Afghan Earthquake, JPMorgan Layoffs, and a Juul Ban

Your Daily Brief

June 23rd, 2022

Good morning, and happy Thursday! Today is National Hydration Day, so as you pour yourself a nice, tall glass of water, here’s what we have for you:

Today’s Highlights

Magnitude 5.9 earthquake in Afghanistan kills at least 1,000
JPMorgan to lay off hundreds of home-lending employees because of falling mortgage demand
FDA prepares to ban Juul e-cigarettes from the U.S. market

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Magnitude 5.9 earthquake in Afghanistan kills at least 1,000

A magnitude 5.9 earthquake struck eastern Afghanistan yesterday, leaving at least 1,000 dead and 1,600 others injured, according to government officials.

The quake began after 1:30 AM local time, with the epicenter occurring about 27 miles away from the city of Khost, per the U.S. Geological Survey (USGS). According to witnesses, the quake was felt in the Afghanistan capital of Kabul, as well as in Islamabad, the capital of Pakistan. Some witnesses also reported feeling tremors as far away as India.

In terms of casualties, the earthquake is the deadliest to hit Afghanistan since 2002, when a magnitude 6.1 earthquake killed 1,000 in the northern part of the country. Interior ministry official Salahuddin Ayubi said the death toll from yesterday’s quake is likely to rise, since “some of the villages are in remote areas in the mountains and it will take some time to collect details."

Since Afghanistan is located over several fault lines in a region with active tectonic plates, the country is prone to quakes. Per the United Nations Office for the Coordination of Humanitarian Affairs, over 7,000 people have been killed in earthquakes in Afghanistan over the past decade.

JPMorgan to lay off hundreds of home-lending employees because of falling mortgage demand

JPMorgan Chase & Co. announced it is laying off hundreds of its home-lending employees this week due to falling demand for mortgages.

According to people familiar with the matter, more than 1,000 employees will be affected between the layoffs and lateral shifts, with about 500 employees moving to different divisions within the bank.

“Our staffing decision this week was a result of cyclical changes in the mortgage market," a spokesperson for JPMorgan Chase said in a statement, and added that the bank had moved “many impacted employees to new roles within the firm and are working to help the remaining affected employees find new employment within Chase and externally.”

Changes at the company come as existing home sales in the United States have fallen for four straight months, while the median price of homes has passed $400,000 for the first time. On top of record home prices, mortgage demand has fallen in part due to the Federal Reserve’s decision to raise interest rates to help bring down inflation levels not seen in over four decades.

FDA prepares to ban Juul e-cigarettes from the U.S. market

The Food and Drug Administration is reportedly taking measures to require Juul Labs Inc. to remove its e-cigarette products from the U.S. market.

For the past two years, the agency has been investigating Juul while the company sought approval to keep selling its nicotine pods in the United States. Now, people familiar with the matter say the FDA could announce its decision to ban all Juul vaping products as early as this week.

Juul has faced criticism for targeting youth through campaigns that featured young adult models, celebrities, and social media influencers. It also faced backlash for selling sweet and fruit-flavored pods, which regulators blamed for a surge in youth vaping throughout the country. In response, Juul pulled all of its U.S. print, broadcast, and digital advertisements, shut down its U.S. Facebook and Instagram accounts, and stopped selling sweet and fruit-flavored pods in the country.

The FDA’s decision comes at a time when the agency has been conducting a review of vaping products in the United States. While the FDA readies itself to announce the ban on Juul e-cigarettes, the agency has allowed Juul’s competitors Reynolds American Inc. and NJOY Holdings Inc. to continue selling tobacco-flavored e-cigarettes on the market.

Around the Globe

An Argentinian judge ordered eight doctors and nurses to be tried for homicide after a medical panel found their treatment of former footballer Diego Maradona to contain "deficiencies and irregularities"
Anti-government demonstrations in Ecuador led by Indigenous groups demanding lower gas prices, food caps on agricultural products, and larger education budgets have led to clashes between protestors and police
Shares of Toshiba Corporation on the Japanese stock exchange jumped as much as 6.5% after reports that bidders are considering offering up to 7,000 yen per share to privatize the company, valuing it at about $22 billion

On the Homefront

President Biden called on Congress to suspend the federal gasoline tax for 3 months to help ease the prices that consumers pay for gas
Federal prosecutors asked a New York judge to sentence Ghislene Maxwell to at least 30 years in prison for helping Jeffey Epstein recruit and sexually abuse girls
Uvalde school district places police chief Pete Arredondo on administrative leave while federal and state agencies keep investigating law enforcement’s response to the active shooter situation at Robb Elementary School

Glitz and Games

Baltimore Ravens linebacker Jaylon Ferguson has died at age 26; cause of death is currently unknown
Ed Sheeran was awarded around $1.1 million in legal fees following an April court decision that he had not “deliberately or subconsciously” copied the melody of another lesser-known track when writing his 2017 song “Shape of You”
The Colorado Avalanche beat the Tampa Bay Lightning in Game 4 of the Stanley Cup Finals with an overtime shot from Nazem Kadri (Avalanche lead series 3-1)

Money Moves

Major indexes in the stock market started the day lower, moved upward, and then slid in final trading hours to end the day in negative territory (Dow -0.15%, Nasdaq -0.15%, S&P 500 -0.13%)
Fed chair Jerome Powell said the central bank will keep raising rates to fight inflation while acknowledging the possibility that doing so may lead to a recession
KraftHeinz plans to rebrand Kraft Macaroni and Cheese, including changing its name to “Kraft Mac & Cheese” and updating the logo and packaging

Tip & Tricks

Binge Watch: Have you seen the trailer that Netflix dropped for Stranger Things 4, Volume 2 yet?
Nerd Out: Check out this Chinese supercomputer that runs an artificial intelligence model so fast that it rivals the human brain
Look Up: Mercury, Venus, Mars, Jupiter, and Saturn will align with each other this month for the first time since December 2004
Bum Out: Lake Mead’s water levels dropped to historic lows this week and are 150 feet away from a “dead pool,” a term which means the reservoir is so low that water can’t flow downstream from the dam
Say What: “It’s so exciting. But it’s quite shocking really, isn’t it? I mean, the whole world’s gone mad,” Kate Bush said about the renewed popularity of her song “Running Up That Hill” after being featured in Stranger Things 4, Volume 1
Hot Goss: Kendall Jenner and Devin Booker have split up after dating for 2 years, according to a source close to Jenner
Life Hack: You can pull out a drawer and place a cutting board on top of it to buy yourself some extra makeshift countertop space

Question of the day

Would you rather win the lottery or work at your absolute dream job? Let us know what you think here:

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Looking Back…

On June 23rd, 2016, the United Kingdom voted in a referendum to withdraw from the European Union, with 51.9 percent supporting Britain's exit and 48.1 percent opposing; “Brexit” marked the first time a country had decided to leave the EU.