The FBI affidavit, Ukraine’s independence day: Weekend Reads

Intercepted foreign communications and intelligence gathered by spies were among the classified defense and intelligence material that forme [View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( Intercepted foreign communications and intelligence gathered by spies were among the [classified]( defense and intelligence material that former US President Donald Trump stashed improperly at his Mar-a-Lago estate, according to an unsealed FBI affidavit. Joe Biden said the philosophy espoused by supporters of Trump is “like [semi-fascism](” as the US president started his campaign for the congressional midterm elections in November. Ukraine celebrated 31 years of independence from the Soviet Union this week as Vladimir Putin’s invasion passed the [six-month]( mark, with Russian forces suffering huge casualties and causing enormous suffering and destruction. China [pumped]( a further 1 trillion yuan ($146 billion) into the economy, with funding largely focused on infrastructure spending. And in Europe, with Russia squeezing gas deliveries and power-plant outages sapping energy supplies, pressure [mounted]( on governments to ease the burden on consumers ahead of the approaching winter. Delve into these and more of this week’s top political stories in this edition of Weekend Reads. — [Karl Maier]( A man mourns during a ceremony for the fallen soldiers of Ukraine at the Lychakiv Cemetery in Lviv on Wednesday. Photographer: Yuriy Dyachyshyn/AFP/Getty Images Click [here]( for this week’s most compelling political images and share this newsletter with others. They can sign up [here](. Trump’s Return of Top Secret Files Convinced FBI He Had More The FBI indicated in the affidavit supporting its search of Trump’s Mar-a-Lago estate that records he kept contained information about [clandestine]( human sources and data collection authorized under a secret body known as the Foreign Intelligence Surveillance Court, [Jack Gillum]( writes. - Months before FBI agents executed the search warrant, a lawyer for the former president [insisted]( to a top Justice Department official that Trump had been acting in “good faith.” - Five key [takeaways]( from the affidavit. Six Months of Putin’s War Unravels Russia’s Superpower Image Putin’s invasion has upended fundamental assumptions about Russia’s military and economy. [Marc Champion]( outlines [how wrong]( expectations of officials and analysts in Washington and Europe proved to be. - Putin ordered his army to [boost]( its troop total by 137,000 to 1.15 million, the highest level in more than a decade. - Nuclear inspectors will be given [wider powers]( than initially sought to investigate attacks against a Russian-occupied atomic plant in Ukraine. Biden Touts Debt Relief, Climate Wins in Test of Midterm Message The president [kicked off]( his campaign for the midterm elections by casting Republican candidates as committed to “destroying America.” As [Jordan Fabian]( and [Nancy Cook]( write, Biden touted recent legislative wins and said “the very survival of our planet is on the ballot.” - Biden announced a [sweeping package]( of student-debt relief that forgives as much as $20,000 in loans for some recipients, a move he said would help a generation “saddled with unsustainable debt.” Trump, DeSantis and Cheney Expose Fault Lines in GOP Identity The US Republican party is searching for its identity ahead of the crucial midterms, with confidence [waning]( that it can reclaim control of Congress and face the 2024 presidential vote from a position of strength. [Mario Parker]( explores what is going wrong for the GOP. Japan Set to Become One of World’s Biggest Defense Spenders Prime Minister Fumio Kishida’s ruling party is looking to double spending over five years from this year’s 5.4 trillion yen ($39.5 billion), [Isabel Reynolds]( writes. That could [propel]( Japan from ninth in the world for military spending to a likely third spot behind the US and China, according to the Stockholm International Peace Research Institute, or SIPRI. Kishida rides in a tank in Tokyo on Nov. 27, 2021. Photographer: Kiyoshi Ota/Bloomberg US, Iran Near Nuclear Deal Whose Final Push May Still Take Weeks Washington and Tehran may need several weeks to resolve [their differences]( over key details of an emerging deal to revive a landmark nuclear agreement, sources say. [Jonathan Tirone](, [Golnar Motevalli]( and [Samy Adghirni]( detail the gaps that remain. - Growing public anger over worsening [living standards]( is putting pressure on Iran’s ruling hardliners to make concessions and reach an accord. China’s Historic Drought Spawns Power Crisis in Test for Xi Drought is hitting megacities like Shanghai, adding to the [challenges]( China faces in reviving an economy battered by Covid-19 lockdowns and posing yet another test for President Xi Jinping as he closes in on an unprecedented third term in power. - China announced 19 new policies Wednesday aimed at [beefing up]( efforts to rescue economic growth. - Hong Kong authorities are increasingly using a colonial-era [sedition]( law to curb dissent in the Asian financial hub. Goodbye Hot Showers. Here’s How Europe Is Slashing Energy Use Europeans are taking colder showers, offices are turning down thermostats and stores are dimming lights to [avoid blackouts]( and freezing homes this winter in the fallout from Russia’s war in Ukraine. - Also see [Brian K Sullivan](’s report on how rivers across the globe are [disappearing](. - Europe’s record-breaking heat wave will be just an average summer in less than 15 years — even if countries meet their climate goals — with [regular droughts]( and fires set to become the norm. Part of the Guadiana river has dried up in the central-western Spanish region of Extremadura on Aug. 16. Photographer: Thomas Coex/AFP/Getty Images Best of Bloomberg Opinion This Week - [Listening to Electricity Traders Is Really Scary: Javier Blas]( - [Why Pakistan Can’t Afford Another Political Crisis: Mihir Sharma]( - [Did Congress Really Snub Supreme Court on Climate?: Noah Feldman]( - [The Stink Over Britain’s Sewage Gets Political: Therese Raphael]( - [The Era of Economic Whiplash Is Just Beginning: Eduardo Porter]( Tensions in Team Truss Emerge With 10 Downing Street in Reach While Liz Truss has opened up a comfortable poll lead over Rishi Sunak in the race to be the UK prime minister, behind the scenes [disagreements]( are emerging in her team. As [Alex Wickham]( writes, there are fundamental divisions over how to help Britons struggling with soaring prices this winter. - Truss, the current UK foreign secretary, said the “jury’s out” on whether French President Emmanuel Macron is a [friend]( or an enemy. Truss in Manchester on Aug. 19. Photographer: Anthony Devlin/Bloomberg Singapore Housing Barrier Becomes Even Higher for LGBTQ Buyers The authorities’ move to bolster rules preventing same-sex marriages could be a [serious blow]( to the nation’s lesbian, gay, bisexual, transgender and queer community in one of the city-state’s most important wealth and lifestyle areas: housing. [Natalie Choy]( explains why. Angola President Wins Second Term in Closest Vote in Decades The ruling MPLA party maintained its 47-year [grip on power](in Angola and won a second mandate for President Joao Lourenco in this week’s election — a result the opposition rejected. [Henrique Almeida]( and [Candido Mendes]( write that the vote was the most hotly contested in Africa’s second-biggest oil producer since a civil war ended in 2002. Imran Khan’s Street Politics Sets Up Showdown With Army Pakistan’s military-backed establishment faces a [dilemma](: The more they seek to boot Imran Khan out of politics, the greater the risk the former premier becomes even more popular. [Kamran Haider]( and [Ismail Dilawar]( explain how his campaign to rally supporters for a fresh national vote is paying off. - Pakistan has appealed to foreign donors for help as unprecedented rains [trigger]( a humanitarian crisis and threaten the economy. Border Reopening Stalls as Maduro Mulls Impact of Colombia Trade Gustavo Petro’s inauguration as Colombia’s first leftist president was expected to lead to a [quick reopening]( of the border with Venezuela and a reboot of their often acrimonious relations. [Patricia Laya]( looks at why the process has stalled. Explainers of the Week - [Scotland’s Push to Secede From UK Won’t Go Away]( - [Women Paid Less Than Men? Here’s Who’s Keeping Score]( - [Net Zero Will Make or Break One of the UK’s Wealthiest Cities]( - [Covid Incubation Gets Shorter With Each New Variant, Study Shows]( - [Why Ghana Went From Hero to Zero for Investors]( Church Ties Exposed by Abe Murder Drag Down Successor in Japan Former Japanese Prime Minister Shinzo Abe’s assassination was expected to unite a nation in shock. Instead, [Jon Herskovitz]( and [Yuki Hagiwara]( explain, it exposed [embarrassing]( ties between the ruling party and the Unification Church, leading to a sharp fall in public support for the current leader and possibly threatening his grip on power. Even From Jail, Najib Will Remain a Kingmaker in Malaysia Najib Razak is in prison after Malaysia’s top court upheld the former prime minister’s conviction for his role in one of the world’s largest financial scandals. Yet as [Niluksi Koswanage](, [Philip J. Heijmans]( and [Ravil Shirodkar]( write, he will [loom large]( over the next battle for control of parliament. And finally … After the FBI’s search of Trump’s Mar-a-Lago property, some users of the social media platform he helped to start urged people to respond with violence, [Julia Love]( reports. That prompted a congressional committee to write to Truth Social to [express concern]( over posts including “Arm yourselves! We are about to enter into Civil War!” Trump supporters outside Mar-a-Lago on Aug. 9. Photographer: Eva Marie Uzcategui/Bloomberg 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