Good morning. President Trump said negotiations with Anthropic over restoring access to the company’s latest artificial-intelligence models were “going fine,” comments that came at a Group of Seven summit where some world leaders were concerned about losing access to leading AI tools.

• Access concerns: The administration’s ban on foreign use of two Anthropic models last week fueled concerns about fair access to the technology and global coordination to address AI risks. The company shut off access to the models for all users on Friday.
   
• Washington in the driver’s seat? The ban on Anthropic models raised concerns among industry executives and foreign governments that unilateral actions by the administration could dictate who can use leading AI models.
   
• ‘Great meeting’: Trump said the broader AI meeting went well and touted how much investment AI is driving in the U.S. “We had a great meeting with AI. We had all the top people here and it was a great meeting,” Trump said.

The Morning Risk Report won’t be published Friday in observance of Juneteenth in the U.S. We’ll be back Monday.

Google search rankings must be fairer, U.K. competition watchdog says.

U.K. antitrust officials said Alphabet’s Google should make its search rankings fairer and provide advance notice of any significant changes to its search services, giving the U.S. tech giant six months to act under the country’s digital markets competition rules.

The Competition and Markets Authority issued so-called conduct requirements for Google to use objective and nondiscriminatory criteria to rank search results on its platform, including in summaries generated by artificial intelligence through its AI Overviews service.

Bosch to settle over U.S. export control violations.

Robert Bosch has agreed to pay about $36 million in settlements with U.S. authorities after two German subsidiaries exported sensors and software to Huawei Technologies despite a U.S. export ban, Risk Journal reports (free link).

The Germany-based engineering and technology company won’t be criminally prosecuted under a policy forgiving companies for coming forward to disclose wrongdoing, the U.S. Justice Department said Wednesday.

• Harvard University and Bard College are facing fresh questions from Congress over their Jeffrey Epstein ties.
   
• Sweden-based Ikano Bank was fined 140 million Swedish Kroner, equivalent to $14.9 million, by a Swedish financial regulator for inadequate anti-money-laundering controls.
   
• Sabre’s U.K. unit has been fined a million pounds ($1.3 million) in the U.K.’s largest fine for violations of Russia sanctions since Moscow’s 2022 invasion of Ukraine.

Trump defends Iran deal, says he wants to avoid ‘economic catastrophe.’

President Trump on Wednesday defended his agreement to end the Iran war, saying he wanted to avoid an “economic catastrophe” that could have resulted if the conflict the U.S. launched had continued.

Trump said he was influenced by the stock market’s rise as he worked toward a resolution of the conflict. He said he didn’t want to be compared with former President Herbert Hoover, who was president during the 1929 market crash that led to the Great Depression.

• An Annotated Analysis of Trump’s Iran Deal

• Allies of the U.S. are ready to support the return of shipping through the key Strait of Hormuz waterway, NATO Secretary-General Mark Rutte said.
   
• Invenergy is the latest energy developer to exit U.S. offshore wind, agreeing to a settlement with the Interior Department to relinquish four offshore wind leases. The settlement underscores a broader industry retreat from U.S. offshore wind amid severe political headwinds.
   
• Volkswagen is pushing ahead with plans to restructure the business as rising geopolitical tensions, intense competitive pressure and growing trade barriers should lead to flatlining auto markets.

• Apple plans to raise prices on its products to offset the surging costs of memory and storage chips, Chief Executive Tim Cook said in an exclusive interview with The Wall Street Journal.
   
• Kevin Warsh used his first meeting as Federal Reserve chairman to put his stamp on how the central bank operates and communicates.
   
• The great American housing shortage is finally forcing a search for solutions.
   
• President Trump threw a last-minute wrench into the Senate’s plans to quickly confirm a new intelligence chief and renew a critical spying law.
   
• Luigi Mangione will mount a psychiatric defense at his New York state trial for the killing of UnitedHealthcare Chief Executive Brian Thompson, a judge said Wednesday.

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