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Balance of Power
Bloomberg

No one can say we weren't warned.

When the coronavirus exploded in the Chinese city of Wuhan and began its inexorable spread across the globe, government leaders could claim with some justification that they couldn't have known how bad it would get.

But even as ensuing lockdowns in many countries seemed to stabilize the situation, medical experts cautioned the world was only in the early stages of the pandemic. The loosening of measures, in an effort to restart economies on their knees, would carry the risk of a resurgence.

That's now playing out. Nations where governments took a lackadaisical approach, such as the U.S., U.K. and Brazil, are still being ravaged, while countries — from South Korea and Germany to South Africa and Argentina — that followed scientific recommendations by the book are seeing a worrying uptick in cases.

South Korea has imposed its strictest social distancing measures since May. Europe is tightening some curbs on public life as people flock to beaches, bars and nightclubs in the final month of summer.

With signs the virus is picking up another head of steam and prospects for a vaccine still distant, governments presiding over economies suffering protracted damage confront a momentous challenge: How to balance jobs and companies in the face of a disease that just keeps coming back?

Karl Maier 

Tourists an​​​​​d local residents sit at a cafe in the main square of the Greek town of Areopoli on July 31.

Photographer: Konstantinos Tsakalidis/Bloomberg

Tell us how we're doing or what we're missing at balancepower@bloomberg.net.

Global Headlines

In the spotlight | Kamala Harris's prime-time speech tonight at the Democratic convention will be the first glimpse of how Joe Biden's campaign plans to deploy a history-making vice presidential nominee ahead of Election Day. Biden's team wants Harris to win over Black voters, young people and women. But they're so far severely limiting travel to in-person events and sharing few details about how she'll engage with voters.

Campaign 2020

There are 76 days until the election. Here's the latest on the race for control of the White House and Congress.

Democrats officially nominated Biden for president in a virtual roll call last night, part of an evening of speeches that largely shunted aside the party's left-leaning stars in favor of centrists. Click here for our viewers' guide to tonight's events.

Other developments

Sign up to receive daily election updates as a direct mobile notification on Twitter. Simply click on this link and like the tweet.

Trade wobbles | President Donald Trump said he called off last weekend's trade talks with China, raising questions about a deal that's now the most stable point in an increasingly tense relationship. While China is making many of the structural changes it promised on issues such as intellectual property protection, its purchases of U.S. goods are well below where they need to be to meet promised targets.

  • Taiwan accused Chinese hackers of infiltrating government agencies in a bid to glean citizens' sensitive information.
  • Click here to read how Chinese telecoms giant Huawei is strengthening its hold on Africa despite a U.S.-led boycott.

Graft probe | Chinese President Xi Jinping's latest campaign to purge corruption in China's vast law enforcement apparatus is gaining ground, with the Shanghai police chief under investigation for alleged violations of party discipline. More security cadres are expected to be ensnared as Xi prepares for a twice-a-decade party congress in 2022, which is likely to decide whether he stays on for a third five-year term.

Military coup | Malian President Ibrahim Boubacar Keita was forced to step down last night after soldiers detained him and promised to pursue a democratic transition. His resignation came after weeks of mass protests over alleged corruption and his failure to quash an Islamist insurgency in the West African nation. The junta didn't say when a vote would be held.

Malians cheer rebel troops at Independence Square in the capital, Bamako, yesterday.

Source: AFP

'Expansionist Strategy' | Canadian Prime Minister Justin Trudeau appointed Chrystia Freeland as finance minister after the previous finance chief resigned amid policy differences. Trudeau suspended all parliamentary business and promised to return next month with an "ambitious" new plan to help drive the recovery, suggesting he is in no rush to reverse the kind of spending that has already driven the budget gap to 16% of economic output this year — the highest deficit since World War II.

What to Watch

  • Democratic and Republican leaders hinted they are looking for a way to revive negotiations on the next round of pandemic relief for the U.S., even as they remain far from any deal.
  • Belarus opposition leader Svetlana Tikhanovskaya appealed to European Union leaders meeting today on the post-election crisis in her country to reject the victory claimed by longtime ruler Alexander Lukashenko.
  • Argentina's opposition leaders urged President Alberto Fernandez to drop his controversial proposal for justice reform, a day after nationwide anti-government protests.

And finally ... The massive Three Gorges Dam is facing its largest-ever flood surge, with as much as 74,000 cubic meters of water per second expected to flow into the reservoir and the upper reaches of the Yangtze River today and tomorrow. The Chinese city of Chongqing raised its emergency response to the highest level, as water lapped at the base of a 1,000-year-old giant Buddha sculpture along the river for the first time in more than 70 years.

Water being released from the Three Gorges Dam.

Photographer: STR/AFP

 

 

 

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