Good morning. The European Union fined Google nearly $3.5 billion for abusing the dominance of its advertising-technology tools, ramping up the threat on both sides of the Atlantic to one of the company’s bigger businesses.

• Big penalty: The fine is the EU’s second-largest antitrust penalty ever, after another Google fine in 2018, and risks heightening tensions with the Trump administration in the middle of delicate trade discussions. Antitrust officials had to overcome internal concern from the bloc’s trade chief before issuing the fine, people familiar with the matter said.
   
• What the EU alleges: The European Commission, the EU’s antitrust regulator, said Friday that Google has abused its dominant role in the buying and selling of digital ads across third-party websites and apps to drive business to its own advertising auction house, known as an ad exchange.
   
• What next? The bloc gave Google 60 days to propose how to resolve “inherent conflicts of interest,” but added that its preliminary view remains that Google must divest parts of that business. Fines alone haven’t tended to change big tech companies’ business practices because even large penalties represent a fraction of their overall revenue.
   
• Potential impact: Issuing a fine in the billions carries political significance, said William Kovacic, a law professor at George Washington University. “It’s a way of saying we’re not going to back off,” he said.

Also: Trump Threatens Higher Tariffs Over EU Fine Against Google

CFTC fines UBS, Citigroup, four others over compliance failures.

The Commodity Futures Trading Commission imposed a total of $8.3 million in fines on six financial firms over various material compliance failures, reports Risk Journal’s Mengqi Sun.

Among the penalties, UBS agreed to pay $5 million to settle allegations it failed to supervise trade surveillance systems between 2015 and 2024. Meanwhile, Citigroup’s brokerage unit agreed to pay $1.5 million to settle allegations it failed to file accurate large trade reports between 2015 and 2022, and for failing to maintain regulatory records for 10 weeks in 2023.

Context: The fines are significantly smaller than previous ones imposed by the CFTC and its counterpart the Securities and Exchange Commission. In the past, CFTC fines for inadequate compliance and business practice failures have reached into the billions of dollars and regularly into tens of millions of dollars.

Tesla board proposes Musk pay package worth as much as $1 trillion over decade.

Tesla’s board is asking investors to approve a new pay package for Chief Executive Elon Musk that could deliver to him as much as $1 trillion in stock over the next decade.

The proposed deal would allow Musk—already the world’s wealthiest person—to receive installments of shares if Tesla hits a series of market-capitalization and business milestones, according to a securities filing published Friday. Tesla’s board said the unprecedented pay package is intended to keep Musk focused on the electric carmaker.

• The clock is ticking on core federal cybersecurity legislation set to expire Sept. 30, as a divided Congress and a looming government shutdown threaten progress on a new bill that seeks to extend provisions encouraging cooperation in fighting hackers.
   
• The U.S. Securities and Exchange Commission said it intends to crack down on cross-border fraud, Risk Journal reports, in particular on schemes emerging from companies based in China.
   
• A federal judge in Florida dismissed cable news channel Newsmax’s antitrust lawsuit against rival Fox News Friday, but kept the door open for Newsmax to refile its complaint.
   
• Artificial intelligence company Anthropic agreed to pay at least $1.5 billion to settle a copyright infringement lawsuit over its use of pirated books to train large-language models.
   
• Companies are preparing refund claims after an appeals court struck down many of Trump’s tariffs, which could be tens of billions of dollars.
   
• Beijing will impose antidumping measures on pork imports from the European Union after more than a year of investigation, China’s commerce ministry said Friday.
   
• President Donald Trump’s Justice Department has asked the Supreme Court to let him fire the Federal Trade Commission’s Rebecca Slaughter, whose status as commissioner of the agency was reinstated by lower courts in a continuing legal challenge.
   
• Australia’s two largest supermarket operators could have to pay hundreds of millions of dollars in remediation and other costs following their failure to properly pay staff.

Seoul says deal reached with U.S. to release workers detained in Hyundai raid.

South Korea and the U.S. have reached a deal to release Korean citizens who were detained last week in a large-scale immigration raid at a Hyundai Motor plant in Georgia, according to the office of the South Korean president.

Seoul’s statement of a deal comes days after U.S. law-enforcement officials carried out their largest ever single-site immigration raid at the construction site of an electric-vehicle battery factory near Savannah, Ga. The factory is a joint venture between Hyundai and fellow South Korean firm LG Energy Solution.

• How the Immigration Raid at Hyundai’s Factory Complex Unfolded
• Hyundai Construction Site Raid Puts Trump’s Competing Agendas in Spotlight

Beijing’s new playbook for trade talks: Keep talking but give no ground.

With trade negotiations between China and the U.S. showing little progress, Beijing is taking a new stance: Keep talking, but yield little. That position was illustrated by the recent visit to Washington by Li Chenggang, a key member of Beijing’s negotiating team led by Vice Premier He Lifeng.

What it could mean? The trip signaled a new mandate from Chinese leader Xi Jinping: By seeking to engage with the Trump administration while making few concessions, Beijing is trying to hold itself up as a responsible party at a time of intensifying great-power competition. The result is a delicate detente—but one that isn’t likely to produce a trade deal soon.

• How China’s New Naval and Air Sites Would Aid an Attack on Taiwan

• When President Trump unveiled his trade deal with the European Union in July, businesses across the bloc thought it would end months of uncertainty for one of the world’s most lucrative trade relationships. Less than two months on, frustration with the deal is growing in Europe.
   
• The U.S. is preparing to start renegotiating its largest free trade deal—the U.S.-Mexico-Canada Agreement.
   
• President Vladimir Putin said on Friday that Russia would view any foreign troops in Ukraine as legitimate targets for its forces.
   
• Japan’s prime minister said he would resign, leaving his successor an inbox bulging with challenges including a relationship with the U.S. strained by tariffs and voter anger over sliding living standards.
   
• Treasury Secretary Scott Bessent on Sunday said the U.S. could end up giving massive refunds if the U.S. Supreme Court finds the Trump administration’s tariffs are illegal, and denied that the tariffs are effectively a tax on American consumers.
   
• Health Secretary Robert F. Kennedy Jr. plans to announce that pregnant women’s use of an over-the-counter pain medication is potentially linked to autism in a report that will also suggest a medicine derived from folate can be used to treat symptoms of the developmental disorder in some people, people familiar with the matter said.
   
• President Trump was operating within his constitutional powers as commander in chief when he ordered the U.S. military to destroy a vessel in the Caribbean, administration officials said. But that claim was sharply disputed by legal experts and some lawmakers.

Chinese hackers pretended to be a top U.S. lawmaker during trade talks.

As the Trump administration’s contentious trade talks with China were set to begin in Sweden last July, staffers on the House committee focused on U.S. competition with China began to get puzzling inquiries, according to people familiar with the matter.

Several trade groups, law firms and U.S. government agencies had all received an email appearing to be from the committee’s chairman, Rep. John Moolenaar (R., Mich.), asking for input on proposed sanctions with which the legislators were planning to target Beijing.

It turned out to be the latest in a series of alleged cyber espionage campaigns linked to Beijing, people familiar with the matter said, timed to potentially deploy spyware against organizations giving input on President Trump’s trade negotiations.

Lamarque, who succeeds Tonya Robinson, comes to Vanguard from Principal Financial Group, where since 2022 she served as executive vice president, general counsel and secretary. Before that, she was an executive at New York Life Insurance and served as an assistant U.S. attorney for the Southern District of New York.

• Shortly before President Trump secured another White House term, he pledged to supporters at a rally to let Robert F. Kennedy Jr. “go wild” on health, medicine and food if elected. Nearly a year later, Kennedy is testing just how far Trump will let him go.
   
• Chicago was bracing over the weekend for a possible immigration crackdown after President Trump said he would deploy federal troops in the country’s third-largest city to conduct mass deportations.
   
• How much would you invest in the possibility of living to 150 or beyond? For the ultrawealthy, it’s more than $5 billion over the past 2½ decades, according to a Wall Street Journal analysis of longevity investment deals in PitchBook, public company statements and regulatory filings.
   
• This week’s ouster of Nestlé Chief Executive Laurent Freixe served as a lesson to other European executives: When it comes to office romances, expect to play by American rules.
   
• If French Prime Minister François Bayrou loses his job in a confidence vote Monday, it will be due in no small part to his willingness to fiddle with a cornerstone of Gallic life: public holidays.

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