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The top U.S. diplomat in Ukraine was deeply concerned about President Donald Trump’s now-famous proposal to his equal in Ukraine—that he investigate former Vice President Joseph Biden and the 2016 presidential campaign in exchange for security aid and a White House meeting. This, the latest from unsealed transcripts of House impeachment testimony, came as Trump moved to bolster his public relations team, and perhaps with good reason: One House Democrat told CNN that quid pro quo is the wrong phrase to describe the transaction at the heart of the impeachment inquiry. He said it’s really about “bribery and extortion.” —Josh Petri

Here are today’s top stories

Trump and Chinese President Xi Jinping may not be able to sign a deal to partially resolve the trade war until December.

Chinese state-owned entities are in talks about investing as much as $10 billion in Saudi Aramco’s initial public offering. 

Republicans suffered setbacks in Virginia and Kentucky as part of Tuesday’s elections.

More U.S. millennials are suffering from chronic health problems that could limit their lifetime earning potential.

K-pop became a global sensation by signaling the virtuousness of its stars. Sex trafficking, date rape, spy-camera recordings and bribery weren’t supposed to be part of the bargain.

Consumers are increasingly aware of their food’s carbon footprint. So it shouldn’t come as a surprise that plant-based meat companies are now selling themselves as climate-friendly.

What’s Joe Weisenthal thinking about? Profits are suddenly important again, the Bloomberg news director opines. Softbank CEO Masayoshi Son said a lesson of the WeWork debacle is that companies need to have an obvious road to the black. Goldman Sachs CEO David Solomon said the same thing yesterday. Unsurprisingly, there’s recently been a reckoning for companies with uncertain prospects of making money.

What you’ll need to know tomorrow

The IMF warns Europe to prepare for the worst.  Elon Musk sets a date to unveil Tesla’s new pickup. New Jersey Transit needs help moving stadium-sized crowds. New York City voted for a better way to vote. Ray Dalio says the “world has gone mad” with so much free money. The Las Vegas nightclub boom may be coming to an end. Vape shops will likely be exempt from coming E-cigarette restrictions.

What you’ll want to read in Bloomberg Graphics

The land of golden dreams isa residential nightmare. The median price for a new home in California now tops $600,000, more than twice the rest of the country. The poverty rate, adjusted for the cost of living, is the worst in the nation. The state is home to 12% of the U.S. population, but a quarter of its homeless population. How did it get so bad? Let us explain.

To contact the author of this story: Josh Petri in Portland at [email protected]

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