Bloomberg - Evening Briefing - The price to be paid

So who pays the price if Congressional Republicans shut down the US government? Such an event—which looks increasingly likely—would inflict immediate pain on millions of Americans while triggering a cascading economic crisis. The roadmap shows that while beginning mildly, the damage would deepen as workers nationwide go without salary, private contractors aren’t paid and consumer uncertainty grows over Washington dysfunction. About 1.3 million active-duty military and another 2 million civilian federal workers won’t receive pay for the duration—even the employees who have to work anyway. While federal workers will automatically get their missed checks once a shutdown ends, contract employees historically don’t. And that’s just the start. —David E. Rovella

The fate of stock options with a face value of trillions of dollars is being influenced by unusual trading activity in the S&P 500 outside regular market hours. This according to new research that found a monthly pattern of key prices jumping just before the expiration of derivatives tied to the benchmark US gauge. The phenomenon is generating profits of roughly $3.8 billion per year for bullishly positioned investors. The researchers behind the report speculate “manipulators” may be at work.  

The US Department of Justice has stepped up its probe into Credit Suisse and its new owner, UBS, over suspected compliance failures that allowed Russian clients to evade sanctions. What began as a series of subpoenas sent to a range of banks early this year has developed into a full-scale investigation focusing on Credit Suisse, which was scooped up by its crosstown rival as it imploded earlier this year.

The billionaire chairman of beleaguered property developer China Evergrande Group was taken away by Chinese police earlier this month and is now said to be under “residential surveillance.” The move against Hui Ka Yan is leading the saga at the world’s most indebted developer further into the realm of the criminal. Authorities earlier this month detained some staff at its wealth management unit and two former executives were also reportedly held.

Hui Ka Yan Photographer: Paul Yeung/Bloomberg

Elon Musk may be under fire for reportedly hamstringing Ukraine’s war effort against Russia, but that hasn’t stopped the firehose of taxpayer dollars headed his way. SpaceX has received its first contract from the US Space Force to provide customized satellite communications for the military under the company’s new Starshield program, extending the voluble billionaire’s role as a defense contractor. The previously undisclosed “task order” adds to SpaceX’s growing portfolio of Pentagon business—including a recent contract to provide Starlink satellite communications to Ukraine’s military.

Lululemon Athletica agreed to a five-year partnership with Peloton Interactive that involves tapping its online workouts and teaming up on apparel, a deal that helps the yogawear company wind down an unprofitable foray into digital fitness equipment.

Facebook-parent Meta is introducing artificial intelligence features to its apps that will give the company’s 3 billion users an experience akin to OpenAI’s ChatGPT. Customized sticker creation, image editing and a slew of celebrity-faced chatbot characters—all infused with generative AI—are coming to Instagram, Messenger and WhatsApp.

As recently as 30 years ago, Bengaluru was known as a sleepy place where well-heeled Indians chose to retire. Almost 200 lakes were linked by countless canals, low-rise cottages clustered in parklike neighborhoods, and it was easy to bike wherever you needed to go. Now, the heart of India’s tech boom is a metropolis. India’s $194 billion IT services industry has made it the the Silicon Valley of the subcontinent—the population has more than tripled since 1990 to 13 million. In the 1970s, the tree canopy covered about 70% of Bengaluru; today it’s less than 3%. And navigation software developer TomTom last year ranked the city as the most traffic-clogged place in India—and No. 5 worldwide.

Bengaluru, India Photographer: Bloomberg

• Citadel seems to have a message for the SEC over its messaging probe.
• Congress to question Hawaii utility chief over Maui firestorm.
• Bloomberg Opinion: Shutdown politics just got harder for McCarthy.
• Bloomberg Opinion: Long Covid is real and the evidence is piling up.
• The trees tell of a new kind of earthquake risk in America’s Northwest.
• Why a New York court ruling has put Trump’s businesses at grave risk.
• Katy Perry goes to war with 1-800 Flowers founder over a mansion.

It’s almost too on the nose. One powerful, controversial, larger-than-life dad. One sister, two brothers and a globally famous business empire. But these aren’t the fictional Roys of HBO fame—these are the real-life Joneses. “I actually went to one of the premieres of Succession and I went up to Shiv and I was like, ‘You don’t know me from Adam, but I am you!” says Charlotte Jones, daughter of Dallas Cowboys owner Jerry Jones. “And her response was, ‘Oh Lord, I hope not!’” In the premiere episode of the Bloomberg Originals series Power Players, Charlotte Jones provides a look inside the $9 billion empire she’s built around “America’s Team” and its famous (or infamous if you’re a Giants or Jets fan) blue star.

Photographer: Ronald Martinez/Getty Images North America

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