Good morning, Quartz readers!
What to watch for today
The 2024 Olympics is expected to be awarded to Paris. The decision will be officially unveiled in Lima, Peru—the French capital will celebrate the announcement with a big party near the Eiffel Tower. The International Olympic Committee will also announce the host for the 2028 games, which is expected to be Los Angeles.
Shinzo Abe visits India. The Japanese prime minister meets his counterpart, Narendra Modi, for a two-day summit that will mark the launch of a $17 billion bullet train project, the first in India. India-Japan ties have warmed as the countries try to counter China’s growing influence in in South Asia and beyond.
The UN Security Council discusses the Myanmar refugee crisis. Sweden and Britain requested a private meeting to address the “deteriorating situation” for the country’s persecuted Rohingya Muslim minority group. A top United Nations official called the crackdown “a textbook example of ethnic cleansing,” which the Myanmar government has strongly rebuked.
The EU checks in on the State of the Union. European Commission president Jean-Claude Juncker delivers his annual speech in a slightly more optimistic environment—most Europeans still want to remain in the European Union despite Brexit and the rise of right-wing politics on the continent. Juncker will also push for free-trade pacts with Australia and New Zealand.
While you were sleeping
Toshiba mulled selling its chip unit to a consortium led by Bain Capital. The Japanese company, which had been hoping to strike a deal with Western Digital, is now considering selling its semiconductor business to a group of investors that includes Apple and Korean chipmaker SK Hynix. Toshiba needs to raise funds to plug the hole left by its bankrupt US nuclear business Westinghouse.
Brazil’s top court authorized a new corruption probe into the president. Michel Temer is being investigated for graft allegations involving bribes paid by a port operator, Rodrimar, to him. The Brazilian currency fell as investors worry that the investigation could prevent Temer from carrying out much-needed reforms to address the country’s record deficit.
China set a 2020 target for using ethanol in fuel. The proposal comes days after Beijing said it plans to phase out fossil-fuel-powered vehicles, as the country tries to tackle pollution as well as boost domestic demand for corn. China has a large surplus of corn in state reserves, and has set a goal to double ethanol production by 2020.
The Supreme Court sided with Donald Trump on his travel ban. Justices granted a request from the White House to block a federal appeals court decision that would have allowed up to 24,000 additional refugees to enter the US. The ruling is a partial victory for the US president ahead of an October Supreme Court hearing on the constitutionality of the executive order, which bars travelers from six Muslim-majority countries.
Quartz obsession interlude
Tripti Lahiri on Bangladesh’s Rohingya refugee challenge. “The flood of refugees into Bangladesh is a huge challenge for a country with a GDP of just $220 billion and an average annual income of $1,300—one that already hosts tens of thousands of Rohingya fleeing earlier waves of persecution. Even so, could Bangladesh be doing more for the Rohingya?” Read more here.
Markets haiku
Apple shares tumble / with boring phones. Does that have / an Animoji?
Matters of debate
Russia and China hold all the cards over North Korea. The two nations are exercising their veto power and making their priorities known.
Helicopter parenting is bad for college kids. But a little light hovering is just right.
Bitcoin is a fraud. That’s according to JPMorgan CEO Jamie Dimon, who says the cryptocurrency is the 21st-century version of tulip mania.
Surprising discoveries
Low-level criminals make around $900 a week. It’s painfully easy to see why some people risk working on the wrong side of the law.
The Nova Victoria is the ugliest building in the UK. The mixed-use building won the annual Carbuncle Cup, named for a boil on the skin’s surface.
Only one female exec took to the stage at Apple’s keynote. Angela Ahrendts, Apple’s senior vice president of retail, gave a presentation—though another woman did dial in from a paddle board.
A monstrous fatberg is blocking a London sewer. At 130 metric tons (143 tons), the mass of congealed fat, oil, wipes, and other debris is as heavy as a blue whale.
Nordstrom is opening stores that don’t stock clothes. Retailers are desperate for a way to make brick-and-mortar outlets viable when everyone buys clothes online.
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