Omicron surfaces, war worries, jokes gone wrong: Weekend Reads

Enjoy our biggest political stories and exclusives from the week. [View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( The coronavirus is sweeping back with a [vengeance]( via another variant discovered in southern Africa and now showing up in Europe and Asia. Numerous countries again halted air [travel]( to and from the region. The variant, called [Omicron](, comes as infections have already spiraled in Europe as winter seats in, with several nations in lockdown. Even as some governments roll out booster programs, the latest wave is a reminder that Covid will resist containment until more people are vaccinated in less developed parts of the world. Tensions between Russia and Ukraine continue to mount, with Moscow insisting a buildup of its troops near the border is not a sign an [invasion]( is imminent or even intended. In Asia, JPMorgan Chase Chief Executive Officer Jamie Dimon found himself on the receiving end of Beijing’s ire for a quip about the [longevity]( of the Communist Party. Questions still swirl about the [wellbeing]( of Chinese tennis star Peng Shuai. And the U.K. and France are still [arguing]( — over post-Brexit fishing rights but also over migrants after at least 27 people died when their boat capsized in the English Channel. Delve into these and more of Bloomberg’s biggest stories from the past seven days in this edition of Weekend Reads. — [Rosalind Mathieson]( A closed Christmas market in Vienna. Photographer: Akos Stiller/Bloomberg [Click here]( for this week’s most compelling political images and share this newsletter with others too. They can sign up [here](. Putin Pushes Confrontation With NATO as Hardliners Prevail Russia’s Vladimir Putin is an expert at bluffing and keeping the West on its toes, pushing relations to the edge before pivoting without warning. But, hemmed in and fuming, he is [deadly serious]( about being heard on Ukraine. [Ilya Arkhipov](, [Henry Meyer]( and [Irina Reznik]( have exclusive details on what Putin is thinking. - Read how [mud]( could be a key factor in the timing of any Russia move on Ukraine. And this exclusive lays out the [intelligence]( the U.S. has shared with European allies that shows the massing of Russian troops and artillery. A Ukrainian military map seen by Bloomberg echoes the U.S. assessment of a build-up near southern and eastern Ukraine. It depicts 43 battle groups, consisting of 94,000 troops. Covid Gives the World a Blunt Reminder It Won't Go Down Easy It was the week Covid-19 sent the message the pandemic is far from over, with a triple punch of rising infections, restrictions and a new mutation. As [John Follain]( and [Suzi Ring]( write, the script has become depressingly familiar after almost two years — but that familiarity also leavens the sense of [panic]( that greeted the arrival of previous variants. Biden Dodges Senate Showdown Risk With Powell-Brainard Picks U.S. President Joe Biden’s picks of Jerome Powell and Lael Brainard as chair and vice chair of the Federal Reserve help him avoid a [contentious]( Senate confirmation battle heading into a midterm election year in which inflation looms as a major issue. [Steven T. Dennis]( and [Laura Davison]( explain why continuity won out. Erdogan’s Lira Experiment Tests His Grip on Turkey The unraveling of the Turkish lira threatens to erode President Recep Tayyip Erdogan’s grasp on the economy and embolden his political opponents. [Onur Ant]( sets out the economic [mismanagement]( that’s unleashed inflation and triggered the currency’s longest losing streak in two decades. A customer exchanges U.S. dollars at a currency bureau in the Grand Bazaar in Istanbul. Photographer: Moe Zoyari/Bloomberg Dimon’s Apology Undercuts His Own Words on China Free Speech Jamie Dimon knew right away that Beijing wouldn’t like his [joke]( about the party’s future, noting immediately afterward: “I can’t say that in China.” In many ways, that was the point. Beijing’s Covid Zero policies stand in the way of a full recovery for the shipping industry, prolonging a crisis that’s snarled ports and emptied shelves worldwide. China barred crew changes for foreign vessels and imposed up to seven weeks of [mandatory quarantine]( for returning Chinese seafarers. Flush With Cash, Saudi Prince Snubs Biden and Sends a Message Saudi Arabia’s day-to-day ruler didn't [budge]( despite weeks of efforts by American diplomats to get him to pump more crude oil — and fast. [Matthew Martin]( and [Javier Blas]( lay out how the crown prince had his own wish list, including something he is yet to get from the Biden White House. Boris Johnson Courts Edgy MPs Who May One Day End His Career The serial election winner who rode that reputation to the top job in British politics is [battling]( to prove to members of his ruling Conservative Party he should keep it. [Emily Ashton]( and [Joe Mayes]( report exclusively on his efforts to court lawmakers. Spahn was speaking about the end of the northern winter. Germany passed 100,000 Covid-19 deaths as the latest [resurgence]( pushes infections higher at a record pace. The [military]( is transferring intensive-care patients from areas where hospital capacity is most strained. Peng Shuai Video Call Sparks Scrutiny of IOC Ahead of Olympics In the weeks since Peng posted details of an [affair]( with a former top official, various groups expressed concern for her safety — and doubts about China’s reassurances. The International Olympic Committee, with hundreds of millions of dollars at stake in the Beijing Winter Games, doesn’t have those reservations. China Targets Corporate Backers of Taiwan’s Ruling Party Beijing said it will [punish]( businesses and political donors with links to individuals supporting Taiwan independence, after it fined conglomerate Far Eastern Group. As [Debby Wu]( explains, that could spook companies with ties to President Tsai Ing-wen and her party, as China ratchets up pressure on the democratically run island. A flag lowering ceremony at Liberty Square in Taipei on Wednesday. Photographer: I-Hwa Cheng/Bloomberg Best of Bloomberg Opinion This Week - [Covid Will Spawn Variants Till We’re All Immune: David Fickling]( - [Give German Chancellor Olaf Scholz a Chance: Andreas Kluth]( - [Winter Is Coming for Europe’s Pandemic Optimists: Lionel Laurent]( - [Team Biden Is Talking Itself Into a Hole With China: Hal Brands]( - [New Culture Wars Feed Political Slide in Indonesia: Ruth Pollard]( China Asserts Its Nuclear Influence Before Key Iran Deal Talks China is seeking to link nuclear non-proliferation talks and a Western submarine deal in the Pacific that it opposes, another potential [obstacle]( to the tortured process of reaching a deal with Iran. [Jonathan Tirone]( brings you up to speed as discussions resume in Vienna on the Iran nuclear pact. Scholz Vows Climate Action, Covid Response in Germany Revamp Olaf Scholz vowed to steer Germany through the resurgent pandemic and [transform]( Europe’s largest economy into a climate leader as he prepares to succeed Angela Merkel as chancellor. After nearly two months of talks, Scholz’s center-left Social Democrats reached a deal that draws a line under Merkel’s 16-year tenure. Scholz, second right, with Free Democratic Party leader Christian Lindner, right, plus Greens co-leaders Annalena Baerbock, left, and Robert Habeck in Berlin. Photographer: Liesa Johannssen-Koppitz/Bloomberg Trade Trumps Tension for UAE as Dubai Leads Gulf Reset Fatma Emrem’s phone has been ringing non-stop since the United Arab Emirates and Turkey repaired ties. Emrem advises mostly Turkish firms setting up in the UAE commercial capital of Dubai. [Zainab Fattah]( reports on the rapid turnaround since the UAE unveiled its foreign policy reset in September, vowing to step back from [conflicts]( and focus on the economy. Leftist Must Overcome History to Win Chile Presidential Runoff As Chile gears up for a presidential [runoff]( next month between candidates from opposite ends of the political spectrum, one thing is certain: History isn’t on the side of leftist contender Gabriel Boric. A supporter of conservative Jose Antonio Kast at an election night rally in Santiago on Nov. 21. Kast and Boric will face off in the runoff. Photographer: Tamara Merino/Bloomberg Modi Farm U-Turn Gives Opponents Another Chance to Unite Indian Prime Minister Narendra Modi’s move to repeal farm reform laws in the face of persistent [protests]( — his biggest policy U-turn since taking office — handed his opponents momentum ahead of state elections. As [Bibhudatta Pradhan]( and [Archana Chaudhary]( write, the question is whether they can finally take advantage. And finally … As meat prices soar on supply-chain disruptions and the highest inflation in decades, [fake meat]( has become a more accessible alternative, including for Thanksgiving dinner. Demand for plant-based meat has grown, even if only 5% of the American population identifies as vegan or vegetarian. It's mostly driven by flexitarians — consumers who eat meat but are adding in plant-based alternatives out of health and sustainability concerns. Herbivorous Butcher Photographer: Herbivorous Butcher 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. 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