Good morning. Motorcycle marketing usually relies on familiar themes. A lonely highway. A scenic vista. A growling engine. Indian Motorcycle is trying an incendiary new script: It is attempting to drag Harley-Davidson into the culture wars.

• The campaign: In a recent social-media video, Minnesota-based Indian criticized its larger and more prosperous competitor Harley for making electric motorcycles, moving some production to Thailand and embracing diversity, equity and inclusion programs. “They chased political trends,” a narrator said of Harley in a tone reminiscent of a campaign-attack ad. “We back the people who matter.”
   
• Political rancor: The video followed nearly two weeks of social-media commentary from conservative influencers denouncing Harley and praising Indian—a dynamic that echoed previous campaigns against such companies as Cracker Barrel and Deere.
   
• The effect: The attack by Indian appeared to have minimal results. On Tuesday, a day after Indian’s video dropped, Harley said it was bringing some bike production back from Thailand to the U.S., a move it said would create dozens of new jobs. Praise from the Trump administration followed.
   
• Reaction from both sides: Harley said in a statement that its “only agenda is getting back to basics,” and so far it appears unscathed. Its share price has risen 6% since the clamor began. On Wednesday, a group of Harley dealers issued a letter praising the leadership of Chief Executive Artie Starrs and condemning “divisive narratives.” Meanwhile, some in Indian’s own community rejected the ad. One dealer said the company should fire its marketing agency, while some riders called the video an embarrassment.

OpenAI investigated by coalition of state attorneys general.

A coalition of state attorneys general has opened an investigation into OpenAI, according to people familiar with the matter, the latest in a series of legal actions by states directed at artificial intelligence companies.

What the AGs want. OpenAI was served Friday with a subpoena seeking documents related to a range of its activities and impact on users, including advertising, user engagement and retention, handling of consumer data and health data, activities related to minors and seniors, deep learning models, model sycophancy and company policies, some of the people said. The subpoena, viewed by The Wall Street Journal, was sent by New York’s attorney general.

• Anthropic Halts Access to Top AI Models After U.S. Ban on Foreign Use
• Amazon CEO’s Talks With U.S. Officials Triggered Crackdown on Anthropic Models
• U.S. Restrictions on New Anthropic Models Could Trigger a Global AI Arms Race
• Anthropic Dispatches Staff to D.C., Racing to Resolve AI Export Restrictions

Bessent tells banks ‘lean in’ on reporting illegal work.

Banks should “lean in” as the Trump administration targets illegal work, U.S. Treasury Secretary Scott Bessent said, unveiling new guidance allowing banks to share more information among themselves (free link).

The new guidance from Treasury’s Financial Crimes Enforcement Network, reports Risk Journal’s Richard Vanderford, authorizes institutions to share more freely without running afoul of legal guardrails on information exchanges, Bessent said Friday in Houston before an audience of bankers.

The move comes amid a Trump administration push to enlist banks as it targets illegal immigration.

• Canada will beef up its anti-forced-labor rules by creating a list of high-risk imports of merchandise and requiring supply-chain screening, Risk Journal reports (free link).
   
• Longtime bond investor Ken Leech pleaded guilty in connection with a cherry-picking investment-fraud case just days before he was set to go to trial.
   
• The Justice Department has cleared Paramount’s $81 billion purchase of Warner Bros. Discovery, removing one hurdle for the entertainment companies’ megadeal.
   
• President Trump said Saturday that he would appoint one of his personal lawyers, James McDonald, as Manhattan’s top federal prosecutor, putting the Sullivan & Cromwell partner in charge of an office with jurisdiction over Wall Street and a reputation for pursuing prominent white-collar crime cases.
   
• The Court of Justice of the European Union ruled Thursday that banks operating in the EU can’t refuse to open a basic account for a customer solely on the basis that their name appears on a U.S. sanctions list (free link).
   
• The U.S. Treasury’s Office of Foreign Assets Control removed a Russian national linked to Sberbank, Russia’s largest state-owned bank, from its sanctions blacklist, after a legal challenge in U.S. District Court (free link).
   
• The entrepreneur Charlie Javice has been seeking a presidential pardon for her criminal conviction for defrauding JPMorgan Chase when she sold her company to the bank for $175 million, people familiar with the matter said.
   
• The U.S. has designated Cuba’s state-owned oil-and-gas company, Union Cuba-Petroleo, under the sweeping Cuba sanctions framework introduced by President Trump in May. (free link).
   
• A majority of Palantir Technologies’ outside investors voted last week to demand the software company commission an independent probe into the company’s human rights policies, though a complex voting structure favoring insiders means the probe won’t move forward.

U.S. and Iran have reached a deal to stop fighting, reopen shipping.

Iran and the U.S. have agreed on an interim peace deal, the two nations announced Sunday, a potentially major breakthrough after nearly four months of fighting that created global political and economic turmoil.

A deal is set to be signed Friday, President Trump and Pakistani negotiators said. Trump had earlier indicated he hoped a deal would be signed Sunday. Neither side provided a specific list of agreed-upon details in the deal.

Trump said the Strait of Hormuz would be reopened on Friday, indicating in a social-media post the time was needed “for purposes of mine removal.” In an earlier post, Trump said that Iran’s restrictions on shipping in the Strait and the U.S. naval blockade on Iran would be simultaneously and immediately lifted.

• Trump’s Iran Deal Will Hinge on These Things
• Oil Executives Are Sounding the Alarm Over Dwindling Stockpiles

• The AI price war has begun.
   
• Conflict in the Middle East is threatening to spike grain prices and exacerbate hunger among the world’s poor, the chief executive of fertilizer manufacturer Fertiglobe says.
   
• Consumer sentiment improved to begin June, according to the University of Michigan’s monthly survey, as a retreat in gasoline prices boosted Americans’ economic spirits.
   
• The world is applauding the latest Chinese vehicles and sales are surging almost everywhere the cars are available. The one exception: China itself.
   
• Swiss voters on Sunday rejected a high-stakes proposal to impose a hard constitutional cap on the country’s population, averting economic shock waves and a severe diplomatic rift with the European Union.
   
• Keiko Fujimori won Peru’s presidency by an extremely slim margin, becoming the latest right-wing leader in Latin America.
   
• Kevin O’Leary, a television personality, alleges Chinese government interference is behind local opposition to his Utah data center project.

You can listen to new episodes every Friday on Apple Podcasts, Spotify and Amazon.

Chinese connected-car software ban shows cracks.

The rollout of a federal ban on software with ties to China in internet-connected cars is flawed and unlikely to keep sensitive data away from prying eyes, cybersecurity experts say.

Under the ban, carmakers are required to attest that existing software in core vehicle systems wasn’t updated or modified by Chinese suppliers after a mid-March deadline. Starting with 2027 models, connected cars are barred from containing any China-linked software. Vehicles that fail to meet the rules will be blocked from U.S. import or sale.

But so far, it is being left to automakers to self-certify compliance, said Ran Ish-Shalom, vice president of strategy and product at PlaxidityX, an AI-powered security firm for connected vehicles. “That no-ongoing-maintenance condition is the hardest thing in the rule to verify from outside the supplier relationship,” he said.

• A critical spying tool for the Trump Administration is set to expire Friday, raising security concerns about the conflict in the Middle East and major events in the U.S., including the nation’s birthday celebrations next month.
   
• The scammers who have been bombarding American smartphones with fake messages about packages and toll-road fines have pivoted to impersonating the phone companies.

• It isn’t just SpaceX: Encouraged by the Elon Musk-led company’s successes—and steadily climbing valuation—venture capitalists and private-market investors are stepping up bets on space startups, hoping to find the next breakout stars.
   
• The New York Knicks won their first NBA championship since 1973, defeating the San Antonio Spurs 94-90 on Saturday night.
   
• World Cup matches feature commercial breaks mid-half for the first time, officially for “hydration” but used for advertising. Fans and coaches criticized the breaks, with Fox Sports running multiple commercials that sometimes caused viewers to miss game action.
   
• Academic research indicates hybrid work boosts job satisfaction and reduces quitting, but full-time remote work can increase anxiety and loneliness.
   
• Europe’s defense boom promised to revive struggling towns across the continent. Locals hoped a fresh injection of money would help rejuvenate communities that have withered for decades. Instead, it is sparking division and resentment.

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