Juul’s market share rose in smoke – Quartz Daily Summary – Quartz

Good morning quartz readers!

Here’s what you need to know

The US Federal Reserve has acknowledged that higher interest rates could lead to a recession. Last week’s decision is already having an impact on the housing market, with JPMorgan eliminating jobs in its mortgage unit.

Elon Musk compared Tesla’s giant factories to “giant money furnaces.” The billionaire bemoans the financial impact of supply chain disruptions on his company’s operations.

Juul’s market share has increased from the e-cigarette maker. The US Food and Drug Administration is set to ban the vape company after an investigation and thousands of lawsuits.

Revlon has become a stock in the meme. After filing for bankruptcy last week, the cosmetics company’s stock is up more than 50% as speculative retail investors invest.

The Ovaldi School District Police Chief has been placed on furlough. Pedro “Pete” Arredondo faces scrutiny over his handling of the deadly mass shooting at Robb Elementary.

The Westminster Dog Show has crowned a new dog. Trumpet the bloodhound became the first of his breed to win Best in Show.

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What to watch

Summer has officially begun in the Northern Hemisphere, but the jury is still out on its official song. It tops the charts on Harry Styles’ “As It Was” and Kate Bush’s classic “Running up that Hill” in 1985. But the Billboard charts may not be a good benchmark for a song’s success.

For example, the top charts on Billboard are Pop and Reggaeton, but Twitter is all about Kpop, and indie jazz on Bandcamp. Billboard itself has admitted that it can’t keep up with broadcasting. TikTok is generating viral hits, too – treat yourself to the hilarious TikTok combos of Lizzo “About Damn Time” and Jack Harlow’s First Class. And of course Beyoncé has a new song (and a great resignation anthem?).

Spotify just came up with them all in one list, and we probably don’t want to be told about one single defining our season, anyway.

What is the purpose of the gas tax exemption?

In response to record gasoline prices, US President Joe Biden asked lawmakers yesterday to halt federal taxes on fuel for three months. Gasoline production in the US is already nearing its limit, and far from begging Saudi Arabia for more drilling, the federal government doesn’t have a lot of cards to play.

But it’s not like a temporary tax credit, which some states have also tried, will save drivers all that much. The federal gas tax is 18.4 cents per gallon, less than 4% of the current price of gasoline. In addition, the breakout on a fixed price looks worse if the cost of gas continues to rise.

A bar chart showing the retail price of gasoline in the United States.  Crude oil itself accounts for more than 50% of the cost, while federal and state taxes account for 16.4%.

It is hard to say whether the gas tax break would be another fruitless attempt to rein in inflation. But relief for low-income families, as well as subsidies on public transportation and electric vehicles, could be a better place to start.

Has the US Wasted Low Interest Rates?

Today’s inflation problem can be partially traced back to the recent recovery, when public investment stalled despite unprecedented low interest rates. The decision to forego investment has left the United States vulnerable to supply chain problems, and prompted industries like housing and energy to scale back much of the capacity that the world desperately needs today.

This coming weekend’s briefing, available exclusively to Quartz members, takes a look at the “lost decade.” Get it in your inbox by signing up for a membership (40% off!) today.

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The rise of cyber threats isn’t just a news story, it’s a fact. But as the world continues to digitalize, more of our data and devices will likely be at risk. Global X Cybersecurity Foundation (BUG) provides exposure to businesses that prevent intrusions and attacks – all in one trade.

DISCOVER BUG

Surprising discoveries

The porn-detecting headgear is now in place. Chinese scientists have developed a helmet that can read brain waves to detect the consumption of illegal substances.

Flying robotic fireflies in the sky. Flying robots the size of insects can use light to communicate with each other.

The small, self-healing robotic fish is a lure for microplastics. It is made of materials that pollutants cannot resist.

Amazon’s newest employee is a robot worker. She won’t give up unless she runs out of energy.

Londoners head out into the wilderness for vegan cocktails. That’s one way to get five a day.

Best wishes for a fruitful day. Send any news, comments, mini plastic saviors and an old-fashioned Kali one, please, to [email protected] Reader Support Allows Quartz to Everyone – Become a Member. The daily summary of the day was provided by Julia Malik, Sophia Lotto Persio, Morgan Hefner, and Susan Howson.

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