Wall Street’s ‘overlooked minority’

The Minneapolis police’s murder of George Floyd arguably ignited the greatest racial reckoning in the U.S. since the 1960s, but convicting one cop won’t fix America’s problems, Bloomberg’s editorial board writes. World leaders welcomed the verdict against Derek Chauvin, while the Justice Department began an investigation of his troubled department. On the streets of Minneapolis, the mood of citizens immediately shifted after the jury found him guilty on all counts, though the relief was fleeting. On Wall Street, a growing awareness of racial inequity has triggered (at the very least) a nod toward the need for greater diversity. Goldman Sachs revealed the number of its Black employees for the first time and Larry Fink said his company isn’t moving fast enough. For Asian Americans, they face a unique problem in the financial industry as the “overlooked minority.”

What youll want to read this weekend

Herd immunity, which has become an imprecise shorthand for the end of the pandemic, is proving elusive as more variants emerge. A study of Covid-19 “long haulers” shows the virus can kill months after infection. In India, which recorded the world’s biggest one-day tally of new cases, pleas for help are flooding social media.

The U.S. economy is making progress as jobless claims fell to a fresh pandemic low. But that’s bad news for Netflix, which blamed a recent reversal of fortune on the nascent recovery. Meanwhile, Blackstone is betting heavily on a world that’s gradually reopening, and traveling.

U.S. President Joe Biden’s promise to spend $5.7 billion annually to help developing nations deal with climate change disappointed environmental activists. No matter how much the world warms, cities will be hit hardest. Take a look at London through the lens of a heat camera.
 

The City of London seen from the Jubilee Bridge on a cloudy morning. The red spots show places in buildings that either emit heat or that are warming under the sunlight.

A crypto exchange in Turkey went bust and the losses could be as high as $2 billion. Jack Dorsey, Cathie Wood and Elon Musk are promoting the idea that Bitcoin mining can be good for the planet, despite its massive energy consumption. Bloomberg Green says their pro-mining contention isn’t exactly true. A plan in Iceland to turn carbon into rock may be a better bet. Meanwhile, the food industry is salivating at the prospect of making even more money with a new, higher-tier type of organic food that helps fight global warming.

Here are six hikes to try out, including one in Alaska that you have to enter a lottery to do. Bloomberg Businessweek has a few ideas on what to wear to look good on the trail and how to stave off hunger.

Delta Lake at Sunset, Grand Teton National Park, Wyoming.

What youll need to know next week

What youll want to hear in Bloomberg Podcasts

TikTok’s Hit Machine (Not You) Sends Songs Viral

The app’s hits seem to emerge organically, but that is far from the case. Performers such as Megan Thee Stallion owe much of their success to a highly managed curation process in which executives help determine which videos go viral, and which do not.  

Megan Thee Stallion performing at the Grammy Awards in Los Angeles.

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J&J gets another shot

Friday, April 23, 2021

Bloomberg Follow Us Get the newsletter A panel of US vaccine advisers reaffirmed the use of the Johnson & Johnson Covid-19 vaccine. The experts at the Centers for Disease Control and Prevention

Here come the taxes

Thursday, April 22, 2021

Bloomberg Follow Us Get the newsletter US President Joe Biden will propose almost doubling the capital gains tax rate on the rich to fund programs aimed in part at rectifying historic economic

Market spillover grows

Wednesday, April 21, 2021

Bloomberg Follow Us Get the newsletter Financial markets around the world are waking up to the risks of another coronavirus flare-up. Asian markets, blighted by rising cases from Japan to India, have

Guilty of murder

Tuesday, April 20, 2021

Bloomberg Follow Us Get the newsletter Ex-Minneapolis cop Derek Chauvin murdered George Floyd, a jury held on Tuesday. Floyd, an unarmed Black man, said he couldn't breathe as Chauvin, who is White

Bitcoin off the rails

Monday, April 19, 2021

Bloomberg Follow Us Get the newsletter The Bitcoin rollercoaster is back. The cryptocurrency fell by as much as 15% on Sunday before recovering a bit Monday with rival coins like Ether and XRP also

Weekly Wrapup: Bills and Gambles

Saturday, July 24, 2021

Finshots Weekly Wrapup: Bills and Gambles In this week's wrapup we talk about the Monsoon Session of Parliament, Reliance's acquisition of Just Dial, the new drone regulations, and finally

Dangerous games

Friday, July 23, 2021

Bloomberg After a yearlong delay due to Covid-19, and some scandals and high profile resignations, the 2020 Tokyo Olympics are finally underway. The Games, the first ever without spectators, promise to

FTT Update: This Newsletter Requires Vaccination

Friday, July 23, 2021

​ ​ Hi all, Julie here. Happy Summer Friday all! Jordan and I close on our new home IN ONE WEEK! Ahhh! Keep us in your prayers as we hope that all goes well with that as well as the move itself. In the

Not Your Parents’ Mutual Funds: How Gen Z Is Investing

Friday, July 23, 2021

Why you should worry about the next crypto crash July 23, 2021 So much for babysitting or busing tables. Today's young adults are using the internet to make money, and not chump change either.

Ever Grande

Friday, July 23, 2021

Plus: Simply not Fintechery, Circle, Equity Research, Finally ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Taking Strategy Seriously

Friday, July 23, 2021

Plus! Errata, Streaming as Instant Gratification; Batteries; Shrinking Analyst Teams; Diffident Voters; Oil; Recapitalized ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Prices for Used Cars Are Soaring, and That Could Cost Drivers Who Aren’t Even Looking to Buy

Friday, July 23, 2021

The amount you receive if your car is a total loss may fall short of its replacement cost. July 23, 2021 INSURANCE Prices for Used Cars Are Soaring, and That Could Cost Drivers Who Aren't Even

Litigation Finance

Friday, July 23, 2021

Plus: Stress Tests, Revolut, Tink/Visa ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Long Slow Short

Friday, July 23, 2021

Plus: Robinhood/Distressed Investing, Banker Hours, Compound Treasury ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

What is Robinhood?

Friday, July 23, 2021

Plus: Buy Now Pay Later, M&A, Weather ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌