Good morning, Quartz readers!
What to watch for today
Donald Trump sits down with Mahmoud Abbas. The Palestinian president says a “historic” deal is possible, as he seeks US support for an Arab League peace plan.
Can Facebook extend its earnings streak? The social media giant has beat expectations every quarter since March 2013. Investors will be keenly looking at Instagram’s revenue growth as the Facebook news feed loses steam.
The Fed sets the table. The US central bank isn’t expected to make a move on interest rates, but its readout on the economy will give a strong signal for June’s widely anticipated rate hike (paywall).
While you were sleeping
Apple’s iPhone sales fell short. The company made a ton of money—$11 billion in profit on $52.9 billion in revenue—but it posted a surprise decline in smartphone sales as consumers wait for a major upgrade later this year. Shares in the world’s most valuable listed company fell more than 1% in after-hours trading.
Donald Trump and Vladimir Putin agreed to step up the diplomacy on Syria. In a phone call the US president and his Russian counterpart pledged to cooperate more on addressing the conflict in Syria—including the possibility of creating “safe zones” to relieve the humanitarian crisis. They also discussed North Korea, with Putin urging restraint.
Peugeot partnered with an autonomous-driving startup. The French carmaker will work with Boston-based nuTonomy on a project involving self-driving cars in Singapore. Last August the startup, spun out of MIT, helped Singapore become the first city in the world to offer self-driving taxis.
The police involved in the shooting death of Alton Sterling won’t be charged. The death of Sterling, an African-American, at the hands of two white officers in Louisiana sparked protests last summer and fueled resentment over racial injustice in the US. The Justice Department will announce as soon as today that no charges will be filed.
Quartz obsession interlude
Steve Mollman on how we’ll know China is working with the US on North Korea: “China accounts for about 90% of North Korea’s trade… The importance of the limited flow of luxury goods like liquor and flat-screen TVs into North Korea should not be underestimated… Fewer fine things reaching the upper crust could contribute to a power shift. ’If hard currency and luxury goods were cut off, the regime could lose the support of the elite.'” Read more here.
Markets haiku
Apple profits? Up/ Revenue? Up. iPhone sales?/Down. And with them, shares.
Matters of debate
Don’t stress about robots replacing humans. Worry instead about machines replacing high-paid positions and leaving cheap drudge work behind.
Humans are biased about being biased. The more we convince ourselves we don’t have certain prejudices, the likelier we are to exhibit them.
Trump is forcing Australia to choose between the US and China. Doubt over the US’s commitment to the Asia-Pacific comes at a time when China’s economic importance to Australia is greater than ever.
Surprising discoveries
The US is prosecuting a woman who laughed at Jeff Sessions. The US attorney general’s confirmation hearing was allegedly disrupted when she guffawed “very loudly.”
Factory workers are crafting poetry on their phones. It pairs traditional Chinese imagery with the harsh realities of employment.
Chinese tech giants are investing in a luxury pig farm. NetEase’s Weiyang subsidiary sells pampered black pork for up to $40,000 at auction.
An upcoming solar eclipse will cost California a ton of energy. The state’s increasing reliance on solar power will cause some complications on Aug. 21.
Shaving accessories caused a World War I anthrax outbreak. Common horsehair brushes carried bacterial spores that infected dozens of soldiers.
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