Plus: Container shipping crests a profit wave Was this newsletter forwarded to you? [Sign up here]( [Quartz]( December 1, 2022 [View in browser]( Sponsored By Good morning, Quartz readers! Hereâs what you need to know Sam Bankman-Fried admitted mistakes but no criminal mastermind. In his first live interview since FTXâs collapse, the crypto founder said he [didnât âknowinglyâ commit fraud](. Separately, SBF told YouTuber Tiffany Fong that he donated [to the Republican Party]( as well as the Democrats. Tech CEOs joined Elon Muskâs complaints against Appleâs App Store. Among others, Metaâs [Mark Zuckerberg]( and Spotifyâs [Daniel Ek]( expressed concerns with the Cupertino giantâs [disproportionate control]( of the app economy, even as Musk appeared to [bury the axe](. Bret Taylor is leaving Salesforce. A year after becoming co-CEO, Salesforce said Taylor will step down on January 31, leaving Marc Benioff [fully in charge]( as chairman and CEO. Thanksgiving sales hit a new record. Both [Amazon]( and [Meta]( recorded best-ever sales numbers as shoppers looked for money-saving deals. Averting a rail strike now falls to the US Senate. A bill to force rail workers to accept a new deal [passed the House](, where a separate vote added more days of sick leave to the deal. DoorDash is laying off 1,250 corporate employees. The [job cuts affect 6%]( of the food delivery companyâs workforce. Journalists from El Salvador sued the NSO Group in the US. The investigative reporters detected the blacklisted Israeli companyâs [Pegasus spyware software]( on their phones. What to watch for Today (Dec. 1), the US Senate Agriculture Committee opens the first of several Congressional hearings on cryptoâone of many public probes into what went wrong at FTX, the crypto exchange founded by Sam Bankman-Fried. Eventually, these hearings will help formulate more robust crypto regulation. Two agencies, the Securities and Exchange Commission and Commodity Futures Trading Commission [are jockeying for the right to regulate crypto](. The CFTC, which oversees the physical commodities markets and has been going after digital assets since 2015, believes it should lead the charge. A bill [introduced in August]( also aims to give jurisdiction to the agency. Most crypto players, including Bankman-Fried, would pick the CFTC too, as itâs believed to be more lenient. But the agency that spoke of a âlight-touchâ approach back in 2016 has changed its tuneâcommissioner Rostin Behnam has promised to go easy on no one. â ï¸ Container shipping crests a profit wave âMind-bending.â Thatâs [one way to characterize]( the container shipping industryâs third-quarter earnings this year, which clocked in at $58.9 billion. Shipping industry veteran John McCown used the same description for this yearâs $58.7 billion first-quarter profits. Graphic: (Morgan Haefner) In between those two data points are the âmind-alteringâ results from this yearâs second quarterâ$63.7 billionâwhich officially marked the crest of the container shipping industryâs tsunami of windfall profits. McCown says those second-quarter earnings indicate a peak, and analysts arenât not worried about a possible deep dive, with profits expected to plunge as much as 70% for some carriers in the next quarter. Shipping giants like Maersk have been [anticipating this decline]( from the pandemicâs [shipping heyday](, [investing in end-to-end logistics]( to control more parts of the supply chain, like airline and trucking routes. Can the US afford to keep itself warm? US senators from some of the colder states in the northeast are getting nervous about energy disruptions this winter, and have called on president Joe Biden to do something about it. The New England region relies heavily on natural gas, along with heating oil, to keep buildings warm. Senators from Connecticut, Vermont, and Maine have said their states are feeling the impacts of rising costs due to Russiaâs invasion of Ukraine, with residential energy prices in the region already 15.4% higher than the national average. Clarisa Diaz gives us a picture of the dire situation through [a series of charts](. ⦠Love Quartz, love our charts. Help others view those charts (and a lot more besides) by picking up a Quartz membership for [50% off](. Sponsor content by iShares When investing for your long-term goals, it's helpful to stay focused on after-tax returns. ETFs are generally tax efficient, which can help investors keep more of what they earn. Investors could consider [iShares Core ETFs]( to build a low cost, diversified portfolio as they pursue their long-term investing goals. [Learn more]( Quartzâs most popular ð¥ [Indian H1-B visa holders may be the worst hit by the US tech layoffs]( ð [Monitoring doesnât make employees more productive, but doing this does]( ð [Decoding the signs and symbols of the US-Iran World Cup game]( 𤨠[What is wrong with Amazon in India?]( 𥾠[Nigerian crypto startups are laying staff off to stay afloat]( ðª [Why China should be off the hook for climate finance]( Surprising discoveries A spacecraft got some self uh⦠steam. Japanâs [water-powered âEQUULEUSâ]( is headed into the void for some sleuthing. Spotify listeners agree that Bad Bunny is pretty good. The reggaeton star has claimed the [top artist spot]( for the third year in a row. The lobster industry could use some more pigs. Sausages may be a [viable bait alternative]( to the increasingly scarce mackerel and herring. The color of your plate could impact how your food tastes. For picky eaters, [red is a no-go](. Crypto bros are selling off their G-Wagons. The market may be a [disaster on wheels]( but this Mercedes-Benz is still cruising. Our best wishes for a productive day. Send any news, comments, lightly used and symbolically desperate luxury vehicles, and Bad Bunny recs to hi@qz.com. Reader support makes Quartz available to allâ[become a member](. Todayâs Daily Brief was brought to you by Ananya Bhattacharya, Sofia Lotto Persio, Julia Malleck, Susan Howson, and Morgan Haefner. [ð View or share this email online.]( [ð¬ Check out our emails]( [ð Read Quartzâs latest stories]( [ð See what stories are trending]( 1290 Avenue of the Americas, New York, NY 10104
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