Good morning. The European Union is pushing back some of its reporting requirements for foreign companies to disclose their impact on the environment, amid mounting pressure from business leaders and policymakers both inside and outside the bloc, Risk Journal reports.
 

• More runway: A deadline for non-EU companies to adopt European reporting standards was moved back to October 2027, according to the European Commission, the administrative arm of the EU, in a letter to financial regulators outlining what it called a “deprioritization” process. The decision means that companies based outside the bloc can avoid reporting until at least 2029. Meanwhile on Monday, the European Parliament also moved to limit some of its reporting requirements on sustainability to just the very largest companies.
   
• Carbon disclosure: The EU has been looking to push companies into disclosing their impact on the environment through twin legislative vehicles known as the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive. Under the rules, companies for the first time would have to report their carbon emissions and also figure out a way to lower them.
   
• Criticism: However, the regulations have faced severe criticism from companies both inside and outside the bloc, as well as from foreign leaders including President Trump. In February, the EU said it would water down much of the proposals in what it called its Omnibus package, as companies complained they were too costly and burdensome and would hurt competition.

Trump allies sold sponsorships to what appeared to be a Treasury event. It wasn’t.

An investment fund run by prominent Trump supporters pitched companies on sponsoring a conference it called the “Inaugural U.S. Treasury A.I. Summit,” during which it said Treasury Secretary Scott Bessent would unveil the Treasury Department’s artificial-intelligence strategy.

The fund, called 1789 Capital, circulated the pitch to technology companies in recent weeks, calling the Oct. 21 event “historic,” according to an email to potential donors and the pitch itself, a copy of which was reviewed by The Wall Street Journal. It offered an array of perks, including a VIP cocktail party and dinner, to those who paid.

After the Journal inquired about the event, the conference organizers released some details about it—including a different name for it, “AI Summit on American Prosperity,” that no longer included the word “Treasury.” People familiar with the event said it had been pitched differently in different venues.

Malaysia freezes JP Morgan, UBS bank accounts tied to 1MDB.

Malaysia’s anticorruption commission secured a court order to freeze more than $115 million held in Swiss bank accounts at JPMorgan and UBS because the money was allegedly misappropriated from the country’s sovereign-wealth fund known as 1MDB.

The commission said it based its request to freeze the funds on information it received in 2011 that PetroSaudi co-founder Prince Turki bin Abdullah was diverting 1MDB funds through his bank accounts, according to Bernama, Malaysia’s state-owned news agency.

• The European Union’s competition regulator fined Kering-owned Gucci, LVMH’s Loewe and Richemont’s Chloe fashion labels more than 157 million euros ($181.6 million), saying that they engaged in unfair pricing strategies that reduced freedom for distributors.

JPMorgan to invest $10 billion in U.S. companies critical to national security.

JPMorgan Chase said Monday that it would directly invest $10 billion in companies it deems critical to U.S. national security, part of an initiative to help protect the American economy as trade tensions with countries such as China escalate.

The bank said it had committed to facilitating $1.5 trillion in investments for companies deemed “critical to national economic security and resiliency” over the next 10 years. That includes the $10 billion of its own capital it plans to use to take stakes in companies such as defense contractors, mineral manufacturers and artificial-intelligence firms.

OPEC sticks to oil demand forecast but flags fiscal concerns, lingering trade uncertainty.

The Organization of the Petroleum Exporting Countries left its oil-demand forecasts steady as it works to revive more production, but pointed to fiscal concerns and persistent trade uncertainties.

The Vienna-based cartel expects global oil demand to grow by 1.3 million barrels a day this year and 1.38 million barrels a day the next, as robust economic activity boosts transportation fuels.

• IEA Forecasts Bigger Oil Surplus, With Global Inventories Set to Rise

• President Trump scored a major foreign policy win in Gaza by brokering the release of hostages from captivity and securing an end to the fighting between Israel and Hamas. Now Europeans are hoping Trump can repeat the success with another knotty foreign-policy problem.
   
• The U.S. is set to roughly double exports of natural gas in the next five years. Prices and volatility are poised to rise, too.
   
• The government shutdown has left the country’s 57-year-old National Flood Insurance Program in limbo. But one Florida startup is still writing new policies.
   
• Russia added French automaker Renault to its sanctions list, according to a government decree. The announcement follows reports the company may produce drones in Ukraine.
   
• The Dutch government wrested control of a Netherlands-based semiconductor company from its Chinese owner, a new flare-up in tensions between China and the West over key technologies and materials.

• A government job used to be as stable as it gets. Now it is the opposite, and federal workers are turning to side hustles to stay afloat.
   
• OpenAI and Broadcom are working together to develop and deploy 10 gigawatts of custom AI chips and computing systems over the next four years, a high-profile partnership aimed at satisfying some of the startup’s immense computing needs.
   
• Ford Motor is temporarily cutting production of at least five models including popular SUVs after a devastating fire at a crucial aluminum supplier’s plant.
   
• Investment in AI ignites a fire under the U.S. economy, but the technology hasn’t yet fulfilled its promise of making humans work more efficiently.
   
• Major media outlets including the New York Times, the Washington Post, The Wall Street Journal and CNN have said they won’t agree to a new Defense Department policy restricting journalists’ communication with military sources.

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