Good morning, Quartz readers!
What to watch for today and over the weekend
Toyota’s first-quarter earnings. The Japanese carmaker is expected to report a 15% decline in operating profit due to a surge in R&D costs. But it remains the most profitable company in Japan, and announced today it would take a 5% stake in Mazda to build a US factory and invest in electric vehicle technology.
Rwanda’s president is re-elected in a landslide. Paul Kagame is expected to receive more than 90% of the vote after changing the country’s constitution to remove term limits. Amnesty International has warned of a “climate of fear” in Rwanda under Kagame’s authoritarian rule.
The US releases economic data. Economists expect July’s employment report to add 183,000 jobs, with unemployment ticking down to 4.3%.
While you were sleeping
Uber leased defective vehicles to drivers in Singapore. The ride-sharing giant was aware that the Honda SUVs had been recalled, according to internal emails obtained by the Wall Street Journal. One caught fire with a 61-year-old driver inside (paywall).
Avon’s CEO was forced to step down. Shareholders unhappy with rising losses pushed out Sheri McCoy, sending the company’s shares down 13%. Activist investor Barington Capital accused her of causing “a tremendous destruction of shareholder value.”
Yum! Brands reported lukewarm earnings. Shares were down 2% Thursday morning after the food franchise company reported falling sales at its Pizza Hut locations. Yum said the hit was due to costs spent on updating the pizza chain’s technology to compete with Dominoes. Yum’s other brands, Taco Bell and KFC, did better with a 3% and 4% rise in sales, respectively.
The US impaneled a grand jury in the Russia investigation. Special counselor Robert Mueller (paywall) will be able to subpoena documents, call witnesses, and seek indictments in his probe of Moscow’s interference in the US presidential election. Congress is also considering a bill that would make it harder for Donald Trump to end Mueller’s investigation, which he has called a “witch hunt.”
The Bank of England held rates and cut its growth forecast. Wary of Brexit, the central bank kept rates at a record low. The pound slid from its 11-month high on the news.
Quartz obsession interlude
Isabella Steger and Soo Kyung Jung on the South Koreans gingerly embracing the “YOLO” lifestyle: “Korean youth experience the same bleak feelings about their futures as people in other countries … But pressure from families and society at large to succeed is particularly grueling in Korea, and young people are starting to push back against these strict conventions in a serious way—by staying single and seeking more ‘me’ time.” Read more here.
Matters of debate
Why do women bully each other at work? “Queen bee” behavior is more common when the deck is stacked against women.
Trump-Russia collusion is not off the table. Two former CIA agents say the evidence thus far is highly suspicious.
Swapping beef for beans could save the planet. It could get the US two-thirds of the way toward ambitious emissions targets.
Surprising discoveries
Cyberheist proceeds are being laundered at the baccarat table. A Chinese duo that stole a cool $81 million from Bangladesh’s central bank took their loot to a casino.
A potato cartel jacked up the price of US french fries. A collective of growers used drones and satellites to create “an OPEC of potatoes.”
Apple owns more T-bills than Mexico or the Netherlands. The company’s US Treasury holdings are worth $52.6 billion.
Researchers are using vibrators to determine the sex of turtles. The devices quickly create a “visible reaction” in males.
A cannabis startup wants to buy an entire California town. American Green, a self-described “seed-to-sale innovator,” thinks it can turn Nipton into a stoner’s paradise.
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