Iran's hard-liners are increasing global tensions with a U-turn over Hormuz, while a potential reopening of the Strait may only partially ease the oil crisis. The economic pain from the Iran war is expected to hit poor countries hardest, contributing to a coming global food crisis and leading to calls for Trump to make a nuclear deal.

• Iran’s Hard-Liners Flex Their Muscle With a U-Turn Over Hormuz — Wall Street Journal -
• Reopening Strait of Hormuz Would Ease Oil Crisis but Only So Much — The New York Times Business -
• Counterterror police investigate fourth incident claimed by Iran-linked group — Financial Times -

• Economic pain from Iran war will hit poor countries hardest, officials say — Financial Times -
• Can Trump finally make a nuclear deal with Iran? — Financial Times -
• The coming global food crisis — Financial Times -
• Turkey promotes ‘Middle Corridor’ as Strait of Hormuz alternative — Financial Times -
• Middle East war as it happened: US extends waiver allowing countries to buy Russian oil — Financial Times -

Americans are grappling with shrinking paychecks and **increased 401(k) hardship withdrawals amidst rising costs, even as corporate profits reach record highs. The AI boom is creating wealth disparity in San Francisco, while questions arise over Treasuries losing their haven status, and London's property market along with a boom in UK staycations** reflect complex economic shifts.

• Why Your Paycheck Feels Smaller — The New York Times Business -
• Corporate Profits Are at Record Highs. These 4 Factors Could Sink Them. — The New York Times Business -
• Chart of the Week: Are Treasuries losing their haven status? — Financial Times -

• Fear and Loathing Among the Haves and Have Mores in San Francisco — Wall Street Journal -
• More Americans Taking 401(k) Hardship Withdrawals — The New York Times Business -
• London’s riverside properties tell conflicting stories about UK market — Financial Times -
• Boom in UK ‘staycations’ as war puts holidaymakers off overseas travel — Financial Times -
• Skimp on Yogurt, Splurge on Skydiving: The Rise of the Frugal Rich — Wall Street Journal -

Major merger attempts are facing regulatory hurdles, with American Airlines declining to merge with United and a federal court freezing the Nexstar-Tegna TV station merger. The Hollywood talent industry is seeing upheaval post-Epstein, while Italian lingerie brand La Perla is being revived, Airbnb is adding hotels, and Groton aims to reclaim its submarine capital title.

• The Seaside Town Trying to Reclaim Its Title as ‘Submarine Capital of the World’ — Wall Street Journal -
• Hollywood Talent Giant Draws Suitors Amid Epstein Fallout — The New York Times Business -
• This Italian Lingerie Brand Was Saved by Seamstresses—and an American Couple — Wall Street Journal -

• American Airlines Says It Won’t Merge With United — The New York Times Business -
• Judge Halts Nexstar-Tegna TV Station Merger — Wall Street Journal -
• The Mighty Engine That Jaguar Built, and Built Jaguar — The New York Times Business -
• Airbnb adds hotels to its platform in bid to boost growth — Financial Times -
• Federal Court Temporarily Freezes Nexstar’s Merger With Tegna — The New York Times Business -

International diplomatic friction is evident as the Justice Department rebuffs France on an X probe, while UK politics sees leadership ambitions and concerns over fake pro-Trump avatars on social media. NPR is gaining significant philanthropic support, the Trump family's crypto venture faces backlash, and Hungary's new prime minister along with the Bulgarian election highlight evolving global governance.

• Justice Department Rebuffs French on X Probe, Musk Interview — Wall Street Journal -
• Burnham allies identify fresh path back to Westminster as Starmer battles calls to quit — Financial Times -
• Hundreds of Fake Pro-Trump Avatars Emerge on Social Media — The New York Times Business -

• Billionaire Connie Ballmer Wants to Help Cement NPR’s Future — Wall Street Journal -
• Trump family’s World Liberty crypto venture faces investor backlash — Financial Times -
• The battles ahead for Hungary’s new prime minister — Financial Times -
• Three-quarters of UK sole traders and landlords miss digital tax launch — Financial Times -
• Pope Leo XIV: the pontiff at war with the White House — Financial Times -
• Investors pile into Hungarian assets in bet on closer EU ties — Financial Times -
• Putin’s ‘Trojan horse’ ahead in Bulgarian election — Financial Times -
• Defence dithering is harming the UK — Financial Times -
• South Africa’s new opposition leader on how to beat the ANC — Financial Times -

Unusual fraud schemes are surfacing, including individuals using a bear suit to defraud car insurers and a man charged in a Lego theft scheme involving pasta. These cases exemplify the creative, yet illicit, means some employ for financial gain.

• Humans Who Used a Bear Suit to Defraud Car Insurers Sentenced to Jail — The New York Times Business -
• Man Charged in Lego Theft Scheme of Replacing Pieces With Pasta, Police Say — The New York Times Business -

The legacy of inventors like Granville T. Woods, 'Black Edison,' who won patent battles, underscores historical innovation, while Greg Abel is already bringing change to Berkshire Hathaway. The Saudi Fund behind LIV Golf faces financial constraints despite its vast wealth, and the **entrepreneurial journey of Yo! Sushi's founder** offers modern business insights.

• Meet the Inventor Dubbed ‘Black Edison,’ Who Beat Thomas Edison in Court — Wall Street Journal -
• Saudi Fund Behind LIV Golf Has $900 Billion but Is Still Strapped for Cash — Wall Street Journal -
• Yo! Sushi founder: ‘Life’s kind of been lived on the edge’ — Financial Times -

• Greg Abel Has Been Leading Berkshire for 100 Days. Things Are Already Changing. — Wall Street Journal -

The passing of Bollywood singer Asha Bhosle marks a cultural loss, while Milanese apartments reflect urban change and London's identity faces prejudice. Launderettes are making a financial comeback, Design's Big Week highlights trends, and the declining appeal of the Hong Kong expat points to shifting global demographics.

• Asha Bhosle, Bollywood singer, 1933-2026 — Financial Times -
• The declining appeal of the Hong Kong expat — Financial Times -
• The return of Londonophobia — Financial Times -

• What’s hot at Design’s Big Week — Financial Times -
• The soul of the great Milanese apartment — Financial Times -
• Launderettes may be coming back into financial fashion — Financial Times -