What to watch for today
Filibuster showdown. Senate Republicans and Democrats ended late-night talks without an agreement as Majority Leader Harry Reid threatened to rewrite supermajority rules if Republicans didn’t stop blocking executive branch nominations.
No rush to raise rates in Canada. New central bank governor Stephen Poloz could signal a longer period of ultra-low interest rates as the economy hasn’t yet seen the lift-off that the central bank has been anticipating since last year.
Political uncertainty in Spain. Prime minister Mariano Rajoy rejected calls for his resignation after his party’s former treasurer testified that Rajoy had accepted bribes. Rajoy is facing increasing pressure from the opposition, media, and even his own People’s Party to step down.
A flurry of earnings from big US companies. Goldman Sachs is expected to report strong profits, as investors look for strength in investment banking and additional upside in trading. Analysts are anticipating weak display advertising revenue (paywall) from Yahoo, as Marissa Mayer’s internet company faces competition and struggles to establish a leading position in the fast-growing mobile area. Coca-Cola’s profits may rise slightly on flat revenue, as poor weather and soft economic conditions dented demand. Johnson & Johnson is expected to report a 7% increase in profits thanks in part to the success of new drugs such as blood-thinner Xarelto.
While you were sleeping
More violence in Egypt. Reuters has early reports of seven dead and 261 wounded in clashes between supporters and opponents of deposed president Mohammed Morsi.
Mark Carney’s sigh of relief. UK consumer prices rose by a less-than-expected 2.9% in June, saving the new Bank of England governor from having to write a mandatory letter of explanation to the Chancellor George Osborne.
Baidu offers to buy an app store for $1.9 billion. The Chinese internet giant, which has struggled with a new wave of mobile and social media competitors, wants to buy 91 Wireless from part-owner NetDragon Websoft and other shareholders.
Google’s China boss stepped down. John Liu’s controversial six-year tenure included numerous fights with Beijing, and ends with Google controlling only 2% of China’s search market.
Asia slowdown ahead: The Asian Development Bank cut its 2013 GDP forecast for developing countries in the region to 6.3%, a 0.3% drop, because of China’s slowing economy.
Mexican drug boss captured. Notoriously brutal Zetas chief Miguel Angel Trevino “Z-40″ Morales, the head of Mexico’s most violent drug trafficking cartel, was apprehended by Mexican marines in a major victory for President Enrique Pena Nieto.
Paying networks to fast-forward. According to former Wall Street Journal reporter Jessica Lessin, Apple wants to offer a premium version of its forthcoming TV service that would let users skip ads and pay TV providers for the lost revenue.
Quartz obsession interlude
Gwynn Guilford on why it’s a bad idea for investors to buy Chinese indices: ”Over the past 20 years, the MSCI China Index—the first index to allow a broad base of foreign investors to buy into the Chinese stock market—has performed dismally compared with the S&P 500 index, as Bloomberg points out. The Hang Seng China Enterprises Index, which tracks Chinese stocks listed on the Hong Kong Exchange and is another avenue for foreigners to invest in China, has also performed poorly.” Read more here.
Matters of debate
American men are the worst free riders at work. Assigning individual responsibilities and reducing the size of teams can help tackle the problem.
An estimated 380 million Arabs derive their income from the shadow economy. Giving them the right to do business and the protection of law is the answer to the growing unrest.
The Middle East beats the West in female tech founders. But that’s not necessarily a good thing—educated women often can’t get jobs elsewhere.
Abolish Homeland Security. Downgrading the DHS would treat the terror threat with the contempt it deserves.
African-Americans should move to Africa, as their safety can no longer be guaranteed in the US. So says Senegal-born music star Akon in the wake of George Zimmerman’s acquittal.
The most expensive home for sale in the US is also the most heavily mortgaged. A Connecticut estate with a $190 million price tag is linked to $120 million in debt.
South Korea’s family-owned conglomerates are becoming even more dominant. Exports by the top 30 chaebols accounted for 82% of South Korea’s GDP in 2012, up from 53% in 2002.
There’s a secret message in the new Wendy’s logo. The US fast-food chain included an homage to “Mom”—unintentionally, it says.
Tyrannosaurus rex wasn’t just a scavenger. Researchers discovered the dinosaur’s tooth in the spine of an animal that survived an attack, which they say proves that the T. rex was a hunter.
3D printing, beyond the hype: What’s it actually good for?
Join Quartz and General Assembly tonight, July 16, at 7:00 pm ET. Quartz technology correspondent Christopher Mims will host an evening of conversation about the present and future of the 3D technology. The panel includes individuals who are making mass 3D printing a reality and who are coming up with other creative uses. Read more here.
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