Crypto scrutiny grows

A proposed Covid-19 vaccine booster shot from Pfizer-BioNTech should be given to people who are most vulnerable to serious disease, including those over the age of 65, a panel of expert advisers to the U.S. Food and Drug Administration recommended. The FDA and the drug companies had originally proposed approving boosters for everyone 16 and older. But the panel rejected that idea out of concern the data to support such a broad application was thin. The non-binding advice, a blow to the Biden administration’s plan to deliver third doses to all American adults in the coming weeks, came as a government study said protection against hospitalization conferred by the Pfizer vaccine declines after four months. Moderna’s shot was found to remain stable, though. Two doses of either drug provided more protection against hospitalization than the one-dose Johnson & Johnson shot, though Pfizer’s advantage over J&J narrowed over time. —David E. Rovella
Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

U.S. investigations into Binance Holdings, the world’s largest cryptocurrency exchange, have expanded to possible insider trading and market manipulation. As part of the inquiry, officials have been looking into whether Binance or its staff profited by taking advantage of its customers.

Treasury officials have identified what they believe are the most urgent risks posed by Tether and other stablecoins as they prepare recommendations for stricter oversight of cryptocurrencies. Ensuring investors can reliably move money in and out of tokens is a top concern for officials crafting a policy framework, set to be released in the coming weeks. They’re also worried that widespread, fire-sale runs on crypto assets could threaten financial stability.

At first no one could explain why business was picking up at Betterment, a robo-adviser aimed at new investors. There were about 10,000 signups in one day. The answer? A 25-year-old in Tennessee was posting TikTok videos describing how to use the platform to become a millionaire. Finance firms have long struggled to reach young and new customers. Now Wall Street influencers like Austin Hankwitz have arrived, and they’re making more money than bankers.

Consumer sentiment in the U.S. rose slightly in early September but remained close to a near-decade low. Though inflation has Americans down in the dumps, it’s not keeping them from spending. A report Thursday showed retail sales rose unexpectedly last month, with gains across most categories.

The Biden administration is warning state and local governments that the risk of a default on U.S. debt could trigger a new recession and curb the flow of federal aid. The White House is urging Congress to raise or suspend the debt limit—as has been done regularly in the past—though Republicans have seized on the issue as a way to stymie Biden’s domestic fiscal agenda.

The World Health Organization urged leaders attending the United Nations General Assembly to guarantee access to Covid vaccines, saying its targets of vaccinating 40% of every country’s population by the end of 2021, as well as 70% by mid-2022, was achievable with “genuine commitment” from countries and manufacturers. The U.K. government eased testing requirements for fully vaccinated people arriving in England, removing a significant barrier to travel and boosting airlines and tourism firms. In the U.S., parents in a conservative corner of Texas are turning one of Governor Greg Abbott’s mantras on its head, arguing in a federal lawsuit that his school mask policy is threatening the lives of their children. By following his order to keep masks voluntary, the parents say, the Allen Independent School District is violating their kids’ constitutional “right to life.” The average daily death toll from Covid-19 in the U.S. has increased almost ninefold in less than three months as the delta variant infection wave extends into autumn. Here’s the latest on the pandemic.

The submarine feud just got more serious. For the first time ever, France recalled its ambassador to the U.S., as fury in Paris over a lost Australian submarine contract continued to boil.

The first batch of rentable electric scooters in New York City look like they were designed with Gotham-sized potholes in mind. The new, Lime “Gen4” models boast beefier handlebars and wheels, front-suspension, a swappable battery and an overall sturdier presence than the tiny two-wheelers littering lawns and sidewalks across smaller U.S. cities. But in a city packed with street furniture, people, and traffic, is there any room?

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