Bloomberg - Evening Briefing - A world melting

Bloomberg Weekend Reading

In the span of two weeks, temperature records have been smashed, railroad tracks warped, energy grids pushed to the brink and massive swaths of land charred—all while the global death toll from unprecedented heat has climbed into the thousands. Waves of blistering temperatures, wildfires and severe drought are emerging as weather phenomena fueled by global warming, scientists agree. Rivers are too low and crops are wilting, adding to food insecurity exacerbated by Russia’s war on Ukraine. With the Kremlin’s invasion roiling energy markets, it all underscores the danger of delaying climate action and ongoing dependence on fossil fuels, Mark Buchanan writes in Bloomberg Opinion. “Global warming is no longer a problem of the future,” he said. “It’s here.” 

What you’ll want to read this weekend

After a hiring frenzy, companies from Alphabet to Apple and Ford to Coinbase are rethinking staffing plans and even starting to fire people. While very bad news for those employees, it could be good news for consumers, with a tighter labor market meaning less wage pressure, assisting the Federal Reserve in its fight to lower inflation. Indeed, US jobless claims reached an 8-month high, suggesting some softening. But there’s another possible wrinkle in the outlook: a dollar doom loop.

Foreign ventures in China are declining, and investors cite one major reason: President Xi Jinping’s policies, from unpredictable regulations to his relationship with Russia. Xi’s strict Covid policies are helping push out thousands of wealthy Chinese. The middle-class is openly revolting, refusing to pay mortgages on apartments developers have failed to deliver. For America, “endless confrontations” with China aren’t wise, according to Henry Kissinger.

A neighborhood of Shanghai after a lockdown was lifted Source: Qilai Shen/Bloomberg

The bipartisan Jan. 6 Congressional committee has documented a vindictive and erratic Donald Trump who refused aides’ pleas over more than three hours to call off the mob attacking the US Capitol. “Trump was unmoved as he watched the violence” and must be prosecuted for an attempted coup, Timothy O’Brien writes in Bloomberg Opinion.

Red-hot housing prices, remote work, political rancor and a strong dollar have spurred a wave of Americans to move to Europe. Expats are buying up homes in smaller cities and towns, benefitting from new visa programs to attract investment. The outlook for home affordability in the US is poised to hit lows last seen before the financial crisis, S&P Global Ratings predicts. 

The drone revolution has been slow to materialize in part because of congestion: millions of drones competing in already crowded skies. NASA and the FAA have been collaborating since 2017 on new rules for US airspace. Done wrong, lives could be lost. Done right, the system could mark the biggest evolution in US transportation since the interstate highway system.

What you’ll need to know next week

What you’ll want to read in Bloomberg Features

Mining Sinkholes Swallow Up a Gold Town

Deep in the lush forests of southern Ecuador, in a cloud-covered village set along the western edge of the Andes Mountains, a hole opened in the Earth one night last year. Measuring some 150 feet across and 100 feet down, it consumed three homes and left scores more uninhabitable. Its cause? Gold mining. With the rising price for copper, cobalt, gold and silver—all to power electronic devices—illegal mining is now a global $448 billion business, with devastating impacts on communities and ecosystems.

A sinkhole in Zaruma, Ecuador, on April 26. Illegal mining has contaminated waterways as sinkholes swallow colonial houses in a town that aspires to be a UNESCO world heritage site. Photographer: Vicente Gaibor/Bloomberg

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Russia makes a deal

Friday, July 22, 2022

Bloomberg Evening Briefing View in browser Bloomberg Russia and Ukraine reached a deal aimed at releasing millions of tons of grain through Ukraine's Black Sea ports that would mark a vital step

‘I smell a rat’

Thursday, July 21, 2022

Bloomberg Evening Briefing View in browser Bloomberg 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

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

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. 👻