Good morning, Quartz readers!
What to watch for today
Angela Merkel meets with global economic organizations. The German chancellor will hold talks with IMF director Christine Lagarde and World Bank president Jim Yong Kim. Merkel has in the past called for “greater independence” from the IMF within Europe and has proposed a European Monetary Fund.
Brexit continues to stumble toward the finish line. The UK’s Brexit secretary, David Davis, and the chief EU negotiator, Michel Barnier, meet in Brussels. Barnier is unimpressed by the latest UK proposals over the Irish border.
A change in US visa policy targeting Chinese nationals. The US is expected to limit Chinese graduate students working in high-tech fields to one-year visas. Other Chinese nationals working at specific US companies might also require special clearance from multiple agencies.
Over the weekend
Donald Trump and Kim Jong Un arrived in Singapore. Kim quickly headed to a meeting with Singapore prime minister Lee Hsien Loong after touching down on Sunday afternoon, while Trump landed later that evening. The two are staying in hotels separated by a 10-minute walk and are scheduled to meet tomorrow on the island of Sentosa for historic talks.
The G7 summit ended in disarray… Trump retracted his support of the summit’s final communique after clashing with Justin Trudeau, who said Canada would enact retaliatory tariffs on the US. France condemned Trump for his “fits of anger,” while Merkel captured the tense mood in a photo on Instagram.
…while Xi Jinping and Vladimir Putin made a show of unity. A regional security summit held by Russia and China offered a sharp contrast to the chaos and acrimony of the G7, with Xi warning against “unilateralism, trade protectionism, and a backlash against globalization.”
Bitcoin plunged. South Korean cryptocurrency exchange Coinrail announced on Twitter it faced a “cyber intrusion,” causing it to lose an estimated $40 million in altcoins. Bitcoin subsequently fell over 10%, while the total crypto market lost an estimated $45 billion in value as other cryptocurrencies tumbled as well.
Swiss voters rejected a radical overhaul of banking. Over 75% of voters rejected a “sovereign money” initiative that would severely limit how commercial banks lend money. Meanwhile, voters overwhelmingly backed a new gambling law that blocks foreign betting sites from operating in the country.
Quartz obsession interlude
Isabella Steger, Zheping Huang, and Max de Haldevang spoke to South Korean, Chinese and American veterans of the Korean War. “Then young men, or even teens, Korean War veterans are now in their 80s and 90s—and they still don’t know how or when the war they fought nearly seven decades ago will officially end.” Read more here.
Matters of debate
This time could be different for North Korea. Trump, Xi, and Moon are each different from their predecessors, making a breakthrough compromise possible.
The EU should dismantle Facebook. The company is the definition of a modern monopoly.
Trump shouldn’t have cut a deal with ZTE. The agreement undermines US jobs and threatens national security.
Colorado school nurses can administer pot to students. A new law lets them dispense marijuana to patients with parental permission.
Eight hours of sleep a night isn’t enough. A leading sleep scientist says 8.5 hours is the right amount of time in bed.
New Zealand scientists are breeding less flatulent sheep. They hope to reduce greenhouse gas emissions one fart at a time.
Amazon’s next target is the seltzer market. Whole Foods is offering steep discounts of its 365-brand soda water to compete with LaCroix.
Instagram is reviving poetry. Social media is getting young Americans interested in poetry again.
Our best wishes for a relaxing but thought-filled day. Please send any news, comments, Instagram poems, and farting sheep to firstname.lastname@example.org. You can follow us on Twitter here for updates throughout the day, or download our apps for iPhone and Android. Today’s Daily Brief was written by Josh Horwitz and edited by Alice Truong.