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It’s one thing to have Warren Buffett say your job deals in “weapons of mass destruction,” but when the Pope himself calls you out for imposing a “ticking time bomb” on the global economy, well, that may give even the most mercenary master of the universe pause.  

Here are today’s top stories

This Harvard economist warns emerging markets are in worse shape now than during the global financial crisis in 2008.

The Trump administration is distancing itself from National Security Adviser John Bolton and ignoring a flurry of insults North Korea directed at Seoul as it tries to salvage a planned summit.

Europe is getting angry with Donald Trump. EU leaders presented a united front at a meeting in Bulgaria, laying the groundwork for retaliation if White House trade threats are carried out.

Meanwhile, Trump's threats of trade war with China may have helped drive that nation into the arms of Russia, at least when it comes to buying tons of soybeans.

So much for low interest rates. U.S. homebuyers, already dealing with rising prices, now get to pay higher rates on their mortgages, too. So they're stepping over each other to close deals fast.

The heaviest smokers in the U.S. are the ones who can benefit most from early CT scans, but only 2 percent of them actually do so, and nobody knows why.

What's Joe Weisenthal thinking? The Bloomberg news director is looking at what impact higher interest rates may have on the stock market, and concludes there's no simple answer.

What you’ll need to know tomorrow

What you’ll want to read tonight

When your teeny-tiny super-rich principality isn’t big enough. First-time visitors to Monte Carlo for next weekend’s Grand Prix may not find the view to their liking. The fabled principality is pouring thousands of tons of sand into a shallow harbor at a cost of $2.4 billion, increasing its size by 3 percent. It’s part of a plan to rescue the tax haven with the world's most expensive real estate from a housing shortage.

To contact the author of this story: David Rovella in New York at drovella@bloomberg.net.

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