Bloomberg - Evening Briefing - Hypersonic missile gap

Bloomberg Evening Briefing

Ukraine’s government urged people living in the regions of Kharkiv, Donetsk and Luhansk to immediately leave those areas as military officials prepare for a new assault by Russian forces. “It’s necessary now because people will be under fire and the threat of death,” Deputy Prime Minister Iryna Vereshchuk said. “It’s necessary to evacuate while it’s still possible.” 

U.S. Treasury Secretary Janet Yellen testified during a House Financial Services Committee hearing in Washington on Wednesday. Yellen warned that the war in Ukraine threatens “enormous economic repercussions.” Photographer: Ting Shen/Bloomberg

The White House followed through on a pledge to impose additional sanctions on Russia for its alleged role in atrocities, including the execution of Ukrainian civilians as its forces withdrew from around Kyiv. The U.S. said it will impose full blocking sanctions on Sberbank, Russia’s largest financial institution, and Alfa Bank, the country’s largest private bank. Also targeted will be two of Vladimir Putin’s daughters and the wife and daughter of Russian Foreign Minister Sergei Lavrov. Meanwhile, U.S. Treasury Secretary Janet Yellen warns that the Kremlin’s war poses grave economic consequences for everyone

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

Here are today’s top stories

Russia slipped closer to a technical default after foreign banks declined to process about $650 million of dollar payments on its bonds, forcing it to offer rubles instead. While Russia’s finance ministry said it “fulfilled its obligations,” neither of the securities involved allowed payment in rubles. And both notes have a 30-day grace period. Russia has so far sidestepped its first external default in a century, but a Treasury move this week to halt dollar debt payments from the country’s accounts at U.S. banks has reignited investor concerns.

The Bideadministration has warned India against further cozying up to Russia, saying the consequences of a “more explicit strategic alignment” with Moscow would be “significant and long-term.” 

Narendra Modi, India’s prime minister, right, and Vladimir Putin entering Hyderabad House in New Delhi on Dec. 6. Photographer: T. Narayan/Bloomberg

Less than a week after Hong Kong rolled back some of the world’s strictest inbound Covid-19 travel curbs, at least six airlines have had routes banned, creating havoc for travelers and further undermining the city’s role as a financial hub. In Europe, infections in England last month reached their highest level since the pandemic began, driven by the omicron subvariant BA.2 and waning immunity. And in the U.S., fears of a potential new wave weren’t enough to get $10 billion in emergency pandemic funding passed. The reason? Immigration policy.

The first U.S. hypersonic weapon will be delayed for as long as a year even as lawmakers protest the Pentagon lagging behind in a technology Russia has already used and China has demonstrated. The U.S. version, made by Lockheed Martin (whose hugely expensive F-35 fighter program has been riddled with defects, delays and cost overruns), failed three consecutive booster motor tests last year. Lockheed was awarded an initial $480 million development contract for the missile. It’s up to $986 million now.

An AGM-183A Air-launched Rapid Response Weapon under the wing of a B-52H bomber before a test flight at Edwards Air Force Base in California on Aug. 6, 2020. Photographer: Giancarlo Casem/U.S. Air Force

It’s hard to know how much the U.S. Federal Reserve will need to do to get inflation under control, Bill Dudley writes in Bloomberg Opinion. But one thing is certain: To be effective, it will have to inflict more losses on stock and bond investors.

The Fed signaled it will reduce its massive bond holdings at a maximum pace of $95 billion a month, further tightening credit across the economy as the central bank raises interest rates to cool inflation.

It was another rough start to the year for investors in Gabe Plotkin’s Melvin Capital Management, with the hedge fund tumbling 20.6% in the first quarter. Melvin Capital is the latest in a string of equity hedge funds that have been struggling. Tiger Global Management’s flagship hedge fund ended the quarter with a 34% loss, while Coatue Management fell 10%.

Gabe Plotkin Photographer: Alex Flynn/Bloomberg

What you’ll need to know tomorrow

What Are Cage Free Eggs—Really

The pandemic (as has been widely reported) is making people reconsider where their food comes from. This applies to chickens and their eggs. In the U.S., new legislation is propelling an historic shift in t​​​​he U.S. egg industry toward producing mostly cage-free eggs, a move that’s better for chickens but hard on small farmers. With all sorts of claims on packages in the supermarket egg cooler, this raises an interesting question.

Eggs are getting more expensive by the dozen—whether they’re worth it depends on why you’re shelling out. Photographer: Gabriela Herman for Bloomberg Businessweek

Key phrases

Older messages

Forward deployed bases

Tuesday, April 5, 2022

Bloomberg Evening Briefing View in browser Bloomberg As more evidence surfaces pointing to a potential massacre of hundreds of civilians across Ukraine by Russian soldiers, more governments targeted

Global outrage

Monday, April 4, 2022

Bloomberg Evening Briefing View in browser Bloomberg President Joe Biden said Vladimir Putin should be tried for war crimes as the US and European Union consider more sanctions to further punish Russia

Corporate America’s big raise

Saturday, April 2, 2022

Bloomberg Weekend Reading View in browser Bloomberg Follow Us Get the newsletter Last year was the most profitable for American corporations since 1950. Profits surged 35%, driven by strong household

War crosses into Russia

Friday, April 1, 2022

Bloomberg Evening Briefing View in browser Bloomberg Russia claimed two Ukrainian military helicopters crossed its border and attacked an oil-storage facility in the city of Belgorod, which if true

Russia gives Chernobyl back

Thursday, March 31, 2022

Bloomberg Evening Briefing View in browser Bloomberg NATO allies reiterated their doubts about Kremlin promises to withdraw troops from around the Ukrainian capital of Kyiv, saying instead Vladimir

Art of the Chart - TAking Requests!

Friday, October 29, 2021

Hey all! Thanks for tuning in once more :} We're looking so good chart-wise here, it's not even funny. These charts are setting up for truly life-changing generational wealth right now... So

Reparations for family separations

Friday, October 29, 2021

Plus, more deaths in Sudan coup protests — and a promise for civilian government. The US could offer payment for “zero tolerance” family separations; Sudan's coup leader promises a civilian

Notion: the all-in-one productivity tool

Monday, October 25, 2021

the GTM strategy that packaged and sold the infinite possibilities of Notion's 'Lego blocks' to 20M+ users 🤯 and raised the PLG giant to decacorn-ship 💰 ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Now I Know: The Accidental Pet Feeding Hero of 2016

Monday, October 25, 2021

The wrong place and the wrong time View this email in your browser · Missed one? Visit the Archives "Hero" really isn't the right word here -- while this guy likely saved a lot of pets,

Now I Know: The Unforgiving Tyranny of the Red Pen

Monday, October 25, 2021

Red red ink you make me feel like stink, that's not a good rhyme but I'm low on time View this email in your browser · Missed one? Visit the Archives This is a re-run from 2016. Enjoy! -- Dan

Simone Biles Chose Herself

Monday, September 27, 2021

What's new today on the Cut — covering style, self, culture, and power, plus interviews, profiles, columns, and commentary from our editors. Brand Logo MONDAY, SEPTEMBER 27 Power Simone Biles Chose

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

Why Ford decided to exit India

Wednesday, September 15, 2021

Finshots Why Ford decided to exit India Ford Motor Company recently announced that it will be shutting down its car manufacturing plants in Gujrat and Tamil Nadu. And while they've promised to