Good morning, Quartz readers!
What to watch for today
Recep Tayyip Erdogan and Vladimir Putin in St. Petersburg. It will be their first meeting since the Turkish air force shot down a Russian plane in November, with items like the Turkish Stream gas pipeline project and nuclear power plant construction on the agenda.
As Rio continues, so does Dilma Rousseff’s impeachment. The Senate will vote—with a majority of 81 votes needed—to begin a trial against the suspended president. Meanwhile, today’s Rio Olympics highlights include US gymnast Simone Biles, Michael Phelps going for another gold medal, and the world’s top equestrian, Michael Jung of Germany, and his horse Sam in action.
Valeant and Disney report quarterly earnings. Canada-based Valeant is expected to cut its 2016 forecast again (paywall) when it reports second-quarter results before the market opens. Walt Disney, on the other hand, is expected to post healthy numbers on the back of three hit movies and the opening of Shanghai Disneyland in the last three months.
While you were sleeping
Republican Party veterans warned about “dangerous” Donald Trump. Fifty longtime national security and foreign policy officials released a letter saying the presidential nominee would be “the most reckless president in American history,” (paywall) and would “put at risk our country’s national security and well-being.” None will vote for him.
Brits shopped their way out of Brexit shock. The UK’s retail spending in July—the month following the Brexit vote—saw its biggest rise in six months, and up nearly 2% on the same month last year. Good weather and summer sales promotions helped—though many shoppers were probably tourists taking advantage of the cratering pound.
BP put its China unit up for sale. The big sell-off continues at the British oil company as it seeks a buyer with up to $3 billion for its SECCO joint venture in China (half owned by Sinopec), according to Reuters. BP has offloaded around $50 billion worth of assets since the Gulf of Mexico oil spill in 2010, with up to $5 billion more planned for 2016.
Raghuram Rajan said goodbye. The governor of the Reserve Bank of India, who abruptly announced his resignation in June, delivered his final monetary policy update, leaving the benchmark rates on hold. Rajan is credited with stabilizing the rupee and cleaning up bad loans in the public sector.
Car sales in China zoomed ahead. In July passenger vehicle sales rose 23% to 1.6 million units, the biggest monthly percentage gain since February last year, and inventory levels fell to an 11-month low thanks to dealers offering widespread discounts. General Motors and Ford enjoyed an 18% and 15% increase in deliveries, respectively, during the month.
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 here.
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.
The ECB’s negative interest rates are backfiring. People are actually saving more (paywall) than they had previously.
Surprising discoveries
Circular red bruises are in at the Olympics. They’re the hallmark of “cupping,” a traditional Chinese medicine technique.
Manchester United has broken soccer’s world transfer record. Paul Pogba cost £89 million ($116 million)—four years after it sold him for a mere £1.5 million.
A new type of eco-friendly fire could clean up oil spills. The “blue swirl“” does not leave a noxious cloud of smoke behind.
Italy’s “towel wars” are getting ugly. Reserving a spot on the beach could cost you €200 ($220).
A Chinese tourist ended up accidently applying for asylum in Germany. The man lost his wallet, accidentally filled out the paperwork, and spent two weeks in a refugee hostel.
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