Good morning. Former Goldman Sachs Group Inc. banker Roger Ng was sentenced Thursday to 10 years in prison for helping to loot billions of dollars from a Malaysian sovereign-wealth fund in a global financial scandal that tarnished the Wall Street bank.

• Bribes and kickbacks: The 51-year-old Malaysian national was convicted last year in a New York federal court in Brooklyn of conspiring with a well-connected financier and a former Goldman partner to pay off officials to win lucrative business deals with 1Malaysia Development Bhd., a state-controlled economic-development company known as 1MDB.
   
• Shot down: Marc Agnifilo, a lawyer for Mr. Ng, asked the judge to sentence him to time served to allow him to reunite with his family in his home country.
   
• 'Pure greed': U.S. District Judge Margo Brodie said in handing down the sentence that the 1MDB scandal was one of the biggest financial crimes in history. “There is a critical need to deter crimes of pure greed like this one,” she said.

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Twitter and Elon Musk face legal risks in FTC probe.

New details about the Federal Trade Commission’s probe into Twitter Inc. point to the significant and potentially costly legal risks the company faces as Elon Musk tries to get the company on the road to long-term profitability.

Most private companies can make decisions about layoffs, feature changes and sharing information with journalists without having to explain those decisions to the federal government, as long as they stay within the law. But Twitter is different.

• Webull Financial has agreed to pay about $3 million in fines over allegations the online brokerage failed to put in place adequate checks for onboarding customers to its options trading platform, Risk & Compliance Journal's Mengqi Sun reports.
   
• A New York federal jury found a former 21st Century Fox executive guilty of bribing FIFA officials for the broadcasting rights to lucrative soccer matches, but acquitted his former subordinate on the same charges.
   
• Regulators are scrutinizing whether companies are manipulating financial results to meet Wall Street targets, as a profit-squeeze amps up pressure on executives to “make the numbers.”
   
• New York Attorney General Letitia James on Thursday alleged that ether is a security, creating fresh confusion about whether one of the world’s most valuable digital assets trades illegally in the U.S. 
   
• The Federal Reserve’s top banking regulator spotlighted stablecoins as a priority in Washington’s efforts to rein in crypto.
   
• Rogue trader? This time it’s a rogue salesperson.

Xi Jinping takes third term as president with eye on U.S.

Chinese leader Xi Jinping secured an unprecedented third term as his country’s head of state, completing a transition into the second decade of his rule as he seeks to reassert himself as a global statesman and navigate an increasingly fractious rivalry with the U.S.

People familiar with Mr. Xi’s thinking say that the leader has expressed a growing sense of pessimism about relations between China and the U.S. He believes that talk in Washington of a potential conflict between the two superpowers may ultimately prove to be a “self-fulfilling prophecy.”

Meanwhile, China’s inflation rate has slowed, casting doubt on the country's recovery.

• Stocks fell Thursday after jobless claims showed that the labor market is still strong, complicating the picture for the Federal Reserve’s rates path.
   
• Some Americans are claiming Social Security years before full retirement age out of fear their benefits will be cut once the program runs short on cash.
   
• North Korea fired a short-range ballistic missile on Thursday, as the U.S. and South Korea prepare to hold large-scale military exercises.
   
• The U.S. and European Union are moving forward with crafting a trade agreement focused on critical minerals, with President Biden and European Commission President Ursula von der Leyen expected to discuss on Friday the plan to reduce their dependence on China.
   
• Saudi Arabia is asking the U.S. to provide security guarantees and help to develop its civilian nuclear program as Washington tries to broker diplomatic relations between the kingdom and Israel, people involved in discussions between the two countries said.

• The European Union is relaxing rules on government tax breaks and other benefits for clean-tech companies, part of an effort to prevent businesses being lured to the U.S.
   
• Elon Musk is planning to build his own town on part of thousands of acres of newly purchased pasture and farmland outside the Texas capital.
   
• New brand-name medicines are coming to market with ever-higher price tags on day one.
   
• Should you trust a bot to plan your next vacation?