| Airing grievances | President Donald Trump escalated his threats against the World Health Organization over its handling of the coronavirus pandemic, saying he would permanently cut U.S. funding if the group doesn't make sweeping changes. In a four-page letter, Trump called on the WHO to "demonstrate independence from China," renewing a complaint that led him in April to temporarily suspend U.S. payments. - Trump made the letter public hours after Chinese President Xi Jinping addressed the group's governing body and promised to devote $2 billion to fighting the pandemic over the next two years.
- The U.S. president said he's protectively taking hydroxychloroquine, the anti-malaria drug he's promoted as a virus treatment, despite government warnings that it can cause serious side effects.
Trade spat | Australian exports of wine, seafood, oatmeal, fruit and dairy are in danger if Beijing decides to escalate a row over Canberra's calls for an investigation into the origin of Covid-19. Chinese officials have compiled a list of potential goods they could target via stricter quality checks, anti-dumping probes or tariffs, as well as using state media to encourage consumer boycotts. Warren worries | Some Democrats fear that Joe Biden selecting Elizabeth Warren as his running mate could lead to a nightmare scenario that results in the party winning the White House and Senate seats in November but still ceding control of the chamber to Republicans. But, as Joshua Green explains, the chances of that materializing are slim. Tycoon troubles | A year after his ally and business partner became Ukraine's president, things are unraveling for billionaire Ihor Kolomoisky. The government of Volodymyr Zelenskiy is safeguarding the state takeover of the country's biggest bank, which Kolomoisky once owned, and he's fighting off accusations of fraud and money laundering, including an investigation by the FBI and federal prosecutors in the U.S. Storm front | Authorities are preparing to evacuate more than 5 million people as the biggest cyclonic storm over the Bay of Bengal in about two decades moves toward the coasts of India and Bangladesh, where it's expected to hit late tomorrow. Cyclone Amphan, the equivalent of a category 5 hurricane, is set to cause further misery to the South Asian neighbors as their economies slump due to the pandemic.  Cyclone Amphan on May 15. It is forecast to be the worst storm over the Bay of Bengal since the 1999 super cyclone that hit the eastern Indian state of Odisha, killing about 10,000 people. Source: India Meteorological Department What to Watch: -
Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin testify today before the Senate's banking committee about the status of stimulus programs aimed at combating the virus fallout. -
Malaysia's opposition leader Anwar Ibrahim told Bloomberg TV's Haslinda Amin the current government — which was "fearful" of the outcome of a proposed vote of no confidence — was unlikely to last until the next election. -
The U.K. has set out its post-Brexit tariffs plan, cutting import duties on many products while protecting industries such as automobiles and agriculture in global trade beyond Europe. Tell us how we're doing or what we're missing at balancepower@bloomberg.net. And finally ... That luau is going to have to wait. Hawaii has closed its famous beaches and state parks, and venturing out of a hotel there may land you in jail. As nations try to reopen corridors for air flight, the island state is arresting people or issuing citations for violating one of the strictest U.S. lockdown regimes, while the visitors bureau has asked media to "refrain from publishing any stories about Hawaii that might encourage people to travel to the islands."  The Hilton Hawaiian Village Wakiki Beach resort temporarily suspended operations in Honolulu. Photographer: Marie Eriel Hobro/Bloomberg | 
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