‘Red wave’ absent in US, Ukraine retakes Kherson: Weekend Reads

Republicans’ hope that they would sweep Tuesday’s US midterm elections and torpedo Joe Biden’s presidency failed to materialize.While it’s u [View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( Republicans’ hope that they would sweep Tuesday’s US midterm elections and torpedo Joe Biden’s presidency [failed to materialize](. While it’s unlikely Biden’s party will keep control of the House of Representatives — and the Senate will probably be decided in a runoff next month — the Democrats [bucked history]( in staving off deep losses typical for incumbent parties in off-year ballots. Russian forces withdrew from Kherson, relinquishing the biggest city Moscow had captured since it invaded in February. It was a major [blow]( to Russian Vladimir Putin’s war effort after he declared the city — and other occupied territory — would remain part of Russia “forever.” China eased its Covid Zero policy, loosening rules on quarantines and flight bans, [cheering]( investors in a move that may mark the beginning of efforts to reconnect with a world that’s living with the virus. Delve into these and more of our top political stories in this edition of Weekend Reads. . — [Michael Winfrey]( Republican Governor Ron DeSantis and his family at an election night watch party ​​​​in Tampa, Florida. Photographer: Giorgio Viera/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. Narrow GOP Edge Is McCarthy’s Dream—and Nightmare—Come True The likely Republican [takeover]( of the House will effectively end the legislative period of the Biden presidency and usher in an even more contentious era. [Joshua Green]( looks at one of its most important players: Kevin McCarthy, who’s all but certain to become the next House speaker. - Lawmakers will probably return to Washington next week [without knowing]( who will wield majority power as both parties prepare for leadership elections and a lame-duck legislative session. DeSantis Landslide, Biden’s Boost Put Trump on 2024 Defensive The 2024 presidential race is taking shape after the elections gave an early boost to Biden and Florida Governor Ron DeSantis and left former President Donald Trump on the defensive. As [Jordan Fabian]( and [Mark Niquette]( explain, [pressure mounted]( on all three to announce they’ll run. - Trump lashed out at Rupert Murdoch’s News Corp. and DeSantis, claiming that the media mogul’s news outlets are “all in” for his chief Republican rival and threat to his 2024 presidential [ambitions](. Election Deniers Fall Short in Efforts to Oversee Key 2024 Races The “Big Lie” [lost]( where it mattered the most. [Ryan Teague Beckwith]( looks into how voters resoundingly rejected election deniers for positions that would oversee the 2024 presidential race in the crucial battlegrounds of Michigan, Pennsylvania and Wisconsin. Blue Wins in Key Governor's Races Lift Hopes of Climate Groups Democratic governors will be taking office around the Midwest and Northeast just as more federal money is available for [tackling]( climate change. [Zahra Hirji]( writes that it’s one outcome from the midterms that happily took climate activists by surprise. Voters across the US made it resoundingly clear that they don’t want the near-total abortion bans currently being pushed nationwide after the Supreme Court overturned Roe vs. Wade. In the four cases where abortion referendums were on Tuesday’s ballots, Americans supported [upholding]( reproductive rights. Georgia Looms as Winner-Take-All Prize in Battle to Run Senate For the second time in under two years, Georgia is in the middle of the [battle]( for control of the US Senate. [Laura Litvan](, [Margaret Newkirk]( and [Billy House]( report how Republicans and Democrats are now pouring resources into the runoff between Democratic incumbent Raphael Warnock and Republican challenger Herschel Walker. - Senator Mark Kelly of Arizona defeated Republican Blake Masters to boost the Democrats’ chances of [retaining control]( of the Senate. Ukrainian Troops March Into Kherson After Russians Withdraw Ukrainian troops [entered]( the southern city of Kherson after Russian forces abandoned the regional capital and fled across the Dnipro River. [Aliaksandr Kudrytski]( and [Olesia Safronova]( detail the significant setback for Moscow as the two sides dig in for winter. People celebrate the liberation of Kherson on Friday. Photographer: Genya Savilov/AFP/Getty Images Putin’s Elite Tremble as Hardliners Call for ‘Stalinist’ Steps The rise of [hardliners]( is alarming Russian insiders that Putin will seek more confrontation abroad and sweeping repression at home. Once marginal players like Yevgeny Prigozhin, the owner of the Wagner mercenary group, have become the public force behind the war effort. Putin and Prigozhin in 2010. Photographer: Alexey Druzhinin/AFP/Getty Images Russia Quietly Checks Its Bomb Shelters as War Fears Spread Bomb [shelters]( across Russia are being brought back to life after decades of neglect since the Cold War. State workers are checking basements and other protected facilities, and repairing and cleaning installations not used since the Soviet era, according to people familiar with the efforts. Best of Bloomberg Opinion This Week - [The Most Surprising Thing About the Midterms: Jonathan Bernstein]( - [Why Democrats Did Better Than Expected: Matthew Yglesias]( - [The Midterms Are Over, Here Comes Weimar America: Andreas Kluth]( - [Russia’s Opposition Has No War-Ending Plan: Leonid Bershidsky]( - Iran Ayatollahs Can’t Put a Lid on Protests Forever: Ian Buruma]( Twitter’s Hectic Overhaul Puts World’s Regulators on Alert Twitter’s frenetic [overhaul]( under new owner Elon Musk is attracting attention from senior politicians and regulators worldwide. [Thomas Seal]( reports they’re telling the world’s richest man they’re ready to hold his new acquisition to data protection, content moderation and employment law. - Twitter suspended the $8 subscription program it launched earlier this week and reinstated “official” badges to combat a growing problem of users [impersonating]( major brands — and Musk. Williamson Downfall Hints at More Problems Ahead for UK’s Sunak UK Prime Minister Rishi Sunak proclaimed his government would herald a return to “integrity, professionalism and accountability.” But he didn’t envisage that one of his ministers would be forced to [resign]( in a bullying scandal just two weeks later, [Alex Wickham]( writes. Explainers of the Week - [How Elon Musk’s Twitter Takeover Turned Into Chaos]( - [Thiel Strategy of Pushing the GOP Right Is Just Getting Started]( - [Why Russia’s Nuclear Threats Are Difficult to Dismiss]( - [The World’s Fantasy Vacation Spot Has an Answer to Rising Seas]( - [Cost-of-Living Crisis Is a Slow Burn for the UK: Andrea Felsted]( China Eases Quarantine, Ends Flight Bans in Covid Zero Shift China cut the time travelers and close contacts of virus cases must spend in quarantine, easing the Covid Zero policy that has upended the world’s second-largest economy. The [changes]( seem aimed at reducing the country’s global isolation and easing public ire over virus restrictions. Xi’s New No. 2 Faces Challenge to Make China’s Economy Hum Again Li Qiang, an advocate of privately owned businesses and a driving force behind China’s Covid lockdowns, has been catapulted into China’s No. 2 [leadership slot]( behind President Xi Jinping. Now all eyes are on how he might tackle policy challenges ranging from demographic shifts and US technology sanctions to a meltdown in the housing market. Egypt’s COP27 Summit Marred by State Scrutiny, Midnight Visits Late night disturbances and eavesdropping at meetings are turning the COP27 climate talks in Egypt into a [sinister experience]( for environmental activists and country negotiators alike. [Laura Millan Lombrana]( and [John Ainger]( explain that the incidents offer a glimpse of life in a country where protests are effectively banned and government criticism curtailed. Venezuela’s Maduro Hits International Circuit Seeking Legitimacy For years Nicolas Maduro stuck closely to the confines of Venezuela’s presidential palace as the US isolated him abroad. But as [Ezra Fieser]( and [Nicolle Yapur]( write, he sought photos with fellow presidents at the UN climate summit in Egypt, and is using the images to project [legitimacy]( on the world stage. Maduro at COP27 in Sharm El Sheikh, Egypt, on Tuesday. Photographer: Islam Safwat/Bloomberg The Murders Shocked Slovakia, But LGBTQ Rights Get No Mercy A month after the [murder]( of two gay men in Slovakia, signs have emerged that the country is affirming rather than softening its conservative stance on LGBTQ rights. [Andrea Dudik]( and [Daniel Hornak]( report on the widening a cultural division between the European Union’s east and west. And finally … Drought has rarely been a problem on the Mississippi — until now. Meager rains have resulted in a historic dry spell on America’s main waterway, forcing traffic of everything from grains to coal and steel to a crawl. As this [story]( shows, a problem that’s been building for months is now jacking up costs at critical harvest time, illustrating how the world economy relies on an increasingly unreliable climate. The receding water levels have made parts of the Mississippi River impassable by boat. Photographer: Houston Cofield/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