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May 3, 2021

Moving Towards Net-Zero: Bloomberg LP continues to make progress towards its commitment to net-zero emissions by 2025, according to the company’s 2020 Impact Report.

As a member of the UN’s Race to Zero campaign, Bloomberg’s ambitious emissions reduction targets are now officially validated by the Science Based Targets initiative (SBTi), the leading global body that assesses the scientifically soundness of private sector climate action.

Bloomberg is leading efforts to mobilize markets to fight climate change and bring transparency to climate risk data to better understand how climate can impact businesses and economies.

Given the global ramifications of the COVID-19 pandemic, the report in particular illustrates Bloomberg’s support for communities and businesses in need throughout the pandemic.

“The year ahead can set the stage for a decade of transformational change – but only if we act boldly and urgently. Bloomberg is determined to help lead the way, and this report outlines the progress we’re making,” said Mike Bloomberg.

Read Mike's letter here and the full report here.
 

Covid Hits Alarming New Peak Globally.


Daily global Covid cases are at an all-time record high, with more than 930,000 new cases reported Friday.

Driven by surges in India and South America, the worldwide number of new cases "has shot upward since the beginning of March, more than doubling in two months," the New York Times reports.

Uruguay, Paraguay, Brazil, Peru, Argentina and Colombia all rank among the top 20 nations in the world for Covid deaths per capita as of Thursday, the Times added.


India recorded a new single-day country record of 401,000 new cases on Friday. Meanwhile, the U.S. reported less than 50,000 daily cases Sunday for the first time since late September.

Vaccinations are continuing quickly in the UK and U.S., where more than 51% and 43%, respectively, of the population has received at least one dose, but global progress is not continuing at the same speed.

India, which is dealing with an explosive outbreak, has given less than 10% of the population at least one dose. In Brazil, 14% of the population has received at least one dose.

In Africa, both Nigeria and South Africa have given barely 0.5% of their populations at least one dose.
 

The Return to 'Normal.'


London Heads Back to Work: It’s Back to The Office in London, Except on Fridays (Evening Standard)

The proportion of people back at their desks in the City has been steadily picking up since lows of less than 20% in January. Occupancy has stayed above 40% every working day for the past few weeks, apart from Fridays, new data reveals.

Ripple EffectManhattan Stores Struggling as Office Workers and Tourists Have Yet to Return (New York Times)

Employment at small service industry businesses in Manhattan neighborhoods with lots of office buildings was down 20% from pre-pandemic levels at the beginning of March. In the wider New York metropolitan area, employment at such businesses is down much less, 6%.

Barclays Reopens: Barclays CEO Jes Staley Says Bank to Open Offices Soon, Will Avoid ‘Strict Mandate’ for Return (Bloomberg)

Click here to get the latest on the Return to 'Normal.'
 

Biden Economy Booms.


Breaking RecordsU.S. Personal Incomes Soar by Most Since 1946 on Pandemic-Relief Checks (Bloomberg)

Good News: America’s Jobs Recovery From Crisis Is Looking Robust (Bloomberg)

Payrolls rose by 978,000, above the 916,000 gain in March, and unemployment is seen falling below 6%.

Last week, the government said the economy expanded at an annualized 6.4% in the first quarter, spurred by the second-fastest rate of household spending since the 1960s.


Help NeededSupply-Chain Snarls and Labor Shortages Crimp Some Businesses Looking to Ride U.S. Economy Rebound (Wall Street Journal)

U.S. job openings have already recovered to pre-pandemic levels and 42% of surveyed companies told the National Federation of Independent Business that they have at least one open position that has proved hard to fill.

 

Race for Mayor of London.


The final week of campaigning for Mayor of London kicks off today.

On Thursday, May 6, Londoners head to the polls to elect their mayor, as incumbent Sadiq Khan hopes to win a second term. This election was originally due to have taken place in May of 2020, but was postponed due to the pandemic.

Sadiq Khan's main rival, Conservative Shaun Bailey, has been languishing in the polls, with a recent poll putting him 13 points behind Khan.

A total of 20 candidates are standing for mayor this year, with those from mainstream parties such as the Liberal Democrats and Greens going up against everyone from former actor Lawrence Fox – running on an anti-lockdown agenda – to Count Binface.

Mike Bloomberg weighed in with an endorsement Sunday, "Sadiq Khan has done an outstanding job as Mayor navigating London through unprecedented challenges and setting it on course for a bright future. He has the courage to make tough choices and the vision to look past tomorrow. He deserves to be re-elected."

I agree! Sadiq Khan deserves to be re-elected.
 

What I'm Reading.


NYC is BackNew York City Roars Back to Life, One Year After Its Nadir (Bloomberg)

More than half of adult New Yorkers have had at least one vaccine shot, and Covid-19 cases and hospitalizations are dropping sharply.

Museums are back to 50% capacity, and movie theaters are at 33%. Soon, a midnight curfew on bars and restaurants will be lifted. “Shakespeare in the Park” is coming back, albeit with an abridged schedule.


New Poll: U.S. Optimistic After Joe Biden's First 100 Days (ABC News)

64% of Americans are optimistic about the direction of the country in the new ABC News/Ipsos poll, the highest level of optimism since December 2006.

Promises Delivered: More Than 50% of Biden Agency Appointees are Women (The 19th)

Berkshire Annual Meeting: Warren Buffett Sees 'Red Hot' Economy, Says Greg Abel His Likely Successor (Bloomberg)

Buffett attributed the faster-than-expected recovery to swift and decisive rescue measures by the Federal Reserve and U.S. government, which helped kick 85% of the economy into “super high gear,” he said.

On the influence of SPAC companies on Berkshire’s ability to find businesses to buy, Buffett said “It’s a killer.”


ETF Boom: Rich Americans Fleeing Tax Hikes May Turbocharge Shift to ETFs (Bloomberg)

Climate Op-ed of the Day: Our Children Face Wars Over Food and Water If We Don't Protect the Climate (The Guardian - European Commission Vice-president Frans Timmermans)

India: Narendra Modi Loses Key State in Sign of Voter Backlash After Virus Surge (Bloomberg)

U.S. Travel Frenzy Coming: Our Crazy, Booked-Up Summer (Axios)

Vaccines are flowing, the weather is changing, and everyone has the same idea that summer seems like the ideal time to finally get out of the house.

Around 72% of Americans are planning summer trips this year, compared with 37% in 2020, according to the U.S. Travel Association, and Airbnb CEO Brian Chesky recently said the company will need "millions more hosts" to meet surging demand.


Making a Splash: SpaceX Makes First Nighttime Splashdown with Astronauts Onboard Since 1968 (New York Times)

 

Vaccination Freedom.


After You’re Fully Vaccinated (CDC)

The CDC relaxed its guidelines on masks for the fully vaccinated last week.  

Here are some key points for those who are fully vaccinated:

You can gather indoors with fully vaccinated people without wearing a mask or staying 6 feet apart.

You can gather indoors with unvaccinated people of any age from one other household (for example, visiting with relatives who all live together) without masks or staying 6 feet apart, unless any of those people or anyone they live with has an increased risk for severe illness from COVID-19.

You can gather or conduct activities outdoors without wearing a mask except in certain crowded settings and venues.

If you’ve been around someone who has COVID-19, you do not need to stay away from others or get tested unless you have symptoms.

However, if you live in a group setting (like a group home) and are around someone who has COVID-19, you should still get tested, even if you don’t have symptoms.

If you travel in the United States, you do not need to get tested before or after travel or self-quarantine after travel.

At the same time, fully vaccinated people should continue to wear a face mask indoors, including when gathering indoors with unvaccinated people (including children) from more than one other household.

You should still avoid large indoor gatherings.

The updated guidelines clarify what the CDC knows (vaccines are effective at preventing COVID-19 disease, especially severe illness and death) and what the CDC is still learning (How effective the vaccines are against variants of the virus that causes COVID-19).

In hopeful news, the CDC says early data show the vaccines may work against some variants but could be less effective against others.

Click here to read the full guidelines.

 

Best of Late Night.


On Ted Cruz appearing to fall asleep during President Joe Biden's joint address to Congress on his 100th day in office last week:

"Dreaming of Cancún, no doubt."
-- Jimmy Kimmel

"Lyin’ Ted just turned into Snoozin’ Cruz."
-- Jimmy Kimmel

"I can relate to Ted Cruz. Now that Joe’s president, I find it much easier to sleep, too."
-- Stephen Colbert

"I know what you are thinking right now. You think I’m going to say something like ‘Oh, that’s weird, I thought lizards slept with their eyes open.’ But I’m not going to say that, because honestly, that was the most relatable thing that Ted Cruz has ever done."
-- Trevor Noah

"In Trump’s first 100 days he accomplished a lot, too. He tweeted that Snoop Dogg’s career was failing, that Nordstrom was mean to Ivanka, and that he was a better host of ‘The Apprentice’ than Arnold Schwarzenegger."
-- Jimmy Kimmel

"Get this: 85 percent of people who watched Biden’s speech approved of it. That’s amazing. The only other things Americans like that much are Dolly Parton and cheese fries."
-- Jimmy Fallon


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