Good morning, Quartz readers!
What to watch for today
China releases May inflation data. An uptick from April is expected on the consumer price index, although food prices have continued to decline steadily, putting the squeeze on farmers.
Japan preps for drones. The government is expected to finalize plans that will pave the way for drone package delivery by 2020 and self-driving trucks by 2022, as Japan contends with a shrinking workforce.
New US consumer protections go into effect. An Obama-era rule that requires financial advisers to act in their customer’s best interest (paywall) will take effect, but maybe not for long: The rule is currently under review by the skeptical Trump administration.
While you were sleeping
Theresa May’s election gamble failed. The UK prime minister orchestrated Thursday’s snap election in hopes of increasing the Conservative party’s parliamentary majority. Exit polls suggest she lost it instead, with the Tories’ edge shrinking by nearly 20 seats. That would create a “hung” parliament, in which no single party has a majority heading into Brexit negotiations with the European Union.
James Comey said Donald Trump lied. The former FBI director told a US Senate committee that the White House lied, “plain and simple” about the circumstances of his firing, and that the president urged him to “let go” of an investigation into former national security advisor Michael Flynn. Trump’s legal team struck back with a typo-ridden rebuttal.
Nordstrom is considering going private. The department store’s stock jumped 16% as its founding family began exploring an escape from the pressures of public stockholders as it copes with a precipitous retail slump. Nordstrom has fared slightly better than its rivals amid the retail-pocalypse, but its latest quarterly earnings were weaker than expected.
Al Jazeera weathered a cyber attack. Qatar’s flagship broadcaster said it was fending off an assault on its computer systems during a tense regional standoff with Saudi Arabia. The hacking of Qatar’s state news agency last month contributed to the rift.
JP Morgan lost a possible Jamie Dimon successor. COO Matt Zames is leaving the company after 13 years, joining a long list of possible CEOS who opted for top positions at other companies.
ISIL claimed the murder of Chinese teachers in Pakistan. The militant group’s news agency says it killed two language teachers who were kidnapped in May. ISIL controls territory in neighboring Afghanistan and has claimed several attacks in Pakistan, where China has committed $57 billion for its Belt and Road development strategy.
Quartz obsession interlude
Leah Fessler on the five-minute trick that Instagram’s CEO uses to crush procrastination: “Our motivation to engage in an activity increases as costs decrease, says Moeller. So compared to facing down hours of work, a five-minute sprint transforms a burden into something quick and exciting.” Read more here.
Markets haiku
Britain casts its votes/ And the pound plunges. Who won?/ The polls says “chaos”
Matters of debate
There’s a new wealth gap online. The internet in rich countries will be unrecognizable in about five years.
You should be like James Comey at work. Documenting conversations with your boss is especially valuable when it’s your word against theirs.
Trump has a point about Germany. It’s not a great ally, but that doesn’t mean the US should give up on NATO.
Surprising discoveries
Bad mayonnaise is a power source. When 1,250 gallons (4,700 liters) spoiled, Michigan State University converted it to biogas.
Some cheetahs are terrible mothers. Many cubs are born, but only a few—the ones with older and wiser moms—survive.
Monogamy is sexually satisfying. Only 11% of people in one-on-one partnerships are dissatisfied, versus 22% of people in open relationships.
Tilapia skin has painkilling properties. That’s one reason researchers in Brazil are using it to heal burns.
Fetuses can recognize human faces. They can also tell whether the faces are upside down.
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