Bloomberg Businessweek-Europe Edition January 23, 2023

● Worldwide, there have been 668 million cases of coronavirus and 6.7m deaths. China says it’s seen 60,000 infections in the weeks since it relaxed its Covid Zero restrictions. Doctors are bracing for the Lunar New Year holiday at the end of January: Travelers reuniting with loved ones will likely hasten the spread of the virus. ▷ 6 ● War in Ukraine ▶ The death toll from a Russian missile strike on an apartment building in Dnipro on Jan. 14 has climbed to 45. ▶ Polish Prime Minister Mateusz Morawiecki is working to persuade European allies—Germany in particular—to send as many as 100 tanks to support Ukraine’s defense. ▶ Ukraine Interior Minister Denys Monastyrsky and at least 13 others were killed when his helicopter went down on Jan. 18 near a kindergarten and apartment…

When freezing temperatures in the southeastern US led to blackouts over the holidays, some pointed their fingers at clean energy. That line of attack—solar panels and wind turbines are less reliable in storms than coal and gas plants—has become predictable. But it’s dead wrong, and it’s important to understand why, to avoid allowing a canard to slow the push for cleaner air and bolder climate action. The issue of electricity reliability is rightly at the center of energy debates. Blackouts from storms can lead to suffering and death. In December in western New York, nine residents died after power failures cut off heat to their homes. Blackouts also result in steep economic losses. The most common cause, downed power lines, is also the most visible. But there is one source of…

▶ The US reports GDP figures for the fourth quarter on Jan. 26. Analysts expect growth to have slowed a bit from the rebound of 3.2% reported in the third quarter. ▶ The Bank of Canada announces its latest interest-rate decision on Jan. 25. With inflation slowing only modestly, analysts expect to see another rate increase. ▶ “Hip Hop: Conscious Unconscious” opens at Fotografiska in New York on Jan. 23. The show, celebrating 50 years of hip-hop, runs through May, then travels to Stockholm and Berlin.…

The 269 passengers on China’s first direct flight to Thailand since the end of Covid Zero restrictions got an extra-special welcome when they disembarked in Bangkok from Xiamen on Jan. 9. The country’s deputy prime minister showed up to present them with orchid bracelets. There was good reason for the warm welcome: Thailand expects 7 million to 10 million Chinese travelers to arrive by air this year and hopes their spending will help power an economic recovery. Around the world, economies that rely on tourism and commodities are set to receive a shot in the arm from China’s sudden reopening, as consumers unleash some of the 5.6 trillion yuan ($830 billion) in excess savings they built up during the pandemic. Demand for air travel, hotels and spots at foreign schools and…

Zoran Gojkovic holds up a glass of golden, foam-topped lager against the light before taking a long, slow draught. “The main flavor is crispness,” says the master brewer for Carlsberg A/S. “It has a slight malty note with a noble hop aroma.” That description could fit hundreds of lagers. What makes this experimental Carlsberg recipe distinctive is the use of a barley variety engineered to thrive under high heat and water stress—or, to put it another way, a cool beer for a warm planet. For a $600 billion global brewing industry being assailed by climate change, such advances can’t happen fast enough. Barley yields are falling. Fresh water is harder to find. And good-quality hops—the green flower that gives beer its bitter bite—are under threat from scorching heat waves. Climate change is hitting…

For much of the past decade, venture capital firms and other investors were eager to throw money at biotech startups in hopes of bankrolling the next billion-dollar medicine. These days, fledgling drugmakers spend as much time convincing investors they have enough cash to survive as they do developing the promising treatments in their pipelines. How often are biotech executives questioned about cash? “Every single conversation,” says Marcio Souza, chief executive officer of Praxis Precision Medicines Inc. Shares of the company, which aims to treat central nervous system disorders, have plummeted 80% over the past year. Investors today want to know how much money companies have, how long it will last and exactly how they plan to use it, executives say. The answers are especially important in 2023, as investors navigate a tough…