What to watch for today
Greek legislators vote on a bailout, as riots rage outside. Athens police turned tear gas on demonstrators in front of parliament this afternoon after protesters lobbed petrol bombs at them. Citizens marched in Athens throughout the day to urge lawmakers to reject the new bailout deal, but recent polls indicate that 70% of Greeks want the bailout to be approved.
Janet Yellen’s congressional testimony continues. The US Federal Reserve chief heads to the Senate for round two of her semi-annual monetary policy reports. Yellen will reiterate her optimistic outlook for the economy and her plan to raise interest rates before the Senate, after taking criticism from Republicans in the House of Representatives, who allege that she obstructed the investigation of a 2012 information leak.
Google’s new CFO delivers earnings. The internet giant’s second-quarter earnings will be the debut of chief financial officer Ruth Porat, and investors are hoping for greater transparency on expenses and capital returns. Earnings per share are expected to increase 10% to $6.70 as the company reins in hiring, and revenue is forecast to rise 2.3% to $17.7 billion.
More earnings. Blackstone, BB&T, Charles Schwab, Goldman Sachs, eBay, Mattel, and Citigroup are among the behemoth institutions reporting results.
While you were sleeping
Netflix outpaced subscriber growth estimates. The streaming video firm added 2.37 million overseas and 900,000 US customers, both well ahead of analyst expectations, on the back of high-profile original shows like “Orange Is the New Black.” But those shows don’t come cheap: Second-quarter profit plunged 63% to $26.3 million on higher streaming video costs.
Samsung was forced to pull cartoons from its website in an anti-Semitism row. The company is involved in a fight with hedge fund manager Paul Singer over its corporate reorganization, and had posted cartoons depicting Singer as a “ravenous, big-beaked vulture.” Reports from Samsung-friendly media outlets denounced Singer’s Elliot Associates fund as “Jewish money” that was ”ruthless and merciless.”
New Horizons delivered new pictures of Pluto. The spacecraft is now more than a million miles past the dwarf planet, but it managed to deliver the first high-resolution photos of Pluto’s surface, which appear to show icy mountains 11,000 feet (3,350 m) high.
Police busted an international cybercrime ring. The Darkode forum, an online marketplace described as ”a cyber hornets’ nest of criminal hackers,” was taken offline today by a joint law enforcement operation spanning 20 countries. More than 70 suspected members of the notorious network have been apprehended.
Amazon’s “Prime Day” promotion failed to impress. The online retailer promised a host of discounts, but many consumers complained that the markdowns applied mostly to undesirable products. More than extra revenue, Amazon’s real motivation was to entice more people to join its highly profitable Amazon Prime membership program.
Quartz obsession interlude
Lily Kuo on China’s role in North Carolina’s odorous pork industry. “Drawn by the low cost of production there, WH Group finds it cheaper to raise pigs in North Carolina and export them to tables back home than to raise the animals in China. The irony is not lost on the residents of Duplin County.” Read more here.
Matters of debate
The euro zone will fudge its way out of trouble. When it comes to the Greek debt crisis, don’t underestimate the endless capacity for compromise.
Success is a zero-sum game in Silicon Valley. Coming in second only makes you the first loser.
Reddit cannot be saved. It will always be dominated by a malignant, overwhelmingly male band of adolescents and adolescents-at-heart.
Organic farming is bad for the climate. Relatively speaking, of course—and for reasons that can be remedied.
Motherhood is a lonelier undertaking than ever. Working women’s gains have made things even worse.
Seaweed can stand in for bacon. Scientists have patented a protein-packed strain of algae that they say tastes great with eggs.
Chinese workers get a day off from smiling. Going ”faceless” and wearing a mask supposedly relieves social pressure.
Running a funeral home is a high-risk profession. Exposure to formaldehyde makes them prone to a deadly neurodegenerative disease.
A centuries-old Japanese temple was the perfect place for a hackathon. Information technology has never been so Zen.
California cheerleaders can now receive minimum wage. A new law designates them as “employees” under labor regulations.