Good morning. European Union antitrust regulators are considering pursuing a breakup of Google’s advertising-technology business as part of a new antitrust complaint, according to people familiar with the matter, escalating a trans-Atlantic push to loosen the search giant’s hold on digital ads.

• In a nutshell: The European Commission, the EU’s top antitrust regulator, is expected as soon as Wednesday to file a formal antitrust complaint against Google alleging that the company abuses its role as one of the largest brokers, suppliers and online auctioneers of digital ads on third-party websites and apps, the people said.
   
• How it might play out: While the commission could, if it upholds the charges in its complaint, order remedies short of asset sales, regulators currently believe there are no obvious behavioral changes that Google could make to address their concerns, the people said. It is unusual for the commission to order significant divestitures in antitrust cases, which are often resolved with fines and orders to change behavior.
   
• What's at stake: Though largely invisible to internet users, Google’s ad-tech tools underpin much of the buying and selling of digital ads that help fund online publishers. Google’s ad-tech business includes a tool publishers can use to offer ad space, a product for advertisers to buy those slots and an exchange that automatically links bidders with webpages as they are being loaded for individual users.

U.S. to allow South Korea, Taiwan chip makers to keep operations in China.

The Biden administration plans to allow top semiconductor manufacturers from South Korea and Taiwan to maintain and expand their existing chip-making operations in China without U.S. reprisals, according to recent remarks by a senior Commerce Department official.

Some analysts say the move will weaken U.S. export controls designed to slow China’s technological advance.

After Illumina CEO’s fall, other executives are expected to take a hard look at deals.

The abrupt departure of Illumina’s chief executive during a fight with antitrust regulators will give other executives pause before pulling the trigger on deals, antitrust-law specialists said.

Francis deSouza, whose resignation from the maker of gene-sequencing equipment and services took effect Sunday, was an early casualty of the regulators’ toughening stance on mergers and acquisitions.

• The Federal Trade Commission on Monday asked a federal court to prevent Microsoft from closing its $75 billion acquisition of Activision Blizzard while the agency carries out a separate process to block the deal.
   
• A former Samsung Electronics executive was indicted in South Korea, accused of starting a company that attracted about $6 billion in investments to build a China-based chip factory using Samsung’s factory blueprints and other engineering secrets.
   
• Donald Trump is set to surrender to authorities Tuesday and make his first appearance in a federal courtroom to face charges that he illegally held on to classified national-security documents after leaving the White House.

Companies quiet diversity and sustainability talk amid culture war boycotts.

Companies’ mentions of green and social initiatives during earnings calls have fallen off sharply in recent quarters, reversing a more boastful approach taken over the past few years amid intensifying pressure from some investors and conservative activists.

Take electronic-signature firm DocuSign, where Chief Financial Officer Cynthia Gaylor in March 2022 said the company achieved carbon-neutral status during the year ended that January. The company’s executives haven’t mentioned sustainability initiatives, carbon-neutral status or net-zero emissions on its earnings calls since.

• JPMorgan Chase agreed to pay $290 million to settle a lawsuit over its ties to Jeffrey Epstein, said lawyers for Epstein accusers, shortly after top executives were questioned about the bank’s years of dealings with the convicted sex offender.
   
• An Iranian drone recovered in Ukraine this spring shows how Chinese parts have continued to flow to Iran, providing the building blocks for its drone program, despite increasing pressure from the U.S. to choke off the global supply chain.
   
• Federal Reserve officials’ concerns about stubbornly high inflation could lead them to signal that they are prepared to lift interest rates again this year even if they hold them steady on Wednesday.

• U.S. stocks climbed Monday, driving the S&P 500 to its highest level in more than a year, as investors looked ahead to a busy stretch packed with key economic reports and the Federal Reserve’s latest interest-rate decision.
   
• Twitter’s new chief executive told employees that the social-media platform is on a mission to become the world’s most accurate real-time information source, according to a memo sent to employees Monday.
   
• Silvio Berlusconi, Italy’s longest-serving postwar prime minister and a conservative who swept into power on a popular antigraft platform and stayed there for two decades, has died.
   
• UBS said Monday it completed its rescue of rival Credit Suisse, marking the end of 167 years of independence for the troubled bank and the beginning of a new stretch in financial history with one dominant Swiss manager of money for the global elite.
   
• Bit by bit, American tech giants are shutting out users in Hong Kong, where moves by authorities to thwart online dissent are shifting the target from individuals to platforms such as Google’s YouTube.

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