Bloomberg - Evening Briefing - U.S. nears 700,000 dead

The U.S. is approaching another grim milestone, a worst-case scenario that seemed almost unthinkable when the pandemic began. Close to 700,000 Americans have been confirmed to have died from Covid-19, with the actual number likely higher. Despite the wide availability of vaccines, deaths in recent months have been overwhelmingly among the unvaccinated, and concentrated in the South, where shots have lagged other parts of the country. California just mandated vaccines for schoolchildren once shots are approved for their age group, becoming the first state to require such inoculations. Drugmaker Merck had its best day in 12 years after a study showed its antiviral pill slashed the risk of getting seriously ill or dying from the virus. The treatment could be a method to keep hospitals from being overwhelmed. Here’s the latest on the pandemic. —Margaret Sutherlin

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

Democrats remain divided over how to pass both President Joe Biden’s multitrillion-dollar economic package and his smaller infrastructure plan. Biden went to Capitol Hill to meet with lawmakers in a closed door meeting Friday, raising hopes an agreement could be reached. He affirmed the current conventional wisdom on Capitol Hill that the cost of the larger bill will likely shrink from its current $3.5 trillion.

U.S. President Joe Biden and House Speaker Nancy Pelosi are trying to mollify two moderate Democrats, Senators Kyrsten Sinema of Arizona and Joe Manchin of West Virginia, who have been holding up a plan for simultaneous passage of Biden’s infrastructure and economic bills. Progressive Democrats are reluctant to vote for the bipartisan infrastructure bill without an assurance the larger bill will be enacted. Photographer: Ting Shen/Bloomberg

Bitcoin soared as much as 10% on Friday, its biggest daily jump since July. Other cryptos followed suit, leaving traders asking why, especially given China’s recent ban and looming U.S. regulation. On Wall Street, markets started the month higher, mostly shrugging off a higher-than-expected inflation reading. Here’s who was outperforming big tech.  

The $380 billion luxury fashion industry had its worst year on record in 2020 thanks to Covid-19. As fashion houses scrambled, some designers used the time to reset, building a more sustainable, innovative future for fashion.

Visitors gather outside the Christian Dior runway show during Paris Fashion Week Feb. 25, 2020. Photographer: Laura Stevens/Bloomberg

U.S. parents juggling at-home kids and work are in for a big change. With hybrid and remote work becoming part of the new normal, companies want someone other than their employees to care for the children—and they’re setting tough new rules to ensure it.

The global energy crisis is getting more serious ahead of the winter months. Oil climbed for a sixth straight week. Coal surged to a record. Natural gas in Europe and Asia pushed higher, to the equivalent of about $190 a barrel—something the oil market has never seen. 

The U.S. government rolled out a revamped flood-insurance program designed to reflect a worsening climate crisis. Rich or poor, it will raise insurance rates for millions.

After a disastrous 2020 vintage in Napa Valley thanks largely to immense California wildfires, this year is shaping up to be quite different. And there’s a lot riding on the decisions of one grape guru, who oversees 27 vineyards. Here’s a look into 2021’s hectic harvest season. 

Photographer: Cayce Clifford/Bloomberg Businessweek Photographer: Cayce Clifford/Bloomberg Businessweek

• China is building a chain of giant Covid-19 quarantine centers. 
• The Big Take: The good ol’ boys club is costing Australia millions. 
• Facebook’s other co-founder has built a massive second fortune. 
• This winter’s forecast includes the return of the polar vortex. 
• Alex Jones loses defamation suits over Sandy Hook disinformation. 
• Google shelved its plans to launch bank accounts. 
• Can the new James Bond movie save theaters?

It’s not the first secession movement in the wealthy Buckhead district of Atlanta, but it’s the first to gain momentum. The loss of the majority White area could be financially devastating for the city, costing it 38% of tax revenue. The residents of Buckhead contend it’s about violent crime, but others said it’s all about race and control.

Buckhead, with Atlanta’s downtown skyline visible in the distance.

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