How EU Leaders Are Making a Big Push on Climate:

Angela Merkel Plans Broad Emissions Levy in Last Major Climate Push (Bloomberg)
Merkel’s plan to make it more costly to pollute in Europe’s biggest economy takes another step forward today when a panel of government advisers will present fresh proposals.

Merkel has made it a priority this summer to get coalition backing for putting a price on the transport and heating industries, sectors not covered by Europe’s emissions trading scheme. Together they represent more than a third of Germany’s greenhouse gases.

Emmanuel Macron’s Dream of a Climate Bank Gets Boost From New EU Leader (Bloomberg)
The leader designated to take over the European Commission, Ursula von der Leyen, has endorsed the idea of creating a bank to concentrate on climate change, giving traction to a French proposal that would scale up green investment across the continent.

The 28-nation European Union is weighing how to zero out greenhouse gas emissions by 2050, and the EIB’s board will discuss climate action on July 16. Von der Leyen signaled that shifting the mandate of the European Investment Bank is among the options under consideration. The climate efforts coincide with U.K. Prime Minister Theresa May’s focus on tackling climate change during her final weeks in power.

New Orleans Flood Warnings: Tropical Storm Barry Could Bring 2 Feet of Rain, Disastrous Flooding to Louisiana (ABC News)

Economy Watch:
Warning Shot to World Economy as Singapore Slumps, China Exports Drop (Bloomberg)
Singapore’s trade-reliant economy contracts annualized 3.4% as China exports decline 1.3% and imports plunge 7.3%.

Donald Debt: U.S. Budget Gap Widened 23% in First Nine Months of Fiscal Year (Wall Street Journal)
The government collected $2.6 trillion in receipts, a 3% increase, but higher spending on the military and interest on the debt drove federal outlays up 7%.

A Big Sugar High: This Is a Stock-Market Rally About Nothing – The Hangover Could Be Painful (Bloomberg Opinion – Mark Gongloff)

Investing Responsibly: A Bright Spot in ESG as Record Money Flows Into Socially Responsible Funds (Wall Street Journal)

Immigration Alert: At Least 2,000 Undocumented Immigrants Targeted as U.S. Prepares to Raid Migrant Families Starting Sunday (New York Times)
The raids, which will be conducted by Immigration and Customs Enforcement over multiple days, will include “collateral” deportations in which authorities might detain immigrants who happened to be on the scene, even though they were not targets of the raids.

Bulletin: Trump’s Labor Secretary Alex Acosta Resigns After Criticism over Jeffrey Epstein Plea Deal (NBC News)

Future of Labor: The Coming Impact of Automation (Axios)
Automation will have the biggest impact on entry-level and older workers, because more of their jobs tend to be routine or physical in nature and are most likely to be taken over by machines and algorithms. Why it matters: Almost 40% of U.S. jobs are in categories expected to shrink between now and 2030.

Cover Story: The New Workers of the World Facing Unprecedented Change (Bloomberg Businessweek)

Dining section.

Less-Expected Foods That You Should Be Grilling, Say Top Chefs (Bloomberg)
Time to put the avocados on the grates, next to the bologna, clams, and cucumbers, according to Bloomberg’s Kate Krader.

Cocktail Shock: For a Drink in the Park, Mix Red Wine With Coca-Cola. Seriously. (Bloomberg)
How to make a Cherry Calimocho, an equal-parts wine cocktail that (apparently) pairs well with an outdoor movie—or any summer evening on a lawn.

The Best New London Restaurants, Picked by Top Chefs (Bloomberg)
From Spanish tapas to katsu pork sandwiches, there’s no shortage of options. And for many of them, yes you can get in, according to Bloomberg’s Richard Vines.

Best of late night.

“The field of Democratic candidates just got a lot smaller. Did you know that Eric Swalwell has dropped out of the presidential race? Yeah, people are stunned by that. Now all the other candidates are scrambling to scoop up his supporters: his parents, Betty and Gus Swalwell.”
— Conan O’Brien

“House Speaker Nancy Pelosi is not too happy. She told younger members of Congress to stop tweeting. Pelosi said: ‘The real fun is checking out me and Chuck Schumer on MySpace.’ Apparently she thinks that’s where it’s happening on social media.”
— Conan O’Brien

On President Trump’s Social Media Summit held at the White House Thursday:

“He invited a group of people that included conspiracy theorists, internet trolls, Q Anon followers …. all of the worst people… including people who like their own posts!”
— Jimmy Kimmel

“Without Twitter, Trump would just be a crazy old man yelling at busboys at Mar-a-Lago right now.”
— Jimmy Kimmel

“There haven’t been this many trolls in one room since the table read for ‘Lord of the Rings!’”
— Jimmy Kimmel