Good morning, Quartz readers!
What to watch for today
China’s property picture. The steady rise in Chinese housing prices appeared to slow down in June, and July numbers could indicate the start of a genuine cooling period. Analysts say the development of top-tier versus low-tier properties is worryingly uneven.
A peek at European Central Bank discussions. Minutes from the ECB’s most recent meeting will show what its governing members thought about Brexit when they decided to leave interest rates at record lows last month.
Walmart’s summer report card. Walmart’s second-quarter earnings will indicate just how much competition from e-commerce and discount rivals is hurting the company. Analysts don’t expect any year-over-year revenue growth this quarter, but are optimistic about the retailer’s investments in the online space.
While you were sleeping
North Korea’s deputy UK ambassador defected. Thae Yong Ho said he was moving his family to South Korea (paywall) because he was “sick and tired” of Kim Jong Un’s regime. Meanwhile, North Korea said it has resumed plutonium production.
Cisco is cutting a chunk of its workforce. The San Jose-based networking equipment company said it will let go of about 7% of its workforce, roughly 5,500 people, as it shifts its focus to software. It’s the second major tech layoff this year, after Intel in April announced plans (pdf) to lay off 12,000 people.
Target saw a significant dip in sales. Shares in the retailer dropped by 6.5% on the news that established-store sales were down for the first time in more than two years. CEO Brian Cornell put part of the blame on reduced demand for electronics (paywall) and warned of further declines.
A top European Olympic official was arrested. 71-year-old Pat Hickey, an International Olympic Committee board member and the president of the Olympic Council of Ireland, was linked to an international scheme to sell overpriced tickets to the games.
Nigeria revived a controversial task force. President Muhammadu Buhari is bringing back a volunteer force he first introduced in 1984 to ensure public order. Now 170,000 volunteers will be tasked with ushering in “orderliness in our society, both in private and public life.”
Quartz markets haiku
The worst currency
In the world won’t go far
In Ulaanbaatar
Quartz obsession interlude
Lynsey Chutel on how a gold-medal win in Rio turned into a race debate in South Africa. “While the term ‘coloured’ seems antiquated and cringe-worthy in some social contexts, it is still a recognizable identity and culture in South Africa. Somewhere else, Wayde van Niekerk would probably have been black. In South Africa, his racial classification remains a key identifier as he moves through the world.” Read more here.
Matters of debate
Donald Trump’s merger with the Republican Party has failed. The nominee has abandoned any attempt at a traditional campaign.
Brazilians are a totally new type of Olympic audience. They’re rewriting the rules of fandom by finding reasons to boo anyone and everyone.
Your political rants on Facebook aren’t doing much. 94% of Republicans and 92% of Democrats say they’ve never been swayed by a partisan post.
Surprising discoveries
The US Navy is naming a ship after a slain gay activist. The Harvey Milk will be the first US naval vessel to be named for an openly gay leader.
The touchpad of the future will be on your skin. DuoSkin, a smart goldleaf tattoo developed by MIT, can be used to control your phone or track yourself.
Germany’s vice chancellor gave Neo-Nazis the finger. Sigmar Gabriel responded to being called a “race traitor” over his refugee policies with the universal sign of disdain.
The Netherlands is saying goodbye to gas-powered cars. They’re hoping to ban them from the streets within 10 years.
Female Egyptian TV hosts could lose their jobs if they don’t lose weight. The state broadcaster gave eight women TV presenters a month to diet their way to an “appropriate appearance.”
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