Unprecedented: The Bloomberg Open, Asia Edition
Good morning. VW weighs its first-ever Germany plant closures. An X ban in Brazil gets ratified. And Jessica Pegula advances to her seventh US Open quarterfinals.
Volkswagen is considering unprecedented factory closures in Germany in a bid for deeper cost cuts. Any shutdowns would mark a first in the country during the company’s 87-year history, setting VW up for a clash with powerful unions. Shares gained.
Kamala Harris will say US Steel should remain domestically owned and operated during a Monday visit to Pittsburgh, an official familiar said. The statement will be her first on the proposed $14.1 billion Nippon Steel deal, adding to the political maelstrom surrounding the takeover.
Huawei is set to launch new products just hours after Apple’s iPhone 16 debut, ratcheting up competition between the two tech giants.Get caught up on the latest news this hour. Listen on Apple Podcasts, Spotify and Anywhere.
Tesla increased vehicle shipments from its Shanghai factory for a second straight month after China’s government doubled a subsidy encouraging drivers to trade in older cars for electric models.
A ban on Elon Musk’s X in Brazil was upheld by all five judges on a Supreme Court panel. Those who access the social network via VPN will be fined.
Benjamin Netanyahu remained defiant Monday night, saying Israel will not give up control of the border area between Gaza and Egypt as Hamas has demanded, even amid nationwide strikes and protests to agree to a cease-fire deal. Joe Biden offered a one-word rebuke —“No — when asked if the PM was doing enough. The UK is suspending some arms licenses to the country.In other news:
Joe Biden’s China record leaves his successor in a bind, Hal Brands writes. The president’s great success was building alliances; his major failures were on trade and military readiness.
China’s port expansion is a security risk and a potential impediment to the flow of goods, which Asian nations and rivals should pay more attention to, Karishma Vaswani writes. The port investments open the possibility of a diminished role for other countries—in particular the US—which reduces the checks and balances on Beijing’s actions.
Jessica Pegula reached her seventh Grand Slam quarterfinals, while Jack Draper advanced to the same stage for the first time. Top seeds Iga Swiatek and Jannik Sinner are in action Monday night.
Bloomberg CEO Forum: All eyes are on an Indonesia in transition. Will President-elect Prabowo Subianto follow through on his pledge to continue President Joko Widodo’s policies? Can the new administration create an understanding of how and where global investment should flow? Join us Sept. 4 in Jakarta for a series of conversations on the trends, risks and opportunities facing Indonesia and the region’s other economies. Register here .