Crypto News: Iran’s power play

Good morning. Iran raised the stakes ahead of fresh peace talks with the US. Venezuela’s opposition leader said she’s been prevented from returning home. And why the super wealthy may have to come to terms with New York’s pied-à-terre tax. Listen to the day’s top stories.

— Rose Henderson and Marcus Wright

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Iran reiterated its determination to control maritime traffic through the Strait of Hormuz, raising the stakes before fresh talks in Qatar on formally ending its war. Donald Trump’s special envoy Steve Witkoff and son-in-law Jared Kushner are set to attend talks in Doha today, according to the White House. Futures were steady on the last day of a quarter that looks set to be the S&P 500’s best in six years.

Venezuelan opposition leader María Corina Machado said she was unable to return to the country because the government closed its airspace to block her arrival. Flight restrictions are in place until Thursday, according to the FAA. And one airport is likely to take much longer to recover. Simón Bolívar International in La Guaira state is ground zero for the devastation in last week’s twin quakes.

The House passed legislation to require new online safety protections for children, a sign of growing momentum in Washington to address a widespread concern among US parents. Meanwhile, Trump refused to commit to signing a major bipartisan housing bill, heightening uncertainty surrounding the fate of the legislation. And the White House is temporarily bringing on two longtime Trump advisers to bolster its messaging ahead of midterms.

Members of a bomb disposal team at the entrance of a residential building in Monaco

Bomb Explosion in Monaco Wounds Tycoon Sanctioned by Ukraine

The US Justice Department and a coalition of states reached a settlement with egg producers over alleged illegal price coordination. China resumed buying US soybeans, although the pace and scale of purchases risks falling short of the pledges made last year. And here’s what’s at stake for beef as flesh-eating screwworm cases exceed two dozen.

With Canada making an unprecedented run at the FIFA World Cup, the nation’s airlines have a chance to cash in. WestJet Airlines is adding seats on its Houston flights ahead of the Canadian team’s game there on Saturday. And Paraguay declared today a national holiday after the country’s team pulled off the biggest upset of the tournament so far, eliminating four-time champion Germany in a penalty shootout.

Deep Dive

The Epic Universe theme park in Orlando. *Photographer: Thomas Simonetti/Bloomberg*

Comcast surprised investors when it announced plans to spin off NBCUniversal and Sky into a new company, unwinding a cable and media conglomerate strategy that began more than a decade ago.

The move may pave the way for more deals in the future. A standalone NBCUniversal could find itself an attractive target for a rival media or tech giant, while Comcast’s cable and internet assets may be attractive to a telecom giant looking to bulk up.
This all marks a strategy reversal. Comcast took control of NBCUniversal in 2011 as part of an industry trend that sought to marry the production of film and TV with the companies that distribute the content. But cable channels are shrinking fast as consumers shift to online viewing.
Comcast shares saw their biggest intraday gain since 2008, soaring as much as 17%, as investors welcomed the news. Comcast shareholders will have a stake in both businesses.

The Big Take

A person holds a US flag. — *Photographer: Tierney L. Cross/Bloomberg*

For decades, the US has been the world’s premier destination for talent, a beacon for newcomers. But among a certain cohort of highly skilled immigrants, the idea that the US is the best bet seems to be fading.

Big Take Podcast

With Cook Ruling, Supreme Court Shields Fed

Opinion

All sorts of crazy economic ideas are being taken seriously lately, Allison Schrager writes. Both Vice President JD Vance and Senator Bernie Sanders want the federal government to take a stake in AI firms. It doesn’t seem like a bad idea — provided you don’t think about it too deeply.

More Opinions

John Authers

Trump Lost the Fed Battle, But Look What He Won

Bloomberg’s Editors

American Democracy’s Biggest Losers: Voters in Closed-Primary States

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Before You Go

Residential luxury towers along Billionaires’ Row in New York.

The super wealthy are accustomed to finding ways to shrink their tax bills. But with New York City’s new levy on seven-figure pieds-à-terre, many are learning they might just have to pony up.

A Couple More