đ Southwest goes south
Good morning, Quartz readers!
This is the last Daily Brief edition of 2022. Look out for a special edition landing in your inbox on Monday, Jan. 2 before normal service resumes on Tuesday, Jan. 3.Â
Hereâs what you need to know
Southwest Airlinesâ meltdown caused rivals to cap some of their fares. As stranded travelers scramble to rebook their tickets, US lawmakers are mulling over industry consolidation and consequences for the budget airline.
Exxon is fighting the EUâs windfall tax on fossil fuel excess profits. The US oil giant argued in a lawsuit that the blocâs executive arm doesnât have the authority to enact the legislation.
US congressman-elect George Santos faces a federal probe over his CV embellishments. The Republican politician has admitted lying about his education and work history.
Crypto exchange Kraken will pull out of Japan. Citing a weak global market, the company will cease operations next month and deregister from Japanâs Financial Services Agency.
A pair of US economists is going after the junk food industry. In a working paper, the researchers argue childhood sugar consumption can influence lifelong health and wage outcomes.
Bolivian authorities detained a prominent opposition leader. The arrest of Santa Cruz governor Luis Fernando Camacho sparked protests in the countryâs economic hub.
What to watch for
Adidas, Maersk, and Penguin Random House are just some of the big corporations that are welcoming new leaders in 2023 and beyondâbut a lot of factors will influence just how long theyâll stay.
Leadership changes show a company is in want of new energies and vision, but they can be unsettling. Among the transitions that usually follow are layoffs, organizational reshuffles, and revamped strategies. The perception of the new boss may also move the stock for better or worse.
Quartz has a guide to the biggest CEO changes in 2023 and what they might mean for their respective enterprises. The new leaders have their plates full, with to-do list items like launching Yeezy sneakers without Ye (formerly Kanye West); making a giant shipping firm carbon neutral by 2040; and getting blockchain-based gaming off the ground. Easy enough.
Oil stocks will be hot in 2023
The past year was a good one for oil stocks, and 2023 is shaping up to be about as rosy. Analysts at Goldman Sachs and Morgan Stanley are predicting another spike in oil prices as lockdowns ease in China and the US refills its Strategic Petroleum Reserve.
Compared to the S&P 500 index, which is down more than 20% this year, the five best-performing US oil companiesâExxon, Marathon, Hess, Occidental, and the oil services company Schlumbergerâfinished 2022 with their shares worth 87% more, on average.
But any investor taking a longer-term view should proceed with caution. After a century of booms and busts, the oil marketâs endgame is visible on the horizon, and a growing number of major banks are closing their purse strings to new oil drilling. When that happens, these stocks wonât look so hot.
Kafka, Hesse, and more are going public
On Jan. 1, works of literature, music, and film first copyrighted in 1927 will enter the public domain in the US. This means that Hermann Hesseâs novel Steppenwolf, the final set of Sherlock Holmes stories, and the classic song, âI scream, you scream, we all scream for ice cream!ââamong many other worksâwill be free for anyone to copy, share, and build upon.
⊠Quartzâs Amanda Shendruk picked out the most notable books, movies, and music entering the public domain this coming year. If you love stories like these, help keep content like this free and accessible too by becoming a Quartzâs member. Weâre offering 50% off!
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Surprising discoveries
Smashed turtle shells are helping paleontologists figure out the original depth of buried items. Even if erosion wiped away soil layers on top of sites, the flattened armor doesnât lie.
Scientists made a blood test for Alzheimerâs disease. The test, which still needs to be validated, could get people diagnosed much earlier.
Sophia, the famous AI robot, has two sisters. Grace and Desdemona look just as scary.
South Korea will allow sex doll imports. Thousands of dolls have been confiscated by customs under a clause banning goods that âharm the countryâs beautiful traditions and public moral.â
Our best wishes for a productive day. Send any news, comments, perfect catenaries, and AI family photos to [email protected]. Reader support makes Quartz available to allâbecome a member. Todayâs Daily Brief was brought to you by Sofia Lotto Persio, Julia Malleck, Tim McDonnell, Ananya Bhattacharya, and Morgan Haefner.