Good morning, Quartz readers!
What to watch for today and over the weekend
The Fed raises interest rates. Analysts widely expect the US Federal Reserve to increase its benchmark rate as the labor market and broader US economy improves—the second hike so far this year. Not everything is sunny, however: Inflation has dropped off slightly and hopes for major infrastructure and tax reform policies have dimmed.
Xi Jinping meets the head of FIFA. Gianni Infantino and China’s president are expected to talk about a bid to have China host the World Cup in 2030 or 2034. Another option that’s being discussed: a co-hosting arrangement with China, South Korea, Japan, and North Korea.
India’s finance minister meets with business leaders in South Korea. Arun Jaitley is discussing Indo-Korean relations, trade deals, and investment goals during a two-day trip.
While you were sleeping
The US attorney general called Russian collusion claims “a detestable lie.” A combative Jeff Sessions denied reports that he had an undisclosed meeting with Russian ambassador Sergey Kislyak, saying “if any brief interaction occurred in passing … I do not remember it.” Sessions refused to discuss any conversations with president Donald Trump about the firing of FBI director James Comey.
Uber’s CEO took an indefinite leave of absence. After a long string of scandals and the sudden death of his mother, Travis Kalanick told employees that he was taking a break to work on “Travis 2.0.” The company’s board will appoint an independent chairman and hire a new chief operating officer who will assume some of Kalanick’s responsibilities.
North Korea released a US college student after 17 months of captivity. Otto Warmbier, reportedly in a coma after coming down with botulism, was medically evacuated to the United States. He was accused of “hostile acts against the state” for allegedly stealing a propaganda poster from a hotel.
Food prices skyrocketed in Britain. As the pound weakened ahead of the exit from the EU, food inflation reached 2.1%, the biggest increase in more than three years. The impact falls most heavily on poor families, who spend far more of their incomes on groceries than rich families.
Alphabet and Apple pulled back on self-driving cars. Alphabet’s Waymo unit is killing off the Firefly, its koala-shaped autonomous vehicle, in favor of Fiat Chrysler minivans. Meanwhile, CEO Tim Cook admitted that Apple wants to build the brains that power autonomous cars, not the cars themselves.
Quartz obsession interlude
Hanna Kozlowska on the private-prison client no one talks about. “The largest jail system in the United States has no buildings of its own. Instead, it’s a shadowy complex of agreements that tucks detainees in wherever there’s available space. It has swelled substantially over the past two decades, and it is likely to grow further.” Read more here.
Markets haiku
Rare celestial / events and rate hikes. Long waits / And not much suspense
Matters of debate
Ride-hailing and electric cars will kill Big Oil. The cost to hail an autonomous, electric car will make gasoline obsolete.
Eric Holder is the disappointed dad that Uber needs. A report by the former US attorney general scolded the tech giant for its immature culture.
A coin flip can take the angst out of traveling. Once you do the preliminary research, it’s less stressful than making decisions.
Surprising discoveries
A German kindergarten is the youngest democracy in the world. Kids as young as three years old can vote on their daily needs.
The birth of a baby giant panda in Tokyo triggered a stock market boom… Several restaurant companies are expected to benefit from a surge in visitors.
…And social media slime videos boosted Elmer’s Glue. The gooey, sticky stuff is made from glue and borax, which has also seen a spike in sales.
Qatar is airlifting 4,000 cows to beat a trade embargo. Hostile Gulf states have cut off almost all of the country’s milk imports.
Spain has spent 76 years in the wrong time zone. It’s been on Central European Time since a World War II-era gesture of solidarity to Adolf Hitler.
Our best wishes for a productive day. Please send any news, baby pandas, and slime videos to hi@qz.com. You can follow us on Twitter for updates throughout the day or download our apps for iPhone and Android.