PRESS DIGEST- Wall Street Journal - May 27

May 27 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.

- Starting May 28, Southwest Airlines LUV.N will charge $35 for the first checked bag and $45 for the second, ending its long-standing “bags fly free” policy, while also launching basic-economy fares with fewer perks and no flight changes allowed.

- Volvo Car VOLCARb.ST will cut around 3,000 jobs—mainly office staff and consultants in Sweden—as part of a cost-saving plan to improve efficiency amid a tough global auto market, expecting up to 1.5 billion kronor in restructuring costs.

- EU regulators say Shein is violating consumer protection laws with misleading discounts, deceptive labels, and hard-to-reach customer service, warning the company to comply by late June or face potential fines based on its EU revenue.

- President Trump threatened to redirect $3 billion in federal grants from Harvard to U.S. trade schools, escalating his administration’s campaign against the university over alleged antisemitism and "woke" ideology, though the move would likely face legal challenges.

- SpaceX is accelerating development of its Starship rocket—despite recent test failures—with the ambitious goal of launching an uncrewed Mars mission by next year.

- President Trump is considering new sanctions on Russia as frustration grows over Putin’s continued attacks on Ukraine and stalled peace talks, signaling a shift in Trump’s stance as he questions Putin’s intentions and weighs abandoning negotiations altogether.