Bloomberg - Evening Briefing - It doesn’t look good

If the Group of 20 meeting in Rome is any indication of how historic climate talks are going to go in Glasgow, Scotland, at COP26 next week, it doesn’t look good. Negotiations are off to a rough start with some nations calling out China’s refusal to beef up commitments to limit temperature increases while it simultaneously doubles down on coal, the worst fossil fuel of all. (President Xi Jinping isn’t even attending in person.) Russia and India have also been singled out for not doing enough to slow global warming. But America—with one coal state senator kneecapping the most important climate provision of President Joe Biden’s economic plan—doesn’t look so green either. —Margaret Sutherlin

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

More oil, not less. Behind closed doors, Japan and the U.S. are leading a campaign to pressuring OPEC+ to speed up its oil output increases as energy prices surge around the world.

With Biden out of the country, Congressional Democrats are haggling among themselves over his plan and the details. House Progressives are adamant about requiring the bill, which funds healthcare and climate initiatives, be a sealed deal before voting for a smaller infrastructure bill—because they don’t trust certain centrist Democrats to keep their word.

U.S. regulators at the Food and Drug Administration granted emergency authorization for the Pfizer-BioNTech Covid-19 shot for children 5-11 years old. Now it heads to the Centers for Disease Control and Prevention for more specific recommendations, likely opening up vaccines for kids in a few weeks. Abroad, Russia is struggling to contain a growing outbreak, reporting its deadliest day since World War II. Here’s the latest on the pandemic. 

A worker sprays Moscow’s Savelovsky railway station on Oct. 26. Moscow entered a weeklong lockdown to control the spread of the coronavirus. Photographer: Kirill Kudryavtsev/AFP

It was another big day for electric vehicles. New disclosures showed Amazon has a 20% stake in Tesla-competitor Rivian. The startup has a deal with the online giant for 100,000 delivery vans. Earlier this week, Hertz reported a blockbuster order with Tesla, vaulting the automaker’s value over $1 trillion.

Retail trader Leo KoGuan picked up stock trading in 2019. He’s now quietly amassed one of the single biggest stakes in Tesla: one worth $7 billion.

The Rivian R1T electric pickup truck  Photographer: Patrick T. Fallon/Bloomberg

U.S. companies across industries raised wages at the fastest pace on record as labor shortages continue. Markets drifted for most of the day, as traders weighed rising inflation and disappointing earnings from Amazon and Apple. Here’s your markets wrap.

One of America’s biggest and most ambitious climate change plans, at a cost of over $1 billion, is coming to one of the nation’s wealthiest communities. It’s spent 60 years getting the money to combat rising seas—but nature is still winning. Pity the Hamptons.

High tide in Quogue, one of several villages in what’s collectively known as the Hamptons on eastern Long Island in New York. Photographer: Bryan Anselm/Redux 

• New York Attorney General Letitia James is running for governor.
• GE will close one of its biggest deals yet. Here’s what’s next.
• The U.S. and Taiwan are securing the semiconductor supply chain.
• Meta is a do-over for Facebook, but it’s unlikely to solve its troubles.
• Doctors told Queen Elizabeth II to rest for at least two weeks.
• Yes, paternity leave actually benefits the economy.
• It’s the last call for cheap beer and Aperol spritzes. 

Bad spills kill thousands and seriously injure hundreds of thousands in the U.S. every year. Americans spend $50 billion a year recovering. While it’s common to refer to slip-and-fall cases as accidents, one advocate says that’s a misnomer. “Accidents are not predictable and not preventable. Most slips and falls are not accidents. They’re incidents.” That’s what Russell Kendzior says. He’s an expert on floors, and he’s in a battle with Big Floor to make the one under your feet safer.

Russell Kendzior. Photographer: Allison V. Smith/Bloomberg Businessweek  

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