Fights over China, fish and vaccine patents: Weekend Reads

[Bloomberg]( Follow Us [Get the newsletter]( A U.S. proposal to waive intellectual property rights for coronavirus vaccines set off a global [dispute](, being welcomed by some poorer countries but drawing opposition from Germany and drugmakers, who warned it would harm efforts to stem the pandemic.  China fired back after Group of Seven foreign ministers meeting in London laid out their [concerns]( about Beijing’s behavior, including claims of human rights violations of Uyghur Muslims in Xinjiang. The G-7 also took [aim]( at Russia for its alleged use of chemical weapons in the near-fatal poisoning of Kremlin critic Alexey Navalny. The U.K. and French navies were drawn into the increasingly bitter dispute over post-Brexit fishing rights, [deployed]( to keep the peace after French fishing boats mounted a protest in waters off the British isle of Jersey. Dig deeper into these and other topics with the latest edition of Weekend Reads. — [Rosalind Mathieson]( French fishing vessels protest at the port of Saint Helier, Jersey, on May 6. Photographer: Sameer Al-Doumy/AFP/Getty Images 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 Vaccine Path Gets Tougher as Pace of Shots Slows 37% President Joe Biden is running out of Americans [willing]( to roll up their sleeves for Covid-19 shots. As [Josh Wingrove]( explains, that is dragging out his bid to vanquish the pandemic and forcing the administration to refocus its vaccination strategy. China Tensions Spill Over as Europe Moves Toward Biden’s Side An investment deal reached in December between the European Union and China — after seven years of [painful]( negotiations — may have been the high-water mark for ties that are quickly deteriorating again. [Alan Crawford](, [Lucille Liu]( and [Jing Li]( set out the reasons for the hardening tone from European capitals. Container shipping rates are being driven to new [heights]( as unrelenting consumer demand and company restocking from Europe to the U.S. exhaust the capacity to move goods across oceans. Iraq Brokers Secret Saudi-Iran Talks as Biden Resets U.S. Policy Iraq is carving out a mediating role between Iran and Gulf Arab oil nations including Saudi Arabia, a [shift]( for a country better known as a victim of regional conflict than a conduit to defuse it. [Khalid Al-Ansary](, [Golnar Motevalli]( and [Zainab Fattah]( explain how Prime Minister Mustafa Al-Kadhimi has been able to build up trust. China’s New Flash Point With U.S. Allies Is a Hotspot for Spying Ever since fighting ended in the Korean War nearly seven decades ago, Baengnyeong has been a key location for U.S. allies in Seoul to [spy]( on North Korea. But, as [Jeong-Ho Lee]( writes, the island is now also on China’s radar. A Baengnyeong Island resident. Photographer: SeongJoon Cho/Bloomberg Biden’s Tax-and-Spend Plans Are Big. Wealth Gaps Are Bigger Biden’s promise to start [narrowing]( income and wealth gaps underpins every part of his economic program, from almost $4 trillion in spending plans to the biggest tax increase in a generation. Yet even these measures may struggle against the highest levels of inequality in the developed world, [Katia Dmitrieva]( reports. - April’s jobs report showed a [shockingly]( low gain in payrolls, with Republicans blaming Biden’s $1.9 trillion stimulus package for effectively encouraging people to hold off on looking for work. India’s Struggle to Track New Covid Variants Could Worsen Crisis While Covid-19 vaccines work against a new strain circulating in India that’s spread to other countries, [John Lauerman]( and [Bhuma Shrivastava]( warn it won’t be the only new version to emerge. That underscores the [urgency]( of mapping other possible variants that may be racing through India’s tightly packed population. - New virus strains have [also]( proliferated across southern and eastern Africa, analysis of the genomics data shows. - [Read how]( the world is increasingly reliant on China for vaccines. ​​​​​​ Johnson is celebrating initial results in U.K. local elections with his party [tightening]( its grip on the pro-Brexit former industrial heartlands of northern England, helped by a successful Covid-19 vaccination program. But he faces trouble ahead with Scotland cementing support for its independence movement. How Ramaphosa Won South African Ruling Party Power Play Tensions in South Africa’s ruling African National Congress came to a [head](, with Secretary-General Ace Magashule suspended pending his trial on graft charges. [Mike Cohen]( and [S'thembile Cele]( explain how a showdown three years in the making gives President Cyril Ramaphosa the upper hand. A rocket carrying the core module of China’s space station blasts off on April 29 in Hainan Province. Photographer: VCG/Visual China Group/Getty Images China said a falling rocket is unlikely to cause damage when it returns to Earth, and most of it will burn up passing through the atmosphere. The U.S. warned the spacecraft appeared to be tumbling and would make an [uncontrolled]( re-entry to Earth’s atmosphere this weekend before landing in a yet-to-be-determined area. Chip Crisis Defies a Fix Because of Brutal Math and Hard Science Shortages of semiconductors are [battering]( automakers and tech giants, sounding alarm bells from Washington to Brussels to Beijing. But while the crunch raises a question for policymakers, customers and investors — why can’t we just make more? — [Ian King](, [Adrian Leung]( and [Demetrios Pogkas]( explain it is not that easy. Covid Shockwaves Take Poverty in Latin America to a New High The pandemic has sent a wave of poverty [racing]( across Latin America, deepening problems that began over the past decade and consigning millions to lives of deprivation. [Patrick Gillespie]( and [Maya Averbuch]( set out how the crisis is warping societies in ways large and small. - [Read how]( the pandemic is also sending millions of migrant workers in India — part of its vast unreported informal sector — further into poverty. Leonardo Bispo Dos Santos takes a container of rice and beans at a feeding station in Rio de Janeiro. He spends his days waiting for food. Photographer: Dado Galdieri/Bloomberg Battle for Control of Georgia’s GOP Shows Trump’s Grip Grassroots Republicans held county conventions across Georgia last month to begin deciding their party’s future. As [Margaret Newkirk]( explains, they showed former president Donald Trump firmly in control of the state party, a microcosm of the national [struggle]( for the GOP’s soul following the November election and Jan. 6 attack on the Capitol. The Anti-Asian Hate Crime Capital of North America Is Vancouver It’s said to be the most Asian city outside Asia, the kind of place that should be [immune]( to a rise in pandemic-fueled racism. But as [Natalie Obiko Pearson]( reports, Vancouver has been anything but. And finally ... The cigarette vendors of Caracas jog up and down the sidewalks and weave in and out of traffic, yelling out their wares. They sell a lot of brands you’ve never heard of on El Comercio, which for years has been cheap-tobacco heaven. But these days, not every patron is here for the smokes. The serious [side-business]( on El Comercio is changing money— U.S. dollars for bolivars, Venezuela’s hyper-inflated currency. Photographer: Carlos Becerra/Bloomberg Photographer: Carlos Becerra/Bloomberg   Like Balance of Power? [Get unlimited access to Bloomberg.com](, where you'll find trusted, data-based journalism in 120 countries around the world and expert analysis from exclusive daily newsletters.  You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022