Evening Briefing: Europe

For many Europeans, escaping the summer heat used to be as easy as taking a beachside plunge or catching an Alpine breather. But global warming is changing all that. Nowadays, more people are doing the once unthinkable and installing air conditioning. Others are opting to take coolcations — reinforcing trends sending more travelers to spend time in cooler Nordic zones instead of the sunny south.

The onset of extreme heat as an everyday feature of life on a warming planet is taking a particularly hard toll on Europe this summer. Wildfires are raging across the Mediterranean, with temperatures today forecast to reach 42C (111F) across parts of Spain and France. Farmers are facing increased frequency of drought. Power markets are being gripped by new vulnerability.

To be sure, European Union policymakers are moving to mitigate the social and economic challenges created by climate change. The bloc’s space agency launched a new climate satellite last night whose mission will be to collect atmospheric data for improved forecasting. It’s part of a raft of new climate-technology initiatives trying to help citizens to beat the heat. --Jonathan Tirone

What You Need to Know Today

Vladimir Putin appears confident heading into Friday’s meeting with US President Donald Trump. The Russian leader is convinced his military retains a dominant position on the Ukrainian battlefields, raising the probability he’ll demand significant territorial concessions to end the fighting. Even as Kremlin forces have broken through Ukraine defenses in the eastern region of Donetsk, Kyiv’s government insists it won’t cede any territory. But with Russia’s domestic economy treading water, new measures to force a compromise may be limited. Trump pledged to speak with European leaders before his summit with Putin.

Gambling executives were secretly filmed describing how their online casino games made their way illegally into countries, including China, Iran and Sudan. The recordings of current and former managers at Stockholm-based Evolution were captured by the private intelligence firm Black Cube and described in court filings. The Swedish company is looking to expand in the US, where online gambling is strictly regulated, and is under increasing pressure from regulators to better track and block its games in illegal markets or where customers lack a license. In December, the UK Gambling Commission opened a review of Evolution’s license after identifying its games on unlicensed online casinos targeting British citizens.

Photographer: Eduardo Leal/Bloomberg

China sanctioned EU banks, fulfilling a promise to retaliate after the bloc targeted some Chinese lenders over Russia’s invasion of Ukraine. Last month, the EU sanctioned two Chinese banks and five companies for providing cryptocurrency services that were frustrating sanctions. Ties between Beijing and Brussels have also been strained partly due to China’s support for Russia’s war in Ukraine as well as trade issues. Last month, Beijing hit back at European Commission President Ursula von der Leyen after she accused it of distorting trade and limiting access for Europe’s firms.

Istanbul’s jailed mayor said he’s willing to endorse a challenger to Turkish President Recep Tayyip Erdogan ahead of the next election. Mayor Ekrem Imamoglu, who has been in jail for almost five months, said “democratic legitimacy” was at stake. While he hopes to represent the opposition alliance it’s “not the time for hesitation,” he told us in his first interview with foreign media since his arrest. The comments signal how Imamoglu is preparing for a long legal battle that could rule him out of the vote, and his potential removal from the political scene has implications that go beyond Turkey.

A billboard of showing Imamoglu in March. Photographer: Kerem Uzel/Bloomberg

Like podcasts? We’ve pressed some fresh new episodes for you. On this week’s Odd Lots we take a deep dive into supply chains, speaking with Josh Norum, the CEO of Sourdough Express, an Alaska based trucking company that’s been around for over a century. Then drop in on our latest Zero Podcast to learn about what’s on the climate-tech horizon. This week, Nuclear scientist and venture capitalist Rachel Slaybaugh sits down to discuss whether or not small, modular nuclear reactors can become part of the solution to climate change.

Europe’s next big power trade is giant batteries. Commodity houses including Vitol and Trafigura are investing in utility-scale storage to cash in on power markets when they’re oversupplied. Europe’s renewables output has boomed in recent years to help meet climate goals, but investments in battery storage have struggled to keep up. The region needs gazillions more large-scale batteries to address the issue of negative prices.

For six glorious years, Paul Woods and Nora Stout owned a home in the Los Angeles suburb of Altadena. They grew lemons and oranges and hosted rollicking parties around a backyard pool facing the purple San Gabriel Mountains. After years of renting, the couple had realized their dream of homeownership and, they thought, were on track for long-term financial security. You can probably guess where this is going: up in flames.