🌎 Disquiet on the PacWest front
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Here’s what you need to know
All is not well at PacWest. The US regional bank stock fell 50% after it announced that it is exploring a sale among other ways to raise capital.
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The US Federal Reserve raised rates again. Regulators left some room for doubt on whether the 25 basis-point hike will be the last one for now.
The Federal Trade Commission wants to stop Meta from profiting off minors’ data. The agency proposed a ban on the monetization of underage users’ data, even after they turn 18.
Eli Lilly said its new Alzheimer’s drug can stop the disease’s progression. Donanemab slowed the rate of cognitive decline by 35% compared to a placebo in a recent trial, but not without safety concerns.
AB InBev’s year got off to a good start. The better-than-expected quarterly results do not reflect the Bud Light controversy, on which the company’s executives stayed mum during the earnings call.
May the $4 billion Star Wars bet be with you
On May the 4th, the day that brings us the internet’s most tired joke, there’s one fuzzball that’s definitely laughing it up: Disney.
The $4 billion purchase of Lucasfilm in 2012 represented the entertainment giant’s fourth-largest acquisition. It’s a lot of fours, and force, for one company.
American kids are flunking their own history
13%: Share of eighth graders in the US that are at a proficient level for US history, according to the National Center for Education Statistics (NCES)—commonly known as “The Nation’s Report Card”
Scores are a bit better when it comes to civics, but as misinformation surrounding the US political process worsens, a record low understanding of the country and its systems isn’t what you want to see.
Eleventh time’s the charm?
Since February 2022, the EU has blanketed Russia with sanctions, and each iteration has failed to bring the country to its knees, much less make it reconsider its war in Ukraine.
Workarounds to Western sanctions have undermined their impact, and so this time, the bloc is trying to patch up one of those loopholes, specifically one that involves the nefarious “dark” ships.
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Surprising discoveries
Three McDonald’s franchisees were fined for employing minors. Investigators found that 305 children worked hours exceeding or outside of US limits.
“Who owns the Moon?” isn’t such a rhetorical question anymore. The Wild West of space exploration is just getting started.
Vintage guidelines on how to use and manipulate DNA might teach AI mavens a thing or two. Geneticists were at a similar crossroads back in 1975.
The Bridgerton prequel launches on Netflix today. Even for UK viewers, British aristocratic hierarchies can be confusing, so we’ve broken down exactly why Daphne becoming a duchess was that big a deal.
The mobile phone debuted at the World’s Fair in Japan in 1970. It would be another 30 years before it became ubiquitous. Join host Scott Nover and senior reporter Cassie Werber as they discuss the lasting effects of the World’s Fair on the Quartz Obsession podcast.
⬇️ Subscribe today, wherever you get your podcasts: Apple Podcasts | Spotify | Google | Stitcher | YouTube
👀 Or, if you’re in a reading mood, view the transcript, learn more about the topic, or peruse 5 tech innovations that debuted—for better or worse—at World’s Fairs
Our best wishes for a productive day. Send any news, comments, bad bets, and 1970s mobile phones to talk@qz.com. Reader support makes Quartz available to all—become a member. Today’s Daily Brief was brought to you by Sofia Lotto Persio, Morgan Haefner, and Susan Howson.
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