Good morning, Quartz readers!
WHAT TO WATCH FOR TODAY
Market turmoil continues, post-Brexit… The pound continued to slump in European trading, after suffering its biggest-ever one-day fall on Friday in response to the UK’s decision to leave the European Union, while gold reached a two-year high. British chancellor George Osborne tried to calm things down before trading began in London, saying the government had “robust contingency plans.”
…while confused EU leaders meet in Berlin. Germany’s Angela Merkel will host France’s François Hollande, Italy’s Matteo Renzi, and European Council president Donald Tusk for a post-Brexit summit. Both France and Germany agree that Brexit should be implemented quickly, but Merkel is determined to hold the EU together despite populist pressures threatening to further divide it.
Wimbledon begins. World number one Novak Djokovic is defending his title, with seven-time champion Roger Federer and French Open winner Garbine Muguruza also playing on the opening day of the tennis tournament.
OVER THE WEEKEND
The UK’s Labour Party revolted over its leader. A slew of individuals in the Labour Party shadow cabinet resigned over Jeremy Corbyn’s dismal performance in the run-up to the Brexit vote, leading the party to discuss a vote of no confidence in Corbyn today. If the motion is accepted by the party chair, it will be followed by a secret ballot tomorrow, which could force a leadership contest—in which Corbyn says he will stand.
Spain’s second general election didn’t break the deadlock. Early results of Sunday’s vote show the conservative People’s Party have won the most seats, but fell short of an overall majority—a repeat of what happened in December—and means acting prime minister Mariano Rajoy must try again to scramble together a coalition.
The Panama Canal extension finally opened. Work on the enlarged $5.2-billion waterway connecting the Atlantic and Pacific Oceans has been going on since 2007 and was meant to be finished by 2014. The expansion can accommodate a new, much-larger generation of container ships and is expected to bump Panama’s revenues from the canal, reported to have been $2.6 billion in 2015.
Easyjet issued a Brexit-related profit warning. The low-cost European carrier said a drop in demand for flights following the UK’s vote to leave the EU will hit earnings for the rest of the summer period. Easyjet shares were down 10% in London on Monday morning, following a 14% decline on Friday.
Israel and Turkey ended their standoff. Both sides reached a deal to restore relations six years after Israeli commandos shot dead nine Turkish activists on aid boats bound for Gaza. Israel will offer compensation to the families of those killed and wounded, and open the door to business contracts between the two countries.
QUARTZ OBSESSION INTERLUDE
Oliver Stanley on a fertility drug made with the pope’s blessing and gallons of nun urine. “Soon, tanker trucks were hauling the pee of hundreds of nuns from Catholic retirement homes across Italy to Serono’s headquarters in Rome. While the urine of any post-menopausal women would work, nuns provided Serono with an extra advantage: Because hormones from pregnant women would contaminate the batch, it was critical there be no chance any of the women were pregnant.” Read more here.
MATTERS OF DEBATE
The Brexit fallout will be good for young Europeans. The vote will force younger generations to be more seriously politically engaged.
The political center needs its mojo back. Or Europe faces an uncertain future (paywall), says former UK prime minister Tony Blair.
Boris Johnson’s statement on Brexit is a mix of half-truths, wishful thinking, and outright lies.
It’s
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SURPRISING DISCOVERIES
Pope Francis said Christians owe gays an apology. But he has not changed the church’s stance that homosexual acts are a sin.
Disney’s depiction of a Polynesian god caused upset. Critics said the character in the Moana movie looked “half pig, half hippo” and reinforced overweight stereotypes.
Tech companies are hiring chiefs of staff. Rapid expansion is forcing Silicon Valley firms to adopt a more hierarchical structure, and they’re looking to Washington for clues.
Americans are sleeping more. It’s mostly because of the country’s aging workforce, but unemployed Americans are also getting more shut-eye (paywall).
Trendy nitro-brewed beers are creamier thanks to chemistry. Nitrogen creates smaller bubbles than carbon dioxide, and doesn’t produce extra acid.
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