Bloomberg - Evening Briefing - Return to office politics

In the emerging post-pandemic era—one in which Covid-19 nevertheless remains a potent threat—many aspects of life have otherwise returned to normal. Following three catastrophic years during which millions perished and millions more lost loved ones, moviegoers are now flocking to cinemas, vacationers are jamming airports and kids are filling up classrooms. But one aspect of daily existence that has yet to fully revert is the world of work. Companies, employees and governments are still figuring out how to adapt to lasting changes to corporate life and the reluctance of workers to come back to the office. Some differences have emerged across continents and cultures, with Asian and European workers largely returning to their cubicles at a faster pace than their counterparts in the Americas. —Natasha Solo-Lyons

Gasoline prices are now at the highest seasonal level in more than a decade even though the US summer driving season is technically over. The national average for regular gasoline stands at $3.81 a gallon, topping this time last year and marking the second-highest level in records going back to 1994.

Saudi Arabia and Russia extended their unilateral oil supply curbs by another three months, a more aggressive move than traders had been expecting. Riyadh will continue its production cutback of 1 million barrels a day until December. The move will hold output at about 9 million barrels a day—the lowest level in several years—for six months in total.

At least 40 businesses are tapping high-grade debt markets around the world and looking to lock in borrowing costs ahead of key economic data and monetary policy decisions. Here’s your markets wrap. 

Military leaders called on Republican Senator Tommy Tuberville to drop his blockade of senior armed services promotions, a stand they say is increasingly damaging US national security. Tuberville has blocked an unprecedented number of military promotions over the past six months, insisting the Pentagon cease policies enabling personnel to travel for reproductive healthcare when stationed where such medical services aren’t available.

Tommy Tuberville. Photographer: Al Drago/Bloomberg

SoftBank Group’s Arm Holdings is planning to raise as much as $4.87 billion in a significantly smaller initial public offering than the phone-chip designer had previously targeted. Arm will offer 95.5 million American depositary shares for $47 to $51 each. The deal will value Arm at as much as $54.5 billion. 

More than four in five US homebuyers are factoring in climate risks when they shop for a new house, according to a new survey of 12,000 prospective buyers. Some 83% of respondents said they weighed at least one climate risk—such as floods, extreme temperatures, wildfires, hurricanes or drought—in their purchase plans.

While most on Wall Street have retreated from more than a year of wrong calls on a US recession, Jeremy Grantham has not. That, however, should shock no one. The perpetual bear contends the US Federal Reserve’s most aggressive tightening in four decades could tip the economy—which by recent measures is muscular and on course for a soft landing—into a downturn and take the stock market with it.

Jeremy Grantham  Photographer: Vanessa Leroy/Bloomberg

• China slowdown means it may never overtake the US economy.
• Bloomberg Opinion: Summer’s end is ushering in a recessionary chill.
• Bloomberg Opinion: Mother Nature is staging a climate intervention.
• Gulf Royal’s $1.5 trillion empire draws bankers and billionaires.
• Spanish women’s football coach Vilda fired amid kiss scandal.
• Jill Biden’s positive Covid test complicates Biden plan for G-20.
• Protesters climb onto BMWs as Scholz opens Munich car show.

The Old War Office is one of the most important historical buildings in modern London: It was a base for British military operations throughout both world wars, and plans for D-Day and the Battle of the Bulge were reviewed inside its halls. Winston Churchill, T. E. Lawrence and other historical heavyweights worked from its chambers. This month, after a seven-year, £1.4 billion ($1.76 billion) renovation, the building will reopen as the five-star luxury hotel. Raffles London at the OWO will have 120 rooms and suites, 85 private residences, three bars and nine restaurants—including an outpost of the buzzy Parisian restaurant Cafe Lapérouse.

The living room of the two-bedroom Raffles Suite at the soon-to-open Raffles London at the OWO Source: Raffles London at the OWO

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