Colleges across the U.S. are bracing for the return of students, but Covid-19 outbreaks have already forced some large schools to abandon in-person learning, decisions President Donald Trump has criticized. The threat of the novel coronavirus lingers in college towns, where infections have been traced to shared apartments and fraternity houses. Deserted college dorms however will sow trouble in the municipal bond market. Lecturers are paying for their own protective gear, and New York City’s teachers’ union is demanding testing before schools reopen. Given the upheaval, some parents may be considering letting their kids take a gap year until everything blows over. The problem with that strategy? Delaying graduation can be very costly.

What you’ll want to read this weekend

Millions of U.S. jobs will be lost for years to come due to the coronavirus recession while the gig economy expands further, according to a projection by the IRS. Corporate America is more indebted today than ever before, and the U.K.’s economic revival is clouded by debt, job losses and Brexit. As for a global economic rebound? Forget the “V” shape. Now, it may go from a “U” to a “W” if there’s no vaccine or additional bailout packages, economist Nouriel Roubini warns.

The California blackouts could have been avoided but for a shortage of batteries to store more clean energy. Some wonder if traders were making the power crisis worse. Meanwhile, rich homeowners are buying an unproven wildfire cure.

Hundreds of blazes are burning in California, forcing mass evacuations in the northern part of the state and creating an air quality emergency.

Photographer: Philip Pacheco/Bloomberg

Returning to the office is an act of patriotism, or so say desperate New York landlords. But city dwellers are heading for the exits, fueling a suburban housing boom. Banks, meanwhile, have uncovered a loophole to buy home loans at below-market prices.

College admissions are about to get even more unfair for non-legacy students, Bloomberg Opinion’s Noah Smith writes.Video interviews have allowed Wall Street to broaden its talent pool. Companies moving to add more Black board members face new challenges.

Vacation in the time of Covid-19 has a silver lining—it doesn’t have to end with August. Despite the pandemic, almost 1,000 new hotels are opening. But those hitting the road may find America’s streets are getting rougher.

What you’ll need to know next week

• Republican National Convention begins, featuring rising stars.
• New York reopens gyms and museums, with limited capacity.
• Postmaster General DeJoy faces House grilling on mail cuts.
• U.K., EU begin week-long talks on their future relationship.
• Gamescom, the world’s largest gaming event, is held digitally.

What you’ll want to read in Bloomberg Wealth

Billionaire Robert Smith Fights U.S. Tax Probe

Billionaire Robert Smith, who pledged to pay off student debt for the entire 2019 Morehouse College class, was being investigated by Justice Department prosecutors and the Internal Revenue Service for potential failure to pay taxes, according to four people familiar with the matter. Smith hasn’t been charged, and prosecutors may choose to drop the probe.

Robert F. Smith gives the commencement address during the Morehouse College 135th Commencement ceremonies on May 19, 2019, in Atlanta

Photographer: Marcus Ingram/Getty Images North America

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