Good morning, Quartz readers!
What to watch for today
A Labour MP tries to unseat Jeremy Corbyn. Angela Eagle, a former pensions minister, was one of 20 parliamentarians who quit the UK Labour 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.
Barack Obama signs a Puerto Rico rescue bill. The US president will sign legislation that cleared the US Congress yesterday and aims to help Puerto Rico address its mounting fiscal crisis. The US territory was otherwise set to default on roughly $2 billion in debt payments in a few days, which likely would have roiled credit markets.
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.
While you were sleeping
The markets bounced back from Brexit. Asian markets climbed for a second day as anxiety from the UK’s upcoming departure the EU diminished. That followed the S&P 500 erasing its loss for the year and Britain’s FTSE 100 surging for a second straight day, regaining all the ground it lost since the UK referendum.
Rodrigo Duterte became president of the Philippines. With today’s inauguration done, 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.
Experts leaned toward technical problems as the cause of May’s EgyptAir crash. More analysis of the recently repaired flight recorder is needed, but data so far suggests smoke had been detected on board. That combined with wreckage showing high temperature damage and soot suggest a fire may have broken out on flight MS804.
Beijing derided a tribunal set to rule on the South China Sea. State-controlled media called The Hague-based Permanent Court of Arbitration a “law-abusing tribunal” that had “widely contested jurisdiction.” Yesterday the tribunal announced when (July 12) it will deliver a ruling expected to counter China’s sweeping but dubious territorial claims to the sea.
The NBA got its first Chinese minority owner. Lizhang Jiang bought a 5% stake in the Minnesota Timberwolves for an unspecified amount, and plans to build more partnerships between the league and China. Earlier this month the Shanghai-based tycoon purchased 98% of the Spanish soccer team Granada CF 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
Holocaust survivors are getting royalties from Hitler. Mein Kampf generates about $60,000 a year in US sales.
Climate change is causing shark attacks. Rising temperatures push sharks into human-infested waters.
Learning to fly a hot air balloon can certify you to commercially operate a drone in the US. For the latter you need a pilot’s certificate, and the easiest way to get one is ballooning lessons.
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.
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