Good morning, Quartz readers!
What to watch for today
The Bank of England makes a big decision. The UK central bank is expected to cut its benchmark interest rate for the first time in seven years, to a new record low, in an effort to mitigate the damaging effects of the Brexit vote, after key indexes this week showed worrying dips.
Kraft Heinz reports earnings. Analysts are divided on what to expect from the food giant created last year, but earnings are expected to fall despite higher revenues. Other companies reporting results include Priceline, LinkedIn, and Viacom.
Brazil’s Olympic jogo bonito. A day before the Games officially open, Barcelona’s star forward Neymar will try to lead the Brazilian men’s soccer team to Olympic glory for the first time, starting against South Africa. Meanwhile, Rio’s police fired tear gas at protesters along the Olympic torch route.
While you were sleeping
A knife assault in London left one woman dead and five people injured. Police apprehended the attacker, a 19-year-old man, in Russell Square. Authorities said the man’s mental health was a “significant factor” and that for now terrorism as a motivation could not be ruled out.
Nokia rang up a disappointing quarter. The Finnish telecoms-equipment company, which recently acquired Alcatel-Lucent, said it needed to ramp up its cost-cutting program after second-quarter profit dropped by 45% (paywall) from the same period last year. The $668 million in restructuring costs incurred during the second quarter were mainly to blame.
Siemens’ CEO said it’s “back on a growth path.” Europe’s largest engineering firm beat expectations with 20% profit growth in its industrial operations in the latest quarter, thanks to a surge in orders for its power-generating equipment in Europe and the Americas.
Nike wants out of the golf business. After years of weak sales, the sporting goods giant will no longer sell clubs, balls, and bags for the sport, but will stick with golf shoes and apparel. Interest in golf is declining, with millennials in particular seeing it as too time-intensive and elitist. Adidas made a similar announcement in May.
Hurricane Earl bore down on Belize. After sending heavy rains towards Honduras, the hurricane reached speeds of up to 80mph as it passed over Belize, bringing more rain and the threat of mudslides. It’s now forecast to move on through northern Guatemala into Mexico.
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 Olympics should be held in multiple cities. It would be cheaper and also extend the Olympic spirit to more places at once.
The war on drugs in sports is doing more harm than good. Athletes should be able to decide what’s best for their bodies.
The Republican Party struggles with black voters. It promises to change, and then it nominates people like Donald Trump (paywall).
Surprising discoveries
Google is desperately seeking thick Scottish accents. Its speech recognition software has trouble with Scotland’s rolled “r” and thick tones.
Xiaomi enters virtual reality. The Chinese smartphone manufacturer is expected to launch its Daydream VR headset—joining rivals Google, Samsung, and Facebook.
Canadian hikers were surprised by a shirtless Justin Trudeau. He was emerging from a cave with his wife and children.
Uganda’s morality police are investing in a porn-detection machine. It’s part of the extreme crackdown in the country.
Humpback whales may be the ocean’s most altruistic creatures. They’re rescuing other mammals from attacks by killer whales.
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