Good morning. Three Democratic senators are pressing the Biden administration to disclose more information about its efforts to counteract North Korea’s dependence on stolen cryptocurrency to fund its nuclear program, calling Pyongyang’s growing reliance on digital assets to evade sanctions a severe national security threat.

• What's being asked for? In a letter sent Thursday to the White House and Treasury Department, Sens. Elizabeth Warren (D., Mass.), Tim Kaine (D., Va.) and Chris Van Hollen (D., Md.) asked for details on any steps being taken by the administration to address the problem and for updated estimates on the scale and scope of revenue being generated by the cash-strapped regime through ill-gotten cryptocurrency.
   
• Senators say more needs to be done: “North Korea has methodically built its expertise in digital assets over the past few years,” the senators wrote to Jake Sullivan, President Biden’s national security adviser, and Brian Nelson, the Treasury Department’s undersecretary for terrorism and financial intelligence. The Treasury Department, the senators said, “must act quickly and decisively to crack down on illicit crypto activity and protect our national security.”
   
• Scale of problem: The senators’ letter cites the findings of a Wall Street Journal article in June that reported North Korean hackers have stolen more than $3 billion in crypto-related thefts since 2018 and that the money is now being used to fund about 50% of the regime’s ballistic missile program, according to U.S. officials. At the same time, North Korea’s missile launch attempts and successes also have grown rapidly.

Google search antitrust suit narrowed by federal judge ahead of September trial.

A federal judge narrowed a major antitrust case against Alphabet’s Google ahead of a trial that is slated to begin next month, rejecting an argument made by a bipartisan group of 38 state attorneys general who sued the tech company in 2020 over its search dominance.

The decision eliminates a sizable claim against Google while preserving the core of the government’s case against the search giant, clearing the way for the antitrust trial.

Background. The Justice Department sued Google in October 2020, alleging that it maintains a monopoly “through exclusionary distribution agreements that steer billions of search queries to Google each day,” including contracts that make Google the default search engine on Apple’s Safari browser and Mozilla’s Firefox browser.

• Beijing is preparing to roll out new restrictions on the amount of time that young people spend on mobile devices, putting China further ahead of other countries in controlling how, and how much time, its youth engage in the online world.
   
• Donald Trump’s lawyer has argued on television that the First Amendment protects the former president’s efforts to reverse the results of the 2020 election, but defense attorneys say that argument presents an uphill battle in the courtroom.
   
• Over a year ago the West launched a new foreign-policy weapon to pressure the Kremlin to halt its war in Ukraine: It sanctioned more than a hundred leading Russian businessmen and their families, hoping that they would prod Russian President Vladimir Putin to give up his expansionist plans. So far the strategy hasn’t worked, and a handful of deep-pocketed oligarchs are now pushing back.
   
• WSJ Pro Cybersecurity Research breaks down the new SEC cybersecurity rule, which aims to improve cyber risk management, strategy, governance and incident disclosure.

Inflation is cooling. Food inflation could get worse.

Inflation has cooled in many countries, but in most of them, food inflation remains rampant and there are reasons to fear it may accelerate.

A combination of disrupted exports, unusually hot weather and Russia’s continuing pounding of Ukraine, one of the world’s largest grain producers, is likely to add fresh momentum to the main source of global inflation.

• Buckle Up for Another Round of Inflation Data

Trucker Yellow files for bankruptcy, will liquidate.

Yellow, the 99-year-old trucking company, filed for bankruptcy and is closing the business, falling victim to mounting debt including a government loan and a standoff with the Teamsters union.

The bankruptcy follows years of struggles for the Nashville, Tenn.-based trucker as it tried to address the debt it accumulated through a series of mergers and a $700 million federal Covid-19 relief loan during the pandemic. On July 30, the company shut down its operations and laid off a large number of workers.

• America’s Truckers, Cargo Pilots and Package Carriers Are Fed Up

• A combined Russian and Chinese naval force patrolled near the coast of Alaska last week in what U.S. experts said appeared to be the largest such flotilla to approach American shores.
   
• Low water levels on the Mississippi River are threatening to disrupt commerce for a second consecutive year, months after cities along the vital economic artery saw floodwaters test their sandbag barriers and containment walls.
   
• More people than ever are migrating worldwide, with millions of people sending home record amounts of cash that fund small businesses in Uganda and feed families from Ecuador to Nepal. But the remittances also provide critical support to fragile states and autocratic regimes.
   
• Canada plans to impose a digital-services tax at the start of 2024, a move that bucks a global consensus on restructuring international taxation and has drawn criticism from U.S. officials.

• The yield on the benchmark 10-year U.S. Treasury note has surged close to its highest level in more than a decade, lifted by new bets that a strong economy could support years of higher interest rates.
   
• Donald Trump might have violated the Constitution when he pressured former Vice President Mike Pence not to certify the results of the 2020 election, but that wasn’t a crime, Trump’s lawyer said Sunday.
   
• Airlines in the U.S., Europe and Asia are temporarily reducing some flights and routes to inspect aircraft affected by the recall of hundreds of Pratt & Whitney jet engines, leaving the unit of the aerospace and defense company RTX facing a potential multibillion-dollar bill.
   
• A deadline set by other West African countries for coup leaders in Niger to back down and liberate the nation’s elected president passed on Sunday without regional militaries launching the armed intervention they had threatened.
   
• Good news from the oil patch: Jobs are plentiful and salaries are soaring.The bad news is that young people still aren’t interested.

Follow us on Twitter at @WSJRisk. Follow Risk & Compliance editor David Smagalla @DSmagalla_DJ and reporters Mengqi Sun @_MengqiSun, Dylan Tokar @dgtokar and Richard Vanderford @VanderfordRich.

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