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The Morning Risk Report: Small Businesses Plead With SEC to Show Restraint on Climate Rules
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Good morning. Small businesses, normally outside the domain of the Securities and Exchange Commission, say the regulator’s proposal on climate disclosures will saddle them with a compliance burden they won’t be able to handle, Risk & Compliance Journal's Richard Vanderford reports.
Farms, independent manufacturers and other small businesses that don’t trade on stock exchanges normally don’t fall within the SEC’s purview; the agency regulates public companies and some other market participants. But small firms fear they will be forced to cough up heaps of information on their roles, however small, in emitting carbon because the SEC wants large public companies to catalog emissions in their entire supply chains.
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Content from our Sponsor: DELOITTE
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Identify Potential SWIFT Cybersecurity Gaps
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Now that companies are required to conduct SWIFT assessments annually, a cybersecurity program that specifically addresses their SWIFT infrastructure can help avoid common challenges. Read More ›
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“Small and independent businesses cannot afford the experts, accountants and lawyers needed to comply with complex government reporting regimes,” the National Federation of Independent Business said in a comment letter filed with the SEC.
The agency on Friday closed a period during which it solicited public comment on its proposed rule, which would require public companies to report on their emissions and on their risks from climate change. The regulator got about 3,400 letters, significantly more than usual, including from businesses, trade associations, politicians, churches and individual citizens.
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From Risk & Compliance Journal
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U.K. Regulator Fines JLT Specialty $9.7 Million for Bribery
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The U.K.’s Financial Conduct Authority said on Wednesday that it fined insurance broker JLT Specialty Ltd. about £7.9 million, equivalent to about $9.7 million, for alleged financial crimes, including bribery.
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Revamped DOJ Compliance Unit Takes On Greater Role
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A revamped unit in the Justice Department’s fraud section is bulking up with new staff as it takes on an expanded role in corporate settlements, an official said on Wednesday.
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Black Star Burger complied only partially with a demand from McDonald’s to remove a menu with the U.S. brand’s iconic red and yellow colors and a name that started with ‘Mac.’ A Black Star eatery in Moscow. THE WALL STREET JOURNAL
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Russian companies are imitating or trying to swipe the brands of Western companies that have left the country since the invasion of Ukraine. The Russian government, which views Western sanctions and corporate exits as an illegitimate economic war, doesn’t appear to be cracking down.
McDonald’s sent a letter through a law firm in May demanding Black Star Burger take down the menus. More than a month later, Black Star says it removed the “Mac” prefix but kept the colors. A McDonald’s representative said the company has fully exited the Russian market and declined to comment on the trademark issue.
Meanwhile, a U.S. push to pare back one of the European Union’s sanctions on Russian oil has tentatively started to gain traction within the 27-member bloc, with officials weighing whether to allow insurers to cover shipments of Russian oil if the price the oil will sell for falls under a cap.
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National Football League commissioner Roger Goodell on Wednesday defended the league’s handling of workplace misconduct allegations against the Washington Commanders and owner Dan Snyder in a contentious congressional hearing that included an announcement that the absent Mr. Snyder would be subpoenaed to give a deposition next week.
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Chinese, Middle Eastern and Western banks have provided banking services to Iran’s sanctioned energy and industrial sectors, corporate documents show, as part of Tehran’s efforts to steer capital toward its embattled economy and defy U.S. pressure to restrict its nuclear program.
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U.S. regulators are moving to slash the fees that banks charge customers for late credit-card payments, potentially jeopardizing billions of dollars in industry earnings.
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Crypto broker Voyager Digital Ltd. said it may issue a notice of default to Three Arrows Capital Ltd. if the crypto hedge fund fails to make a loan repayment by June 27.
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Do Kwon used swagger and a cultlike Twitter following to build a cryptocurrency empire that collapsed last month in a $40 billion crash. Now, despite angry investors, government investigations and a crypto-market downturn, the South Korean entrepreneur is attempting a comeback.
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Former Democratic Party rising star Andrew Gillum, who came within a half percentage point of being elected governor of Florida in 2018, has been indicted on federal charges including wire fraud and was arrested Wednesday.
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The Food and Drug Administration is preparing to order Juul Labs Inc. to take its e-cigarettes off the U.S. market, according to people familiar with the matter.
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Federal Reserve Chairman Jerome Powell is facing pressure from both Senate Democrats and Republicans over how chiefs of the 12 regional Fed banks and their board members are selected.
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A meat market in Kandy, Sri Lanka. The island nation is struggling with food shortages.
PHOTO: BUDDHIKA WEERASINGHE/BLOOMBERG NEWS
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Sri Lanka’s prime minister said its indebted economy faced complete collapse, as he laid the groundwork for what are expected to be tough austerity measures as part of negotiations over its budget and an International Monetary Fund bailout.
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The U.S. economy faces elevated risks of a recession over the next one to two years due to rising imbalances in markets for goods and services, including labor, according to a new research paper from a Federal Reserve economist.
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Inflation in the U.K. rose to 9.1% in May, a fresh four-decade high, darkening the country’s economic prospects at a time of mounting worker unrest and growing disaffection with the government.
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Microsoft said much of the malicious cyber activity linked to the Kremlin targeted NATO countries.
PHOTO: ANDREY RUDAKOV/BLOOMBERG NEWS
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Russian intelligence agencies have increased the pace of cyberattacks against nations that have provided aid to Ukraine, according to new research published Wednesday by Microsoft Corp., which said it had observed Moscow-backed hacking attempts in over 40 countries.
Much of the malicious cyber activity linked to the Kremlin took aim at governments that are part of the North Atlantic Treaty Organization for espionage, and targets also included nongovernmental organizations, think tanks and humanitarian groups providing support to Ukrainian refugees, as well as information-technology and energy firms, Microsoft said.
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A Jack in the Box restaurant in West Sacramento, Calif. In March, a proposal asking the fast-food chain to set goals to cut plastic waste and use paper from sustainable sources won 95% approval.
PHOTO: DAVID PAUL MORRIS/BLOOMBERG NEWS
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U.S. companies faced a record number of shareholder votes on environmental and social issues this year, but investor support was lukewarm for proposals calling for more ambitious climate targets.
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Warner Music Group Corp. Chief Executive Steve Cooper will exit the company next year, the music company’s longest-running CEO told employees in an email.
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Businesses in several different industries are rescinding job offers they made just a few months ago, in a sign the tightest labor market in decades may be showing cracks.
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Mars Inc. Chief Executive Grant Reid is retiring this year and will hand over leadership of the family-owned food giant to the global head of its pet-care business.
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Meal-delivery service Daily Harvest has recalled its lentil and leek crumbles after dozens of customers reported getting sick.
PHOTO: GADO/GETTY IMAGES
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Daily Harvest, a plant-based meal-delivery service, recalled its lentil and leek crumbles after at least dozens of customers reported that they had gotten sick after eating the product.
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Rolls-Royce Holdings PLC is offering U.K. staff a one-time payment of £2,000, equivalent to about $2,450, hoping the bonus will help ease pressure from union officials and employees over rising inflation while keeping a lid on the jet-engine maker’s costs ahead of an uncertain economic future.
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