Good morning. Disgraced cryptocurrency tycoon Do Kwon pleaded guilty to two criminal counts of fraud on Tuesday in connection with the $40 billion crash of his TerraUSD and Luna coins in 2022.

• The plea: In exchange for Kwon’s plea, federal prosecutors agreed to not seek a prison sentence of more than 12 years, and dropped seven other counts against him. Kwon’s sentencing hearing is scheduled for Dec. 11. On Tuesday, Judge Paul A. Engelmayer reiterated that the crypto entrepreneur and founder of crypto firm Terraform Labs still faces as many as 25 years of prison.
   
• The case: Tuesday’s guilty plea capped off the downfall of a brash entrepreneur who was among the biggest cheerleaders of digital currencies during the 2021-22 bull market. Born in South Korea and educated at Stanford University, Kwon hyped TerraUSD, a stablecoin, as the future of money and derided his critics in social-media posts—until it all came crashing down and he went into hiding in the Balkans.
   
• How many lost out? Federal prosecutors have said that the number of victims of Kwon’s actions may top one million worldwide.

U.S. files bribery charges against Mexican with alleged cartel ties.

The Justice Department has charged two Mexican businessmen with bribing officials at Mexican state-owned oil company Pemex, reports Risk Journal’s Max Fillion, marking the first foreign bribery case of the second Trump administration.

The details: In an indictment unsealed Monday, the agency accused Mario Avila and Alexandro Rovirosa of paying or offering to pay bribes totaling $150,000 in value to three officials at Petróleos Mexicanos and one of its subsidiaries in exchange for at least $2.5 million worth of contracts. Prosecutors said Rovirosa has ties to Mexican cartel members, which the Trump administration has directed the Justice Department to target.

Musk takes fight with OpenAI to Apple over its app store.

Elon Musk said Apple is behaving anticompetitively by promoting OpenAI’s ChatGPT while suppressing his Grok AI chatbot in the App Store, renewing his criticism of the iPhone maker’s partnership with OpenAI.

Musk called Apple’s App Store rankings an “unequivocal antitrust violation” in a post on his social-media platform X on Monday night and threatened “immediate legal action.”

Background: Musk’s posts are the latest related to his long-running dispute with OpenAI and Chief Executive Sam Altman.

• General Electric and United Nuclear have agreed to a U.S. consent decree requiring an estimated $63 million cleanup of uranium mine waste at sites in New Mexico and the Navajo Nation.
   
• Match Group will pay $14 million to the Federal Trade Commission to resolve a 2019 complaint involving deceptive practices.
   
• Harvard University is nearing a $500 million settlement with the Trump administration, in what would be the largest payout the White House has won so far in its campaign to punish universities that it says failed to stop antisemitism on campus.
   
• Mexico said it expelled a group of imprisoned cartel members wanted by the U.S. in the midst of rising pressure from the Trump administration to dismantle the country’s powerful drug organizations.
   
• China Evergrande Group, one of the world’s most indebted property developers, will be delisted from the Hong Kong Exchange later this month as it has failed to meet the regulators’ listing norms.

Nvidia CEO buys his way out of the trade battle.

Jensen Huang, chief executive of California-based chip designer Nvidia, worked for months behind the scenes in Washington and Beijing to protect tens of billions of dollars in future sales from the heated U.S.-China trade rivalry.

What he told Trump: Huang told President Trump that restrictions on U.S. chip sales to China would backfire by pushing Chinese technology champions to achieve self-reliance. He advised the president to keep China hooked on American tech. As a sweetener, Huang said the company would invest as much $500 billion in the U.S.

What won? Huang’s argument, along with the half-trillion-dollar offer from the world’s most valuable company, appeared to seal the deal.

Trump calls on Goldman to replace economist over tariff stance.

President Trump on Tuesday appeared to call for Goldman Sachs Chief Executive David Solomon to replace the bank’s top economist over his past predictions, in his latest broadside against executives he believes are undermining his goals.

Who is this economist? Trump appears to be referring to Jan Hatzius, the bank’s longtime chief economist, though he didn’t call him out by name or title. Hatzius is well-known on Wall Street for forecasting in 2008 that mortgage defaults could lead to a severe recession.

• Expectations in Russia are running high ahead of Friday’s planned summit between Russian leader Vladimir Putin and President Trump.
   
• Inflation held steady in July even as President Trump’s tariff increases left their mark on some consumer prices, keeping a Federal Reserve rate cut in play for next month.
   
• President Donald Trump has extended the trade truce with China through Nov. 9.
   
• A $16 billion merger of two state-controlled shipbuilders in China is set for completion this week, creating the world’s biggest shipbuilder while the U.S. searches for a path back into the business.
   
• The trade conflict between China and Canada escalated after Chinese authorities said they intend to impose a hefty tariff of about 76% on shipments of canola, a move Canadian farmers say would shut them out from the world’s second-largest economy.
   
• The U.K.’s jobs market continued to cool in the second quarter as businesses grappled with an increase in employment taxes, uncertainty about the outlook for trade, and cautious consumers.
   
• Global oil markets are poised for a larger surplus than previously expected this year, with supply set to grow more than three times faster than demand, the International Energy Agency said in its closely watched monthly report.
   
• The Organization of the Petroleum Exporting Countries raised its oil-demand forecast for next year after agreeing to another bumper production hike in a push for market share.

• The Trump administration is considering changes to how the federal government collects and reports jobs data, according to White House officials, following President Trump’s decision to fire the Bureau of Labor Statistics commissioner earlier this month in the aftermath of weak employment numbers.
   
• The State Department released a long-delayed human rights report highlighting the Trump administration’s foreign policy priorities, escalating criticism of U.S. allies in Europe for perceived restrictions on freedom of expression while cutting sections on LGBTQ rights and government corruption.
   
• Artificial intelligence has taken over so much of the job search that employers are resorting to a retro move: the in-person job interview.
   
• A cage fight at the White House? It sounds like a columnist’s crazy fever dream, but the president’s already suggested it—and his pal Dana White said it’s very real.

Follow us on X at @WSJRisk. Send tips to our reporters Max Fillion at max.fillion@dowjones.com, Mengqi Sun at mengqi.sun@wsj.com and Richard Vanderford at richard.vanderford@wsj.com.

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