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 you’ll 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 you’ll need to know next week

• Biden will set out how much he plans to tax the super wealthy.
• GDP data may show the U.S. recovery is accelerating.
• Tesla and Ford report earnings as chip shortages loom.
• European banks reveal the damage wrought by Archegos.
• The National Football League draft will be live from Cleveland.

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What you’ll 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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