Covid unshackled, Musk maneuvers, Ukraine hit: Weekend Reads

Balance of Power's Saturday edition brings you the biggest political stories around the globe. [View in browser]( [Bloomberg]( Russia continue to pound Ukraine [with missiles](, seeking to damage energy infrastructure and deepen power outages in sub-freezing temperatures. That’s as the [war on the ground]( grinds away in the east with little tangible movement for either side. The rapid loosening of Covid curbs in China set off a [firestorm of cases]( across the country, [straining hospitals](, care homes, funeral parlors and businesses. Twitter owner Elon Musk continued to [make waves]( on the social media platform, [suspending journalists]( and dismantling the function for Twitter Space conversations, only to [reverse course](. Protests are [still raging]( in Peru, where the new president is struggling to bring both parliament and the streets under control. Delve into these and more of our top political stories in this edition of Weekend Reads. — [Rosalind Mathieson]( Civilians shelter inside a metro station during an air raid alert in Kyiv on Friday. Photographer: Dimitar Dilkoff/AFP/Getty Images Barring major news, Balance of Power will take a break for the holidays and return on Jan. 3. We’re wishing our readers all over the world a safe and happy 2023. You can [clickÂ]([here]( for this week’s most compelling political images. War in Ukraine Hinges on Who Gets More Rockets and Shells First The potential addition of Patriot [missile defense batteries]( to Ukraine’s arsenal comes as Kyiv and Moscow both face a critical question with the war in its 10th month: Can they secure enough [missiles and artillery]( through winter? As [Marc Champion]( writes, which side runs low first could decide whether Ukraine or Russia emerges in the spring with the strategic initiative to potentially end the war on its terms. - [Natalia Drozdiak]( reports that NATO is weighing how to bolster its [air and missile defenses]( to combat threats like the commercially available drones and cruise missiles Russia has used in Ukraine. - [Tony Capaccio]( and [Courtney McBride]( lay out the challenges the Pentagon faces [revving up military aid]( to Ukraine. Patriot missile systems at Schwesing military airport in Germany. Photographer: Axel Heimken/picture alliance/Getty Images​​​​​ Xi Stays Silent as Covid Zero Strategy He Championed Crumbles China’s president has staked his [personal prestige]( on Covid Zero, hailing the decision to “put people first” as morally superior to the US and once describing the pathogen as the “devil virus.” But as authorities rapidly dismantle the strategy, Xi Jinping has been silent on the shift. - [Read about the campaign]( to explain the reversal on Covid Zero. And how one Chinese diplomat blames recent protests against Covid Zero on outsiders seeking to spark “[color revolutions](.” - Almost 1 million people in China [may die]( from Covid-19 as pandemic curbs are abandoned, according to a study. - From [locking in workers to hoarding medicines](, beds and disinfectant, China’s factories are going to great lengths to keep machines running — and the global supply chain intact. Onlookers at a protest in Beijing on Nov. 28. Photo credit: Bloomberg US Fusion Breakthrough Inches World Closer to a New Energy Era After more than 50 years of false starts, [nuclear fusion]( is finally taking a resolute step to becoming the world’s newest energy source. The US Department of Energy said scientists managed for the first time to generate more energy from a fusion reaction than they needed to trigger it. - The most immediate winner is likely to be the military, which will get a new way to evaluate America’s [nuclear-weapons]( stockpile. Chicken is becoming too expensive for low-income earners in South Africa, leaving them with few options for sources of protein. Bloomberg’s Shisa Nyama Index shows that 22 pounds of frozen chicken portions — enough to feed an average low-income family of seven for a month — is the [costliest item]( on their grocery list. Elon Musk’s Twitter Is a Shakespearean Drama in Silicon Valley He’s ruling his newest acquisition the way he rules the rest of his empire: impulsively, erratically, vindictively, loudly. As [this report]( lays out, it really doesn’t need to be this way. - [Jillian Deutsch]( and [Agatha Cantrill]( report on the backlash from senior European politicians after Musk [suspended journalists]( from Twitter, with threats of future sanctions and lawmakers leaving the platform. Musk at a SpaceX Starbase facility in Texas in August. Photographer: Jordan Vonderhaar/Bloomberg Election Deniers Reap Fresh Cash as Tech, Wireless Firms End Ban Some of the biggest tech and telecom companies jettisoned pledges made in the wake of the US Capitol assault and [gave money]( to reelect lawmakers who voted against certifying Joe Biden’s electoral victory, according to filings reviewed by Bloomberg News. [Emily Birnbaum]( and [Dina Bass]( lay out the companies involved. - At least $73 million of political donations tied to Sam Bankman-Fried’s FTX may be at risk of being clawed back as bankruptcy lawyers sort through the remnants of his [crypto empire]( in search of assets to repay creditors. Russia, US Step Up Efforts for Whelan Swap After Griner Release Efforts are intensifying for a [swap deal]( between Russia and the US involving imprisoned former US Marine Paul Whelan, after the exchange of WNBA star Brittney Griner at Abu Dhabi airport. Whelan’s Russian lawyer says the 52-year-old American may be freed “within a month or two.” - In her first statement since leaving Russia, Griner [vowed to help]( free Whelan. Griner arriving at Kelly Field in San Antonio. Photographer: Miguel A. Negron/US Army/AP Erdogan Rivals Join Forces on Campaign After Mayor Convicted Outrage over a jail term for Turkish President Recep Tayyip Erdogan’s most formidable political rival is bringing [disparate opposition leaders]( together. Still, what is known as the Nation Alliance faces criticism from supporters for failing to put forward a single candidate to face Erdogan in the next election.  Indonesia Struggles to Build Military That Can Stave Off China Indonesia faces challenges overhauling its [aging military]( against threats that include a long-running territorial dispute with its biggest trading partner. [Philip J. Heijmans]( lays out the problems ahead. Security crews during a patrol in the South China Sea in Natuna in 2016. Photographer: Ulet Ifansasti/Getty Images AsiaPac Biden’s China Tech Crackdown Leaves Xi With Few Ways to Hit Back The US has sharpened its assault on China’s technology industry with a [flurry of export bans]( and stifling restrictions on companies. As [Iain Marlow]( and [Emily Birnbaum]( write, the escalation leaves Beijing with few options to retaliate. - Senators in both parties want more action by the Biden administration to address [national security concerns]( raised by widespread use of TikTok, having voted to ban the video-sharing app on government phones. China’s economic activity weakened in November before the government abruptly dropped its Covid Zero policy, with a [surge in infections]( in coming months likely to cause more turmoil and push policymakers to increase stimulus. Best of Bloomberg Opinion this week - [The GOP Is Playing Chicken With Trillions in Assets: Beth Kowitt]( - [A Democratic Iran Will Lead the Middle East: Robert D. Kaplan]( - [Is Putin Finally Getting Smart About Ukraine?: Hal Brands]( - [China’s Covid Pivot Is a Force Majeure Moment: Matthew Brooker]( - [Fight to Build Japan’s Military Is Just Beginning: Gearoid Reidy]( Peru Congress Rejects Constitutional Reform for Earlier Vote Congress has spurned a government attempt to alleviate the political crisis that has seen [widespread unrest]( since former President Pedro Castillo was impeached. That complicates President Dina Boluarte’s position and may [well boost the protests](. Riot police officers clash with demonstrators in Lima on Thursday. Photographer: Audrey Cordova Rampant/Bloomberg Qatar’s $300 Billion World Cup Headed for Epic Comedown As Qatar’s World Cup hosting duties come to a close, the inevitable question is whether the extravaganza was all worth it — even for a host with a [seemingly bottomless pit]( of money. [Giles Turner]( and [David Hellier]( explore the takeaways for the tiny Gulf state. Workers in Qatar. Photographer: Christopher Pike/Bloomberg Explainers of the week - [Why US and EU Are Heading for a Fight Over Green Subsidies]( - [What the Breakthrough in Fusion Energy Means]( - [How Blacklisting ‘Entities’ Became a Trade War Weapon]( - [What China Risks As It Unwinds Its Covid Zero Policy]( - [Trump Risks Back-to-Back Blows Over Jan. 6, Tax Returns’ Release]( Hidden Fentanyl Drives Fatal New Phase in US Opioid Epidemic The rise of fentanyl has brought on the most dangerous phase yet in the US’s decades-long opioid epidemic, causing a surge in overdose deaths and crippling efforts to end a devastating addiction crisis. [Read our deep dive]( into how Covid-19 helped pave the way for fentanyl’s ascent. Polish Ballot Manipulation Tussle Points to Acrimonious Election Ten months before an election that may dislodge Poland’s nationalist ruling party, accusations of vote manipulation are setting the tone for what may be an [acrimonious contest](. Tomasz Grodzki, the highest-ranking opposition figure, says an “army” of monitors will keep tabs on any irregularities. Denmark’s government remains [far behind its Nordic peers]( on gender balance, even as more women secured portfolios in the new cabinet than before. Prime Minister Mette Frederiksen, the first woman to win a second term steering Denmark, this week presented a ministerial lineup with eight women and 15 men. And finally… Here’s our pick for those who defined global business in 2022. It’s a list of 50 people in business, politics, science and technology, finance and entertainment whose accomplishments deserve recognition. You can [browse the selection here](. Follow Us 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. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](