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Todayâs Agenda
- Trumpâs on the [road to impeachment](.
- The U.K. Supreme Court dealt Boris [Johnson a staggering blow](.
- Even without Adam Neumann as CEO, [We is still We](.
- Even [Big Oil]( and [Vladimir Putin]( are changing their tune on climate.
Start the Impeachment Countdown Clock
When President Donald Trump and U.K. Prime Minister Boris Johnson met at the UN General Assembly today, they shared more than just famous thatches of wheat-colored hair. The populist fellow travelers were also having historically bad days.
Aside from a brief break to formally address the UN, Trump spent his day beating back calls for his impeachment. [He probably wonât succeed](, suggests Jonathan Bernstein. Reports he tried to strong-arm Ukraine into digging up dirt on Joe Biden suggest a clearly impeachable offense, moving several anti-impeachment Democrats into the impeachment-curious camp;Â House Speaker Nancy Pelosi will [reportedly]( launch a formal inquiry today.
Trying to quell the controversy, Trump [promised]( to release the transcript of a particularly interesting July 25 phone call with Ukrainian President Volodymyr Zelenskiy. But he still hasnât released the intelligence community whistleblowerâs report that started this whole thing, which includes much more than the call. Anyway, we should soon know more: The unnamed whistleblower may [testify]( in the House this week. We already know Trump froze aid to Ukraine just before the call. And even if he didnât tell Zelenskiy ânice foreign aid you got there, be a shame if something should happen to it,â merely [pushing for help on Biden is an abuse of power](, writes Tim OâBrien, and that is impeachable enough.
This case is far fresher and simpler to explain to the public than the one Robert Mueller spent many months untangling, notes Francis Wilkinson. Both potentially impeachable acts involved national security, but [the stakes here are clearer](, Frank notes: Ukraine is a relatively weak ally resisting Russian influence, and Trump may have endangered that just to get re-elected.Â
Further Ukraine Reading: Zelenskiy is trying to clean up Ukraineâs corruption, and [Trump is trying to stir up more of it](. â Leonid BershidskyÂ
BoJoâs Big Blow
As for Johnson, he had just hours earlier [learned]( his nationâs Supreme Court had ruled it illegal for him to suspend Parliament, implying he had lied to the Queen, an offense punishable by ritual taunting by John Bercow in the House of Commons. This ruling caps a string of power-sapping losses for Johnson and [leaves him in an impossible bind](, writes Therese Raphael. He could soon be forced to delay Brexit, something he said heâd rather die than do. The British pound jumped at first, as it does whenever Johnson takes an L, but then retreated almost as quickly; Mark Gilbert notes [nobody still has any idea]( what this latest defeat means for the country.
New-Look We Similar to Old-Look We
WeWork founder Andrew Neumann [reportedly]( once had DMC of Run-DMC perform live at an all-hands meeting just after letting a bunch of people go. Now that Neumann is giving up his CEO job under pressure from investors as their IPO dreams crumble, one can only hope We Co. employees donât return the favor by playing âItâs Trickyâ as he packs up his office. Truthfully, he wonât go far; heâll still have an unusually powerful ownership stake and be a non-executive chairman, and a couple of We insiders will take over as co-CEOs, notes Shira Ovide. His departure also [wonât solve the companyâs dire cash-flow and governance]( problems or make an IPO happen any sooner or be any more appealing, Shira notes. More layoffs are probably coming, and they likely wonât be enough. DMC shouldnât wander far from his phone.
Further Leadership Change Reading: AT&T Inc. putting Jeff Zucker in charge of WarnerMedia may annoy Trump, but it [could satisfy activist investors](. â Tara Lachapelle
Further WeWork Reading:  SoftBank waded into the venture capital market and [drove valuations too high]( by throwing tons of money at WeWork and other companies without doing enough homework. â Barry RitholtzÂ
Climate Changes on Climate Change
Far on the sidelines of the UNGA, several oil and gas company representatives got together to talk about how to deal with growing public pressure over climate change. Making their challenge even starker was Greta Thunberg, who on the same day dramatically read the world the riot act over its failure so far to address the crisis. Liam Denning writes [Big Oil has a big problem balancing the demands]( of climate activists, which lately include woke investors, with those of traditional investors who want big dividends and donât trust the companies to spend money wisely.Â
Meanwhile, long-time climate foot-dragger Vladimir [Putin this week finally joined the Paris climate]( accord, notes Leonid Bershidsky. A public turning away from fossil fuels is a threat not only to Big Oil but to Russiaâs economy too. Putin is wise to try to diversify.Â
Telltale Charts
High productivity is typically a good thing, but [Americaâs skyrocketing corn productivity]( is causing environmental and societal problems, writes Justin Fox.
Globalization is [boosting developing countries all over the world](, closing the gap between rich and poor, writes Noah Smith.Â
Further Reading
Europe has [coddled Iran for too long](; it should either join Trump in pressuring Tehran or get out of the way. â Bloomberg's editorial board
A splashy Hyundai-Aptiv joint venture to develop driverless cars is [actually a sign the hype is gone](. â David FicklingÂ
Recent court rulings on European tax cases have [a troubling message for Apple]( Inc. â Lionel Laurent
Trumpâs [tweets seem to affect Fed policy](, but not in the way you might think. â Karl SmithÂ
ICYMI
The [rich are hoarding cash]( ahead of a possible recession.
Libertarians on the [Contra Krugman Cruise]( just want to sail in peace.
Facebook Inc. buys startup for [controlling computers with your mind](.
Kickers
Angry walrus [sinks Russian Navy boat](. (h/t Scott Kominers)
To pay attention, the [brain uses filters](, not a spotlight.
The Deepwater Horizon [spill aftermath](, a decade later.
A brief history of [movies that turn into âHome Alone](.â
Note: Please send cash and complaints to Mark Gongloff at mgongloff1@bloomberg.net.
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