Good morning. A court in Malaysia found former Prime Minister Najib Razak guilty of money laundering, abuse of power and criminal breach of trust in connection with a multibillion-dollar financial scandal that drove him from office in the country’s 2018 elections.

Tuesday’s verdict is the first in a string of cases against Mr. Najib over allegations he received hundreds of millions of dollars from a state investment fund called 1Malaysia Development Bhd., or 1MDB, which he launched in 2009. Mr. Najib pleaded not guilty and has denied wrongdoing.

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U.S. investigators say more than $4.5 billion was stolen between 2009 and 2014 and laundered through a variety of bank accounts. In some cases, they say, the money financed Hollywood films and a luxury yacht, in addition to real estate, jewelry and artworks.

The court’s decision Tuesday revolved around allegations that 42 million Malaysian ringgit, or around $10 million, was transferred from a former 1MDB unit called SRC International Sdn Bhd. into Mr. Najib’s personal bank accounts. Mr. Najib, who was present in court for the proceedings, was found guilty of all seven charges against him, each carrying a maximum prison sentence of 15 to 20 years.

Sculptor Capital Management agreed to pay $136 million to a group of former investors in a Congolese mine who were found by a court to be victims of a decade-old bribery scheme involving the hedge fund.

The proposed settlement would resolve a claim that has hung over Sculptor, which was previously called Och-Ziff Capital Management, since shortly after it agreed to settle U.S. criminal charges related to the bribery scheme in 2016. The claim has prevented the hedge fund from finalizing part of that agreement.

Bribery victims can be difficult to identify, and they rarely come forward to ask for restitution in cases such as the one involving Sculptor. The $136 million settlement is believed to be the first time a company has compensated victims of bribery under the U.S. Foreign Corrupt Practices Act, according to FCPA lawyers.

Collapsed payments processor Wirecard miscoded gambling transactions and had high levels of stolen card purchases and reversed transactions, leading to big fines from card networks Visa and Mastercard, according to people familiar with the matter.

Visa and Mastercard each imposed fines exceeding $10 million more than a decade ago, and the networks remained wary of Wirecard’s business. Since at least 2015, Visa executives were concerned that Wirecard was a problem, according to some of the people familiar with the matter. Visa asked Wirecard to cut off certain merchants and said too much of its business originated from risky areas such as gambling, pornography and unregulated health-care products known as nutraceuticals, those people said.

Under Armour said the Securities and Exchange Commission sent Wells notices to the company, Mr. Plank and finance chief David Bergman. The notices relate to the company’s disclosures around its accounting in 2015 and 2016 and “pull forward” sales during those periods.

The Wall Street Journal reported in November that the SEC and Justice Department were investigating Under Armour’s accounting practices to determine whether the company shifted sales from quarter to quarter to appear healthier, according to people familiar with the matter.

• Under Armour Deals With SEC's ‘Declaration of War’

• The Trump administration moved forward with plans to regulate content on social-media platforms Monday, asking federal regulators to start overseeing how these platforms treat user-generated content. In a petition to the Federal Communications Commission, the Commerce Department called for a reinterpretation of key elements of a provision that has given online companies broad immunity from legal liability for their users’ actions, and wide latitude to police content on their sites.
   
• President Trump renewed his efforts Monday to block a subpoena for his tax returns by the Manhattan district attorney, describing the request as “patently overbroad” and amounting to “harassment of the President.”
   
• Neiman Marcus Group’s creditors say the retailer inflated its own value by billions of dollars before its 2018 spinoff of fast-growing e-commerce businesses MyTheresa so it could carry out what they say was an improper transaction. 
   
• The European Central Bank said lenders should refrain from paying dividends and buying back shares until next year, suggesting several would face a capital shortfall if the eurozone economy deteriorated further.
   
• Turnaround executive Lynn Tilton is suing troubled small businesses she once ran, after stepping away from leading them as the Covid-19 pandemic tore through the economy.

• A ransomware attack against a vendor of SEI Investments Co. detected in May exposed the personal information of investors in roughly 100 of the fund administrator’s clients, according to people familiar with the matter. Angelo Gordon, Graham Capital Management, Fortress Investment Group, Centerbridge Partners and Pimco were among the funds whose investors were impacted by the attack, the people said.
   
• Criminal defendants in Virginia and San Francisco are disputing “geofence” warrants, which authorities can use to scan geographic areas and time periods for suspects through user location histories stored by technology companies. As these motions await arguments and potential decisions as soon as August, New York lawmakers are pushing legislation to ban the practice.
   
• Garmin, the maker of navigation systems for cars, boats and planes, said it was the target of a cyberattack that made its software unavailable for several days. The company, which also makes smartwatches and fitness trackers, said Monday there was no indication that any customer data was accessed or stolen. It said systems are being restored and should be back to normal over the next few days.

Federal Reserve officials meet today and Wednesday facing growing doubts about the prospect for a sustained economic rebound due to the nation’s uneven public-health response to the coronavirus. Officials have warned this month in speeches and interviews that the economy faces a deeper downturn and more difficult recovery if the country doesn’t take more effective action to slow the spread of infection.

U.S. coronavirus cases rose by 55,000, the slowest daily pace since July 7, as some states continued to struggle with a rising number of infections, hospitalizations and deaths.

Meanwhile, Senate Republicans rolled out a roughly $1 trillion coronavirus relief bill proposal Monday, launching a mad dash to reach a deal with Democrats on expiring unemployment payments and other aid disputes in the parties’ rival plans.

Also Monday, two of the most advanced experimental coronavirus vaccines entered the pivotal phase of their studies, with the first subjects receiving doses of vaccines developed by Moderna and Pfizer.

Google will keep its employees home until at least next July, making the search-engine giant the first major U.S. corporation to formalize such an extended timetable in the face of the coronavirus pandemic.

The move adds pressure to other technology giants that have slated staff to return as soon as January. Businesses from factories to salons and restaurants are grappling with if and when to reopen amid a stubborn rise in Covid-19 cases around the country. Though some offices have added plexiglass barriers and other social-distancing protections, the risk of outbreaks among workers remains.

In New York, fewer than one-tenth of Manhattan office workers are back to the workplace, a full month after the city gave businesses the green light to reoccupy buildings vacated in March.

• All This Working From Home Isn’t Cheap

• General Mills is relying more than ever on third-party manufacturers to meet heightened demand for its products, though asking others comes at a significant cost to the maker of cereal and soups.
   
• Toys from Barbie dolls to board games are flying off the shelves, literally and virtually, as parents look for ways to entertain their children during the coronavirus pandemic. But retailers haven’t rushed to restock their inventory, causing financial pain at toy makers.
   
• Five days after Major League Baseball began its attempt to stage a season amid the coronavirus pandemic, its plan was thrown into turmoil following an outbreak of positive tests on the Miami Marlins.

Nike said it is replacing its chief diversity officer, adding a Black woman to its leadership team at a time that the sneaker giant and other brands are promising to improve diversity and speaking out on social issues.

Kellie Leonard, the company’s chief diversity and inclusion officer, is leaving to pursue other interests, according to a Nike spokesman. Nike said Felicia Mayo, a former diversity chief at Tesla who joined Nike last year, will lead a newly formed team as chief talent, diversity and culture officer.

• The West’s fight with China about 5G network equipment has handed an opportunity to South Korea’s Samsung Electronics. The U.S. and U.K. have barred from their 5G networks China’s Huawei Technologies, the industry’s largest player. Other European countries are weighing whether to follow suit. The geopolitical squabbling gives Samsung, the industry’s No. 4 player, a major chance to muscle into a telecom-equipment market it considers a pillar for future growth.
   
• Americans’ thirst for cheap milk—and grocers’ rush to provide it—are remaking the centuries-old dairy industry. Major grocery retailers, including Kroger, Walmart and Albertsons, have built their own milk-bottling plants. The move into the bottling business is threatening some of the biggest operators in the $40 billion U.S. milk industry, the purveyors of national brands.