Bloomberg - Evening Briefing - ‘Extremist threat’

US President Joe Biden, having touted legislative victories including major infrastructure funding and a landmark climate initiative, as well as falling gas prices and historically low unemployment, will make a different case for the Democratic Party on Thursday night: that Donald Trump’s followers pose an “extremist threat” to American democracy itself. In a prime-time speech, Biden is expected to crystallize recent attacks on the GOP over its national effort to restrict voting access, sow doubt about the election process and push policies most Americans oppose. Biden, who has long billed himself as a fan of working across the aisle, is discarding that approach in the face of implacable opposition. He has loudly decried Republican efforts to outlaw abortion after a Supreme Court dominated by GOP-appointees reversed Roe v. Wade, block assault weapon bans in the face of mass killings of children, and the lack of a single Republican vote for his massive health care, energy, tax and climate package. Once a backslapping moderate senator from Delaware, Biden now thunders against a Republican Party he contends is locked in the thrall of his predecessor and promotes a view of America that’s tantamount to “semi-fascism.” —David E. Rovella

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

The downside of a hot US jobs market and improving consumer sentiment is that it may push the Fed to make another big rate hike this month. A hotly anticipated jobs report has the potential to tip the scales toward a third huge increase after a wave of data that already point to resilient consumer sentiment and high labor demand.

The prospect of the pound hitting parity versus the dollar is becoming ever less outlandish. The looming threat of a British recession, acute dependence on foreign capital, soaring debt costs and the rising likelihood the Bank of England’s independence will be circumscribed are bad news for UK assets, and leave bonds and the currency in an increasingly precarious position.

Russia is considering a plan to buy as much as $70 billion in yuan and other “friendly” currencies this year to slow the ruble’s surge.

Since Sheldon Adelson died last year, Republicans aren’t seeing as many big checks from his wife. Miriam Adelson and her late husband were the party’s biggest donors over the past decade, but her only major contribution in the current election cycle is $5 million she donated in July. And that’s bad timing for the GOP.

Comcast is said to be looking to cut as much as $1 billion from the budget of the TV networks in its entertainment division, NBCUniversal, money it can use to boost other parts of the business. NBCUniversal Chief Executive Officer Jeff Shell has asked his top deputies to find savings.

Taiwan downed a civilian drone after weeks of warnings about incursions by unmanned aerial vehicles from China, a sign Taipei is pushing back against Beijing’s efforts to encroach on its territory.

Hong Kong is targeting an end to Covid-19 hotel quarantines in November, ahead of a summit of global bankers and an international rugby competition, even as a resurgence in infections prompts health officials to push back on the plan.

• A Russian oil chairman allegedly fell out of his hospital window.
• Russia’s state-controlled media is targeting the developing world.
• Putin brings China and India to Russia for a war game gathering.
• Pandemic sets US students back 20 years in reading, math levels.
• European Union skeptical on plan for Iberian gas pipeline to France.
• Starbucks workers are winning the union fight—thanks to TikTok.
• Crypto.com transfers $7 million to woman owed only a $70 refund.

Passengers finding themselves with a lengthy delay or canceled flight have a new way to check what they can get from airlines, ahead of an expected travel rush for Labor Day weekend. The Biden administration is launching a dashboard where passengers can check if airlines will provide meals, rebooking or hotel rooms when flights are delayed or canceled because of issuesin the airlines’ control. 

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