Good morning, Quartz readers!
What to watch for today
Queen Elizabeth announces the British government’s legislative agenda. It looks to be the first Queen’s Speech delivered by a minority government since 1978, after prime minister Theresa May called a June 8 snap election that hurt rather than helped her Conservative party in Parliament.
The US and China meet to discuss North Korea. The inaugural session of the US-China Diplomatic and Security Dialogue, which presidents Donald Trump and Xi Jinping launched after their April summit, will focus on joint efforts to curb Pyongyang’s nuclear program.
The National Association of Realtors shares existing-homes sales data for the US. In April sales fell 2.3% from the previous month. For May, economists expect a 0.4% decline (paywall), with a shortage of properties keeping prices high and buyers sidelined.
While you were sleeping
Republicans retained a fiercely contested seat in the US Congress. Karen Handel won the House seat vacated by US health secretary Tom Price. Democrats, sensing voter anger against Donald Trump, had hoped for an upset win in the GOP-leaning district in Atlanta’s suburbs. The two parties combined spent a record $57 million on the contest.
Toshiba picked a preferred bidder for its prized memory-chip unit. It chose a consortium of Japanese, US, and South Korean firms instead of Broadcom or other suitors. Offering $19 billion, the consortium is led by the Japanese government, which is keen to keep the unit under domestic control.
Uber is finally letting its drivers accept tips. To reduce driver turnover and dissatisfaction, the ride-hailing giant began offering an in-app tipping feature in several US cities. The rest of the country will have it by the end of July, and other parts of the world in the near future. CEO Travis Kalanick, who long opposed a tipping option, is currently on leave.
Chinese stocks got a big boost from MSCI. The US index giant agreed to add mainland “A” shares to its widely tracked emerging markets index. While the stocks will account for just 0.5% of the index, the decision could lead to hundreds of billions of dollars worth of share purchases.
Saudi Arabia named a new crown prince. Mohammed bin Salman, still in his early 30s, has played a key role in the country’s efforts to expand the economy beyond oil. Now he’s set to inherit the throne occupied by his father, King Salman.
Quartz obsession interlude
Sarah Kessler on the selective rollout of Facebook’s “Pride” button: “The decision to make pride month reactions more visible in some places than others highlights a common problem for Facebook as it has scaled to nearly 2 billion global active users. In many of the countries where Facebook users said they could not access the pride button feature, such as Egypt and Algeria, homosexual acts are illegal.” Read more here.
There’s a glut of crude / Bad news for cartels, good news / for your Suburban
Matters of Debate
The “cool tech girl” is a dangerous myth. Casual sexism and toxic bro-culture have created a trope that needs to die.
Brazil may elect its own version of Donald Trump. Jair Bolsonaro is running on a racist, misogynist, and xenophobic platform that is gaining steam with each new controversy.
Index funds aren’t as passive as you think. The proposed exclusion of dual-class companies (paywall) and recent inclusion of Chinese shares show that “passive” funds make active choices (paywall).
An ancient Islamic city was discovered under an Ethiopian town. Researchers have found evidence of a giant trading post, including jewelry and massive building stones.
No one knows Nigeria’s true population. Africa’s most populous country hasn’t had a census since 2006, and even that was probably exaggerated.
The neon flying squid is faster than Usain Bolt. It propels itself through the air by expelling water and using its fins as sails.
Old dads tend to have geeky sons. A survey of 8,000 boys found that older fatherhood was linked with higher IQs and social aloofness.
It’s so hot in Phoenix that planes can’t fly. American Airlines was forced to cancel 20 regional flights after the mercury hit 120°F (49℃), above the operational limits of some aircraft.
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