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What to watch for today
Janet Yellen testifies before Congress. The head of the US Federal Reserve delivers her [semi-annual remarks on monetary policy] to the Senate, with comments to the House to follow tomorrow.
The European Central Bank plans for Brexitâjust in case. If Britain [votes to leave the EU] on June 23, the euro zoneâs tentative economic recovery could suffer, and thatâs just for starters. The bankâs policymakers will [discuss contingency plans today] (paywall) for what to do should Europeâs financial capital cut itself off from its neighbors.
Darjeeling goes digital. Cultivated in the Himalayas, the famous tea has been sold in private auctions to large buyers for over 150 years. [Starting today] the tea will be sold via e-auctionâand fetch higher prices, [local traders hope].
The Consumer Electronics Show opens in New York. The event, [now in its 10th year], will include a drone obstacle course. Exhibits run through Thursday.
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While you were sleeping
The US Senate blocked gun-control proposals. Senators [voted down four separate measures] on strengthening background checks and preventing suspected terrorists from purchasing firearms. The voting came in the aftermath of a [June 12 massacre] at a gay nightclub in Orlando that left nearly 50 people dead.
China said it might quit the UN Convention on the Law of the Sea. It depends on whether an upcoming tribunal ruling runs counter to Beijingâs position that nearly the entire South China Sea is its territory, [according to the Japan Times]. The US, which recently deployed two aircraft carrier groups to the sea, [never ratified the convention].
Oi filed for Brazilâs biggest-ever bankruptcy protection. Amid a harsh recession and mounting competition, the mobile operator failed to reach an agreement with holders of its $19 billion in debt. The filing will likely [have major repercussions] in Brazil, with state-owned banks among the companyâs top creditors.
A mine in South Africa unearthed a 121-carat diamond. Petra Diamonds [said it recovered] the precious stone at the Cullinan mine in Pretoria, which has already produced some of the worldâs largest diamonds, including those that feature among Britainâs Crown Jewels. It was welcome news amid falling diamond prices.
Quartz obsession interlude
Lily Kuo on anti-migration tactics in Somaliland. âParents are trying to dissuade their children from dangerous and illegal migration to Europe by buying them second-hand cars that can be operated as taxis⦠[known as] hooyo ha tahriibin, which translates roughly as a mother pleading âmy son, do not smuggle yourself.â [Read more here].
Matters of debate
Meritocracies are horrible places to be less than smart. Intelligence [shouldnât dictate] an individualâs worth.
Young Americans are giving up on capitalism. Or, more accurately, theyâre [sick of the way itâs practiced].
Elon Musk is wrong: Weâre not living in a simulation. Itâs not so easy to [explain away the physical world].
Surprising discoveries
Fast-food chains are ruthlessly seeking new meals to exploit. One [trademarked the term âbrunchfast.â]
Carbon emissions are decimating the worldâs mussels. Acidic seas are [eating their shells away].
âCrying LeBronâ is the internetâs new favorite thing. The NBA Finals MVP [displaced previous favorite] âCrying Jordan.â
In an age of mass shootings, companies are selling âballistic furniture.â [Bullet-proof panels] (paywall) can be used in desks or tables.
A refugee camp riot was halted by the wifi repairmen. Syrians held in Greece [stopped protests to let them pass].
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