Covid rises in the South

Exxon Mobil is preparing to cut U.S. office staff by 5% and 10% annually for the next three to five years. The plan is separate from the fossil fuel giant’s announcement last year that it will slash 14,000 jobs worldwide by 2022. Under constant pressure tied to the climate crisis and Big Oil’s leading role in it, Exxon is still reeling from the fallout of last month’s annual meeting when shareholders rebuffed management and replaced a quarter of the company’s board over climate and financial concerns. David E. Rovella

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic worldwide

Here are today’s top stories  

In the U.S., a new coronavirus wave may be forming in poorly vaccinated southern states, with more young people ending up in hospitals. The data present the clearest sign of a rebound as the highly contagious and more dangerous delta variant spreads across the country. In Hong Kong, authorities will shorten mandatory hotel quarantines to seven days for fully vaccinated people traveling from all but a handful of high-risk places, in a significant easing of some of the world’s strictest border curbs. But in Indonesia, total cases reached 2 million with hospitals starting to fill up as the delta variant rages. Here’s the latest on the pandemic.

The Federal Reserve’s policy outlook needs to be more attuned to inflation risks, some very big names are saying. Dallas Fed President Robert Kaplan said he favors starting the process of tapering the central bank’s ongoing bond purchases “sooner rather than later.”

Still, stocks notched their biggest rally in five weeks as speculation the  Fed will tighten policy at a gradual pace outweighed concern over its hawkish pivot. Here’s your markets wrap.

Four of HSBC’s most senior bankers in the U.S. are leaving the investment bank as part of an overhaul of its New York division. The bank is revamping its American operations to focus on Asian clients and those seeking to invest there.

The U.S. Supreme Court cleared the way for education-related compensation for student-athletes, such as tutors and paid internships, in a decision that may loosen the National Collegiate Athletic Association’s grip on college sports. A separate opinion by Associate Justice Brett Kavanaugh was especially bad news for the NCAA’s attempts to preserve its multibillion-dollar business model.

Brett Kavanaugh Photographer: Andrew Harrer/Bloomberg

Supermarket prices are rising, and restaurants are reopening. But Americans keep stocking up on groceries. It seems that longer-term fallout from the pandemic may include some very well-stocked larders.

For almost three decades, Michael Larson has quietly shuffled around one of the world’s biggest fortunes with a chief priority: Keep his fabulously wealthy bosses out of the headlines. The conservative bets, the nondescript office, the investment firm’s generic-sounding name; they were all carefully designed to shield them from criticism and produce steady if seemingly unimpressive returns. Then the clients, Bill Gates and Melinda French Gates, announced a divorce, and all hell broke loose.

What you’ll need to know tomorrow 


Landmark Paris Store Reopens, Sans Tourists

La Samaritaine, a landmark Paris department store dating to 1870, is reopening following a 16-year closure. Luxury group LVMH carried out a 750 million-euro ($894 million) renovation and originally intended to reopen last April. On Monday, French President Emmanuel Macron joined in inaugurating the revamped store, but some of its biggest shoppers may be hard to find.

La Samaritaine  Photographer: Benjamin Girette/Bloomberg

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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

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

Deadly delta waves

Thursday, June 17, 2021

Bloomberg The UK recorded the most coronavirus cases in one day since mid-February as a new wave driven by the highly transmissible and potentially more resistant delta variant takes shape. More than

Verify, then trust

Wednesday, June 16, 2021

Bloomberg US President Joe Biden said he confronted Russian President Vladimir Putin about human-rights violations at their summit in Geneva on Wednesday, including imprisoned opposition leader Alexey

America’s 600,000 dead

Tuesday, June 15, 2021

Bloomberg The US pandemic death toll, the worst in the world, topped 600000 this week, a stark reminder of the nation's repeated failure to impose sufficient precautions throughout the crisis. With

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Saturday, July 24, 2021

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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

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Friday, July 23, 2021

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Friday, July 23, 2021

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Taking Strategy Seriously

Friday, July 23, 2021

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

Friday, July 23, 2021

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Litigation Finance

Friday, July 23, 2021

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The Long Slow Short

Friday, July 23, 2021

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What is Robinhood?

Friday, July 23, 2021

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