America’s fifth wave

Tom Barrack Jr., the founder of Colony Capital and a former top fund-raiser for Donald Trump, was indicted for illegally lobbying for the United Arab Emirates. According to federal prosecutors, Barrack, 74, and two others engaged in unlawful efforts to advance the interests of the UAE in the U.S. at the direction of senior UAE officials. They did so by influencing the foreign policy positions of Trump’s first presidential campaign, and then those of the Republican’s administration, the government said. Barrack was also charged with obstruction of justice and making multiple false statements to law enforcement agents. Prosecutors, meanwhile, cast Trump as a victim. —David E. Rovella

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

Here are today’s top stories  

Biden administration officials say they’re starting to see signs of relief for the global semiconductor supply shortage, including commitments from manufacturers to make more automotive-grade chips for car companies that have had to idle production.

Taiwan will set up its first office in Europe using its name, drawing a rebuke from China and praise from the U.S. as the island democracy seeks to strengthen its diplomatic presence around the globe.

Bankers actually need to work 72 hours a week. According to Mary Erdoes, the chief executive of JPMorgan’s asset and wealth management business, this is why.

Mary Erdoes Photographer: Patrick T. Fallon/Bloomberg

With just a few days before the Games begin, things are going from bad to worse for the Tokyo Olympics. The latest wave of infections has fueled criticism of Japan’s decision to go ahead with them. Japan’s pledge to hold a safe games has been battered by a jump in cases in Tokyo and as visiting athletes test positive for the virus. Now an increasing number of Japanese companies have decided against sending executives to Friday’s opening ceremony.

For a century, the Indian Council of Medical Research was a little known government body quietly studying illnesses in New Delhi. But during the pandemic, it’s taken on a powerful role that’s made it a controversial face of India’s struggles with Covid-19. As a key adviser to Prime Minister Narendra Modi, it’s increasingly drawn criticism from the nation’s doctors and independent scientists who question its drug recommendations and lack of transparency on data related to variants. While pandemic observers have been watching the tremendous toll suffered by India this year, a consensus was building that the government’s reported deaths, at 414,000, were less than the actual number. Now, a comprehensive new study posits that India’s loss of life could be ten times that number. In the U.S., where the confirmed death toll is approaching 610,000, the delta variant now fully dominates new infections. And with 55,000 new U.S. cases on July 19, almost 8 times as many just one month ago, it appears that America’s fifth wave of infections has arrived. Here’s the latest on the pandemic.

BHP Group is the world’s biggest miner. So it’s no small thing that it’s considering getting out of oil and gas, a multibillion-dollar exit that would accelerate its retreat from fossil fuels. 

As haze from wildfires envelops the East Coast, out west the so-called Bootleg blaze in southern Oregon has swelled to become the biggest among scores of wildfires engulfing the region. The monstrous, climate crisis-fueled inferno is clearly visible from space.

A pyro-cumulus cloud climbs skyward near Bly, Oregon, on July 16. The extreme drought-hit western U.S. is bracing for more wildfire destruction as the summer continues. The Bootleg Fire, near Oregon's border with California, is by far the biggest active blaze in the U.S. Photographer: Payton BruniAFP

What you’ll need to know tomorrow 

Why Go Net Zero When There’s 'Carbon Neutral?

Companies are buying carbon offsets like never before. They’re also facing unprecedented scrutiny over whether helping to fund green projects elsewhere really makes up for their heat-trapping emissions. The most common offsets are based on avoiding the release of additional carbon dioxide into the atmosphere, for example by preventing deforestation. The other, much more expensive option is to fund programs that actually remove CO₂ by planting forests or employing machines that capture greenhouse gas from the air and store them away. Should companies be allowed to use cheaper “avoided emissions” to deliver on their promises to eliminate pollution? Bloomberg Green reports on the difference between net zero and “carbon neutral.”

A section of forest in part of the Natura 2000 nature protection areas in Kirkkonummi, Finland. The most common offsets are based on avoiding the release of additional carbon dioxide into the atmosphere, for example by preventing deforestation. Photographer: Roni Rekomaa/Bloomberg

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The gathering storm

Monday, July 19, 2021

Bloomberg For some time now, the stock market has been breaking and re-breaking records despite darkening skies. Now, investment strategists are wondering if the combination of Covid-19's fast-

Choosing danger

Saturday, July 17, 2021

Bloomberg Follow Us Get the newsletter Huge swaths of the US population, mainly those living in Republican-leaning areas, are turning down vaccines against Covid-19, helping to inflate the number of

Burned out bankers

Friday, July 16, 2021

Bloomberg Hard-nosed Wall Street CEOs have been beating the drum of late about how burned out bankers need to stop whining and get back to their desks. Appeasing young stars with perks and flexible

Yellen says no

Friday, July 16, 2021

Bloomberg Bank of America shares tumbled the most in eight months as Wall Street learned of its struggle to build back lending income in the second quarter. While government aid programs helped big

Wall Street cash bonanza

Friday, July 16, 2021

Bloomberg Morgan Stanley cashed in on last quarter's hectic dealmaking, helping the firm post its second-most profitable quarter on record and weather a steep decline in trading. Investment banking

Longreads + Open Thread

Saturday, July 31, 2021

Precariat, Metaverse, Olympics, Patronage, Warp Speed, Strauss, Oil, Bonds ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Younger and sicker

Saturday, July 31, 2021

Bloomberg Follow Us Get the newsletter The great Return to Office is grinding to a halt. Much of America Inc. had planned to get back to normal come fall, but Covid-19's delta variant had other

Weekly Wrapup: Fox In The Henhouse

Saturday, July 31, 2021

Finshots Weekly Wrapup: Fox In The Henhouse In this week's wrapup we talk about the Chinese ed-tech industry, cigarettes, India's digital currency, chicken prices and Robinhood's much-

Desperate House Hunters Are Making Offers on Homes That Aren’t Even for Sale

Saturday, July 31, 2021

Dream house not for sale? Buyers are making offers anyway. July 30, 2021 MORTGAGES Desperate House Hunters Are Making Offers on Homes That Aren't Even for Sale Dream house not for sale? Buyers are

A lot more contagious

Friday, July 30, 2021

Bloomberg The news around the delta variant in the US keeps getting worse, threatening progress toward any return to some semblance of normalcy. New data released by the Centers for Disease Control and

Is It Time to Sell Your ‘Pandemic Stocks?’

Friday, July 30, 2021

A child tax credit deadline is approaching July 30, 2021 The pandemic forced some abrupt changes, and we're just now figuring out which of those to keep and which to discard. For example, how much

Blackstone's Moment

Friday, July 30, 2021

Plus: Archegos, US Payments, Monzo, Finally ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

FTT Update: This Newsletter Is Not Offsides

Friday, July 30, 2021

​ ​ Hi all, Julie here. Writing this at 6am since WE CLOSE ON OUR HOUSE TODAY! I have to say, the worst part of the mortgage process wasn't all the paperwork, it was getting all of our money into

You And Your Investment Research

Friday, July 30, 2021

Plus! A Successful IPO from Robinhood; Convergence; Underinvestment; Consumer-Friendly Defaults; The Amazon Rollup Boom ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

A look at Robinhood's IPO

Friday, July 30, 2021

Finshots A look at Robinhood's IPO Robinhood is going public after having raised some $2.1 billion on NASDAQ at a $32 billion valuation. So we thought maybe we could look at the company and see