It’s hard to know how much to panic over California’s dwindling water supplies. The state has never really had enough water, after all, yet lawns in Beverly Hills somehow remain perpetually green. Earlier this month, however, came a sign that life might soon be getting more uncomfortable for more Californians. On August 3, the State Water Resources Control Board voted ...

There’s no real precedent in the drug industry for the rapid rise of Moderna Inc. on the back of its highly effective Covid-19 vaccine. The company’s market value soared from $6 billion to a peak of almost $200 billion in 19 months, exceeding century-old Big Pharma stalwarts. Last month, it entered the S&P 500 Index. It takes a leap to ...

Bloomberg Skyrocketing carbon prices and a “code red” warning about the threat posed by climate change are giving fresh momentum to a technology that captures and removes greenhouse gas emissions so they can be buried. The market for these tools could reach $2 trillion if used to cut pollution from heavy industry, according to Credit Suisse Group AG. With carbon ...

Bloomberg Petroleos Mexicanos fought tooth and nail to wrest control of the country’s biggest private oil find from the companies that discovered it. Now it has found itself without the cash to actually develop the field. After taking operational control of the Zama megafield last month, the Mexican state-owned oil producer doesn’t have the nearly $2 billion needed to develop ...

Bloomberg Three major unions have quit the board of the nation’s oldest consumer advocacy organisation, claiming funding from Amazon.com Inc has compromised the group’s progressive mission. In separate letters last month, the presidents of the United Food & Commercial Workers, the Communications Workers of America and the United Auto Workers wrote that their groups were resigning immediately from their roles ...

Bloomberg The UK government lowered the cost of Covid tests provided by the National Health Service for international travel following criticism from the competition watchdog and the tourism industry. The cost of tests will be reduced to 68 pounds ($94.30) from 88 pounds for one test and to 136 pounds from 170 pounds for two, the UK’s Department for Health ...

Bloomberg TUI AG stopped burning cash as holiday bookings surged following European government moves to relax travel restrictions. The world’s biggest tour operator reported cash inflows during the three months through June of 320 million euros ($376 million), excluding financing costs, the first time it’s recorded a positive number since the onset of the Covid-19 pandemic. That’s after revenue surged ...

Bloomberg The Taliban ordered its fighters to remain just outside the Afghan capital as it starts talks for a peaceful transition of power, cementing its renewed grip on the country two decades after the US ousted it from power. Fighters from the militant group entered the outskirts of Kabul on Sunday as the US and other nations rushed to evacuate ...

Bloomberg Prime Minister Justin Trudeau was to visit the Queen’s representative in Canada to trigger the country’s second election in two years, seeking to capitalise on polls showing his Liberal Party with a large enough lead to retake a majority in parliament. The prime minister was scheduled to meet Governor General Mary Simon at 10 a.m in Ottawa, according to ...

Bloomberg South Korean President Moon Jae-in left the door open for talks with Japan in a speech marking his neighbour’s World War II surrender as several Japanese cabinet members visited a war-linked shrine seen by many in Asia as a symbol of its past militarism. In his last Liberation Day speech as president to mark the end of Japan’s 1910-1945 ...