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What to watch for today and over the weekend
G20 finance ministers meet in Buenos Aires. The US will address concerns about its protectionist trade policies, while Germany and others will argue against such restrictions.
General Electric’s earnings may disappoint. The 100-year-old company is expected to report a decline in second-quarter profit. GE’s share price fell 60% over the past year and it was dropped from the Dow Jones in June.
Honeywell International posts results. A rise in profit and revenue is expected after strong sales growth its aerospace segment. However, investors will want to know how aerospace tariffs will affect the company as the US-China trade war escalates.
While you were sleeping
Eleven people were killed after tourist boat capsized in Missouri. Seven others were injured and some are missing after an amphibious “duck boat” carrying about 30 people sank around 8pm ET during a severe storm on Table Rock Lake.
The Russian ambassador said US lawmakers would come to Moscow. Russia’s Interfax agency cited Anatoly Antonov as saying another visit was on the cards, following a trip to Moscow by Republican members of Congress this month. He reportedly added that it’s unlikely Russian politicians will visit the US before the mid-term elections in November.
South Korea’s former president was sentenced to an extra eight years in jail. Park Geun-hye, currently serving a 24-year term for corruption, had the additional years added to her sentence today for abusing state funds and violating election laws.
China’s lust for luxury boosted Hermès. The maker of the iconic Birkin bags said sales revenue in China soared by more than 7% to €1.46 billion ($1.69 billion) in the most recent quarter. The fashion house said it was optimistic (paywall) global economic and geopolitical uncertainties wouldn’t hurt mid-term growth.
North Korea’s economy slumped. South Korea’s central bank estimated that the troublesome neighbor’s economy declined at the sharpest rate in 20 years in 2017, following international sanctions over Kim Jong Un’s weapons programs. It contracted 3.5% from the previous year.
Quartz Obsession interlude
Chelsea Johnson on how tech companies resemble wealthy socialist states. “Techies and their nuclear families will live, work, eat, and play on corporate campuses, guarded by contracted physical security guards tasked to keep away the un-and-differently employed. Life might be pleasant for the privileged few, but rich culture and community will be hard to foster as neighbor-colleagues cycle in and out chasing better perks and prestige.” Read more here.
Matters of debate
Apple will beat Amazon to a $1 trillion valuation. Just four out of 33 Amazon analysts have published a target price above the mark its stock would need to hit.
You should look up at the moon every night, not just during the lunar eclipse. We ignore the everyday wonders that surround us all the time.
Trump most likely isn’t Putin’s puppet. Game theory indicates that he’s probably either worried about his own legitimacy or just deluded (paywall).
Surprising discoveries
We’re in the Meghalayan Age. Our current phase in history—marked by a mega-drought that started 4,200 years ago—finally received its official title from geologists.
That 2,000-year-old sarcophagus is a dud. Egypt’s antiquities ministry didn’t discover anything priceless or magical, just literal human stew.
Tortilla chips can spontaneously combust. A new, spicy product caught fire and burned down a Texas factory, then did it again three days later.
An indigenous tribe’s sole survivor was spotted. The Rondônian native has been living in the Amazon for more than 20 years.
The concept of “milk” is being redefined. US dairy and vegetable lobby groups are fighting over whether milk is a plant or animal-based product (paywall).
Our best wishes for a productive day. Please send any news, comments, ancient disappointments, and chip extinguishers 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.