Fresh Covid warning

Fulfilling one of his campaign promises, U.S. President Joe Biden signed an executive order intended to crack down on monopolistic practices while expanding business competition. The directive targets three industrial sectors in which the White House said consolidation has led to higher prices: agriculture, technology and drugs. “The heart of American capitalism is a simple idea: open and fair competition,” the Democrat said. Inside the sweeping order are 72 initiatives affecting everything from restrictive noncompete clauses to drug imports from Canada. Economists say the actions will boost business in the long-run. — Margaret Sutherlin

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic worldwide.

Here are today’s top stories

There was a fresh pandemic warning from the World Health Organization Friday: Covid-19 infections are rising across most of the globe. Indeed, Thailand just implemented tighter curbs as Malaysia reported a record number of cases. In the U.K., however, Boris Johnson is proceeding with reopening despite climbing infections. Meanwhile U.S. officials released new guidelines for the coming school year as the delta variant fuels more cases in parts of that country. Here’s the latest on the pandemic.

The European Union is to propose that all new cars sold from 2035 should have zero emissions, part of an unprecedented plan to align its economy with more ambitious climate targets.

Looking ahead: Wall Street banks report earnings next week, and it seems getting back to “normal” will mean massive pandemic windfalls will be a thing of the past. The markets didn’t seem to care much though on Friday. The S&P 500, Dow Industrial Average and Nasdaq Composite and 100 all closed at record highs again. Here’s your markets wrap.

After repeated, high-profile cyberattacks against the U.S. from Russia, Biden called President Vladimir Putin Friday with an ultimatum: take action against hackers in his country or America may do it for him.

G-20 finance ministers failed to agree on a pledge to achieve net zero greenhouse gas emissions by 2050 after more fossil fuel reliant members pushed back. But ministers are set to endorse a global agreement on corporate taxation, though.

The U.S. added 34 entities from China, Iran and Russia to its economic blacklist, including 14 Chinese firms allegedly involved in human-rights violations against Muslim Uyghurs in the Xinjiang region.

After the controversial approval of Biogen’s Alzheimer’s drug, and then this week’s retreat by regulators, the head of the U.S. Food and Drug Administration is asking for a federal investigation.

What you’ll need to know tomorrow

Inside Binance: Crypto’s Craziest Company

It pays its people in a digital token of its own creation. It’s based wherever its founder happens to be. A growing list of countries want no part of it. Bloomberg Wealth reports how Binance Holdings might just be the biggest, craziest thing in the big, crazy realm of cryptocurrencies.

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