Bloomberg - Evening Briefing - The insurrection hearings

Seventeen months after the world witnessed the unthinkable, a violent mob including white supremacists and so-called militia members ransacking the heart of American democracy, the institution that was under siege that day will unveil the results of an historic investigation into what many have labeled an insurrection. The Jan. 6, 2021, attack, in which followers of Donald Trump sought to block the transfer of power to Joe Biden, led to Trump’s unprecedented second impeachment. Timothy L. O’Brien writes in Bloomberg Opinion that labels like attack or riot won’t do to describe that day: It was nothing other than an attempted coup.

The Select Committee to Investigate the January 6th Attack on the U.S. Capitol Photographer: Sarah Silbiger/Bloomberg

With testimony beginning tonight including Trump family members and powerful witnesses to the events that day, Representative Adam Schiff, a California Democrat on the Jan. 6 committee, said the goal is to explain “how in the most established democracy in the world we came so close to losing everything. And most importantly the danger that remains.” The assault, which claimed a half dozen lives and resulted in scores of severely wounded law enforcement personnel, also triggered one of the biggest criminal investigations in US history. And on Thursday, Ryan Kelley, a Republican gubernatorial candidate in Michigan, became its latest target. —David E. Rovella

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

US stocks fell for a second day with growth concers in focus after Europe’s central bank became the latest to signal restrictive policies to combat inflation. The dollar gained and Treasury yields rose. Here’s your markets wrap.

The European Central Bank brought down the curtain on years of ultra-loose monetary policy, committing to a quarter-point increase in interest rates next month and signaling a bigger hike in the fall.

Russia has continued to push Ukrainian forces from the far east of their country as Vladimir Putin seeks to consolidate control across the Donbas region, and along the Sea of Azov to Ukraine’s Crimean peninsula, which Russia has occupied since 2014. Hundreds more dead civilians are being uncovered daily as destroyed buildings are cleared, adding to the thousands already killed by Kremlin forces. Two captured British fighters have been sentenced to death by Kremlin-aligned rebels in the occupied Donetsk region.

A plan proposed by the Group of Seven nations to mitigate a looming global food crisis is confronting an immovable force—India. Next week in Geneva, the world’s trade ministers will consider a proposal that’s backed by more than 50 nations to avoid a cascade of international food export restrictions that may spark destabilizing, hunger-driven conflicts in the world’s most volatile regions. But Prime Minister Narendra Modi’s decision to ban wheat exports is thwarting international efforts to combat rising food prices.

Narendra Modi Photographer: T. Narayan/Bloomberg

People who have had a documented Covid-19 infection are more likely to be hospitalized or develop diabetes or hypertension in the months after their illness, an indication of the severity of so-called long Covid, according to a new study. In the US, the latest wave of infections continue to spur rising hospitalizations and an average of 300 Covid-related deaths daily. Globally, about 1,300 people died from Covid-19 yesterday.

The US Securities and Exchange Commission is investigating whether the marketing of the TerraUSD stablecoin before it crashed last month violated federal investor-protection regulations.

Chinese financial regulators have started early stage discussions on a potential revival of Ant Group’s initial public offering, one of the clearest signs yet that Xi Jinping is dialing back his crackdown on the tech industry that began with the scuttling of the world’s biggest listing two years ago.

• Uvalde police waited to confront gunman out of fear for their own safety.
• Fire at a key US gas export terminal further hurts a fuel-starved Europe.
• Bloomberg Opinion: A $450 billion chance to loosen Putin’s energy grip.
• Bloomberg Opinion: Supreme Court has a nasty surprise for business.
• China ties at “lowest moment” since 1972, US ambassador warns.
• Facebook parent Meta retreats from proposed Apple Watch rival. 
• Plastic eating superworms could fight the world garbage crisis.

Oracle billionaire Larry Ellison effectively purchased the island of Lanai. Since then, the Republican megadonor has been making the Hawaiian island more hospitable to the super-rich—while pushing out families that have been there for generations. 

Lanai, Hawaii. Source: Bloomberg

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