It’s been a long time coming, but Great Britain is about to feel the heat of unintended consequences first set in motion by the Industrial Revolution. A showdown is looming in Glasgow, Scotland, as world leaders gather for the critical climate summit known as COP26. The talks were always going to be difficult: Think of herding 200 countries toward a plan to prevent catastrophic warming, one that involves deep short-term economic sacrifice. Then think about their grim track record of failure over the decades. Though minds may be more focused now by a string of increasingly extreme climate events, the energy crunch that’s followed pandemic downturns, lockdowns and reopenings has prompted countries to scramble to buy and burn more fossil fuels. That’s giving climate deniers and laggards—not to mention coal exporters—another excuse to go slowly as humanity’s hour grows ever later. Even the COP26 host, Tory Prime Minister Boris Johnson, fresh from his Kermit the Frog oration at the United Nations, is struggling to convince political followers of his born-again green credentials. The meeting, said U.S. envoy John Kerry, is the world’s “ last best hope” to unify.
What you’ll want to read this weekend
Blackrock’s best kept secret is a man named Alister Hibbert. He’s the money manager who has enriched the firm and its clients with a near 370% gain. The man with the Midas touch is rarely mentioned inside the world’s largest asset management firm, and some staffers don’t even know who he is. Hibbert’s fund single-handedly earned almost half of BlackRock’s record performance fees last year. His reward, by the way, dwarfed the $30 million payout for Chairman Larry Fink.
It’s a weekend of multitasking for U.S. President Joe Biden. His European tour touched down in Rome for a summit of the G20 nations. Then the leader of one of the biggest emitters of greenhouse gases is to be whisked off to Scotland for COP26. But he’s carrying some heavy domestic baggage: There’s still squabbling among fellow Democrats in Congress as he struggles to deliver on his massive economic agenda. And that’s stoking doubt among friend and foe alike on whether America can ever reverse what was done to its climate policy—and its credibility—by the previous administration.
There’s a new pooch on the crypto block and its name is Shiba Inu. Robinhood investors who missed out on Dogecoin’s summer rally now want the chance to ride Shiba Inu’s big surge to crypto riches. A petition for the listing already tops 300,000 names. The meme coin of the moment— known as SHIB—is a crypto that takes its name from the canine mascot of Dogecoin, which itself is a parody of Bitcoin. The SHIB token has already topped $20 billion in market value. “Sell the sizzle, not the steak” is the old advertising saw. When it comes to crypto, the sizzle-to-steak ratio is off the charts.
If you’re a really wealthy American, you may want to plan on some tax advice soon, depending on what (if any) version of Biden’s economic plan becomes law. A surtax on those making more than $10 million seems to have legs. Meanwhile, Democrats are also looking at a minimum corporate tax rate, and they believe a 15% rate would raise some $400 billion.
Ever dream of driving a Tesla? Soon you can rent one. That’s because Hertz is opening its checkbook for an order of 100,000 Model 3 sedans. The storied firm was hit hard by pandemic lockdowns and only exited bankruptcy four months ago. Now it has begun an electrification push that will see EVs rolled out across the U.S. and parts of Europe. If you want to book a Tesla for your next “Born to Be Wild” road trip, here’s how to get your motor runnin’—quietly.
What you’ll need to know next week
- Your COP26 guide to key data, debates and discussions.
- Bond market yield curves twist, turn—and flatten again.
- The ECB president pushes back against market expectations.
- The best and worst places to be as Covid reopening continues.
- How G-20 leaders could kill coal.
What you’ll want to read in Bloomberg CityLab
The Terrifying Rise of Haunted Tourism
Owners of historic buildings are tapping into a thriving market for paranormal-themed tours and attractions. But ghost hunting and historic preservation can be an uneasy mix, as they’re finding out at the former Ohio State Reformatory, which many might remember from a certain ubiquitous prison movie. Some 155,000 inmates served time in the imposing edifice. Now, the biggest draw isn’t its architecture but its spooky reputation.
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