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What to watch for today
Donald Trump hosts a social media summit. Facebook, Twitter, and Google have not been invited to the meeting at the White House, while various conservative groups and fringe figures have confirmed their attendance. The US president has accused large tech companies of an anti-conservative bias.
Fed chairman Jerome Powell testifies. After signaling yesterday that the US central bank is ready to cut interest rates to offset a potential economic slowdown, Powell wraps up his two-day testimony on Capitol Hill with an appearance before the Senate Banking Committee.
France votes on a tech giant tax. The law, which would slap a 3% levy on firms like Google and Facebook for revenues generated in France, is expected to pass in parliament today. The US has launched a probe into the plan, a move that could lead to tariffs on French goods in retaliation for “unfairly” targeting American firms.
Ford discusses deepening its alliance with VW. At a supervisory board meeting, German auto giant Volkswagen will likely agree to share the cost of developing autonomous vehicles and making electric cars with Ford .
Airlines prepare for takeoff. Delta is expected to post second quarter earnings up from a year ago, helped by a lack of grounded Boeing 737 Max models in its fleet. Norwegian Airlines beat expectations for earnings today, although profit is way down from a year ago.
While you were sleeping
US officials are prepping for immigration raids. At least 2,000 undocumented individuals will be targeted for deportation starting Sunday. The operation, which president Trump supports, was previously delayed in part due to opposition within Immigration and Customs Enforcement agency.
Iran tried to seize a British oil tanker. Five Revolutionary Guard gunboats reportedly approached a British Heritage tanker as it sailed out of the Persian Gulf, but withdrew after a warning from a British warship. Iran denied there was any confrontation.
The US is investigating Deutsche Bank over 1MDB deals. The inquiry is part of a probe into Malaysia’s investment fund, and seeks to determine whether the German bank violated foreign-corruption or anti-money-laundering laws as it helped 1MDB raise $1.2 billion in 2014.
Lockheed Martin won’t shut a Pennsylvania plant. CEO Marillyn Hewson credited a chat with Trump for keeping the Coatesville facility open. The plant is run by its Sikorsky division, which was earlier awarded a defense contract to build a new fleet of presidential helicopters.
Reckitt agreed to pay up to $1.4 billion in a settlement over opioids. The payment is substantially more than the $400 million it set aside, but will resolve all federal US investigations into its former pharmaceutical unit Indivior.
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A matter of standards. Despite low inflation and the scorn of economists, gold standard fans are moving into the mainstream. Some politicians tout it as a common sense approach to monetary policy, and since 2011, at least six states in the US have passed laws recognizing gold and silver as currency. Another three are presently contemplating bills of their own. But is all that glitters really gold? Find out in the Quartz Obsession.
Matters of debate
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Lady Gaga is Amazon’s ticket to beauty domination. Her platform-exclusive brand Haus will force the cosmetics industry to accept Amazon as a worthy competitor.
Mulan didn’t just want to be a man. She strove to embrace her female identity as equal to that of a man.
Twitter needs a pause button. A break from instantaneous communication reduces the risk of disinformation.
Surprising discoveries
An entire city will be exorcized via helicopter. The bishop of Buenaventura, Colombia will sprinkle holy water from the sky in an attempt to banish demons.
Lehman Brothers stock is worth something again. Owners of the hapless lender’s paper certificates are making big bucks on eBay.
China’s elite lost $530 billion in 2018. The plunge in wealth last year was due to a slowing economy.
Jacinda Ardern’s neighbor admitted to killing the prime minister’s cat. A man named Chris finally broke his silence, a year after he ran over the first cat of New Zealand.
Metallica is for kids. The heavy metal band’s illustrated children’s book, called The ABCs of Metallica, will be published in November.
Our best wishes for a productive day. Please send any news, comments, Lehman memorabilia, and kid-friendly thrash metal albums to hi@qz.com. Join the next chapter of Quartz by downloading our app and becoming a member. Today’s Daily Brief was written by Adam Rasmi and edited by Jason Karaian.