PAGE ONE

Juul to Pay $438.5 Million to Settle Probe Over Underage Vaping – The settlement with more than 30 states is the latest step by the e-cigarette maker to resolve allegations that it marketed its products to underage users. A1

Junk-Loan Defaults Worry Wall Street Investors A1

Schools Are Back and Confronting Severe Learning Losses A1

What’s News: World-Wide A1

Gavel Bashing Has Its Moment. ‘You Love That Thing, Don’t You?’ A1

Illumina’s Deal to Buy Cancer-Test Developer Is Blocked by the EU A1

U.S.

Nutrition Advocates Urge Front-of-Package Labels Highlighting Fat, Sugar Levels – The advocates want a more condensed label on the front of packaged-food items that would flag certain health risks, such as high sugar or saturated-fat content. Industry groups say existing labels suffice. A2

Labor Board Proposes New Joint Employer Rule, Easing Trump-Era Limits A2

Conflicting Surveys Paint Mixed Picture of Services Providers A2

Corrections & Amplifications A2

U.S. Plans Shift to Annual Covid Shots as New Boosters Roll Out A3

Los Angeles Schools Hit With Ransomware Attack A3

‘Fat Leonard,’ Former Contractor in Navy Bribery Scandal, Escapes House Arrest A3

Ghost-Gun Firms Find New Ways to Sell DIY Weapons as U.S. Rule Takes Effect A3

Commerce Secretary Embraces a Beefier Industrial Policy to Combat China and Russia A4

DOJ Considers Next Move After Judge Greenlights Trump’s Request for Special Master A4

WORLD

Ukraine Seeks Corridor to Evacuate Civilians Near Zaporizhzhia Nuclear Plant – Scores of people tried to evacuate villages near the power plant following an explosion that cut power and water supplies in a nearby town, and U.N. inspectors released a report that detailed damage that has been done to the nuclear plant. A6 U.N. Atomic Agency Details Zaporizhzhia Nuclear Site Damage, Urges Safety Zone A6 Russia’s War on Ukraine Deepens International Cyber-Defense Cooperation A6 Boris Johnson Bows Out as U.K. Prime Minister, Ending a Tumultuous Three Years in Office A7 Liz Truss Is Appointed U.K. Prime Minister by Queen Elizabeth A7 Sichuan Earthquake Death Toll Climbs as Rescuers Work to Reach Survivors A16 In Southern Pakistan, a Sea Made of Monsoon Waters Swallows Villages A16

LIFE & ARTS

What Kinsey’s 75 Years of Sex Research Says About Us – A look at the Kinsey Institute’s most influential findings about our sexuality and the workings of desire. A9 When It Pays to Have a Mortgage in Retirement—and When It Doesn’t A9 How to Share Your Smartphone Location With Loved Ones—Not Big Tech A10 Companies Weigh the Pros and Cons of Business Trip Vacations A10 ‘FDR’s Final Campaign’ Review: Presidential Race Against Time A11 ‘The Anthrax Attacks’ Review: Investigating the Investigation A11 The Long Climb of Tennis Star Frances Tiafoe A12

OPINION

Netflix’s Business Model Doesn’t Work – Pure-play streaming is great for viewers but it doesn’t pay. A13 Owning Up to America’s Covid Pandemic Failures A13 Biden’s Speech Casts Him as Maxwell Smart A13 ‘How to Invest’ Review: Masters of Money A13 Walmart Takes On Lina Khan A14 Will Pennsylvania Get a Fetterman-Oz Debate? A14 Illumina and Antitrust’s Unholy Grail A14 Which Way Forward for the Republican Party? A14 Oberlin College Gives Social Justice a Bad Name A14 New SEC Rule on Executive Pay Doesn’t Go Far Enough A14 Water: A Healer and a Danger A14 The IRS Needs Competition A14 The Biden Administration’s ‘Futile and Stupid Gesture’ A14 ESG Can’t Square With Fiduciary Duty A15 Student-Loan Forgiveness Raises a Question About College A15 Liz Truss May Be Just the Prime Minister America Needs A15 Notable & Quotable: China A15

BUSINESS & FINANCE