Good morning, Quartz readers!
What to watch for today
Goldman Sachs posts earnings. It’s expected to reveal a growth in second-quarter profit, as well as a bump in investment-banking revenue. The bank could announce David Solomon as CEO Lloyd Blankfein’s successor (paywall) today.
Johnson & Johnson’s second-quarter report. The pharma firm is expected to post a second-quarter profit rise boosted by sales of its cancer drugs. Investors are focused on the issue of pricing, as Donald Trump has vowed to lower drug costs.
Jerome Powell testifies to US lawmakers. The Federal Reserve chairman begins two days of testimony on the economy and monetary policy, starting with the Senate’s banking committee. Investors will be watching for clues on the pace of interest rate rises.
While you were sleeping
Republicans voiced outrage after Trump sided with Putin over the FBI. Widespread fury erupted after Trump said in Helsinki that he believed Vladimir Putin’s claim that Russia wasn’t involved in the 2016 US election. House speaker Paul Ryan said, “There is no question that Russia interfered in our election,” while Newt Gingrich called Trump’s comments “the most serious mistake of his presidency.” Senator John McCain accused him of “abasing himself… before a tyrant.”
Didi Chuxing plans to spin off its car services unit. The deal could be worth up to $1.5 billion for China’s biggest ride-hailing firm ahead of its expected initial public offering, according to Reuters. Didi, which bought Uber’s operations in China in 2016, is currently valued at $56 billion.
A “lava bomb” injured 23 boat-trippers near Hawaii’s Big Island. The Hawaii County Fire Department confirmed that one of the passengers suffered a broken thigh bone after lava spewing into the sea caused an explosion of molten rock that landed on the roof of the tour boat.
Amazon workers went on strike in Germany. Thousands of warehouse employees in Germany are protesting poor labor conditions today, to coincide with the 36-hour Amazon Prime sales event. Meanwhile, CEO Jeff Bezos just became the richest person in modern history, with a net worth topping $150 billion.
Quartz Obsession interlude
Corinne Purtill on how Croatia’s president taught a lesson in leadership at the World Cup. “When [the World Cup] was over and Croatia was left to reckon with the deeply disappointing defeat, Kolinda Grabar-Kitarović was as present and supportive as she’d been during their ascent… Being willing to stand up and project a steady and positive presence in times of disappointment is one of a leader’s most important tasks.” Read more here.
Matters of debate
Socially conscious consumers shouldn’t shop on Amazon. They probably will anyway, despite its checkered history on labor and vaguely monopolistic tendencies.
A home doesn’t need formal living and dining spaces. They’re meant to make us more social but actually foster isolation.
Identity politics is hurting the hard sciences. Pressure to accept more women and minorities in STEM fields may change how scientific qualifications are evaluated.
Surprising discoveries
China’s first $100 million movie is a breathtaking flop. The fantasy film Asura was pulled from cinemas after selling only $7 million worth of tickets in its opening weekend.
The Kilauea volcano has created a tiny island. Measuring approximately 6 to 9 meters (20 to 30 feet) in diameter, it has appeared on the northern edge of Hawaii.
Deaths from liver cancer in US surged 43% in 16 years. A new report says the increase may be down to people being overweight and hepatitis C infection in baby boomers.
Algerians are speaking Korean thanks to K-pop. South Korea has become the surprise soft-power mecca of the 21st century.
An Indonesian mob slaughtered 300 crocodiles. The act of revenge took place after a villager was reportedly killed by one of the protected animals.
Our best wishes for a productive day. Please send any news, comments, tiny islands, and Gangnam Style to hi@qz.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 Jill Petzinger and edited by Lianna Brinded.