Good morning, Quartz readers!
What to watch for today
Labour may start to un-crown Jeremy Corbyn. Angela Eagle plans to launch a formal bid for the party’s leadership. The former pensions minister was one of 20 parliamentarians who quit the UK Labour Party’s shadow cabinet last week in protest of Corbyn’s lackluster opposition to Brexit.
Puerto Rico gets rescued. Barack Obama will sign legislation that cleared the US Congress yesterday to help Puerto Rico address its mounting fiscal crisis. The US territory was 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 at 5pm ET for what could well be Marissa Mayer’s last shareholders meeting as CEO before the company is sold. Shareholders are expected to approve a revamped management board, that includes four new members from hedge fund Starboard Value.
While you were sleeping
The race is on for leadership of the Conservative party. Theresa May, the home secretary, and justice secretary Michael Gove declared their intentions to succeed David Cameron, who is stepping down after his campaign to keep Britain in the EU failed. May wanted to stay in, Gove wanted out. Leading Leaver Boris Johnson is yet to officially announce his candidacy.
Asian markets bounced back after Brexit. Asian markets climbed for a second day as anxiety over the economic repercussions of Britain exiting the EU diminished. The UK’s benchmark index yesterday closed back above pre-Brexit levels. But European stocks this morning opened in the red (paywall), with markets still failing to recoup their post-Brexit losses.
A deadly suicide attack hit Afghanistan’s police force. A Taliban attack on a police convoy outside Kabul killed as many as 40 civilians and cadets returning from a graduation ceremony, according to officials. Nepali security guards working for the Canadian embassy were also among the dead.
A major Singapore bank suspended loans for London real estate. United Overseas bank, Singapore’s third-largest lender, said it needs to ensure its customers are cautious with their London property investments while the aftermath of the UK referendum is still unfolding. Singaporeans were the top Asian buyers of UK commercial property in 2015.
Beijing slammed 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.” The tribunal announced yesterday that it will deliver a ruling on July 12 that’s expected to counter China’s sweeping territorial claims to the Sea.
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.
The largest diamond discovered in over a century couldn’t find a buyer. The uncut rock failed to make the $70-million minimum bid at Sotheby’s yesterday.
The easiest way to commercially operate a drone in the US? Learn how to fly a hot air balloon.
Lithuania’s has an annual goat beauty pageant. Female goat Demyte took the crown this year, on the merit of her silky coat and stunning headdress.
Tennis pros hate Nike’s new tennis dress. The “babydoll” look isn’t going over well at Wimbledon.
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