Inflation may be here for awhile and more people are getting worried. In the U.S., economists were surprised when prices rose the most in 30 years with the potential to accelerate toward 7%. The British Chambers of Commerce said 80% of U.K. businesses are feeling the effects of inflation, too. President Joe Biden said his landmark infrastructure plan will help the U.S. economy get back to normal, but Democrats must also judge how quickly, and how much, prices might cool. Consumers there are paying more for milk, meat, soy sauce and above all gasoline. John Authers writes in Bloomberg Opinion that this week’s developments settle the debate over whether the trend, as the Federal Reserve insists, is transitory.

A migrant crisis on the border between Belarus and European Union nations has escalated into an energy dispute. The authoritarian leader of Belarus, Alexander Lukashenko, has threatened to shut down a pipeline carrying gas to the EU from his ally, Russia, just as temperatures drop. Turkey agreed to monitor flights headed to Belarus in an effort to prevent them from being used to ferry migrants. More darkly, the U.S. has warned Europe that Russia may be weighing another invasion of neighboring Ukraine.

GE is breaking up, ending the conglomerate built by Jack Welch. The three standalone companies will focus on health care, energy and aviation.
The dramatic shakeup could put Chief Executive Officer Larry Culp in line for a big payout. Johnson & Johnson also announced a split, with one division focused on drugs and medical devices and the other on consumer products. But Brooke Sutherland writes in Bloomberg Opinion that spinoffs aren’t a cure-all. Yet to be decided: which branch gets the $20 billion logo.

The richest person on Earth just lost $50 billion in two days. Tesla CEO Elon Musk also sold more than $5 billion in company stock shortly after fueling a social media debate over the tax treatment of billionaires’ shareholdings. Matt Levine asks in Bloomberg Opinion if it was just a dumb Twitter stunt. For traders, the rest of the year looks grim: Crypto may start ruining their weekends, and thanks to quirk in the calendar, some won’t be getting a day off for New Year’s.

How rich is rich? It’s not making $400,000 a year, billionaire investor Leon Cooperman claims. But that’s not a concern for some on Wall Street, as job-hopping is driving up salaries. Meanwhile, Rivian’s R.J. Scaringe became a billionaire after the electric vehicle-maker he founded surged on its trading debut.

Mac and cheese is getting a revamp from Yotam Ottolenghi just in time for Thanksgiving. His method involves cooking the pasta in milk and adding za’atar pesto. Dining out is back on the menu in Sao Paulo, including traditional churrascarias, where roving servers slice skewered cuts of meat tableside. The emblem of Brazilian culinary culture may be decidedly Covid-unfriendly, particularly in a country decimated by the pathogen, but all of its components remain stubbornly unchanged.

The salad bar spread at Caffé Ristoro in Sao Paolo. 

Source: Caffe Ristoro

• U.S. retail sales may have accelerated.
• The consumer stays in focus with big retailer earnings.
• Jury selection begins in trial of Ghislaine Maxwell.
• Treasury Market Conference with a keynote from the SEC.
• Bloomberg’s New Economy Forum begins in Singapore.

Scooter Rides Are Now a Data Privacy Issue

Every time you ride a shared scooter in Los Angeles, Minneapolis, or in dozens of other cities around the world, where you go and how you got there is recorded and sent to local authorities. The idea is ostensibly to allow cities to keep tabs on how well scooter companies adhere to regulations—like serving low-income neighborhoods—but there’s a darker side to this, and it has to do with your privacy. 

Scooters left on the sidewalk in Los Angeles

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