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President Biden's reelection bid is setting up a potential rematch with former President Donald Trump.

It will be kind of an epic rematch, right? To see these two candidates go at it again, especially after Trump both denied and tried to block certification of President Biden's win last time.

And shares of first Republic fall nearly 50% a day after it reported a deposit hemorrhage in the first quarter.

Plus, the EU sets a deadline for tech companies to comply with a new digital content law.

It's Tuesday, April 25th. I'm Amary for Tolly for the Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that moved the world today.

The European Union has set a late August deadline for when some of the world's biggest tech companies need to comply with a strict new digital content law. The West's toughest so far.

The law applies to online platforms and platforms such as Apple, Amazon, Meta and Alphabet that have been deemed very large under the EU's new Digital Services Act are facing the highest level of scrutiny.

Our tech reporter Sam Schechner explains what companies will need to do between now and August. So Sam, what exactly do these companies need to do to comply?

Well, the Digital Services Act, which is the name of this new EU law, has a whole slew of rules that are specifically for these very large online platforms.

And the main one is that they have to do a very thorough assessment of all of the risks that they might present for, say, individuals using their services.

Or as the law puts it for the civic life of the countries in which they operate and then institute mitigations for those and have robust systems for dealing with that.

So that as the law points out could involve problems that the EU sees with some might call misinformation or disinformation.

And it might also include things like people giving you bad health advice or fraudulent advertising.

So what are some of the challenges that these platforms will face in trying to adhere to the new rules?

The companies say that for instance, there's a lot of disclosure that they have to do two regulators and then to outside auditors of how much content they're taking down, how many content moderators they have, where the content is taken down and for what reasons.

And if they're back in systems haven't traditionally been built to provide all that data. And so they're going to have to do a lot of behind the scenes engineering to get ready.

There are other provisions that could provide some challenges as well, such as the necessity to notify users when their content is removed or even demoted in recommendation algorithms, which could be a pretty heavy lift for some companies to institute.

Are there other places thinking of implementing similar policies?

The United Kingdom is currently wrapping up debate on its online safety bill, which includes a similar package of rules for online platforms aimed at helping protect children for instance from dangers on the internet and other sorts of potential harm that could come from online platforms.

And the EU has traditionally seen itself as something of a bell weather for online regulation and indeed past rules like its big privacy law, the GDPR, have been copied in other parts of the world.

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