The White House is ratcheting up tension with China, moving the tech cold war into a billion homes. President Donald Trump’s proposed ban on WeChat could hurt Apple’s iPhone sales, while Bloomberg’s Editorial Board writes that the U.S. needs a smart approach to coexisting with China on the internet. Trump also imposed sanctions on Hong Kong Chief Executive Carrie Lam and tested China’s red lines with the highest-level delegation to Taiwan in decades. According to Hal Brands in Bloomberg Opinion, the good news is that the U.S. and China won’t stumble into war by accident.  

What you’ll want to read this weekend

More than 716,000 people have now died in the Covid-19 pandemic, including 160,000 in America, the most in the world. The U.S. labor market continued to slowly regain ground in July, a pace that could however falter as fall approaches. Extraordinary times demand a rethink of the 60/40 portfolio, but analysts question the case of using gold as a bond substitute. The Robinhood craze is now moving stocks everywhere. But if you’re considering early retirement, not so fast.

Lebanon is seeking help from French bomb experts to investigate the deadly Beirut port explosion. The blast ripped through wheat supplies and left the Lebanese people wondering about the future of their country.

Wall Street’s top executives look nothing like America—insiders reflect on why the industry’s diversity efforts have foundered. Silicon Valley failed to think different when it comes to diversity. New York real estate agents, consciously or not, have perpetuated inequality, a sociologist says.

Airbus and Boeing are playing the long game by making jets that airlines can’t buy. The airport of the future will have no check-in or security lines, and right now, travelers have to be creative just to get on a plane.

Cosmetics are getting lower priority as people stay home or venture out in masks, hurting sales for makeup and perfume. But when no one can see your whole face, it’s the perfect time to get a little work done—the pandemic has caused a boom in plastic surgery.

What you’ll need to know next week

• China’s top legislative body starts a four-day meeting.
• Chinese researcher charged by U.S. with visa fraud appears in court.
• Softbank is poised to return to profit after massive losses.
• Former Vice President Joe Biden is set to announce his own V.P.
• America’s battered retailers report sales for July.

What you’ll want to read in Businessweek

Life and Debt Inside a Private Equity Hospital

A decade ago, the buyout giant Cerberus Capital took over a group of Catholic medical centers and made some clever financial moves. The coronavirus pandemic highlights the strategy’s success—and, with affordable health care more important than ever in America, its very high cost.

St. Elizabeth’s Medical Center

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