Fears of war deepen over Ukraine standoff: Weekend Reads

Red lights are flashing over the Ukraine standoff. [View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( Tensions between the West and Russia over Ukraine [reached]( new heights as U.S. President Joe Biden said American intelligence led him to believe Russian leader Vladimir Putin has decided to attack Ukraine. Moscow called such claims propaganda and “hysteria.” Despite round-the-clock diplomatic efforts to ease the crisis, Moscow and Kyiv traded allegations of violations of a shaky cease-fire in eastern Ukraine, while Ukrainian banks and government websites were hit by a [cyberattack](. Click [here]( to keep up with the latest developments. Hong Kong reported elevated daily coronavirus cases and said it’s planning to [institute]( mandatory testing for residents as it battles to get its Covid Zero strategy on track amid heightening pressure from Beijing. And police in Ottawa [arrested]( more than 100 people and towed away vehicles as they worked to end a protest that has paralyzed Canada’s capital city for three weeks. Delve into these and more of Bloomberg’s biggest stories from the past seven days in this edition of Weekend Reads. — [Karl Maier]( A Ukrainian soldier on the front line with Russian-backed separatists in the Donetsk region. Photographer: Anatolii Stepanov/AFP/Getty Images Click [here]( for this week’s most compelling political images. And share this newsletter with others too. They can sign up [here](. U.S. Ramps Up Ukraine Warnings as Russia Denies Invasion Plans Washington [increased]( its warnings of a possible Russian attack on Ukraine, with Biden saying a “false-flag” event may be underway and a top diplomat describing Moscow as moving toward an “imminent invasion,” [Vladimir Kuznetsov]( and [Nancy Cook]( report. - Some European Union countries are [pressing]( the bloc to find ways to shield their economies from possible sanctions against Russia over Ukraine, [Chiara Albanese]( and [John Follain]( write. - The western Ukrainian city of Lviv has become a temporary [refuge]( for diplomats and IT workers leaving the capital, Kyiv. Hong Kong’s Covid Crisis Opens Door for China to Cement Control Hong Kong’s leaders have focused on [eradicating]( the opposition rather than vaccinating their most vulnerable residents over the past two years. Now as cases spike, [Kari Lindberg]( writes, city officials are going even further to align with mainland China. - At Hong Kong’s hospitals, the pandemic situation has [lurched]( from over-the-top caution to outright chaos. Here’s What the Pandemic Has in Store for the World Next As countries around the globe dial back pandemic restrictions, [Michelle Cortez]( reports, epidemiologists are [sending]( out a warning: Don’t expect omicron to be the last Covid variant and don’t let your guard down just yet. Patients displaying Covid-19 symptoms at a temporary triage area in Hong Kong on Wednesday night. Photographer: Bertha Wang/Bloomberg How Nationalism in China Has Dethroned Nike and Adidas Chinese consumers are increasingly acting as an extension of Beijing’s political agenda — a worrying sign for global brands that have staked their futures on the $6 trillion market. [Jinshan Hong](, [Yasufumi Saito]( and [Adrian Leung]( explain how that plays into China’s [tussles]( on the world stage with the U.S. and others. China Finds a New Way to Dominate the U.S. in South America China has made an ​​​important [shift]( in its ​approach to South America: going local to expand and strengthen its financial grip. [Jonathan Gilbert](, [Andrew Rosati]( and [Ethan Bronner]( explain how China has made itself the continent’s No. 1 trading partner. Draghi Turns Up Heat on Partners After Missing Out on Presidency As Italian Prime Minister Mario Draghi looks to refocus his administration after his failed bid for president, he’s [stepping up]( the pace of his economic reform programs. [Chiara Albanese]( and [Alessandro Speciale]( explain why he isn’t ready to indulge the objections of his coalition partners. Architect Seeks to Bring Sustainability to a City Ravaged by War Architect Omar Degan is on a mission to help [transform]( the war-ravaged Somali capital, Mogadishu, by championing cultural heritage and buildings in tune with the environment. As [Donna Abu-Nasr]( and [Mohamed Sheikh Nor]( report, his designs have been showcased by the New York Times. Omar Degan in Mogadishu. Source: Omar Designs Hidden Brain Drain Poses Threat to Argentina’s Fragile Recovery Argentina has suffered periodic brain drains during turbulent times, but unlike episodes in the 1980s or 2000s, many tech-savvy college grads today are [quitting]( their jobs but not their homeland. [Patrick Gillespie]( reports on why high-skilled employees are ditching positions with peso salaries for freelance work paid in dollars. The Mexican leader known as AMLO made his comments in response to published [reports]( of his son’s nearly million-dollar home rental that cast doubt on the first family’s austerity. Explainers You Can Use - [Why Minsk Accords Are Murky Path for Ukraine Peace]( - [What Covid Therapies Exist, and What Omicron Changes]( - [How Poland and Hungary Are Challenging European Law]( - [What Trudeau Can and Can’t Do With Emergency Powers]( - How Jihadists Are Creating Turmoil Across West Africa]( Canada’s Peaceful Persona Stained by American-Style Populism Canada was [forced]( into the spotlight as protests against vaccine mandates shut down cross-border trade and paralyzed the capital. [Danielle Bochove]( outlines how the ground appeared to shift after Prime Minister Justin Trudeau invoked the never-before-used Emergencies Act. Planes, Cranes and Barges: America Adapts to Supply Chain Chaos Rickenbacker International Airport has become an economic relief valve for auto parts, consumer goods, and pharmaceuticals to help ease U.S. supply chains. [Brendan Murray]( looks at its booming business that illustrates how the old architecture of globalization is [absorbing]( shocks and changing shape. Best of Bloomberg Opinion This Week - [Putin and Biden Both Win, Ukraine Loses: Leonid Bershidsky]( - [Olympics Have Been a Raging Success (for China): Adam Minter]( - [U.K. Judges Help the Next Robert Maxwell: John Micklethwait]( - [Iranian Oil Is What Might Save American Motorists: Julian Lee]( - [New Covid Variants Complicate Vaccination Mandates: Faye Flam]( Billions in Climate Funds Face Uncertain Future in South Africa A key announcement from last year’s COP26 climate talks was a pledge by some rich countries to provide $8.5 billion to help South Africa transition away from coal. Now, as [Antony Sguazzin]( and [Loni Prinsloo]( outline, different interests in the country are tussling over how that money should be distributed. What Africa Is Doing to Tackle its Coronavirus Vaccination GapAfrican governments are playing catch-up in vaccinating against the coronavirus, with just 12% of the continent’s 1.3 billion people completely immunized, [Fumbuka Ng’wanakilala]( and [Fred Ojambo]( write. Read a [list]( of what countries are doing about it. Meet the Ex-Airline Chief Seeking to Topple New Zealand’s Ardern Christopher Luxon, a former CEO of Air New Zealand and senior executive at Unilever, tells [Tracy Withers]( that his real-world experience is what the country needs as he [prepares]( to take on Prime Minister Jacinda Ardern in the 2023 election. And finally … Climate change is seen as a bigger threat than war by a majority of people living in some of the world’s top economies, according to a poll conducted for the Munich Security Conference this weekend. The top three risks [named]( by 12,000 respondents were global warming, habitat destruction and extreme weather. The Belchatow coal power plant in Poland on Feb. 13. Photographer: Bartek Sadowski/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]( [Ads Powered By Liveintent]( | [Ad Choices]( Bloomberg L.P. 731 Lexington, New York, NY, 10022