Iran countdown

[Bloomberg]( Follow Us [Get the newsletter]( While Iran is moving ahead with efforts to revive the 2015 nuclear pact, tomorrow’s presidential [election]( could significantly [narrow]( the time that world powers have left to strike a deal. The winner is almost certain to be Ebrahim Raisi, a hardline former judge who’s hostile to the West and is widely considered to be Supreme Leader Ali Khamenei’s preferred successor. Iran insists the departure of moderate Hassan Rouhani, who was key to the agreement that lifted economic sanctions and curtailed its atomic program, won’t affect talks to bring the deal back online after then-President Donald Trump pulled the U.S. out in 2018. But an accord probably needs to be sealed before Rouhani steps down in August. That’s a [tight]( schedule given, according to France, “significant [disagreements](” remain. One sticking point is likely to be over who moves first — Iran to curtail its nuclear work, or the U.S. to lift sanctions. A revived deal could see the Islamic Republic return to global oil markets. Iran’s neighbors are also watching closely. Raisi has said he supports nuclear diplomacy, but also downplayed it as a “marginal matter.” His relationship with the U.S. is already fraught: Washington sanctioned him in 2019 for his alleged role in a deadly crackdown on citizens protesting against vote fraud. Human rights groups accused him of presiding over trials leading to mass executions of political prisoners in 1988. That adds another challenge to the West’s already complicated push to curtail a nuclear program Iran says is peaceful but that Washington and its allies believe is aimed at bomb-making. [— Sylvia Westall]( Supporters of Raisi gather during a rally in Tehran on Tuesday. Source: Anadolu Agency Check out all our biggest stories on the Bloomberg Politics web page [here]( and tell us how we’re doing or what we’re missing at balancepower@bloomberg.net. Global Headlines Low bar | Joe Biden said he wanted to meet Vladimir Putin at their [summit]( in Geneva to set some “rules of the road” in U.S.-Russia relations, [Nick Wadhams]( and [Henry Meyer]( report. After about three hours together, the presidents showed how differently they interpreted that goal at separate news conferences. Concrete accomplishments were hard to define. - [Click here]( for more key takeaways from the meeting. Chip battle | President Xi Jinping is ramping up his [push]( for China to achieve tech self-sufficiency by tapping a top deputy to lead an initiative aimed at helping domestic chip makers overcome U.S. sanctions. Liu He, Xi’s economic czar whose sprawling portfolio spans everything from trade to finance, will spearhead the development of so-called third-generation chips. - When 28 Chinese warplanes streaked through the skies around Taiwan this week — the largest incursion this year — they followed a pattern that has generated alarm both in Taiwan and America. Read more [here](. European Central Bank officials will try this weekend to wrap up efforts to [retool]( it to meet the challenges of the 21st century. As [Jana Randow]( reports, the list includes a new inflation goal, better ways to measure the economy and how to deal with climate change and inequality. Commodities crime | The theft of lumber, metals, crops and other raw materials is nothing new. But a combination of soaring prices, the coronavirus pandemic, and economic deprivation has created fertile ground for [crimes]( targeting commodities. Now there’s a spike in groups grabbing everything from copper in Chile to cocoa in Nigeria and car parts in Germany. Skipping pride | Like other automakers, South Korea’s Hyundai has [courted]( the American LGBTQ community for years, backing a film series in 2019 that featured Shangela — a breakout star of the reality show RuPaul’s Drag Race — and sponsoring a festival for queer artists of color. But back in Korea, there’s little sign of such support for diversity. A still from Hyundai’s commercial featuring Shangela. Source: Hyundai Hotter world | California is at risk of [blackouts]( as a heat wave hits the western U.S., while cities in China’s industrial heartland are rationing electricity. European power prices are far higher than usual and drought is drying up reservoirs from Brazil to Taiwan. As [Dan Murtaugh](, [Josh Saul]( and [Naureen Malik]( report, it’s a harbinger of things to come from rising temperatures. Sponsored Content [Southern California Edison]( is leading the charge for clean, more renewable energy. We’re a national leader in solar delivery. We’re striving to cut emissions from buildings and freeways. And we proudly support the fastest growing green jobs in the nation. Southern California Edison What to Watch - The prevalence of Covid-19 in England is increasing [exponentially](, driven by younger people who aren’t vaccinated, according to a study led by Imperial College London. - Sweden’s government refused to back down after the left-wing opposition [threatened]( to try to unseat Prime Minister Stefan Lofven over plans to deregulate the rental housing market. - The world’s richest nations have set the stage for a corporate tax revolution, but many technical details are [unresolved]( before more than 100 governments hold talks ahead of a Group of 20 meeting in July. - Biden plans to sign legislation today making June 19 the [Juneteenth]( National Independence Day to commemorate the end of slavery in the U.S., after the House and Senate passed the bill this week. And finally ... The best place to see where El Salvador is going with the Bitcoinification of its economy is a surfing [village]( on the Pacific coast. Workers here receive their salaries and pay bills in the digital currency, tourists can buy lunch with a special app and community projects are financed with Bitcoin donations. As [Ezra Fieser]( reports, some residents of El Zonte say the benefits of Bitcoin have been incremental at best, but for others it’s been life changing. El Zonte lifeguard Edwin Valenzuela gets paid in Bitcoin. Photographer: Christina Baussan for Bloomberg Businessweek  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