Good morning, Quartz readers!
What to watch for today
Volkswagen faces angry investors. The automaker holds its annual general shareholders meeting in Hanover, but questions on its emissions crisis will likely go unanswered. The meeting comes one day after German prosecutors—part of the government of the Lower Saxony, which also happens to be Volkswagen’s second-largest shareholder—launched a probe of former CEO Martin Winterkorn.
India prepares for liftoff. The Indian Space Research Organisation is scheduled to launch 20 satellites into space on a single rocket, which would break its previous record for most satellites sent to space in one mission. The launch is programmed for 9:26am local time at the space center in Sriharikota.
Thailand weighs the risks of raising rates. Analysts expect the Bank of Thailand’s monetary policy committee to keep its policy interest rate untouched. The economy could use a boost, but rates are already at a near-record low.
While you were sleeping
A New York hedge fund manager was found dead in an apparent suicide. Sanjay Valvani, a partner at Visium Asset Management, was arrested last week for insider trading. Visium is selling one of its funds and liquidating the rest after federal prosecutors filed charges against Valvani and two other employees.
The US finally issued rules for commercial drones… After years of deliberation and stopgap measures, the Federal Aviation Administration announced specific regulations, including a weight limit of 25 kg (55 lbs) and speed limit of 161 km/h (100 mph). Amazon, Alphabet, and other companies have been waiting for the rules in order to launch drone delivery services.
…And approved the first study of a groundbreaking gene-editing technology in humans. A US biosafety and ethics panel cleared the use of a technique called CRISPR-Cas9 to create genetically altered immune cells to fight cancer. The study, which still needs approval from the Food and Drug Administration, is funded by tech billionaire Sean Parker.
Softbank’s Nikesh Arora had a very hard landing. The Indian-born president of the Japanese telecom and software was the heir apparent to founder Masayoshi Son, but was harshly criticized for his hefty pay package and profligate tech acquisitions. Arora quit a day after being exonerated in an internal investigation, citing differences with Son over the time frame for his ascension.
The Clinton Foundation was reportedly hacked. Russians broke into the foundation’s networks, according to Bloomberg—potentially accessing embarrassing information about US presidential candidate Hillary Clinton and her family. The US government has warned of an attempted Russian “dragnet of the US political apparatus,” and Russian spy agencies have also hacked the Democratic National Committee.
Quartz markets haiku
Stocks won’t go too far
Until that dang Brexit vote
After that, look out.
Quartz obsession interlude
Mun Keat Looi on why his immigrant father is voting to leave the EU: ”Having been born and raised in a Muslim country, he is always reminded of Malaysia’s history of political and racial tensions. The danger as he sees it is that some of the personal freedoms and equalities we treasure—women’s rights, LGBT rights—will not be tolerated let alone followed in conservative ghettos. He fears a tip in power, perhaps combined with political correctness, that would lead to compromises on personal freedoms and the ways in which UK operates.” Read more here.
Matters of debate
Brexit would crush the pound. A severe devaluation could wreak havoc on Britain’s economy, says George Soros.
American politics have slowly gone insane. Unless the problem is addressed, it will only get worse.
Technology is making millennials soft—literally. Men and women under 30 have much weaker grip strength due to the rarity of physical labor.
Surprising discoveries
The world’s cheapest serving of Coke goes for $0.07. You can find it in rural India.
Chinese bankers are getting spankings from “motivational trainers.” The attempt at improving performance backfired badly.
Refugees are taking Palermo’s city center back from the mafia. One of the world’s oldest cities is coming back to life.
The future of cremation may be dissolving bodies and flushing the remains. Canada is keeping a close eye on an allegedly eco-friendly funeral home.
Couples who share housework have more sex. It’s an inversion of earlier trends, when couples with “traditional” set-ups were the ones getting lucky.
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