Good morning, Quartz readers!
What to watch for today and over the weekend
Euro zone GDP. The aggregate results for the 19-country currency bloc will arrive on Friday. Earlier, Germany’s economy offered a positive surprise in the second quarter, beating expectations thanks to healthy exports, and an increase in private consumption and state spending. Italy reported a stagnant quarter.
China’s foreign minister heads to India. Wang Yi arrives for a three-day visit in Goa and Delhi, where he will meet with his Indian counterpart Sushma Swaraj. Key issues will be upcoming multilateral meetings (including the G20 and BRICS summits) and India’s bid to join the Nuclear Suppliers Group, which China has blocked so far.
The second day of the Perseids meteor shower. The celestial fireworks from the comet Swift-Tuttle have already begun, but the best viewings continue through Aug. 12. They’re visible from anywhere on Earth, so get outside and watch the sky.
Rio 2016. Last chance to see Michael Phelps, whose gold-medal tally has now hit 22, as he takes on the 100m butterfly final before he likely hangs up his swim cap (again). Over the weekend, Usain Bolt, who won the 100m, 200m, and 4x100m relays in both the 2008 and 2012 Games, will begin his quest for a “three-peat.” Shelly-Ann Fraser-Pryce is also running for her third straight Olympic title, too, in the women’s 100m dash.
While You Were Sleeping
Earnings fell at Petrobas. Brazil’s scandal-ridden state-run oil company posted a 30% drop in net profit for the second quarter from the same period a year ago (paywall) due to a combination of rock-bottom oil prices, falling demand in its recession-hit home market, and the write-off of a big refinery project. The company will offload another $15 billion worth of assets to cut costs.
More blasts hit Thailand tourist areas. Explosions went off on the Thai island of Phuket and in the resort town of Hua Hin on Friday morning. These followed blasts in Hua Hin on Thursday night local time, which killed a street vendor and injured around 20, including seven foreigners. Explosions in Trang and Surat Thani killed two people. It’s unclear who is behind the attacks, but police have ruled out international terrorism.
Toshiba reported its first good news in six quarters. The Japanese conglomerate posted positive operating profit— $196 billion—after struggling with the fallout from its $1.3 billion accounting scandal in April, which exposed seven years of accounting fraud. It said the rise in sales was down to increased demand for memory chips and hard-disc drives.
Choppy seas for the world’s biggest container-ship company. AP Moller-Maersk reported a drop in second quarter profit and a 16% plunge in revenue (paywall) from this time a year ago, blaming weak oil prices and falling freight rates. Maersk said this week it would stop serving 10 ports in China in an effort to reduce costs.
China’s data showed a country in the doldrums. The slowdown continues, with investment growing at its slowest pace in more than 16 years in July. Retail sales in July were under expectations while industrial output for the month rose 6% from a year earlier—it was down from 6.1% in June.
Quartz obsession interlude
Allison Schrager on the diminishing returns of a college-educated workforce. “[G]iven the current state of technology and invested capital, turning the unskilled into skilled workers won’t do much for growth because the US economy already has all the educated workers it needs.” Read more here.
Matters of debate
Driverless cars may not be a boon for our cities. They may cause more congestion, mass unemployment, and a huge infrastructure deficit.
Brazil is still in the running to be the country of the future. Dynamic diversity and improving accountability could help it overcome short-term challenges.
Donald Trump is a like a learning algorithm. He constantly experiments to see what makes his supporters agitated—but his sample is flawed.
Surprising discoveries
Barack Obama has a steamy summer mixtape. The “day” playlist is for fun—but the “night” playlist is for luuurve.
People write letters to a tree in Germany. The chestnut has its own address, and even Angela Merkel has sent it a letter.
Iron Maiden’s lead singer piloted Air Djibouti’s first passenger flight in 14 years. Bruce Dickinson, who owns the relaunched airline, flew the jet from Wales to Djibouti.
The world’s oldest vertebrate was born during the reign of James I. Greenland sharks live for an estimated 400 years.
Looking to repair your torn clothing? The teeth on a squid’s tentacles could help.
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