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The Morning Risk Report: Facebook Whistleblower Frances Haugen Calls for New Tech Laws in Europe
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Good morning. Facebook Inc. whistleblower Frances Haugen encouraged U.K. lawmakers to pass legislation to rein in social-media platforms, saying that Facebook has trouble curbing misinformation and hate speech.
Ms. Haugen’s comments to a U.K. parliamentary committee Monday give new impetus to the biggest potential expansion in global tech regulation in years, with Britain considering legislation to curb harmful online content. The former Facebook employee presented her conclusions from a set of internal Facebook documents—first disclosed in The Wall Street Journal—that she says illustrate the social-media company’s struggles to balance the safety of its users with its own profit motive.
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Commerce Secretary Gina Raimondo has defended the necessity of trade with China. PHOTO: ALEX BRANDON/ASSOCIATED PRESS
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Republican China hawks in Congress are pressuring the Commerce Department to fortify export controls to keep critical American technology from falling into Beijing’s hands.
Republicans on the House Foreign Affairs Committee, in a letter to Commerce Secretary Gina Raimondo last week, urged action to address 10 issues of “immediate concern”—from strengthening export controls on semiconductors and jet engines to updating the list of technologies earmarked for protection from foreign rivals.
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A cryptocurrency developer who was handed two subpoenas as he walked inside a hotel last month won’t comply with the demands—and is instead suing the federal regulator that issued them, the Securities and Exchange Commission.
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Federal judges would be required to report stock trades over $1,000 within 45 days and post their financial-disclosure forms online under legislation proposed by a bipartisan group of lawmakers in the Senate and House. The two bills were drafted in response to a Wall Street Journal investigation.
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A bankruptcy judge refused an initial bid to pause talc litigation against Johnson & Johnson, setting the stage for a November hearing that will likely scrutinize the corporate maneuvering the company undertook to try to settle thousands of personal-injury lawsuits through a subsidiary’s chapter 11.
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A report commissioned by the government in Australia’s Victoria state concluded that Crown Resorts Ltd. engaged in illegal and dishonest behavior and in theory isn’t suitable to hold a casino license. But it stopped short of recommending that Crown be immediately stripped of its license.
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A lawyer for Mexican drug lord Joaquín “El Chapo” Guzmán Loera asked a federal appeals court in Manhattan on Monday to grant him a new trial, saying a media report of alleged juror misconduct was reason to overturn his conviction for running a narcotics empire.
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PHOTO: IGOR GOLOVNIOV/SOPA IMAGES/LIGHTROCKET/GETTY IMAGES
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Equitable Holdings Inc. and its AllianceBernstein Holding AB LP said Ramon de Oliveira had resigned as independent chairman of both companies after engaging “in communications that were inconsistent with” their standards. Equitable said the departure wasn't related to the company's operations, financial integrity or controls.
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PayPal Holdings Inc. backed off a potential $40-billion-plus takeover of Pinterest Inc. after the payments company’s shareholders balked.
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The co-head of Blackstone Inc.’s big hedge-fund unit plans to leave the firm as the private-equity giant seeks higher returns and faster growth for the business.
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A new organizational structure at the State Department is meant to better respond to proliferating and evolving international cybersecurity problems. PHOTO: TING SHEN FOR THE WALL STREET JOURNAL
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The State Department plans organizational changes to confront international cybersecurity challenges such as ransomware and waning global digital freedom, U.S. officials said, the latest overhaul by the Biden administration aimed at treating cyber threats as a top-tier national-security issue.
The restructuring will include the creation of a new bureau of cyberspace and digital policy to be led by a Senate-confirmed ambassador-at-large and a new, separate special envoy for critical and emerging technology, officials said. Both positions will report directly to Deputy Secretary of State Wendy Sherman for at least the first year, the officials said. The administration hasn’t decided who will fill either role.
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One of many retailers in New York City looking for help. In August, a seasonally adjusted 4.3 million resignations were handed in, according to the Bureau of Labor Statistics. PHOTO: JUSTIN LANE/SHUTTERSTOCK
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Finance chiefs are boosting salaries and recruitment spending, offering more in the way of perks and expanding their equity plans as they joust to attract—and retain—workers.
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Snarled supply chains are giving new impetus to Rio Tinto PLC’s efforts to produce minerals essential for modern technologies, starting with mining sludge from a giant copper pit in Western U.S.
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Modern Land (China) Co., a 21-year-old developer that focuses on green projects, failed to repay a $250 million dollar bond that matured Monday, adding to a string of missed payments by Chinese real-estate companies.
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Children and those from countries with low supplies of Covid-19 vaccines will be exempt from new requirements that foreign nationals show proof of vaccination to fly to the U.S., the Biden administration said.
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