Your Evening Briefing
The former U.S. ambassador to Ukraine, whose removal from that post is part of the impeachment inquiry into President Donald Trump and his effort to impugn ex-Vice President Joseph Biden, told Congress she felt intimidated by Trump’s attacks on her. Witnesses have said Marie Yovanovitch was targeted by Trump’s allies, especially his personal lawyer, Rudolph Giuliani. As Yovanovitch testified Friday, Trump attacked her again, this time on social media. Democrats seized on the moment to accuse him of attempting to intimidate a witness, suggesting it could form the basis of impeachment for obstruction.
Here are today’s top stories
Once he was a star prosecutor who helped convict New York organized crime bosses. Once he was “America’s Mayor,” presiding over the aftermath of the 9-11 attacks. Now Giuliani is under federal investigation for possible campaign finance violations, failure to register as a foreign agent and potentially violating laws against bribing foreign officials.
Continuing low interest rates could push bankers into riskier behavior that may threaten America’s financial stability, the Federal Reserve said.
Trump’s trade war is ravaging U.S. exports to China, and not just from the farm belt, Commerce Department data show. Some industries may not recover.
Roger Stone, the longtime Republican operative and early Trump booster, was convicted of lying to Congress, obstructing a congressional probe and witness tampering. He faces as many as 20 years in prison.
This time it’s official. Microsoft co-founder Bill Gates overtook Amazon’s Jeff Bezos as the world’s richest person.
Bloomberg Businessweek takes you inside the most watched YouTube channel in the world.
What’s Luke Kawa thinking about? The Bloomberg cross-asset reporter says that, during his two days of testimony before the Joint Economic Committee of Congress, Fed Chair Jerome Powell emphasized that the U.S. fiscal trajectory is unsustainable. He judges fiscal sustainability to be determined by whether debt is growing faster than GDP. If it is, then it’s unsustainable by definition.
What you’ll need to know tomorrow
- Stocks rose to all-time highs and Treasuries edged lower.
- Senator Elizabeth Warren has a three-year Medicare for All timeline.
- Serbia bought nine tons of gold. This is why.
- Venice blames climate change for a second record flood.
- Wind made the world’s only $100 billion utility.
- Even Saudi Aramco is talking about peak oil.
- Bloomberg Opinion: The climate crisis is coming for your SUV.
What you’ll want to read in Bloomberg Wealth
The Cannes winner made for unequal times. One family gets to live in a mansion. Another lives in a basement. Family No. 2 decides to move in with family No. 1. That’s the plot of “Parasite,” a new horror-comedy by director Bong Joon-ho which won top prize at this year’s Cannes Film Festival and is packing art houses across the U.S. The setting could have been San Francisco or London or any other place where the growing gap between the rich and poor is sparking major resentment. But the movie takes place in South Korea, a country where economic development has been dominated by a handful of family-controlled conglomerates and poverty rate is at U.S.-like levels.
©2019 Bloomberg L.P.