US-China reengagement, Nigeria’s Fresh Start: Weekend Reads

The US-China reengagement and other top political stories of the week [View in browser]( [Bloomberg]( Secretary of State Antony Blinken is due in China on Sunday, as Washington looks to [ease tensions]( that have provoked fears of open conflict between the world’s two biggest economies. Russia has delivered its [first tactical nuclear weapons]( to Belarus, President Vladimir Putin said, three months after announcing the plan that threatens to ratchet up tensions with the US and its allies over the war in Ukraine. Nigeria’s new president, Bola Tinubu, has [delighted investors]( and economists with policy reforms and the removal of a controversial central bank governor in less than a month in office. The question is whether he can stay the course. Just after celebrating his 100th birthday, Henry Kissinger sat down for an interview with Bloomberg Editor-in-Chief John Micklethwait that covered a wide range of challenges to world peace, from the tense US-China relationship to Russia’s invasion of Ukraine. ([Click here]( to see the full interview) Delve into these and other top stories in this edition of Weekend Reads. — [Karl Maier]( A US flag is displayed in front of the portrait of China’s late communist leader Mao Zedong outside the Forbidden City in Beijing on Nov. 8, 2017. Photographer: Nicolas Asfouri/AFP/Getty Images Check out the latest [Washington Edition newsletter](. You can sign up to get it in your inbox every weekday. And if you are enjoying this newsletter, sign up [here](. Blinken Heads to China Setting Low Expectations: What to Watch Blinken’s last attempt to visit China was derailed by an alleged Chinese spy balloon. As Iain Marlow reports, he’s leading an effort by President Joe Biden to reset ties [plagued by challenges](: trade and intellectual-property disputes, human-rights concerns, Taiwan’s security, China’s support for Russia’s war in Ukraine and US limits on advanced technology. - Kissinger said he believes [military conflict]( between China and Taiwan is likely if tensions continue on their current course, though he still holds out hope for dialogue that will lead to deescalation. Dam Breach Remakes Ukraine Battlefield as Vast Reservoir Drains The Kakhovka dam burst on June 6 cut off any chance Ukraine’s troops could cross the Dnipro River to support the counteroffensive against Russian forces. Yet as Marc Champion and Kateryna Choursina report, that benefit to the Kremlin [may not last](. As the 140-mile-long reservoir basin empties, a new landscape is emerging that could create opportunities for Ukrainian forces. - Russia fired a [barrage of missiles]( toward Kyiv on Friday as a delegation of African leaders arrived for talks on their peace initiative with President Volodymyr Zelenskiy. Putin Screens Show of WWII Massacres at Forum to Justify His War At his annual economic forum in St. Petersburg, Putin screened archival film footage of [World War II massacres]( of Jews and Poles to justify his invasion of Ukraine. He accused Zelenskiy, who is Jewish, of covering up for “neo-Nazis.” Nigeria’s New Leader Thrills Markets With Week of Radical Change Tinubu’s radical economic reforms are [thrilling investors]( and multilateral lenders but causing pain in Nigeria, Africa’s most populous nation, where 40% of people live in extreme poverty. William Clowes sketches out the pros and cons of the new policies. Supporters during a campaign rally for Tinubu in Lagos on Feb. 21. Photographer: Benson Ibeaubuchi/Bloomberg Trump Tests Out Defense Strategies in Top-Secret Documents Case Hours after Donald Trump’s arraignment on charges he [mishandled state secrets]( and obstructed justice, he previewed potential defenses, arguing the Presidential Records Act clears him of wrongdoing and attacking the US federal prosecution as an “evil” abuse of power. Zoe Tillman reports on the latest trial balloon floated by the former president. - Trump [remains the frontrunner]( for the Republican presidential nomination, a poll taken mostly after his federal indictment showed, as he touted a surge in campaign donations. Boxes of records stored in a bathroom and shower at the Mar-a-Lago estate in Palm Beach, Florida. Source: Justice Department/AP Britain Is Adrift, and the World’s Executives Are Alarmed The UK’s divorce from the European Union was supposed to create opportunities for businesses. Instead, Brexit and the political chaos that came with it have [fostered an environment]( that many companies say is increasingly difficult to work with. Gloom Descends on Sunak as Johnson Saga and Rate Hikes Persist A damning report that found ex-premier Boris Johnson misled Parliament over the “Partygate” scandal and rising interest rates brought a [palpable gloom]( to Prime Minister Rishi Sunak’s Downing Street operation, sources say. As Alex Wickham and Emily Ashton explain, it could get worse next week with a House of Commons vote on Johnson due Monday, the first Covid inquiry hearings Tuesday and the Bank of England looking set to go ahead with for a 13th consecutive interest rate hike on Thursday. - Sunak faces a [key test of his leadership](next month as his Conservative Party tries to retain two of three parliamentary districts up for grabs due to his spat with Johnson. UK Political Drama Intensifies as Sturgeon Arrested in SNP Probe Former Scottish First Minister Nicola Sturgeon, who spearheaded the drive for Scottish independence, [was arrested]( as part of an investigation into her party’s finances and later released. Rodney Jefferson and Alastair Reed write that the action came less than three months after Sturgeon stepped down as the head of Scotland’s semi-autonomous government in Edinburgh. Best of Bloomberg Opinion This Week - [Talking to China Isn’t a Choice; It’s a Necessity: Editorial]( - [A Little Climate Panic Might Be in Order: Mark Gongloff]( - [To Be a Digital Power, India Needs Better Defenses: Mihir Sharma]( - [Forget Inflation. The US Has Bigger Problems: Kathryn Edwards]( - [Sam Altman Asked For AI Rules. The EU Answered: Lionel Laurent]( Race Is On to Protect Sudan’s Pyramids and Tombs as War Rages Sudan boasts ancient Nubian temples, more pyramids than Egypt and is credited with being the birthplace of modern pottery and metalwork techniques. Simon Marks reports on the struggle to [protect that cultural heritage]( at a time when a conflict between the Sudanese army and a paramilitary group has killed hundreds of people and injured thousands. - The United Nations warned of possible [crimes against humanity]( in the Darfur region, which has been riven by conflict since 2003 and is now the scene of continuous attacks against civilians based on their ethnicity. The pyramids of the Sudanese kingdom of Meroe. Photographer: Rabih Moghrabi/AFP/Getty Images Best of Bloomberg Explainers This Week - What Sanctions on Russia Have and Haven’t Achieved]( - [California Wildfires Now Five Times Bigger Than in 1970s]( - [Microsoft AI Blitz Sends Silicon Valley Into War Mode]( - [Why Coal Staged a Comeback Despite Climate Worries]( - [Why South Korea-Japan Ties Are Plagued by History]( Deadly Disease Arrives at the Doorstep of South African Power Just 20 miles north of Pretoria, the capital of Africa’s most industrialized economy, the latest alarming evidence of South Africa’s political dysfunction is on display. Antony Sguazzin and Janice Kew write that the country’s worst cholera outbreak in 15 years in Hammanskraal has killed 29 people, highlighting the [collapse of basic services]( nationwide after years of neglect and corruption. Puddles of sewage water on the side of a dirt road in the Kanana informal settlement in Hammanskraal on June 10. Photographer: Leon Sadiki/Bloomberg And finally … Silvio Berlusconi, the flamboyant media mogul whose reign as Italy’s longest-serving postwar prime minister was plagued by sex scandals and allegations of corruption, died at the age of 86. One of the [most influential figures]( in Italian politics of the past three decades, Berlusconi built a television empire in the 1980s before deploying his showmanship and talent for catchy sound bites to win three national elections. Supporters during the state funeral for Berlusconi at the Duomo Cathedral in Milan, Italy, on Wednesday. Photographer: Francesca Volpi/Bloomberg Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. 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