What to watch for today
China’s stock rout continues. After a brief respite on Monday, China’s Shanghai Composite Index started dropping again today, and closed down 3.19% in the morning session. A raft of government support does not appear to have changed investor sentiment, raising questions about the long-term economic fallout.
Another round of Greek drama. Euro zone leaders meet in Brussels to discuss—what else?—Greece’s financial crisis. Finance ministers, meeting on their own before the main event, will consider a new Greek proposal for bailout funds.
Allen and Company hosts its Sun Valley confab. Tim Cook, Rupert Murdoch, and Elon Musk will attend the investment banking conference, which has hatched a series of major tech and media deals in the past. But beware gossip about who’s chatting up whom—most of it doesn’t amount to much (paywall).
The Iran talks reach yet another deadline. The cut-off date for the negotiations on Iran’s nuclear program—already extended by one week—is up again today. Chinese foreign minister Wang Yi urged the US and China to find a way to achieve a landmark compromise, saying a deal is “within reach.”
How is the US trade balance doing? The Commerce Department releases data for May, after several shaky months for the US economy following a labor dispute that hit West Coast ports. Economists expect a slight widening of the US deficit, due to a higher demand for imports in a strengthening economy.
While you were sleeping
Samsung warned of a 4% drop in profits. The South Korean electronics manufacturer expects a second-quarter operating profit of 6.9 trillion won ($6.1 billion), down from a year earlier and lower than analyst expectations. Supply issues hurt sales of its S6 Edge smartphone, while emerging market currency volatility added to profit problems.
Creditors gave Greece another chance to redeem itself. German chancellor Angela Merkel gave Greek prime minister Alexis Tsipras just hours to prepare a new proposal, warning him that “time is running out” to make a deal—and keep Greece in the euro zone.
News broke of a massive media merger in Germany. Broadcaster ProSiebenSat.1 and publisher Axel Springer are in early-stage merger talks, according to the Wall Street Journal (paywall). The companies, which have a combined market cap of $16 billion, would have to clear significant antitrust hurdles.
Britain was warned about its dependence on the services sector. Its factory exports fell to their lowest level since 2012 in the second quarter, while its services continued to expand, according to a survey from the British Chambers of Commerce.
Floyd Mayweather Jr. was stripped of his recent world title. The US boxer forfeited the world welterweight championship he earned by beating Manny Pacquiao in May because he missed a deadline to vacate his world champion titles in two other weight classes. Mayweather has two weeks to appeal.
Pope Francis hinted at a more inclusive church. The Catholic leader told an 800,000-member audience in Ecuador that he wants to make the church more open to those who feel shunned by it—namely homosexuals, the remarried, and the divorced. The comments come ahead of an October meeting in which the pope is expected to push for liberal reforms.
Quartz obsession interlude
Gwynn Guilford on Beijing’s stock market gamble. “The government is assuring investors it will do what it has to to keep the market aloft… The downside of that wager is profound indeed. The government’s creation of the Chinese bull market has disproportionately benefited state-owned companies—and therefore the Communist Party.” Read more here.
Matters of debate
German chancellor Angela Merkel is willfully destroying the eurozone. She could end this crisis in an instant, says Yanis Varoufakis.
Be worried about a tech crash. And not because tech alone is overvalued, but because everything is.
Streaming services are not artists’ biggest enemy. Taylor Swift should focus on fighting record labels (paywall).
Don’t blame developers for your smartphone addiction. The problem is deeply rooted in the structure of capitalism.
Alexis Tsipras is the leader Greece needs. He is at once a reckless revolutionary and a calculating gambler.
Surprising discoveries
Oreos are slimming down. “Oreo Thins” are designed for adults—so you’re not supposed to pull them apart.
California weed growers are getting into salad. Hydroponic techniques work well with all sorts of leafy greens.
Get ready for digital baggage tags. They’re permanently affixed to your luggage and automatically routed to your destination.
Worker ants are actually super lazy. Roughly half are “effectively ‘specializing’ in inactivity.”
Our best wishes for a productive day. Please send any news, comments, lazy ants, and new Oreos to hi@qz.com. You can follow us on Twitter for updates throughout the day.