Pandemic’s haves and have nots, Brexit fallout: Weekend Reads

[Bloomberg]( Follow Us [Get the newsletter]( The second and third virus waves are hitting countries from France to Brazil and India hard, with lockdowns and curfews cramping citizens and economies desperate to re-emerge from Covid-19 restrictions. In some [good news](, enough vaccines have been administered to fully inoculate about 5% of the global population. The bad news? Countries with the highest incomes are vaccinating 25 times faster than those with the lowest. It’s been almost 100 days since Britain split from the European Union, and Brexit’s long-term consequences were laid bare on the streets of Northern Ireland this week. Violent clashes highlighted both old [faultlines]( as well as what’s at stake for those governing the United Kingdom since it left the bloc, with the split already negatively affecting the economy. And for the first time since the 1990s, the global ­middle class shrank last year, with the pandemic pushing 150 million people back down the economic ladder, while the staggering environmental cost of the world’s demand for semiconductors is finally emerging. Dig deeper into these and other topics with this edition of Weekend Reads. — [Ruth Pollard]( Fireworks explode around police vehicles during clashes in Belfast on Thursday. Photographer: Paul Faith/AFP/Getty Images [Click here]( for this week’s most compelling political images and tell us how we’re doing or what we’re missing at balancepower@bloomberg.net. Voting Fight Signals a Rupture Between Big Business and the GOP Like so much else in American politics, the corporate [backlash]( to Republican-led voter-suppression bills in Georgia and Texas is a direct consequence of Donald Trump’s presidency, [Joshua Green]( reports. And rather than assuage its corporate donors, Republicans have threatened companies with punitive taxes. Millions Tumble Out of Global Middle Class in Historic Setback One of the most economically significant trends of the past few decades has been the emergence of a global middle class. You can now add that to the list of economic truths that have been [upended]( by this pandemic. For the first time since the 1990s, the global ­middle class shrank last year. Saudi Crown Prince’s Past Makes His Vision a Tough Sell Abroad The advertising campaign makes it look like any mistakes from the past five years are firmly [behind]( Prince Mohammed bin Salman. Yet, [Donna Abu-Nasr]( writes, the 35-year-old Saudi heir has two stains on his record that he can’t seem to erase: the war in Yemen and the 2018 murder of critic and Washington Post columnist Jamal Khashoggi by Saudi agents. Biden announced a set of executive actions on Thursday to curb [gun violence](, urging Congress to adopt stricter laws and rebutting arguments that his new measures impinge on Americans’ second amendment rights. AstraZeneca’s Vaccine Drama Risks Prolonging the Pandemic The story of the vaccine that AstraZeneca developed with the University of Oxford is marked by noble intentions, communication [blunders](, messy trials, manufacturing nightmares, and political and economic rivalry. Now a series of unforced errors has turned hope into hesitancy, [Stephanie Baker]( and [Suzi Ring]( report. 100 Days of Brexit: Was It as Bad as ‘Project Fear’ Warned? The warnings were stark. A vote to leave the European Union, the British government said, would trigger an immediate [recession](, a painful fall in house prices, and a steep drop in exports. It’s almost 100 days since Britain completed its split from the EU — almost five years after the referendum vote — and a clearer picture of the consequences is starting to emerge. [Joe Mayes]( and [Andrew Atkinson]( explain. China Tests Biden With South China Sea Tactic That Misled Obama Based on the official view from Beijing, the Philippines has no reason to [worry]( about Chinese fishing boats sitting along a disputed reef in the South China Sea. But as [Andreo Calonzo]( and [Philip J. Heijmans]( write, there’s more than 40 boats in the area and the statements out of Manila and Washington are getting increasingly terse. Chinese vessels moored at Whitsun Reef on March 27. Source: National Task Force-West Philippine Sea Olympics Boycott Risks Becoming the Next Big U.S.-China Battle Over the past month, diplomats in Beijing have been talking more about the pros and cons of [boycotting]( the 2022 Winter Olympics in Beijing — particularly as leading global brands came under attack for statements on human rights abuses in the far west region of Xinjiang. While most doubted there would be an outright boycott, they noted top dignitaries could stay away even while athletes compete and sponsors take part. Why Uncertainty Tops Ballot in April 11 Peru Election: QuickTake Peruvians are voting tomorrow for what will be their fourth president since November in an election that has [rattled]( investors. Years of rapidly improving living standards have been set back by political chaos, the deepest economic crash in three decades and a bumbling response to the pandemic. As [Jim Wyss]( reports, none of the 18 presidential candidates inspire much enthusiasm. With Poor Data on Mutants, India’s Virus Surge Remains a Mystery India’s [failure]( to quickly examine Covid-19 samples for new variants risks hurting its battle against a record surge of infections, [Bibhudatta Pradhan]( and [Dhwani Pandya]( explain. The spike isn’t helped by crowded rallies at several state elections or the Kumbh Mela pilgrimage, which draws hundreds of thousands of Hindus to the Ganges river. Devotees attend prayers on the banks of the Ganges in Haridwar on March 11. Photographer: Prakash Singh/AFP/Getty Images Singapore Leadership Plan Upended as Heir Apparent Steps Aside Finance Minister Heng Swee Keat stepped aside as the designated successor to Prime Minister Lee Hsien Loong, a surprise move that will likely push back a [long-telegraphed]( power transition in the city-state. Lee, in power since 2004, has been one of the world’s most vocal leaders calling for the U.S. and China to avoid a destructive clash, [Faris Mokhtar](, [Philip J. Heijmans]( and [Michelle Jamrisko]( report. And finally ... Day and night, trucks arrive at the Southern Taiwan Science Park to pour concrete for what will be the world’s most advanced [chip factory](. The Taiwan Semiconductor Manufacturing facility’s estimated cost of $20 billion is about three times that of Elon Musk’s Tesla gigafactory near Berlin. As [Alan Crawford](, [Ian King]( and [Debby Wu]( explain, it will have a carbon footprint to match. A dried reservoir bed at the Second Baoshan Reservoir in Hsinchu, Taiwan, Wednesday. The future of the country’s economic development rests on whether it can endure the electronics industry’s carbon emissions and electricity consumption. Photographer: Billy H.C. Kwok/Bloomberg   Like Balance of Power? [Get unlimited access to Bloomberg.com](, where you'll find trusted, data-based journalism in 120 countries around the world and expert analysis from exclusive daily newsletters.  You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022