Bloomberg - Evening Briefing - Europe pushes back

Russia fired missiles at a bridge across the Dniester estuary west of Odesa for the second consecutive day, a Ukraine railway official said. The bridge provides access to Transnistria, a small section of Moldova controlled by Russian soldiers and Moscow-aligned rebels where recent attacks have analysts warning of Kremlin false-flags. At the same time, fires and explosions inside Russia, including locations far from the border, may indicate Ukraine is taking the war to the Russian homefront.

An aerial view of the Ukrainian port city of Mariupol, where Russian forces have been bombing a steel plant. Hundreds of civilians are sheltering there alongside Ukrainian soldiers. Photographer: Andrey Borodulin/AFP

The U.S. has lifted some restrictions on sharing intelligence with Ukraine as it confronts the renewed Russian military assault in the east and south. Russian military officials said at the end of March that they would shift their focus to taking full control of the Donbas region after a month of fighting yielded limited territorial gains in the western parts of the country, including an attempted siege of the capital, Kyiv. The expanded sharing by the U.S. is reportedly intended to help Ukraine defend and potentially retake territory in the regions now under threat.  —David E. Rovella

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

European Commission President Ursula von der Leyen said companies shouldn’t bend to Russia’s demands to pay for gas in rubles, calling the proposed payment procedure a breach of both contracts and sanctions. The warning comes as the continent responds to Moscow’s move to start switching off supplies in Poland and Bulgaria. But some see the escalation by Vladimir Putin as desperation since fossil fuel revenue is critical to propping up Russia’s sanction-slammed economy, and the cutoff will likely accelerate efforts to permanently shift to other suppliers. Along these lines, Germany—a critical component to any such unified effort—announced a significant shift in its position on dropping Russian fuel, saying it’s now prepared to back a gradual ban. In the U.S., the Biden administration has approved more requests to export U.S. natural gas. 

But not everyone is holding firm in Europe. Italian energy giant Eni SpA is preparing to open ruble accounts at Russia’s Gazprombank, allowing it to potentially comply with Putin’s demands.

What do 50 Republican senators, one Democratic senator and Putin have in common? They’ve managed to crush President Joe Biden’s effort to slow global warming. Scientists say there’s virtually no viable path to slashing U.S. emissions in line with Biden’s 2030 target—at least not without major legislation that appears increasingly remote.

Coronavirus outbreaks and a property slump are forcing Xi Jinping to put his revamp of China’s economy on hold as he faces mounting pressure to even reverse last year’s policies. Some indicators suggest China’s economy is contracting, and residents in multiple cities are struggling to find food and even dying from lack of medicines. All this in a year when, at a party conclave this fall, Xi is expected to secure an unprecedented third term as party leader.

Archegos Capital Management founder Bill Hwang was indicted by a federal grand jury in the latest fallout from the spectacular collapse of his family office. Archegos imploded after amassing a concentrated portfolio of stocks by using borrowed money. Banks lost more than $10 billion, prompting the departures of several senior executives and triggering probes into the way firms monitor risk. Fortunes diverged among the banks Archegos dealt with: Credit Suisse, Nomura and  Morgan Stanley incurred some of the steepest losses. 

Bill Hwang, founder of Archegos Capital Management, leaves Manhattan federal court on Wednesday. Photographer: Michael Nagle/Bloomberg

Twitch, the Amazon-owned live-streaming website, is weighing potential changes to how it pays top talent, an effort that would boost its profits but would also risk alienating some of its biggest stars.

West Adams Boulevard runs east and west through central Los Angeles. To the north rise the skyscrapers of Mid-Wilshire, California’s new Wall Street. To the south, such communities as Watts, Compton, and Inglewood line LA’s vast interior grid. In between there’s an entire neighborhood that’s being flipped by one developer—and not everyone fits with the plan.

The West Adams section of Los Angeles Photographer: Stella Kalinina

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For racing fans, Miami’s first-ever Formula One race, on May 8, will be one of the most exciting events of the year. But off the track, there’s plenty of excitement, too. To celebrate the occasion—and capitalize on the sport’s famously deep-pocketed fans—Major Food Group will open a special Carbone Beach location for those willing to pay $3,200 per person for a meal, or $30,000 per table. But it doesn’t stop there.

Miami Photographer: Mark Elias

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