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Pandemic setbacks, China turmoil and the Amazon: Weekend Reads

After promising a "summer of joy" to celebrate independence from Covid-19, President Joe Biden made a renewed pitch to persuade and in some cases press Americans to get vaccinated as the delta variant of the coronavirus sweeps the U.S.

Around the world, nations that thought they had escaped the deadly pandemic's clutches came to a realization that they may still be in an extended fight with the virus. 

Investors in China endured a week of market shocks as President Xi Jinping's Communist Party unleashed a regulatory onslaught that attempts one of the biggest economic policy shifts since the 1980s.

And the fate of the Amazon came into focus amid rising concern over the impact of deforestation.

Dig deeper into these and other topics in this edition of Weekend Reads. 

A mourner grieves over the scattered ashes of a Covid-19 victim at a nature preserve in Colombia on June 27.

Photographer: Nathalia Angarita/Bloomberg

Click here for this week's most compelling political images and tell us how we're doing or what we're missing at balancepower@bloomberg.net.

Biden's Power Over Shots Hits a Wall in Fight to Curb Delta
Biden on Thursday ordered federal employees to get shots or face strict public health precautions, and offered ordinary American holdouts $100 for a jab. But as Jenny Leonard and Skylar Woodhouse report, his announcement showed the limit of his powers.

Covid Delivers an Unsettling Reality Check to the World
Just a few weeks ago, much of the world seemed poised to leave Covid behind, James Paton and Robert Langreth write. Instead, people and governments around the globe are finding out that Covid won't be thrashed into extinction, but is more likely to enter a long, endemic tail. 

Russia's Global Vaccine Ambitions Stumble on Supply Shortage
The Kremlin's ambitions to win soft-power dividends around the world from Russia's Covid-19 vaccine are being hampered by delays in delivering Sputnik V to foreign buyers clamoring for supplies. Jake Rudnitsky reports.

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. Then, almost overnight, daily cases plummeted, Tim Loh reports.

Japanese Prime Minister Yoshihide Suga expanded a state of emergency on Friday to areas surrounding Tokyo and extended it to the end of August, amid a record virus surge as the country hosts the Olympics, Isabel Reynolds reports.

Olympics Bubble Holds Up Even as Tokyo Covid Cases Hit Record
While Tokyo sees record new infections, experts say the bubble system created to separate the Olympics from the Japanese capital appears to be working so far, write Yuko TakeoLisa Du and Grace Huang

U.S. gymnast Simone Biles's decision to withdraw from the individual all-around final at the Olympics is focusing attention on the way the pandemic has exacerbated mental health issues facing the world's top athletes.

Investors Lose $1 Trillion in China's Wild Week of Market Shocks
It began with a record crash in Chinese stocks on Wall Street and only got crazier from there. The nearly $1 trillion selloff ignited by Beijing's shock ban on profits at tutoring companies has triggered a new round of soul searching about the investment case for Chinese assets in the Xi era.

Hong Kong Jails Activist for 9 Years in First Security Trial
A Hong Kong court sentenced the first person convicted under a Beijing-drafted national security law to nine years in prison, illustrating the high stakes facing pro-democracy activists awaiting similar trials, Kari Lindberg reports. Tong Ying-kit, a waiter, had been found guilty of incitement to secession and engaging in terrorist activities.

Biden's Afghan Evacuations Begin With First Flight to U.S.
More than 200 people arrived in the U.S. on the first evacuation flight for Afghans who aided American and other coalition forces, as efforts intensify to relocate interpreters, other military assistants and their families ahead of a final troop withdrawal. Jennifer Epstein and  Daniel Flatley report.

Draghi Has Stabilized Italy. His Next Task Will Shape His Legacy
Mario Draghi's push to fix Italy is moving up a gear, Chiara Albanese reports. Armed with 192 billion euros ($230 billion) of European Union aid money, Draghi plans to revamp the way the Italian state operates.

Lebanon's Billionaire Premier Aims to Halt Economic 'Fire'
Lebanon's new prime minister, billionaire Najib Mikati, said he has the international backing and business experience to stop the country's descent toward an economic and social implosion that would reverberate across the Middle East, Dana Khraiche writes.

Mikati speaks during a news conference at the Presidential Palace in Beirut on Monday.

Photographer: Hasan Shaaban/Bloomberg

Billionaires Back Her, But Tanzanian President Spooks Opposition
Tanzania's new president, Samia Hassan, won accolades from Aliko Dangote, Africa's richest man, and fellow billionaire Mohammed Dewji for her business-friendly noises, Fumbuka Ng'wanakilala and  Matthew Hill report. But her government's crackdown on opposition leaders is raising concern.

The Chip-Crunch Recovery Will Be Rocky, as Apple Can Attest
The great computer-chip shortage of 2021, a cloud hanging over companies ranging from Tesla to McDonald's, is showing signs of easing. But not for everyone, Ian King reports.

Socialite Art Collector Jailed in U.K. For Kusama Pumpkin Fraud
A German art collector was jailed in London after admitting to an art fraud involving the fake sale of a $1.3 million yellow pumpkin sculpture by Yayoi Kusama, Jonathan Browning reports.

And finally Since taking office in 2019, President Jair Bolsonaro has revived the 50-year-old worldview that Amazon development and Brazilian prosperity go hand in hand,  Jessica Brice and  Michael Smith report. But some scientists suggest the Amazon is close to a tipping point after decades of deforestation.

A burned tree on a cattle farm scorched by wildfires in Porto Velho, Rondonia state, Brazil, in August 2019.

Photographer: Leonardo Carrato/Bloomberg

 

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