What to watch for today
Death toll mounting in Egypt. The Egyptian government said it killed 36 supporters of deposed president Mohamed Morsi who were trying to escape detention on Sunday, taking the official death toll since Wednesday to around 830, although other reports estimate 1,000 have died. Egypt’s interim cabinet met to discuss the recent bloodshed and the European Union is considering the suspension of €5 billion in aid to Egypt (paywall).
Deadline for Detroit’s creditors. Banks, bond insurers and employee pension funds have until Monday to file their objections to the largest municipal bankruptcy in US history. If Detroit’s bankruptcy petition is rejected by the federal judge and the city defaults, creditors could sue the municipal authorities.
Eli Lilly’s patent battle. The drug giant goes to trial Monday over its lung-cancer treatment Alimta, which generated 11% of company revenue last year. At issue is an unusual suit challenging patent protection of a method of administering Alimta with certain vitamins designed to mitigate side effects, not the patent for the drug itself.
Firefights in Idaho. Raging wildfires that charred 160 square miles and forced the evacuation of thousands may finally be under control near the Idaho resort towns of Ketchum and Sun Valley.
A hunt for chemical weapons in Syria. A team of United Nations experts will begin an investigation into the use of chemical weapons during the ongoing civil war. Both president Bashar al-Assad’s government and the rebels fighting him accuse the other of using chemical weapons.
Over the weekend
JP Morgan’s latest run-in with regulators. The US Securities and Exchange Commission opened an investigation into whether the bank hired the children of powerful Chinese officials in exchange for business deals. JP Morgan is already under scrutiny following the $6 billion trading loss it suffered in the “London whale” derivatives scandal.
Everbright apologized for spiking the Shanghai stock exchange, then had another mistake. The Chinese brokerage said that a technical error caused a surge of buy orders that prompted a spike of over 5% on Friday, the market’s biggest inter-day gain since 2009, triggering a formal investigation and a ban from proprietary trading. Then on Monday, an Everbright bond trader mispriced a bond sale.
Another blow to New Zealand dairy. The agricultural regulator at the world’s largest dairy exporter banned four products headed to China after a shipment was found with unacceptable nitrate levels. The move follows a similar ban imposed by China on products made by Fonterra that were found to contain botulism-causing bacteria.
Japan’s exports rise, but deficit still high. Exports grew by 12.2% in July, offset by a 19.6% increase in imports, the most for either figure since 2010, as the country battles to re-invigorate its economy. Japan’s trade deficit grew in July to 1.024 trillion yen ($10.5 billion).
Britain detained Glenn Greenwald’s partner. David Miranda, the partner of the Guardian reporter who published details of the NSA’s surveillance operations given to him by Edward Snowden, was detained at Heathrow airport under the country’s anti-terror laws. UK authorities seized thumb drives with documents related to the Snowden case that Miranda was carrying.
India reassured investors. Prime Minister Manmohan Singh ruled out further capital controls and said the country wasn’t headed for a crisis despite its large current-account deficit. Last week the rupee hit a fresh all-time low after the government imposed limits on foreign investments by Indian individuals and companies, a move interpreted by the markets as a sign of desperation.
Consumer spending powered Israel’s economy. Second-quarter GDP growth came in at a surprisingly brisk 5.1% as consumers rushed to buy big-ticket items such as homes and cars ahead of a June 1 increase in value-added-tax.
Thailand’s economy faltered. Growth slowed to 2.8% in the second quarter (paywall) from 5.4% in the first, as manufacturing and exports struggled to cope with a rising baht and tepid demand.
Quartz obsession interlude
Gwynn Guilford on the mystery of China’s missing millionaires. “The starkest trend from 2012 is that the net growth of China’s millionaire ranks is slowing fast. In 2012, even as the tally in some areas surged, a slew of provinces actually shed millionaires. Zhejiang province, China’s entrepreneurial hotbed, had 1,000 fewer millionaires in 2012 than it did in 2011, while Inner Mongolia lost 500. Numbers in Shanxi, Inner Mongolia, and Hebei took a hit as well.” Read more here.
Matters of debate
LinkedIn could learn from the Girl Guides. Skill inflation and sucking up are rampant on the social network, but there is no room for them in Girl Guides.
The US Food and Drug Administration should start regulating e-cigarettes. It’s a big industry and no-one really knows if they are hazardous to health.
If we don’t cut off aid to Egypt now, when? Client governments are never as malleable as their patrons like to believe.
Scotland and England are growing apart. Scotland’s independence is inevitable, despite signs the referendum may fail.
News has never made money, and it never will. There are some niche exceptions, but on the whole quality news is a loss leader.
Germany will offer parents a third gender option for birth certificates. It will become the first European country to make the change.
NYC inequality, in images. The city where dreams are made, at least for rich people.
North Korea is allegedly offering defectors money to return. The offer is part of a new, kinder approach to woo back former citizens.
Unleashing the immune system to fight cancer. Scientists have conducted studies on animals showing the immune system could destroy cancer cells.
Our best wishes for a productive day. Please send any news, comments, lessons from Girl Guides and Scottish independence slogans to firstname.lastname@example.org. You can follow us on Twitter here for updates during the day.