Good morning. The European Union has launched investigations into Apple, Meta Platforms and Google parent Alphabet under its sweeping new digital-competition law, adding to the regulatory scrutiny large U.S. tech companies are facing worldwide.

The suite of probes announced Monday are the first under the EU’s Digital Markets Act, which took effect earlier this month. The law requires some of the world’s biggest technology companies to comply with a long list of new rules aimed at boosting competition in digital advertising, online search and app ecosystems.

Here’s what the probes focus on:

• App store steering rules: The EU will scrutinize whether Apple and Google are complying with rules that require the companies to allow app developers to inform customers about alternative offers outside of their main app stores. The European Commission, the EU’s executive arm, said it is concerned about constraints the tech companies place on developers’ ability to communicate freely with users and promote their offers.
   
• Self-preferencing search results: The bloc will also examine changes that Google made to how its search results appear in Europe. The new digital competition law says companies cannot give their own services preference over similar services offered by rivals.
   
• App user choice rules: Another probe will look at how Apple complies with rules that say users should be able to easily remove software applications and change default settings on their iPhones, as well as how the company shows choice screens that offer alternative search-engine and browser options.
   
• Personal data use: The EU also said Monday it would probe what regulators call Meta’s “pay or consent” plan, introduced last fall. Under that plan, European users who don’t agree to let the company use their digital activity to target the ads it shows on Instagram and Facebook must pay a monthly subscription fee of up to around $11.

Trial for fallen crypto tycoon Do Kwon begins, but he won’t be there.

Fallen crypto tycoon Do Kwon faces trial Monday on claims that he defrauded people who bought a cryptocurrency that collapsed two years ago, a crash that hurt investors around the world and caused other crypto firms to topple into bankruptcy.

The Securities and Exchange Commission will open its civil case in Manhattan federal court against Kwon and his company, Terraform Labs, even though Kwon won’t be there. Kwon was arrested in the Balkan country of Montenegro last year and he is currently in an immigrant detention facility pending the outcome of extradition proceedings.

Swiss unit of Lebanon’s Bank Audi accused of anti-money-laundering shortcomings.

Switzerland’s financial authority said Banque Audi (Suisse), part of a large Lebanese financial group, had violated anti-money-laundering regulations. Banque Audi was ordered to give up profits totaling about 3.9 million Swiss francs, equivalent to $4.3 million, and to increase its capital buffers.

The regulator, known as Finma, said the problems were discovered during an investigation into the bank's relationships with politically exposed persons from several countries. Banque Audi cooperated with the enforcement proceedings and took corrective measures, including increasing its compliance resources, Finma said.

The “Khanservatives,” as they call themselves, tend to be younger and Trumpier, part of the growing ranks of Republicans who question unfettered markets and see big corporations as an adversary to their constituents.

• Nadeem Anjarwalla, a senior Binance employee who was being held in custody in Nigeria, has fled abroad.
   
• The European Union said Deutsche Lufthansa’s acquisition of a minority stake in ITA Airways, the Italian carrier formerly known as Alitalia, could hinder competition for certain routes in and out of Italy.
   
• Qualcomm said it has ended its proposed acquisition of Autotalks, citing a lack of regulatory approvals in a timely manner.

Boeing CEO Dave Calhoun to step down in wake of 737 MAX struggles.

Dave Calhoun stepped in to address a crisis at Boeing BA. He is stepping aside four years later with the manufacturer still mired in a crisis over the quality of its planes.

The Boeing chief executive will exit at the end of the year, part of a broader executive shake-up after a Jan. 5 midair blowout and sweeping production problems that have angered airlines and regulators.

• In an annual rite of spring, China this week has been pitching American and other Western corporate executives on the country’s prospects. The difference this year: a franker-than-usual recognition of the mounting concerns around China’s economy, from more senior-than-usual officials.
   
• A federal judge dismissed X Corp.’s lawsuit against a research group that accused the platform, formerly known as Twitter, of allowing the proliferation of hate speech.

U.S. charges alleged Chinese hackers as U.K. says voter files accessed.

The Biden administration hit alleged Chinese hackers with sanctions and criminal charges on Monday while the British government accused Beijing of hacking the U.K.’s electoral register to steal the personal details of tens of millions of voters, part of a global push by allies to condemn China’s expanding aggression in cyberspace.

The combined actions are the latest moves by Western governments to add pressure on Chinese leader Xi Jinping for what American, British and European security officials have warned is an alarming global hacking operation attributed to Chinese intelligence agencies.

• A bridge in Baltimore collapsed into the Patapsco River early Tuesday after being hit by a large containership, sending vehicles and people into the water, authorities said.
   
• Donald Trump needs to pay just $175 million to put his $454 million civil fraud judgment on hold during his appeal, a New York appellate court ruled, giving the former president a crucial win on the cusp of a financial deadline.
   
• The United Nations Security Council approved a resolution calling for an immediate cease-fire in Gaza after the U.S. allowed it to pass by abstaining, prompting Israel to cancel high-level meetings with the Biden administration.
   
• China Evergrande Group is dropping efforts in the U.S. to restructure billions of dollars in offshore debt, coming almost two months after a Hong Kong court ordered the heavily indebted developer to liquidate.
   
• Russian President Vladimir Putin is repurposing the aftermath of Friday’s attack on the Crocus concert hall as ammunition for his war against Ukraine, two years after launching his invasion.

Follow us on X at @WSJRisk. Follow Risk & Compliance editor David Smagalla @DSmagalla_DJ and reporters Mengqi Sun @_MengqiSun, Dylan Tokar @dgtokar and Richard Vanderford @VanderfordRich.

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