Good morning, Quartz readers!
What to watch for today
Erdogan and Putin meet in St. Petersburg. It will be the their first meeting since the Turkish air force shot down a Russian plane in November. It’s also an opportunity to forge closer relations between Ankara and Moscow at a time when Turkey’s ties with the west are strained.
Raghuram Rajan’s last hurrah. The governor of the Reserve Bank of India, who abruptly announced his resignation in June, delivers his final monetary policy update. The bank is not expected to alter its benchmark rate.
The top US naval officer in Asia addresses the Chinese media. Admiral Scott Swift will speak with the press in Qingdao, after a US Navy destroyer arrived in the northern Chinese port on Monday. It’s the first visit by an American warship since an international court ruled that China has no legitimate claims to the South China Sea.
While You Were Sleeping
Delta’s passengers were left stranded. In the latest airline glitch this summer, all of Delta’s flights were grounded for at least six hours due to a computer system outage caused by a power failure, causing delays and cancellations for hundreds of thousands of passengers. Service is expected to be disrupted for several days.
Walmart made a big e-commerce move. The retailer is buying the online shopping startup Jet.com for $3.3 billion in cash and stock to boost its flagging online shopping operations and fight back against Amazon.
Donald Trump tried to “jumpstart” the economy, and his own campaign. In a speech in Detroit, the Republican presidential candidate said he would simplify the US tax code, make child care tax-deductible and cut corporate taxes. In contrast to his earlier policies, Trump’s proposals seemed to play to wealthy donors and closely resemble the tax plan of House speaker Paul Ryan.
Barclays reached a $100 million Libor settlement. The lender will pay $100 million to 44 US states for manipulating interest rates in the run-up to the financial crisis. It’s the first bank to reach an agreement with US states, four years after it was punished by UK regulators.
LendingClub dug itself deeper. The online lender widened its quarterly loss to $81.4 million from $4.1 million a year earlier, after the ouster of its CEO, Renaud Laplanche in May, which prompted many of its clients to re-evaluate their purchases. The company also said CFO Carrie Dolan has stepped down.
Quartz markets haiku
Dog days of summer
drag long in a terminal
Thanks a lot, Delta
Quartz obsession interlude
Akshat Rathi on “Tabby,” a mysterious star that refuses to reveal its secrets: “The star showed an odd pattern of dimming that could not be explained by any known natural phenomenon. Among the hypotheses that has yet to be disproved: the star is surrounded by an alien megastructure.” Read more.
Matters of debate
NATO needs to stop expanding eastward. The risk of a new Cold War is just not worth it.
How much is design really worth? Samsung and Apple are about to find out in a landmark case before the US Supreme Court.
Modi’s support for Dalits make his silence on Muslims ring louder. The Indian prime minister has ignored many vigilante attacks by his own party.
Surprising discoveries
A new type of eco-friendly fire could clean up oil spills. The “blue swirl” does not leave a noxious cloud of smoke behind.
Belize was once ruled by a “snake dynasty.” A 1,300-year-old burial chamber holds the clues to a forgotten empire.
Italy’s “towel wars” are getting ugly. Reserving a spot on the beach could cost you €200 ($220).
Circular red bruises are in at the Olympics. They’re the hallmark of “cupping,” a traditional Chinese medicine technique.
Flossing is probably good for you, after all. It’s just incredibly difficult to provide the scientific proof of its benefits.
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