Add on one more headache for Facebook: Now the Federal Trade Commission is looking into whether Facebook violated terms of a prior settlement regarding how it uses personal data, Bloomberg reports. The Washington Post reported over the weekend that the Cambridge Analytica scandal may have violated those settlement terms.

Why it matters: The revelations about how Cambridge Analytica used Facebook user data has thrown Facebook into chaos. An FTC probe adds fuel to the firestorm as lawmakers are already calling for Facebook executives to testify in front of Congress.

Update: An FTC spokeswoman said: “We are aware of the issues that have been raised but cannot comment on whether we are investigating. We take any allegations of violations of our consent decrees very seriously as we did in 2012 in a privacy case involving Google.”

Facebook Deputy Chief Privacy Officer Rob Sherman said, "We remain strongly committed to protecting people's information. We appreciate the opportunity to answer questions the FTC may have."

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Mergers and acquisitions make a comeback

Illustration: Sarah Grillo/Axios

A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.

Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).

U.S. Chamber of Commerce warns of racial inequality for small businesses

Illustration: Aïda Amer/Axios

Attitudes and beliefs about racial inequality are changing quickly as protests and media attention have helped highlight the gaps in opportunity between white- and minority-owned businesses in the United States.

Driving the news: A new survey from the U.S. Chamber of Commerce and MetLife provided early to Axios shows a 17-point increase in the number of small business owners who say minority-owned small businesses face more challenges than non-minority-owned ones.

BP's in the red, slashing its dividend and vowing a greener future

Photo: Ben Stansall/AFP via Getty Images

BP posted a $6.7 billion second-quarter loss and cut its dividend in half Tuesday while unveiling accelerated steps to transition its portfolio toward low-carbon sources.

Why it matters: The announcement adds new targets and details to its February vow to become a "net-zero" emissions company by mid-century.