Saudi Arabia's economy is transforming. What's behind it? The Public Investment Fund, or PIF.

It's one of the largest sovereign wealth funds in the world, creating 13 new sectors,

66 companies, and more than 500,000 direct and indirect jobs so far. PIF is also the first

sovereign wealth fund to issue a green bond supporting Saudi Arabia's 2016 Net Zero emissions target.

Find out more at pif.gov.sa.

Hello and welcome to the Intelligence from the Economist. I'm your host Jason Palmer.

Every weekday we provide a fresh perspective on the events shaping your world.

Latin American migrants fleeing violence and seeking a better life are now heading toward

America's southern border in record numbers. What's missing from that long-running story is the

increasing number that choose instead to stay in Mexico. And there's a lot of history and not

just a little sociology in Japan's tradition of public bathhouses. They've been in slow decline

in recent decades, but a movement is building to save them, and many are benefiting from a hipster

makeover. But first, the number of air travelers is as high as it's been during the pandemic,

at least in America. But if you're going to fly, you might want to brace for some unruly

behavior. By last week, America's aviation regulator had logged more than 500 investigations into

it this year. For comparison, there were only around 150 in all of 2019 when a great many more

people were flying. Truth is that even on the ground, the airline industry is a bare-knuckle

business. Profits are hard to come by. Companies are born, learned to fly, and go bust all year long.

Its airlines earning season and tomorrow investors will be watching Delta's results,

probably still in the red, but on track to profitability later in the summer. Next week,

it'll be easy-gent and united, the week after Ryanair and IAG, which owns British Airways

and a string of others. Now that the pandemic is receding in some places, how will the industry

...