Before touching down in the UK yesterday, Joe Biden issued an executive order to boost scrutiny of Chinese software and apps, capping a string of recent moves by the administration to turn the screws on China.

The US president plans to use this week’s G7 summit to encourage allies to join Washington in taking a harder stance towards Beijing.As he boarded Air Force One for his first overseas trip as president, Biden said he would use the week in Europe to strengthen alliances and “make it clear to [Russia’s president Vladimir] Putin and to China that Europe and the US are tight”.

The latest executive order aims to protect the personal data of Americans, including health and genetic information.

Biden hopes to persuade his counterparts to rebuke China over its persecution of Uyghurs in Xinjiang, its crackdown on the pro-democracy movement in Hong Kong, its economic coercion of countries such as Australia, and its aggressive military activity in the South and East China Seas. The Senate this week passed a bipartisan bill that would provide $250bn to help the US maintain a competitive edge over China in critical technologies such as artificial intelligence and quantum computing. And the Pentagon on Wednesday finished a three-month review of attempts by China to challenge US defence strategy, after concluding that Beijing had become one of its most serious “pacing threats”.

FT economics editor Chris Giles and global tax correspondent Emma Agyemang will answer questions on what the G7 tax deal means for multinational companies today. Post your queries in the comments here.

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SEC to review payment for order flow The US markets regulator is looking to change rules around share trading, including fees paid by large Wall Street groups to handle customers’ orders. January’s explosion in “meme stocks” highlighted what SEC chair Gary Gensler called “inefficiencies” in the market.

Biden’s brother abandons UK energy venture US president Joe Biden’s brother James has abandoned a clean-energy project in the UK after just weeks following a White House assessment under stringent new rules on potential conflicts of interest. The company now lies dormant.

Russia outlaws Navalny organisations A Moscow court said that opposition activist Alexei Navalny’s Anti-Corruption Foundation and his nationwide network should be classified as “extremist”, a label that groups it with Isis and al-Qaeda, bans his supporters from running in elections and threatens them with years in prison.

UK competition regulator plans Amazon probe The watchdog is planning a competition investigation into Amazon, mirroring a continuing EU probe, after focusing for months on how the online retailer uses the data it collects on its platform. Separately, Prologis, Amazon’s landlord and the world’s largest owner of industrial real estate, is doubling down on the vast ecommerce warehouses that flourished during the pandemic.

Column chart of Net income, rolling 4-quarters ($bn) showing Prologis profits

Deutsche departures linked to alleged mis-selling probe The sudden departure of two veteran executives from Germany’s largest bank was linked to a continuing investigation into the alleged mis-selling of foreign exchange derivatives to corporate clients in Spain, people familiar with the matter said.Peru’s Fujimori cries fraud The result of Peru’s presidential election hangs in the balance after rightwing candidate Keiko Fujimori accused her opponent’s party of fraud, calling for 200,000 votes to be declared null and a further 300,000 to be scrutinised. If her request is upheld, she could snatch victory from leftwing rival Pedro Castillo.

El Salvador backs bitcoin El Salvador has become the first country to make bitcoin legal tender, which President Nayib Bukele hailed as a historic step towards financial inclusion and economic growth.

ECB meets European Central Bank council members said they see little reason to change its bond-buying policy ahead of today’s meeting. Policymakers, including ECB president Christine Lagarde, have said the eurozone’s inflation surge is only a temporary phenomenon.

US inflation Bloomberg-surveyed economists expect the year-on-year inflation rate to have jumped to 4.7 per cent in May, compared with 4.2 per cent in April.

Column chart of Core CPI (year on year % change) showing US inflation set to keep rising

Join us for The Future of News event today. Hear from leaders in the field including BBC director-general Tim Davie, White House press secretary Jen Psaki, New York Times media columnist Ben Smith and more as we discuss how the top brands are future-proofing their businesses, funding the newsroom and reaching new audiences. Register here.

A defanged US auditor is an investor disaster Gary Gensler must reclaim the Public Company Accounting Oversight Board from the grip of the Big Four, writes Brooke Masters. Robust auditing is critical for preventing misbehaviour, as decades of scandals such as those at Enron, Carillion, Wirecard and Luckin Coffee make clear.

The million-pound pension problem Surely, there’s no nicer problem to have than a million-pound pension. No one has much sympathy for those who do, but that retirement income is not enough to fund a millionaire lifestyle, and may not even make you a higher rate taxpayer, writes Claer Barrett. Here are four taxing questions to ask before your 60th birthday.

Down and out in Chinese tech A new generation of workers is demanding an end to harsh conditions at China’s tech giants. Forced ranking is just one recent flashpoint that has generated scrutiny as allegations of overwork, abuse and injury have become the subject of a heated national debate.

How Trojan Shield exposed a criminal underworld Unbeknown to hundreds of criminals — who until this week believed that encrypted messaging platform ANOM was the best way to arrange drug deals, money laundering and murders — the FBI was secretly copied on every message. Here’s how the operation shone a light on the black market for privacy-oriented platforms.

Naftali Bennett reaps rewards in Israeli politics To friends and those who have risen alongside Israel’s probable next prime minister, his ability to inhabit different roles — hard-right standard-bearer, tech multi-millionaire, uniting voice in a divided country — says more about Bennett than his past incendiary comments.

US investigates leak of records showing billionaires pay little tax