Quartz Daily Brief—Wells Fargo’s streak, Argentina’s ask, China’s laundering probe, Amazon’s drones
Good morning, Quartz readers!
What to watch for today
The EU ups the ante in Ukraine. Expanded EU sanctions aimed at pro-Russian separatists will go into effect by mid-day if no member of the 28-country bloc objects. Meanwhile, pro-Russia militants say they will evacuate “tens of thousands” of the Donestsk residents (paywall) to Russia as Ukrainian forces encircle the city.
Wells Fargo struggles to keep its earnings streak alive. The US banking giant is expected to report second-quarter earnings of $1.01 per share, which would break a string of 17 consecutive quarters of rising profits. Like its peers, the bank is struggling with costs from government investigations and declines in mortgage lending and securities trading.
Infosys reports a bumper quarter. The Indian outsourcing and IT giant is expected to report a 12.6% increase in first-quarter net profit, although higher labor costs and a stronger rupee will weigh on margins.
Argentina begs China and Russia for cash. Argentine president Cristina Fernandez will court Chinese and Russian leaders at the upcoming BRICS summit of emerging market economies to help the country avoid default on a bond bill due by month’s end.
While you were sleeping
Obama vowed to facilitate an Israel-Hamas ceasefire. The US president told Israeli prime minister Benjamin Netanyahu that he would help negotiate a return to a 2012 peace deal, as Israel readies 20,000 soldiers for a ground invasion of the Gaza strip. At least 88 Palestinians, most of them civilians, have reportedly been killed by air strikes.
John Kerry arrived in Afghanistan. The US secretary of state visited Kabul to meet both candidates claiming victory in last month’s presidential election. He will threaten to cut off aid if either man resorts to violence or “extra-constitutional” actions.
Regulators probed Bank of China. China’s central announced it is looking into reports that Bank of China offered a money laundering service that helps ultra-wealthy citizens move their cash overseas.
Child labor issues dogged Samsung. Children aged 14 and 15 are working in factories that make components for Samsung devices (paywall), despite the company’s efforts to only hire staff who are least 18. Some of the children used fake documents to pick up summer jobs during school holidays.
Billionaires lobbied for a better US immigration policy. Bill Gates, Warren Buffett, and Sheldon Adelson wrote an open letter to the US government asking for a policy that serves the national interest by letting in more rich and talented foreigners.
Amazon sought clearance for drone delivery. The e-commerce giant filed an application with US aviation regulators to test its “Prime Air” program in the Seattle area. Commercial uses of drones are currently illegal in the United States.
A setback in the quest for an HIV cure. A Mississippi four-year-old who had no detectable trace of the virus after being treated as an newborn has just shown signs of still harboring it in her body.
Quartz obsession interlude
Jenni Avins dons 30 pairs of women’s white jeans, in search of the perfect one. ”Just think of the women who’ve famously worn—and wear—white jeans. Stateside, Jackie Kennedy played with little John Jr. on the beach in hers; Ali MacGraw wore them boating in the iconic 1970 film Love Story; American Vogue fashion director Tonne Goodman wears them daily—a chic, fuss-free foil to the high fashion pomp that surrounds her. French Vogue editor-in-chief Emmanuelle Alt is similarly devoted, lending her insouciant sex appeal to the pants with sleek heels and tousled hair. See also: St. Tropez whites, suntanned feet in driving loafers, Breton striped shirts, fashion photographers, and Ines de la Fressange. You get the idea.” Read more here.
Matters of debate
The lessons of Iraq don’t apply to Afghanistan. Their responses to the withdrawal of international troops will be very different.
We’ve reached peak Facebook. A new study suggests the social media sites’ popularity is destined to decline.
Take it easy, Carlos Slim. Yes, the telecom mogul volunteered to break up America Movil, but that doesn’t mean the move will benefit Mexico.
Terrible job on that medical marijuana law, New York. The law bans patients from actually smoking the drug, for starters.
Surprising discoveries
Aerosmith made more money from Guitar Hero than any of their albums. The money is always in the merchandise.
Snacking properly can prevent jetlag. Controlling insulin levels can induce or fend off sleepiness.
Microsoft’s Bing is competing against a 9-year-old. Both have a perfect record in predicting this year’s World Cup matches.
Mike Tyson and Luis Suarez get each other. The former boxing champ with a biting problem is defending the Uruguay striker.
Our best wishes for a productive day. Please send any news, comments, fat roosters, and World Cup predictive methodologies to [email protected]. You can follow us on Twitter here for updates throughout the day.