Good morning, Quartz readers!
What to watch for today
A chemical plant near Houston is set to explode. The Arkema Group said its plant, flooded from tropical storm Harvey, is without the electricity and cooling needed to prevent chemical reactions leading to a blast. The surrounding area has been evacuated.
A German court rules on an emissions suit against Volkswagen. A consumer advocacy group hopes to force the carmaker (paywall) to buy back all affected vehicles at the original price, saying VW broke EU law by selling emissions-cheating software. The group doesn’t expect to win, but will appeal and go to the European Court of Justice.
Vivendi releases first-half earnings. The French media conglomerate will win big as music streaming continues to grow, says a Goldman Sachs report. Vivendi owns Universal Music, one of the world’s largest labels, which rakes in royalties whenever listeners access its songs through streaming services.
While you were sleeping
Harvey sent US gas prices to $2 a gallon. Flooding from the storm knocked around a quarter of US refineries offline, making prices the most expensive since 2015 amid fears of a supply shortage. Reuters estimated that at least 4.4 million barrels per day (bpd) of refining capacity is offline.
Alphabet launched its new, cheaper Nest. The simpler digital thermostat will retail for about $170, $80 cheaper than the current version. Alphabet hopes it will help make it more competitive in the smart home sector.
Toshiba failed to pick a buyer for its chip unit. It has tried for months to offload its flash-memory arm to pay down debt from its bankrupt US nuclear business, and has narrowed the field to three potential buyers. One bid was bolstered at the last minute by Apple, which depends on Toshiba’s chips for its iPhones.
Pernod Ricard got a boost from millennials. The world’s second largest distiller by sales adapted its products to appeal to younger consumers (paywall), and it’s paying off. Products like Absolut Lime vodka and Jameson Black Barrel helped push profits up by 13% on sales of over €9 billion ($10.7 billion).
A federal judge blocked key parts of Texas’s ban on sanctuary cities. Two days before the law was said to go into effect, judge Orlando Garcia issued a preliminary injunction blocking the main parts of it. Garcia said the law authorizing police to ask about immigration status during routine stops would “erode public trust.”
Quartz obsession interlude
Marc Bain on why H&M should do more than identify where its clothes are made. “Shoppers, especially millennials, are increasingly eager to make sustainable and ethical choices, and the rise of ‘transparency’ is a step toward helping them do so. But it’s not an end unto itself: Transparency can only ensure fair and safe practices when coupled with rigorous third-party monitoring, and when it’s clear enough for shoppers to understand.” Read more here.
Matters of debate
The Rock should run for president. The world’s highest-paid actor could lay the smackdown on petty partisan politics.
A “fake” Instagram isn’t the ticket to social media freedom. The trend exposes the troubling way that work is taking over our lives.
Tech firms are the biggest competitive threat to the banking industry. Google, Amazon, and Facebook have the market cornered when it comes to the cloud, AI, and big data.
Surprising discoveries
Entire colonies of fire ants are floating in Texas floodwaters. The stinging pests were set adrift when their nests were flooded.
A first-time author unwittingly exposed the house of cards beneath “bestseller” books. A social media skirmish revealed how authors can buy their way to the top.
Nearly half a million people need to update their pacemaker software. The FDA is recalling models that are vulnerable to hacker attacks.
Otters learn by copying. They complete puzzles by watching other otters’ problem-solving techniques.
Traces of wine dating back 6,000 years were found in a Sicilian cave. The discovery revises the history of Italian winemaking back three millennia.
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