Good morning, Quartz readers!
What to watch for today
Germany’s Angela Merkel is walking a thin line. Unsatisfied with the European migration agreement that the chancellor struck at the EU summit, interior minister Horst Seehofer said yesterday he would resign, which could upend the three-month-old government. Now Seehofer says his resignation hangs on the outcome of his meeting with Merkel later today.
Thyssenkrupp and Tata Steel explain their merger. On Saturday the German and Indian steelmakers sealed the deal on their 50-50 joint venture, after reaching an initial agreement last September. Today in Brussels their CEOs will take questions from the media. Based in the Netherlands, the new company will be Europe’s second-largest steelmaker after ArcelorMittal.
Protesters demonstrate against Walmart’s Flipkart acquisition in India. As many as 700,000 people will take to the streets to protest the deal, according to the Confederation of All India Traders, which represents small businesses. Walmart announced its plan to buy the e-commerce major in May, leading to fears of predatory pricing.
Wimbledon 2018 kicks off. The third Grand Slam of the year begins in West London with Roger Federer on Centre Court against Serbia’s Dusan Lajovic. Later in the day, Serena Williams faces Dutch player Arantxa Rus in her first match back since giving birth.
Over the weekend
Mexico voted for a new president. With early results showing him racing ahead, Andrés Manuel López Obrador looks set to become the first leader since 1929 who isn’t from one of the country’s two main parties. He’s vowed to put Donald Trump “in his place,” but agrees that NAFTA should be renegotiated. The leftist could also be the first president since 1997 to control Congress.
China backed a $15 billion tech fund to compete with Japan’s SoftBank. State-owned China Merchants Group teamed up with London investment firm Centricus, which helped structure SoftBank’s record-setting Vision Fund, to launch the China New Era Technology Fund. It will focus on Chinese tech companies, but also look at deals worldwide (paywall).
Canada retaliated against the US. On Sunday, which was Canada Day, the country applied tariffs of 25% on US steel products and of 10% on a selection of 250 items, including ketchup, whiskey, and orange juice, in response to US tariffs. More tariffs are coming on US products from Mexico and China this week.
Trump demanded cheaper oil. The US president tweeted Saturday that he asked King Salman of Saudi Arabia to boost oil production by up to 2 million barrels. “He has agreed!” Trump added. The White House quickly clarified that meant the Saudis have that much in spare capacity, not that they will raise output. Oil prices have been rising since Trump withdrew from the Iran nuclear accord.
An audacious prison break went down in France. A group of armed men took a helicopter instructor hostage and ordered him to fly into the courtyard of a prison in the town of Réau. There, they picked up notorious criminal Redoine Faid and flew away. He was serving a 25-year sentence for a failed robbery in which a police officer was killed. A manhunt is underway.
Quartz obsession interlude
Ashley Rodriguez on the biggest revolution in US movie-ticket prices in decades. “The shift to subscription services is part of a revolution that began more than a decade ago, as DVDs, on-demand video, and nascent streaming services like Netflix made it more convenient to watch movies at home than in theaters. Cinemas began searching for ways to make the moviegoing experience better than viewing at home.” Read more here.
Matters of debate
Television shows have better queer characters than movies. TV is cheaper to produce, so it’s easier to find niche audiences.
Michelin has no authority to rate Chinese street food. The system is simply out-of-step with the ethos that shapes the cuisine.
The US should ditch its coins. America lost $69 million last year by making pennies—and for what?
The lobster boom is about to bust. A warming planet threatens to make the seas too hot (paywall) for the beloved crustacean.
The first person to really use email was obsessed. He lugged around a terminal weighing 30 lbs (14 kg).
Tesla’s solution for making more cars is to remove parts. The company found 300 spot welds that help hold the cars together unnecessary.
Google wants to dominate flip phones. So it’s on a mission to get its Android software into Nokia handsets and other feature phones.
A lot of Brits are giving up fish and chips for bratwursts. British people seeking EU stability are increasingly looking to get German citizenship.
“No men allowed” is the rule for this exclusive island networking retreat. It costs $4,600 to get invited.
Our best wishes for a productive day. Please send any news, comments, feature phones, and Michelin-starred Chinese street food to email@example.com. You can follow us on Twitter for updates throughout the day or download our apps for iPhone and Android. Today’s Daily Brief was written by Steve Mollman and edited by Devjyot Ghoshal.