Crypto News: Trump gives Iran another ultimatum

Good morning. Donald Trump gives Iran its latest ultimatum. The World Cup is a non-event for most Americans. And Madonna gives Grindr the street cred it’s been looking for. Listen to the day’s top stories.

— Angela Cullen

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Donald Trump told Fox News the US will launch more attacks on Iran unless it accepts an interim peace deal. His remarks followed another night of clashes between the two countries. Tehran told ships with permits to cross the Strait of Hormuz to await guidance, saying it’s closed until further notice. Traders are opting to buy the dip in stocks, helping S&P 500 futures recover from a five-week low ahead of SpaceX’s expected pricing today.

SpaceX has convinced more than enough investors to pour money into its speculative growth story, but James Chanos isn’t one of them. “This is really a hopes-and-dreams IPO,” the veteran short seller said. The offering is poised to generate billions of dollars for the fortunate few who got in early, and reset expectations for every major IPO that follows. While Elon Musk limbers up for the debut, he’s also been keeping up a politically-charged side hustle: fomenting far-right anger in the UK.

The former Big Lots distribution center.

ICE’s Warehouse Jails Could Overwhelm the Towns Forced to Accept Them

Tremont, Pennsylvania—population about 2,000—is unprepared, underequipped and largely unwilling to accept an 8,500-bed immigrant detention center. That might not matter.

First among equals. The European Central Bank is expected to raise interest rates today for the first time since 2023, by a quarter-point to 2.25%. In so doing, it would become the first major central bank to hike in response to the Iran conflict. The bank’s resolve to uphold its inflation-quashing credibility risks a damaging error, economists have warned.

Meta has completed an operational split from Manus and halted data sharing between the two companies, a pivotal step toward unwinding a $2 billion acquisition opposed by Beijing. Staff have been told to migrate existing Manus projects onto Meta’s systems and not to start new work on the AI platform, according to an internal memo viewed by Bloomberg.

Deep Dive: Fever Pitch, or Not?

A statue depicting a World Cup player toppled in Mexico City.

The World Cup kicks off in Mexico City today, when fans will descend on Azteca Stadium for the opening ceremony and first match that will see El Tri take on South Africa. Expect heightened security, and protests.

Over the next five weeks, 1.2 million soccer devotees will hit the NYC area, leaving regular commuters facing gridlock. Penn Station will be a key link for those taking New Jersey Transit to MetLife, which is hosting eight matches, including the final on July 19.
With ticket prices topping $10,000, we tested the VIP section and the nosebleed seats at one stadium to find out what fans are really paying for—and whether the premium experience justifies the cost.
But what’s often dubbed the biggest event on the planet, the tournament is a non-event for most Americans, especially boomers. Oh well.

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Opinion

Shoppers on the streets of San Francisco.

Markets may be a bit too relaxed about inflation, John Authers and Richard Abbey write. If it threatens the US economy, it does so through the small businesses that make up its backbone, and that’s being reflected in deteriorating sentiment.

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Before You Go

For years, many gay men were embarrassed to admit they used Grindr. Now it’s shedding the stigma of being a hookup app, with a little help from Madonna and a CEO that wants the company to become the “global gayborhood in your pocket.”

A Few More