Your Daily Brief

January 3rd, 2023

Good morning, and happy Tuesday! It’s officially 2023, and we hope all of you had a relaxing holiday season to wrap up 2022. Speaking of holidays…did you know that the word holiday comes from a combination of the words holy and day? For some reason, wishing somebody Happy Holy Days just doesn’t quite roll off the tongue…but let us know what you think!

In Today’s Brief

  • Dubai: Drops alcohol tax
  • Twitter: More files coming this week
  • Jeremy Renner: Hurt in snow plow incident
  • Tesla: Record deliveries & production

...and more

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IMF recession prediction

One-third of the global economy will be in a recession in 2023, according to predictions from Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF).

During an interview, Georgieva said the reason behind her claim was that the economies of the United States, European Union, and China are slowing down simultaneously. Georgieva noted that the spread of Covid-19 now that China has dropped its containment policies will mark a short-term hindrance to its economy, and added that China’s annual growth is likely to be at or below global growth levels in 2023–an occurrence which hasn’t happened in 40 years.

In October, the IMF cut its global economic growth outlook for 2023. While Georgieva stated that half of the EU may face a recession due in part to rising interest rates and the ongoing conflict in Ukraine, she said the U.S. may avoid an economic contraction because of the strength of its labor market.

FIFA plans for Pele

FIFA President Gianni Infantino announced plans to ask every country in the world to name a stadium after the late soccer player Pele, who passed away last week at age 82 following a battle with cancer.

The wake for Pele–whose real name was Edson Arantes do Nascimento–began yesterday morning and was due to last for 24 hours. The coffin was placed in the middle of the pitch at Vila Belmiro stadium in Brazil’s city of Santos, where mourners lined up to pay their respects. Speaking to reporters as the funeral began yesterday, Infantino said: “We are going to ask that all countries in the world have at least one stadium with the name of Pele.”

Today, a procession carrying Pele’s coffin is scheduled to pass through the streets of Santos and will end at the Ecumenical Memorial Necropolis cemetery, where the three-time World Cup champion will be buried in a private ceremony.

Croatia joins the eurozone

After joining the European Union in 2013, Croatia switched to the euro as its currency and entered Europe’s passport-free zone.

At midnight on January 1st, Croatia officially dropped its kuna currency and became the 20th member of the eurozone, a geographic area consisting of countries that have adopted the euro as the common currency. While nationalist parties lobbied to keep the kuna, Croatia’s constitutional court overruled them. Croatia is now the twenty-seventh country in Europe’s Schengen area, which allows residents to move freely between countries without a passport.

Croatia was a former republic of Yugoslavia that fought a war of independence in the 1990s. It committed to joining the eurozone in 10 years’ time when it became the newest member of the EU in 2013. The country’s entry into the Schengen area is expected to boost its tourism industry, which accounts for 20% of Croatia’s gross domestic product (GDP).

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Around the Globe

  • Dubai ended its 30% tax on alcohol sales in the sheikhdom and dropped its required fee to obtain liquor licenses following a government decree from its ruling Al Maktoum family (More)
  • A wooden sarcophagus known as the “Green Coffin” that dates back to between 664-332 BC has been repatriated to Egypt from the Houston Museum of Natural Sciences in the United States after U.S. authorities determined it was looted (More)
  • Ukraine confirmed it carried out a strike in the occupied region of Donetsk and claimed 400 Russian troops were killed, though Russian officials put the death toll at 63; while neither claim has been verified, it is the highest number of deaths that Moscow has acknowledged in a single incident since the conflict began in February of 2022 (More)

On the Homefront

  • Twitter CEO Elon Musk teased over the weekend that this week’s release of additional files would focus on the former director of the National Institute of Allergy and Infectious Diseases, Dr. Anthony Fauci (More)
  • Dry Tortugas National Park in Florida closed after approximately 300 migrants arrived throughout the region over the weekend; the park reportedly shut down operations in order to “provide care” for the migrants and “provide transport to Key West,” per a statement released by the park (More)
  • 28-year-old Bryan Christopher Kohberger–the suspect arrested in connection to the November 2022 killings of four University of Idaho college students–plans to waive extradition to expedite his return to Idaho, where he faces four counts of first-degree murder, per his attorney (More)

Glitz & Games

  • Jeremy Renner has been hospitalized in Reno and is in “critical but stable condition” after suffering injuries in a weather-related incident while plowing snow over the weekend, according to the Washoe County Sheriff’s Office (More)
  • 18-time Grand Slam singles champion and International Tennis Hall of Famer Martina Navratilova, 66, said in a statement released by her representative that she has been diagnosed with throat cancer and breast cancer (More)
  • Last night's game between the Buffalo Bills and Cincinnati Bengals was temporarily suspended after Buffalo safety Damar Hamlin collapsed on the field and received CPR following a tackle; Hamlin was taken away via ambulance and reportedly rushed to the University of Cincinnati Medical Center (More)

Business & Markets

  • Major indexes in the stock market closed the last session of 2022 lower and will resume trading today (Dow -0.22%, Nasdaq -0.11%, S&P 500 -0.25%)
  • Electric-vehicle maker Tesla (NASDAQ: TSLA) reported 1.31M deliveries in 2022, marking 40% growth from 2021 (More)
  • The Bank of Israel raised its benchmark interest rate by half a percentage point yesterday and indicated further increases in coming months; the rate hike comes days after the country’s new government was sworn in under Prime Minister Benjamin Netanyahu (More)

Tip & Tricks

  • Sneak Peek: If you’re a fan of Bridgerton, you won’t want to skip over this first look of young Lady Agatha Danbury that Netflix released from the upcoming Bridgerton prequel, Queen Charlotte: A Bridgerton Story
  • Bump This: In case you missed it, Miley Cyrus and Dolly Parton teamed up for an epic medley of “Wrecking Ball” and “I Will Always Love You” on New Year’s Eve - watch a recap of the performance and try not to strain your vocal cords when you sing along
  • Chow Down: Let’s bring back sandwiches in 2023, and let’s start with this recipe for salmon avocado sandwiches that will hit the spot for any meal of the day you desire
  • Go Deep: From a coven of witches to a fictitious Fleetwood Mac-inspired rock band, we’ve got a lot to look forward to on the small screen this year - check out this list of the 23 most anticipated new TV shows coming in 2023
  • Say What: “Our family is saddened today with the loss of an amazing and talented family member, our beloved brother Frederick Eugene ‘Freddie’ White. He joins our brothers Maurice, Monte, and Ronald in heaven and is now drumming with the angels!” Earth, Wind & Fire founding member and bassist Verdine White said in an Instagram post regarding the passing of drummer Freddie White at age 67
  • Hot Goss: In 2022, Bloomberg reported that Elon Musk became the first person to ever lose $200B in net worth (he’s still doing fine, of course, but…yikes)
  • Life Hack: A New Year means a new you, and the best place to start is by embracing a “less is more” attitude - check out these three tips for managing stress by doing less and getting more out of your actions

Looking Back…

On January 3rd: The German priest Martin Luther is excommunicated by Pope Leo X (1521); Apple is incorporated by Steve Jobs and Steve Wozniak (1977); Alaska becomes the 49th U.S. state (1959); American football player Eli Manning is born (1981).

Question of the day

It’s time for a luxury electric car…which brand do you choose?



Friday's results

Who do you think is the more iconic athlete?

Muhammad Ali (54%)

Pele (46%)

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