Bloomberg - Evening Briefing - A clever tax loophole

Most Americans hope their retirement accounts will allow them to stop working without falling into poverty. For the rich, those accounts have become something more—a clever tool to avoid taxes and pass on assets to their heirs. More than $279 billion is sitting in IRAs that are worth at least
$5 million each. It seems the hottest tax haven for the wealthy is a middle-class nest egg. David E. Rovella

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

Here are today’s top stories

International Monetary Fund Managing Director Kristalina Georgieva was accused by the World Bank—her previous employer—of applying pressure to boost China’s position in a ranking of economies.   

Kristalina Georgieva Photographer: Jason Alden/Bloomberg

Federal Reserve Chair Jerome Powell opened a review of internal rules as they apply to central bank policymakers following revelations last week about investments and trading by two regional bank presidents.

The Fed may delay rolling back pandemic support for the U.S. economy as Congress descends into a traditional debt ceiling standoff. The Fed decision could be delayed to December as the “upcoming drama” over the debt limit could lead to market turmoil, according to a note from the office of Guggenheim’s Scott Minerd. 

Protests intensified at Evergrande Group offices across China as the developer fell further behind on promises to more than 70,000 investors. Construction of unfinished properties with enough floor space to cover 75% of Manhattan have ground to a halt, leaving more than a million homebuyers in limbo.

Colin Huang has lost more money this year than anyone else in the world. The founder of Chinese e-commerce platform Pinduoduo saw 
$28 billion vanish courtesy of Beijing’s crackdown on internet giants. That’s a lot more than the $15 billion lost by embattled Evergrande Chairman Hui Ka Yan. But Huang does still have $35 billion.

Italy will require all workers to have a valid Covid-19 passport as Prime Minister Mario Draghi moves to set the toughest vaccination requirements in Europe. The European Commission just launched the Health Emergency Preparedness and Response Authority as part of plans to beef up health agencies and prepare for future emergencies. In the U.S., the White House push to begin wide administration of third doses of the Pfizer-BioNTech coronavirus vaccine faces the first of two crucial tests Friday, when advisers to the Food and Drug Administration meet to discuss whether boosters should be offered to most Americans. Here’s the latest on the pandemic.

The United Nations said out loud Thursday what people all over the world have to come realize amid months of fires, floods and supercharged hurricanes: Climate change is hitting faster and harder than expected.

What you’ll need to know tomorrow 

Global Warming Is Coming for Your Mental Health

Perhaps not since the depths of the Cold War has such widespread despair for the future emerged. Whether one calls it climate anxiety or ecological grief, deep concern about global warming is increasingly affecting many people’s everyday life. While the pandemic may recede in the coming months or years, the changes wrought by burning fossil fuels will remain for a very long time to come. As this reality dawns on more people, mental health professionals are racing to develop strategies to help humans deal with the fallout.

Smoke fills the air from the Caldor fire on Highway 50 near the Tahoe Basin near the Nevada-California border on Aug. 27. Photographer: SOPA Images/LightRocket

Bloomberg has launched a new section called Odd Lots, an expansion of our popular markets podcast with Executive Editors Joe Weisenthal and Tracy Alloway. Become a Bloomberg.com subscriber to get access to Odd Lots exclusives on the latest market crazes, the weekly newsletter and much more. 

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Waning virus protection

Wednesday, September 15, 2021

Bloomberg Pfizer says data from the US and Israel suggests that the efficacy of the Covid-19 vaccine it manufactures with BioNTech wanes over time, and that a booster dose is safe and effective at

Breaking up Wells Fargo

Tuesday, September 14, 2021

Bloomberg US Senator Elizabeth Warren urged the Federal Reserve to break up Wells Fargo, forcing the bank to separate its traditional banking and Wall Street businesses. The demand comes as the

Shrinking tax hikes

Monday, September 13, 2021

Bloomberg China is experiencing yet another Covid-19 outbreak caused by the delta variant, with dozens of infections detected in the southeastern province of Fujian less than a month after the

Twenty years lost

Saturday, September 11, 2021

Bloomberg Follow Us Get the newsletter The terrorist strikes upon the US 20 years ago today left Americans with a deep national trauma. They eventually cost them trillions of dollars in tax dollars

More likely to die

Friday, September 10, 2021

Bloomberg In one of the most highly anticipated rulings on big tech regulation, Apple was ordered by a federal judge to allow app developers to steer consumers to alternative payment methods. The

Crypto scrutiny grows

Friday, September 17, 2021

Bloomberg A proposed Covid-19 vaccine booster shot from Pfizer-BioNTech should be given to people who are most vulnerable to serious disease, including those over the age of 65, a panel of expert

Alt data's turning point — Whistleblowers make millions — AOC targets family offices

Friday, September 17, 2021

View in browser Insider Finance Insider Finance Subscribe Welcome to Insider Finance. If this was forwarded to you, sign up here. Plus, download Insider's app for news on the go – click here for

RIP Sir Clive Sinclair: British home computer trailblazer dies aged 81 [Fri Sep 17 2021]

Friday, September 17, 2021

Hi The Register Subscriber | Log in The Register {* Daily Headlines *} 17 September 2021 RIP Sir Clive Sinclair: British home computer trailblazer dies aged 81 RIP Sir Clive Sinclair: British home

Data Science Weekly - Issue 408

Friday, September 17, 2021

Curated news, articles and jobs related to Data Science. Keep up with all the latest developments Email not displaying correctly? View it in your browser. Issue #408 September 16 2021 Editor Picks The

Longreads + Open Thread

Saturday, October 23, 2021

Ports, Bits About Money, Sneakers, Carbon, Omakase, Nietzsche ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

One map shows how long it could take for each US state and DC to get back to pre-pandemic employment

Saturday, October 23, 2021

Utah and Idaho have already seen their labor markets return to pre-pandemic levels. This map shows when the rest of the country could recover. View in browser Business Insider Business Insider Business

Biden hunts for taxes

Saturday, October 23, 2021

View in browser Bloomberg Follow Us Get the newsletter Since the Covid-19 pandemic arrived in America, earnings have soared, stock markets have hit records and consumers lucky enough not to have been

Get ready to pay more

Friday, October 22, 2021

View in browser Bloomberg US Federal Reserve Chair Jerome Powell reiterated on Friday that “it's time to taper,” shorthand for the slow removal of financial supports that held up a once pandemic-

FTT Update: Hailey Bieber Just Invested In Fintech

Friday, October 22, 2021

​ ​ Hi all, Julie here. Excited to hang out with some fintech folks in Austin tonight at Point72 Ventures' happy hour! Jordan is stoked to meet more of you at Money2020 in a few days too. I'm

The Value of Experts

Friday, October 22, 2021

Inside GLG, the World's First "Expert Network" ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Inside the investment craze changing the face of Las Vegas

Friday, October 22, 2021

Big real estate investors known as REITs have been... View in browser INSIDER INSIDER Subscribe Insider Exclusive FINANCE Inside the investment craze changing the face of Las Vegas Big real estate

Asset manager Valkyrie's bitcoin futures ETF will start trading on Friday, reports say

Friday, October 22, 2021

The company's bitcoin futures ETF will start trading in the US on Friday, October 22, rivalling ProShares' own launch earlier this week, reports said. View in browser Business Insider Business

Blimps, Bots, and the Future of Cargo

Friday, October 22, 2021

Plus! Bitcoin's Long March: Pensions; Last Mile; Google's Laffer-Style Tax Cut; Sales ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Fintech News Issue #334

Friday, October 22, 2021

The Other Side of Pandemic See Online Issue #334 2021-10-21 COVID-19 reshaped our financial world. From the way we transact, to our digital knowledge, now it seems like if we can't use cash as we