Latest From Bloomberg
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Crypto Investors Get Ready for More Taxes — but Clearer Rules
Sure, you might have to actually pay U.S. taxes on those crypto trades. But at least it will be easier to figure out how much you owe.
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Anti-Vax App Squares Off With Google, Apple Over Misinformation
Unjected bills itself as a community for “medical autonomy.”
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Malaysia Defers Special Parliament Sitting Citing Virus Risk
The final-day sitting of Malaysia’s parliament on Monday has been postponed indefinitely, citing risk from the recent detection of positive Covid cases.
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Tree-Planting Pledges Fall Short of Climate Change Goals
Many pitfalls can dampen the ambitions of those looking to green cities
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China Mulls Booster Shots for Some as Delta Becomes Main Variant
China is studying if it’s necessary to give booster vaccine shots to vulnerable groups such as the elderly, people with underlying diseases and those who work in high-risk areas.
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Indonesia Exempts Yachts From Luxury Tax for Marine Tourism
Indonesia will exempt yachts and cruise ships used for tourism from a 75% luxury tax as the world’s biggest archipelago looks into ways to revive its vacation industry amid the pandemic.
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China’s Central Bank Says It Will Keep Pressure on Crypto Market
China’s central bank vowed to maintain heavy regulatory pressure on cryptocurrency trading and speculation after escalating its clampdown in the sector earlier this year.
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Malaysia’s Speaker to Abstain From Motion Linked to his Brother
The speaker of Malaysia’s House of Representatives, Azhar Harun, recused himself from making any decision on a motion related to his brother Idrus Harun, the country’s attorney general.
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From Miners to Big Oil, the Great Commodity Cash Machine is Back
Diggers and drillers are making billions after the rally in commodity prices fuels a stunning recovery from the pandemic.
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U.K.’s Delta Rollercoaster Flips Between Virus Horror and Hope
Two weeks ago, the delta variant was ripping through the U.K., stoking fears of a record wave of Covid-19 clobbering one of the world’s most highly vaccinated countries.
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Climate Goals at Risk If Only Rich Countries Adopt Electric Cars
Europe’s plan to phase out combustion-engine vehicles has put the region at the forefront of climate protection. Yet without progress cleaning up poorer nations’ roads, it won’t be enough to keep global warming below dangerous levels.
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Draghi Has Stabilized Italy. His Next Task Will Shape His Legacy
Mario Draghi’s push to fix Italy is moving up a gear.
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Peru’s Castillo Names Francke as Finance Minister After Delay
Peru President Pedro Castillo named former World Bank economist Pedro Francke as his finance minister and swore him in late Friday evening following a delay that unnerved investors.
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China’s Key Factory Gauge Slips as Economic Recovery Steadies
China’s factory and non-manufacturing activity continued to ease in July, implying a more steady economic recovery into the second half of the year.
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Walmart Names Wigneswaran to Fill Chief Medical Officer Vacancy
Walmart Inc. named pharmaceutical industry veteran John Wigneswaran as its new chief medical officer, filling a role that had been vacant since March.
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Australia’s Queensland Announces Lockdown as More Cases Emerge
Australia’s Queensland state announced a lockdown for 11 local government areas after health authorities discovered six new cases of the delta variant of the coronavirus.
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Malaysia Extends Emergency Rule in Sarawak to Avoid Election
Malaysia has extended an emergency ordinance in the Borneo state of Sarawak in a bid to hold off a state election amid the Covid-19 pandemic, according to a proclamation signed by King Sultan Abdullah Sultan Ahmad on July 30.
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Brainard Says Jobs Market Has Ways to Go to Meet Fed Taper Test
The U.S. jobs market still has some ways to go before it improves enough to satisfy the Federal Reserve’s criteria for beginning to reduce its asset purchases, Governor Lael Brainard said Friday.
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Biden Administration Sues Texas to Block Migrant Transport Ban
The Biden adminstration sued Texas to block Governor Greg Abbott’s order allowing state troopers to stop vehicles suspected of transporting migrants and sending them back to the border or U.S. immigration processing stations.
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A Week of Mayhem in China Stocks Exposes Global Index Fund Risks
How exposed to Chinese stocks is your portfolio? The answer could be: more than you think.
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California Orders State of Emergency to Avert Blackouts
California Governor Gavin Newsom declared a state of emergency to free up energy supplies and speed development of new power plants to help the state avoid blackouts as it faces wildfires and crippling heat waves this summer.
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Anti-Ark ETF to Bet Against Cathie Wood’s Flagship Fund
Those who think Cathie Wood’s hot hand is cooling may soon be able to express that view via an exchange-traded fund.
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U.S. Renters Face Evictions; Florida Cases Soar: Virus Update
The U.S. House of Representatives failed to pass legislation that would have extended a national moratorium on renter evictions, leaving millions of Americans at risk of losing their homes after the ban lifts on Saturday.
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Pelosi Fails in Eleventh-Hour Bid to Extend Eviction Moratorium
House Speaker Nancy Pelosi’s bid for a last-minute extension of an eviction moratorium for renters collapsed Friday, leaving millions of Americans at risk of losing their homes after the ban lifts on Saturday.
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How Return-to-Office Policies Are Shifting With U.S. Virus Surge
A resurgence in Covid-19 cases has spurred U.S. employers to backtrack on return-to-office plans and institute vaccination requirements for on-site workers. Here’s what major companies have said about their latest policies:
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U.S. Men’s Soccer Group Joins Women’s Team in Pay Fight
The labor organization for the U.S. men’s soccer team and the Equal Employment Opportunity Commission filed court papers supporting the legal fight by the women’s national team to earn equal pay.The U.S. National Soccer Team Players Association told a federal appeals court that it understands the long-standing discrimination against the women’s team, which has won four World Cup titles, more than any other nation. It also claimed a shared interest in the women’s lawsuit against the U.S. Soccer F
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KeyCorp Doles Out Bonuses as Large as $25,000 Amid Talent War
KeyCorp paid out bonuses to investment bankers of as much as $25,000 in June, according to people familiar with the matter, joining other financial firms that have boosted pay to retain talent.
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Hedge Funds Are Plowing Money Into Commodities Once Again
Hedge funds plowed money into bets that the commodities rally of 2021 still has further to run, snapping three straight weeks of reductions.
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Uganda Relaxes Lockdown to Ease Economic Fallout From Pandemic
Uganda relaxed a second national lockdown imposed in early June as a drop in the infection rate allows authorities scope to open up the economy that’s been battered by containment restrictions.
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Yield Quagmire Is Playing Havoc With S&P 500 Valuation Models
The longer bond yields stay stuck, the jumpier the stock market seems to get. Heading into a historically volatile month, that’s the heart of the dilemma facing equity investors as they try to balance divergent signals on valuations and growth.
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Biden Hosts Cuban-American Leaders to Discuss Cuba Protests
President Joe Biden is hosting a meeting at the White House on Friday with Cuban-American leaders to discuss the largest demonstrations in decades that erupted in Cuba earlier this month.
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FDA Puts All Hands on Deck to Review Pfizer-BioNTech Covid Shot
U.S. drug regulators are taking an “all-hands-on-deck approach” to reviewing Pfizer Inc. and BioNTech SE’s Covid-19 shot for full approval in an effort to persuade as many as possible to get immunized.
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New Mexico Posts Oil-Output Record as Permian Basin Bounces Back
New Mexico’s oil production surged to a record in May, lifting output to the second-highest in the nation and highlighting the Permian Basin’s role in leading the shale industry’s rebound from the pandemic.
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Devon, Conoco Study $10 Billion Shell Permian Assets
Devon Energy Corp. and ConocoPhillips are among potential suitors studying Royal Dutch Shell Plc’s portfolio of Permian Basin oil fields, which could be worth as much as $10 billion in a sale, people familiar with the matter said.
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Dole Drops in Debut After $400 Million IPO Falls Short of Goal
Dole Plc, the world’s largest produce company, fell as much as 9.4% in its trading debut after delaying and downsizing its U.S. initial public offering to raise $400 million.
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CDC Scaled Back Hunt for Breakthrough Cases Just as the Delta Variant Grew
Bloomberg identified more than 100,000 vaccine breakthroughs
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Colombia Holds Key Rate but Signals Tightening to Come
Colombia’s central bank left its key interest rate unchanged but signaled that it may soon join the regional trend for tighter monetary policy as the growth outlook improves.
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Walmart Requires Headquarters Staff to Get Vaccinated by Oct. 4
Walmart Inc., the largest private employer in the U.S., is requiring its headquarters and regional staff to be vaccinated by Oct. 4, joining Alphabet Inc.’s Google in instituting a policy that other big companies may soon follow as the delta variant continues to spread.
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Citigroup CFO Sees No Impact From China’s Regulatory Crackdown
Citigroup Inc.’s chief financial officer said China’s recent moves to crack down on companies isn’t likely to harm the bank’s business across the Asia-Pacific region.
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Flex Work Leaves San Francisco Trailing NYC in Office Comeback
A fifth of all office space vacant. Tech companies looking to offload millions of square feet they’d previously leased. Rents down 14%.
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Quant Shares His Approach for Navigating ‘Casino Feel’ of China
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Mudslide Closes I-70 in Colorado Rockies, Rescues Underway
The latest in a rash of summer mudslides blocked Interstate 70 in Colorado, a gateway to the Rocky Mountains, trapping at least 20 travelers in a tunnel west of Denver, with rescues continuing Friday.
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Regeneron Cocktail Wins Nod for Expanded Use to Prevent Covid-19
Regeneron Pharmaceuticals Inc.’s antibody treatment for Covid-19 received U.S. regulators’ blessing as the first preventative therapy for unvaccinated and immunocompromised people in high-risk settings.
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Disney Opens ‘Jungle Cruise’ a Day After Suit Slams Its Strategy
Walt Disney Co.’s “Jungle Cruise” arrived simultaneously in theaters and on the Disney+ streaming service Friday, employing the same release strategy that has led to disputes over how to pay actors in the digital age, including a lawsuit this week by one of the world’s biggest stars.
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Monte Paschi Capital Wiped Out in European Bank Stress Test
Banca Monte dei Paschi di Siena SpA was the worst performer in European regulators’ stress tests as the only lender in a group of 50 to have a key measure of capital wiped out.
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Online Retailers Tumble as Amazon Sales Miss Shows Reopening Hit
Shares of e-commerce companies fell sharply Friday, with several seeing their steepest declines in months, after Amazon.com Inc.’s weaker-than-anticipated sales damped the outlook for other retailers.
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Trump’s Tax Returns Can Be Released, Justice Department Says
The Treasury Department should hand over former president Donald Trump’s tax returns to House Democrats, the Justice Department said.
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America’s Oil Demand Is Roaring Back Faster Than Expected
U.S. oil consumption is rushing back much faster from the pandemic slump than first predicted as Americans are hitting the road, unleashing a burst of pent-up travel demand.
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Fed Reverse Repo Usage Tops $1 Trillion for First Time Ever
Demand for a key Federal Reserve facility used to help control short-term rates surpassed $1 trillion for the first time ever, accommodating a barrage of cash in search of a home.
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Retail Traders Buy the Dip in Big Tech, Unfazed by Earnings
Individual investors are piling into the likes of Apple Inc. and Microsoft Corp., showing a new appetite for megacap stocks after a rush of earnings sent some of the biggest tech names slumping.
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Elon Musk Denies He Discussed Apple-Tesla Merger With Tim Cook
Tesla Inc. Chief Executive Officer Elon Musk said on Friday that he never met with Apple Inc. about a potential takeover and slammed the tech giant’s app store fees, calling them a “global tax on the internet.”
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PlayStation Video Game Horizon Forbidden West Delayed To 2022
Sony Corp. has delayed the upcoming PlayStation game Horizon Forbidden West to the first quarter of 2022, according to a person familiar with the matter. Previously it had been scheduled for release this holiday season.
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Senate’s $550 Billion Infrastructure Deal Clears Key Hurdle
The U.S. Senate cleared a second procedural hurdle Friday on the $550 billion infrastructure bill, making passage of a cornerstone of President Joe Biden’s economic agenda likely in the coming days.
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Even Your Little August Beach Vacation Will Cost More This Year
The hassle of summer air travel has been turbocharged by the pandemic. But settling on a rental closer to home may bring expensive frustration, too.
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Charting Global Economy: Supply Chains Challenge U.S., Germany
U.S. economic growth in the second quarter fell short of projections as supply constraints led to a big inventory drawdown in the face of resilient household spending.
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Delta Strain Spread in Vaccinated People on Cape Cod, CDC Says
The delta strain spread widely in a series of densely packed summer events and large public gatherings in Cape Cod’s Barnstable County in early July, raising further concerns about the highly transmissible variant.
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Yale Brings Back Masks for Indoor Spaces as Delta Upends Plans
Yale University is reinstituting a requirement that all individuals wear masks in indoor campus spaces to combat high levels of the delta variant.
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Deutsche Bank Emerges Among Weakest Large Lenders in Stress Test
Deutsche Bank AG and Societe Generale SA emerged among the weakest of the large European lenders in a stress test that regulators will consult when vetting plans on investor payouts.
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AbbVie Dips as Stalled FDA Action on Rinvoq Worries Investors
AbbVie Inc.’s shares fell on Friday as the company faced analysts’ questions about its immune therapy Rinvoq that’s hoped to replace potential losses from key drugs due to biosimilar competition.
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CEO of Michael Kors Owner Says Prices Will Go Up ‘Considerably’
The owner of Michael Kors and Jimmy Choo says prices at both brands will increase during the coming months as the company eschews the major discounts that have dinged revenue in the past.
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MicroStrategy Bitcoin Bet Is a Win And a Loss at the Same Time
MicroStrategy Inc.’s big, and growing, bet on Bitcoin has the company sitting on massive paper gains despite having to write off millions in accounting charges related to the token.
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J&J Cleared of Responsibility in Woman’s Talc-Cancer Case
A Illinois jury found that Johnson & Johnson isn’t responsible for the cancer that killed a woman whose family blamed the illness on the company’s talc-based powders.
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South Africa Says $750 Billion a Year Needed for Climate Goals
South African Environment Minister Barbara Creecy said countries at the COP26 United Nations climate talks in November should set a target of mobilizing $750 billion a year from developed countries to help poorer nations transition to greener energy.
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Ted Nugent Resigns From NRA Board Over ‘Scheduling Conflicts’
Rock-and-roll guitarist and gun enthusiast Ted Nugent is resigning from the board of the National Rifle Association after 26 years.
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Broadway Will Mandate Vaccines for NYC Audience, Performers
Broadway theaters in New York City will require vaccinations for audience members, performers and other staff who will also need to wear masks indoors.
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World’s Top Copper Miner Lifts Output in Boost to Tight Market
Codelco’s sales surged last quarter as the world’s biggest copper supplier ramped up production just as rebounding economies sent prices of the metal to record highs.
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End of Student Loan Relief Poses Risk to Credit Card, Auto ABS
U.S. consumers will have to resume making payments on their Federal student loans when a Covid-related relief program expires on Sept. 30, and some borrowers may struggle to pay all their debts at that point.
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Visa Weighing Vaccine Mandate Ahead of Staff Returning in Fall
Visa Inc. is considering requiring employees to get Covid-19 vaccines ahead of asking them to return to offices in the fall.
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Bolsonaro Offers Raft of Conspiracies as ‘Proof’ of Voter Fraud
President Jair Bolsonaro doubled down on his criticism of Brazil’s electronic voting system, presenting a series of conspiracy theories and debunked Internet videos as evidence that elections are vulnerable to cheating.
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Amazon Pares the Equivalent of CVS’s Market Cap in Plunge
The bigger they are, the harder they fall.
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U.K. Power Is So High That EDF Hinkley Reactor Looks Good Value
U.K. power prices have climbed so high that the cost of a new controversial nuclear plant, criticized for being too expensive, is now looking reasonable.
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Wildfires Force Turkish Cities to Bar Entry to Forests and Parks
Major Turkish cities including Istanbul barred people from entering nearby forests and national parks after a spate of wildfires overwhelmed firefighters and claimed four lives.
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Binance Drama Deepens as Malaysia Alleges Illegal Operations
The global regulatory crackdown on the world’s largest cryptocurrency exchange by volume has deepened, with Malaysia issuing enforcement actions for alleged illegal operations.
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House Moves Toward Possible Vote on Extending Evictions Ban
Speaker Nancy Pelosi is laying the groundwork for a possible House vote to extend Saturday’s expiration of a national moratorium on renter evictions, a move requested by President Joe Biden that Democrats say is desperately needed to keep families and children from the streets.
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Bulgarian President Hands Pop Star Shot at Forming Government
Bulgaria’s president gave pop-folk singer and talk-show host Stanislav Trifonov’s party the chance to form a government, though doubts remain over whether he can muster sufficient support to end the Balkan country’s political crisis.
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Senator Calls Out ‘Inconsistency’ Among GOP on Infrastructure
A GOP senator criticized the “inconsistency” of Republicans who were all-in for President Donald Trump’s infrastructure ideas but aren’t supporting the $550 billion bipartisan deal reached this week.“President Donald Trump recommended a $1.5 trillion infrastructure package. Republicans were all on board,” Senator Bill Cassidy, a Louisiana Republican who was part of the group that negotiated the current package, said in an interview with Bloomberg TV. “If Republicans were on board for former Pres
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Wall Street Emerges as GOP’s New Villain Amid House Price Pinch
Conservatives looking for a fresh populist message to carry into 2022 are taking on Wall Street firms for buying up single family homes as rentals, attacking the growing practice as hurting the middle class.
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Pinterest Tumbles After User Growth Slows as Lockdowns Ease
Pinterest Inc. tumbled the most in sixteen months Friday after reporting fewer users logging into the visual search service in the second quarter.
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Schools Tap Stimulus Funds to Wipe Unpaid Fees for Low-Income Students
Thousands have had their balances cleared in recent weeks.
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Fed’s Bullard Wants Taper to Start in Fall, End by March 2022
Financial markets “are very well prepared” for the Federal Reserve to start tapering its massive asset-purchase program in the fall, St. Louis Fed President James Bullard said.
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Chile Unemployment Falls for Third Straight Month as Cases Ease
Chile’s unemployment dropped while retail sales surged as government aid boosted consumption and coronavirus cases fell from a peak.
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Kenya Extends Curfew as Delta-Driven Virus Surge Fills Hospitals
Kenya is keeping its night curfew in force and has suspended public gatherings and intergovernmental physical meetings as the coronavirus delta variant flames a surge in cases.
