Good morning. Foreign bribery prosecutors are going to have an easier time bringing cases than many had predicted they would when Attorney General Pam Bondi took office, Max Fillion reports for Dow Jones Risk Journal. 

Background: On Feb. 5, her first day, Bondi issued a memo telling the agency’s prosecutors in the Foreign Corrupt Practices Act unit that they should target foreign bribery that supports criminal organizations, and shift focus away from all other cases. Five days later, President Trump paused FCPA enforcement, saying the law hindered American companies’ ability to compete abroad. 

What this means: The one-two punch led to rampant speculation over how many foreign bribery cases—which generated reliable, lucrative work for compliance professionals—the Justice Department would bring over the next four years.

Revision changes things: But fears of a dormant U.S. foreign bribery enforcement program went out the door last week. Deputy Attorney General Todd Blanche put out a memo telling prosecutors to chase cases in which companies got tied up with foreign officials and money launderers who were erstwhile involved with criminal organizations. 

More on Blanche’s memo: He also told them to search for instances in which American companies lost out on business because of bribery by their competitors, or bribery in sectors crucial to national security such as defense, technology or critical infrastructure.

What the update means: Those types of cases, say former prosecutors who spoke with Risk Journal, won’t be difficult to find.

Obscure Chinese stock scams dupe American investors by the thousands.

Braden Lindstrom had only dabbled in investing when he was encouraged by someone impersonating a financial adviser to buy shares in a small Chinese company listed on the Nasdaq Stock Market. A few clicks later, he was on his way to being scammed out of $80,000.

Lindstrom, a college professor in Utah, invested in Jayud Global Logistics, a small Chinese shipping company whose price rose for months, then crashed 96%, just after Americans like him were told to buy it. Wall Street veterans say the pattern has been repeated dozens of times in recent years, and feeds on tiny Chinese stocks that are vulnerable to manipulation and easily bought by U.S. investors.

The Justice Department is now involved with fighting the fraud, which resembles a pump and dump, declaring it a priority of the Trump administration’s white-collar enforcement program.

Attorneys general sign $7.4 billion Purdue Pharma opioid settlement.

All 55 attorneys general signed onto a $7.4 billion settlement with Purdue Pharma and the Sackler family for their role in the opioid crisis.

The deal ends the Sacklers’ control of Purdue, bars them from selling opioids in the U.S. and delivers funding across the country to support opioid-addiction treatment and prevention.

• JPMorgan Chase is accusing a financial advisor who oversaw $800 million at the bank of violating non-solicitation agreements after he departed to join rival Morgan Stanley, according to Barron’s
   
• For more than six years, a regulatory impasse has prevented Swiss financial institutions from registering as investment advisors in the United States. That changed on June 10, when the U.S. Securities and Exchange Commission announced that it would resume processing registration applications following the resolution of a longstanding dispute with Swiss banking authorities.
   
• The cost of compensating men who were sexually abused in the Boy Scouts of America has reached over $7 billion, double the amount forecast in the youth group’s bankruptcy plan.

Companies warned on Iranian cyberattacks.

The escalating conflict between Iran and Israel has cyber experts concerned that cyberattacks could spill over into places conventional weapons never would.

Experts say they have seen little evidence of significant Iranian activity thus far, with the regime more focused on the physical conflict than the digital battlefield. However, information sharing and analysis centers for the U.S. food and agriculture and technology sectors—nonprofits that distribute threat information to companies—warned their members on Friday to take extra precautions.

OpenAI and Microsoft tensions are reaching a boiling point.

Tensions between OpenAI and Microsoft over the future of their famed AI partnership are flaring up. OpenAI wants to loosen Microsoft’s grip on its AI products and computing resources, and secure the tech giant’s blessing for its conversion into a for-profit company. Microsoft’s approval of the conversion is key to OpenAI’s ability to raise more money and go public.

But the negotiations have been so difficult that in recent weeks, OpenAI’s executives have discussed what they view as a nuclear option: accusing Microsoft of anticompetitive behavior during their partnership, people familiar with the matter said.

• World leaders are using this week’s Group of Seven summit in Canada to talk trade with President Trump, seeking to ease tensions over tariffs.
   
• With Iran’s air defenses shredded, allies sidelined and its arsenal of missiles dwindling, the country’s theocratic leaders face the prospect of having to submit to a tougher negotiation on their nuclear program as their only way out of a worsening situation.
   
• China’s factories felt the pinch from tariffs last month despite a trade truce with Washington, while real estate woes weighed on investment, adding to pressure on Beijing to take bolder steps to shore up growth.
   
• Russia’s mass production of attack drones is raining fear across Ukrainian cities.
   
• When the Trump Organization said it would launch a mobile-phone service, it also said it would sell a $499 T1 Phone beginning in August with some specs that beat the current top iPhone. A press release said the gold Android phone would be “proudly designed and built in the United States.” The question is: how?
   
• Taiwan Semiconductor Manufacturing is caught in the middle of U.S.-China tensions. Progress on U.S.-made chips looks set to boost the chip manufacturer despite further restrictions on its Chinese business.
   
• Oil prices were volatile in Asian trading Tuesday, as markets weighed the odds of a resolution to the Israel-Iran conflict against the prospects of escalation.
   
• The Organization of the Petroleum Exporting Countries trimmed next year’s forecast for supply growth from the U.S. and other rivals while keeping its oil demand expectations unchanged as it continues to ramp up production.
   
• The global oil market is expected to remain well supplied through the end of the decade, the International Energy Agency said, though rising geopolitical risks in the Middle East and unresolved trade tensions risk casting a shadow over the outlook.
   
• The Bank of Japan on Tuesday left its policy settings unchanged amid ongoing trade uncertainty and announced that it would slow the pace of its bond-buying reduction after April 2026.

• Israel struck buildings belonging to an Iranian state-owned media company in Tehran during what appeared to be a live broadcast, after the Israeli military said residents and workers in that part of the capital should leave.
   
• President Trump left the Group of Seven summit in Canada a day early without new trade deals, after signing onto a joint statement that calls for peace and stability in the Middle East.
   
• Senate Republicans detailed major revisions of the House’s giant tax-and-spending bill, offering more permanent business tax breaks, deeper cuts to Medicaid, slower phaseouts for clean-energy tax credits and a much lower cap on the state and local tax deduction.
   
• Federal authorities said the man accused of shooting two state Democratic lawmakers in Minnesota had visited two other elected officials’ homes that night as part of what they described as a chilling, carefully planned campaign of political violence.
   
• President Trump’s aggressive deportation push has slammed into an economic reality: Key industries in the U.S. rely heavily on workers living in the U.S. illegally, many of them for decades.

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