The collapse of a US-Iran peace deal has sent oil prices rising and is fueling concerns about inflation and potential interest rate hikes, as China gains an economic opening from regional instability and sanctions are imposed on Chinese companies for aiding Iran.

• Oil Prices Rise as Prospects for U.S.-Iran Peace Deal Fizzle — The New York Times Business -
• Trump to press China’s Xi about Iran war at summit — Financial Times -
• FirstFT: Trump calls Iran’s response to peace proposal ‘unacceptable’ — Financial Times -

• Qatar gas shipment clears Strait of Hormuz after Pakistan-Iran talks — Financial Times -
• Trump’s war has given China an economic opening — Financial Times -
• Iran war could prompt Federal Reserve to raise rates, Pimco says — Financial Times -
• How much is the Iran war affecting US inflation? — Financial Times -
• Saudi Aramco Profit Jumps Despite War Disrupting Shipping Routes — Wall Street Journal -
• More than half of US voters disapprove of Trump’s handling of economy — FT poll — Financial Times -
• Germany in fresh push to buy Tomahawks after Trump row — Financial Times -
• Africa’s richest man eyes Kenya for new refinery — Financial Times -
• Australia’s ‘petro-diplomacy’ eases fuel shortage fears — Financial Times -
• Iran war boosts Panama Canal’s revenues by up to 15% — Financial Times -
• US imposes sanctions on Chinese companies for allegedly helping Iran — Financial Times -

Consumers are increasingly relying on credit to manage rising costs, prompting the Trump administration to consider pausing the federal gas tax as higher fuel prices impact the produce aisle, while tariffs continue to affect global trade, including European carmakers and China's furniture capital.

• Consumers Lean on a ‘Hamster Wheel’ of Credit to Manage Rising Costs — The New York Times Business -
• Opinion | An Ethanol Extortion Play — Wall Street Journal -
• Trump Administration Is Considering Pausing the Federal Gas Tax to Lower Prices, Energy Secretary Says — The New York Times Business -

• Higher Gas Prices Are Seeping Into the Produce Aisle — Wall Street Journal -
• Energy secretary floats pause in federal gas tax — The New York Times Business -
• Which Trump Tariffs Are in Place, in the Works or Ruled Illegal — The New York Times Business -
• A Keynesian solution to global imbalances — Financial Times -
• The Factory Town Known as China’s Furniture Capital Is Fighting to Survive — Wall Street Journal -
• Buckle up: plane tickets could still get much more expensive — Financial Times -
• European carmakers take €8bn hit from Trump tariffs — Financial Times -

Prime Minister Starmer faces calls to resign and fights for his political future amid warnings of a leadership challenge and a need for urgent change, as Nigel Farage's influence grows and discussions arise around a London mayor's long tenure.

• Starmer to promise ‘urgent’ change as he fights for his political future — Financial Times -
• Is this Starmer’s last chance to turn words into change? — Financial Times -
• Trump embarks on two-day visit to Beijing — Financial Times -

• There can be no Labour revival if Starmer remains — Financial Times -
• Organisers of antisemitism march defend move to invite Farage — Financial Times -
• Starmer faces fight for survival as calls to resign escalate — Financial Times -
• ‘You’ve got to achieve things quickly’: lessons from a decade of leading London — Financial Times -
• The court of king Farage — Financial Times -

Retail media networks are maturing, while India's cricket cash machine faces a slower run rate, Gap seeks a comeback with celebrity endorsements, and **Barnes & Noble undergoes a major rebuild, amidst other stories covering family business longevity, Poppi's co-founder wealth, and a German tank maker's IPO plans**.

• UK government unit targets £99bn of investment from Australian pension funds — Financial Times -
• India’s cricket cash machine faces a slower run rate — Financial Times -
• Retail Media Networks Are In Their ‘Gangly Teenager’ Phase. They’re Trying to Grow Up. — Wall Street Journal -

• This Family Business Was Already Old When the U.S. Was Born — Wall Street Journal -
• Sales Are Up. Celebrities Are In. Is Gap Officially Back? — The New York Times Business -
• Allison Ellsworth’s Poppi Exit Made Her a Megamillionaire. She’s Ready to Talk Money. — Wall Street Journal -
• Tank maker KNDS pushes Berlin to decide on taking stake before IPO — Financial Times -
• IMAX Has a Front-Row Seat to the Box Office Recovery — Wall Street Journal -
• A British Bookseller Rebuilds Barnes & Noble for a New Era — Wall Street Journal -

The Musk v. OpenAI trial continues to reveal rivalries behind the start-up's rise, while self-driving car technology finds a second act by shifting to other industries like managing shipyards and city traffic.

• After Stumbles, Technology Meant for Self-Driving Cars Finds a Second Act — The New York Times Business -
• What’s Happened So Far at the Musk v. OpenAI Trial — The New York Times Business -
• OpenAI trial lays bare rivalries behind start-up’s $852bn rise — Financial Times -

Debates rage over retirement homes as a financial safety net, the taxation of second homes in New York, and Wall Street law firms' vulnerability to insider trading, alongside discussions on small-town schools keeping teens out of dead-end jobs, college shopping costs, and US political polarization.

• Opinion | All the Good From Goodwill — Wall Street Journal -
• The Simple Fix Small-Town Schools Are Using to Keep Teens Out of Dead-End Jobs — Wall Street Journal -
• Retirees Expect Their Home to Be a Financial Safety Net. They Shouldn’t. — The New York Times Business -

• Opinion | Venezuela Is No Better Off Under Rodríguez — Wall Street Journal -
• Opinion | The U.N.’s Plan for Reducing Airline Emissions Is Flawed — Wall Street Journal -
• Why Some People Are Allergic to ‘Peanut Butter Raises’ — The New York Times Business -
• How Brandeis Is Trying to Change College Shopping — The New York Times Business -
• New York’s rich lash out at ‘shameful’ Mamdani plan to tax second homes — Financial Times -
• Opus Dei’s opaque influence on US campus politics — Financial Times -
• How top Wall Street law firms became a pipeline for insider trading — Financial Times -
• America’s right and left have perfected each other’s tricks — Financial Times -

The evacuation of a hantavirus-hit cruise ship is underway in Tenerife, highlighting international efforts for repatriation and quarantine procedures.

• Evacuation of hantavirus-hit cruise ship gets under way in Tenerife — Financial Times -