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Truck drivers in South Korea have gone on strike. Major ports have been the target of nationwide demonstrations, the second in less than six months, in a move that could impact global supply chains.
Shanghai Disneyland is fully reopening. The theme park is back in business after a 25-day hiatus despite record levels of covid cases and an increase in local restrictions.
The Italian Atlantia is ready for the delisting. The Benetton family’s Schema Alfa and the US fund Blackstone plan to complete the acquisition of the infrastructure company in the coming weeks.
Turkey is ending its monetary easing cycle. The country’s central bank cut interest rates to 9% and announced its fourth cut since August would be its last.
Jeffrey Epstein’s accusers are suing Deutsche Bank and JPMorgan Chase. The two lawsuits allege that the banks allowed the convicted sex offender’s alleged sex trafficking scheme.
Anwar Ibrahim sworn in as prime minister of Malaysia. After the election delivered an unprecedented hung parliament, the country’s king nominated the 75-year-old veteran politician.
The United Nations has called on Iran to end violence against protesters. Human rights chief Volker Türk said the situation was “a real human rights crisis” and called for an investigation.
What to watch
India’s long-awaited Digital Personal Data Protection Act 2022, introduced last week, is now open for public comment. The fourth and final version of the controversial legislation should be more palatable than its predecessors for global tech companies, but internet freedom advocates say the country deserves better.
An earlier draft of the bill prescribed partial and full data localization obligations with respect to ‘sensitive personal data’ and ‘critical personal data’. Companies such as Google, Twitter and Amazon have raised objections to these provisions. Now, the new draft facilitates the free flow of data to trusted geographic areas and also narrows the scope of the law to personal data protection only, leaving out non-personal or anonymised data.
Some experts have criticized these changes, arguing they have “watered down” the goals of a data privacy protection framework. The activists are now gear up convey those concerns during the consultation.
The Rising Costs of Vacation Travel in the United States, in Numbers
Thanksgiving travel fares are nearly back to pre-pandemic levels, despite concerns about renewed chaos following a US summer season marked by delays and cancellations, lost luggage and overbooked accommodations.
Americans looking to go on vacation this holiday season also face the highest travel costs in five years, as these seven figures show.
31%: Americans planning to travel between Thanksgiving and mid-January, down from 42% last year
12%: Increase in hotel room rates from 2019
46%: Raise rental car rates from 2019
32%: Peak inflation-adjusted airfare in 2022 versus a year ago
16.9%: How much more Americans spent on domestic flights this year (through Oct. 17) than the same time in 2019
125%: How many airlines spent more on jet fuel in 2022 than in 2021
777,000: Passenger and cargo airline employees working during the holiday season, surpassing pre-pandemic employment
The future of effective altruism
FTX’s spectacular crash not only threatened the crypto ecosystem, it also dealt a credibility blow to the philosophy of effective altruism, a style of philanthropy espoused by the company’s billionaire founder Sam Bankman-Fried.
The guiding principle of effective altruism is to maximize the good that a human being can do in the world, both now and in the future. To do this, one of his main supporters, William MacAskill, encouraged people to make as much money as possible, such as by getting a job on Wall Street.
Bankman-Fried’s questionable and possibly fraudulent business practices not only tarnish the philosophy by association but also invite scrutiny from certain organizations, such as the Center for Effective Altruism, that have sprung up in its support.
✦ Saturday, the Weekend Brief will explore the philosophy of effective altruism, its founders and followers. To get our take, grab a Quartz membership today at 60% off.
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Our best wishes for a productive day. Send news, comments, electric dreams and lost doubloons to [email protected] Reader support makes Quartz available to everyone – become a member. Today’s Daily Brief was presented by Ananya Bhattacharya, Niharika Sharma, Cassie Werber, Sofia Lotto Persio and Julia Malleck.