Good morning. Instagram might soon ask for permission before using your embarrassing dance-video habit to select the ads you see—provided you live in Europe.

Under pressure from privacy regulators, Meta Platforms has proposed asking all users in Europe to decide whether they would like to see ads targeted based on how they interact with the company’s apps, such as what videos they watch or posts they share.

• Behind the scenes: In a proposal to privacy regulators, the company said it could update its systems to seek consent for such ads as soon as the end of October in a bid to end a yearslong tussle over the legality of those ads in the European Union, people familiar with the proposal said.
   
• A change in tone: The offer to limit so-called behavioral ads to users who opt in goes far beyond what Meta has done so far in response to privacy regulators. Since April, Meta has allowed users in Europe to request an opt-out from ads based on their activity in Meta apps, but only if a user completes a lengthy form on its help pages. That process likely has limited the number of people who have opted out.

BlackRock, MSCI face congressional probes for facilitating China investments.

The world’s largest asset manager and a top stock-market-index compiler are being investigated by a congressional committee for facilitating American investment in Chinese companies the U.S. government has accused of bolstering China’s military and violating human rights.

The House of Representatives’ Select Committee on the Chinese Communist Party notified BlackRock and MSCI on Monday of the probes into their activities, according to letters viewed by The Wall Street Journal.

While the committee doesn’t have lawmaking authority, it does have subpoena powers and has garnered bipartisan support for its initiatives. The goal of the investigation is to gather facts that would inform the U.S.’s China policies, including on American capital flows.

Meta to begin blocking news for Canadian users.

After months of warnings, Meta Platforms said Tuesday it has started to block access to news links for Facebook and Instagram users in Canada in response to legislation that compels digital platforms to compensate domestic media outlets.

“Changes will roll out over a few weeks,” Meta spokesman Andy Stone said on his official account on X, the platform formerly known as Twitter. “As we’ve always said, the law is based on a fundamentally flawed premise. And, regrettably, the only way we can reasonably comply is to end news availability in Canada.”

• The family of Henrietta Lacks and Thermo Fisher Scientific reached a settlement related to the unauthorized use of her cancer cells, which benefited labs and companies and proved invaluable for research for decades.

Elon Musk’s X sues nonprofit that accused it of allowing hate speech.

Elon Musk’s social-media company is suing a nonprofit that has accused the platform of allowing the proliferation of hate speech, escalating a continuing clash between the billionaire and the research group.

X Corp., formerly Twitter, alleges in a lawsuit filed Monday in federal court that the group, the Center for Countering Digital Hate, prepares its research using flawed methodologies to censor viewpoints it disagrees with.

In response to the lawsuit, the center defended its research and accused Musk of trying to silence it.

• FTX laid out its first vision of the crypto company’s future after bankruptcy, saying it could hand over stakes in a rebooted exchange to customers who are owed more than $9 billion in deposits the company can’t locate.
   
• Fitch Ratings downgraded the U.S. government’s credit rating weeks after President Biden and congressional Republicans came to the brink of a historic default, warning about the growing debt burden and political dysfunction in Washington.
   
• The California utility PG&E says a $2.5 billion program to reduce wildfire risk by cutting or clearing more than a million trees growing alongside power lines was largely ineffective and is closing it down.

• Shares of indebted trucker Yellow have risen fivefold this week, defying its recent shutdown of operations and impending bankruptcy filing. Its collapse risks saddling American taxpayers with financial losses.
   
• Donald Trump was indicted in an unprecedented criminal case accusing the former president of trying to subvert the will of American voters through his attempts to cling to power after he lost the 2020 election.
   
• The U.S. labor market is showing fresh signs of easing, with slowly falling job openings adding to figures that show the Federal Reserve is making progress in cooling the economy and lowering inflation.
   
• At least 20 people died in Beijing and surrounding areas and 19 others were missing after torrential rains from Typhoon Doksuri caused flooding for a fourth day, according to state media.
   
• Uber Technologies posted its first-ever operating profit in the second quarter, a milestone in its long-term efforts to stem losses in its businesses carrying people and delivering food.

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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