Good morning. The Treasury Department said it would continue with a year-long sprint to collect information on the owners of corporate entities, reports Risk & Compliance Journal's Dylan Tokar, despite a ruling earlier this month that raised constitutional concerns about the federal government’s authority to do so.

• The context: The ruling by a federal judge in Alabama comes as some privately held businesses and trusts struggle with how to best comply with the Corporate Transparency Act, which requires them to submit ownership information to a new Treasury database as part of an effort by lawmakers to tamp down on the use of anonymous shell companies. After years of building the database, Treasury began collecting ownership information on Jan. 1.
   
• The ruling: The judge’s opinion, which found that collecting ownership information didn’t fall within the powers granted to Congress by the U.S. constitution, threatens to sow confusion amid a campaign by the Treasury to educate tens of millions of businesses on their obligations to file ownership information before an end-of-year deadline.
   
• Taking a step back: “There is a lot of confusion and uncertainty,” said Alan Winston Granwell, an attorney at law firm Holland & Knight. “We’re telling clients, ‘You need to continue gathering the information.’ Though for companies [formed before 2024], they may want to wait and see what comes next in terms of all this litigation.”

TikTok’s fate now hinges on the Senate.

The House swiftly passed a bill that would ban Chinese-controlled TikTok from operating in the U.S. or force a sale. President Biden wants to sign it. But the Senate has hit the brakes and floated possible changes to the measure, dashing proponents’ hope for quick passage and offering a potential reprieve to the popular short-video app.

Free speech concerns. Among the reasons for moving cautiously, senators say: worries that targeting TikTok would curb free speech and set an uncomfortable precedent of meddling with a private business—while also trampling on younger voters devoted to the app if TikTok were ultimately shut down.

• China Signals Opposition to Forced Sale of TikTok in the U.S
• On TikTok and Steel, U.S. Retreats Further From Free-Trade Consensus
• TikTok’s American Growth Is Already Stalling

G-7 threatens coordinated sanctions if Iran provides ballistic missiles to Russia.

The U.S. and its allies will impose coordinated sanctions against Iran if it delivers ballistic missiles to Russia for use in its invasion of Ukraine, Group of Seven leaders said in a statement Friday.

The warning is the latest escalation in tensions between Washington and Tehran, which are at loggerheads over the conflict in Gaza, Tehran’s expanded nuclear program and its provision of drones and drone technology to Russia for its war in Ukraine.

• The National Association of Realtors has reached a nationwide settlement of claims that the industry conspired to keep agent commissions high, it said Friday.
   
• Reddit disclosed the Federal Trade Commission is looking into its sale, licensing or sharing of user-generated content with third parties to train artificial-intelligence models.
   
• Apple has reached a $490 million settlement in a class-action lawsuit brought by investors who said the company concealed falling demand for the iPhone in China in 2018.
   
• Federal authorities are investigating Meta Platforms for its role in the illicit sale of drugs, according to documents and people familiar with the matter.
   
• The European Commission has launched an investigation into e-commerce platform AliExpress, owned by Chinese technology giant Alibaba, on concerns the company isn’t taking adequate measures to prevent the distribution of illegal goods and content online.
   
• Mining the ocean floor for minerals often seemed like a fantasy, but U.S. national security concerns could be bringing it closer to reality, WSJ Pro Sustainable Business reports.
   
• The Supreme Court this week will consider whether federal officials unlawfully pressured technology companies to suppress posts opposed to vaccines.

Israel stuck in holding pattern in Gaza as concern over casualties grows.

Israel’s military appears locked in a holding pattern in Gaza, set on entering Rafah, the last significant Hamas holdout, yet unable to do so without providing an escape route for more than a million civilians who have converged on the southernmost city in the strip to escape the fighting elsewhere.

What next? The country’s prime minister, Benjamin Netanyahu, has said that taking the city is essential to destroying the militant group. Hamas still has four battalions placed there, Israeli officials say. On Friday, he approved plans for an offensive after a meeting of the war cabinet. On Sunday, he reiterated his approval of the plan but didn’t specify when it would occur.

• Biden’s Relationship With Israel’s Netanyahu Is in ‘Serious Crisis’
• How Israel’s Proposed Buffer Zone Reshapes the Gaza Strip
• Netanyahu Rejects Schumer’s Call for New Israel Elections

The Fed’s challenge: Has it hit the brakes hard enough?

When the Federal Reserve began sharply raising interest rates two years ago, the prospect of mortgage rates hitting 7% terrified Dwight Sandlin, a home builder based in Birmingham, Ala. “I was scared to death. Scared. To. Death,” he said.

He just booked his most profitable year ever. Profits are strong because a shortage of existing homes for sale has propped up prices.

What's at stake? The Fed meets this week to decide whether, when and by how much it should cut rates later this year. A key question it must answer: Just how tight is its monetary policy? Not very tight, judging by the experience of builders such as Sandlin and consumers’ overall resilience. For Fed officials, that argues against cutting rates much, or soon, especially after two months of firmer-than-expected inflation.

• U.S. Consumers Still Aren’t Feeling Sunnier

• McDonald’s grappled with technology problems Friday that left restaurant operators around the world unable to open stores, take credit card payments and receive digital orders.
   
• The price of secondhand homes in the China's most developed cities fell 6.3% in February compared to the same month last year. That was the worst year-on-year decline since the government started releasing data in 2011.
   
• After three decades dominated by stagnation, Japan’s stock market has hit a record, and the final piece of its economic recovery is falling into place with the biggest pay increases since 1991. The Japanese public, unimpressed, wants to know why it has taken so long.
   
• Ukrainian farmers have sharply increased sales since Russian warships were pushed back by attacks with naval drones.

• Influential economic advisers to Donald Trump presented the former president with a shortlist of potential candidates to lead the Federal Reserve during a meeting at his Mar-a-Lago club in Florida last week, according to people familiar with the matter.
   
• Russian President Vladimir Putin secured a further six years in power after a carefully managed election that saw his most credible challengers sidelined.
   
• Niger’s decision to end its counterterrorism alliance with Washington came after senior U.S. officials accused the country’s ruling junta of secretly exploring a deal to allow Iran access to its uranium reserves, Nigerien and U.S. officials say.
   
• Profanity, off-color jokes and drunken dinners are all part of Ryanair boss Michael O’Leary’s lore.
   
• In New York and other cities nationwide, fire departments are increasingly grappling with rapidly burning, toxic blazes ignited or exacerbated by lithium ion-batteries in everything from electric cars, bikes and scooters to cellphones, laptops, power tools and vape pens.

Follow us on X 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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