Brexit preparations, Tesla eyes China, crying LeBron

Good morning, Quartz readers!

WHAT TO WATCH FOR TODAY

The European Central Bank plans for a Brexit—just in case. If Britain votes to leave the EU on June 23, the eurozone’s tentative economic recovery could suffer, and that’s just for starters. The bank’s policymakers will talk about contingency plans (paywall), including, possibly, how to work with the Bank of England.

Darjeeling tea goes digital. Cultivated in the Himalayas in eastern India, it’s been sold in weekly “private” auctions to large tea houses for over 150 years. Starting today the tea, among the world’s priciest varieties, will be sold via e-auction—and fetch higher prices, hope local traders.

Janet Yellen testifies before Congress. The US Federal Reserve chair delivers her semi-annual remarks on monetary policy to the Senate, with comments to the House due Wednesday.

WHILE YOU WERE SLEEPING

The US Senate blocked gun control bids. Senators voted down four separate measures on strengthening background checks and preventing suspected terrorists from purchasing firearms. The voting came in the aftermath of a June 12 massacre at a Florida nightclub that left nearly 50 people dead.

China said it might exit the UN Convention on the Law of the Sea. It could happen if an upcoming tribunal ruling runs counter to its position: that nearly the entire South China Sea is its territory. The US, which recently deployed two aircraft carrier groups to the sea, never signed the convention.

Oi filed for Brazil’s biggest ever bankruptcy protection. The mobile operator failed to reach an agreement with creditors amid a harsh recession and mounting competition. The filing will likely have major repercussions in Brazil, with state-owned banks among the company’s top creditors.

Facebook investors approved a stock shift that keeps Mark Zuckerberg in control. The move will let the founder and CEO give away his wealth without relinquishing control of the company. Zuckerberg said earlier he intends to put most of his company shares into a new philanthropy project.

Tesla might build a big plant in China. The electric-car maker and China’s government-owned Jinqiao Group are negotiating a $9 billion investment deal that would allow Tesla to build a production facility in Shanghai, according to Bloomberg. Producing cars in China could help Tesla avoid a 25% import levy.

QUARTZ MARKETS HAIKU

From Dover to France
Channel whitecaps chop beneath
favorable winds

QUARTZ OBSESSION INTERLUDE

Lily Kuo on anti-migration tactics in Somaliland. “Parents are trying to dissuade their children from dangerous and illegal migration to Europe by buying them second-hand cars that can be operated as taxis ….[known as] hooyo ha tahriibin, which translates roughly as a mother pleading “my son, do not smuggle yourself.” Read more here.

MATTERS OF DEBATE

Meritocracies are horrible places to be less than smart.Intelligence shouldn’t dictate an individual’s worth.

Young Americans are giving up on capitalism. Or, more accurately, they’re sick of the way it’s being practiced.

Elon Musk is wrong: We’re not living in a simulation. It’s not so easy to explain away the physical world.

SURPRISING DISCOVERIES

Fast-food chains are ruthlessly seeking new meals to exploit.One trademarked the term “brunchfast.”

Carbon emissions are decimating the world’s mussels. More acidic seas are eating their shells away.

“Crying LeBron” is the internet’s new favorite thing. The NBA Finals MVP displaced previous favorite “Crying Jordan.”

In an age of mass shootings, companies are selling “ballistic furniture.” Bullet-proof panels (paywall) can be used in desks or tables.

A refugee camp riot was halted by the wifi servicemen. Syrians held in Greece stopped protests to let them pass.

Our best wishes for a productive day. Please send any news, comments, crying basketball players, and newly discovered meals tohi@qz.com. You can download our iPhone app or follow us on Twitterfor updates throughout the day.

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