Good morning, Quartz readers!
What to watch for today
Yahoo holds its annual shareholder meeting. Investors will meet in California during a dark time for the internet pioneer, which is up for sale. CEO Marissa Mayer recently gave the hedge fund Starboard Value four seats on the board.
A Labour MP tries to unseat Jeremy Corbyn. Angela Eagle, a former pensions minister, was one of 20 parliamentarians who quit the party’s shadow cabinet last week in protest of Corbyn’s allegedly lackluster opposition to Brexit. Eagle plans to launch a formal bid for the party’s leadership.
Rodrigo Duterte becomes president of the Philippines. The tough-talking populist is forsaking a lavish state dinner in favor of snacks. Since his election, the bodies of dozens of suspected drug peddlers have been dumped in the streets.
While you were sleeping
The EU met for the first time without the UK. The 27 remaining member states that met in Brussels agreed on one thing (paywall): The UK cannot participate in European Union’s single market if it follows through on its threat to cap migration.
The markets bounced back from Brexit. Britain’s FTSE 100 surged for a second straight day, regaining all of the ground it lost since the UK referendum, and the S&P 500 erased its loss for the year, as investors reassessed the potential economic fallout.
Facebook sent a chill down the spine of online publishers. The social network announced changes to its algorithm to give priority to posts from friends and family at the expense of news sites and brands. Facebook said publishers should expect a “noticeable” drop in traffic.
The South China Sea is heating up once again. An international court said it would rule on July 12 on a case brought by the Philippines against China, which claims a number of disputed islands as its territory. Beijing insisted that the Permanent Court of Arbitration has no jurisdiction in this case.
The NBA got its first Chinese owner. Lizhang Jiang reportedly bought a 5% stake in the Minnesota Timberwolves for an unspecified amount. Earlier this month, the Shanghai-based tycoon Jiang bought the Granada football club for $41 million.
Quartz markets haiku
Brexit won’t matter
We are all completely fine!
Ha-ha. You know? Right?
Quartz obsession interlude
Jenny Anderson on an industry that’s about to have a Brexit bonanza. “There are plenty of people on the losing side of Britain’s epic decision to vote itself out of the European Union. But from crisis comes opportunity, especially for those billing by the hour for legal advice.” Read more here.
Matters of debate
“Tesla Solar” could transform the power sector. Elon Musk is running a battery company that could link production and demand.
Boredom leads to political extremism. Radical ideologies help fill a need for a larger purpose.
Uber won’t conquer the world. The network effect provides a competitive advantage—but not across far-flung cities.
Surprising discoveries
A robot lawyer is winning parking ticket cases in London and New York. The bot has been successful in 160,000 cases.
Climate change is causing shark attacks. Rising temperatures push sharks into human-infested waters.
Holocaust survivors are getting royalties from Hitler. “Mein Kampf” generates about $60,000 a year in US sales.
Risqué office photos are booming in Belarus. Its authoritarian president told workers “to get undressed and work till you sweat” to boost the national economy.
Tennis pros hate Nike’s new tennis dress. The “babydoll” look isn’t going over well at Wimbledon.
Our best wishes for a productive day. Please send any news, comments, tennis dresses, and Belarusian office photos to hi@qz.com. You can download our iPhone app or follow us on Twitter for updates throughout the day.