Cineworld is on the brink of bankruptcy as post-pandemic ticket sales struggle – Quartz Daily Brief – Quartz
Hello, Quartz readers!
Here’s what you need to know
Cineworld is on the verge of bankruptcy. The movie chain is considering seeking Chapter 11 protection in the United States as ticket sales have yet to recover from the pandemic.
Warren Buffett got the green light to buy 50% of Occidental. However, Berkshire Hathaway should not pursue the takeover of the oil company, of which it is already the main shareholder.
A sanctioned Russian billionaire’s superyacht goes under the hammer. Proceeds from the sale of the $75 million vessel will be used to repay a loan from JP Morgan.
Controversial Israeli spyware company NSO Group is changing direction. Chief executive Yaron Shabat takes the reins from co-founder Shalev Hulio in a restructuring that is also expected to include 100 job cuts.
Another US lawmaker landed in Taiwan. The Indiana Governor and a delegation arrived yesterday for an economic development trip to talk about semiconductor investments.
A car bomb near Moscow killed the daughter of an ally of Vladimir Putin. Darya Dugina’s father, Alexander Dugin, is a far-right commentator who supported the Russian President’s invasion of Ukraine.
Argentina has appointed a government spokesperson as deputy of his new economic superministry. Economist Gabriel Rubinstein is responsible for controlling inflation, which has reached high rates for decades that have crippled workers’ wages.
Raise your glass for World Plant Milk Day, which is today. It started as a way to raise awareness about the benefits of plant-based milks for the environment, but it’s not all vegan PR. Vegetable milks have become big business. The oat milk market, for example, has become more saturated, and the milk option is such a popular commodity that many cafes are scrapping surcharges. for that.
Here is where the global plant-based milk market stands:
$17.7 billion: Global sales of milk alternatives in 2021, up 23% in five years
$277.9 million: U.S. oat milk sales in 2021, down from less than half a million in 2017
65%: Share of the world’s population with some degree of lactose intolerance
1994: The year the Swedish oat milk brand Oatly was founded
$10 billion: Valuation at time of Oatly IPO
The quantum leap in carbon capture
The Inflation Reduction Act, that massive US climate bill everyone is talking about, is set to trigger a boom in technologies that can reduce greenhouse gas emissions. Among the developments is carbon capture and sequestration (CCS), a technology that aims to absorb and store emissions from fossil fuel production before they reach the atmosphere.
Many climatologists dislike CCS because it is seen as a loophole to get away from burning oil and gas as an energy source. The technology has yet to deliver on its promise to dramatically reduce emissions from fossil fuel power plants.
But even in a world that derives its energy from renewables, CCS could prove its worth in the industrial production of steel and cement for which few clean alternatives currently exist. The IRA significantly extends tax credits to CCS projects, allowing less controversial applications of the technology, which were previously unaffordable, to finally become competitive.
Does your pet need a pet?
During the pandemic, pet adoptions have surged. But now that humans are returning to the office, their animals have fallen into despair. And that means even more adoptions. “People make pets pets,” said Dr. Cherice Roth, chief veterinarian at Fuzzy, a pet telehealth startup. “It’s very common and it actually increases the number of animals that need to be seen.”
Veterinarians, dog walkers and pet sitters are overstretched, and while some pandemic trends have proven to be short-lived, pet spending is unlikely to drop. And benefits for employer-sponsored pets are on the rise, reports Tiffany Ap.
✦ Do you find stories like these a real treat? Member support helps keep Quartz stories free and accessible to everyone. Daily Brief readers can get 40% off by signing up today!
The most popular quartz
🤝 What is Ethereum merger?
💉 Prisoners should receive monkeypox vaccines
🙉 Covid has changed the way we hear language
🐉 HBO Max’s ‘House of the Dragon’ already beats Amazon’s ‘The Rings of Power’
💻 Microsoft leads Big Tech effort to relocate African developers to North America
👻 Snap moves away from drones to focus on fundamentals
Two artists fight over who stuck fruit on a wall first. The trial is absolutely bananas.
A seal broke into a New Zealand home and terrorized a family’s cat. A marine biologist lives in the house, but was not there to shine.
Trees in the UK are losing their leaves much earlier than usual. Put away those pumpkin lattes and those candles, it’s way too early to be seasonal.
The next British invasion may well be the Chicken Big Mac. The McDonald’s sandwich was such a hit in the UK as it comes to the US.
New York museums must publicly disclose if their art was stolen by the Nazis. The new requirement is part of legislation that was signed to support Holocaust survivors.
Our best wishes for a productive day. Send news, comments, copyrighted bananas and malicious seals to [email protected] Reader support makes Quartz accessible to everyone – become a member. Today’s Daily Brief is brought to you by Susan Howson, Michelle Cheng, Sofia Lotto Persio and Morgan Haefner.