What to watch for today
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 currency volatility added to profit problems.
More than a quarter of listed Chinese companies have suspended trading. Almost 800 businesses now have stopped trading on China’s sinking stock markets—nearly twice the number of firms that had requested a suspension before the markets started correcting. That could slow the markets’ fall, but likely won’t add what is most needed in the market: confidence.
Al-Shabab was blamed for a deadly Kenyan attack. Two explosions were heard before gunmen opened fire at a quarry on the Kenyan border with Somalia, killing 11. The Somalia-based terror group has not confirmed its involvement, but it is known to operate in the area.
Singapore’s state investment arm had a bumper year. Temasek recorded a portfolio value of S$266 billion ($197 billion) for the year ending March, up 19% from a year earlier and its biggest rise in five years. Most growth came on the back of rising Chinese and Singaporean stocks, in which Temasek invests heavily; the company said it remains positive on China (paywall).
Britain was warned about its dependence on the services sector. UK factory exports fell to their lowest level since 2012 in the second quarter, while 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 titles in two other weight classes. Mayweather has two weeks to appeal.
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 euro zone. 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
A Canadian man was detained for flying in his garden chair using helium balloons. He was trying to drum up business.
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 who will reach a deal first—Greece or Iran?—to hi@qz.com. You can follow us on Twitter for updates throughout the day.