#Erdogan-#Putin sit-down, #Chevron’s win, Olympic hickeys

Good morning, Quartz readers!


Erdogan and Putin meet in St. Petersburg. It will be their first meeting since the Turkish air force shot down a Russian plane in November. It’s also an opportunity to forge closer relations between Ankara and Moscow at a time when Turkey’s ties with the West are strained.

Raghuram Rajan’s last hurrah. The governor of the Reserve Bank of India, who abruptly announced his resignation in June, delivers his final monetary policy update. The bank is not expected to alter its benchmark rate.

The top US naval officer in Asia addresses the Chinese media.Admiral Scott Swift will speak with the press in Qingdao, after a US Navy destroyer arrived in the northern Chinese port on Monday. It’s the first visit by an American warship since an international tribunalruled against China’s sweeping territorial claims in the South China Sea.


Barclays reached a $100 million Libor settlement. The lender will pay $100 million to 44 US states for manipulating interest rates in the run-up to the financial crisis. It’s the first bank to reach an agreement with US states, four years after it was punished by UK regulators.

Chevron won a major legal victory. A federal appeals courtblocked enforcement in the US of an $8.6 billion Ecuadorean pollution judgment against the oil giant. It ruled the judgment was obtained through bribery and fraud; however, this probably isn’t the last twist in a long-running saga, which was covered in the 2009 documentary Crude.

Car sales in China zoomed ahead. In July passenger vehicle sales rose 23% to 1.6 million units, the biggest monthly percentage gain since February last year. Inventory levels fell to an 11-month low thanks in part to dealers offering widespread discounts. Deliveries for GM increased 18% during the month.

LendingClub dug itself deeper. The online lender widened its quarterly loss to $81.4 million from $4.1 million a year earlier, after the ouster of CEO Renaud Laplanche in May, which prompted many of its clients to re-evaluate their purchases. The company also said CFO Carrie Dolan has stepped down.


Large consumer goods companies are faltering in the face of disruption. In a global survey of consumer products C-suite executives, nearly half admitted to feeling constrained by their company’s heritage, unable to act upon opportunities for innovation. The data suggests a need for new mindsets toward talent acquisition and investments in order to find pathways to increased profitability. Advertisement


Dog days of summer
drag long in a terminal
Thanks a lot, Delta


Akshat Rathi on “Tabby,” a mysterious star that refuses to reveal its secrets: “The star showed an odd pattern of dimming that could not be explained by any known natural phenomenon. Among the hypotheses that has yet to be disproved: the star is surrounded by an alien megastructure.” Read more here.


NATO needs to stop expanding eastward. The risk of a new Cold War is just not worth it.

How much is design really worth? Samsung and Apple are about to find out in a landmark case before the US Supreme Court.

Modi’s support for Dalits makes his silence on Muslims ring louder. The Indian prime minister has ignored many vigilante attacks by his own party.


A new type of eco-friendly fire could clean up oil spills. The“blue swirl” does not leave a noxious cloud of smoke behind.

Belize was once ruled by a “snake dynasty.” A 1,300-year-old burial chamber holds the clues to a forgotten empire.

Italy’s “towel wars” are getting ugly. Reserving a spot on the beach could cost you €200 ($220).

Circular red bruises are in at the Olympics. They’re the hallmark of “cupping,” a traditional Chinese medicine technique.

Flossing is probably good for you, after all. It’s just incredibly difficult to provide the scientific proof of its benefits.

Our best wishes for a productive day. Please send any news, comments, blue swirls, and towel infractions to hi@qz.com You can download our iPhone app or follow us on Twitter for updates throughout the day.



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