Good morning, Quartz readers!
What to watch for today
EU leaders meet to discuss Europe post-Brexit. The European Council gathers for two days of meetings in Brussels on the consequences of the UK referendum. Germany, France, and Italy have refused to negotiate the details of the UK’s exit until it officially announces its departure from the union.
Tim Cook hosts a fundraiser for Paul Ryan. The Apple CEO is courting Republican leaders while steering clear of presidential nominee Donald Trump.
Nike faces a steep climb. The athletic wear giant is struggling with a weakening apparel market and tougher competition, and is expected to post a 6% decline in earnings. The results could affect the race by three Nike executives to succeed CEO Mark Parker.
While you were sleeping
The US Supreme Court struck down a Texas anti-abortion law. In the court’s biggest decision on reproductive rights in decades, justices voted 5-3 against a law that imposed costly and elaborate regulations on abortion clinics. The ruling undercuts a strategy used by many anti-abortion lawmakers in recent years.
The UK lost its AAA credit rating. In a major aftershock to last week’s Brexit referendum, Standard and Poor’s downgraded the UK two notches to AA, and the British pound fell to a 30-year low (paywall). Meanwhile, David Cameron and Boris Johnson hope that the UK can still participate in the EU’s common market.
Gibraltar is in talks with Scotland to stay in the EU. Both voted overwhelmingly to remain in last week’s referendum. Gibraltar chief minister Fabian Picardo said the territory and Scotland could jointly take over Britain’s EU membership, possibly with Northern Ireland, to avoid having to apply for membership.
The UK Labour party is in open revolt. Twenty members of the shadow cabinet have resigned, and party leader Jeremy Corbyn will face a no-confidence vote tomorrow amid widespread recriminations about the Brexit vote. Corbyn insisted that he will lead the party through a general election expected later this year.
Volkswagen’s US settlement ballooned to $15 billion. The company is preparing a $10 billion payment to car owners affected by its diesel-emissions cheating scandal, plus $5 billion to “offset excess diesel emissions and boost zero emission vehicles,” Reuters reported.
Quartz markets haiku
England and Brexit
The blessed plot grows thicker
And the pound withers
Quartz obsession interlude
Joon Ian Wong on the cities vying to replace London as Europe’s startup capital. “Besides Dublin, there’s Berlin, already home to successes including Rocket Internet and Soundcloud; Amsterdam, which has spawned the major payments player Adyen; and Stockholm, with Spotify and Minecraft’s maker, Mojang.” Read more here.
Matters of debate
Barack Obama should pardon Edward Snowden. The president would improve his own legacy by allowing the whistleblower to return to the US.
Brexit offers a lesson for Hillary Clinton: Don’t neglect your young voters.
Early puberty isn’t just awkward. Girls whose bodies mature before their teen years are at higher risk of breast cancer, depression, and heart disease.
Surprising discoveries
Beijing is slowly collapsing. Excessive water pumping has emptied out the city’s aquifers.
Marijuana shops are more lucrative than Whole Foods. Based on revenue per square foot, edibles may be more profitable than groceries.
MIT trained an AI to predict sitcom high-fives. It can also analyze any scene for expected hugs, handshakes, and fist-bumps.
Veterinarians are performing surgeries on bullied fish. One received a hand-painted prosthetic eye.
Barack Obama may have a future career in venture capital. Silicon Valley is salivating over the idea.
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