Good morning, Quartz readers!
What to watch for today
Janet Yellen testifies before Congress. The US Federal Reserve chair delivers her semi-annual remarks on monetary policy to the Senate, with comments to the House due Wednesday.
Investigators prepare to close the book on MH370. The search for the missing Malaysian Air plane, which disappeared in 2014 with 239 people on board, will probably conclude in the coming weeks. Officials from Australia, Malaysia, and China will meet in Kuala Lumpur to lay out the final phase.
The Consumer Electronics Show opens in New York. The event, now in its 10th year, will include a fly-a-drone obstacle course. Exhibits run through Thursday.
While you were sleeping
Donald Trump fired his campaign manager. Corey Lewandowski’s departure comes at a time when the presumptive Republican nominee’s poll numbers are down and Hillary Clinton’s campaign is pressing its advantage in money and organization. Lewandowski was reportedly pushed out by Trump’s children, who were alarmed at the chaotic direction of his campaign.
Tesla may build a big plant in China. The electric car-maker and the Chinese government-owned Jinqiao Group are negotiating a 60 billion yuan ($9 billion) investment deal that would allow Tesla to build a production facility in Shanghai, according to Bloomberg. Building cars in China could help Tesla cars avoid a 25% import levy.
Walmart is selling its Chinese e-commerce operations to JD.com. Walmart’s Yihaodian site never really gained traction in a market dominated by JD’s larger rival, Alibaba. The deal will give Walmart a 5% stake in JD worth about $1.5 billion.
The US Navy made a show of strength in East Asia. Admiral John Richardson said the rare deployment of two aircraft carrier groups to the east of the Philippines should stabilize the region. Tensions have been high between China and its neighbors ahead of an imminent international court ruling on Beijing’s controversial territorial claims in the South China Sea.
Lower Brexit odds sent global stocks surging. The latest UK polls show growing momentum for the “Remain” camp ahead of Thursday’s referendum. That sent European and US shares higher, along with the British pound, which rose more than 2%.
Quartz markets haiku
From Dover to France
Channel whitecaps chop beneath
favorable winds
Quartz obsession interlude
Lily Kuo on anti-migration tactics in Somaliland. “Parents are trying to dissuade their children from dangerous and illegal migration to Europe by buying them second-hand cars that can be operated as taxis ….[known as]hooyo ha tahriibin, which translates roughly as a mother pleading “my son, do not smuggle yourself.” Read more here.
Matters of debate
Meritocracies are horrible places to be less than smart. Intelligence shouldn’t dictate an individual’s worth.
Young Americans are giving up on capitalism. Or, more accurately, they’re sick of the way it’s being practiced.
Elon Musk is wrong: We’re not living in a simulation. It’s not so easy to explain away the physical world.
Surprising discoveries
Fast-food chains are ruthlessly seeking new meals to exploit. One trademarked the term “brunchfast.”
Carbon emissions are decimating the world’s mussels. More acidic seas are eating their shells away.
“Crying LeBron” is the internet’s new favorite thing. The NBA Finals MVP displaced previous favorite “Crying Jordan.”
In an age of mass shootings, companies are selling “ballistic furniture.” Bullet-proof panels can be used in desks or tables.
A refugee camp riot was halted by the wifi servicemen. Syrians held in Greece stopped protests to let them pass.
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