Trumponomics, Russia banned from Paralympics, Phelps’s 19th gold medal

Good morning, Quartz readers!

What to watch for today

Walmart buys its Amazon killer for $3 billion. Barring any last-minute snags, the world’s largest retailer is set to acquire in its biggest-ever acquisition of an e-commerce company. Buying scrappy Jet would help Walmart shore up its defenses against Amazon.

Donald Trump elaborates on his economic plans. The blustery Republican presidential contender will attempt to fill out his sketchy agenda with a major address at the Detroit Economic Club, just days after announcing a team of advisors that includes many of his wealthiest donors but no women.

Monday’s earnings. United Continental, Spirit Airlines and Southwest Airlines release July 2016 sales and revenue figures today. Allergan and Tyson Foods will post their quarterly results before the market opens.

Rio 2016. Today’s action includes rugby, which is making its first Olympic appearance since 1924. More highlights today include the men’s 200m free swimming final, men’s gymnastics team finals, and women’s fencing final. Keep abreast by subscribing to our Olympics calendar.

Over the weekend

Japan’s emperor hinted he would like to abdicate. In a 10-minute pre-recorded address, the 82-year-old scion of a 1,500-year-old dynasty said he feared his failing health would make it difficult for him to carry out his duties as head of state. The imperial family, though possessing no formal political power, remains a revered institution.

Chinese exports fell again in July. Given that China benefitted from a weaker currency, the more than 4% drop in exports last month stoked concerns for the overall health of the global economy. Separately, China Telecom launched its first mobile telecoms satellite,  capable of serving China, the Middle East, and Africa.

Russia was banned from participating in the Rio 2016 Paralympic Games. The International Paralympic Committee said none of Russia’s Paralympic athletes would be allowed to compete in the September Games because of a doping scandal that led some—but not all—of Russia’s Olympic team to be excluded from the Games currently on.

Thai voters approved a new constitution. Some 61% of voters approved a constitution written by the military junta that took power in a 2014 coup led by retired army general Prayuth Chan-ocha It lays the groundwork for a civilian government in 2017—but on the military’s terms.

A hacked cryptocurrency exchange gave customers a haircut. After Hong Kong-based Bitfinex had $72 million stolen last week, its operators said losses would be shared, with every customer seeing a 36% reduction in their accounts. They will also receive a credit for equity in Bitfinex’s parent company.

Quartz obsession interlude

Elizabeth MacBride on the deceptively simple case for giving refugees cash, not camps. “Most aid comes from a fractious combination of governmental agencies and NGOs and is doled out in the form of vouchers and in-kind donations—think blankets, kerosene heaters, and bags of rice… this kind of aid does little to help build new lives. And that’s where cash comes in.” Read more here.

Matters of debate

The US has the world’s best cyber army. Russia isn’t the only country digitally interfering in foreign elections.

Don’t count on voter outrage to trip up Donald Trump. Dismissing the Republican’s chances now could be a dangerous mistake (paywall).

Uber should go public as soon as it can. It needs an IPO before slow growth disappoints investors (paywall).

Surprising discoveries

Michael Phelps won his 19th gold medal. He now personally has more golds than Argentina as a nation has ever won—and more than twice as many as India.

Dancing robots broke a world record in China. More than a thousand shook their stuff at the Qingdao Beer Festival.

Crystal Pepsi is back. The clear cola from the 1990s hits shelves in the US for eight weeks only, starting today.

Giving rural Americans broadband is like electrifying small towns in the early 1900s. High-speed internet providers are using the same techniques (paywall).

The next big thing in the space business is actually quite small. Look for more tiny rockets in the stratosphere and beyond.

Our best wishes for a productive day. Please send any news, comments, retro sodas, and dancing robots to You can download our iPhone app or follow us on Twitter for updates throughout the day.