The Espionage Act

Donald Trump’s allies both on Capitol Hill and the airwaves spent the past few days clamoring for explanations after FBI agents searched the former president’s home. On Friday, they got what they asked for. As it turns out, the Justice Department is conducting an investigation under the Espionage Act and other federal statutes that say highly classified government documents—especially those dealing with things like nuclear weapons—shouldn’t be removed from secure locations in favor of a resort compound in Florida. The search for documents was reportedly preceded months ago by a subpoena and visits by federal agents including the head of the DOJ’s counterintelligence and export control section. “I can’t imagine why Trump would have this material,” said Neil Eggleston, former White House counsel under President Barack Obama. “It’s just hard to know why this whole battle ensued and why President Trump didn’t simply return it when he was asked for it.” —David E. Rovella

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

Stocks finished the week on solid footing as the inflation slowdown may make the Federal Reserve think twice about how aggressive its next rate hike should be. Defying skeptics calling the rebound a “bear-market rally,” the S&P 500 had a fourth straight week of gains, the longest such run since November. Big picture? Your money is halfway back, as the gauge recouped more than 50% of the losses notched between its January peak and June nadir. Here’s your markets wrap.

A surprise surge in deals is turning August into a memorable month for mergers and acquisitions, helped by those rising stock prices and steadier US markets. Already, $63 billion of transactions have been announced in North America, the most for a comparable monthly period since November and eclipsing the $52 billion in deals for all of July. Among the 613 combinations proposed is Vista Equity Partners’ plan to buy tax-management software provider Avalara for $7.8 billion.

President Joe Biden, helped by slowing inflation, dropping gas prices and a series of major legislative victories, is said to be preparing to launch his re-election bid in the months after November’s midterm elections.

Russia defied growing international pressure to grant United Nations inspectors immediate access to Europe’s largest nuclear plant amid fears of a catastrophe over shelling of the area. Elsewhere in Russian-occupied Ukraine, Vladimir Putin’s forces are alleged to have stolen as much as 200,000 tons of crops from growers. But whatever profit the Kremlin may glean from any ill-gotten grain, it took only one full quarter of war to set Russia’s economy back four years. And while Moscow has sought to push Europe into lifting sanctions by holding its energy hostage, long-term changes to the global supply brought on by Russian aggression are already underway. Mexico, which imports almost all of the natural gas it burns, has laid out a somewhat surprising mission: to become one of the world’s top exporters of the fuel. The country’s physical proximity to booming US reserves positions it well to supply American gas to hungry buyers in Europe and Asia. With US shale in mind, a total of eight liquified natural gas export projects have been proposed south of the border, boasting annual combined capacity of 50.2 million tons. Some of the operations aim to come online as soon as next year.

Five of China’s largest state-owned companies announced plans to delist from US exchanges as the two countries struggle to come to an agreement allowing American regulators to inspect audits of Chinese businesses.

Investors from small-time flippers to Wall Street-backed landlords helped propel US home prices to record levels during the pandemic boom. Now they’re pulling back, in a move that could accelerate the market’s slowdown.

Peloton will fire 800 people in its latest round of terminations while raising prices for its machines and outsourcing functions such as equipment deliveries and customer service in a bid to overhaul the embattled company. Read how employees got the bad news.

Extreme heat this year has triggered wildfires, drought and melting glaciers. Less expectedly, it’s also revealed some weird and dark things about the past—shipwrecks, corpses, ghost villages, ornamental gardens and ancient cities. Here’s a look at some of those discoveries.

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