Prospects for global growth or the potential for a US recession seem to depend on who you ask. Outspoken corporate leaders from Jamie Dimon to Elon Musk are intensifying warnings about US inflation, which hit a fresh 40-year high in May, as well as impending interest rate hikes. But most economists still argue a contraction is unlikely in the immediate future. That’s little consolation for Americans dealing with spiking costs for the basics like food, utilities and energy. Avocado prices led inflation in Mexico last month, while gasoline in the US hovers near a once-unthinkable $5 per gallon. The Federal Reserve is walking a tight rope trying to cool off the economy without crashing it, but there’s still hope for a soft landing, John Authers writes in Bloomberg Opinion.

Musk’s drama-filled Twitter takeover took another turn, with the billionaire threatening to walk away from  the deal because of bots. But mergers can’t be terminated because of buyer’s remorse. Meanwhile, one of Musk’s biggest backers in the proposed $44 billion deal is a secretive Dubai-based investment fund which has committed $700 million in financing. 

“It was carnage, it was chaos.” Capitol Police officer Caroline Edwards, who sustained severe head injuries in the Jan. 6, 2021 insurrection, provided some of the most dramatic testimony in the first of a series of public hearings about the deadly effort to halt the US transfer of power to now-President Joe Biden. The bipartisan House committee investigating the attack said Donald Trump played a key role, and warned that American democracy remains very much in danger. In its first session, Jonathan Bernstein writes in Bloomberg Opinion, the Congressional panel “made the case against Trump.” 

Caroline Edwards, a US Capitol Police officer injured in the Jan. 6 insurrection, listens during a hearing of the Select Committee to Investigate the January 6th Attack in Washington on June 9. Photographer: Ting Shen/Bloomberg

Apple unveiled the most significant overhaul to its popular MacBook Air laptop in more than a decade, complete with a fresh design and speedier M2 processor. The tech giant is also pushing deeper into financial services with a “buy now, pay later” offering, and it’s also the primary target of a provisional European Union agreement requiring all smartphones and tablets to use a common charger.

Flying will get a lot more expensive in the future, and people are likely to do it less. That’s the conclusion of a new study on how the airline industry can cut emissions in line with global climate goals. Singapore Airlines will start selling sustainable aviation fuel credits in July, as airlines and governments look to reduce climate pollution while more-advanced technology, like battery-powered aircraft, is still in research stages. Passengers will no longer need to show a negative Covid-19 test to get into the US, but airlines that lobbied for the change may be in for a rude surprise.  

Hong Kong is again the world’s most expensive city to live in if you’re an expat, with New York and Geneva rounding out the top three. And if you’re looking for a Manhattan apartment, be prepared to shell out record rent as the population roars back from the pandemic outflux. While the vast majority of residents now fear violent crime, the Big Apple is still far safer than rural America, Justin Fox writes in Bloomberg Opinion.

The Manhattanville neighborhood of New York City. Photographer: Jeenah Moon/Bloomberg

• Ukraine is expected to win EU backing for a path to membership.
• The Fed and Bank of England are likely to hike interest rates.
• China resumes Covid-19 lockdowns in parts of Shanghai.
• WTO ministers meet for the first time in five years amid global crises.
• The Tony Awards take place at Radio City Music Hall in New York.

Larry Ellison’s Lanai Isn't For You or Its Residents

The world's 11th richest person bought the Hawaiian island of Lanai for $300 million. Over the past 10 years, he’s opened a Nobu and has hosted the world’s super-wealthy while pushing out families that have been there for generations. For those who have stayed, many residents both rent from him and work for him, So it goes on Lanai, where Ellison has become a modern American king.

Beachside at the Four Seasons Resort Lanai Photograph: Elizabeth Weinberg

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