Photographer: Odd Andersen/AFP via Getty Images
Your Evening BriefingBloomberg News
It's the most anticipated gathering of world leaders — and potentially the most explosive — for years. The G-20 kicks off in Hamburg in a few hours and will feature, among others, an unpredictable U.S. president with a protectionist bent, a Russian leader subject to international sanctions and a Chinese president looking to assert a greater global role. The so-called "special relationship" between the U.K. and the U.S. will be under the microscope, and all eyes will be on Xi Jinping and Angela Merkel after the pair bonded over pandas and Xi announced a "new beginning" for the two countries' relations. And everything will be played out against a backdrop of North Korean aggression, which has caused friction between the world's two biggest economies. Popcorn time?
Malaysia's Mahathir still hates currency traders. Twenty years ago, as the Asian financial crisis raged, then Malaysian Prime Minister Mahathir Mohamad blasted currency traders as "unscrupulous profiteers". Now, at age 91, he hasn't lost any of that disdain for the speculators who drove the Malaysian economy to the brink, saying he doesn't believe currency trading should even be a business.
Singapore's Lee family to manage their feud behind closed doors. The younger siblings of Singapore Prime Minister Lee Hsien Loong have welcomed an offer by their brother to take the dispute over their late father's estate out of the spotlight. The siblings said they would stop posting documents relating to the feud on social media, as long as their father’s wish to demolish his residential home was not attacked. And how did they let the world know? With a seven-page statement on Facebook.
Deutsche Bank retreats from London and heads for home. The bank is preparing to move large parts of the trading and investment-banking assets it currently books in London to its hometown of Frankfurt in response to Britain’s exit from the European Union, people familiar with the matter said. The strategy, which is still being finalized and would be reviewed if the Brexit scenario changes, will probably be implemented over the next 18 months.
North Korea's launch puts pressure on U.S. missile defense. Kim Jong Un’s test of an ICBM capable of striking the U.S. mainland is putting renewed pressure on a U.S. missile defense system racing to keep up with North Korea’s quickly evolving military threat. While the U.S. “completely obliterated” a mock ICBM in a test in May, analysts call those tests choreographed events that don’t reflect real-world scenarios. Even missile defense advocates have their concerns.
Tesla deliveries are flatlining amid persistent production snafus, reinforcing concern that Elon Musk may again be setting targets that his electric-car company won't hit. Demand for Tesla’s higher-priced Model S sedans and Model X sport utility vehicles appears to be plateauing, analysts at Goldman Sachs and KeyBanc Capital have said.
The world's top gold forecaster sees heartbreak for bulls. BNP Paribas says bullion bulls are up against a clear and present danger — the U.S. Federal Reserve. Harry Tchilinguirian, the head of commodity markets strategy at BNP, is betting bullion will drop to $1,165 an ounce in the fourth quarter, from $1,225 on Thursday.
Terrible labels, great wine. Sometimes a wild label may be way more entertaining than the actual wine inside. But often the opposite happens. Behind an ugly label may be a fabulous red or white. Here are six delicious wines that come in bottles with awful art.