Ending the stalemate

Thailand’s king approved property tycoon Srettha Thavisin as prime minister [View in browser]( [Bloomberg]( The dust has settled in the three-month standoff that saw Thais vote against the military-backed government that took power in a 2014 coup, and the royal establishment has emerged unscathed, for now. Thailand’s king approved parliament’s backing of property tycoon Srettha Thavisin as prime minister, ending a stalemate that punished markets in Southeast Asia’s second-biggest economy. Expectations are that investors will return now that the short-term uncertainty is over, but longer-term questions remain. Key Reading: [Thai King Endorses Srettha’s Election as New Prime MinisterÂ]( [Thaksin Moved to Hospital From Prison a Day After His Return]( [Why Thaksin Made Peace With Thai Establishment Foes]( [Srettha’s Premier Vote Win May Spur More Gains in Thai Assets]( The vote winner, the Move Forward party led by Pita Limjaroenrat, failed to win support in parliament, where 250 of the 750 seats are controlled by military appointees. The establishment was wary of Pita’s vow to amend a law restricting criticism of the monarchy. That left the door open to the runner up, the Pheu Thai party, to cobble together a coalition. Adding to the drama, former Prime Minister Thaksin Shinawatra, who backed Pheu Thai, returned to Thailand from a 15-year exile and was immediately jailed for his alleged role in various corruption cases. He’s expected to get a royal pardon. One of the biggest questions now is whether, after seething under military-backed rule, the largely young and digitally-connected Thais who backed Move Forward will go along. The ruling coalition has pledged to push through with policies including a 10,000 baht ($285) digital wallet for all Thais and a higher base salary for university graduates. That won’t overcome the extraordinary household debt that hangs over the economy, not to mention worries that China’s slowdown will pummel the region. For now, the king’s endorsement gives Thailand a government, and Srettha a chance to lead. But the country’s tumultuous history suggests time may not be on his side. — [Bill Faries]( Srettha at the Pheu Thai party headquarters in Bangkok yesterday. Photographer: Andre Malerba/Bloomberg Listen to our Twitter Space [discussion]( at 8am ET today on the BRICS nations’ fight for a greater global say. And if you are enjoying this newsletter, sign up [here](. Global Headlines One candidate above all others has the most resting on today’s US Republican presidential [debate](. As Nancy Cook and Gregory Korte explain, Ron DeSantis has a golden opportunity to use frontrunner Donald Trump’s absence to revive his stuttering campaign, but the Florida governor will need to survive what’s expected to be a withering round of attacks. The prize is the chance to convince voters that he’s the party’s best alternative to the former president. President Xi Jinping failed to attend a business forum in South Africa yesterday, missing what was scheduled to be his first appearance at the BRICS meetings. One of his ministers delivered a speech defending China’s economy and its support for emerging markets, as fears mount that the nation’s struggles could cause [global turbulence](. Xi is due to address the opening session of the annual summit today along with the leaders of South Africa, Brazil, India and Russia, and may meet separately with Indian Prime Minister Narendra Modi. - China’s economic slowdown [opens doors]( for other nations to draw a bigger share of investment targeted at emerging markets, according to executives at the summit in Johannesburg. - [Click here]( for the latest news from the meeting. More than one-third of desks in offices around the globe are [unoccupied all week](, according to a new report, raising questions about how well workplaces are currently designed as companies struggle to get employees back into them. The report, from Australian workplace sensor provider XY Sense, found that 36% of cubicles and desks are never occupied. 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Spain’s King Felipe invited opposition leader Alberto Nunez Feijoo to try to form a government, even though the conservative politician has said he doesn’t have the necessary support from parliament. The invitation exposes the [dilemma for Felipe](: Neither of the country’s two main candidates — Feijoo and acting Prime Minister Pedro Sanchez — is certain to be able to form and win support for a cabinet, threatening a lengthy deadlock. Explainers You Can Use - [Why There Are Calls to Revoke China’s Trade Status]( - [Spoofing Is a Silly Name for Serious Market Rigging]( - [Why Japan Will Release Fukushima Water Into the Sea]( The notion of foreign workers filling gaps in the labor market is hardly unusual, and a chronic shortage is forcing employers across Europe to look further afield. But in parts of eastern Europe, that’s [unmasked]( an awkward truth: Economic reality has caught up with some of the most vitriolic anti-immigrant rhetoric on the continent. A road leading to the Orlen refinery. Poland’s largest company is building a compound to house as many as 5,200 mostly Asian workers. Photographer: Bartek Sadowski/Bloomberg Tune in to Bloomberg TV’s Balance of Power at 5pm to 6pm ET weekdays with Washington correspondents [Annmarie Hordern]( and [Joe Mathieu](. You can watch and listen on Bloomberg channels and online [here](. 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In a dusty corner of New Mexico a facility offers the US its best chance to wean itself off an addiction few knew it had: uranium enriched in Russia. Jonathan Tirone, Will Wade and Francois de Beaupuy [report]( from a heavily guarded $5 billion plant near the Texas border where hundreds of centrifuges separate the uranium isotopes needed to make fuel for nuclear power plants. It’s the centerpiece of a transatlantic project to reinvigorate production of the fuel to feed the West’s fleet of atomic reactors, a linchpin of energy security and efforts to reduce carbon emissions while decreasing dependence on Moscow. Barrels filled with more than 2 tons of enriched uranium each in New Mexico. 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