Good morning. Royal Philips, a Dutch medical supply company, has agreed to pay $62 million to resolve claims by regulators that it violated a U.S. antibribery law by improperly manipulating Chinese procurement processes and influencing public officials at Chinese state-run hospitals. Philips agreed to settle its claims without admitting to or denying findings from the U.S. Securities and Exchange Commission.

• Wrapping up: Separate SEC inquiries into similar allegations in Brazil and Bulgaria, as well as a parallel investigation by the Justice Department, have also ended, the company said.
   
• Repeat performance: In 2013, the company paid $4.5 million to resolve alleged FCPA violations at its operations in Poland.
   
• Deep discounts: Philips was looking to increase its diagnostic imaging business, and its subsidiaries used special pricing discounts to achieve that goal. The price discounts could have been used by distributors to fund bribes to Chinese government employees, the SEC said.

U.S. trains Ukrainian law enforcement to pursue Russian crypto assets.

The U.S. is training Ukrainian law enforcement on cryptocurrency investigations in a bid to target the financial networks used by sanctioned Russian oligarchs.

Ukrainian investigators are getting advanced, in-person training on cryptocurrency investigations in Frankfurt from Thursday through next week, the Internal Revenue Service’s criminal-investigation division said. The division, an investigatory arm of the U.S. federal agency most often associated with tax collection, has been an enthusiastic participant in probes of the possible violation of sanctions imposed on Russia.

Supreme Court puts new limits on fraud prosecutions.

The Supreme Court placed new limits on white-collar fraud prosecutions, handing down a pair of decisions that criticized legal theories frequently used by the Justice Department.

In one case, the court curtailed the Justice Department’s use of the “honest-services fraud statute,” limiting how it can be used against private citizens.

Another hinged on the “right-to-control” theory of fraud, which treats depriving someone of complete and accurate information bearing on an economic decision as a type of property fraud. The high court said that theory isn’t a valid basis for liability under the federal wire-fraud statute.

• The Biden administration proposed new rules Thursday to drastically reduce greenhouse gases from coal- and gas-fired power plants—measures that will cost billions of dollars but that officials say will curb emissions that are warming the atmosphere and harming human health.
   
• The Supreme Court on Thursday upheld a California law setting animal-welfare standards for pork sold within the state, rejecting a bid by out-of-state industry to limit the state’s regulatory power over its own marketplace.
   
• China's authorities have targeted the country's biggest “expert-network” consulting firm, threatening not just that company but a whole supply chain of information that overseas investors, Chinese banks and foreign businesses have come to depend on.
   
• A Russian court fined Google for refusing to take down material it described as promoting same-sex relationships and discrediting the country’s armed forces, a fresh escalation in a growing confrontation with the search giant as Russian President Vladimir Putin attempts to cast himself as defender of what he calls traditional values.

U.S., China senior officials meet in tentative effort to restart ties.

National security adviser Jake Sullivan held previously unannounced talks with his Chinese counterpart in Vienna, as Washington and Beijing try to reset high-level contacts and keep relations from further spiraling downward.

Topics discussed, according to official accounts, included the war in Ukraine and Taiwan—issues at the center of tensions for both governments.

White House debt-ceiling meeting postponed.

A highly anticipated meeting scheduled for Friday between President Biden and congressional leaders to chart a path forward on lifting the debt ceiling was postponed until next week, officials said.

The delay will give White House and congressional staff more time to make progress in their closed-door spending talks, the officials said.

• Shares of PacWest Bancorp fell 23% Thursday, dragging down other midsize banks, after PacWest disclosed another round of deposit flight.
   
• Israeli airstrikes killed two senior Islamic Jihad commanders in Gaza and Palestinian militants fired more rockets at Israel, killing an Israeli civilian on Thursday, as fighting between Israel and the U.S.-designated terrorist group persisted for a third day.
   
• A top Federal Reserve official said that the U.S. central bank shouldn’t put a special focus on climate-change risks in a way that could distract it from other destabilizing forces in the economy.
   
• ‘War Is fun.’ Navy SEAL Daniel Swift was in his element waging America’s war on terror from Afghanistan to Yemen. After his marriage failed back home, he found a new purpose: killing Russians.
   
• South Africa supplied weapons and ammunition to Russia with the help of a Russian cargo ship that surreptitiously docked at the country’s largest naval base in December, the U.S. ambassador to South Africa said in a briefing with local journalists. The comments are bound to further complicate the relationship between the U.S. and South Africa.

• Airfares will remain high. But travelers, take heart: Prices are about the same as they were 10 years ago.
   
• It’s no longer easy to raise money for large private-equity funds. Some blue-chip buyout firms are struggling to meet lofty fundraising goals.
   
• That new cybersecurity vendor also is feeling the pinch of uncertain economic conditions.
   
• Laid-off software developers, data scientists and engineers, are being lured by startups. Perks include permanent remote- or hybrid-work, equity stakes and a chance to build something from ground up.

• NBCUniversal’s head of advertising, Linda Yaccarino, is in talks to become the new CEO of Twitter, according to people familiar with the situation.
   
• A massive surge of migrants sought to cross from Mexico into the U.S. on Thursday, straining resources and patience on both sides of the border as the pandemic-era measure known as Title 42 ended at midnight.
   
• Peloton Interactive is recalling 2.2 million exercise bikes due to faulty seat posts that could break and may cause injuries, the company said Thursday.
   
• Big law firms, known for their grueling hours and workloads, are experimenting with artificial intelligence tools that can handle the drudgery typically delegated to entry-level lawyers and simplify complex work that bogs down even top firm leaders.
   
• Workers are happier than they’ve been in decades.

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