Trump indicted as US sovereign credit rating hit: Weekend Reads

Delve into some of our top political stories from this edition of Weekend Reads [View in browser]( [Bloomberg]( Donald Trump [pleaded not guilty]( to charges that he conspired to obstruct the 2020 presidential election and interfere with the voting rights of millions of Americans — a case his legal team said it was prepared to “vigorously” defend. Ukraine and Russia stepped up [missile and drone attacks](, disrupting Black Sea shipping routes as Kyiv continues its slow push into the Kremlin’s fortifications in occupied southern Ukraine. Chinese President Xi Jinping is preparing to potentially make a rare trip abroad to meet other emerging-market leaders as [challenges pile up]( for his government. Meanwhile, more [heat records]( are falling, threatening lives, disrupting economies and providing a potentially dire picture of what climate change will bring. Delve into these and more of our top stories in this edition of Weekend Reads. — [Michael Winfrey]( Trump on Thursday. Photographer: Al Drago/Bloomberg Check out the [Bloomberg Politics webpage](, and if you are enjoying this newsletter, sign up [here](. Trump’s ‘Very Sad Day For America’ Went About as Expected Media coverage was intense as it’s the first time a former president has been charged with crimes allegedly committed while he was in office. Erik Larson takes a look [at his day](: from when Trump’s plane touched down in Washington to his guilty plea in court and departing statement on a rain-soaked tarmac. Biden Officials Assail Fitch Downgrade, Seek to Stem Fallout President Joe Biden’s administration slammed a decision by Fitch Ratings to [strip the US]( of its top-tier credit rating. It came two months after a standoff on raising the debt limit that underscored the difficulty Washington has in overcoming partisanship to perform the basic functions of government. Ukraine, Allies to Woo Global South at Saudi Arabia Meeting Ukraine and its allies will [make their case]( for Kyiv’s peace plan this weekend to more than 30 countries, including some nations from the Global South that have so far avoided taking sides on Russia’s invasion. The talks in Jeddah, Saudi Arabia, are aimed at building international support for Ukraine’s framework for potential peace talks. Ukraine Attack on Russian Ship Disrupts Commodity-Export Hub Russia’s commodity export hub in the Black Sea was closed for several hours on Friday after a Ukrainian drone [attack on a naval vessel](, the first time that operations at the key Novorossiysk shipment point for oil and grains have been disrupted by the war. Ukraine was responsible for targeting and disabling the Russian landing ship Olenegorsky Gornyak, sources say. In this grab taken from video, a drone approaches a vessel claimed to be the Olenegorsky Gonyak. AP Battlefield Missiles Hurt Russia More Than Moscow Drone Attacks Drones that struck a Moscow office tower for the second time in a week [shocked Russians]( long insulated from the war on their neighbor. But as Marc Champion reports, Kyiv’s missile campaign in the occupied south of Ukraine is having far greater impact on the Kremlin’s forces. Sunak Says UK Crime Is Falling. But Britons Aren’t Feeling It The UK isn’t alone among wealthy nations to be gripped by debates about rising crime rates, but a decade of Conservative Party austerity policies have eroded neighborhood policing. As Emily Ashton explains, that’s put the experience of ordinary Britons in [stark contrast]( to the picture painted by Prime Minister Rishi Sunak. Sunak has a chance of delivering his promise to halve UK inflation this year. But that is [about as good]( as the latest central bank forecasts get for the prime minister, who was hoping to fight a 2024 general election with a much-improved economy. Instead, the models show Sunak risks going to the polls with households still feeling the effects of 14 consecutive interest-rate increases to tame the highest inflation in decades. Macron’s Africa Strategy in Tatters as Bet on Niger Unravels France’s Africa strategy [is in tatters]( following the coup in Niger, where President Mohamed Bazoum is being held hostage by his security guards. With protesters there criticizing France over its influence, President Emmanuel Macron’s government is struggling to convince nations in the Sahel region that the presence of a former colonial power is beneficial. - The army leadership of Mali and Burkina Faso warned that any [military intervention]( against Niger would also amount to a declaration of war against the West African nations. Best of Bloomberg Opinion This Week - [Trump and His Enemies Take Bad Faith for Granted: Clive Crook]( - [Not Everyone Wants to Pay for Net Zero: Merryn Somerset Webb]( - [Trump’s Mothership of Lies Hits Rocks of Reality: Opinion Wrap]( - [Putin and Wagner Are Still Gunning for Africa: James Stavridis]( - [Sunak Becomes the Wrong Kind of Climate Radical: Lara Williams]( Xi’s Spent Two Days Outside China in 2023 as Problems Mount Two days is all President Xi Jinping has spent outside his country this year, as mounting domestic problems from a faltering economy to rare political scandals demand the Chinese leader’s attention at home. Read how his reduction in face time with global leaders could [handicap Beijing’s ability]( to compete with Washington for global influence. China’s ‘Sponge Cities’ Are Not Built for Extreme Flood Event China has invested billions of dollars to protect against extreme rainfall after a 2012 flood in Beijing killed 79 people and prompted Xi to call for building “[cities like sponges](.” But the climbing death toll in northern China since Saturday has sounded the alarm of whether the tactic works. The overflooded Yongding River following heavy rains in Beijing on Tuesday. Source: AFP/Getty Images War, AI and Climate Change Shake Up $32 Trillion in World Trade US-China tensions and Russia’s invasion of Ukraine are leading companies to bring supply chains closer to home, while a shift from fossil fuels is spurring demand for materials essential for electrification. Artificial intelligence, meanwhile, is forcing employees to learn new skills. [Read more]( about what this upheaval looks like on the ground. Once a Gutted Industrial Site, Now a Floating Solar Farm Floating solar panels are being installed on bodies of water in former coal pits and stone quarries, and in hydropower lagoons [all over Europe](. As Jonathan Tirone writes, the World Bank figures the region could cover at least 7% of its annual power consumption by deploying “floatovoltaics” on just 10% of artificial lake surfaces. Explainers You Can Use - [The Health-Care Staffing Crisis Is Bad and Getting Worse]( - [Why Everyone Is Obsessed With Ambient Superconductors]( - [How Myanmar’s Military Has Hung On Despite SanctionsÂ]( - [How the Nuclear Missile Threat from North Korea Keeps Growing]( - [Climate Change Is Raising the Threat Level on Rain]( Global Demand for Coal Is Bringing Mayhem to South African Towns An often impenetrable logjam of trucks laden with coal at South Africa’s crossing with Mozambique has [brought chaos]( to a sleepy border town. Matthew Hill and Paul Burkhardt report how the congestion has created opportunities for criminals to target drivers stranded in the queue. Trucks on the N4 national highway in Mpumalanga province. Photographer: Leon Sadiki/Bloomberg Life-Threatening Heat Is Triggering Covid-Like Restrictions Iran’s declaration of a two-day public holiday over life-threatening heat as temperatures are forecast to touch 50C (122F) is an eerie echo of restrictions enacted during the Covid-19 pandemic. It’s a demonstration of the [elevated health risks]( caused by climate change that will impose increasingly severe costs on human life and the global economy. And finally … As throngs of tourists descend on Rome, Florence and other popular Italian destinations, many are struggling to get taxis and are forced to wait for hours and often in the hot sun at train stations and airports. Prime Minister Giorgia Meloni is determined to [find a solution](. But it will require negotiating with taxi associations to overhaul a rule that keeps the number of licenses low and protects their earnings. Taxis near Piazza Venezia in Rome. 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