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The Morning Risk Report: U.S. Solar Shipments Are Hit by Import Ban on China’s Xinjiang Region
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Good morning. The U.S. solar industry is confronting fresh disruptions as U.S. officials crack down on human-rights abuses in China’s Xinjiang region, which produces almost half the world’s supply of a crucial component in solar panels.
Several Chinese solar-panel suppliers, among the world’s largest, have had shipments to the U.S. detained or sent back during the past several weeks as customs agents enforce a new law, industry executives and analysts say.
[Continued below...]
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The extent of the disruption is still hard to gauge. The Uyghur Forced Labor Prevention Act, or UFLPA, went into effect at the end of June, and importers, suppliers and customs agents are still feeling their way on what it will take to get goods into the country, the industry executives and analysts say.
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WSJ Risk & Compliance Forum
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Sign up for the next WSJ Risk & Compliance Forum on Nov. 16 for discussions on the critical issues facing corporate risk & compliance professionals, including keeping up with sanctions, screening for forced labor, and proposed U.S. rules on climate change and cybersecurity. Register here for a discounted ticket.
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JetBlue Promotes Renée Anckner to Principal Compliance and Privacy Officer
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JetBlue Airways Corp. has promoted Renée Anckner to principal compliance and privacy officer, the airline said Tuesday.
Ms. Anckner, who will handle those duties as part of her new title, associate general counsel, will continue to report to Brandon Nelson, JetBlue’s general counsel. She joined JetBlue in 2017 and has been lead in-house counsel for JetBlue’s major infrastructure projects. She will keep those responsibilities in her new role.
Previously, Ms. Anckner practiced commercial and product liability litigation at law firms in New York and served as outside counsel for JetBlue.
–Richard Vanderford
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Re/Max Taps In-House Lawyer for Compliance Chief Role
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Re/Max Holdings Inc. has appointed Susie Winders as its new general counsel and chief compliance officer, the franchised real-estate brokerage said on Monday.
Ms. Winders, who has been at the company more than 13 years, previously served as vice president and assistant general counsel. In her new role, she will lead the company’s legal and contracts departments, and oversee corporate governance and compliance, among other duties.
—Dylan Tokar
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Contracts signed with ZTE and Iranian telecom companies in 2013 and 2014 allowed Far East Cable to deliver U.S. technology to the Chinese company’s customers in Iran. PHOTO: JOHANNES EISELE/AGENCE FRANCE-PRESSE/GETTY IMAGES
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The U.S. on Tuesday brought administrative charges against China’s largest wire and cable manufacturer, saying it had violated U.S. export controls by helping telecommunication company ZTE Corp. deliver restricted technology to Iran, Risk & Compliance Journal's Dylan Tokar reports.
Far East Cable Co., a company based in China’s Jiangsu province, signed a contract with ZTE in an effort to conceal the telecommunication company’s business with Iran, which relied on U.S.-origin routers and microprocessors, according to a charging letter by a bureau of the U.S. Commerce Department.
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A federal judge approved Blue Cross Blue Shield companies’ settlement of a sweeping antitrust suit filed on behalf of their customers, with the insurers agreeing to pay $2.67 billion and change certain practices that allegedly limited competition.
The approval on Tuesday by U.S. District Judge R. David Proctor, whose Alabama court handled the litigation, means the settlement is set to start going into effect after 30 days.
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Former Twitter Inc. employee Ahmad Abouammo was found guilty of spying for Saudi Arabia after passing on private user information associated with critics of the kingdom in exchange for hundreds of thousands of dollars.
Mr. Abouammo, 44, who worked at Twitter from 2013 to 2015 managing media partnerships with high-profile users in the Middle East and North Africa, was also found guilty of money laundering, falsification of records and one count of wire fraud by the 11-person jury on Tuesday. Mr. Abouammo was found innocent on five other counts of wire fraud.
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Chipotle Mexican Grill Inc. has agreed to pay up to about $20 million to roughly 13,000 workers in a settlement with New York City over claims that the workers’ rights to predictable schedules and paid sick leave were violated.
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Taiwan’s military fired artillery during a live-fire drill on Tuesday. PHOTO: RITCHIE B TONGO/SHUTTERSTOCK
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Taiwan’s military fired dozens of shells off its southern coast on Tuesday in a simulation of a defense of the island, as Taiwan followed up nearly a week of Chinese military drills with preplanned defensive maneuvers of its own.
Taiwan kicked off its two-day military exercise—known as Tianlei, which can be loosely translated as “Heaven’s Thunder”—with an hour-long live-firing drill involving more than 700 troops, according to Taiwan’s Eighth Army Corps, with 38 howitzers firing 114 shells into the waters.
The annual drills, while planned months in advance, come amid tensions across the Taiwan Strait that are their highest in decades.
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Russian oil has stopped flowing through a pipeline that feeds countries in Central and Eastern Europe, dealing another blow to a region contending with the loss of vital energy supplies from Russia.
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Transneft PJSC, the government-owned oil-pipeline operator, said Tuesday that crude exports through Ukrainian territory had halted on Aug. 4. It blamed payment difficulties caused by Western sanctions on Moscow and said Ukraine’s pipeline operator had declined to carry crude after it didn’t receive funds.
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Average U.S. hourly earnings grew 5.2% in July from a year earlier, and annual wage gains have exceeded 5% each month this year, the Labor Department said Friday. The rapid earnings growth adds to other evidence that employers are continuing to increase pay as they try to find and keep workers in a tight job market.
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U.S. labor productivity declined for the second consecutive quarter as overall economic output contracted and employers spent more on labor as they added workers.
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Disney shares have risen about 14% since the board renewed Chief Executve Bob Chapek’s contract at the end of June. PHOTO: DAVID LIVINGSTON/GETTY IMAGES
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Walt Disney Co. Chief Executive Bob Chapek is expected to address investors publicly this week for the first time since the media giant’s board of directors renewed his contract through the end of 2024.
The 63-year-old is expected to outline his vision for Disney and face questions during the entertainment company’s third-quarter earnings report Wednesday afternoon about how he plans to steer the company’s streaming business. Mr. Chapek is also likely to be asked about how Disney will capitalize on increased travel at its theme parks and what type of content the company plans to invest in for various entertainment outlets.
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Microsoft has been looking for ways to control costs. PHOTO: THIAGO PRUDENCIO/SOPA IMAGES/ZUMA PRESS
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Microsoft Corp. is asking teams across the company to rein in some employee expenses as the software giant tries to control costs in the current economic environment.
Managers at the Redmond, Wash., company have told staff of various cutbacks to the company’s budget, said people familiar with its plans. Some spending on business travel, outside training and company gatherings is being targeted, said the people.
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A $600 million debt deal that Goldman Sachs Group Inc. and JPMorgan Chase & Co. recently arranged for Avaya Holdings Corp. went bad within weeks.
The two banks sold new loans and bonds for Avaya, a cloud-communications company, in late June. Investors included Brigade Capital Management LP and Symphony Asset Management LLC, people familiar with the matter said.
A few weeks later, Avaya announced that it would miss by more than 60% its previous forecasts for adjusted earnings in the third quarter, which ended June 30. It gave no explanation. The company also said that it would miss revenue targets and announced it was removing its chief executive officer.
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