Putin’s woes mount as Ukraine forces advance: Weekend Reads

Ukrainian troops pressed on with their counteroffensive against Moscow’s forces, increasing pressure on Vladimir Putin and his generals. Tha [View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( Ukrainian troops pressed on with their [counteroffensive]( against Moscow’s forces, increasing pressure on Vladimir Putin and his generals. That has left Ukraine’s allies in a conundrum: While they hope Kyiv will win, they aren’t sure they want the Russian president [to lose](. The energy crisis sparked by Russia’s invasion is starting to test the [solidarity]( of European Union nations over how individual governments respond.  President Joe Biden’s administration announced [new restrictions]( on China’s access to US semiconductor technology in a bid to stop Beijing’s push to develop its own chip industry and advance its military capabilities. UK Prime Minister Liz Truss pledged to “[stay the course](” after a bruising few days in which she U-turned on a flagship tax cut and members of her own cabinet openly questioned her plans. And in Brazil, the presidential runoff [race]( is tightening. Delve into these stories and more in this edition of Weekend Reads. — [Karl MaierÂ]( Ukrainian firefighters put out a blaze after a strike in Zaporizhzhia on Thursday. Photographer: Dimitar Dilkoff/AFP/Getty Images Click [here]( for this week’s most compelling political images, and if you’re enjoying this newsletter, click [here]( to sign up for Balance of Power. In Putin’s Nuclear Brinksmanship, Weapons Leave Room For Warning So far, US and European officials have said there’s no concrete sign of any Russian preparations to use [nuclear weapons]( in Ukraine. But as Moscow’s forces steadily lose ground to Ukraine’s counteroffensive, the Kremlin has sought to sow fear with hints that further escalation may involve arms that haven’t been used in war since 1945. - Putin’s flagship bridge to Crimea [was damaged]( in a blast that hit a fuel train and caused the partial collapse of the only road link running from the Russian mainland to the Black Sea peninsula Moscow annexed in 2014.  - The Kremlin has told state media to start [admitting]( some of the failings of Putin’s invasion of Ukraine, worried that its relentlessly upbeat propaganda s fueling growing public doubts. Human Rights Champions Win Nobel Peace Prize as War Rages Rights advocates in Ukraine, Belarus and Russia won the Nobel Peace Prize for their efforts to fight [authoritarian regimes]( as Europe’s worst conflict since World War II is roiling the region. [Stephen Treloar](and [Kari Lundgren]( write that the Oslo-based Norwegian Nobel Committee awarded the prize to a critic of Putin’s regime for the second year in a row. Biden said on Thursday Washington is trying to find an “[off-ramp](” for Putin, declaring that his threats to use tactical nuclear weapons are real and could lead to “Armageddon.” NATO Puzzles Over How to Shield Vital Undersea Links From Attack North Atlantic Treaty Organization allies are trying to work out how to [safeguard]( undersea critical infrastructure after the Nord Stream pipeline blasts showed the difficulty of monitoring facilities and identifying any attackers. [Natalia Drozdiak]( writes that the sheer scale and underwater depth of assets such as pipelines heighten the challenge for governments. Xi’s First Decade Made China a Paradox of Confidence and Anxiety Xi is now China’s most powerful man since Mao Zedong, with a clear path to securing a precedent-defying third term at this month’s once-in-five-year Communist Party congress. Yet his [ever-expanding]( authority has come at the expense of a vast range of social and economic freedoms. - Besides the question of leadership, a number of [decisions]( at the congress will reveal what Xi won or lost along the way. A video featuring Xi at the Museum of the Chinese Communist Party in Beijing on Tuesday. Source: Bloomberg Secretive Chip Startup May Help Huawei Circumvent US Sanctions Chinese technology giant Huawei may have a way to avoid a US ban on buying American semiconductors and other critical [technologies]( by working with Pengxinwei IC Manufacturing, a firm run by former Huawei executives that has ordered foreign chip-making equipment. Taiwan Tensions Spark Round of US War-Gaming on Risk to TSMC Biden has vowed to commit US forces in the event of a Chinese attack on Taiwan. Yet the question occupying US and Taiwanese officials, [Jenny Leonard](, [Debby Wu]( and [Katrina Manson]( write, is [the fate]( of the island’s flagship semiconductor industry. Kim Jong Un’s Silence as Missiles Fly Shows Shift in Strategy North Korea’s latest barrage of missiles may look like another attempt to ratchet up hostilities in return for some sort of leverage at the bargaining table. But as [Jon Herskovitz]( and [Sangmi Cha]( explain, unlike previous provocations, his regime has mostly refrained from [trumpeting]( the launches with the usual creative vitriol directed at the US and its allies. A news broadcast with file footage of a North Korean missile test, at a railway station in Seoul. Photographer: Jung Yeon/AFP/Getty Images Truss’s Enemies Worked the Tory Members as She Huddled in Crisis While a defiant Truss managed to get through a chaotic UK Conservative Party conference, senior Tory rebels are [openly canvassing]( for support among disgruntled lawmakers, leaving the prime minister facing a fight for survival. - Truss ditched the antagonistic rhetoric that became a hallmark of post-Brexit relations with the EU in a sign the two sides may be [moving closer](to putting their differences behind them. Berlin’s Alliance With Paris Starts to Creak With EU in a Fix French President Emmanuel Macron and German Chancellor Olaf Scholz were smiling as they posed for photos before a long dinner this week in Berlin, belying [the tensions]( between them. [Ania Nussbaum](, [Arne Delfs]( and [Kamil Kowalcze]( report on how the two nations are at loggerheads on key policy areas as war rages in Europe’s east. Biden Team Seethes Over OPEC+ Cut That Darkens Election Outlook The decision by Saudi Arabia and its OPEC+ allies to cut oil production [surprised]( Biden administration officials and stoked concern that gasoline prices will rise ahead of the congressional midterm elections in November. [Jordan Fabian]( and [Jennifer A. Dlouhy]( write that Washington has no good options to respond to the move. Best of Bloomberg Opinion This Week - [Putin’s War Hawks Are No Longer In Step: Leonid Bershidsky]( - [Europe Failed Its First Winter Energy Savings Test: Javier Blas]( - [Abortion Remains Big X Factor in Midterm Elections: Joshua Green]( - [How Long Will PM Truss Last? The Omens Look Bleak: Martin Ivens]( - [Is Brazil’s Election Just Another Missed Chance?: Eduardo Porter]( Trump Had Classified Boxes Packed Before Movers Came, Files Show Former President Donald Trump publicly said one reason the FBI found boxes of [classified documents]( improperly stored at his Florida estate was that federal workers had packed up the White House after his 2020 defeat. When [Jason Leopold]( and [Jack Gillum]( investgiated, one thing became clear: The boxes were packed when the movers got there. Wealthy Americans Use Tax Loophole to Deduct Now, Give Later US billionaires are [exploiting a loophole]( to avoid paying taxes by donating funds to charity while waiting years to release them to those in need. [Noah Buhayar](, [Sophie Alexander]( and [Ben Steverman]( report that a growing number of wealthy Americans are using so-called donor-advised funds that are so opaque that no one needs to know how or when the cash is spent. Bolsonaro, Lula Duel for Key Endorsements Ahead of Brazil Runoff Brazil’s far-right president, Jair Bolsonaro, and leftist challenger Luiz Inacio Lula da Silva are rushing to [secure endorsements]( from key political players as they gear up for the second stretch of the presidential campaign ahead of an Oct. 30 runoff, [Simone Iglesias]( reports. When the Seawater Turns Pink, Poor Venezuelans Rush to Cash In In the early morning, the Caribbean Sea shimmers a [psychedelic pink]( in the pools that form along the eastern edge of Venezuela’s Margarita Island covering salt flats that took shape centuries ago. [Patricia Laya]( speaks to impoverished local residents who wade into the water to rake up the granules and dry them to sell for about $0.02 a pound.  Even children work the ponds. Photographer: Matias Delacroix/Bloomberg Explainers of the Week - [How Iran Hejab Protests Stoked Broader Public Anger]( - [India Has a $1.2 Trillion Plan to Lure Factories From China]( - [How a Mink Cull Tipped Denmark Into Political Crisis]( - [Coal Revival Threatens to Push Power Sector Emissions to Record]( - [How Legal Weed Has Changed the US for Better, Worse]( People in Poland Are Burning Trash to Stay Warm This Winter Poland is home to 40 of the 100 cities with the worst [air quality]( in the EU because of a reliance on coal to heat homes, a legacy of the communist era that championed mining. But now, as [Maciej Martewicz]( and [Piotr Skolimowski]( report, a shortage of the fuel and the soaring cost of living are spurring people to burn alternatives — including household refuse. And finally … This year’s catastrophic flooding in Pakistan has spurred the debate about whether rich countries that rose to wealth through two centuries of burning fossil fuels should pay for [the damage](in poor nations which created little of the atmospheric pollution warming the planet. [Eric Roston]( investigates. Flood victims taking refuge in a makeshift camp after heavy monsoon rains in Pakistan. Photographer: Fida Hussain/AFP/Getty Images 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