Luke Vargas

Plus, Lululemon's founder launches a proxy fight to shake up the struggling retailers' board.

And facing new and evolving threats, Western militaries prepare to spend big on new defense technology.

It's Monday, December 29th.

I'm Luke Vargas for The Wall Street Journal, and this is What's News, in your feed once a day over the holidays with top headlines and business stories moving the world today.

We are exclusively reporting that Google and Verizon are among the targets of Justice Department investigations into DEI initiatives in the workplace.

The civil probes are being carried out under the False Claims Act.

While the law is typically used in health care fraud cases, the DOJ contends that holding a federal contract while still considering diversity in hiring and promotions is in effect fraud against the government.

Google and Verizon declined to comment.

People familiar with the investigations say the government is also looking at companies in the auto, pharmaceutical, defense, and utilities industries.

I asked the journal's Lydia Wheeler how to interpret the new investigations.

The founder of Lululemon, Chip Wilson, is launching a proxy fight to remake the athletic clothing company's board before it chooses a new CEO.

Wilson, Lululemon's second biggest shareholder, said today that he's nominated three director candidates, confirming an earlier report by the journal.

He said shareholders wouldn't trust a CEO picked by the current board, as the athletic apparel retailer is in an identity crisis, with sales stagnating in the U.S.

and competition rising from upstart brands.

And Wilson isn't the only one pushing for change.

Activist Elliott Investment Management has built a more than $1 billion stake in Lululemon and is pushing a CEO candidate, Ralph Lauren executive Jane Nielsen.

It's copper's turn in the spotlight after silver and gold hit new price records in Friday trading.

Copper futures on the London Metals Exchange are on pace to notch their own record today and are now up more than 40% this year.

Journal Europe business editor Alex Frangos told me that both long and short-term factors are driving the rise.

All right, Alex.