Good morning. After huddling with President Trump in Alaska, President Vladimir Putin told reporters Russia and the U.S. could do more business together—for example, between their Pacific coastlines.

“We look forward to dealing,” Trump replied.

• Behind the scenes: What the two leaders didn’t say: Behind closed doors, their countries’ biggest energy companies had already sketched out a road map to going back into business, pumping oil-and-gas fields off Russia’s far-east coast.
   
• Talks held: In secret talks with Russia’s biggest state energy company this year, a senior Exxon Mobil executive discussed returning to the massive Sakhalin project if the two governments gave the green light as part of a Ukraine peace process, said people familiar with the discussions.
   
• Why this would be a dramatic shift: Resuming business in Russia would mark a dramatic rapprochement after Exxon’s messy breakup with Moscow when Putin attacked Ukraine in 2022. The West’s biggest oil producer dived deeper into Russia than most other companies after the fall of the Soviet Union. Its retreat after the invasion was correspondingly more acrimonious.

CFPB plans to limit oversight authority over nonbank companies.

The Consumer Financial Protection Bureau is proposing a rule that would limit its supervision of nonbank financial companies, Mengqi Sun reports for Risk Journal, as the agency continues to pull back from oversight over the financial services industry under Trump.

The CFPB, in a proposed rule published on Tuesday, said it plans to designate nonbank companies as under its supervision only when they are involved in conduct that poses a high likelihood of significant harm to consumers and is directly connected to the offering or a provision of a consumer financial product.

The proposed rule comes as the Trump administration continues to slash regulations and rein in enforcement by the CFPB.

SEC rejects Zoom settlement, closes privacy probe.

The U.S. Securities and Exchange Commission closed its investigation into Zoom Communication’s privacy and data security practices, reports Risk Journal’s Max Fillion, months after the company said it had offered an $18 million settlement.

The videoconferencing platform disclosed the probe’s closure in a securities filing Friday, adding that Justice Department prosecutors in San Francisco and Brooklyn, N.Y., continue to investigate the company. Zoom offered $18 million to settle the matter last year, according to a November securities filing, but the settlement was subject to SEC approval. The company said on Friday it reversed an accrual set aside for a potential resolution.

• The Treasury Department formally removed Syria from comprehensive U.S. sanctions, clearing the way for American businesses to resume trade with Damascus after the December collapse of Bashar al-Assad’s government.
   
• Norway’s sovereign-wealth fund, the world’s largest, is selling shares of Caterpillar. The reason has nothing to do with profit or cash flow, but the war in Gaza.
   
• Lithuanian customs officers arrested 11 people and seized industrial water purification equipment valued at 2 million euros, about $2.3 million, after an investigation uncovered a sophisticated sanctions evasion scheme.
   
• Kenneth Thom went by the online monikers K Money and K$ and described himself online as an investing “luminary” and a “beacon of knowledge, guiding and shaping the destinies of the world’s most elite traders.” Authorities say he actually was a former broker who had been tossed out of the industry for failing to pay an arbitration award and that he was running a scam.

President threatens new tariffs on countries that tax tech companies.

The U.S. will increase tariffs and impose export restrictions on countries that tax or regulate U.S. tech firms, President Trump said on Monday evening, in his most direct threat to retaliate against nations that he views as discriminating against companies such as Google and Meta Platforms.

Although Trump has at times clashed with big tech companies over censorship and other domestic issues, his administration has taken up their cause across a number of trade negotiations.

• Top Chinese Trade Negotiator Set to Head to U.S. as Talks Resume
• Trump Threatens 200% China Tariffs if Beijing Curbs Rare-Earth Exports

Trump weighs quickly announcing nominee to replace Lisa Cook on Fed board.

President Trump has told advisers that he wants to move quickly to announce a nominee to replace Lisa Cook on the Federal Reserve’s board of governors, according to people familiar with the matter.

The behind-the-scenes conversations about who should replace Cook indicate that Trump is barreling forward with his plans to remake the Fed, despite objections from economists, legal analysts and Democrats.

• Trump’s Fed Aggression Poses New Test on Limits of Presidential Power
• Trump’s Effort to Oust Fed’s Lisa Cook Looks Likely to Run Into Legal Roadblocks
• Get Ready for the End of Fed Independence

• Investors have an unexpected worry: access to water.
   
• America is on the cusp of a new steel age. Now, it needs customers.
   
• United Nations atomic agency chief Rafael Grossi has been receiving round-the-clock protection for weeks following a specific Iranian threat, according to people familiar with the matter.
   
• Dutch Foreign Minister Caspar Veldkamp and Foreign Trade Minister Hanneke Boerma resigned from their positions after their party withdrew from the government over disagreements on Gaza policy, Risk Journal reports.
   
• Artificial intelligence is profoundly limiting some young Americans’ employment prospects, new research shows.
   
• Australia said Tuesday that Iran directed two antisemitic attacks against the local Jewish community, including the firebombing of a synagogue, and that it would expel the country’s ambassador.

• Israeli troops fired on a Gazan hospital because they saw a camera they believed Hamas was using to monitor troop movements, the military said on Tuesday.
   
• A top data officer with the Social Security Administration asserted in a whistleblower complaint that members of the Department of Government Efficiency uploaded an extensive Social Security database onto a cloud server, putting at risk the security of more than 300 million Americans’ personal information.
   
• The Trump administration’s “Make America Healthy Again” agenda has shaken big food companies already reeling from shifting consumer preferences.  Executives at big processed-food makers are trying to determine how much of what MAHA wants will actually happen, and how it could affect their bottom lines.
   
• President Trump’s media business is launching a new company to buy and hold CRO, a niche token affiliated with Crypto.com, his family’s latest expansion into the market for digital assets.

Follow us on X at @WSJRisk. Send tips to our reporters Max Fillion at max.fillion@dowjones.com, Mengqi Sun at mengqi.sun@wsj.com and Richard Vanderford at richard.vanderford@wsj.com.

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