Good morning. The U.S. has blocked the import of goods made by Chinese laser printer maker Ninestar, majority owner of U.S.-based Lexmark International, over the company’s alleged use of forced labor tied to China’s Xinjiang region, reports Risk & Compliance Journal's Richard Vanderford.

• Why are they being blocked? Goods from Ninestar and eight Zhuhai, China-based subsidiaries will be restricted from entering the U.S. as of Monday because of the “companies’ participation in business practices that target members of persecuted groups” including Uyghurs, the U.S. Department of Homeland Security said.
   
• Significance of action. The Ninestar ban, announced Friday, shows government willingness to target a global company with substantial U.S. ties.
   
• Ninestar's U.S. connection: Ninestar, then called Apex Technology, in 2016 led a group of investors to buy Lexington, Ky.-based Lexmark International, a consumer printer brand that says it employs nearly 2,000 people in the U.S. Ninestar holds 62% of Lexmark but the company is managed stateside, according to a spokeswoman. The spokeswoman didn’t directly respond to a question about whether Lexmark sources printers from Ninestar.

U.S. puts companies on notice not to supply drone parts to Iran.

Companies should ensure they aren’t inadvertently supplying electronics or other parts that could be used by Iran to make drones, U.S. officials said Friday, after declassifying information showing that Iran has shipped drones to Russia.

Multiagency statement. Drones used by Russian forces in Ukraine have many third-country components, the U.S. Commerce, State, Justice and Treasury Departments said in a special advisory note. Russia has been using Iranian drones in recent weeks to strike Kyiv and other cities across Ukraine.

Russians are charged in crypto-theft in gack of Mt. Gox exchange.

Two Russian nationals were charged with stealing about 647,000 bitcoin in a hack of Mt. Gox, draining the now-defunct crypto exchange between 2011 and 2014 of digital currency that today would be valued at $17 billion.

Charges. Alexey Bilyuchenko and Aleksandr Verner were charged with conspiring to launder the bitcoin by transferring the money to shell companies and accounts held in other people’s names, the Justice Department said in announcing the case Friday.

• The Securities and Exchange Commission has taken on two of the biggest players in crypto in the past week, along the way laying out arguments for how exchanges and many digital tokens should be regulated. But there is a key part of the crypto market it still seemingly hasn’t addressed head-on: stablecoins.
   
• A cache of court documents, reviewed by The Wall Street Journal, shows how Chinese state-bank executive Dai Chunning collected millions of dollars in kickbacks in a case that sheds rare light on how corruption occurs within China’s financial industry.
   
• A bankruptcy judge rejected 3M’s use of chapter 11 to resolve the largest mass tort case in U.S. history, dismissing a “fatally premature” bankruptcy case filed by its military earplug manufacturing unit.
   
• A longtime friend of former Zappos Chief Executive Tony Hsieh is suing the entrepreneur’s family over ownership of the “Delivering Happiness” workplace-culture brand.
   
• Tech companies that led the way in embracing remote work early in the pandemic are increasingly leading their workers right back to the office—whether they like it or not.

How North Korea’s hacker army stole $3 billion in crypto, funding nuclear program.

Last year's hack of blockchain gaming company Sky Mavis was North Korea's biggest haul in five years of digital heists that have netted it than $3 billion, according to the blockchain analytics firm Chainalysis.

That money is being used to fund about 50% of North Korea’s ballistic missile program, U.S. officials say, which has been developed in tandem with its nuclear weapons.

Fueled by long credit binge, China’s economy faces drag from debt purge.

After years of heavy borrowing, many in China are focused on paying down their debts this year—and the result could be weaker growth for a long time to come. The world’s No. 2 economy binged for years on credit to finance everything from canyon-spanning bridges to new apartments.

Now China finds itself facing a protracted period of what economists call deleveraging—the painful process in which borrowers divert income to pay down debts instead of spending and investing.

• White House Says China Has Had Cuba Spy Base Since at Least 2019
• China’s Inflation Problem? It Has None

• As the U.S. seeks to contain China’s progress in artificial intelligence through sanctions, OpenAI CEO Sam Altman is choosing engagement.
   
• Bit by bit, American tech giants are shutting out users in Hong Kong. While none of the companies have given reasons, observers say they could be exposed to risk if the chatbots spew out content that violates a national-security law imposed by China nearly three years ago.
   
• The Biden administration plans to allow top semiconductor manufacturers from South Korea and Taiwan to maintain and expand their existing chip-making operations in China without U.S. reprisals, according to recent remarks by a senior Commerce Department official.
   
• German investigators are examining evidence that suggests a sabotage team used Poland, a European Union neighbor and NATO ally, as an operating base to blow up the Nord Stream pipelines built to transport Russian gas through the Baltic Sea.
   
• Ukraine’s summer offensive could decide whether the country succeeds in casting Russian forces out of some of the nearly 20% of Ukrainian territory they currently occupy. A successful offensive could encourage the U.S.-led West to continue to supply Kyiv with arms and money. A failure could intensify international calls to freeze the fighting and negotiate with Russian President Vladimir Putin.

• The case of U.S. v. Donald J. Trump will pit a Justice Department prosecution backed by meticulous detail against a defense expected to play down the significance of the criminal charges and point to the vast powers of the presidency.
   
• Companies and their largest investors are selling shares at a pace not seen in years as stock prices rebound.
   
• Francis deSouza resigned as Illumina’s chief executive after he lost support from some board members following his pursuit of a $7 billion deal that was rejected by antitrust regulators and triggered a proxy battle with Carl Icahn.
   
• Canada’s government on Saturday seized a giant Russian cargo plane that has been grounded in Toronto since February 2022 and plans to give the aircraft to Ukraine as compensation for Russia’s invasion.
   
• When employees leave a company—voluntarily or not—they often inspire their peers to leave, too.

Follow us on Twitter at @WSJRisk. Follow Risk & Compliance editor David Smagalla @DSmagalla_DJ and reporters Mengqi Sun @_MengqiSun, Dylan Tokar @dgtokar and Richard Vanderford @VanderfordRich.

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