Good morning, Quartz readers!
Here’s what you need to know
A heat wave fueled wildfires across Europe. Firefighters battled blazes across the Mediterranean region as the UK braces for record-high temperatures.
Eight people died in a plane crash in Greece. The aircraft, which had taken off in Serbia, was bringing 11 tons of weapons to Bangladesh.
The UK’s Tory party leadership hopefuls squared off in a heated debate. A series of votes this week will determine the final two contenders to succeed prime minister Boris Johnson.
Thousands of people in Hungary protested tax law changes. Critics fear the new measures will hurt small businesses.
Chinese president Xi Jinping visited Xinjiang. It was his first visit to the region since his government started to crack down on the Uyghur minority, which has brought international sanctions.
Taiwan accused a Chinese Apple supplier of stealing trade secrets from a local competitor. Prosecutors charged 14 people in connection to the case.
What to watch for
In April, the International Monetary Fund (IMF) cut its global growth forecast to 3.6% for this year and next, warning that the global economic outlook could get worse from there. Now, the IMF is looking to make another cut later this month for both 2022 and 2023.
The outlook has “darkened significantly,” wrote Kristalina Georgieva, the managing director of the IMF, in a blog published July 13. She did not provide specific figures.
So why is the IMF reconsidering its growth prediction? Global events like the Russia-Ukraine war and the covid pandemic continue to hurt supply chains, driving up prices and boosting inflation. The resulting economic uncertainty is putting the world at greater risk for a recession.
The price(s) of oil(s)
The “price of oil,” which fell below $95 on Friday, is a misleading phrase. The oil industry actually looks at three major indices:
Brent: Originally a now-defunct oilfield off the coast of Scotland, it refers to a mix of oil from many different North Sea deposits. The Brent crude index is used heavily in Europe and by OPEC.
West Texas Intermediate: The major American index refers to crude that actually comes from oilfields all over the US and is then refined in the Midwest.
Dubai: The major benchmark for oil prices in Asia, Dubai crude is “sour” (i.e., high in sulfur) and has a “medium” viscosity.
The Russia-Ukraine war delivered a shock to the market, so the three indices are closer to each other than they’ve been since 2020. But another index, Russia’s Urals blend, lags severely behind, despite Moscow trying to (literally) sweeten the deal for buyers.
Anyone up for a labor-friendly latte?
It’s easier to drink Starbucks coffee while supporting unions than it has ever been before. We’ve made a map to help you find the closest unionized Starbucks.
✦ Quartz stories and tools become possible with your support. Consider becoming a Quartz member today and take 40% off.
Quartz’s most popular
🍽️ The US and UAE are spending billions in India to fight global food insecurity
💸 Tablets from Kenya’s digital literacy program sell for as little as $35 in Uganda’s black market
📦 DoorDash will increase subtotal minimums for US subscribers
🏦 Why are China’s rural banks in trouble?
⛽ Here’s how much US emissions have cost every country on earth
🌍 Award-winning architect Francis Kéré on what the West still gets wrong about Africa
Surprising discoveries
Fewer emojis are making the cut. A stricter approval process by governing body Unicode means only 31 new emojis are in the final round to appear on our devices this year.
Mon Dieu! Dijon mustard is in short supply thanks to climate change. Burgundy-based producers source most of their seeds from Canada, where a heat wave dramatically reduced last year’s harvest.
Orphaned young elephants find strength in peer networks. Living in a community with other elephants of the same age helped them lower their stress levels.
Scientists discovered new species of fungi in Scotland’s Cairngorms mountains. Two of the species are new to the UK, while a third is new to science.
DNA analysis solved a human fossil mystery. Remains found in a Chinese cave belonged to a female whose genome can help explain how humans arrived in the Americas.
Our best wishes for a productive day. Send any news, comments, mustard seeds, and Scottish fungus to hi@qz.com. Reader support makes Quartz available to all—become a member. Today’s Daily Brief was brought to you by Alex Ossola, Michelle Cheng, Sofia Lotto Persio, Samanth Subramanian, Clarisa Diaz, Nate DiCamillo, David Yanofsky, and Susan Howson.