Good morning, Quartz readers!
WHAT TO WATCH FOR TODAY
EU leaders meet to discuss Europe post-Brexit. The European Council gathers for two days of meetings in Brussels on the consequences of the UK referendum. Germany, France, and Italyhave refused to negotiate the details of the UK’s exit until it officially announces its departure from the union.
Jeremy Corbyn faces a no-confidence ballot. The leader of the UK’s opposition Labour Party has been heavily criticized for running a lackluster campaign to remain in the EU, with an exodus from his team following the results. Corbyn insists he’ll lead the party through a general election expected later this year.
Tim Cook hosts a fundraiser for Paul Ryan. The Apple CEO iscourting leaders of the US Republican party, including the House Speaker and former vice presidential nominee, while steering clear of presidential nominee Donald Trump.
Nike faces a steep climb. The athletic wear giant is struggling with a weakening apparel market and tougher competition (paywall), and is expected to post a 6% decline in earnings. The results could affect the race by three Nike executives to succeed CEO Mark Parker.
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WHILE YOU WERE SLEEPING
The UK lost its AAA credit rating. In a major aftershock to last week’s Brexit referendum, Standard & Poor’s and Fitch downgraded the UK to AA. Meanwhile, prime minister David Cameron and former London mayor Boris Johnson each said they hope the UK can still participate (paywall) in the EU’s common market.
Volkswagen’s US settlement ballooned to $15 billion. The company is preparing a $10 billion payment to car owners affected by its diesel-emissions cheating scandal, plus $5 billion to “offset excess diesel emissions and boost zero emission vehicles,” Reuters reported. The company is expected to announce the settlement today.
South Korea cut its growth forecast and announced a $17 billion stimulus package. The government cited uncertainty from Brexit and restructuring in ailing industries like shipbuilding. That follows the finance ministry’s surprise move earlier this month to cut interest rates to a record low.
A US judge ruled Mississippi clerks can’t cite religious beliefs to avoid issuing gay couples marriage licenses. Part of a state bill would have allowed it, but that, a US district judge decided, violates the Supreme Court’s landmark 2015 ruling legalizing gay marriage.
The flight data recorder of EgyptAir MS804 was repaired. Now investigators will be able to analyze data that might explain why the jet plunged into the Mediterranean last month en route from Paris to Cairo. The crash killed all 66 people on board.
QUARTZ MARKETS HAIKU
England and Brexit
The blessed plot grows thicker
And the pound withers
QUARTZ OBSESSION INTERLUDE
Joon Ian Wong on the cities vying to replace London as Europe’s startup capital. “Besides Dublin, there’s Berlin, already home to successes including Rocket Internet and Soundcloud; Amsterdam, which has spawned the major payments player Adyen; and Stockholm, with Spotify and Minecraft’s maker, Mojang.” Read more here.
MATTERS OF DEBATE
Barack Obama should pardon Edward Snowden. The president would improve his own legacy by allowing the whistleblower to return to the US.
Brexit offers a lesson for Hillary Clinton: Don’t neglect your young voters.
Early puberty isn’t just awkward. Girls whose bodies mature before their teen years are at higher risk of breast cancer, depression, and heart disease.
Beijing is slowly collapsing. Excessive water pumping hasemptied out the city’s aquifers.
Marijuana shops are more lucrative than Whole Foods. Based on revenue per square foot, edibles may be more profitable than groceries.
MIT trained an AI to predict sitcom high-fives. It can also analyze any scene for expected hugs, handshakes, and fist-bumps.
Veterinarians are performing surgeries on bullied fish. One received a hand-painted prosthetic eye.
Barack Obama may have a future career in venture capital.Silicon Valley is salivating over the idea.
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