The G-20 standoff and Fox’s big Trump admission: Weekend Reads

Dig in to some of our best stories in the past week [View in browser]( [Bloomberg]( The thorny meeting of Group of 20 foreign ministers in New Delhi this week underscored just how [fraught]( the world has become as richer nations who condemn Russia’s invasion of Ukraine fail to convince poorer ones from abandoning ties with Moscow. In the US, a [bombshell]( court filing showed Fox Corp. Chairman Rupert Murdoch testified that his broadcaster’s commentators “endorsed” Donald Trump’s conspiracy theory about the 2020 presidential election, even though Murdoch said he doubted the claim. UK Prime Minister Rishi Sunak wants to use his deal with the European Union on Northern Ireland to cement a reputation for competence and delivery — so Britons are now preparing for more [tax cuts](. In Israel, meanwhile, Premier Benjamin Netanyahu looks determined to hold his ground on [issues]( including a push to take away powers from the Supreme Court and increased violence in the West Bank. Delve into these and more of our best stories in this edition of Weekend Reads. — [Michael Winfrey]( An empty street in Bakhmut, Ukraine on Feb. 27. Photographer: Dimitar Dilkoff/AFP/Getty Images Coming Soon: Understand power in Washington through the lens of business, government and the economy. Find out how the worlds of money and politics intersect in the US capital. [Sign up now for the new Bloomberg Washington Edition newsletter](, delivered Mondays, Wednesdays and Fridays. [Click here]( for this week’s most compelling political images. And if you are enjoying this newsletter, sign up [here](. Blinken Presses Lavrov on Ukraine in Unexpected Chat at G-20 US Secretary of State Antony Blinken [pressed]( Russian Foreign Minister Sergei Lavrov to end the invasion of Ukraine during an unexpected encounter on the sidelines of the G-20 meeting. [Iain Marlow](reports on their first in-person encounter since the war began a year ago. - Ukrainian officials signaled the besieged eastern city of Bakhmut may soon be [impossible to defend]( as Russian troops level the area. Russia Gets Around Sanctions to Secure Supply of Key Chips for War Russia looks to be successfully [skirting]( sanctions to secure crucial semiconductors and other technologies for its war in Ukraine, a senior European diplomat tells [Alberto Nardelli](. Data suggests chips made in the EU are arriving via Turkey, the United Arab Emirates and Kazakhstan. Biden Targets GOP on Health Benefits, Seeking Edge in Debt Talks US President Joe Biden painted Republicans as seeking cuts to health-care coverage and prescription drug benefits. As [Justin Sink]( and [Akayla Gardner]( report, he’s [raising pressure]( on the GOP to outline spending reductions they’ll pursue in talks over raising the federal debt ceiling. Murdoch’s Grip Wavers, Casting Shadow on Fox as Trump Runs Again Back in 2021, Murdoch was described by Biden as “the most dangerous man in the world,” because of the power his cable news network had in shaping public opinion. As [Gerry Smith]( and [Erik Larson]( explain now the [question]( is how much influence he still wields. - The Justice Department says Trump is not entitled to absolute immunity against civil lawsuits seeking to hold him [liable]( for the Jan. 6 insurrection because he’s accused of inciting “imminent private violence.” US Troop Expansion Near Taiwan Revives Old Debate in Philippines It’s been more than three decades since the Philippines ordered US troops to withdraw from the country, ending an era that dated to back America’s colonial days. [Philip J. Heijmans]( explains that the man now overseeing the site once home to the US’s biggest naval base in Asia [wants them back](. Three quarters of women paying for child care in the UK say it doesn’t make financial sense for them to work, according to a new report that could spark [concerns]( about a labor market already under strain. For around a fifth of parents, child care costs account for more than half their household income, charity Pregnant Then Screwed said.  Brexit Deal Gives Sunak a Chance to End Years of EU Acrimony Sunak’s government is trying to convince [skeptical]( Northern Irish politicians to back a new post-Brexit deal on trade with the EU. [Ellen Milligan]( and [Alex Wickham]( look at the challenge he faces to convince them and pro-Brexit MPs from his own party. - Sunak’s [success]( in securing a new settlement for Northern Ireland has killed off any lingering prospects of a return to UK power by Boris Johnson, [Kitty Donaldson]( reports. US Wants to Take Down ’90s Rapper for Role in 1MDB Scandal US rapper Pras Michél got entangled in one of the century’s great financial [scandals](, mediated a high-stakes negotiation between global superpowers and was accused of major crimes. [Jason Leopold](, [Matthew Campbell]( and [Anthony Cormier]( report on a wild tale of celebrity and political intrigue. - Read more about how Jho Lho, the Chinese tycoon accused of orchestrating the looting of billions of dollars from Malaysian sovereign-wealth fund 1MDB, also had [ties]( with Leonardo DiCaprio, Kim Kardashian and other celebrities. DiCaprio and Low with a Basquiat that was later turned over to the government. China’s Nuclear Trade With Russia Has US Worried About Arms Race Russian uranium deliveries to a new Chinese reactor are raising US [concerns]( about the potential to produce weapons-grade plutonium. Read [Jonathan Tirone](’s look at a fast-breeder reactor on Changbiao Island that could help Beijing boost its warhead stockpile by four-fold. China Warns ‘Hedonistic’ Bankers to Toe the Communist Party Line Bankers in China are being told to rectify their mindsets, clean up their “hedonistic” lifestyles and stop copying Western ways. The directives are just the latest sign that President Xi Jinping is [tightening]( the Communist Party’s grip on the financial system. What Wall Street Gets Wrong About Xi Jinping’s New Money Men China is about to see a [reshuffle]( as globally respected economic officials are replaced by politicians known for strong ties with Xi. [Tom Orlik]( and [Tom Hancock]( explore investor anxiety over whether the lineup will prove to be Xi yes-men or reform-minded pragmatists. Best of Bloomberg Opinion - [Don’t Abandon Democracy to Save It in Ukraine: Pankaj Mishra]( - [It’s Not Ukraine’s Peace-for-Our-Time Moment: Leonid Bershidsky]( - [Biden Can Stop Tunisia’s Descent Into Dictatorship: Bobby Ghosh]( - [Sunak Breaks a Triple Tory Habit of Failure: Adrian Wooldridge]( - [Let the Balkans Transcend History: Andreas Kluth]( Crackdown on Black Africans Fuels Attacks and Rebuke in Tunisia Not five years after Tunisia became the first Arab nation to criminalize racism, rights groups say President Kais Saied is stoking [xenophobia]( against Black Africans to deflect from an economic and political crisis. [Souhail Karam]( reports on the wave of violence, arrests and evictions. Protesters demonstrate against controversial remarks by the president in Tunis on Feb. 25. Photographer: Fethi Beland/AFP/Getty Images Israel Rethinks Its Iran Strike Timeline as Russia Enters Mix Iran is seeking sophisticated new air-defense systems from Russia that Israeli officials believe will [narrow]( the window for a potential strike on Tehran’s nuclear program. As [Ethan Bronner]( writes, the prospect of Iran getting the S-400s would accelerate a decision about a possible attack. - Israel’s foreign-exchange market is going through an uncharacteristic bout of [volatility]( amid a dispute over central bank autonomy and a wave of protests over an overhaul of the judiciary. Explainers of the Week - [What’s the ‘Windsor Framework’ for Northern Ireland?]( - [Russia’s Viasat Hack Exposed Satellite Industry’s Security Flaws]( - [Lessons From Countries Getting Early Years of Child Care Right]( - [Why Japan Is Mulling a Baby Step Toward LGBTQ Rights]( - [What’s Behind Vietnam’s Non-Stop Corruption Crackdown]( A $13 Billion Challenge Awaits Nigeria’s President-Elect Bola Tinubu won’t have much time to celebrate his [victory]( in Nigeria’s presidential election. As [Anthony Osae-Brown]( and [Ruth Olurounbi]( explain, Africa’s biggest economy is facing a deepening fiscal crisis, acute shortages of domestic and foreign currency, and widespread insecurity. - The politician who ran an upstart presidential campaign from outside the two main parties said he will [contest]( the election result in court. Climate Finance Is Failing the World’s Last Intact Rainforests Gabon has one of the world’s largest intact rainforests, absorbing millions of tons of Earth-warming, ozone-destroying carbon dioxide each year. Yet as [Antony Sguazzin]( and [Natasha White]( explain, in today’s financial markets, Gabon’s trees are worth more [dead than alive](. And finally … Humanity is on the cusp of something phenomenal: harnessing the same power source that lights the stars for nearly limitless, carbon-free energy. Delve into this deep dive about competing designs for [fusion plants]( that may unleash plentiful electricity without emitting greenhouse gases. The centers of two 485-ton sections of the plasma chamber under construction for the International Thermonuclear Experimental Reactor program. Source: ITER 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 Bloomberg Politics 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](