Making a killing

Low-income Americans bore the brunt of job losses when the pandemic arrived. Now they’re getting hit hardest by price increases as the economy recovers. And the U.S. jobless picture isn’t improving as fast as some would hope: New unemployment applications rose for a second week in a row, and at least 8.4 million Americans continue to go without work. California and New York led states with the biggest increases in unadjusted claims—David E. Rovella

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic globally and across America

Here are today’s top stories   

Before he lost it all—all $20 billion—Bill Hwang was the greatest trader you’d never heard of. But after the global financial firestorm set off by the sudden implosion of his Archegos Capital Management, it’s a name that’s unlikely to be forgotten for some time. This is his story.

An estimated 150 million people worldwide slipped down the economic ladder in 2020, the first pullback in almost three decades. Bloomberg Businessweek reports on which countries were hit worst, and why.

Slovakia says Russia is shipping it a mysterious version of the Sputnik V Covid-19 vaccine that’s different from one used in a peer-reviewed study. India is attempting to boost its capacity to make vaccines as new cases in the world’s second-most populous nation surged to a record. The European Union has exported more than 80 million doses since the beginning of February, with Japan overtaking the U.K. as the main destination. In China, efforts to ramp up shots are being hindered by a supply shortage. And Michigan is at the crest of America’s brewing fourth wave of infections as fast-spreading and in some cases more dangerous variants race to all corners of America. Here’s the latest on the pandemic.

The Sputnik V vaccine

Photographer: Carolina Cabral Fernandez/Bloomberg

Singapore Finance Minister Heng Swee Keat stepped aside as the designated successor to Prime Minister Lee Hsien Loong, a surprise move that will likely push back a long-telegraphed power transition in the city-state.

Canada’s bank regulator is proposing tighter mortgage qualification rules to make it more difficult for home buyers to secure financing, a move aimed at cooling the nation’s booming real-estate market.

Cryptocurrency-mining company Riot Blockchain plans to buy North America’s largest Bitcoin hosting facility, Whinstone U.S., for about $651 million in cash and stock.

Archaeologists in Egypt have discovered a 3,000-year-old “lost city” buried under the sands in Luxor, home to the Nile Valley’s famed Valley of the Kings, the latest pharaonic-era wonder to be unearthed as the country seeks to revive its tourism industry.

The discovered city known as “The Rise of Aten”

What you’ll need to know tomorrow 

What you’ll want to read in Bloomberg Wealth

As Brazil Suffers, These Investors See Bargains

The private equity titans behind 3G Capital Inc. and their families are taking advantage of distressed real estate prices in Brazil, where the economy has been battered by Covid-19 and the botched government response. Firms linked to billionaires Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira are making a killing by increasing bets on strip malls, office space and long-term rental apartments. The goal is to seize opportunities created by the pandemic in a nation that’s leading the world in daily Covid deaths. Upward of 4,000 people are dying each day from the virus in the South American country.

Jorge Paulo Lemann, co-founder of 3G Capital Inc. 

Photographer: Dania Maxwell/Bloomberg

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Older messages

Goldman says no

Wednesday, April 7, 2021

Bloomberg Follow Us Get the newsletter Last year Wells Fargo became the first big US bank to do away with mandatory arbitration for sexual-harassment complaints. Now Goldman Sachs is being urged to

Race against the variants

Tuesday, April 6, 2021

Bloomberg Follow Us Get the newsletter Four million Covid-19 shots given in one day. One-third of the country has received at least one dose. Close to half of the 50 states are vaccinating all adults.

Yellen’s global tax

Monday, April 5, 2021

Bloomberg Follow Us Get the newsletter Treasury Secretary Janet Yellen made her case for a global corporate tax rate across the world's major economies, part of an effort to restore US leadership

Supercharging the economy

Saturday, April 3, 2021

Bloomberg Follow Us Get the newsletter With the ink barely dry on his $1.9 trillion coronavirus bailout bill, President Joe Biden unveiled a $2.2 trillion proposal to shore up crumbling US

The house always wins

Thursday, April 1, 2021

Bloomberg Follow Us Get the newsletter No matter how untethered its valuations may be from reality, the bull market in stocks keeps managing to deliver goods to the faithful. For every retrograde price

Mark Your Calendar: This Week's Lineup

Monday, June 21, 2021

Including: Career checkups, summer spending, and more. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

🏅 Goldman's commodity play

Sunday, June 20, 2021

Finimize gets spooky | Groceries deliver | TOGETHER WITH Hi Reader, here's what you need to know for June 21st in 3:07 minutes. 👴 This ain't your daddy's 60/40 portfolio. Join

Longreads + Open Thread

Saturday, June 19, 2021

Logistics, History (x2), Privacy, Softbank, Bell Labs ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Introducing the New Money

Saturday, June 19, 2021

We Have a Fresh Look and New Features June 19, 2021 Hello Money Readers! For the last 18 months, we have been investing heavily behind the scenes to bring you the newest chapter in our storied history

Hazardous to your health

Saturday, June 19, 2021

Bloomberg Follow Us Get the newsletter The return-to-office trickle is becoming a steady flow back into plastic-lined cubicles. Goldman Sachs unveiled the most aggressive Wall Street effort yet to

Drivers Got More Reckless During COVID-19. Now, Your Car Insurance Rates May Rise as a Result

Saturday, June 19, 2021

The good news: There are ways to lower your costs. June 19, 2021 INSURANCE Drivers Got More Reckless During COVID-19. Now, Your Car Insurance Rates May Rise as a Result The good news: There are ways to

Fed sends investors fleeing

Friday, June 18, 2021

Bloomberg It was another rough day for US markets. The S&P fell 1.9% in the biggest weekly drop since February, extending a bout of volatility ignited by surprise hawkishness at the Federal Reserve

How a Delay of Just One Year Affects Your Retirement Savings

Friday, June 18, 2021

Public Servant Student Loan Forgiveness delays June 18, 2021 At the beginning of my career, I made so little that I didn't participate in the 401(k) of the small community newspaper where I worked.

Shifting the Curve: Why Climate Matters More

Friday, June 18, 2021

Plus! Online-to-Offline; Consolidation; Unintended Consequences; Supply Chains as Banking Systems; International Software Nationalism ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

FTT Special: Celebrating Juneteenth

Friday, June 18, 2021

​ ​ Hi all, Jillian here. In June of 2020, there was a national awakening with regard to many of the injustices that the Black community face. Much of the discussion and outcry was rightfully centered