Bloomberg Businessweek-Europe Edition August 29, 2022

● Worldwide, there have been more than 598 million Covid-19 infections, 6.5m people have died, and over 12.5 billion vaccine doses have been given. Dr. Anthony Fauci, the public face of America’s response to the virus since its outbreak, said he’ll wind up his five decades of government service in December to focus on “the next chapter” in his career. ● A luxury yacht once owned by billionaire Dmitry Pumpyansky, a sanctioned Russian oligarch, is up for auction. The Axioma, impounded in Gibraltar in March, has attracted 63 bids after JPMorgan Chase called in a €20.5 million ($20.4 million) loan tied to the five-deck, 72-meter-long vessel. ● Sunflowers wilt in southern France. Insufficient rainfall has left almost half of Europe in an acute drought, resulting in substantially reduced crop yields, according to the…

With a few weeks to go, the summer of 2022 has already passed some alarming milestones. As India sweltered before the monsoon season, temperatures in parts of New Delhi exceeded 49C (120F). In the US, millions suffered through an almost unprecedented combination of heat and high humidity in July, while in wildfire-hit Europe, even the UK issued its first “red” warning, with London topping 40C. Globally, June and July ranked among the warmest months ever recorded. Unfortunately, such trends are likely to worsen, partly because of global warming. In India and Pakistan, one study suggested, a changing climate makes extreme heat 30 times more likely. Summer days in England could exceed 40C once every three-and-a-half years by 2100—instead of once every 100 to 300 years—if greenhouse gas emissions aren’t reduced. In part because…

▶ Russia will hold joint military drills on Aug. 30 with Belarus, China, India, and Tajikistan. China says it’s participating as part of a bilateral annual cooperation accord. ▶ The European Forum Alpbach in Austria on Aug. 30 will feature speeches by several ECB Governing Council members as well as Riksbank Governor Stefan Ingves. ▶ The final “hustings,” or debate, in the contest to become the UK’s next prime minister happens in London on Aug. 31. Liz Truss remains far ahead of Rishi Sunak, her only remaining rival. ▶ Oliver Blume becomes CEO of Volkswagen on Sept. 1, succeeding Herbert Diess. Blume will continue to run Porsche, a unit VW wants to spin off this year. ▶ Mukesh Ambani addresses shareholders in his Reliance Industries on Aug. 29. Investors will want to hear about…

It was a $2 trillion wipeout, or so they say. The still-unfolding crypto winter, which leveled an entire blockchain’s ecosystem, a large hedge fund, a couple of crypto lenders, and an untold number of retail investors, sent crypto’s total market capitalization plummeting to about $1 trillion, from roughly $3 trillion at its peak in November. Seeing that number made me wonder if market cap—which is just the number of tokens multiplied by each one’s latest price—is a good way to measure the overall size of the industry. Also, given that a vast number of coins have simply vanished and that plenty of projects produced worthless tokens, does market cap really tell us anything about crypto’s economic value? Central to the market-cap conundrum is that some users sell crypto assets to themselves over…

Around 3500 B.C., Egyptian mariners suspended woven reeds on ships to capture wind to propel boats along the Nile River, inventing the first sailboats and enabling maritime commerce. Now modern-day shippers are adapting this ancient technology in a bid to cut the very 21st century challenge of greenhouse gas emissions. Some of the biggest names in the maritime trade are investing in retrofitting or building newly designed vessels that harness wind energy to meet pollution-busting goals and emissions standards. From giant kites that pull cargo ships to inflatable sails to spinning rotors that create lift, the move toward wind-powered commercial vessels will generate a doubling of such ships on the water by 2023. Although starting from a low base, global shipping giants including Cargill, Maersk Tankers, and Mitsui are tacking into…

The All Nippon Airways lounge at Tokyo’s Narita International Airport was once an uncrowded refuge of calm for business travelers, favored for such perks as free made-to-order noodles, a private shower, and comfy chairs with views of the tarmac and planes taxiing. But on a recent Tuesday afternoon while connecting flights at the busy airport, Paige Emerich, a United Airlines frequent flyer, had to circle through the lounge several times before she could even find a seat. “It was packed, packed, packed,” she says. “I’m still trying to be socially distanced, but there’s no social distancing in there right now.” Emerich’s experience isn’t unique. Businessclass lounges around the world can be standing room-only as corporate road warriors get back on planes, affluent flyers treat themselves to noexpense-spared holidays, and regular travelers…