Biden chases oil, Italy and UK politics quake: Weekend Reads

US President Joe Biden made a tour of the Middle East as high fuel prices compelled him to backtrack on an earlier vow to isolate Saudi Arab [View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( US President Joe Biden made a [tour]( of the Middle East as high fuel prices compelled him to backtrack on an earlier vow to isolate Saudi Arabia. In Europe, the UK’s main candidates to replace Boris Johnson as prime minister traded [barbs]( over the future of the ruling Conservative party, while Italy’s president rejected Premier Mario Draghi’s resignation as the country slid into political [crisis](. Sri Lankans celebrated after protests forced President Gotabaya Rajapaksa to [quit]( and flee to Singapore. In China, President Xi Jinping made a stop of the Xinjiang province, where activists and Western governments say officials are committing human rights [violations]( against the Uyghur minority. Delve into these and other top political stories from Bloomberg in this edition of Weekend Reads. — [Michael WinfreyÂ]( Biden bumps fists with Israel’s caretaker prime minister, Yair Lapid, following his arrival at Ben Gurion Airport near Tel Aviv on Wednesday. Photographer: Jack Guez/AFP/Getty Images Click [here]( for this week’s most compelling political images and share this newsletter with others. They can sign up [here](. Biden Expects More Saudi Oil After Trip to Kingdom Biden said he expects further oil supply [increases]( from Saudi Arabia to help tame fuel costs after meeting the kingdom’s rulers. While his trip didn’t result in an immediate pledge for a production hike, US officials said they were confident that Riyadh would lead OPEC+ to a gradual boost, [Grant Smith](, [Justin Sink]( and [Salma El Wardany]( report. - Biden said Friday that he told Saudi Arabia’s crown prince, Mohammed Bin Salman, that he holds him [responsible]( for the killing of columnist Jamal Khashoggi. Jan. 6 Panel Maps Path From ‘Wild’ Trump Tweet to Capitol Attack Former President Donald Trump’s tweet calling for a “[wild](” rally to protest the Jan. 6 electoral vote count reverberated through extremist circles. [Mike Dorning]( and [Billy House]( look at testimony to the House committee probing the Capitol insurrection that portrayed Trump opening the path to violence. Truss Sends Up a Bat Signal to Tory Right in Race to Lead the UK Supporters of UK Foreign Secretary Liz Truss are calling on the right-wing of the governing Conservative Party to shore up her bid to become the next prime minister. [Alex Wickham]( looks at the wide-open [race]( to replace Boris Johnson. Ukraine Shows Taiwan ‘Asymmetric’ Weapons Work, US Diplomat Says Ukraine’s [countermoves]( against Russia may provide a lesson for Taiwan, which China has threatened to invade, according to a top US official. As [Iain Marlow]( reports, the use of Javelin anti-tank and Stinger anti- aircraft weapons — which can help a smaller force battle a stronger opponent — could serve as a potential example if the island nation comes under attack. Yellen confronted Russian officials at the opening session of a gathering of Group of 20 finance officials in Bali, Indonesia yesterday. Tensions over Moscow’s invasion of Ukraine [impeded]( prospects for agreements on food security and debt issues as headwinds buffet the global economy. Draghi Is Signaling That He’s Determined to Quit Government Draghi has signaled he’s [determined]( to resign as Italy’s prime minister. As [Chiara Albanese]( and [Alberto Brambilla]( report, that would throw Italy into turmoil just as Europe is contending with an energy crisis fomented by Russia’s war in Ukraine. Europe’s Rush to Buy Africa’s Gas Draws Cries of Hypocrisy The EU is rushing to import as much gas from Africa as possible to make up for supplies lost to Moscow’s invasion of Ukraine. But as [Neil Munshi](, [Paul Burkhardt]( and [William Clowes]( explain, it isn’t [interested]( in helping the world’s poorest continent burn more of the fuel at home. Japan PM Risks Political Fight With Embrace of Abe’s Legacy Two days after the assassination of former leader Shinzo Abe, his party won big in Japan’s upper house elections. [Isabel Reynolds]( looks into how the [victory]( bolsters Prime Minister Fumio Kishida as he seeks to buy some political space to focus on the economy. ‘People Power’ Takes Over Sri Lanka's Presidential Palace Thousands of Sri Lankans stormed and occupied the nation’s Presidential Palace over the weekend, forcing Rajapaksa to resign and flee. Take a look at these [images]( of how it played out. People take a dip in the president’s now-murky swimming pool on July 10. Photographer: NurPhoto/Getty Images Amazon Secretly Funds New Coalition Opposing Tech Regulation A group fighting antitrust legislation targeting the biggest US tech companies presents itself as a grassroots [advocate]( for American taxpayers. But as [Emily Birnbaum]( discovers, it hasn’t disclosed that one of its financial backers is Amazon.com. Best of Bloomberg Opinion - [The Justice Department Should Indict Trump: Jonathan Bernstein]( - [Johnson’s Exit Is Populism’s Latest Fallout: Adrian Wooldridge]( - [In Sri Lanka, What Comes After People Power?: Ruth Pollard]( - [Ukraine’s Future Hinges on Moral High Ground: Leonid Bershidsky]( - [Thugs for Hire Hint at a More Unstable China: Matthew Brooker]( Russia Seeks to Punish Expats Who Criticize War on Social Media Moscow is trying to [censor]( Russian-born influencers using a combination of criminal charges and pressure on technology companies. As [Margi Murphy]( and [Madis Kabash]( write, the effort to silence critical expats coincides with a broader crackdown on dissent closer to home. Explainers you can use - [The ‘Darwinian’ System to Select UK’s Prime Minister]( - [Higher Oil Prices Are Poised to Last for Months, If Not Years]( - [Who Shot Shinzo Abe and Why? Everything We Know So Far]( - [Los Angeles Considers Ban on New Gas Stations and Fuel Pumps]( - [Why the Euro Has Tumbled to Parity Against the Dollar]( Xi Takes Defiant Victory Tour as He Closes in on Third Term Xi’s trip to Xinjiang this week was the latest stop in a tour that demonstrates his willingness to [defy]( foreign pressure before he secures a third term. It comes in the final run-up to a twice-a-decade leadership reshuffle, in which Xi is set to clinch at least five more years in power. Thirteen ‘Perfect Storms’ That Are Sweeping the World Right Now From the pandemic to supply chains and extreme weather, there’s been a surge in mentions of “[perfect storms](” this year. How many are real? [Joe Weisenthal]( and [Tracy Alloway]( take a look at some happening right now. And finally … The James Webb Space Telescope gave humanity its deepest look ever into the farthest reaches of the universe this week. NASA released images showing such [wonders]( as a vast cloud of gas surrounding a dying star and the atmosphere of a giant gassy planet, [Todd Shields]( reports. The Stephan’s Quintet galaxies Photographer: NASA Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( [Ads Powered By Liveintent]( | [Ad Choices]( Bloomberg L.P. 731 Lexington, New York, NY, 10022