Good morning. The Supreme Court on Monday said the First Amendment protects the content-moderation policies of social-media platforms, but sidestepped a ruling on the validity of laws in Texas and Florida that sought to restrict Facebook, YouTube and other internet giants from suppressing user speech.

• Response by the Court: The court, in an opinion by Justice Elena Kagan, said lower courts hadn’t properly analyzed the scope of Texas and Florida’s laws. “The parties have not briefed the critical issues here, and the record is underdeveloped,” Kagan wrote.
   
• More litigation needed: All of the justices agreed that the legal challenge to the two laws needs to be further litigated in lower courts, but they were divided in how they saw the arguments by NetChoice, a trade group that counts Alphabet’s Google and Facebook parent Meta Platforms as members.
   
• Question on government approach: Kagan’s opinion—which drew support from five other justices—was skeptical of government attempts to force social-media platforms to take a more hands-off approach to content moderation.
   
• Lack of resolution on other cases: The court has in recent years agreed to hear several cases that could upend internet regulation, but in each of them has issued narrow rulings that leave major questions unresolved.

Failed bank Silvergate paying $63 million to settle regulatory probes.

Silvergate Capital, formerly one of the top banks serving crypto companies, agreed Monday to pay $63 million to federal and state regulators to resolve investigations into alleged deficiencies in its anti-money-laundering program.

Silvergate agreed to settle claims by the Federal Reserve and California's Department of Financial Protection & Innovation without admitting or denying their allegations. 

Actions against officers: The Securities and Exchange Commission also took enforcement action against Silvergate and three of its former officers. The agency said Silvergate misled its investors about the strength of its anti-money-laundering compliance program, including by touting its ongoing monitoring of crypto customers such as FTX. It said Silvergate failed to monitor more than $1 trillion of transactions by customers on its payments platform.

Fines from the SEC: The SEC assessed a $50 million fine, but Silvergate won’t pay that amount as long as it pays the penalties it owes to the Fed and California state regulator. 

• A judge allowed most of H.I.G. Capital’s fraud lawsuit against Audax to proceed, continuing the fight between two private-equity firms over a $915 million deal for troubled software maker Mobileum.
   
• An investigation by Milan prosecutors into working conditions at local factories found workshops making handbags and other leather goods for Dior and Armani used exploited foreign labor to produce the high-end products at a fraction of their retail price.
   
• Deutsche Bank appointed Laura Padovani as the management board member in charge of compliance and anti-financial crime, according to Dow Jones Newswires.
   
• Around 15 U.K. Conservative Party officials are being probed by the country's gambling regulator for placing bets on the election date.

For Ukraine and Russia, a deadly summer lies ahead with little hope of big gains.

As Russia’s invasion of Ukraine enters a third summer, the 700-mile front line is the site of a bloody chess match, with each side moving pieces around in search of an advantage without conceding ground elsewhere.

The war here is settling in for a brutal season during which thousands will likely die on both sides but neither appears poised to muster a decisive breakthrough.

• Palestinian militants fired one of the largest barrages toward Israel in months on Monday while Israeli forces reengaged with Hamas fighters in a Gaza City neighborhood they had previously invaded, signs the conflict risks becoming a protracted war of attrition as militants regroup and rearm.
   
• Images captured from space show the growth of Cuba’s electronic eavesdropping stations that are believed to be linked to China, including new construction at a previously unreported site about 70 miles from the U.S. naval base at Guantanamo Bay, according to a new report.
   
• Two Chinese navy corvettes have been docked at Cambodia's Ream Naval Base almost continuously since December, serving as evidence to many in Washington that China’s military has set up a permanent foothold there.
   
• Battery maker LG Energy Solution and Australian lithium company Liontown Resources will jointly consider developing a refinery for producing battery-grade lithium, as companies plot new supply chains that bypass China even amid a collapse in prices for the critical mineral.
   
• Sentiment among large Japanese manufacturers improved during the three months to June, adding to expectations for interest-rate increases by the Bank of Japan.
   
• Deep divisions in France over antisemitism and the Gaza war have left Marine Le Pen’s opponents at odds on whether to band together to stop her party from winning a majority of seats in the final round of parliamentary elections.
   
• Bargain shopping apps Temu and Shein are reshaping the air cargo market out of China, eating up aircraft space at a pace that is driving up freight rates and sparking fears of a capacity squeeze during the busy peak shipping season later this year.

• The Supreme Court dealt a major blow to Donald Trump’s prosecution on charges he sought to subvert the 2020 election, ruling 6-3 Monday that former presidents enjoy sweeping immunity for their acts while in office.
   
• Tech companies scouring the country for electricity supplies have zeroed in on a key target: America’s nuclear-power plants.
   
• NATO will station a senior civilian official in Kyiv, among a raft of new measures designed to shore up long-term support for Ukraine that are expected to be announced at a summit in Washington next week, U.S. and alliance officials say.

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