Good morning. Chief compliance officers continue to rake in more money, but increases in most sectors have slowed, according to a new survey.

• Salary details: Median compensation—which includes base salary plus bonus—for compliance chiefs at public companies rose 7% to $419,000 in 2024, while it climbed 12% to $250,000 at nonprofits, according to a March survey of compliance heads conducted by boutique executive search firm BarkerGilmore. The median CCO salary and bonus at private companies dropped 1% to about $300,000.
   
• Raises slowdown: Among seven industry categories, only the rate of salary increase among finance compliance chiefs remained the same year-over-year, at 5%. Industrial and manufacturing firms saw the biggest slowdown in CCO salary increases, a drop that follows a long slump in factory output.
   
• What's the cause? BarkerGilmore pointed to a number of factors contributing to a slowdown in salary increases, including economic and political uncertainty. 
   
• Legal degrees matter: One big element that boosted salaries was a law degree, according to the survey. At public companies, compliance chiefs with a law degree commanded median total compensation, including base salary, bonus and other long-term incentives, far higher than those without.

Bank of America urges bankers to sound alarm on overwork after WSJ investigation.

Bank of America is urging young bankers to accurately report the hours they work after an investigation by The Wall Street Journal found bankers are often pressured to ignore rules meant to prevent dangerous overwork.

Several junior investment bankers were told by their managers Monday to alert superiors or the human-resources department if they are being pressured to misreport hours. They were also told that the mandate to do so comes from the highest levels of the company.

Managers, meanwhile, discussed the topic in a regularly scheduled meeting Monday that included global corporate and investment bank head Matthew Koder and representatives from human resources, people in the bank said.

UAW files federal labor charges against Trump, Musk for threatening workers.

The United Auto Workers filed federal labor charges against former President Donald Trump and Tesla CEO Elon Musk, alleging they attempted to intimidate workers during their conversation on Musk’s social-media platform X.

The UAW, one of the country’s largest unions, seized on remarks Trump made Monday night in an interview with Musk, in which the Republican presidential nominee commented on how an employer should handle striking workers.

• A group that represents more than 200 of Harley-Davidson’s U.S. dealers said the motorcycle maker has boosted its profit margins at their expense, threatening their viability.
   
• China’s Huawei Technologies is close to introducing a new chip for artificial intelligence use, overcoming U.S. sanctions to challenge Nvidia in the Chinese market.
   
• Starting next February, Canada’s largest telephone companies must provide smaller rivals with wholesale access to their fiber-optic networks in a bid to foster affordable access to high-quality internet services, the Canadian Radio-television and Telecommunications Commission said.

Boeing is in crisis. Airbus is struggling to power ahead.

When Christian Scherer took the job of running Airbus’s commercial aircraft division at the start of the year, the gig looked like a slam dunk.

The plane maker had just smashed its record for annual orders, airlines were still clamoring for more jets and production was ramping up. The company’s only significant rival, Boeing, had been flung into a fresh and escalating crisis after a door-size panel blew off the side of a 737 midflight.

Since then, Airbus has been dogged by delays, prompting the company to cut its annual delivery guidance and defer a long-heralded production target. It is a frustrating change in fortunes for the world’s biggest jet manufacturer, which was confident it could capitalize this year on a postpandemic surge in demand. Instead, Airbus is mired in supply-chain issues.

Labor strike jolts world’s biggest copper mine.

The world’s biggest copper mine is in the grips of a labor conflict that risks disrupting supplies of a metal essential to the world’s manufacturing and construction industries.

Wage negotiations at the Escondida copper mine run by BHP Group in the Atacama Desert of northern Chile ended without agreement, triggering a walkout on Tuesday at an operation that accounts for roughly 5% of global mined copper supply.

• Canadian National Railway has taken the first step in a phased shutdown of its rail network in Canada with a halt to the movement of hazardous cargo, based on what it says is a lack of movement in talks with unionized workers.
   
• Russia is withdrawing some of its military forces from Ukraine to respond to a Ukrainian offensive into Russian territory, U.S. officials said, the first sign that Kyiv’s incursion is forcing Moscow to rejigger its invasion force.
   
• The parallel escalations in the Middle East and in the Russian war with Ukraine are creating fresh challenges for the budding partnership between Iran and Russia, two nations that have grown increasingly close because of their shared hostility to the U.S.
   
• Mexico is deploying troops to prevent the risk of a bloodbath between factions of the Sinaloa cartel led by sons of “El Chapo” and “El Mayo.”
   
• The uproar over a Mercedes-Benz electric vehicle that burst into flames in South Korea this month wasn’t only about fire safety. Outrage emerged over the lesser-known Chinese battery maker, Farasis Energy. Now South Korea is advising carmakers to voluntarily divulge what brand of battery sits inside their EVs.
   
• Eurozone industrial output fell for a third-straight month in June, a signifier of how difficult the downturn in the sector will be to shake off.

Companies prepare to fight quantum hackers.

National-security authorities have warned for years that today’s encryption will become vulnerable to hackers when quantum computers are widely available. Companies can now start to integrate new cryptographic algorithms into their products to protect them from future hacks, WSJ Pro Cybersecurity reports.

Companies as diverse as banks and specialty chip maker NXP Semiconductors are testing draft algorithms that National Institute of Standards and Technology, an agency of the Commerce Department, published last year, preparing to replace the cryptography they use today.

• Two security experts explain why the Change Healthcare hack affected so many institutions and people—and what could be done to protect the healthcare system.
   
• The Federal Bureau of Investigation has been investigating since June suspected Iranian attempts to hack people linked to both the Trump and Biden-Harris campaigns, according to a person familiar with the matter.

Tu comes to Target from Tyson Foods, where she most recently was president for international markets. Before that she worked in various roles at Boeing, Gap and Walmart.

She succeeds Don Liu, who is retiring from the company but will continue to serve as a strategic adviser through May 2025, according to the Minneapolis-based department store chain.

• Starbucks has appointed current Chipotle Mexican Grill chief Brian Niccol as its next leader, an abrupt management change for the coffee chain as it works to turn around its business and contend with activist investors.
   
• Elliott Investment Management is preparing to launch a proxy fight at Southwest Airlines, according to people familiar with the matter, as the activist turns the heat up a notch in its battle with the Dallas-based carrier.
   
• Some business leaders are increasingly apprehensive about Trump for president but say Harris isn’t necessarily a better alternative.
   
• Shipping and logistics companies in Bangladesh are slowly restoring services to networks fractured during violent protests and political upheaval that rocked the country and its apparel exporting sector.
   
• Japan is set to get a new leader this fall after Prime Minister Fumio Kishida said Wednesday he wouldn’t seek to stay in office.

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