Bloomberg - Evening Briefing - How the 1% avoid taxes

As the supply chain crisis threatens holiday shopping seasons all over the world, President Joe Biden is pretty powerless to do much about it. Ports, yards and warehouses are full of goods, but hardly anyone wants to drive a truck to pick them up, let alone deliver them to the store or your door. And Americans continue to buy more stuff from abroad than ever. So while the administration makes moves around the edges, much of the problem is up to companies. Here’s what can be done. —David E. Rovella

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

Nike founder Philip Knight once offered the sort of lofty promise other super rich Americans have made: The bulk of his money would eventually be given away. “By the time the lives of my children and their kids run out, I will have given most of it to charity,” he said. What Knight didn’t mention was that he’d been using a range of legal techniques to ensure his heirs keep control of most of his assets—and profit from them in the process. These are the hidden ways the ultrarich pass wealth to their heirs—and how they do it tax-free.

Phil Knight Photographer: Robert Hanashiro/USA TODAY Network/Imagn

An already vulnerable U.K. has been getting pushed around a lot of late. Coronavirus infections are climbing into territory reserved for pandemic leader America, economic growth is slowing, inflation is running high, the Bank of England is expected to hike rates soon and households are facing a cost-of-living crisis. As for the gas shortage? Well, winter is coming.

Pfizer and BioNTech said a booster shot of their Covid-19 vaccine restores full protection, increasing chances that more third shots will be doled out in the U.S. and other wealthy nations (while much of the developing world has yet to see its first dose). There’s still on average 73,000 new infections and more than 1,500 deaths in the U.S. each day. In India, the Serum Institute, the world’s largest vaccine manufacturer, said it will probably restart vaccine exports for the Covax global sharing initiative in the coming weeks. Here’s the latest on the pandemic.

Biden declared Thursday that white supremacy motivated supporters of Donald Trump who attacked the U.S. Capitol during the deadly Jan. 6 insurrection. Meanwhile, Russia President Vladimir Putin, who intelligence agencies have concluded sought to interfere in two presidential elections in favor of Trump, told Republicans he “understands” why they would vote for Trump in 2024.

With a deal on Biden’s economic agenda almost in reach, U.S. Senator Kyrsten Sinema of Arizona reportedly sided with business groups and lobbyists that oppose portions of it and made fresh demands on its tax provisions—changes that would benefit corporations and the wealthy. Democrats also are reworking the bill’s climate provisions, after coal state Senator Joe Manchin of West Virginia said he opposed a clean power program.

Senator Kyrsten Sinema of Arizona and Senator Joe Manchin of West Virginia. Photographer: Jabin Botsford/The Washington Post//Getty Images

Google is slashing the fees it takes from subscription services on its app store following pressure from developers and lawmakers. Along with Apple, the company has faced criticism that it has grown too powerful and forced developers to play by restrictive rules.

The U.S. is due for warmer-than-average weather across most of the East Coast and the South this winter. The forecast may potentially ease natural gas shortfalls that have driven prices to near record highs. 

• Fed bans officials from buying stocks and bonds following scandal.
• Ford’s hybrid pickup truck is almost sold out for the 2022 model year.
• Bitcoin crashed 87% on Binance’s U.S. exchange. But it was a mistake.
• The new Bitcoin ETF may be too popular for its own good.
• How Coinbase is getting around a U.S. regulatory crackdown.
• U.S. derivative regulator doles out $200 million to whistleblower.
• Why Santa Fe is the new American mecca for modern architecture.

This October, the lawns of a Berlin park are gaining an unlikely new attraction: a legendary 1960s-era train. The sleek red diesel locomotive and its accompanying cars once formed part of the rolling stock for one of the 20th century’s most celebrated rail services: the Trans Europe Express. The subject of a conference in September, the defunct network is currently being touted by European politicians as a model for international rail expansion.

A vintage Trans Europe Express locomotive on display at the German Museum of Technology in Berlin on Oct. 14 Photographer: Liesa Johannssen-Koppitz/Bloomberg

Like getting the Evening Briefing? Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and gain expert analysis from exclusive subscriber-only newsletters.

Emerging Markets 2022: Despite the uneven performance of emerging markets this year, Asia, the Middle East and Africa hold exciting pockets of opportunity for investors next year. With assets trading at historically cheap valuations, EM investments will continue to be an attractive proposition for many. Join us on Oct. 27 to hear from industry experts on how they are preparing to manage unpredictability. Register here.