Hello 👋 Here's what we're following right now:
🔑 A Robinhood security breach last week exposed the personal data of about 7 million people, roughly a third of customers. The brokerage said it doesn’t believe that clients incurred financial losses. https://bloom.bg/2ZYAbsR
📈 Bitcoin jumped past $67,000 for the first time to a record high, part of a wider recent rally in the cryptocurrency sector. https://bloom.bg/3BScxeZ
🇨🇳 Xi Jinping’s expanding power is a growing risk for China’s economy. Local officials either take orders too far or become paralyzed with fear as they strive to please him. https://bloom.bg/3mXWgAO
🔑 A Robinhood security breach last week exposed the personal data of about 7 million people, roughly a third of customers. The brokerage said it doesn’t believe that clients incurred financial losses. https://bloom.bg/2ZYAbsR
📈 Bitcoin jumped past $67,000 for the first time to a record high, part of a wider recent rally in the cryptocurrency sector. https://bloom.bg/3BScxeZ
🇨🇳 Xi Jinping’s expanding power is a growing risk for China’s economy. Local officials either take orders too far or become paralyzed with fear as they strive to please him. https://bloom.bg/3mXWgAO
💸 The $50 billion fall in Elon Musk’s fortune is the biggest two-day drop ever recorded by the Bloomberg Billionaires Index. He still retains a narrow lead over Jeff Bezos as the world’s richest person. https://bloom.bg/3n0ok6z
💻 Joe Biden and Xi Jinping are scheduled to hold a virtual summit next week, sources say, as ties between the world’s two largest economies have quietly improved in recent months. https://bloom.bg/3qrQutk
🏗️ Shares of Chinese developer Fantasia plunged as much as 52% in Hong Kong as it resumed trading after a six-week halt. https://bloom.bg/3EZPdO5
💻 Joe Biden and Xi Jinping are scheduled to hold a virtual summit next week, sources say, as ties between the world’s two largest economies have quietly improved in recent months. https://bloom.bg/3qrQutk
🏗️ Shares of Chinese developer Fantasia plunged as much as 52% in Hong Kong as it resumed trading after a six-week halt. https://bloom.bg/3EZPdO5
💻 Google loses its appeal against a $2.8 billion antitrust fine for allegedly thwarting smaller shopping search services. https://bloom.bg/3qps0B1
🌎 A first draft of the COP26 summit’s conclusions has been released, urging nations to strengthen their climate targets. https://bloom.bg/3koyI6i
🇨🇳 Under Xi Jinping, China has become an even harder target for America’s spying operation. https://bloom.bg/3n1xOhV
🌎 A first draft of the COP26 summit’s conclusions has been released, urging nations to strengthen their climate targets. https://bloom.bg/3koyI6i
🇨🇳 Under Xi Jinping, China has become an even harder target for America’s spying operation. https://bloom.bg/3n1xOhV
Bloomberg
Google’s Court Defeat Boosts EU Crackdown on Silicon Valley
Google suffered a resounding defeat in its appeal of a 2.4 billion-euro ($2.8 billion) European Union antitrust fine in a judgment that bolsters the bloc’s crackdown on the growing power of Silicon Valley.
🚗 Elon Musk sold $5 billion of Tesla stock, days after holding a Twitter poll asking followers whether he should do so. https://bloom.bg/30ekKNq
🇨🇳 With Xi Jinping set to deliver a party doctrine that will change the course of China, here’s a look at how the country has fared after nearly a decade of his leadership. https://bloom.bg/3D7pUJF
🍾 Pour one out for the bankers. Wall Street won’t have New Year’s Eve off this year, thanks to this obscure rule. https://bloom.bg/3ofXyGJcarc
🇨🇳 With Xi Jinping set to deliver a party doctrine that will change the course of China, here’s a look at how the country has fared after nearly a decade of his leadership. https://bloom.bg/3D7pUJF
🍾 Pour one out for the bankers. Wall Street won’t have New Year’s Eve off this year, thanks to this obscure rule. https://bloom.bg/3ofXyGJcarc
🇪🇺 The European Union warns that talks with the U.K. aimed at resolving a diplomatic spat over Northern Ireland are at risk of stalemate. https://bloom.bg/3kuKRH1
🌍 From predicting floods to battling illegal loggers, Google's little-known Earth Engine has become a key tool for helping nonprofits and researchers fight climate change. https://bloom.bg/3kra6tT
🚗 Tesla boss Elon Musk sells $5 billion of stock in the electric-car maker, shortly after restoking a social media debate over the tax treatment of billionaires’ shareholdings. https://bloom.bg/3C5EuQv
🌍 From predicting floods to battling illegal loggers, Google's little-known Earth Engine has become a key tool for helping nonprofits and researchers fight climate change. https://bloom.bg/3kra6tT
🚗 Tesla boss Elon Musk sells $5 billion of stock in the electric-car maker, shortly after restoking a social media debate over the tax treatment of billionaires’ shareholdings. https://bloom.bg/3C5EuQv
Bloomberg.com
EU Warns of Stalemate in Talks With U.K. Over N. Ireland Spat
The European Union warned that talks with the U.K. aimed at resolving a diplomatic spat over Northern Ireland are at risk of stalemate unless Boris Johnson’s government agrees to shift its stance.
Hello 👋 Here's what we're following:
📈 After inflation in the U.S. surged to the highest level since 1990, billionaire investor Ray Dalio warned that rising portfolio values don’t actually signify increasing wealth. https://bloom.bg/3opuNHA
💵 Here’s what you need to know about inflation, and why economists underestimated it: https://bloom.bg/3C9PHQb
🇷🇺 And the U.S. raised the alarm with EU allies that Russia may be planning an invasion of Ukraine. Tensions are flaring between Moscow and the bloc over migrants and energy supplies. https://bloom.bg/3C3RFkN
📈 After inflation in the U.S. surged to the highest level since 1990, billionaire investor Ray Dalio warned that rising portfolio values don’t actually signify increasing wealth. https://bloom.bg/3opuNHA
💵 Here’s what you need to know about inflation, and why economists underestimated it: https://bloom.bg/3C9PHQb
🇷🇺 And the U.S. raised the alarm with EU allies that Russia may be planning an invasion of Ukraine. Tensions are flaring between Moscow and the bloc over migrants and energy supplies. https://bloom.bg/3C3RFkN
🛎 Donald Trump’s Washington, D.C. hotel will be sold for $375 million and rebranded as Waldorf Astoria, sources say. https://bloom.bg/3kyqSHl
💸 Global wealth tripled over the last two decades, with China leading the way and overtaking the U.S. for the top spot worldwide. https://bloom.bg/3ndSGT7
💉 And Pfizer is fighting to keep control of its secret $36 billion Covid vaccine formula. Here’s a look into the high-stakes dispute that’s shaping the pandemic endgame. https://bloom.bg/3ngLl5o
💸 Global wealth tripled over the last two decades, with China leading the way and overtaking the U.S. for the top spot worldwide. https://bloom.bg/3ndSGT7
💉 And Pfizer is fighting to keep control of its secret $36 billion Covid vaccine formula. Here’s a look into the high-stakes dispute that’s shaping the pandemic endgame. https://bloom.bg/3ngLl5o
Hello 👋 Here's what we're following:
💻 Joe Biden and Xi Jinping are currently in the middle of their first face-to-face virtual summit, with both sides aiming to stabilize the U.S.-China relationship while downplaying expectations for major breakthroughs. https://bloom.bg/30t49Fr
🏭 Stronger action is necessary after COP26, writes Bloomberg’s Editorial Board. While the climate talks in Glasgow brought some progress, governments fudged crucial issues and left many questions unanswered. https://bloom.bg/3cfClXR
🇭🇰 And Hong Kong leader Carrie Lam defended allowing JPMorgan CEO Jamie Dimon to skip Hong Kong’s strict quarantine, saying the risk was "totally manageable.” Read more in today’s Covid update: https://bloom.bg/3DoAHzk
💻 Joe Biden and Xi Jinping are currently in the middle of their first face-to-face virtual summit, with both sides aiming to stabilize the U.S.-China relationship while downplaying expectations for major breakthroughs. https://bloom.bg/30t49Fr
🏭 Stronger action is necessary after COP26, writes Bloomberg’s Editorial Board. While the climate talks in Glasgow brought some progress, governments fudged crucial issues and left many questions unanswered. https://bloom.bg/3cfClXR
🇭🇰 And Hong Kong leader Carrie Lam defended allowing JPMorgan CEO Jamie Dimon to skip Hong Kong’s strict quarantine, saying the risk was "totally manageable.” Read more in today’s Covid update: https://bloom.bg/3DoAHzk
💉 Germany is heading toward stiffer restrictions on people who have refused a Covid-19 vaccine. https://bloom.bg/30xU5eI
✈️ Three years after Lion Air Flight 610 crashed into the Java Sea, fresh evidence shows how Boeing built an unsafe plane — and blamed foreign pilots for what went wrong. https://bloom.bg/3qPU1Si
🇬🇧 Prince Andrew’s $2 million loan has been paid off by a top donor to British politics. https://bloom.bg/3wUG0Ee
✈️ Three years after Lion Air Flight 610 crashed into the Java Sea, fresh evidence shows how Boeing built an unsafe plane — and blamed foreign pilots for what went wrong. https://bloom.bg/3qPU1Si
🇬🇧 Prince Andrew’s $2 million loan has been paid off by a top donor to British politics. https://bloom.bg/3wUG0Ee
Bloomberg’s New Economy Forum kicked off in Singapore, bringing together global leaders in government, finance and industry. Here’s what’s happening so far:
🌏🇨🇳 China and the world must work together to boost global economic growth, Vice President Wang Qishan said. He vowed Beijing will continue opening up more to foreign investment at a time when more countries are raising barriers over national security concerns. https://bloom.bg/3nmiMn2
📈 The world may see “uncomfortably high” rates of inflation for one to three years, said UBS Group AG Chairman Axel Weber. https://bloom.bg/3FlSjfF
👀 You can follow the live stream throughout the three-day event here and sign up for the New Economy Daily newsletter here.
🌏🇨🇳 China and the world must work together to boost global economic growth, Vice President Wang Qishan said. He vowed Beijing will continue opening up more to foreign investment at a time when more countries are raising barriers over national security concerns. https://bloom.bg/3nmiMn2
📈 The world may see “uncomfortably high” rates of inflation for one to three years, said UBS Group AG Chairman Axel Weber. https://bloom.bg/3FlSjfF
👀 You can follow the live stream throughout the three-day event here and sign up for the New Economy Daily newsletter here.
Hello 👋 Here's what we're following right now:
🎮 Sony PlayStation Chief Jim Ryan criticized Activision for an inadequate response to allegations that CEO Bobby Kotick was aware of sexual misconduct and harassment claims at the company and that he had mistreated women. Sony has long had a close relationship with Activision. https://bloom.bg/3kOZ81A
🎾 Chinese tennis star Peng Shuai hasn't been heard from since alleging an affair with a former Communist Party leader earlier this month. The Women’s Tennis Association has questioned the authenticity of a letter that China’s state media claims Peng wrote to dispel fears that she’s missing. https://bloom.bg/3Cu0mVI
🇺🇸🇨🇳 The world is headed for a “very dangerous place” if Washington and Beijing are unable to stabilize their relationship, former U.S. Treasury Secretary Hank Paulson said during the second day of Bloomberg’s New Economy Forum in Singapore. https://bloom.bg/3CugI0J (You can watch our live coverage here.)
🎮 Sony PlayStation Chief Jim Ryan criticized Activision for an inadequate response to allegations that CEO Bobby Kotick was aware of sexual misconduct and harassment claims at the company and that he had mistreated women. Sony has long had a close relationship with Activision. https://bloom.bg/3kOZ81A
🎾 Chinese tennis star Peng Shuai hasn't been heard from since alleging an affair with a former Communist Party leader earlier this month. The Women’s Tennis Association has questioned the authenticity of a letter that China’s state media claims Peng wrote to dispel fears that she’s missing. https://bloom.bg/3Cu0mVI
🇺🇸🇨🇳 The world is headed for a “very dangerous place” if Washington and Beijing are unable to stabilize their relationship, former U.S. Treasury Secretary Hank Paulson said during the second day of Bloomberg’s New Economy Forum in Singapore. https://bloom.bg/3CugI0J (You can watch our live coverage here.)
😷 Covid-19 deaths and infection rates may dip below seasonal flu levels by the middle of next year, Bill Gates said. https://bloom.bg/3Fw77Zl
💶 Anxiety about rising consumer prices is testing the analytical skills of money managers and professional traders. The stakes couldn’t be higher. https://bloom.bg/3kJl2De
🏖️ This City of London firm is offering unlimited holiday to battle burnout. https://bloom.bg/3kQnc3U
💶 Anxiety about rising consumer prices is testing the analytical skills of money managers and professional traders. The stakes couldn’t be higher. https://bloom.bg/3kJl2De
🏖️ This City of London firm is offering unlimited holiday to battle burnout. https://bloom.bg/3kQnc3U
Hello, here's what we're following right now:
🚗 Apple is accelerating the development of its electric car and refocusing the project around full self-driving capabilities, according to sources. https://bloom.bg/3x3RTYA
💰 What’s the world’s craziest real estate market right now? Renters in Berlin say they are being forced to spend small fortunes on furniture and appliances just to sign a lease. https://bloom.bg/3oLLUE1
🇨🇳 China's Wuhan market reemerged as the likely origin of coronavirus — with a female food seller as the earliest known case, new research says. https://bloom.bg/30x2nmV
🚗 Apple is accelerating the development of its electric car and refocusing the project around full self-driving capabilities, according to sources. https://bloom.bg/3x3RTYA
💰 What’s the world’s craziest real estate market right now? Renters in Berlin say they are being forced to spend small fortunes on furniture and appliances just to sign a lease. https://bloom.bg/3oLLUE1
🇨🇳 China's Wuhan market reemerged as the likely origin of coronavirus — with a female food seller as the earliest known case, new research says. https://bloom.bg/30x2nmV
🇷🇺🇺🇦 U.S. intel shows a buildup of Russian troops and artillery to prepare for a rapid, large-scale push into Ukraine from multiple locations if President Vladimir Putin decided to invade, sources say. https://bloom.bg/30HmRJM
☎️ Chinese tennis star Peng Shuai held a 30-minute call with the International Olympic Committee and told the group’s president that she’s safe. The global pressure over Peng’s status comes at a particularly sensitive time for Beijing as it prepares for the Olympics. https://bloom.bg/3cy7YMH
🧐 A $5 billion stockpile of aluminum in Vietnam is big enough to end a global shortage. But in a symbol of a rather dysfunctional market, it may never be seen again. https://bloom.bg/32op1in
☎️ Chinese tennis star Peng Shuai held a 30-minute call with the International Olympic Committee and told the group’s president that she’s safe. The global pressure over Peng’s status comes at a particularly sensitive time for Beijing as it prepares for the Olympics. https://bloom.bg/3cy7YMH
🧐 A $5 billion stockpile of aluminum in Vietnam is big enough to end a global shortage. But in a symbol of a rather dysfunctional market, it may never be seen again. https://bloom.bg/32op1in
🏦 After Joe Biden picked Jerome Powell to lead the Fed another term, Wall Street is wondering if he’ll keep rates low and credit cheap. Here’s how his reappointment will affect crypto, hot housing and inflation. https://bloom.bg/3DIWMIN
0️⃣ China’s more dedicated than ever to Covid Zero as it faces its toughest outbreak since Wuhan. https://bloom.bg/3r2wmP0
👑 How might Asia’s richest man pass on his $208 billion empire? Mukesh Ambani is looking to the Waltons for how to avert a succession war. https://bloom.bg/3oLBoMU
0️⃣ China’s more dedicated than ever to Covid Zero as it faces its toughest outbreak since Wuhan. https://bloom.bg/3r2wmP0
👑 How might Asia’s richest man pass on his $208 billion empire? Mukesh Ambani is looking to the Waltons for how to avert a succession war. https://bloom.bg/3oLBoMU
🛢️ The U.S. will release 50 million barrels of crude from its strategic reserves in an unprecedented attempt to tame prices. https://bloom.bg/3xhcSqA
🇹🇷 The Turkish lira’s freefall is shattering all kinds of records. https://bloom.bg/3nLCjxm
🚚 This is what it looks like when every step of the global supply chain goes wrong at the same time. https://bloom.bg/3xnMKuw
🇹🇷 The Turkish lira’s freefall is shattering all kinds of records. https://bloom.bg/3nLCjxm
🚚 This is what it looks like when every step of the global supply chain goes wrong at the same time. https://bloom.bg/3xnMKuw
Bloomberg.com
Biden Orders Release of U.S. Oil Reserves in Challenge to OPEC+
The U.S. will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India, South Korea and the U.K. -- an unprecedented, coordinated attempt by the world’s largest oil consumers to tame prices that risks a backlash…
🛢️ The OPEC+ group of oil producers would have to defer at least two months’ worth of planned output increases to offset strategic stockpile releases led by the U.S., which will draw 50 million barrels from its reserves. https://bloom.bg/3CNPMt5
👶 China found 11.6 million children it didn’t know existed. The number of births undercounted from 2000 to 2010 is equivalent to Belgium’s current population. https://bloom.bg/3FCvTa2
🎤 Jamie Dimon quipped that JPMorgan will likely outlast China’s Communist Party, while reiterating the bank’s commitment to doing business in the country. https://bloom.bg/3FHyMX9
👶 China found 11.6 million children it didn’t know existed. The number of births undercounted from 2000 to 2010 is equivalent to Belgium’s current population. https://bloom.bg/3FCvTa2
🎤 Jamie Dimon quipped that JPMorgan will likely outlast China’s Communist Party, while reiterating the bank’s commitment to doing business in the country. https://bloom.bg/3FHyMX9
🩹 Cue the damage control: JPMorgan CEO Jamie Dimon knew as soon as the words came out of his mouth that his joke about China could land him in hot water. https://bloom.bg/3DQr9wZ
🚢 The supply-chain crisis is only getting worse with China’s seven-week quarantines for shipping crew. https://bloom.bg/30RxJoZ
🍗 Fried chicken without the crunch? A $410 gadget that softens food is helping Japan’s elderly regain a sense of normalcy. https://bloom.bg/2ZjtGki
🚢 The supply-chain crisis is only getting worse with China’s seven-week quarantines for shipping crew. https://bloom.bg/30RxJoZ
🍗 Fried chicken without the crunch? A $410 gadget that softens food is helping Japan’s elderly regain a sense of normalcy. https://bloom.bg/2ZjtGki
😷 World Health Organization officials met Thursday to discuss a new coronavirus variant circulating in South Africa and Botswana. https://bloom.bg/3xmbC5K
🇦🇪 The UAE is stepping back from political conflicts to refocus on the economy. https://bloom.bg/3DR5qFl
🦃 Here’s how to survive this year's Thanksgiving dinner conversation. https://bloom.bg/3FJeKeY
🇦🇪 The UAE is stepping back from political conflicts to refocus on the economy. https://bloom.bg/3DR5qFl
🦃 Here’s how to survive this year's Thanksgiving dinner conversation. https://bloom.bg/3FJeKeY
Hello 👋 We're following the latest on the omicron coronavirus strain:
📈 U.S. stock futures and oil rose on Monday as investors tried to evaluate the economic risks from the mutated variant, bringing some calm back to markets. Asian stocks fell but the moves were modest compared with Friday’s global equity selloff. https://bloom.bg/3HZ9mWV
💬 The WHO said in a statement on Sunday that understanding omicron’s level of severity will take days to several weeks. It urged caution about the strain after two South African health experts said associated symptoms have been mild so far. https://bloom.bg/3rhzcjd
🇸🇬 And Singapore delayed the planned launch of vaccinated travel lanes with Qatar, the UAE and Saudi Arabia as a precaution to reduce imported cases. https://bloom.bg/3E38A94
📈 U.S. stock futures and oil rose on Monday as investors tried to evaluate the economic risks from the mutated variant, bringing some calm back to markets. Asian stocks fell but the moves were modest compared with Friday’s global equity selloff. https://bloom.bg/3HZ9mWV
💬 The WHO said in a statement on Sunday that understanding omicron’s level of severity will take days to several weeks. It urged caution about the strain after two South African health experts said associated symptoms have been mild so far. https://bloom.bg/3rhzcjd
🇸🇬 And Singapore delayed the planned launch of vaccinated travel lanes with Qatar, the UAE and Saudi Arabia as a precaution to reduce imported cases. https://bloom.bg/3E38A94