Good morning, Quartz readers!
What to watch for today
The Bank of England stays the course on interest rates. The UK’s economic outlook is looking stormy, with a possible Brexit on the horizon. BoE officials will likely hold the benchmark interest rate at a record-low 0.5% to avoid rocking the boat.
The US turns on its European missile defense shield. The massive project has been in the works for years, and is billed by the US as a measure to protect NATO from Iranian nuclear weapons. Russia argues that it’s actually meant to neutralize missiles from Moscow, and violates a nuclear treaty that helped to end the Cold War.
The EU parliament debates China’s trade status. Politicians will discuss whether China deserves “market economy status” within the World Trade Organization, which would make it harder to level sanctions against the world’s second-biggest economy. EU officials are concerned that China might use its new status to undercut European manufacturing.
While you were sleeping
Nissan is reportedly in talks to take over Mitsubishi Motors. The automaker is prepared to invest 200 billion yen ($1.84 billion) to obtain a controlling 34% stake in its partner, which has been weakened by a cheating scandal, according to Japanese media. Mitsubishi already makes some vehicles for Nissan.
Brazil’s senate started an impeachment vote. President Dilma Rousseff, who is accused of illegally using public funds to cover up flaws on the country’s balance sheet, may have only hours left in office. Vice president Michel Temer is set to fill her position, but he’s also facing impeachment on corruption charges.
Scientists proved that Zika is responsible for birth defects in Brazil. By infecting mice pups and clusters of lab-grown brain cells with the virus, they were able to observe the effects and draw a causal link between Zika and brain damage. Their findings suggest that the infection takes hold in the first trimester, stunting neurological development.
David Cameron called Nigeria and Afghanistan “fantastically corrupt.” A live mic caught the British prime minister chatting with the queen and others ahead of an upcoming anti-graft summit. Nigerian president Muhammadu Buhari responded by asking Britain to help secure the return of assets taken out of the country illegally and held in British banks.
Elon Musk’s “hyperloop” successfully completed its first test. The Hyperloop One startup, which has secured $80 million in funding to create a working version of Musk’s transportation concept, carried out a passenger-less run-through of its propulsion system. The long-term vision is to transport people in giant tubes at more than 750 mph (1200 kmh).
Quartz obsession interlude
Marc Y. Rosenberg on Apple’s battle with Chinese authorities. “No matter how popular their products or how ‘borderless’ their services, technology’s brave new world will increasingly clash with the older realm of borders and governments. As a result, both financial and physical costs will increase for tech companies and their customers.” Read more here.
Market haiku
Does it feel lonely
Rolling down an empty aisle?
Wobbly shopping cart
Matters of debate
Don’t waste money on graduate school. Unless you want to be a lawyer, doctor or academic, it doesn’t make financial sense.
No one really ever trusted Facebook. It shouldn’t be a surprise that Mark Zuckerberg’s social network has its own biases.
The US Federal Reserve made the poor even poorer. Inequality rose because of tight monetary policy.
Surprising discoveries
Old iPods are now expensive collectibles. An in-box second-generation iPod Classic could be worth $20,000.
Finding Dory could be bad for real fishies. The blue tang fish in Pixar’s movie doesn’t fare well in captivity.
The English language could get really weird if Britain leaves the EU. Brussels institutions are already home to strange linguistic distortions.
It took 43 years to build America’s newest nuclear plant. Due to safety concerns and fluctuating demand, it’s the first new plant in two decades.
North Carolina’s bathroom law could cost the state $5 billion a year. Most of it is lost federal funding as the state fights the US government in court.
Our best wishes for a productive day. Please send any news, comments, old iPods, and blue tang fish to hi@qz.com. You can follow us on Twitter for updates throughout the day.