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The Morning Risk Report: DOJ to ‘Surge’ Resources at Corporate Crimes With National Security Implications
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Increased focus by DOJ: “We’ve determined that it’s necessary for the department to infuse significant amounts of resources into national security, corporate investigations and prosecutions,” said Marshall Miller, principal associate deputy attorney general at the Justice Department, during a panel at the Practising Law Institute’s conference on white-collar crime in New York.
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New leader for corporate enforcement efforts: Miller cited the appointment, announced Monday, of the National Security Division’s first chief counsel for corporate enforcement. Ian Richardson, a former federal prosecutor in the Eastern District of New York, will coordinate and oversee the prosecution of corporate crime relating to U.S. national security.
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Ongoing China concerns: Miller also said the U.S. could increase its emphasis on trade secret issues involving China, citing the formation of the Disruptive Technology Strike Force, a partnership between the Justice Department and Commerce Department that focuses on areas where technology is being illegally obtained by foreign adversaries.
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Content from our Sponsor: DELOITTE
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9 Steps to Help Uncover, Assess Internal Fraud Risk
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Fraud committed within a company ranges from ethics violations to money-related schemes, and denying its existence is a significant concern, according to recently surveyed leaders. Keep Reading ›
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A British Parliament committee said in July that the U.K. government had been slow to detect and root out Chinese influence. PHOTO: ANDY RAIN/SHUTTERSTOCK
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U.K. arrests parliamentary researcher in China spy probe.
A British parliamentary researcher was arrested on suspicion of spying for China, a scandal that comes just as Britain was looking to reset its relations with Beijing following years of friction.
At least one of the men was a parliamentary researcher, according to a person familiar with the matter. The U.K.’s Times newspaper, which reported the arrests over the weekend, said the man was a researcher at an influential parliamentary-policy group on China co-founded by the current security minister. In a statement released by his lawyer Monday, the man denied he was a spy and said he was “completely innocent.”
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Mortgage Industry Advisory, a software provider that also offers brokerage services, has been censured by the U.S. Securities and Exchange Commission and ordered to pay a $100,000 penalty after the agency found the company had failed to adopt and implement reasonable compliance policies and procedures.
The SEC said MIAC, which settled with the agency without admitting or denying its findings, received credit for hiring a new chief compliance officer in 2022 and for taking other steps to improve its compliance program.
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PricewaterhouseCoopers said its U.S. unit will stop providing certain consulting work to its audit clients to avoid potential conflicts of interest and strengthen audit quality.
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WSJ Pro’s Chris Cumming says that Wall Street lobbyists’ bid to free private-equity managers from regulatory oversight may not be the long-shot it seems to be at first glance.
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The president of the Spanish soccer federation, Luis Rubiales submitted his resignation on Sunday, three weeks after he forcibly kissed a member of Spain’s women’s national team while celebrating its World Cup victory in Sydney.
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Opponents of the Boy Scouts of America’s plan for a $2.4 billion sex-abuse settlement recently found fresh legal ammunition when the Supreme Court agreed to examine a similar plan drawn up by Purdue Pharma.
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14
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Number of hours it will take to ship goods along a new 870-mile rail-freight corridor between Mumbai and New Delhi, down from the 14 days it currently takes, amid moves to improve infrastructure in India.
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As AI becomes more integrated into society, finding a neutral—if not positive—net climate impact is crucial. PHOTO: MARK LENNIHAN/ASSOCIATED PRESS
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Artificial intelligence can make companies greener, but it also guzzles energy.
Artificial intelligence can help tackle climate change, but to fulfill that promise companies need to find a way to limit AI’s own climate impact.
Adding to climate change? Information and communications technologies already contribute up to 3% of global greenhouse-gas emissions, according to many estimates. Data centers emit about the same amount as the aviation industry and consume hefty amounts of water. And as AI grows, the energy required to train and run its large-language models will increase.
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As Washington seeks to exploit cracks in Russia’s traditional sphere of influence, U.S. forces began joint military exercises with troops from Armenia, the small South Caucasus country that has been a close Russian ally for nearly 200 years.
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The U.S. entered a new and strengthened diplomatic partnership with Vietnam, a country where it fought for years to prevent a Communist takeover, as Washington seeks to counterbalance China in the region.
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Hurricane Lee was upgraded to a Category 3 storm, and is expected to remain a powerful hurricane over the Atlantic Ocean well into the week.
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RTX said it would cost up to $7 billion to repair Pratt & Whitney engines and compensate airlines for fixes that will ground more than 600 Airbus jets for inspections in 2024.
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U.S. banks held more than $1.2 trillion in brokered deposits in the second quarter, according to a WSJ analysis, marking an 86% increase from a year earlier. Regulators are growing concerned.
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Commerzbank said Monday that its supervisory board has appointed Bernd Spalt as its new chief risk officer. Spalt will assume the role effective from Jan. 1, 2024, the German bank said. Spalt succeeds Marcus Chromik, who is leaving the bank at the end of the year, Commerzbank said.
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Disney and Charter Communications have reached an agreement that will restore popular channels, including ESPN and ABC, to the cable operator’s nearly 15 million subscribers.
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J.M. Smucker is making a $4.6 billion play for a bigger slice of the American snack business with an agreement to buy Hostess Brands.
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The cancer drug Gleevec went generic in 2016 and can be bought today for as little as $55 a month. But many patients’ insurance plans are paying more than 100 times that.
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The Food and Drug Administration cleared updated Covid-19 shots, which should protect against the latest versions of the virus now circulating—if people get them.
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As North Korean leader Kim Jong Un traveled to Russia, he likely did so in the preferred manner of Pyongyang’s ruling family: cloaked in secrecy, self-protection and style.
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For Boeing’s senior executives, returning to the office has been a smooth flight.
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Libyan authorities scrambled to reach survivors and provide food, water and shelter to tens of thousands of people after a storm that officials say likely killed more than 5,000 people in the North African country’s east.
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Morocco quake death toll nears 2,900 as survival hopes dwindle.
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