Good morning. The Justice Department under President Biden has said that cracking down on corporate crime is a priority. Soon it could be easier to see if they are measuring up to that promise.

The federal law enforcement agency has launched a corporate crime database, which for the first time aggregates all the cases and enforcement actions related to corporate wrongdoing.

• Political pressure: The database comes after a trio of Democratic lawmakers last year pushed the Justice Department to create such a resource, arguing that it would help strengthen law enforcement and provide benefits for researchers and the public.
   
• Declining numbers: Deputy Attorney General Lisa Monaco, last year acknowledged that some data suggested a decline in the number of corporate criminal prosecutions.
   
• Forward looking: A DOJ spokeswoman said the database will contain relevant corporate crime cases by the department and its U.S. attorneys’ offices from April 2023 onward.

Apple’s AirDrop in the crosshairs of China’s national-security crackdown.

Apple’s AirDrop and similar file-sharing programs that were used by protesters in China and Hong Kong in recent years face tighter controls under rules proposed by Beijing, the latest communications technology to fall foul of a broadening national-security clampdown.

The planned regulations released by the Cyberspace Administration of China target wireless technologies that allow users to instantly send files, images and other data to multiple nearby devices without the need for an internet connection. The rules, which were released only in Chinese, don’t mention AirDrop or its local rivals by name.

SEC's Gary Gensler had crypto in his sights for years. Now he’s suing Binance and Coinbase.

In two years running the Securities and Exchange Commission, Gary Gensler said, he or his staff met dozens of times with cryptocurrency exchanges that were seeking special exemptions from the laws governing the rest of Wall Street. Those talks didn’t lead anywhere, and neither did Gensler’s efforts to cajole, prod and even threaten crypto into compliance.

Now the SEC is unleashing a barrage of enforcement actions against crypto’s biggest middlemen, in a fight that has existential stakes for the companies and could define Gensler’s legacy.

• Donald Trump was indicted by a federal grand jury in the investigation into his handling of classified documents at his Mar-a-Lago resort in Florida, marking the first time in history that the federal government has brought charges against a former president.
   
• Louisiana lawmakers passed a bill this week that would require minors to get parental permission to sign up for online accounts, including on social-media platforms and multiplayer games.
   
• Interest in large language models, such as those developed by ChatGPT maker OpenAI, has put renewed focus on data management—placing more pressure on corporate technology chiefs to ensure their companies’ data is stored, filtered and protected for use with AI.
   
• The Supreme Court said Thursday that the distiller of Jack Daniel’s whiskey could pursue a trademark claim against the maker of Bad Spaniels, a dog toy.

Cuba to host secret Chinese spy base focusing on U.S.

China and Cuba have reached a secret agreement for China to establish an electronic eavesdropping facility on the island, in a brash new geopolitical challenge by Beijing to the U.S., according to U.S. officials familiar with highly classified intelligence.

An eavesdropping facility in Cuba, roughly 100 miles from Florida, would allow Chinese intelligence services to scoop up electronic communications throughout the southeastern U.S., where many military bases are located, and monitor U.S. ship traffic.

• Spy Station Brings China Rivalry to America’s Doorstep
• Deal Has Echoes of Cold War Tensions

Eurozone slides into recession as inflation hurts consumption.

The eurozone has slipped into recession as Germany, its largest economy, wobbled, suggesting that the impact of Russia’s war in Ukraine may have been deeper than expected earlier this year.

While the U.S. economy has so far brushed aside higher borrowing rates and continues to grow thanks to robust consumption, employment and an extended market rally, Europe is lagging ever further behind, stuck in the economic equivalent of long Covid.

• Attacks linked to Islamic State have killed more than 100 people in Afghanistan, the Middle East and Africa this calendar year alone, outpacing 2022, and officials warn the extremist group is pursuing new territory, new followers and fresh resources.
   
• The system for managing cyber risk among U.S. critical infrastructure sectors is outdated, cumbersome and risks damaging private-sector cooperation, the successor group to a Congressional commission said in a report.
   
• Insurance companies are pulling back on homeowners’ policies in vulnerable areas nationally out of fear of floods, storms and fires made worse by climate change and soaring costs of rebuilding.

• A skills shortage is threatening to slow the shift to a green economy, as more young people are turning their noses up at ‘dirty’ mining jobs.
   
• Many homeowners aren’t giving up their low mortgage rates, squeezing inventory available for sale.
   
• Amazon is using AI to screen items for damages at its largest warehouses before orders are shipped to customers.
   
• Here’s what CFOs are reading this summer.

Circle hires former CFTC chairman as legal chief.

Cryptocurrency platform Circle Internet Financial hired Heath Tarbert, the former head of the U.S.’s derivatives regulator, to become its new chief legal officer and head of corporate affairs, as the nascent sector faces increasing regulatory scrutiny in the U.S.

Hiscox hires AIG executive as new risk chief.

Hiscox has appointed Fabrice Brossart as its group chief risk officer to replace Hanna Kam, who will step down after 10 years with the insurer. Brossart comes to Hiscox from AIG, where he was most recently chief risk officer of international general insurance. He previously worked for AXA Insurance UK.

• Smoke from the Canadian wildfires will continue to affect parts of the East Coast on Friday, but is expected to clear going into the weekend, forecasters said.
   
• Google will consider office attendance records in performance reviews and send reminders to employees with frequent absences, becoming the latest company to urge a return to in-person collaboration. But if there’s an overarching truth in the workplace right now, it’s this: Many workers don’t want to go back to the office.
   
• U.S. stocks rose Thursday, ending the S&P 500’s longest bear market since the 1940s and marking the start of a new bull run.
   
• A construction boom is fueling a surge in excavator sales.

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