Good morning. Google parent Alphabet has reached a tentative settlement with a coalition of states to resolve antitrust litigation accusing the company of operating a monopoly with its Google Play app store.

• Agreement in principle: Alphabet and the states, led by Utah, told a California federal judge on Tuesday that they have reached an agreement in principle to settle claims that Google has monopolized the distribution of apps on mobile devices that run the Google-owned Android operating system. The sides plan to provide a more comprehensive agreement to the court for approval in about 30 days, according to a court filing. Terms of the tentative deal weren’t disclosed. 
   
• History of the case: States filed suit against the tech giant in July 2021, alleging that Google’s app store practices were blocking competition through contracts, technical barriers and other means. 
   
• More to come: A number of state and federal officials have filed lawsuits against Google in recent years. The company is preparing for trial this month in an antitrust case from 38 state attorneys general and the Justice Department targeting its dominant search-engine business. The Justice Department filed a separate lawsuit against Google earlier this year, this time seeking to break up the company’s business as a broker of digital advertising. 

China bans iPhone use for government officials at work.

China ordered officials at central government agencies not to use Apple’s iPhones and other foreign-branded devices for work or bring them into the office, people familiar with the matter said.

Tension over technology. China’s restriction mirrors similar bans in the U.S. against Huawei Technologies as well as against officials using Chinese-owned TikTok, with both superpowers concerned about data leaks amid heightened emphasis on national security and deteriorating relations.

FASB adopts crypto accounting and disclosure rule for companies.

The Financial Accounting Standards Board voted to set a new rule on cryptocurrency accounting and disclosure, changes companies holding these assets have argued more accurately reflect their financial condition.

What this means. The FASB, which sets accounting standards for U.S. public and private companies and nonprofits, on Wednesday voted unanimously to adopt a new standard that would require businesses to use fair-value accounting for bitcoin and certain other crypto assets.

• Engineering and construction company Fluor agreed to pay $14.5 million to settle charges over accounting violations on two large-scale projects.
   
• The U.K.'s financial regulator issued findings from its assessment of sanctions systems at more than 90 firms. It urged businesses to ensure their sanctions-compliance programs are tailored, saying they have found that some global firms focused on compliance only with U.S. law.
   
• U.K. online gambling operator Intouch Games has lost its license after being fined $7.6 million earlier this year for alleged failures in its anti-money-laundering program and other issues. The U.K.'s Gambling Commission said the company, which operates a number of websites, surrendered its license Tuesday following a suspension imposed by the commission. 
   
• Several Binance executives have left in recent days, including leaders overseeing its Russian business and its connections to the traditional financial system, extending a period of rapid senior turnover at the cryptocurrency giant.

Wells Fargo is still in fix-it mode.

The Office of the Comptroller of the Currency, Wells Fargo’s primary regulator, in January raised the possibility of breaking up banks that can’t put adequate controls in place. It didn’t mention Wells Fargo specifically, but the bank was widely seen as a focus of the remarks.

For many inside Wells Fargo, it feels like a make-or-break moment.

Real-estate doom loop threatens America’s banks.

Bank OZK had two branches in rural Arkansas when CEO George Gleason bought it in 1979. The Little Rock lender today has billions of dollars in commercial real-estate loans, including for properties in Miami and Manhattan, where it is helping fund the construction of a 1,000-foot-tall office and luxury residential tower on Fifth Avenue.

Regional banks across the country followed a similar playbook, gorging on commercial real-estate loans and related investments in big cities over the past decade.

With the commercial real-estate market now in meltdown, those trillions of dollars in loans and investments are a looming threat for the banking industry—and potentially the broader economy.

• One corner of the global energy market is getting especially squeezed by Saudi Arabia and Russia’s oil-production cuts: diesel.
   
• The Pentagon intends to field a vast network of AI-powered technology, drones and autonomous systems within the next two years to counter threats from China and other adversaries.
   
• Lee became the fourth hurricane to form in the Atlantic Ocean this year and is expected to strengthen into a major hurricane in coming days.

• Special counsel David Weiss said Wednesday he would seek an indictment of Hunter Biden by Sept. 29, keeping the younger Biden’s legal problems in the spotlight as President Biden pursues his re-election campaign.
   
• Sidney Powell and Kenneth Chesebro, two defendants in the Georgia racketeering case against former President Donald Trump and others, will be tried together in October, a judge said Wednesday, adding that he doubted Trump would see his day in court so soon.
   
• Elon Musk tapped SpaceX, the rocket maker he oversees as chief executive, for a $1 billion loan around the time he was acquiring the social-media company formerly known as Twitter.
   
• The U.K. is set to re-enter the European Union’s flagship scientific research program, according to two people familiar with discussions, the biggest step by the U.K. to tighten ties with the bloc since Brexit.
   
• Some workers are celebrating their promotions by walking out the door.

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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