Xi tightens his grip in China, chaos rocks the UK: Weekend Reads

Xi Jinping closed in on a precedent-breaking third term as China’s president and will be surrounded by allies in the nation’s top leadership [View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( Xi Jinping closed in on a precedent-breaking third term as China’s president and will be [surrounded by allies]( in the nation’s top leadership body as the Communist Party’s twice-a-decade congress ended. Premier Li Keqiang, economic czar Liu He, and central bank governor Yi Gang were all [dropped]( from the party’s Central Committee. The UK was seized by deep political uncertainty as Liz Truss’s [resignation]( marked the shortest and one of the most disorderly premierships the country has ever seen. Her Conservative Party, badly [trailing]( the Labour opposition in opinion polls, is rushing to choose a successor, with the potential [top candidates]( including ex-Chancellor of the Exchequer Rishi Sunak and his former boss, Boris Johnson. Following stinging losses on the battlefield, Russian President Vladimir Putin’s invasion of Ukraine neared the eight-month mark, with his forces turning their focus to [hitting]( civilian targets, including critical energy infrastructure. And Giorgia Meloni [was sworn in]( as the first female premier in the history of Italy, heading its most right-wing government since World War II. Delve into these and more of Bloomberg’s top political stories in this edition of Weekend Reads. — [Karl Maier]( A bookmaker writes the odds for the next leader of the Conservative Party in London on Thursday. Photographer: Hollie Adams/Bloomberg Click [here]( for this week’s most compelling political images. And if you’re enjoying this newsletter, click [here]( to sign up. New Title for Xi Stokes Concern of a Mao-Style Personality Cult Lingxiu, or “leader” — that’s the new title for Xi gaining traction among Communist Party elites and sparking concern of a [personality cult]( in the style of Mao Zedong: the founder of the People’s Republic. It’s the latest sign Xi is set to further consolidate unofficial authority within the party while risking a backlash among those who see him amassing too much power. - Xi set no timetable for the vow he made Sunday that China can “without a doubt” reunify with Taiwan, but [expectations](have risen among party hawks and a patriotic public over an issue that looks set to dominate his third term. Taiwanese servicemen prepare to load anti-ship missiles at the Hualien Air Force base in August. Photographer: Sam Yeh/AFP/Getty Images The Fate of This One-Time Xi Heir May Signal China’s Direction Once a rising star seemingly destined to lead China, Hu Chunhua may now have to settle for the post of premier after Xi rewrote the [succession rules]( to permit himself a third term. If he is appointed, it could signal a strategic move to pacify any internal critics of Xi retaining power. - Xi’s pledge to [regulate wealth]( has stirred speculation Beijing may impose property and inheritance taxes on the wealthy in pursuit of its “common prosperity” goal. Whoever Wins Loses: Truss’s Successor to Inherit Grim UK Economy The next British prime minister will inherit an economy facing rising borrowing costs, crippling energy bills, high taxes and no strategy about how to revive growth. [Reed Landberg](, [David Goodman]( and [Liza Tetley]( detail the [challenges]( for whoever replaces Truss. - Read our [report]( on who is in the running. Feuds and Loathing in Westminster Will Haunt Next Tory Leader The new Tory leader will inherit a Conservative party that’s being [torn apart]( by the demons unleashed by the Brexit decision six years ago. [Alex Wickham]( and [Emily Ashton]( write that some of the underhand tactics deployed during the referendum campaign shifted the sense of what was acceptable in terms of skulduggery, leaks and briefing against colleagues. Ukrainians Return Home by the Millions Even as War Rages On More than 6 million Ukrainians who fled their homes because of the Russian invasion have since come back, [Marc Champion]( writes. Most are returning from elsewhere in Ukraine and others from [sanctuaries]( abroad, according to United Nations estimates.  - Rising battlefield casualties, the enlistment of 300,000 reservists to join the fight, and an even bigger flight of men abroad are [derailing]( Putin’s goals of starting to stabilize the population already this year. Berlusconi, a member of the right-wing coalition that won Italian elections in September, made the comments to lawmakers, according to a recording obtained by an Italian newswire. In another recording, he said Ukrainian President Volodymyr Zelenskiy [pushed Putin]( into an endless war. Defaced Putin Mural Tells the Story of Russia’s Waning Influence Serbia has been adept at balancing its geopolitical and economic interests between east and west. But, as [Rodney Jefferson]( and [Misha Savic]( write, the war has exposed the paradoxes of that [juggling act]( and raised questions in Belgrade over where the country’s interests actually lie. A defaced street mural of Putin, where “Brat,” or “Brother,” has been altered to “Rat,” Serbian for “War,” in Belgrade on Oct. 10. Photographer: Rodney Jefferson/Bloomberg How Russian Ships Launder Grain Stolen From Occupied Ukraine Satellite images and data on loading and unloading compiled from ports and vessel-location transmissions obtained by Bloomberg show how Russia is using multi-ship transfers of cargo in the open seas to [launder]( grain stolen from occupied Ukraine. [K Oanh Ha](, [Aine Quinn]( and [Samuel Dodge]( investigate. Russia’s War has Revived Arctic Rivalry in a Setback for Climate The North Pole is melting faster than ever, but the chill in the air at a global gathering of Arctic experts last week in Reykjavik had more to do with the widening repercussions of the invasion of Ukraine. With more than half the Arctic coastline belonging to Russia, [Danielle Bochove]( writes, the region is a growing security concern for the US and is adding to pressure on a [fragile system]( that’s critical to mitigating global warming. Orban’s Political High-Wire Act Pushes Hungary to the Brink Hungarian Prime Minister Viktor Orban has been in conflict with the rest of the European Union over sanctions against Russia and how he runs his country. But with a plunging currency and fragile finances, [Zoltan Simon]( reports, Orban’s [high-wire act]( of reconciling his courtship of Putin with the immediate task of unlocking billions of euros in EU funds is becoming more perilous.  US Midterms latest - [Campaign Spending on 2022 Midterm State Races to Hit $7 Billion]( - [Biden Vows to Enshrine Roe With First Bill in New Congress]( - [McCarthy Warns GOP May Cut Back Ukraine Aid If Party Wins House]( - [Pence Urges GOP Caution on ‘Unprincipled Populism’ in Speech]( - [Biden Says First Lady Doesn’t Want Him to ‘Walk Away’ From Job]( GOP-Friendly House Race Becomes Nail-Biter on Abortion Issue In a normal election year, two Navy veterans vying to represent a Virginia district dominated by military interests would focus on national security. But as [Laura Litvan]( writes, the race between two women on opposite sides of the [abortion debate]( has turned one of the nation’s closest House contests into a referendum on Roe v. Wade. Unpopular Biden Shuns Obama-Trump Midterm Travel Strategy US President Joe Biden’s political travel schedule is lighter than his two immediate predecessors at the same point in the midterm campaign. [Jordan Fabian]( outlines the challenge [unpopular presidents]( face trying to stave off congressional losses. - US Supreme Court Justice Amy Coney Barrett [rejected]( a bid to block Biden’s student-loan relief plan before it takes effect in the coming days. Trump Subpoena Issued, Setting Up Showdown With Jan. 6 Panel The House committee investigating last year’s attack on the US Capitol issued a [subpoena]( to former President Donald Trump to account for his actions under oath. [Mike Dorning]( reports that the move initiates a legal showdown that could test the persistence of presidential prerogatives after leaving office. Twitter Tumbles as US Weighs Security Reviews for Musk Deals US government officials are discussing whether some of Tesla co-founder Elon Musk’s ventures should undergo national security [reviews](, including his offer to acquire Twitter and SpaceX’s Starlink satellite network, sources say. [Jennifer Jacobs]( and [Saleha Mohsin]( write about the rising concern over his recent threat to stop supplying the Starlink service to Ukraine and what they see as his increasingly Russia-friendly stance. Best of Bloomberg Opinion This Week - Xi Will Need All His Men to Realize His China Dream: Shuli Ren]( - [Are the Tories Intent on Appearing Ungovernable?: Martin Ivens]( - [Vladimir Putin’s Guide to Alienating Allies: Clara F Marques]( - [Iran’s Protesters Challenge the Regime’s Legitimacy: Bobby Ghosh]( - [State and Local Elections Are Now Critical: Jonathan Bernstein]( Eritrea Goes for Broke in Ethiopian Civil War to Crush Old Foe Eritrea is [intensifying]( its involvement in neighboring Ethiopia’s civil war, backing the government against fighters from the northern Tigray region. [Simon Marks]( reports that its role is hampering efforts to end a two-year conflict that’s destabilized the entire Horn of Africa. Bolsonaro Is Cutting Into Lula’s Lead Ahead of Runoff Vote President Jair Bolsonaro is [cutting]( into Luiz Inacio Lula da Silva’s lead in opinion polls before Brazil’s Oct. 30 runoff election. [Simone Iglesias]( reports that the leftist challenger saw his advantage over the right-wing incumbent narrow to 5.6 percentage points in a Quaest poll published on Tuesday from nearly 8 points two weeks ago. - Bolsonaro opened the floodgates on [public spending]( in the final stretch of the election campaign, launching a flurry of measures meant to improve the perception of the economy. Explainers of the Week - [Musk Is at the Forefront of a Corporatized Space War in Ukraine]( - [Cold Seawater to Heat Helsinki Homes With New Underwater Tunnel]( - [What Is Behind Vietnam’s Latest Anti-Corruption FightÂ]( - [Carbon Capture Plans Hit Record but Still a Drop in the Ocean]( - [Why Qatar Is a Controversial Venue for 2022 World Cup]( And finally … Venezuelan President Nicolas Maduro is making rare trips outside the capital to survey damage caused by flooding and massive landslides, [Andreina Itriago Acosta]( and [Patricia Laya]( write. The visits also represent an opportunity to shore up his [diminishing support]( ahead of presidential elections in 2024 in which Maduro is widely expected to seek a third term. A mudslide in Maracay, Aragua State, on Tuesday. Photographer: Federico Parra/AFP/Getty Images Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. 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