Good morning. A decade of publicly disclosed data revealing the billions that doctors receive from pharmaceutical and medical-device companies each year has done little to shift the industry away from the practice.

• Sunshine as disinfectant. The Open Payments database, which launched in 2014 and traces its origin to the Affordable Care Act, was meant to bring greater transparency to the financial relationships between industry and physicians, and perhaps discourage some forms of influence. Instead, the amount of money and other benefits provided to physicians and other healthcare providers has slowly grown, new numbers show.
   
• Unclear impact. Anecdotally, many doctors say little has changed. “It’s breathtaking the amount of money that’s going to individual physicians,” said Dr. Vikas Saini, a clinical cardiologist and president of the Lown Institute. Patients these days can use CMS’s Open Payments database to see whether their doctor is accepting big payments from companies. But the added transparency hasn’t materially changed the behavior of companies and physicians, said Saini.
   
• Risky behavior. Regulators have warned companies that making repeat payments to physicians for speaking engagements or for attending noneducation events, for example, could violate anti-kickback laws. But in 2023, one drug company paid more than $54 million for such services to 1,138 providers in 10 or more payments each—a total of about $47,000 per provider on average, according to a report released on Tuesday by healthcare analytics company Conflixis.
   
• A role for compliance officers. Although the onus for complying with the Anti-Kickback Statute and other laws historically has fallen to the companies and physicians, some hospitals and health systems have taken a more active role in recent years managing the external relationships and compensation of their employees. Data from Open Payments can help compliance officers screen for conflicts of interest around their organization's research and procurement practices.
   

How Kamala Harris views policy.

Vice President Kamala Harris’s emergence as the likely Democratic nominee since President Biden bowed out of the race Sunday has put the focus on the vice president’s policy views and governing style. Here's what to expect:

• Prior to her time as vice president, Harris had a difficult time differentiating herself on policy positions. During the 2020 presidential primary that focused heavily on policy specifics with candidates aligning clearly with either the progressive or moderate wing of the party, Harris pitched herself as the bridge between the two, with an endorsement of liberal ideas but plans that were less far-reaching.
   
• Her national profile was built based on her legal experience. In 2020, she earned a reputation on Wall Street as a progressive firebrand in part because of how she prosecuted big banks for their roles while acting as attorney general of California between 2011 and 2017. She sued banks such as JPMorgan Chase, Bank of America and Citigroup as well as major credit ratings firms like Standard & Poor’s, and most of the firms settled the litigation and paid the state hundreds of millions of dollars.
   
• Since serving in the White House, she's reemerged as a pragmatic moderate. “There was a little confusion coming out of the 2020 Democratic primary, but I think 3½ years of service in the Biden White House has clarified that,” said Matt Bennett of centrist think tank Third Way. If she wins the party’s nomination, Harris would be unlikely to dramatically alter the policy positions adopted by the Biden-Harris campaign so close to the election, some of her allies say.

Meanwhile, Wall Street takes a back seat with Trump’s elevation of Vance.

• Former President Donald Trump’s choice of JD Vance as his running mate is a bet on an inexperienced politician from a battleground state. It is also a sign of Wall Street’s waning power.

• The European Union has extended its package of sanctions against Russia for another six months. The sanctions, first imposed in 2014 after Russia’s invasion of Ukraine and expanded thereafter, will be in effect through the end of January 2025. The bloc in late June announced its 14th package of sanctions against Russia, targeting its energy, finance and trade sectors.
   
• The Securities and Exchange Commission on Monday cleared the final hurdle for the launch of the first U.S. exchange-traded funds holding ether, paving the way for them to start trading Tuesday.
   
• Kakao Corp. founder Brian Kim has been arrested over allegations of stock-price manipulation during the acquisition of a K-pop agency last year, sending shares on their sharpest daily decline in nearly two years.
   
• The drug middlemen that promise to control costs have instead steered patients toward higher-priced medicines and affiliated pharmacies—steps that increase spending and reduce patient choice, a House investigation found.

China’s long blueprint for its economy falls short on details, raising concerns.

Chinese leader Xi Jinping and other top Communist Party officials used 22,000 characters in laying out a blueprint for reviving the country’s flagging economy in the coming years and signaling an intention to rev up growth in the coming months.

On some of the thorniest issues, however, the document had little new to say—fueling concern among some economists about the country’s longer-term prospects.

The world’s second-largest economy, which saw growth slip markedly in the second quarter, is straining under the weight of $7 trillion to $11 trillion in hidden local government debt. It is also struggling to contend with a prolonged property crisis.

• China Is Getting Secretive About Its Supercomputers

• Voluntary carbon credits were once seen as a promising way to fight climate change. Since then, a wave of studies and news articles have shown that some projects had vastly overstated their impact on emissions.
   
• Boeing received orders for up to 70 airplanes at the Farnborough International Airshow, marking a much-needed show of confidence in the embattled plane maker.
   
• The Washington, D.C., office market is struggling with rising foreclosures, plunging values and its highest vacancy rate ever. The outlook looks grim whether Donald Trump or President Biden’s Democratic Party successor is in the White House next year.

CrowdStrike warns of hacking threat as outage persists.

The CrowdStrike glitch that caused outages for millions of users of Microsoft Windows devices last week continued to roil industries and snarl global air travel.

Around 8.5 million devices were impacted by the outage, CrowdStrike said in a statement, adding that it had brought a significant number back online.

Warning customers that bad actors were trying to exploit the event, the company said it had identified a malicious file being sent around by hackers posing as a ‘quick fix’ to the problem. A file named “crowdstrike-hotfix.zip” was being distributed that included malware enabling hackers to remotely control or monitor a user’s device, CrowdStrike said in a blog post.

• Vice President Kamala Harris marched toward securing the Democratic presidential nomination Monday following President Biden’s decision to abandon his re-election bid, as the party coalesced around her to take on Donald Trump this fall.
   
• Secret Service Director Kimberly Cheatle offered lawmakers few answers Monday about how a 20-year-old gunman was able to open fire on former President Donald Trump, fueling bipartisan anger and widespread calls for her resignation.
   
• Ukraine struck a deal with creditors that could save it more than $11 billion over the next three years, a boost for the war-torn country as it struggles to keep funding the war with Russia.
   
• In a major reversal, Google is ending a plan to eliminate cookies in its Chrome browser after four years of efforts, delays and disagreements with the advertising industry.
   
• Elon Musk said Tesla will have humanoid robots in production to be used within the company next year.

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