Good morning. The list of business executives and political figures who have gone missing in China keeps growing.

Top executives at a video-streaming platform and a pharmaceutical company were the latest to disappear, as an intensifying clampdown by Beijing on alleged corruption and malfeasance shakes business confidence in China, among local and foreign firms alike.

• Latest disappearances: Chen Shaojie, chief executive of livestreaming firm DouYu, has been unreachable since October, a person familiar with the matter said. The Nasdaq-listed company declined to comment on Chen’s status but said its “business operations remain normal.” Separately, Shenzhen-listed Shandong Wohua Pharmaceutical said that its chairman, Zhao Bingxian, has been detained and asked to cooperate with an investigation. Wohua said it wasn’t involved in the matter, and that authorities haven’t notified the firm or sought its assistance.
   
• Uneasy executives:  The string of disappearances and escalating clampdown by Beijing has sent a chill through China’s business community and contributed to an unusually sustained run of profit outflows from the country.
   
• Staying out of sight: “Right now, Chinese entrepreneurs are lying low or lying flat. Sentiments are weak,” said Fred Hu, founder and chief executive of Chinese private-equity firm Primavera Capital Group. “This sense of insecurity, in my observation, in the Chinese entrepreneur community, really I’ve never seen this since 1978.”

OneCoin’s compliance head pleads guilty in $4 billion crypto fraud case.

An executive who held the title of compliance head at purported cryptocurrency issuer OneCoin pleaded guilty Thursday to wire fraud and money-laundering charges, the U.S. Justice Department said.

Irina Dilkinska, a 42-year-old Bulgarian national, was the so-called “head of legal and compliance” for OneCoin. She pleaded guilty in Manhattan federal court to one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering for her role in what the prosecutors described as a $4 billion global multilevel-marketing scheme. She potentially faces a total of 10 years in prison on the two counts.

• Apple must pay up to $25 million under an agreement with the Justice Department to settle charges of hiring and recruitment discrimination.
   
• Celsius Network, the crypto platform that touted itself as safer than a bank, won court approval to end its bankruptcy case and release most of its remaining cryptocurrency back to hundreds of thousands of customers whose funds have been trapped since last year.

Swiss watchdog keeping an eye on UBS risks.

The risks of cyberattacks, information technology disruptions and fraud have significantly increased during the integration of UBS and Credit Suisse, Swiss financial regulator Finma said Thursday in an annual risk outlook report. The regulator also noted an overarching concern that a lack of a “holistic overall risk view” could mean that controls are inadequate.

“This first merger of two global systemically important banks poses multidimensional risks,” Finma said. “Finma will continue to supervise the merged bank intensively during the integration.”

U.S. and China to meet as shifting economic fortunes alter relationship.

As Treasury Secretary Janet Yellen meets Chinese Vice Premier He Lifeng this week, the two sides find themselves in an economic role reversal.

The U.S. economy, buoyed by consumer spending and generous government subsidies for certain industries, bounded forward this year, notching 4.9% growth in the third quarter and defying forecasts of a recession. China, meanwhile, is mired in a property slump that has weighed down its entire economy, raising questions among economists about whether Beijing’s growth engine is permanently downshifting. 

Tensions between the countries have eased in recent weeks, though the Biden administration’s restrictions on exports to and investments in China will loom over the talks.

• China Falls Back Into Deflation, Reviving Fears Over Weak Recovery
• China Is Making Too Much Stuff—and Other Countries Are Worried

• A Ukrainian push for a high-level summit aimed at bolstering international support for its fight against Russia is losing steam, a casualty of rising tensions in the Middle East. Israeli troops have advanced toward the heart of Gaza City.
   
• ICBC Financial Services, which helps clear trades of Treasury bonds, was targeted with ransomware—a rarity in cyberattacks against big banks.
   
• A boom in private credit has been moving a huge portion of corporate borrowing away from public view, taking it from the world of banks and the bond market and into the more opaque realm of private funds.

Goldman will succeed Jay Oberg, who is expected to retire in December of 2024 and has served as CRO of the regional bank since 2019.

Goldman, who will report directly to Chief Executive Curt Farmer, previously served in risk management roles at both Goldman Sachs and Citibank, most recently as head of operational risk for Citibank NA, the primary U.S. banking subsidiary of Citigroup.

• Bud Light’s partnership deal with UFC last month was a rare win for the beer brand this year, an annus horribilis dominated by a damaging consumer boycott over its collaboration with a transgender influencer.
   
• For Japan, inflation is good news. Higher energy and food costs triggered by the Ukraine war, coupled with Covid-era supply-chain snags, are bringing a surprise end to the long, bleak era.
   
• Democrats are growing more confident in their campaign message, but also more nervous about Biden. Centrist Democratic Sen. Joe Manchin said Thursday that he won’t run for another term in deep red West Virginia.
   
• The electric-car era needs a lot of really big trees. Demand for utility poles is high because of infrastructure spending and grid upgrades.
   
• A team of New York surgeons has performed the world’s first whole-eye transplant on a human.

Follow us on X 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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