgan Haefner.