Saturday, June 10, 2023

Bloomberg Balance of Power : the destruction of the Kakhovka dam, Trump indictment and more...

 

Bloomberg

A “war crime” was how European NATO members described the destruction of the Kakhovka dam in Ukraine that the authorities in Kyiv and other Western leaders blamed on Russian President Vladimir Putin.

Ukraine’s new NATO-standard tanks and fighting vehicles are appearing in battlefield images as military analysts said Kyiv has launched its long-expected counteroffensive.

In the US, Donald Trump was indicted over his refusal to return classified documents found at his Florida home in what the former president called an “act of open legal ‘warfare’.” 

Delve into these and other top stories in this edition of Weekend Reads.  — Karl Maier 

Residential buildings in a flooded area in Kherson, Ukraine, on Thursday. Photographer: Alex Babenko/Getty Images 

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Dam Breached in the Dead of Night Upstages Ukraine Offensive
The 24 hours before Tuesday’s flooding of the Dnipro River basin were already dramatic, as Ukraine appeared on the cusp of a counteroffensive. But nothing compared to what appeared to be a horrific escalation of the war as up to 18 million cubic meters (4.8 billion gallons) of water poured through a massive breach in the Kakhovka dam.

  • Putin said Russia will begin moving tactical nuclear weapons to Belarus next month, ramping up a confrontation with the US and its NATO allies.

Destruction of Ukraine’s Kakhovka Dam Will Haunt the Environment
The explosion unleashed an enormous environmental disaster that cut freshwater and electricity supplies for millions of people, flooded dozens of towns and spilled at least 150 tons of machine oil into the Dnipro River. Laura Millan explains that the impact could burden Ukraine’s southern region for decades.

Russian Elite Is Souring on Putin’s Chances of Winning His War
There is a sense of deepening gloom among Russia’s political and business elite about the prospects for Putin’s war in Ukraine. While nobody’s willing to stand up to the president over the invasion, absolute belief in his leadership has been shaken by it, sources say.

Putin chairs a meeting with members of the government via video conference at the Novo-Ogaryovo state residence, outside Moscow, on April 19. Photographer: Gavriil Grigorov/AFP/Getty Images 

Trump Tried to Hide Documents, Share Secrets, Indictment Alleges
The federal indictment lays out the relentless efforts Trump used to hide government documents from authorities at his Mar-a-Lago home. It alleges the former president engaged in a conspiracy with a close aide to resist returning classified materials, even after receiving a subpoena requiring him to do so.

  • The charging papers show how the famously unfiltered former president’s own words helped prosecutors build a case against him.
This photo in the indictment shows boxes of records in a storage room at Trump’s Mar-a-Lago estate in Palm Beach on Dec. 7, 2021. Source: Justice Department

What Trump’s Indictment Means for His 2024 Presidential Run
The indictment is the latest of the legal woes hampering Trump’s run for the White house. Erik Larson writes that the cases, including a New York state felony indictment for falsifying business records and a jury’s verdict that he is civilly liable for sexual assaulting a woman, could produce more unflattering revelations — and adverse verdicts — that no presidential candidate would welcome.

  • Read about the key milestones leading up to the indictment filed in federal court in Miami, as documented in public court filings and previous reports by Bloomberg News.

California Puts Slavery Reparations to an $800 Billion Test
The state of California is studying how it may provide compensation for the legacy of slavery and discrimination in the US. But as Karen Breslau outlines, the effort is filled with complexity and raw emotion, and who is to be compensated, and by whom, is far from resolved.

US, Canada Wildfire Risk Raised by Rapid Melting of Arctic Ice
As millions of people in New York and other major North American cities choke on acrid smoke, they could look for an explanation farther north than the wildfires ravaging Quebec — to the Arctic. Danielle Bochove writes that rising temperatures in the region are contributing to the weather conditions that make wildfires more likely to occur.

An orange haze at the Empire State Building in New York City on Wednesday.   Photographer: David Dee Delgado/Getty Images 

Best of Bloomberg Opinion This Week

Giorgia Meloni Looks to Cement Power by Remaking Corporate Italy
The right-wing prime minister is pushing ahead with her nationalist vision for corporate Italy — one that views dozens of state-owned companies as a way to cement power and drive change in the economy. Meloni’s aim is to reshape the country’s long-term industrial strategy and institutions.

Meloni walks through the Palazzo Chigi in Rome. Photographer: Alessia Pierdomenico/Bloomberg

Far-Right Resurgence Limits Scholz’s Room for Action in Germany
Once seen as a radical fringe group, the far-right Alternative for Germany, or AfD, is now tied with Chancellor Olaf Scholz’s Social Democrats as the second-most popular party in the country. As Michael Nienaber reports, it has been able to tap into public discontent over record-high migration, inflation and costly climate-protection measures to batter Scholz’s government.

Boris Johnson Quits UK Parliament Sparking New Crisis for Sunak
Boris Johnson quit his seat in the UK Parliament, denouncing the panel of lawmakers investigating his behavior as a “kangaroo court” and attacking the policies of the current prime minister, Rishi Sunak. As Alex Wickham writes, the resignation triggers a special election for Sunak in a seat that the ruling Conservative Party held in 2019 with a relatively slim majority.

  • Labour Party leader Keir Starmer scaled back one of his party’s boldest pledges to remake the economy — investing in a green energy transition — with an eye on winning the next election.

The Road to Modi’s Ambitious Make-in-India Goal Goes Via China
Prime Minister Narendra Modi’s Made-in-India push has ensnared Indian companies in a peculiar bind, Vrishti Beniwal and Ruchi Bhatia report. The more they try to ramp up production in competition with China, the more dependent they become on their northern neighbor for components and raw materials. 

Best of Bloomberg Explainers This Week

Fugitive Brothers Thrive in Nigeria as India Chases $1.7 Billion
Nitin and Chetan Sandesara have built the largest independent oil company in Africa’s biggest crude producing nation even as India pursues them as criminals — accusing them of perpetrating “one of the largest economic scams in the country.” William Clowes writes that the brothers, who say they are victims of political persecution, are embraced in Nigeria and their ties in the West African nation are deepening.

And finally … Through 16 years of impeachments and scandal, Julio Velarde, Peru’s central bank’s president, has presided over a remarkably resilient economy. But the country’s constitution now threatens to undo those achievements. As Marcelo Rochabrun explains, since 2016, Peruvians have lived through six presidencies, six impeachment trials, one congressional dissolution and one failed coup. Three of their former leaders are in jail, on allegations ranging from rebellion to graft.

Demonstrators on March 7 in Puno, which has experienced the worst of the nation’s violence since then-President Pedro Castillo attempted to dissolve Congress in December. Photographer: Marco Garro/Bloomberg
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