Europe has emerged again as a global coronavirus hot spot, though new infections have yet to cause a spike in deaths. The U.S. Food and Drug Administration is setting a higher bar for emergency vaccine clearance. China is testing a Covid-19 nasal spray while an important vaccine trial in the U.K. was delayed because a participant fell ill. Democratic presidential nominee Joe Biden said U.S. President Donald Trump, who admitted on tape that he purposely minimized the coronavirus threat as it spread across the nation, is responsible for the deaths of thousands of Americans. 

What you’ll want to read this weekend

Citigroup made history by naming Wall Street’s first female CEO, but the breakthrough came too late, Bloomberg’s editorial board writes. Real estate investment trusts, a lucrative corner in finance, remain one of the most difficult industries for African Americans to gain entrance. 

Elon Musk had a day to forget, suffering a $16.3 billion dent to his net worth Tuesday. Part of the problem: GM’s decision to take a stake in Nikola. But the fledgling electric vehicle maker may have some questions to answer—according to a short-seller at least.

Don’t worry, kids. TikTok won’t go dark immediately if it misses a Trump administration deadline to sell its U.S. unit. Its owner is now setting its sights on Singapore. For anyone old enough to remember Nokia, its main money-making asset these days is a patent.

The Disney film “Mulan” is turning out to be a political headache for the entertainment company, and Chinese moviegoers are staying away. One Uighur activist, whose father is still imprisoned, says Disney should apologize.

Under an orange sky in California, homeowners who invested in solar found their panels effectively blacked out. For other ways to reduce emissions, consider spending wisely on diapers, kibble and beer.

What you’ll need to know next week

• Central banks in the U.K., Japan and U.S. make rate decisions.
• Bloomberg Green Festival begins, featuring Bill Gates, Matt Damon.
• Japan’s Liberal Democratic Party votes for Abe’s replacement.
• Yale decides whether to comply with Trump’s admissions demand.
• English Premier League and U.S. Open golf tourney begin.

What you’ll want to see in Bloomberg Photos

California Wildfires Give View of the Apocalypse

This week, people all over San Francisco Bay Area woke up to a haunting orange sky from the worst wildfires on record. California is set to see more devastation as a hot, dry autumn is poised to bring more destruction, blackouts and evacuations. 

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