Good morning, Quartz readers!
What to watch for today
The Bank of England reacts to the Brexit vote. The central bank may slash its benchmark rate from 0.5%, a record low that has stood unchanged since 2009, to 0.25%, the first rate cut in seven years from governors who only a few months ago wanted to raise rates. Governor Mark Carney has hinted the country’s economic outlook has “deteriorated” since the referendum.
Line kicks off its dual IPO. The Japanese messaging app will begin trading, offering 22 million shares at $31 each on the New York Stock Exchange. The Tokyo-based company will sell another 13 million shares in its hometown on Friday.
John Kerry visits Moscow. The US secretary of state will meet with president Vladimir Putin and foreign minister Sergei Lavrov to hash out an agreement to try and stop further escalation of the civil war in Syria. According to US officials cited by the AP, Kerry will offer to share military information on targeting ISIL in return for Russian assurances that Syrian president Bashar al-Assad’s forces will stop bombing rebels who’ve signed up to a ceasefire.
JP Morgan Chase opens bank earnings season. America’s largest bank by assets is expected to post lower revenues and profits, as Wall Street struggles in the wake of the UK’s Brexit vote. CEO Jamie Dimon announced on Tuesday that he’s raising the minimum wage for his 18,000 employees to at least $12 an hour.
While you were sleeping
The US urged calm in the South China Sea. The US sent private diplomatic messages to Vietnam, the Philippines, Indonesia, and other countries warning them not to send ships into disputed territories. Tensions are high after an international court ruling declared China’s claims over the sea to be baseless.
London house prices hit their lowest levels since the financial crisis. Prices had already fallen 1.4% ahead of the Brexit referendum, but now, according to the Royal Institution of Chartered Surveyors, house prices in the capital are at their weakest since early 2009, and nationwide demand has fallen its lowest level since the middle of 2008.
Nintendo shares have more than doubled since the release of Pokémon Go. The augmented reality game’s runaway success drove shares in the Japanese company up by another 16% at the Tokyo Stock Exchange on Thursday, making an overall increase of 56% since the trading closed on Friday.
A Chinese military hacker was jailed in the US. Businessman Su Bin admitted to collaborating with hackers on behalf of the People’s Liberation Army to steal secrets—including data on the F-22 and F-35 fighter jets—from US defense companies between 2008 and 2014. He was sentenced to four years in prison and fined $10,000.
Goldman Sachs’ new Brexit advisor came under fire. France’s Europe minister Harlem Desir slammed the former head of the European Commission, José Manuel Barroso, as “scandalous“ for taking the job. Despite waiting the requisite 20 months after leaving his commissioner role, the move is seen as a definite conflict of interests, as he has access to many officials and politicians he worked with at the Commission.
Quartz obsession interlude
Ester Bloom on Square guilting customers into tipping. “Customers who choose to patronize artisanal doughnut shops may be more likely to have an extra buck or two to spare for humanitarian reasons, having already decided that they can part with $4 for a raspberry-mascarpone-swirl.” Read more here.
Matters of debate
Protectionism could be good for the United States. The priority is to protect those left behind while staying open to globalization and technology.
ISIL is preparing for the loss of its caliphate. As a result, terror attacks are likely to intensify.
Pokémon Go may be annoying, but it’s the future. Augmented reality will soon take over our lives, so ignore Pikachu hunters at your own peril.
Surprising discoveries
The French president’s hairdresser gets paid $11,000 a month. That’s almost half the salary of François Hollande himself—who is mostly bald, by the way.
Half of all US food is thrown away. Vast quantities are left to rot or hauled straight to landfills because of the demand for ‘perfect’ fruit and veg.
The original ghostbuster was a woman. Rose Mackenberg worked with Harry Houdini to debunk phony psychics.
The world’s largest Viking ship needs $400,000. It can’t sail the Great Lakes unless it obeys costly US regulations.
Chinese students learn they own the South China Sea from a young age. They’re taught nothing about how the sea is disputed in geography class.
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