Mr. Weinstein will have to put up $1 million in cash, surrender his passport and agree to an ankle-monitoring device as part of his bail package. But the charges may not be the last against him, according to the NYT:
An investigative grand jury, still convened, will look into other sexual assault allegations against Mr. Weinstein as well as possible financial crimes relating to how he paid women to stay silent, people familiar with the proceedings said.
The fallout from the #MeToo movement hasn’t stopped yet. The actor Morgan Freeman apologized after several women accused him of sexual harassment.
Europe is now the world’s data cop
Today, the E.U. introduced its strict new data rules, known collectively as G.D.P.R. Though meant to define how citizens’ data is handled, the borderless nature of the internet means that the effects will be felt globally.
Silicon Valley firms, in particular, must change their ways to accommodate the regulations, and could feel their power crimped. President Emmanuel Macron of France urged those firms to embrace the rules. (Mark Zuckerberg insisted that Facebook had “always shared” their spirit.)
The sweeping nature of the new rules means that many organizations — and regulators — aren’t ready to comply. Some websites are simply blocking E.U. users for now.
But the E.U. is just getting started: Plans for tougher antitrust laws and tax policies are next. And other nations, including Brazil, Japan and South Korea, are expected to follow the E.U.’s stead.
A business opportunity: G.D.P.R. offers privacy experts a chance to make serious money.
The political flyaround
• The Congressional Budget Office estimates that revenue from the White House’s latest proposed budget would fall short by $1.9 trillion over the next decade. (WSJ)
• Randy Quarles, the Fed’s vice chairman, is worried about tech companies moving into unregulated financial services. (Bloomberg)
• The Senate confirmed Jelena McWilliams as the new head of the Federal Deposit Insurance Corporation. (WSJ)
• The E.U. dismissed Britain’s current hopes for Brexit as a “fantasy,” while the Bank of England’s chief, Mark Carney, warned of financial disruption if negotiations don’t run smoothly. (FT)
• Senator Tom Carper, Democrat of Delaware, has asked the Pentagon for more details about the security of President Trump’s smartphones. (Politico)
No North Korea talks? China would love that.
President Trump’s decision to walk away from a summit meeting with North Korea perplexed world leaders. But the move could strengthen Beijing in trade negotiations with Washington, given China’s influence over North Korea.
That theory may be tested when Commerce Secretary Wilbur Ross returns to Beijing on June 2 for another round of trade talks. Among his potential talking points: putting American compliance officers inside ZTE in exchange for lifting penalties on the Chinese telecom company.
Critics’ corner: The White House’s latest trade strategy is a mess, the WSJ editorial board argues. And it’s squandering an opportunity to remake America’s trade relationship with China, according to Scott Paul, the president of the Alliance for American Manufacturing.
Uber’s driverless car saw the woman it killed, but didn’t brake
A report by the National Transportation Safety Board found that the ride-hailer’s vehicle had its emergency braking system turned off when it struck and killed a pedestrian in March. Its sensors and software detected the woman six seconds before impact, but the vehicle didn’t slow down.
Tesla had troubles, too: The Utah police found that a Model S that crashed while in Autopilot mode this month actually sped up before hitting a fire truck and injuring two people.
What this means: Questions about the speed with which autonomous cars are being developed, and the safety issues of testing them on public roads, aren’t going away. The mayor of Pittsburgh, where Uber’s driverless car operations are headquartered, now says that he will limit testing of autonomous vehicles in his city.
The tech flyaround
• An Amazon Echo recorded a couple’s conversation and sent it someone on their contact list. Amazon blamed an improbable chain of events. (Recode)
• The age of Netflix has been lucrative for content creators. (Hollywood Reporter)
• A U.S. jury awarded Apple $539 million in the company’s patent fight with Samsung. (BBC)
• Proposed legislation could force U.S. tech companies to disclose whether they allowed foreign authorities to scrutinize their code. (Reuters)
• Ireland’s abortion vote today is the latest test for Facebook and Google’s attempts to fight foreign online influence. Yesterday, Facebook and Twitter announced new plans for regulating political ads.
• The Justice Department has reportedly begun investigating cryptocurrency price manipulation. (Bloomberg)
About businesses’ uneasy alliance with Trump…
From The Economist’s lead editorial this week:
Now bosses think they have entered a nirvana, when the reality is that the country’s system of commerce is lurching away from rules, openness and multilateral treaties toward arbitrariness, insularity and transient deals.
• United Continental has named Jane Garvey as its chairwoman. She’s the first woman to run the airline’s board. (WSJ)
• JPMorgan Chase has hired two senior Houston-based energy bankers from Morgan Stanley. Jonathan Cox will become JPMorgan’s global co-head of oil and gas investment banking, and Michael Johnson will become a vice chairman of investment banking. (Bloomberg)
• The C.E.O. of Rusal, Alexandra Bouriko, and seven board members, resigned in a bid to ease U.S. sanctions on the Russian aluminum giant. (WSJ)
The speed read
• Commerce Secretary Wilbur Ross says that moon colonies could happen “sooner than you may have ever thought possible.” (NYT)
• Deutsche Bank investors voted to keep Paul Achleitner as chairman. (FT)
• Banks in Estonia may have laundered as much as $13 billion. (Bloomberg)
• Reportedly up for sale: Diageo brands like Seagrams whisky and Goldschlager, and Essential, a device maker founded by a creator of Android.
• Goldman Sachs and Blackstone have settled a fight over an $11 billion derivatives trade. (WSJ)
• Some of Goldman’s senior associates will have to wait until 2019 for promotion. At Merrill Lynch, some brokers are bracing for a big pay cut.
• Americans just won’t put their phones down, even when they’re on vacation. (Skift)
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