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What to watch for today
A contentious ruling on the South China Sea. The Philippines has challenged China’s sweeping territorial claims, which are based on lines on a 70-year-old map. China has vowed to ignore the ruling by the UN’s Permanent Court of Arbitration, saying it has no jurisdiction.
Europe pushes China to open its markets. EU leaders are in Beijing for two days of discussions on economic and political relations. The EU wants its companies to have the same level of access that Chinese companies enjoy in Europe.
Bernie Sanders endorses Hillary Clinton. After months of bitterly fought primaries and weeks of negotiations, the Vermont senator is expected to formally endorse the presumptive Democratic nominee at an event in New Hampshire. His endorsement will probably ensure him a prominent speaking slot at the party convention this month.
While you were sleeping
Theresa May will become UK prime minister this week. David Cameron announced that he will submit his resignation to Queen Elizabeth and step down on Wednesday, after May triumphed in a leadership contest against Andrea Leadsom. May vowed to “make a success” of the UK’s exit from the European Union.
US regulators are investigating Tesla. The Securities and Exchange Commission wants to know if the electric car-maker broke the law by failing to promptly tell investors about a fatal crash of one of its cars while it was in autopilot mode. In the eight weeks between the accident and its disclosure, Tesla and CEO Elon Musk sold $2 billion worth of stock to the public.
Burberry got a new CEO. Christopher Bailey will be replaced by Celine CEO Marco Gobbetti. Bailey, who has overseen lower sales but also some revolutionary designs, will remain chief creative officer.
Ultimate Fighting Championship sold for $1.4 billion. The mixed martial arts fighting league was purchased by a group led by talent giant WME-IMG, which represents martial arts stars like Rhonda Rousey. Casino entrepreneur brothers Frank and Lorenzo Fertitta will stay on as minority owners of a franchise that generated $600 million in revenues last year.
Thyssenkrupp confirmed merger talks with Tata Steel. The German conglomerate is joining other European steelmakers in attempting to consolidate in the face of Chinese competition. Tata halted the sale of its UK business last week and is also considering how to dispose of German, Dutch, and other European assets.
Quartz markets haiku
Winter is coming,
Things feel really bleak, and then
Stocks hit all-time highs.
Quartz obsession interlude
Samir Goel on loneliness in Silicon Valley. “The craze for building new co-working spaces is just a manifestation of the loneliness entrepreneurs face. Many in the industry have accepted the reality of their lifestyles and are looking for kindred spirits—people who will understand, and relate to, their priorities. Co-working spaces are a way to hang out with the kind of people who won’t be disappointed when dinner gets canceled for the fifth time in a row.” Read more here.
Matters of debate
The modern obsession with self-care masks society’s real problems. Focusing on fixing ourselves distracts us from fixing the system.
Don’t be fooled: Brexit wasn’t a revolt against the elite. It was one privileged group backstabbing another to climb a social totem pole.
Millennials will never retire, but they may be happier for it. A long professional life is associated with stronger social connections and better health.
Surprising discoveries
Everything we know about bubble tea we owe to a typhoon. A storm-related bet prompted the internet’s crowdsourcing of favorite recipes for the sweet drink.
Pokemon Go can read your emails. Logging into the smash hit mobile game with Google gives it full access to your email, online documents, and search history.
Florida’s toxic algae can be seen from space. The green goo has forced the government to declare a state of emergency in four coastal counties.
David Cameron hummed his way out of a job today. A hot mic caught the outgoing prime minister savoring a jaunty tune.
Amazon is turning its Seattle headquarters into a jungle. Three giant terrariums will feature 3,000 exotic plant species and treehouse meeting rooms.
Our best wishes for a productive day. Please send any news, comments, jaunty tunes, and Pokemon strategies to hi@qz.com You can download our iPhone app or follow us on Twitter for updates throughout the day.