A new king and prime minister in troubled UK: Weekend Reads

King Charles III made his first televised address to the nation as monarch, pledging “ lifelong service” to his subjects and paying tribute [View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( King Charles III made his first televised address to the nation as monarch, pledging “[lifelong service](” to his subjects and paying tribute to his late mother Queen Elizabeth II, the only sovereign most Britons have ever known. Liz Truss vowed to take “action this day and every day” to deal with the [challenges]( of soaring energy bills and a cost-of-living crisis facing the UK as she replaced Boris Johnson as prime minister. US President Joe Biden slammed Donald Trump for promising to pardon rioters involved in the Jan. 6 attack on the Capitol, and [warned]( voters against putting his predecessor’s followers in charge of the House or Senate in November’s midterm elections. As the European Union struggles to [tame]( runaway energy prices and keep the lights on, member states remain split over what exactly should be done and how. Delve into these and more of the week’s top political stories in this edition of Weekend Reads.  — [Karl Maier]( Well-wishers outside Buckingham Palace on the first day of public mourning on Friday. Photographer: Nathan Laine/Bloomberg Click [here]( for this week’s most compelling political images and share this newsletter with others. They can sign up [here](. UK in Mourning Faces Hard Times Without Comfort of Its Queen In the space of 48 hours the UK ushered in a new, untested prime minister and witnessed the departure of a legendary head of state who had seen it all before. [Emily Ashton]( and [Alex Wickham]( report that the changes come as national [anxiety builds]( about a long, cold winter ahead. - See our [photo essay]( of the reign of Queen Elizabeth II. UK Says Energy Aid Will Cost Treasury Billions and Cut Inflation Truss announced a package of measures to ease a historic [squeeze]( on the cost of living that’s likely to define her premiership. As [Kitty Donaldson]( and Emily Ashton write, the problem for her government is that there’s no end in sight for the gas shortages that came with Russia’s war in Ukraine.  Truss speaking to Conservative Party members on Aug. 31. Photographer: Hollie Adams/Bloomberg Ukraine Army’s Breakthrough in North Threatens Russian Grip A Ukrainian counteroffensive appears to be [progressing]( in the north, though less so in the southern Kherson region that has attracted greater attention and Russian reinforcements, [Marc Champion]( reports. It marks the first time Ukrainian forces have pierced Russian defenses on a more than tactical level. - Operators at the Russian-occupied Zaporizhzhia nuclear reactor in Ukraine may soon have to draw on their last line of defense to prevent a [nuclear accident](, according to International Atomic Energy Agency monitors. A Ukrainian artillery unit fires a multiple rocket launcher near the frontline in the Donetsk region on Aug. 27 Photographer: Anatoli Stepanov/AFP/Getty Images Biden, US Allies Discuss Russian ‘Weaponization’ of Energy The US offered $2.8 billion in weapons and military financing to Ukraine and its neighbors, as the Biden administration sought to [shore up]( allied unity in the face of Russian threats to cut off fossil fuel exports and a looming energy crisis, [Josh Wingrove]( and [Jordan Fabian]( report. - Chancellor Olaf Scholz accused Russia of seeking to [blackmail]( Germany and its European partners by shutting off gas deliveries and dismissed an apparent leak in a key pipeline as “pretense.” Putin made the [comment]( at the Eastern Economic Forum in Vladivostok on Wednesday in answer to a question by the panel’s moderator following a speech in which he didn’t directly mention the war. Sanctions Pull Russian Billionaires Tighter Into Putin’s Embrace While it’s difficult to know how many rich Russians who lived abroad have returned home, the prospect of life under sanctions has made a once unattractive proposition the best option available. It’s proving [a victory]( for Putin, who has tried to lure back wealthy citizens by offering tax incentives and capital amnesties. Putin’s barb that developing nations aren’t benefiting from the safe-corridor deal for Ukrainian grain isn’t [backed up]( by the numbers. Tracking of Ukraine shipments shows about 400,000 tons was shipped to Africa, with more than 600,000 tons going to Asia and the Middle East. Scale of Europe’s Energy Turmoil Exposed in Frenzied Crisis Week European ministers meeting in Brussels Friday discovered just how [complex]( it is to forge a common response to the energy crisis. [Alan Crawford](, [Ewa Krukowska]( and [Samy Adghirni]( examine the challenges they face after Russian energy giant Gazprom cut off gas deliveries to Europe via the Nord Stream pipeline indefinitely. Can Europe’s $375 Billion in Relief Keep People Warm Enough? European households will benefit from at least 376 billion euros ($375 billion) in government aid to stem [whopping energy]( bills this winter. But as [Todd Gillespie]( explains, there’s a risk the smorgasbord of spending won’t bring enough relief. Xi’s Covid Zero Strategy Faces Make-or-Break Test in Chengdu The Covid Zero model Chinese President Xi Jinping has spent years trumpeting as the best way to beat the pandemic is facing [a major test](, weeks before a crucial meeting that’s expected to hand him a landmark third term in power. - The ruling Communist Party will revise its constitution to include “major strategic thinking,” state media reported, in a sign Xi ’s [doctrine]( could be further elevated. GOP Bickers, Plays Defense as Dream of Congress ‘Red Wave’ Fades US Republicans had expected that the November midterm elections would see them gain control of both houses of Congress. Instead, they’re scrambling to [stave off]( an embarrassing performance as two of their top senators feud over strategy amid a shortfall in fundraising. - US Chief Justice John Roberts said he’s concerned criticism of the Supreme Court over controversial decisions has veered into attacks on its [legitimacy]( as an institution. Best of Bloomberg Opinion This Week - The Revolutionary Monarchy of Elizabeth II: Adrian Wooldridge]( - [Truss Goes the Wrong Way on UK Energy Bailout: Javier Blas]( - [Gorbachev Did Save One Communist Party — China’s: Minxin Pei]( - [Time Isn’t on Putin’s Side in Ukraine: Leonid Bershidsky]( - [Harrowing Droughts Should Be a Global Warning Sign: Editorial]( Bolsonaro Softens Rhetoric in Key Independence Day Rallies President Jair Bolsonaro [toned down]( his rhetoric during Brazil’s Independence Day celebrations, seeking to woo undecided voters and reinvigorate his campaign less than a month before general elections, [Simone Iglesias](, [Andrew Rosati]( and [Daniel Carvalho]( report. Australian Climate Victory Opens New Rifts in Business, Politics The fight for the future of Australia’s climate policy is no longer about whether to cut carbon emissions — it’s about how fast to act. As [Ben Westcott]( explains, a [battle]( is brewing between pro-climate lawmakers and big business. How a Tribal Nation’s Wealth Was Stripped Under US Watch The US government promised the leaders of the Osage Nation more than a century ago that all the mineral rights to their nearly 1.5 million-acre reservation would be put in a federally managed trust. Instead, as [Rachel Adams-Heard]( writes, Washington’s policies allowed a [massive transfer]( of the Native Americans’ land and wealth to outsiders. Explainers of the Week - [Why Gaza Is Epicenter of Israeli-Palestinian Conflict]( - [Is a Fetus a Person? The Next Big Abortion Fight]( - [Why Ukraine’s Big Nuclear Plant Raises Worries]( - [Why Japan Is Turning Against a State Funeral for Abe]( - [N.Y. to Maine Hit by Rare Drought Killing Crops, Sparking Fires]( Rattled by Gun Violence, Swedish Voters Embrace Nationalist Party A five-year-old boy struck by a ricocheting bullet, a mother hit in the playground as she tried to protect her daughter, and another woman caught in the crossfire of a gangland killing in a mall. [Niclas Rolander]( explains why for Swedes, last month’s attacks have become depressingly familiar and will be key [a factor]( in Sunday’s election. Apostasy and Adultery Trials Take Sudan Back to Dark Days Charges for Christian converts from Islam, a death-by-stoning sentence for adultery and the emergence of a puritanical police force indicate religious [oppression]( is once again becoming prevalent in Sudan. As [Simon Marks]( and [Mohammed Alamin]( explain, they are the latest signs that the military, which seized power in October, is rolling back the democratic gains of the 2019 revolt that ousted dictator Omar al-Bashir after three decades. And finally … A renovated pedestrian bridge over the Ibar river in Mitrovica that was meant to be a symbol of unity in Kosovo remains a [boundary]( between worlds that have collided again in recent weeks. [Andrea Dudik]( writes that the divide between the majority Albanians and Serbs in the city is a worrying omen for Europe mired in conflict again. The Ibar river seen from the new bridge. Photographer: Ben Kilb/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. 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