Good morning, Quartz readers!
WHAT TO WATCH FOR TODAY AND OVER THE WEEKEND
The 2016 Rio Olympics take a bow. The US currently leads the pack with 95 medals, followed by the UK and China. Sunday’s closing ceremony will feature Norwegian pop star Kygo, and possibly retired Brazilian soccer legend Pelé. Brazil’s interim president, Michel Temer, who was booed at the opening ceremony, is not expected to attend.
Indonesia changes its benchmark interest rate. For the sake of efficiency, the country’s central bank will start using its seven-day repurchase rate instead of its 12-month reference rate. The change goes into effect at 12am local time on Saturday.
John Deere releases earnings. Analysts are not too optimisticabout the impact of weak commodity prices and sluggish farm income on the world’s biggest agricultural-equipment manufacture. Warren Buffett and Bill Gates both decreased their stock holdings in the company.
WHILE YOU WERE SLEEPING
Viacom’s corporate drama came to an end. CEO Philippe Dauman will leave with a settlement package worth about $72 million(paywall), and the Redstone family will control the future of the $40 billion media empire. The settlement is a victory for 93-year-old mogul Sumner Redstone and his long-estranged daughter Shari Redstone, with whom he recently reconciled.
A US federal judge overturned Uber’s proposed class-action settlement with drivers. The company had been set to pay up to $100 million in reimbursement damages to nearly 400,000 drivers—who claimed they should have been classified as employees not contractors—under a settlement reached in April. The judge said the settlement (paywall) was “not fair, adequate, and reasonable.”
The US confirmed that a payment to Iran was contingent on the release of American prisoners. While insisting the $400 million in cash was not a ransom, the state department confirmed the long-frozen funds—from a decades-old arms deal—were withheld to maintain leverage over the release of the detainees.
Gap narrowly beat estimates in its second quarter. Earnings were 60 cents per share, compared to Wall Street expectations of 59 cents, suggesting some restructuring efforts are working. But same-store sales fell at its Gap and Banana Republic chains (down 3% and 9%, respectively) and stayed flat at Old Navy, while a strong US dollar hurt overseas revenue.
The US Justice Department said it will no longer use private prisons. Prison reform advocates cheered the decision, which willaffect 13 US prisons. Officials said private prisons don’t provide the same caliber of correctional services and programs.
QUARTZ MARKETS HAIKU
Stocks rise, dollar
Falls. But all we talk about
Is Ryan Lochte
QUARTZ OBSESSION INTERLUDE
Ananya Bhattacharya on Asia nurturing the next generation of drone pilots. “While in the US commercial drone fliers and the FAA continually bump heads, many Asian countries have long welcomed governmental and commercial use. There, drones are making their way into a slew of commercial industries—agriculture, entertainment, law enforcement. Drones are frequently used for data collection, mapping, and tracking. In Singapore, drones even wait on tables at restaurants and bars.” Read more here.
MATTERS OF DEBATE
It’s not OK to lie to your mom. Ryan Lochte’s robbery whoppershows it’s better to just fess up.
There’s no such thing as the good old days. Nostalgia has a dark side that is particularly dangerous for vulnerable groups.
Supporting gender equality means saying you’re a feminist.Standing for a cause isn’t standing against someone else, and feminism isn’t synonymous with man-bashing.
You can now buy a WWII tank. The Normandy Tank Museum isauctioning off thousands of military items, including more than 40 armored vehicles, after failing to attract enough visitors.
Bigfoot is big business. A company that investigates sightings of the creature—he’s been “seen” seven times in 45 years—was valued at $10 billion.
Sea anemones could help restore hearing. The proteins that make it possible for anemones to hear again might do the same for humans.
Rio’s Olympic swimming pool was flawed. Currents resulting from a design error may have boosted the performance of athletes in high-numbered lanes.
Algorithms are being used to tackle inequality in Africa. Data from high-resolution satellite imagery, such as which areas are lit up at night, are being used to track and predict poverty.
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