Good morning, Quartz readers!
What to watch for today
The Trump administration proposes a food stamp clampdown. The new rule would reduce the number of Americans eligible for free food by about 3.1 million, saving the federal government $2.5 billion annually. Critics are concerned over the impact of tightened requirements on the 40 million Americans who rely on food assistance.
The UK meets its new leader. Voting by Conservative party members has closed, Theresa May will step down, and either Boris Johnson or Jeremy Hunt will be named the new Tory leader and UK prime minister at approximately 11.30 am BST. That winner—likely to be Johnson—will start work in Downing Street tomorrow.
Earnings takeoff. Aircraft-maker United Technologies—which recently proposed a merger with defense contractor Raytheon—may report an earnings bump from demand for spare parts, Lockheed Martin could get a boost from F-35 fighter jet sales, and Harley-Davidson may stall under declining demand for its classic Hogs. Coke, Hasbro, Chipotle, and Visa also report today, in another bumper earnings week.
While you were sleeping
The US reached a $1.3 trillion budget deal. To avert a fiscal crisis, the Trump administration and congressional leaders agreed to the budget deal, and to suspend the debt ceiling until after the 2020 election. It must now pass Congress and be signed into law by Trump.
Apple eyed Intel’s smartphone modem business. The Wall Street Journal reported Apple would pay $1 billion for a portfolio of the chipmaker’s patents and staff, as it looks to take control of the parts that power its devices. A deal could be announced next week.
Puerto Rico staged one of its biggest protests ever. Tens of thousands of people blocked highways to pressure governor Ricardo Rosselló to resign over leaked homophobic and misogynistic attacks on rivals, with demonstrations continuing overnight.
Venezuela was plunged into darkness again. The government blamed a country-wide blackout on Monday on an “electromagnetic attack” on its hydroelectric system, without elaborating. Commuters were thrown into chaos in Caracas as traffic lights and the subway came to a halt.
South Korea fired warning shots at Russian military jets. The government said it scrambled fighter jets, and fired 360 rounds, in response to multiple Russian aircraft entering its airspace on the east coast twice. The defense ministry said it was the first time that Russian aircraft had done so; Moscow denies the allegations.
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The franchise is the engine on which Hollywood runs, comprising the vast majority of both the US and international box office market share. But as big as franchise movies are, they’re developed and distributed by just a select few companies—and the list of franchises that are both critically and commercially successful is smaller than you might think. These 17 charts will help you understand the franchise phenomenon gripping Hollywood.
Skinny jeans just won’t quit. The profile we love to hate (and hate to take off) has been a status symbol for years now, but its growth has slowed, while sales of wide-leg jeans are picking up. Since this particular denim style is overdue for an overhaul, trend-watchers are expecting skinny jeans’ grip on the market to slack. Get the skinny at the Quartz Obsession.
Matters of debate
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Changing the name of the 737 Max won’t fool anyone. Travelers are smarter than that.
Evidence shows you’re not open-minded. But please, feel free to categorically deny it.
Apple would rather its next leader be a Tim Cook than a Steve Jobs. Heir apparent Jeff Williams is known for his even temper and efficiency.
An uncontacted Amazon tribe appeared on video. Indigenous activists say it proves that people in the rainforest need protection.
France found a missing submarine after 51 years. Relatives of the 52 sailors on board have been waiting to find the final location of their loved ones since 1968.
A former NASA intern sold recordings of the moon landing for $1.8 million. He discovered the rare videotapes by chance at a government auction.
The Milky Way ate another galaxy. New evidence suggests that we cannibalized stars and dust from our smaller neighbor 10 billion years ago.
The Dutch have built a floating dairy farm. Robots tend to the 32 cows as they cruise down a Rotterdam river.
Our best wishes for a productive day. Please send any news, comments, rare videotapes, and comfortable jeans to email@example.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 Jackie Bischof.