🌎 Time’s up for BoJo

Plus: China companies delisting from the US can be a lose-lose. Was this newsletter forwarded to you? [Sign up here]( [Quartz]( July 07, 2022 [View in browser]( Good morning, Quartz readers! Here’s what you need to know UK prime minister Boris Johnson is expected to resign. More than 50 government ministers resigned this week and called for him [to step aside]( (see more below). The US job market went from “white hot to red hot.” Labor market indicators [remain strong]( despite a bit of a slowdown in new job postings and people choosing to leave their job. Meanwhile, the Federal Reserve is considering another [rate hike](. The suspect in the Highland Park shooting confessed to the killings. The man also said he fled to Wisconsin and considered [opening fire again](. Grubhub joined Amazon Prime’s suite of services in the US. Amazon’s deal with the [food delivery service’s]( parent company Just Eat Takeaway includes an equity option. US investors are going after Venezuelan oil. Two investment funds announced [a joint venture]( with a Venezuelan firm to pursue oil and gas projects in the sanctions-hit country. An investigation into the assassination of Haiti’s president has stalled. The Caribbean nation has remained without a head of state since Jovenel Moise was shot dead [a year ago.]( Millions more people experienced hunger in 2021 compared to the previous year. The UN’s [latest figures]( show global efforts to fight malnutrition are faltering. What to watch for [A chalkboard that says Oddschecker and has written in chalk the exit odds of Boris Johnson and also odds for Next Prime Minister, with a number of names listed. In the background is seen Big Ben and a double decker bus.] Reuters/Henry Nicholls A slew of scandals called into question his judgment and ethics. Two by-election losses proved his unpopularity. After an avalanche of resignations from various government members left him struggling for political survival, British prime minister Boris Johnson [is finally expected to resign](. 🗣️ Throughout Wednesday, Johnson remained adamant he would stay on. But with more ministers calling for his resignation this morning, Johnson’s time was up. 🎙️ Johnson will give a statement outside Downing Street in the next couple of hours. ⌛ It remains to be seen if Johnson will stay on until the Conservative party elects a new leader, or whether a new prime minister will take over in the interim. 🏁 The leadership election is due to take place over the summer and, while there’s currently no clear frontrunner, former and current members of Johnson’s government are expected to be in the running. 🗳️ The new Conservative leader will become prime minister and they might call for a new general election, but they’re not obliged to do so. Who wins in a delisting? As soon as today, Huaneng Power International, a China-based power plant operator, is leaving the New York Stock Exchange, where it has traded since 1994. The company [submitted its delisting application]( in June, citing limited trading volume and “considerable” administrative burden. Three major Chinese telecom companies were delisted from the US last year; Didi, the ride-hailing giant, recently [delisted from the NYSE](, too. Beijing wants to see more of its home-grown champions list in China, while the US has demanded that Chinese firms offer more transparency—a requirement that [could lead to the delisting of 150 Chinese firms](. Both sides are motivated by geopolitics, but for firms and investors the decoupling is [lose-lose:]( US investors will get less access to the lucrative Chinese market, and Chinese firms will have fewer chances to raise funding from US investors. Breaking up is always painful. Even Japan is struggling with inflation By US standards, Japan’s inflation rate in May might feel paltry. Year on year, the consumer price index rose 2.5%, compared to a heated 8.6% in the US that same month. But to a country that has grown unused to inflation over the past three decades, even 2.5% hurts. Samanth Subramanian lays out the [impact of inflation]( on Japanese consumers. ✦ Becoming a member helps keep Quartz free, so everyone can read stories like the one above. Take [40% off a membership,]( with our thanks! Quartz’s most popular 😰 [India’s SpiceJet is facing troubles in the skies]( 🔥 [Competition in Zimbabwe’s billion dollar remittance industry is heating up]( 🌡️ [The US labor market is cooling off from “white hot to red hot”]( ✈️ [Manila’s airport may get a controversial name change]( 📈 [Inflation in Ethiopia has remained above 25% for a year]( 🤡 [The new Minions movie is a meme and it’s breaking records]( Surprising discoveries A sheep named Joe Biden could sell for as much as $21,000. The ladoum sheep specimen is one of the stars in Senegal’s [Eid al-Adha/Tabaski festival](. Scientists have invented a “quantum flute.” The device can make light particles [move together]( creating “notes” from different wavelengths. The American Kennel Club recognized its 200th breed. The prestigious roster is saying “benvenuto” to the [Italian bracco]( (it did not comment). Manila’s airport could be named after its notorious dictator. The Philippines’ new president, who is also the dictator’s son, announced the [controversial proposal]( on his first day in power. Hummus may be getting harder to find. A dip in chickpea supply [could be on the table](. SPREAD THE WORD Over 500k readers and counting. You already know why half a million people read the Daily Brief, so why not spread the word? [Share the Daily Brief today]( and get rewarded. Our best wishes for a productive day. Send any news, comments, hummus reserves, and Italian dog commands to hi@qz.com. Reader support makes Quartz available to all—[become a member](. Today’s Daily Brief was brought to you by Walt Frick, Jane Li, Sofia Lotto Persio, Susan Howson, and Julia Malleck. [🌐 View or share this email online.]( [📬 Check out our emails]( [👀 Read Quartz’s latest stories]( [📈 See what stories are trending]( 1290 Avenue of the Americas, New York, NY 10104 © 2022 G/O Media Inc. [Unsubscribe](