Good morning, Quartz readers!
What to watch for today and over the weekend
Venezuela does away with democracy. Through a referendum on Sunday, the government aims to establish a constituent assembly that will replace the constitution and be powerful enough to overrule all other bodies (paywall). Months of street protests have failed to halt president Nicolás Maduro’s drive toward dictatorship. The US has ordered embassy families out of the country.
The Tesla Model 3 finally hits the road. Today the automaker will hand the keys of its mass-market electric car to the first 30 customers. Now begins Elon Musk’s ambitious plan to produce 5,000 sedans a week by the end of the year, and twice that many in 2018.
The US commerce department releases an advance estimate of second-quarter GDP. Economists expect an increase of about 2.6% (pdf). Last month, the department revised the first-quarter GDP from 1.2% to 1.4%—still a lackluster performance.
More Big Oil earnings. After Shell’s major rise in quarterly profit yesterday, all eyes are on Exxon Mobil and Chevron today. Thanks in part to industry-wide cost-cutting (paywall), Exxon, the world’s largest oil company, is expected to post higher per share earnings of $0.83 (up from $0.41 in the same quarter last year), and revenue of $61 billion. Chevron is expected to report a robust $31 billion in revenue.
While you were sleeping
The “skinny” repeal of Obamacare failed in a late-night US senate vote. It was senator John McCain who cast the decisive “no” vote, ending the months-long Republican effort to repeal some elements of the 2010 Affordable Care Act. This effectively leaves the GOP without any clear next steps and no significant legislation pushed through in Donald Trump’s first seven months in office.
Pakistani prime minister Nawaz Sharif was disqualified from public office. The country’s supreme court ordered Sharif to be removed from office after a corruption investigation into his family’s wealth prompted by the Panama Papers. Sharif was one year from the end of his third term; the ruling Pakistan Muslim League party now needs an interim prime minister.
Trump’s new communications director lashed out at his colleagues. In an interview with The New Yorker, Anthony Scaramucci went on a profanity-laced tirade against White House chief of staff Reince Priebus and Trump’s chief strategist, Steve Bannon. He also expressed anger over leaks and threatened to “eliminate everyone” in the White House communications team.
Barclay’s took a massive Africa hit. The British bank’s second quarter results were marred by the one-off costs of disposing of its Africa unit, the Brexit-induced decline in the pound, and charges for mis-selling payment protection insurances, all resulting in a $1.6 billion loss. CEO Jess Staley said the restructuring phase is over and “we are now a clean bank.”
California approved VW’s clean-vehicle infrastructure plan. The carmaker will install hundreds of charging stations around the state in the plan’s first phase, spending $200 million of the $800 million it must invest as a penalty for the diesel-emission cheating scandal.
Japan’s defense minister resigned. Tomomi Inada’s announcement follows a cover-up of a botched UN peacekeeping mission in South Sudan, and comes amid plunging public support for prime minister Shinzo Abe. Inada was viewed as a possible future premier.
Quartz obsession interlude
Moses K Gahigi on the transformative rise of mobile money in Africa. “Mobile money accounts in sub-Saharan Africa have surpassed bank accounts… It gives a fighting chance for millions of un-banked rural poor to be financially included and benefit from products like savings and loans for their small and mostly informal businesses.” Read more here.
Matters of debate
The economy has created a workforce of quitters. Short-term gigs have encouraged employees to see themselves as marketable goods.
Employers should reconsider drug tests. As marijuana is decriminalized, companies must admit that some good workers smoke pot.
Meg Whitman is the CEO that Uber desperately needs. The seasoned tech leader would be a shrewd pick for a company that badly needs stability.
Surprising discoveries
British food is suffering from shrinkflation. Manufacturers have downsized the content of some 2,500 products as they cope with higher costs and a weak currency.
“Going Dutch” is a 300-year-old insult. It was used by Brits to mock the Dutch as penny-pinching and frugal.
Fraudsters are selling fake eclipse glasses. The phony eyewear could cause serious injuries during the Aug. 21 celestial event.
A professional gaming league is mandating health insurance. Pros in the new Overwatch League will receive a $50,000 salary plus health and retirement benefits.
German condoms funded the Russian Revolution. Vladimir Lenin could not accept direct payments, so instead he profited from the resale of commodities (paywall).
Our best wishes for a productive day. Please send any news, comments, resignation letters, and tiny snacks to hi@qz.com. You can follow us on Twitter for updates throughout the day or download our apps for iPhone and Android.