Tesla’s big loss, India’s tax reform, shirtless Trudeau

Good morning, Quartz readers!

What to watch for today

Xiaomi enters virtual reality. The Chinese smartphone manufacturer is expected to launch its Daydream VR headset, part of a wave of products from companies including Google, Samsung and Facebook.

The Bank of England makes a big decision. The central bank is expected to cut its benchmark interest rate for the first time in seven years, in an effort to mitigate the damaging effects of the Brexit vote.

Kraft Heinz reports its earnings. Analysts are divided on what to expect from the food giant created last year; earnings are expected to fall despite higher revenues. Companies reporting results also include Priceline, Linkedin, and Viacom.

While you were sleeping

Tesla’s losses widened, but investors didn’t mind. Elon Musk’s electric carmaker posted a wider-than-expected $293.2 million quarterly loss, from a loss of $184.2 million a year earlier, as it spent heavily on a new battery factory and ramping up production. The company burned $144.4 million in cash, which was much better than analysts predicted, and shares were roughly flat.

The US approved the first private moon landing. Florida-based Moon Express got clearance for its 2017 mission, which is aiming to win the $30 million Google Lunar X-Prize. Legal approval by the US government is key, due to the Outer Space Treaty, which forbids contaminating celestial bodies.

It’s raining acquisitions. Walmart is reportedly in talks to buy Amazon challenger Jet.com for up to $3 billion in order to boost its lagging e-commerce business. Time Warner acquired a 10% stake in Hulu for $583 million. And Samsung is in talks to buy Fiat’s autoparts unit for over $3 billion.

India passed its biggest tax reform in 70 years. The Goods and Services Tax, pegged to be between 15% and 18%, will replace and unify 17 different state and federal tax structures by April 2017. Certain categories that generate high state revenues, like petroleum and alcohol, will not fall under the new umbrella tax.

Donald Trump’s campaign raised a ton of cash. The Republican presidential nominee went on a fundraising tear in July, pulling in $64 million and drawing nearly even with Hillary Clinton’s total. He did by drawing on financial support from small donors—a feat no other Republican has ever accomplished.

Quartz markets haiku

Profits in decline
Industry no longer spends
Everyone feels pain

Quartz obsession interlude

Abdi Latif Dahir on the transformative growth of smartphone use in Africa: “Lower smartphone prices are driving a digital revolution in Africa, allowing mobile phone users to access the internet at unprecedented levels. Operators and developers are also leveraging the power of mobile networks to transform services in health, agriculture, education, energy and water management.” Read more here.

Matters of debate

The war on drugs in sports is doing more harm than good. Athletes should be able to decide what’s best for their bodies.

It’s time for the Obama administration to finally bomb Assad. Instead, it’s pursuing a deal with Russia that risks helping the Syrian dictator.

What skills will humans need when the robots take over? Researchers suggest that the machines know best.

Surprising discoveries

Some Canadian hikers were surprised to encounter a shirtless Justin Trudeau. He was emerging from a cave with his wife and children.

Humpback whales may be the ocean’s most altruistic creatures. They’re rescuing other mammals from attacks by killer whales.

Airplanes have disturbing ways of handling airborne corpses. They stuff them in “corpse cupboards” or buckle them into empty seats.

Kim Kardashian is the world’s last Blackberry addict. She’s bereft that her favorite model is sold out on eBay.

Google is desperately seeking thick Scottish accents. Its speech recognition software has particular trouble with Scotland’s rolled “r” and thick tones.

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