US-Israeli strikes on Iran have plunged the Middle East into chaos, causing oil shipment disruptions in the Persian Gulf, a surge in insurance costs for ships, and triggering Tehran's retaliation amidst calls for regime change from US and Israeli leaders. The escalating situation includes civilian casualties from strikes on a primary school and panic in Gulf regions, raising concerns about global energy flows and the Trump administration's approach to the conflict.
Berkshire Hathaway is navigating its post-Buffett era under new CEO Greg Abel, while the financial sector sees JPMorgan cut services for Citadel amid converging business models, and banks reinforce defenses against elder financial exploitation. US housing agencies are reviving risky business models, and investment strategies include advice on software sell-offs and riding the commodities supercycle, alongside Binance founder Changpeng Zhao's memoir on his prison time.
The media landscape is reshaped by Warner Bros. Discovery's sale to Paramount, leading to employee apprehension while Netflix sees benefits in not acquiring Warner, and Nvidia's sales rocket despite flatlining shares in a broader tech market. AI development continues with DeepSeek's new model and Anthropic suing the Trump administration over security risks, while social media faces challenges with Instagram's self-harm alerts for parents and a US court blocking a law limiting children's social media use.
US businesses are finding ways to reduce tariff bills as the Justice Department tries to slow legal battles over tariff refunds, while Canada initiates a 'middle power alliance' to counter US foreign policy shifts. Russia-linked yachts have lost significant value due to sanctions, and Switzerland faces political hurdles in its defense ambitions, highlighting a world where financial and geopolitical waves collide.
A Labour minister has resigned amidst a probe into journalists, while HMRC complaints have hit a five-year high and its Making Tax Digital initiative faces criticism for creating difficulties. The UK also grapples with the social and economic challenge of a million young Britons falling through the cracks, not engaged in work or training.
Coal power is experiencing a comeback driven by demand from AI data centers, though it's not spurring new investment, while Germany moves forward with new geothermal technology to produce clean energy.
The legacy of Bobby Garnett, a "Godfather" of vintage dealing, is being recognized, alongside the story of Reese's biggest advocate and Japan's evolving position in the innovation landscape.