Big Oil takes a beating

As the pandemic slowly recedes in the U.S. and Europe, the front lines of the war against Covid-19 have shifted back to Asia, where nations once seen as havens now face a resurgence. Japan extended a state of emergency in major cities, a last-ditch effort to prevent scrapping the Olympics, sacrificing economic growth to save lives. Malaysia is set to enter a two-week lockdown and Hong Kong developers are offering apartments as a lottery prize to anyone taking the vaccine. In India, where uncounted millions may have perished during its latest horrific wave, a generation of orphans could be at risk of exploitation. But Covid isn’t local: Here’s why Asia’s virus woes should worry the whole world.

What you’ll want to read this weekend

U.S. President Joe Biden plans to meet with Republicans next week on his multibillion dollar infrastructure plan, but the window for a deal could shut soon. On Friday, Republicans blocked a bipartisan investigation into the deadly insurrection by Trump followers, who on Jan. 6 attacked the U.S. Capitol and targeted members of Congress. For Biden, being undramatic is more than a political and communications strategy—it’s a way of governing, Jonathan Bernstein writes in Bloomberg Opinion.

In New York City, Macy’s is gambling its future on a risky real estate development. Billionaires’ Row moved a step closer to adding a homeless shelter. And a new era of remote work won’t destroy the appeal of cities like Gotham, Pete Saunders writes in Bloomberg Opinion.

It’s been a landmark week for the environmental movement, with Big Oil facing a climate-crisis takedown. Exxon Mobil now needs to find a new role for itself in a carbon-constrained world.

Take a road trip across the U.S. and you’ll see infrastructure projects with the potential to make cities more habitable. But in coastal waters around the world, the number of dead zones is multiplying and solutions becoming more desperate. Across Africa, massacres of elephants have triggered a global crackdown on the ivory trade, but it may be too late. And coming to a supermarket shelf near you (maybe): climate-friendly eggs at shell-cracking prices.

The days of bargain basement airfares are coming to an end in the U.S., while four members of the Explorers Club relive their favorite memories. For something closer to home but still far from its comforts, a dude ranch could be your new temporary abode.

What you’ll need to know next week

  • G-7 ministers will try to commit to a minimum corporate tax rate.
  • The next U.S. jobs report may highlight labor shortages.
  • OPEC+ ministers will address Iran’s return to the oil market.
  • Finding chicken for the grill could be a struggle this Memorial Day.
  • The Atlantic hurricane season officially starts, and it may be terrible.

What you’ll want to read in Bloomberg Pursuits

The Top Rosés for Summer Have Arrived

You can’t escape rosé this year. It’s inspiring everything from street festivals to lingerie branding. The pink wines (that pack a punch) are now in cans, boxes and fancy glass bottles that look as if they hold perfume.  Some have bubbles, but most don’t. Others come as ready-to-drink rosé spritzers or seltzers, or no-alcohol pink wines infused with hemp. Whichever one you like, Bloomberg Pursuits has you covered.

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