What to watch for today
London deals with a hellish commute. The Tube’s worst strike in decades began last night, when some 20,000 transit union members walked out. The strike is due to run throughout the day, adding strain to alternative means of transport.
Greece must submit its latest proposals to win a bailout. The package must be filed by the end of the day, ahead of a special EU summit over the weekend. Greek reports suggest that prime minister Alexis Tsipras’s new $13.3-billion package is worth 50% more than earlier proposals and includes raising taxes on transport, hotels, and restaurants.
Elementia SAB goes public. The Mexican cement company, co-owned by Carlos Slim and Antonio del Valle Ruiz, plans to raise roughly 4.5 billion pesos ($290 million) in its initial public offering. It’s Mexico’s first cement IPO in more than 15 years.
Pepsi and Walgreens Boots report earnings. The global beverage and snack food giant is expected to report lower revenue and profit figures as US soda consumption declines. Walgreens Boots, still adjusting post-merger, is expected to post a 4% decline in quarterly earnings-per-share.
While you were sleeping
Chinese stocks bounced on extra support… More drastic measures from Beijing—including a rule barring large shareholders from selling—helped China’s stock markets tick upwards. Shanghai’s Composite Index closed up 5.8%, with even small-cap stocks enjoying a boost; the tech-heavy ChiNext closed up 3%.
…and Chinese consumer inflation beat estimates. Consumer prices rose by 1.4% in June from a year earlier, higher than their 1.2% rise in May. But the producer-price index fell by a worse-than-expected 4.8%, marking its 39th consecutive monthly fall. Analysts anticipate further central-bank stimulus aimed at propping up inflation levels.
Honda recalled another 4.5 million cars. The Japanese auto maker expanded its recall in Japan as a precautionary measure against potential injuries caused by Takata airbags, which have been linked to at least eight deaths. It’s the first recall under new president Takahiro Hachigo.
South Carolina voted to remove the Confederate flag. The state’s House of Representatives voted 93-27 to remove the flag from capitol grounds, ending a 13-hour debate session. Republican governor Nikki Haley was in favor of removing the flag—to many an emblem of racism and slavery—while others argued it is a piece of history hijacked by racists.
Japanese machine orders had a surprise bump. The proxy measure of business spending rose 0.6% in May (paywall), compared to an expected 4.9% decline. That brings machine orders 19.3% higher than a year earlier, the highest annual increase since before Japan raised its sales tax.
Quartz obsession interlude
Anne Quito on how South Sudan, the world’s newest country, designed its coins. “The chosen motif on the obverse (or ‘heads’) of the copper-plated steel 10-piaster coin has been particularly controversial… The desert oil drilling rig motif chosen to represent the Greater Upper Nile region, adapted from the Unity State emblem, has raised issues.” Read more here.
Matters of debate
Greece is the latest assault on democracy by financial elites. The International Monetary Fund assaults every poor country in exactly the same way.
Work-life balance is overrated. Astronomer Neil deGrasse Tyson argues that imbalance leads to innovation.
Germany should stop playing nice with the US. There’s no good reason to tolerate surveillance and espionage from an ally.
George Osborne is bringing back Thatcherism. His real test will be improving productivity.
Is this the world’s first hack? A demonstration in 1903 of Marconi’s wireless telegraph was used to insult the inventor in Morse code.
Celebrities are getting verified on Tinder. Now you can—or more likely not—be left-swiped by your favorite movie star.
Tortillas can be played like LPs. You can etch musical notes onto them with a laser cutter.
Sub-par concerts in Finland can now be refunded. The consumer board will make organizers pay back ticket fees.
We are made of “nanomachines.” Our cells have trillions of sophisticated little engines that carry out vital functions.
Our best wishes for a productive day. Please send any news, comments, South Sudanese coins, and the most famous celebrity to reject you on Tinder so far to email@example.com. You can follow us on Twitter for updates throughout the day.