Good morning, Quartz readers!
What to watch for today
Xi Jinping visits Hong Kong. His controversial first trip to the semi-autonomous territory as China’s president will mark the 20th anniversary of Britain’s handover. Widespread demonstrations by pro-democracy groups are expected.
Moon Jae-in meets with Donald Trump. The liberal South Korean president, elected in May, plans to discuss how to handle North Korea. Moon tends to favor engagement with Pyongyang but the US has rejected talks.
Ukraine’s central bank convenes after being hit by hackers. The National Bank of Ukraine will hold a monetary policy meeting in the wake of Tuesday’s Petya ransomware attack, which disproportionately affected the country.
While you were sleeping
FedEx’s TNT Express unit was “significantly” affected by Petya. The courier said it may face financial consequences after operations and communications out of its European shipping unit were hit by the ransomware, causing delays in deliveries. Experts say Petya may be a cyberattack masquerading as an extortion scheme.
Blue Apron slashed its IPO expectations. The meal-kit start-up cut its projected valuation from $3.2 billion to around $2 billion in the wake of Amazon’s $13.7 billion deal to buy Whole Foods. Potential investors are also concerned about Blue Apron’s sky-high marketing costs.
The US announced plans to ramp up airline security. The Department of Homeland Security won’t ban carry-on laptops in response to a potential ISIL plot, but will require stringent new screening measures for inbound international flights. If airlines and airports fail to enforce the new standards, the US threatened to bar personal electronic devices, even in the cargo hold.
Nestlé announced plans for a $21 billion stock buyback. The news came only a few days after the company was publicly pressured by activist hedge fund Third Point to purchase its own stock and make other structural changes. Nestlé’s stock rose 2% on the news.
Quartz obsession interlude
Max de Haldevang on a US crackdown on shell companies with ties to Russia. “President Donald Trump, who would have to sign the bill into law, has long made ample use of shell companies, which obscure (paywall) exactly what he owns and owes. A recent analysis by USA Today found that 70% of buyers of Trump properties in the last year were shell companies.” Read more here.
Matters of Debate
Facebook’s censors favor the privileged. Internal documents reveal the social network considers white men—but not black children—worthy of protection.
China is the real global battery-making superpower. Tesla can’t hold a candle to the country’s massive industrial capacity.
Don’t reinstall Uber just yet. Only a boycott has the power to change the company’s toxic workplace culture.
Surprising discoveries
Airport security is tough on scientists. Researchers often travel with awkward models, including 3D-printed mouse penises.
Kazakhstan doesn’t think New Zealand exists. Immigration officials refused to accept a traveler’s Kiwi passport.
Two New York preschools now accept bitcoin. “Many” parents are already paying tuition using cryptocurrencies.
An Australian bouncy castle kingpin is being charged with arson. He firebombed his competition and then his own business, to collect the insurance.
Thailand’s government blocked “The Great Dictator” on YouTube. A viewing of the Charlie Chaplin satire had been planned to celebrate the end of the absolute monarchy.
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