What to watch for today
Egyptian protest. With over 600 dead in Cairo and thousands more injured, Muslim Brotherhood leaders called on Egyptians to take to the streets after noon prayers on Friday to oppose the violence. The UN urged the government to show “maximum restraint” during the march, which could attract millions.
Promising signs for the US housing market. The Reuters/University of Michigan consumer sentiment index is expected to hit a six-year high in August. That, along with historically low interest rates, is expected to push construction of new homes higher in July.
CNN and NBC rile Republicans. The US television networks are facing possible exclusion from presidential primary debate partnerships for refusing to cancel scheduled programs profiling rival Hillary Clinton.
China to probe US IT giants. China’s Ministry of Public Security will investigate IBM, Oracle and EMC after allegations that the US’s National Security Agency spied on Chinese universities.
While you were sleeping
Legal questions for “Blurred Lines.” Musicians Robin Thicke, Pharrel Williams and Clifford Harris Jr filed a “reluctant” lawsuit against Marvin Gaye’s family and a record label for claiming their summer hit was unoriginal.
India recovered the bodies of three dead sailors. Navy divers pulled three badly burned bodies from the wreck of a submarine destroyed earlier this week by two explosions while docked at a port in Mumbai. Officials fear that the other 15 crew on board are also dead.
Two hedge funds sued Porshe. Elliott International and Perry Partners are claiming 1.81 billion euros ($2.4 billion) in losses from the luxury car maker’s abandoned bid for Volkswagon, accusing Porsche of share price manipulation for issuing denials before making a bid.
New Zealand shaken up. A 6.5 magnitude earthquake and several aftershocks struck central New Zealand on Friday afternoon, damaging infrastructure. No injuries or deaths were reported.
Currency ping pong. The Chinese yuan hit record highs (paywall) against the dollar on Friday on positive sentiment about the country’s recovery, while the Indian rupee plumbed an all-time low (paywall) despite new measures introduced by the central bank.
L’Oreal does a China deal. The world’s largest cosmetics maker will buy Chinese facial mask producer Magic Holdings International for HK$6.54 billion ($843 million), part of planned expansion in Asia.
Singapore’s exports fell. The city state’s non-oil exports declined 0.7% in July, with electronics taking the brunt of losses, down 7.6% compared to the same period a year earlier. Excluding electronics, exports rose 3%.
Conrad Black settled, banned from US boards. The former press baron and head of Hollinger International will pay $4.1 million and is barred from acting as a director in a US company after being convicted of fraud and obstruction of justice in 2007.
Quartz obsession interlude
Roberto A. Ferdman on why Mexico’s president may quietly be planning to surrender more of the oil industry than his countrymen think. “Not allowing foreign companies to own the oil means Peña Nieto can still tell nationalists, for whom oil is sacrosanct, that the country hasn’t relinquished its precious reserves… Except there seems to be a catch. Peña Nieto appears to have said one thing, but written another. ’If you actually look at the wording of the constitutional reform, it leaves the possibility of production-sharing open,’ director of the Woodrow Wilson Center’s Mexico Institute, Duncan Wood, told Quartz.” Read more here.
Matters of debate
Xi Jinping may be softening his position on maritime disputes. His overlooked remarks at a special Politburo session indicate a more tolerant stance.
Syrian hackers are winning. The pro-Assad group’s latest hack of the Washington Post and Time show its increasing sophistication.
Alternative investments are “like giving a six-year-old a circular saw.” Billions of dollars are once again pouring into complex products that not everyone understands.
The White House’s response to Egypt’s massacre was “feckless.” All it does is confirm to young jihadists that America revels in hypocrisy.
The age of 3D piracy is almost here. Thanks to a rise in cheap 3D printers, there are even start-ups with names like Pirate3D.
Mercedes is working on Google Glass integration. After all, why shouldn’t your glasses and your car talk to each other?
The consequence of a typo. The NSA accidentally intercepted a “large number” of calls from Washington, D.C. in 2008 because they mistook the 202 calling code with 20 for Egypt.
Censors with a sense of humor: The Thai censorship board approved the documentary “Censors Must Die,” which lampoons them.
Birth order can influence who you are. From personality to health and sexuality, your place in line helps shape you.