Good morning, Quartz readers!
What to watch for today
John Kerry meets with Rodrigo Duterte. The US secretary of state is visiting the Philippines for two days for talks with the controversial Filipino president, focused on the dispute between China and its neighbors over South China Sea claims. Duterte has long been suspicious of the US over an explosion in Davao City when he was mayor there in 2002.
Policymakers at the US Federal Reserve discuss interest rates. The Federal Open Market Committee begins its two-day gathering. With strong employment data, more members will argue for a rate increase hike this year. Others will urge a more cautious approach and warn against stoking rate-hike expectations.
Apple tries to beat very low expectations. Analysts are feeling quite gloomy about the tech giant, which is expected to post a 15% decline in revenue from a year ago as iPhone sales dip and business in China slows. Twitter also reports earnings, and indications are pointing to yet another weak quarter.
While you were sleeping
The Democratic National Convention got off to a chaotic start. Bernie Sanders gave Hillary Clinton a rousing endorsement—but the evening’s speeches were constantly disrupted by his supporters booing all mentions of her name and chanting “Lock her up!” The rocky opening to the convention was calmed by Michelle Obama, who attacked Donald Trump and said Clinton would create a better future for America’s children.
BP had a bad second quarter. The British oil company blamed weak refining margins and lower crude prices for a 45% drop in second-quarter underlying replacement cost profit (which is how it defines net income) to $720 million from the same period last year. The company now plans to reduce its investment budget for 2016 to cut costs.
Nineteen people were killed in a mass stabbing in Japan. Police say dozens were also injured in the attack at a facility for disabled people in the city of Sagamihara, about 40km southwest of Tokyo. The suspect has been identified as Satoshi Uematsu, a 26-year-old former employee. He had been hospitalized the same month, after he reportedly called for disabled people to be euthanized, but discharged in March.
AB InBev upped its offer for SAB Miller—thanks to the Brexit vote. The drop in the pound’s value after the UK voted to leave the EU in June made the deal less attractive, so the Belgium-based brewer is now offering £45 ($58) a share for a majority stake in its rival, bumping the value of SAB Miller to around $103 billion (paywall), from $92 billion last November.
Solar Impulse 2 completed its journey around the world. The Swiss-engineered aircraft landed back at the starting point, Abu Dhabi. It has traveled some 40,000 km (25,000 miles) powered by 17,000-plus solar cells during the day and lithium polymer batteries at night since it took off in March 2015.
Quartz obsession interlude
Devjyot Ghoshal on the pregnant women dying in India’s tea plantations. “Assam teas are also supplied to makers of major global brands such as Liptons, Twinings and Tetley… Yet Assam’s prized tea industry has turned into a veritable death trap for thousands of expectant mothers. Most of them belong to tribal communities that were brought to work in the tea gardens over a century ago.” Read more here.
Matters of debate
If you’re a company, it’s better to sell too early than too late. Yahoo turned down a $45 billion Microsoft offer in 2008—and has now sold its operational business for a mere $4.8 billion.
But Yahoo shareholders actually got a pretty good deal. Marissa Mayer couldn’t turn around a dying business, but in the end it was worth far more than zero.
“Hustle stats” at work would recognize the contributions of women. Simply “leaning in” isn’t for everyone.
Surprising discoveries
All life can be traced back to one single-cell bacterium. LUCA (the Last Universal Common Ancestor) lived in deep sea vents (paywall) four billion years ago.
Boeing thinks airlines will need to hire 30,000 new pilots a year. Asia, in particular, is expected to drive global demand.
Latvian women are officially the tallest in the world. The world’s smallest women are in Guatemala, where the average height for females is 4ft 7in (1.4 m).
Raw eggs are safe for pregnant women. A safety committee says there’s a “very low” risk of getting salmonella from eggs in the UK.
Cockroach milk could be the next superfood. Who wouldn’t be tempted by the “nourishing secretions” (paywall) of a disgusting bug?
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