Tianjin explosion, Alibaba’s woes, amorous octopi
Good morning, Quartz readers!
What to watch for today
China’s central bank faces the music. The People’s Bank of China is due to hold a rare press conference this morning after its unexpected decision to sharply weaken the yuan for two days in a row. The move has shaken markets and raised fears of a looming currency war that could upset the global economy.
Samsung unveils two new devices. The world’s biggest smartphone producer is expected to introduce two larger models from its flagship Galaxy smartphone line, as it tries to bounce bank from slumping sales—caused in part by new, larger iPhones.
US retail sales for July. Economists expect that consumer spending bounced back after a July slump, boosted by car sales, job growth, and falling gas prices.
Who made how much? Aegon NV, Nordstrom, Advanced Auto Parts, Kohl’s, Coty, BanColumbia and a number of pharmaceutical companies report their results.
While you were sleeping
A massive explosion rocked the Chinese city of Tianjin. The blast, which took place at a shipping facility that was storing explosive materials, caused a major fire and a shockwave that was felt several kilometers away, shattering windows and fish tanks. At least 13 people were killed and several hundred more were hospitalized in Tianjin, a major city and refinery hub in northeast China.
China’s woes spelled big trouble for Alibaba. The e-commerce giant’s shares fell 8% after reporting its lowest quarterly revenue growth in three years, missing analyst estimates. Investors are worried that China’s weakening economy is hurting consumers, and that the weaker yuan will hurt their purchasing power.
Two of Syria’s warring factions agreed to a rare truce. Turkey and Iran helped broker the 48 hour-cessation between rebels and pro-government forces in one rebel-held town and two villages held by pro-government forces. The truce is part of ongoing talks to break a diplomatic stalemate and take on the extremist group ISIL.
Kraft Heinz will cut 2,500 jobs. The newly merged company is cutting more than 5% of its staff in a bid to operate “as efficiently and effectively as possible,” according to a spokesman. Kraft Heinz is controlled by Berkshire Hathaway and a Brazilian private equity firm, and its job cuts will take place mostly in the US and Canada.
John Kerry warned that rejecting the Iran nuclear deal is a recipe for economic disaster. The US secretary of state said walking away from the deal will give Washington little leverage to restore the multi-lateral sanctions that cratered Iran’s economy. The consequences, he said, could lead to the end of the US dollar as the world’s reserve currency.
Quartz obsession interlude
Alice Truong on the rise of Google’s new CEO, Sundar Pichai. “Many employees have praised Pichai for his management style, painting him as a compassionate leader who recruited, mentored, and invested in the people who worked for him—a major contrast to long-time Google executive Marissa Mayer, current CEO of Yahoo.” Read more here.
Matters of debate
Trigger warnings should be eliminated from US universities. Protection from words and ideas is disastrous for education.
Russia’s destruction of imported food is scarier than you think. It means the Kremlin can do anything, no matter how crazy.
France’s should bid adieu to its 35-hour work week. It has outlived its usefulness.
Olympic gender norms are mired in the past. It’s time to end antiquated ideas about what sports are “appropriate” for women.
British companies are complicit in modern-day slavery. Exploitation of migrant workers is on the rise.
Surprising discoveries
China’s new public sculpture looks remarkably familiar. Chicago thinks it’s a rip-off of its famous Cloud Gate.
Ancient Egyptians signed 8-foot prenups. The Real Housewives of the Nile Delta, perhaps?
Drone racing is a $1 million sport. The Drone Racing League wants to join other “fast-twitch” events like competitive video gaming.
A newly discovered octopus shacks up for days. Its unusual ”beak to beak” mating style is described as “romantic.”
An eagle snatched a drone out of the sky. The bird is fine, but the drone suffered minor damage.
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