Good morning. President Biden plans to unveil a new round of U.S. restrictions on trade with Russia on the first day of the Group of Seven summit here, a move designed to further squeeze the Kremlin and demonstrate allies’ continued resolve to support Ukraine.

• Broad impact: The new U.S. sanctions and trade restrictions target goods and services vital to Russia’s military-industrial complex, said a senior Biden administration official who briefed reporters shortly after the president landed in Hiroshima. They are also aimed at Russia’s ability to extract the oil and natural gas critical to the country’s economy, the official said.
   
• Closing gaps: The moves are part of a continuing effort to plug gaps in the West’s pressure campaign. Countries, banks and companies that are helping Russia sidestep the sanctions and trade restrictions undermine the political costs the economic pressure is intended to exact on the Kremlin, Western officials say.
   
• Cross-Atlantic cooperation: The European Union has been coordinating closely with the U.S. on sanctions in the lead up to the Group of Seven meeting, a senior EU official said.

Risks posed by AI technology spur calls for new regulatory agency.

Rising concern in Congress over the risks posed by powerful artificial- intelligence tools in the hands of consumers is giving momentum to a long-simmering idea: Creating a federal agency to regulate technology platforms including AI systems.

The agency could be charged with granting licenses for AI platforms, setting operating standards and enforcing compliance with the rules, according to proponents including Sam Altman, chief executive of ChatGPT creator OpenAI.

• The Supreme Court unanimously rejected efforts to hold Twitter, Google and Facebook culpable for Islamic State attacks because they hosted terrorist material on their sites, but sidestepped any fuller reckoning with Section 230, the foundational internet law that shields social-media platforms from liability for user-generated content.
   
• Changes to emissions accounting rules are being considered that could significantly increase carbon footprints for companies claiming to use 100% renewable power in their efforts to decarbonize.
   
• As legal marijuana expands in the U.S., a record share of workers is testing positive for the substance in workplace drug screening.

China puts spymaster in charge of U.S. corporate crackdown.

China’s crackdown on overseas firms has made clear that leader Xi Jinping values security over economic growth. To eradicate any doubt, according to people familiar with the matter, he has put state-security czar Chen Yixin in charge. Such a role was traditionally played by technocrats such as Liu He, Xi’s longtime economic adviser.

The campaign, which has included raids on Chinese offices of U.S. due-diligence firms and questioning of staff at the Bain consulting firm, is sending shock waves across global businesses.

World’s oceans, atmosphere simmer as El Niño approaches.

National Oceanic and Atmospheric Administration scientists attribute rising sea surface temperatures to a growing and possibly strong natural warming condition in the Pacific Ocean known as El Niño, combined with a rebound from three years of a cooling La Niña pattern. 

El Niño can cause chaos for farmers, especially those living in some of the world’s poorest countries. The last El Niño occurred during 2015-2016, and was blamed for record-setting tropical cyclones in the Pacific, extreme drought in Ethiopia and Central America and crop failures across southeast Asia. Historically, El Niño conditions also tend to reduce the number of hurricanes in the Atlantic Ocean, according to NOAA.

• If Social Security checks are held up, the federal debt ceiling crisis could trigger household financial crises. Corporate executives are girding for disruptions if debt-ceiling talks fail.
   
• The State Department said it was scrambling to account for dead and missing embassy personnel in Nigeria a day after an attack on a U.S. convoy killed at least four people. The attack comes amid heightened security concerns in Nigeria, Africa’s most populous nation and home to the continent's largest economy.

• More consolidation lies ahead for private equity as firms look to amass fee-generating assets.
   
• Renewable-energy companies are leasing warehouses at a faster pace, boosting the otherwise sagging demand for industrial real estate.
   
• Companies outside of the tech sector are facing an uphill climb in recruiting Big Tech’s laid-off software developers, engineers and data scientists.
   
• Changes to how companies account for renewable energy may lift the veil on actual usage vs. credits bought to offset fossil-fuel use.

• Top executives from the biggest chip makers in the U.S., Taiwan and South Korea met the Japanese prime minister on Thursday as the world’s industrial democracies look to deepen cooperation in the production of components they increasingly see as central to national security.
   
• Molson Coors Beverage defended a marketing executive who came under attack on social media this week from conservative commentators unhappy with a satirical ad the brewer ran during Women’s History Month.
   
• The U.S. "fast-tracked" a power project. After 17 years, it just got approved.
   
• Office brainstorms are a waste of time.

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