Good morning. A subsidiary of telecommunications company Millicom used the proceeds of drug trafficking to pay off Guatemalan government officials in exchange for business advantages, the subsidiary, Tigo Guatemala, admitted in newly unsealed documents filed in a Miami federal court.

• Files unsealed: Risk Journal's Max Fillion digs deep into the defered prosecution agreement, which describes a $118 million deferred prosecution agreement a Millicom subsidiary, mobile phone business Tigo Guatemala, recently reached with prosecutors over charges of bribery that garnered the company some $58 million in profits.U.S. District Judge Jacqueline Becerra unsealed the document, in which Tigo Guatemala admitted to a statement of facts detailing the scheme, after Millicom announced the agreement on Monday.
   
• Bribes paid: The filing said Tigo Guatemala generated a portion of the cash it used to pay bribes by working with a banker who also laundered money for a drug trafficker. Tigo Guatemala admitted to prosecutors that the banker structured the laundering transactions so that some of the drug trafficker’s cash wound up in the hands of the company’s head of legal, Acisclo Valladares Urruela, who used it for bribe payments.
   
• Significance: The settlement marks the first deferred prosecution agreement the Justice Department has filed under the Foreign Corrupt Practices Act since the agency’s leadership directed prosecutors to give priority to foreign bribery cases with connections to transnational criminal groups.

Why every company suddenly wants to become a bank.

Last year, Ripple Chief Executive Brad Garlinghouse had a bone to pick with banks, saying they had shut him and his industry out. This year, his cryptocurrency company is asking the Trump administration for permission to start its own bank.

Who's asking? Ripple isn’t the only company that suddenly wants to be a bank. Under Trump, crypto firms and fintechs including Coinbase and Wise are looking to open banks and retailers such as Amazon and Walmart are eyeing expansions of banklike services. Trump-appointed regulators are welcoming their efforts, taking cues from a crypto-friendly administration that has said it wants to remove barriers to new payments systems.

Amazon and Microsoft back effort that would restrict Nvidia’s exports to China.

Amazon.com is joining Microsoft in supporting legislation that threatens to further limit Nvidia’s ability to export to China, a rare split between the chip designer and two of its biggest customers.

The moves by Microsoft and Amazon to work against a company they are deeply intertwined with highlights the fierce nature of the artificial-intelligence race. The companies are all jockeying for favorable policy to stay ahead of competitors. Nvidia is fighting for access to the lucrative Chinese market despite security concerns.

What they want. The legislation would require chip firms to satisfy U.S. demand before sending products to China and other countries subject to arms embargoes. It is one of the first efforts by Congress to address chip exports, which are vital for the data centers that train AI models.

• The U.S. Chamber of Commerce filed an emergency request with the U.S. Supreme Court on Friday asking it to shut down rules requiring companies to report their climate risk and greenhouse gas emissions in California, Clara Hudson reports for Risk Journal. 
   
• Luxury hotel upgrades. Lawyers billing 24 hours of work in a single day. Cellulite butter. Those are just a few of the costs that Charlie Javice has billed JPMorgan Chase for as part of $74 million in legal expenses she has incurred while defending herself on charges she defrauded the bank, said Michael Pittinger, a lawyer representing the bank during a court proceeding Friday.
   
• Businesses are poised to start reporting under the latest—and perhaps most consequential—extended producer responsibility rule in the U.S., Risk Journal reports. 
   
• BHP Group is liable for a deadly dam collapse in Brazil in 2015, London’s High Court ruled Friday, potentially exposing the mining company to billions of dollars in compensation claims.
   
• Germany’s SAP proposed changes to how clients can request support and pay for its business-management software, seeking to allay competition concerns from European Union officials weeks after they launched an investigation into the company.
   
• The Federal Aviation Administration said it would lift its flight restrictions related to the government shutdown, clearing the way for normal operations to resume at U.S. airports after weeks of delays and cancellations.
   
• Adriana Kugler, a former Federal Reserve governor, reported numerous stock sales and purchases on her annual financial disclosure forms that violated central bank policies and prompted the Fed to refer the matter to its inspector general this year.

Dragonfly's annual geopolitical assessment explores the key trends and risks businesses should expect to face in 2026, including major flashpoints for armed conflict, the outlook for rivalry and competition among the great world powers, and the effect elections could have on regional and global security alliances.

To attend the Nov. 27 event at the News Building in London, click here.

Trump implements major rollback of food tariffs.

President Trump on Friday moved to lower tariffs on beef, coffee and dozens of agricultural and food goods, marking a significant rollback of his so-called reciprocal levies as he looks for ways to address Americans’ concerns about the cost of living.

Trump issued an executive order modifying the reciprocal tariffs he imposed on virtually every trading partner in August, exempting more than a hundred common food items including fruits, nuts and spices. The move continues a shift away from Trump’s maximalist tariff policy.

• U.S. to Cut Tariffs on Bananas, Coffee and Other Goods From Four Countries
• South Korea to Expand Support for Tariff-Hit Auto Industry
• The Gold Bar Diplomacy That Won Switzerland a Trade Deal With Trump

U.S. boat strikes are straining the counterdrug alliance.

France denounced the U.S. military strikes on alleged drug boats as a violation of international law. Canada and the Netherlands have stressed they aren’t involved. Colombia has vowed to cut off intelligence cooperation with Washington. Mexico summoned the U.S. ambassador to complain.

Two months into the Trump administration’s military campaign against low-level smugglers in the Caribbean and eastern Pacific, the coalition of partners that has long underpinned U.S. antidrug operations in the region is fraying.

• Secret U.S. Memo Authorizing Drug-Boat Strikes Cites Chemical Weapon Threat
• Trump Says U.S. May Hold Talks With Venezuela’s Maduro

• Tesla is now requiring its suppliers to exclude China-made components in the manufacturing of its cars in the U.S., a fresh example of the fallout from deepening geopolitical tensions between the U.S. and China.
   
• Europe is trying to get itself on the global rare-earths map, and a new facility on Russia’s border is its opening bid.
   
• The new nuclear race has begun. But unlike during the Cold War, the U.S. must prepare for two peer rivals rather than one—at a time when it has lost its clear industrial and economic edge.
   
• Iran seized a Cyprus-registered fuel tanker Friday, its first such interdiction in the Strait of Hormuz in more than a year.
   
• Signs of weakness in China’s economy stretched into October, with one measure of investment notching the sharpest slowdown in years.
   
• In a sharp escalation of their diplomatic spat, China’s Ministry of Foreign Affairs on Friday urged its citizens to avoid travel to Japan and asked those residing in the country to be extra vigilant, saying Japanese Prime Minister Sanae Takaichi's comments threaten their safety.
   
• The Japanese economy contracted for the first time in six quarters, further complicating the timeline of the central bank’s next interest-rate hike.
   
• Employers are changing layoff tactics with an aim of minimizing ugly public scenes.

Range Rover owner counts cost of crippling cyberattack.

A cyberattack that halted Range Rover production for more than a month cost the SUV brand’s owner big time.

Impact. Jaguar Land Rover said Friday it swung to a quarterly loss of almost $750 million after stopping its assembly lines in September to manage a debilitating hack. In the same period last year JLR made roughly $375 million in profit. The reversal re