Crypto News: Tanker blockade

Good morning. Donald Trump said he is ordering a blockade of sanctioned oil tankers in Venezuela. Amazon is in talks to invest more than $10 billion in OpenAI. And we have some tips to make your coffee cheaper. Listen to the day's top stories.

— Tiago Ramos Alfaro

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Donald Trump ordered a "total and complete blockade" of sanctioned oil tankers going into and out of Venezuela. It ratchets up pressure on Caracas amid a US military buildup in the region and the threat of land strikes, which polling shows has the support of the MAGA crowd. After the announcement, oil prices jumped. Trump also designated Nicolas Maduro's regime as a foreign terrorist organization.

Source: Anadolu/Getty

Warner Bros. Discovery is planning to reject Paramount Skydance's hostile takeover bid due to concerns about financing and other terms, people familiar said, which would keep the path clear for Netflix's $72 billion purchase. Jared Kushner's Affinity Partners is exiting from the takeover battle after backing Paramount's bid. Speaking of Trump's son-in-law, here's a look into how Kushner's splashy projects in the Balkans are colliding with the realities of doing business there.

In more corporate news, Amazon is in talks to invest more than $10 billion in OpenAI and supply its chips, people familiar with the matter said. Tesla sales in California face a 30-day suspension unless the carmaker changes marketing that allegedly misleads consumers about its driver-assistance technology. And healthcare company Medline raised $6.26 billion in the year's biggest initial public offering.

iRobot Co-Founder Calls Silence on China Sale "Bizarre"

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The White House Chief of Staff, Susie Wiles, had a lot to say to Vanity Fair, labeling Vice President JD Vance a "conspiracy theorist," and criticizing Attorney General Pam Bondi's handling of the files pertaining to Jeffrey Epstein. Trump defended her in comments, and said the piece was the result of "a very misguided interviewer, purposely misguided." Watch a video of a former Trump adviser sharing his take.

Nick Reiner faces two counts of first-degree murder in the killing of his parents, actor-director Rob Reiner and his wife Michele Singer Reiner. Police said Nick Reiner was tracked down and apprehended Sunday night without incident, near the University of Southern California campus. Read more about Rob Reiner's legacy.

A Couple More

SpaceX Said to Notify Employees of Quiet Period Ahead of IPO

China Chipmaker MetaX Jumps 693% After Wildly Oversubscribed IPO

Deep Dive: Expensive Beans

Photographer: Brian van der Brug/Los Angeles Times

Global coffee prices rose to record highs this year, sending the cost of cappuccinos and lattes soaring. But a caffeine habit is hard to kick, so instead of giving up their daily brew, people are choosing cheaper options.

High-end arabica beans—favored by chains like Starbucks—have seen prices surging over the last year as global supplies, largely from Brazil, were hit by a combination of poor weather and tariffs.
Even after Trump backed away from some trade levies, New York futures for the commodity are still trading at about double the average seen over the past two decades.
That's helped increase the median price of a regular cup on menus across the US by around 20% since early 2023, prompting some to invest in better kit at home. (Hoping for one under the Christmas tree? Send someone our foodie gift guide.)
And now instant coffee is making a comeback, cementing what could be a generational shift in how and where people drink coffee.

The Big Take

Illustration: Vartika Sharma for Bloomberg

Doctors are making big money by signing cancer patients up for drug trials—even if the studies sometimes produce shaky science.

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A $2 Billion Scandal Rocks the Philippines

Opinion

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Territorial concessions remain a sticking point in securing a peace deal between Ukraine and Russia, Marc Champion writes. Giving up areas like Donetsk may leave Kyiv militarily and politically exposed.

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Javier Blas

The Death of Gasoline Has Been Greatly Exaggerated

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Before You Go

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Attention wine and spirits lovers: Forgot to plan your Christmas shopping? No problem—we've got 15 great options for the thirsty bon vivant in your life.

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This Quiet Mexican Paradise Offers New Reasons to Fly South

Bloomberg Invest: Join the world's most influential investors and financial leaders in New York on March 3-4. This flagship event examines how AI disruption, geopolitical uncertainty, shifting central bank policy and the convergence of public and private markets are reshaping global finance. Learn more here.