📉 Europe is approaching a disastrous economic cliff edge. https://bloom.bg/2ViAqd5

🚨 Wirecard filed for insolvency, following the arrest of its former CEO amid a massive accounting scandal that left the German payments firm scrambling to find $2 billion dollars missing from its balance sheet. https://bloom.bg/3hZSAtH

😷 Texas is experiencing a "massive outbreak" as Covid-19 cases multiply, Governor Greg Abbott said. https://bloom.bg/2CAh8cx

🏀 LeBron James is building a new media company that aims to give a voice to Black creators and consumers who’ve been pandered to, ignored, or underserved: https://trib.al/P8M0bCa

🌆 Coronavirus has altered the look and feel of cities globally, but only some changes will remain when the crisis is over: https://trib.al/4EGzr0Q

😷 Texas' Covid-19 outbreak is accelerating at an exponential pace. America’s fourth-largest city, Houston, is struggling to maintain medical infrastructure: https://trib.al/rhhaX5m

Long before WeWork became the most theatrical implosion of a multibillion-dollar stock offering in recent memory, founder Adam Neumann lived on a kibbutz. As WeWork grew, he waxed poetic about the spirit of community he had found there and how the company would shape that vision into a “kibbutz 2.0.”

In the first episode of our new podcast Foundering, we talk to residents of Kibbutz Nir Am who remember Neumann. And we trace the arc of the entrepreneur’s early life, as he started business after business until one finally clicked. https://bloom.bg/2YwyAYa

We also speak to Joanna Strange — the first insider to speak out about the company’s shaky finances back in 2016, when criticism of WeWork was rare. She now says the ordeal — which included questioning from the FBI — nearly broke her. https://bloom.bg/31fGHdm

👂To hear the full WeWork story, subscribe to Foundering here: https://bloom.bg/2B33ui1

🇺🇸 The resurgent coronavirus produced a record number of new cases in the U.S., topping the peak seen in April during the initial outbreak, after many Americans let down their guard on social distancing. https://bloom.bg/2ViGmD2

😷 Sweden's state epidemiologist has lashed out against the World Health Organization, accusing it of misinterpreting Covid-19 data and overstating the health risks his country faces. https://bloom.bg/3dBp76f

💰 Wirecard's long-time auditors, Ernst & Young, accused their client of "an elaborate and sophisticated fraud" that allowed more than $2 billion to go missing. https://bloom.bg/2BDwVqP

👕Kanye West’s Yeezy fashion label is coming to Gap. The news sent Gap shares surging 42%: https://bloom.bg/2NxutET

💰The world’s largest Black-led venture capital firm, Base10 Partners, just got a whole lot bigger: https://bloom.bg/2ZgaBvt

🏀As the NBA prepares to hit the court again, 5% of players have tested positive for coronavirus: https://bloom.bg/3i8UWqf

Hello, here's what we're following right now:

🇸🇪 Sweden’s top epidemiologist who advised against a lockdown insists the strategy is widely misunderstood. The decision coincided with one of the world’s highest Covid-19 mortality rates and has faced three months of non-stop controversy. https://bloom.bg/3dHJJJR

🚫 The U.S.-China feud is getting even nastier. The two nations have blacklisted companies, barred flights, expelled journalists — and that’s just the start. https://bloom.bg/2Zhvl62

📉 Mark Zuckerberg lost $7 billion, and his place as the world's third-richest person, after a flurry of companies boycotted Facebook ads. Verizon, Unilever and others pulled their ads amid criticism that Facebook has failed to sufficiently police hate speech and disinformation. https://bloom.bg/31CvyUj

Pakistani security officials killed four gunmen in Karachi before they could enter the stock exchange building with automatic rifles and hand grenades. https://bloom.bg/2CShwU3

European companies are picking up the pieces after devastating coronavirus lockdowns. https://bloom.bg/2ZgMeO8

The coronavirus crisis has persuaded Boris Johnson that the government has a duty to address obesity as a major health issue. https://bloom.bg/3eKufpJ

💧 What happens to home prices if flood maps start measuring climate change? Millions of Americans are about to find out: https://trib.al/qZcQYzV 

🏛 The U.S. Supreme Court struck down a Louisiana law that required abortion-clinic doctors to get privileges at a local hospital, defying expectations by reinforcing reproductive rights: https://trib.al/rtWg4Lr 

🇮🇷 Iran has issued a warrant to arrest U.S. President Donald Trump and 35 others for the killing of a top Iranian general: https://trib.al/7KWIOtU

🇨🇳 China’s top legislative body approved a landmark national security law for Hong Kong, risking U.S. retaliation and the city’s appeal as a financial hub. The U.S. earlier suspended some trade benefits for the city, citing concerns about the legislation. https://bloom.bg/2ZpRnnj

🚩The World Health Organization warned that the worst of the coronavirus pandemic is still to come because of a lack of global solidarity. https://bloom.bg/2YJGddT

🍤 And lastly, crab and shrimp shells are usually destined for the trash bin. But they're also valuable building blocks for a $1.9 billion industry providing feedstock to sectors from agriculture to biomedicine. https://bloom.bg/2VshPv1

🚨 The World Health Organization warned the worst of the coronavirus pandemic is still to come because of a lack of global solidarity. https://bloom.bg/38eazbk

🇬🇧 Boris Johnson set out his vision for dragging the U.K. economy out of what may be its deepest recession in 300 years, with a program to spend billions of pounds on infrastructure to build back to prosperity. https://bloom.bg/38c0LP8

🔮 When it comes to the future of the stock market, investors' predictions are all over the map. https://bloom.bg/3eLQuMb

🦠 New cases of Covid-19 could rise to 100,000 a day if behaviors don’t change, infectious-disease expert Anthony Fauci told Congress: https://bloom.bg/2BoAaT6

❌ Facebook critics are targeting the one thing CEO Mark Zuckerberg won’t cede: control:  https://bloom.bg/3gbuEln

🔹 New data shows a startling and clear link between mass shootings and a history of domestic abuse: https://bloom.bg/3ghiUhd

🇨🇳 China has released details of its sweeping new Hong Kong security law, which allows for potential life sentences and extends to actions committed by anyone, anywhere in the world. Chief Executive Carrie Lam called it the “most important development” in Hong Kong-China relations since the city’s handover. https://bloom.bg/2VCoS4G

✈ Airlines in India are at risk of extinction. The sector may face a $3.6 billion quarterly loss, but the government isn't providing bailouts for carriers backed by private businesses and, in some cases, billionaires. https://bloom.bg/31A2xIC

🏠 Australian home prices have fallen for a second month — but the real test for the housing market will come later this year, when the current extraordinary levels of government and bank assistance wind down. https://bloom.bg/3iif6OU

🚔 Hong Kong police made their first arrest on Wednesday less than 24 hours after China imposed a sweeping new national security law in the territory. https://bloom.bg/3dLXiIh

📉 Europe's two largest economies reported more evidence of the economic damage wrought by the pandemic. https://bloom.bg/2YPmtWo

🍕 The largest operator of Pizza Hut franchises in America has filed for bankruptcy as virus shutdowns heap pressure on the restaurant industry. https://bloom.bg/3dOJrRB

🇺🇸 JUST IN: The U.S. is preparing to roll out sanctions to punish senior Chinese officials over human-rights abuses against Muslims in Xinjiang:
https://trib.al/7d9vH0h

😷 There are more than 120 experimental coronavirus vaccines being tested right now. Here’s how close are we to a cure:
https://trib.al/nftaH5S

🚘 Tesla is now the world’s most valuable automaker:
https://trib.al/GJ6xifF

Hello 👋 Here's what we're reading today:

💉 A Chinese firm is now at the front of the virus vaccine race. It's a sign the country's young biotech industry is becoming a global contender. https://bloom.bg/2NO7fKJ

🇦🇺 While Australia’s borders are still firmly closed to overseas visitors, the nation is making a notable exception for one group: international students. Under a trial program in the capital, the universities and territory government will foot the bill for students’ two-week mandatory quarantine in hotels. https://bloom.bg/3eTESGP

📈 And Jeff Bezos’s wealth is reaching new heights. His net worth soared to $171.6 billion, even after he relinquished a quarter of his stake in Amazon as part of a divorce settlement last year. https://bloom.bg/3dOufUt

💉 The world needs more than one vaccine to tackle the new coronavirus, said U.S. infectious-disease expert Anthony Fauci. https://bloom.bg/2ZJmgmT

😷 U.S. daily coronavirus cases topped 50,000 for the first time on Wednesday with increases in major states including Florida, Texas and California. https://bloom.bg/2ZsVuPf

🇨🇳 China warned of strong countermeasures if the U.S., Australia and the U.K. continued taking actions in response to Beijing's tough national security law in Hong Kong. https://bloom.bg/2YS1MsI

🔹Longtime confidante of disgraced money manager Jeffrey Epstein, Ghislaine Maxwell, was arrested and charged with conspiracy and enticing minors to engage in sex: https://bloom.bg/38lwspn

📈 The U.S. added 4.8 million new jobs in June. It reflects a snapshot of mid-month conditions after a flurry of rehiring — particularly at restaurants and retailers — but before reopenings screeched to a halt amid rising virus cases around the country: https://bloom.bg/3dReUTi

🔸Over the years, bosses have held down wages, cut benefits, and stomped on employees’ rights. Covid-19 may change that: https://bloom.bg/3dTYTvM

🚫 Hong Kong's government has declared illegal a key slogan chanted by hundreds of thousands of protesters. It's the latest sign authorities plan to use a new Beijing-drafted national security law to enforce limits on free speech. https://bloom.bg/3iqGNoE

✈ It's the plane that shrank the world. But now Boeing is quietly pulling the plug on the 747, ending the era of jumbo jets after half a century. https://bloom.bg/2NNNmU8

👀 A 28-year-old with no degree has become a must-read on the economy. Here's how he caught the eye of the Fed, the Treasury department and Wall Street. https://bloom.bg/2VXk61V

🇺🇸 The U.S. government's mishandling of the coronavirus epidemic has dealt a heavy blow to the country's self-confidence and global standing, says former Treasury Secretary Larry Summers. https://bloom.bg/31HCjnt

📉 The world's biggest pension fund posted a record loss in the first three months of 2020 after the coronavirus pandemic sparked a global market rout. https://bloom.bg/31EiFsy

🇫🇷 Emmanuel Macron asked his government, including Prime Minister Edouard Philippe, to resign on Friday as the French president seeks a fresh start after a disastrous election last month. https://bloom.bg/2YSTosV

📉 The world economy is entering the second half of 2020 still deeply weighed down by the coronavirus. A full recovery has been ruled out for this year, and even a 2021 comeback depends on a lot going right. https://bloom.bg/31MaTNx

👀 Kanye West says he’s running for president. It’s not clear if he’s serious or if it’s just a PR stunt, but Twitter went wild. https://bloom.bg/2ZHKuO6

💰 And Warren Buffett finally found his next crisis-era deal. His company Berkshire Hathaway, which has stayed relatively quiet during the pandemic, made its biggest acquisition in more than four years. https://bloom.bg/31OuuwE