Good morning. President Biden’s Commerce Department is weighing an enforcement action under its online-security rules against Kaspersky Lab, a Russian cybersecurity company that has long faced accusations of posing a threat to the U.S., according to people familiar with the matter.

• Could set precdent: The action—if it materializes—could become a test case for the Commerce Department’s growing role in policing threats online, according to some of the people, who said the U.S. might deploy the same online-security rules against Chinese-controlled technologies, possibly including TikTok.
   
• Comes amid other concerns over other tech: Those moves come as the U.S. also has weighed what to do about TikTok, owned by Beijing-based ByteDance Ltd. For now, the TikTok discussions have been centered on the Committee on Foreign Investment in the U.S., a multiagency entity that oversees security threats in cross-border transactions.
   
• Potential rule changes? A Commerce spokesman said the agency is working to revise the online-security rules, known as Information and Communications Technology and Services regulations. The rules are aimed at protecting U.S. internet users from a range of threats—including spying and disinformation—that could come from technologies and internet services based in potentially hostile countries such as Russia and China. The rules allow the outright ban of particular apps, among other remedies.

The WSJ Risk & Compliance Forum on May 9 will feature speakers including Assistant Attorney General Kenneth Polite Jr., Assistant Secretary for Export Enforcement Matthew Axelrod, Elizabeth Atlee, chief ethics & compliance officer at CBRE, and Sidney Majalya, chief risk officer at Binance.US. You can register here.

Bank regulator drops case against ex-Rabobank U.S. compliance chief.

A U.S. banking regulator has dropped a case against a former Rabobank NA compliance chief who allegedly tried to cover up problems in the bank’s anti-money-laundering program, finding the judge in the case hadn’t given her a fair hearing.

The U.S. Office of the Comptroller of the Currency said it would “reluctantly” end its case against Laura Akahoshi, a onetime OCC employee who later worked as Rabobank’s compliance chief. She was accused of obstructing OCC efforts to investigate Rabobank by allegedly working to hide a critical report produced by an accounting firm.

• Walmart Inc. is suing Capital One Financial Corp., seeking to terminate the companies’ credit-card partnership.
   
• A federal judge’s ruling against the Food and Drug Administration’s approval of the abortion pill could weaken the agency, opening its science-based decisions to court reviews, said lawyers specializing in the matters.
   
• Supreme Court Justice Clarence Thomas on Friday defended his decision not to disclose years of lavish vacations and private-jet travel paid for by a billionaire friend, calling the trips personal hospitality that federal judges in the past haven’t been required to report.

China’s military launched exercises around Taiwan in an apparent escalation of its response to an international tour by the self-governing island’s president that included highly scrutinized stops in the U.S.

Upping the pressure. Hours after President Tsai Ing-wen returned to Taiwan on Friday night after a meeting with U.S. House Speaker Kevin McCarthy, Chinese maritime safety authorities said the country’s navy planned to conduct seven live-fire exercises over the course of 12 days off the coast of Fujian province, which faces Taiwan, starting Saturday morning.

• China Warns Taiwan, With an Eye on Rest of the World

• Energy prices are falling back more than a year on from Russia’s invasion of Ukraine. But the other big cost of the war for households around the world continues to rise: food.
   
• A burst of supply from a grab bag of smaller oil-producing countries threatens to undermine efforts by Saudi Arabia and its allies to keep prices high.
   
• The U.S. military said Saturday that it has sent a guided-missile submarine into the Red Sea in a public show of force in response to the recent attacks on American positions by Iran-aligned militants across the Middle East.
   
• Bond losses such as those at Silicon Valley Bank could have been raised as “critical audit matters”—a measure designed to help investors decode risks and uncertainties buried in financial statements.

Pentagon investigates more social-media posts purporting to include secret U.S. documents.

The Pentagon is investigating social-media posts that purport to reveal highly classified U.S. government documents on the war in Ukraine and other key international topics, in what could be one of the most dangerous intelligence breaches in decades.

Origin of leaks. Well over 100 images, marked with “Top Secret” and other classifications indicating they represent highly sensitive U.S.-produced intelligence, were posted in the Discord message board of fans of the Minecraft computer game around March 1. While many of them were deleted recently, open-source intelligence researchers have managed to download more than 60 files.

• U.S. Pushes to Assess Damage From Leak of Purported Files
• Intelligence Leak Circulated for Weeks Before Raising Alarm

• The detention of Wall Street Journal reporter Evan Gershkovich by Russia reflects a growing trend of authoritarian governments arresting Americans to gain concessions from the U.S., after years of hostage crises involving terrorist organizations and other nonstate actors.
   
• Private-equity funds went on a buying binge for food companies before markets crashed in 2022. Now they have indigestion that is contributing to rising prices at the grocery checkout.
   
• The U.S. affiliate of global crypto exchange Binance has struggled to find a bank for its customers’ cash after the failure of Signature Bank left it without a key banking partner, people familiar with the matter said.
   
• The spectacle surrounding Mr. Trump’s indictment reminded some past supporters why they feel it is time for the Republican Party to move on from the GOP’s 2024 front-runner.