UN, Ukraine, and Turkey halt grain corridor shipments — Quartz Daily Briefing — Quartz | Whuff News

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Here’s what you need to know

The UN, Ukraine, and Turkey agreed to suspend grain corridor delivery. The decision came after Russia warned that using the Black Sea route was “unacceptable.” Meanwhile, Pakistan will import 300,000 tonnes (330,693 tonnes) of wheat from Russia.

India runs its digital rupee. The country’s central bank has listed nine private and state-owned institutions to conduct transactions with the “e-rupee.”

China’s Foxconn factory doubles its workers’ bonuses. iPhone suppliers are offering an extra $55 a day to quell anger over strict covid restrictions, which earlier this week prompted workers to flee.

Tesla will start making its cyber truck in 2023. Mass production is scheduled for late 2023, Reuters reported. In other auto news, China’s EV sales fell in October, and Toyota has cut its production goals after a 25% drop in revenue amid chip shortages.

Israel held its fifth election in four years. The general election, which is expected to see the highest turnout in 20 years, is seen as a referendum on former prime minister Benjamin Netanyahu, who faces corruption charges—exit polls suggest he may make a comeback.

Brazilian President Jair Bolsonaro broke the silence. He did not admit his defeat in the election, nor contest the results. Bolsonaro’s chief of staff said a transition of power would begin.

What to watch out for

Three of Gautam Adani’s businesses in the infra, energy and utilities sectors will report earnings in the coming weeks. If the quarterly performance of companies in the same industry is any indication, Adani, already Asia’s richest man, is looking to cement its position among the world’s top billionaires.

Adani Ports & Special Economic Zones, India’s largest private port operator, beat analysts’ expectations yesterday (Nov 1) as trade volumes fully recovered from pandemic restrictions. Adani Green Energy is poised to deliver strong results amid increasing demand for alternative fuel sources. And then came the turn of Adani Enterprises’ flagship, the multibagger stock that was recently included in the Nifty 50, India’s benchmark stock market index.

Although it has been a long journey for the conglomerate, the chairman’s wealth has skyrocketed this year. Adani has just reclaimed his position as the third richest person in the world, ahead of Amazon founder Jeff Bezos.

Central banks are experiencing a gold frenzy

It was the late 1960s. The Beatles’ “All You Need Is Love” is playing, people are deciding what tie-dye shirts to wear, and the central bank is just filled with gold.

It’s been a while since the precious metal actually supported the US dollar, but central banks are once again buying lots of the stuff, amassing gold reserves this year at a rate not seen since 1967.

Image copyright: Mimansa Verma

Gold is considered an effective inflation hedge, although some analysts believe this to be true only over time spanning over a century or more. But scorching inflation is driving higher demand for safer assets. Central banks in Turkey, Uzbekistan and India were among the biggest buyers of gold in the last quarter.

Another (safer) investment: Spam

Image copyright: Gem of Samad

Spam is experiencing a resurgence as shoppers turn to cheap and convenient foods amid soaring inflation. But in some places, the portmanteau for “spiced ham” never stopped being cool. In South Korea, for example, Spam is offered as a holiday gift. Part of the appeal of luncheon meat is that it’s more than just something you eat—it’s rooted in tradition, versatility, convenience, and culture.

We’re peeling back the lid on Spam in our next Weekly Obsession. Sign up to get emails in your inbox today! And while you’re at it, get a Quartz membership at our lowest discount yet (60% off) to support our work.

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A surprising discovery

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An area four times the size of India is needed to meet land-based carbon removal goals. Totaling about 1.2 billion hectares (2.9 billion acres), that’s unlikely.

New Zealand’s tax authorities apologize for trying to teach finance on Halloween. His idea of ​​taxing candy was just as popular as the earlier “cow fart” fee.

The first print edition of the US Constitution will soon be auctioned. One of two copies in existence sold last year for $43.2 million.

Neanderthal came out with a bang. They might be doing the devil tango with too many Homo sapiens.

Our best wishes for a productive day. Send any news, reviews, candy scams and other copies of the US Constitution to hi@qz.com. Reader support makes Quartz available to all—become a member. Today’s Daily Briefing is brought to you by Ananya Bhattacharya, Sofia Lotto Persio, Julia Malleck and Morgan Haefner.

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