Good morning. A former Apple engineer has been charged with trying to steal the company’s self-driving-car technology, U.S. authorities said Tuesday.

The action is one of a series aimed at dismantling what U.S. authorites say are illicit networks providing Russia and China with access to trade secrets and restricted items such as aircraft parts and battlefield equipment.

• The charges: Weibao Wang, 35 years old, a software engineer at Apple from 2016 to 2018, was charged with six counts of theft or attempted theft of the company’s “entire autonomy source code,” tracking systems, architecture designs and descriptions of hardware behind the technology, the Justice Department said in an indictment.
   
• Policing export controls: The charges against Wang were announced as part of a series of arrests and indictments secured by federal prosecutors in California, Arizona and New York. Officials said the actions stemmed from a task force convened in February between the Justice Department and the Commerce Department, which is focused on policing regulations restricting the export of sensitive technologies to foreign adversaries such as China and Russia.
   
• Backdrop on sanctions: “This threat is as significant as ever. So we are trying to marshal our resources and prioritize these cases,” said Matthew Olsen, head of the Justice Department’s National Security Division.

Next financial crisis could come from AI, SEC chair says.

The next financial crisis could emerge from firms’ use of artificial intelligence, Securities and Exchange Commission Chair Gary Gensler said, warning of the potential “systemic risk” posed by the technology’s proliferation.

Concerns grow over AI's impact: Data aggregators and AI platforms could be major components of future financial system “fragility,” Gensler said Tuesday at a conference in Washington hosted by the Financial Industry Regulatory Authority, Wall Street’s self-regulatory body.

• The Federal Trade Commission said it is seeking to block Amgen’s $27.8 billion acquisition of Horizon Therapeutics, in a rare effort by antitrust enforcers to prevent a merger of pharmaceutical companies.
   
• Two Nasdaq-listed online brokerages that cater to clients in China are preparing to further curtail their offerings in the country, amid tightening controls by Beijing on private firms, capital flight and data flows.

China’s recovery loses steam, signaling trouble for global economy.

China’s post-Covid growth spurt is sputtering and its youth unemployment rate hit a record high, signaling trouble for a recovery that was expected to boost global growth.

One of the most dramatic data points was the unemployment rate for Chinese aged 16 to 24, which rose to a record of 20.4% last month, according to data released Tuesday by China’s National Bureau of Statistics.

Americans are falling behind on their bills.

More Americans are having a harder time keeping up with their car, credit-card and mortgage payments compared with a year ago.

More trouble ahead. “These increases in delinquencies are occurring while student-loan payments are still paused,” said Aaron Klein, a senior fellow at the Brookings Institution. “When student-loan payments resume, one can expect delinquencies could well rise, not just in student loans but in other types of debt.”

• America’s Biggest Source of Jobs Is Cooling Off

• Senate Democrats and Republicans pressed former Silicon Valley Bank Chief Executive Greg Becker and two ex-executives from Signature Bank Tuesday, blaming both banks’ management for the way they handled rapid growth and rising interest rates before collapsing in March.

• President Biden will cut short a planned overseas trip to focus on striking a deal to raise the debt ceiling to avoid the country’s first-ever default.
   
• The chief executive of ChatGPT creator OpenAI called on Congress to create licensing and safety standards for advanced artificial-intelligence systems.
   
• The Central Intelligence Agency’s semipublic campaign to convince Russians disaffected by the Ukraine war to spy for Washington has borne fruit, CIA officials said this week.
   
• President Sheikh Mohamed bin Zayed has positioned the U.A.E. as a friend to all sides since Moscow invaded Ukraine.
   
• Many companies have settled into a hybrid work strategy that shows little sign of fading, putting pressure on cities that are suffering from declining real-estate values.
   
• A House committee advanced a bipartisan resolution calling on Russia to free jailed Wall Street Journal reporter Evan Gershkovich.
   
• The winner of this month’s Turkish presidential election will have to reckon with a dangerously lopsided economy that investors and economists say has veered close to the edge of financial stability.

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