Google gets targeted

Dozens of U.S. states are poised to sue Google for allegedly abusing its power over developers that distribute apps through the Google Play store on mobile devices, people familiar with the situation tell Bloomberg. State attorneys general are said to be preparing an antitrust lawsuit that targets the fees Google takes from developers for purchases and subscriptions inside apps. David E. Rovella

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

Here are today’s top stories  

U.S. stocks rose to yet another record and bonds gained as minutes from the Federal Reserve’s latest meeting showed policymakers still seeing elevated uncertainty about the recovery. “Markets are still enjoying this Goldilocks period,” said Don Calcagni, chief investment officer of Mercer Advisors. Here’s your markets wrap.

The White House is weighing the use of openings on the Fed board to reshape the central bank to closer align with President Joe Biden’s priorities, such as inequality and tighter banking regulation. But first, there’s the matter of Fed Chair Jerome Powell and his renomination.

Jerome Powell, chairman of the U.S. Federal Reserve, during a June 22 hearing before the House Select Subcommittee on the Coronavirus Crisis. Photographer: Graeme Jennings/Washington Examiner

Beijing is planning rule changes that would allow regulators to block  Chinese companies from listing overseas—even if the unit selling shares is incorporated outside China. The loophole has long been used by the country’s technology giants.

The European Central Bank plans to raise its inflation goal to 2% and allow room to overshoot when needed. The decision is part of the biggest overhaul in ECB monetary policy in two decades.

Vaccination efforts in the U.S. have slowed in no small part because of rejection by Americans who live in right-leaning states, where conspiracy theories and false information are hobbling inoculations. With the fast-spreading delta variant of the coronavirus now dominating, infections, hospitalizations and deaths are following. Here’s the latest on the pandemic.

Law school applications traditionally jump in bad times. In recessions and downturns, college seniors often see a Juris Doctor as a great way to put off thorny decisions (while assuming more debt and potentially facing similar job prospects three years later). As it turns out, pandemics are no different.

Loathing bank fees landed these two men among the richest people in finance. They are a few of the biggest winners from the direct listing of Wise, the U.K. digital-payments provider they started after becoming fed up with the cost of global money transfers. 

Taavet Hinrikus, left, and Kristo Kaarmann.  Photographer: Jake Farra/Wise Plc

What you’ll need to know tomorrow 

  • China’s increased military flights near Taiwan, by the numbers
  • Haiti assassination by “highly trained” killers threatens more chaos.
  • New Zealand’s crazy housing market is a warning for the whole world.
  • These are the best U.S. states to retire in—and the worst.
  • Unvaccinated cruise passengers are considered second-class citizens.
  • The fantasy world of “Assassin’s Creed” is getting even bigger.
  • Where’s the best pizza in America? Well, it’s not New York or Chicago.

What’s the Top Covid-Era Passport to Have? 

Countries like the U.K., the U.S. and Japan have some of the most powerful passports in the world in normal times, but that’s cold comfort as the pandemic continues to dampen travel. In fact, under current restrictions, they’re the same as a passport from a developing nation.

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Invest Talks: A Conversation with Marc Rowan. On July 15, Bloomberg speaks with Apollo Global Management Chief Executive Officer Marc Rowan. He’ll share his vision for the Wall Street giant while expanding on its aspirations to push into new markets. Rowan will also discuss Apollo’s influential role in shaping the alternative and mainstream investment landscape. Register here.

Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. Learn more.

 

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Saturday, July 24, 2021

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The Long Slow Short

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What is Robinhood?

Friday, July 23, 2021

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