Bloomberg - Evening Briefing - ‘I smell a rat’

Bloomberg Evening Briefing

The Congressional committee probing the Jan. 6 attack on the US Capitol and other events tied to an alleged coup attempt by Donald Trump has a new thread to pull. With a final public hearing set for tonight in primetime addressing Trump’s failure to stop the violence, the bipartisan panel is turning to whether the Department of Homeland Security and the Secret Service have been stonewalling the probe while destroying critical evidence known to be sought by the committee. Democratic Representative Jamie Raskin of Maryland called it suspicious that the Secret Service would delete text messages from the first American insurrection since the Civil War, saying “I smell a rat.” 

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

Here are today’s top stories

US President Joe Biden tested positive for Covid-19 on Thursday, and is experiencing mild symptoms, the White House said. He is to isolate there while continuing his duties until he tests negative. The latest variant, the most transmissible yet and able to evade protection conferred by earlier infections and (to a lesser extent) booster shots, is racing across the globe and driving up caseloads, as well as hospitalizations and deaths in some places.

The European Central Bank raised its key interest rate by 50 basis points, the first increase in 11 years and the biggest since 2000 as it confronts surging inflation.

Shanghai-based Semiconductor Manufacturing International has likely advanced its production technology by two generations, defying US sanctions intended to halt the rise of China’s largest chipmaker. It’s reportedly shipping Bitcoin-mining semiconductors built using 7-nanometer technology. That’s well ahead of its established 14nm technology.

Semiconductor Manufacturing International’s headquarters in Shanghai Photographer: Qilai Shen/Bloomberg

Russia began sending natural gas to Europe through the Nord Stream pipeline system after a pause, bringing relief to a continent whose economy is starting to wobble under the strain of reduced supplies. But Europe may have gotten the message from a Kremlin seemingly intent on inflicting economic pain in retaliation for sanctions over its bloody war on Ukraine. Even though gas is flowing again, said German Foreign Minister Annalena Baerbock, “energy dependency is being used as a weapon.”

Vladimir Putin is racing to proclaim occupied Ukrainian territories part of Russia. US and UK officials claim Russia has lost 15,000 soldiers or more so far in its war, and is only gaining ground at a snail’s pace and may be about to run “out of steam.” Plus, Ukrainian forces are claiming some victories—purportedly destroying ammunition dumps with advanced systems and retaking ground ahead of an expected southern counteroffensive.

US unemployment claims rose for a third week to the highest since November as more companies announce job cuts, suggesting softening in the labor market. As the Fed continues to fight stubborn inflation, with another big rate hike in the offing, any hiring slowdown and a resulting downward pressure on wages could be helpful to the central bank’s effort. 

Amazon announced it would buy primary-care company One Medical for $18 a share, the latest move by the e-commerce giant to muscle into the healthcare market. The all-cash transaction has an equity value of $3.49 billion. In recent years, the retail giant built by Jeff Bezos has launched an online drug store, following its acquisition of mail-order pharmacy PillPack, and started a primary-care clinic for its employees and some other companies.

What you’ll need to know tomorrow

Now France Has Its Own Rupert Murdoch

The US television series “The Loudest Voice” about Roger Ailes, the Republican media consultant behind Rupert Murdoch’s right wing media company, found an avid viewer in France: billionaire Vincent Bollore. Now Bollore has taken his own CNews TV channel sharply to the right, earning him a nickname: the “French Murdoch.’’ 

Vincent Bollore arrives for a hearing before a parliamentary enquiry committee on media concentration, at the French Senate in Paris on Jan. 19.   Photographer: Thomas Samson/AFP

Key phrases

Older messages

How to lose $1.7 trillion

Wednesday, July 20, 2022

Bloomberg Evening Briefing View in browser Bloomberg BlackRock is used to breaking records. The world's largest asset manager was the first firm to break through $10 trillion of assets under

Crippling heat

Tuesday, July 19, 2022

Bloomberg Evening Briefing View in browser Bloomberg Extreme weather spurred in part by global warming is wreaking havoc across Europe. The heatwave is complicating efforts to fight wildfires and

Apple slows down

Monday, July 18, 2022

Bloomberg Evening Briefing View in browser Bloomberg US stocks dropped after Apple disclosed its plans to slow hiring. The S&P 500 extended losses in late trading after giving up a gain that had

Red-hot inflation

Saturday, July 16, 2022

Bloomberg Weekend Reading View in browser Bloomberg Follow Us Get the newsletter Talk of peak inflation has become passé in some quarters. Wall Street quivered a bit at the prospect of an historic 100

Gas rationing

Friday, July 15, 2022

Bloomberg Evening Briefing View in browser Bloomberg Europe may need to ration natural gas to meet winter heating demand if the Nord Stream pipeline doesn't restart after planned maintenance. “It

Longreads + Open Thread

Saturday, September 24, 2022

Russia, Japan, Documentaries, Financial Engineering, Pollen, Grocery ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

An appeals court decision against Donald Trump came back to bite MyPillow CEO Mike Lindell in a separate case

Saturday, September 24, 2022

A day-old appeals court decision against Trump boomeranged to work against MyPillow CEO Mike Lindell, a prominent ally of the former president. View in browser Business Insider Business Insider

Inflation’s costly fight

Saturday, September 24, 2022

Bloomberg Weekend Reading View in browser Bloomberg Follow Us Get the newsletter Central banks from Ulaanbaatar to Pretoria and Washington to London have unleashed aggressive tightening to combat some

The ‘sham’ votes begin

Friday, September 23, 2022

Bloomberg Evening Briefing View in browser Bloomberg In what have been labeled by Ukraine, the US, NATO and others as “sham” votes, Kremlin forces and Moscow-aligned rebels in four occupied territories

Harnessing the Power of Insurance

Friday, September 23, 2022

Plus: Inflation, Market Stress, Payment for Order Flow ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Elon Musk says SpaceX avoids using patents to build rockets because they're for the 'weak' and block innovation

Friday, September 23, 2022

Elon Musk told CNBC that patents were normally used as a "blocking technique" and prevented other companies from advancing. View in browser Business Insider Business Insider Business Insider

Wall Street: The party’s over

Friday, September 23, 2022

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Hi. Aaron Weinman here. Performance reviews are back. Hiring has slowed. And Wall Street's most influential

The Daily StockTips Newsletter 09.23.2022

Friday, September 23, 2022

(Published 7:30 AM ET MON-FRI) ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

[New post] Trapped in a web of debt? Inefficiencies from corporate debt and the potential case for macroprudential intervention

Friday, September 23, 2022

BankUnderground posted: " Emily Clayton and Martina Fazio Debt creates threads between the financial system and the real economy. These threads transmit shocks across a web of connections, meaning

🥶 Brits get a hike and a recession

Thursday, September 22, 2022

Bank of England hikes rates and acknowledges recession | US and allies try to outstrip Chinese tech | TOGETHER WITH Hi Reader, here's what you need to know for September 23rd in 3:07 minutes. 👻