Crypto News: US-Iran strikes resume

Good morning. The US and Iran trade strikes for the first time in about a month. Nepal races to find thousands still missing after devastating floods. And a stunning upset rocks the US Open. Listen to the day’s top stories.

— Marc Perrier

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The US and Iran exchanged strikes for the first time in about a month as American forces hit an island in the Strait of Hormuz and the Islamic Republic responded by launching attacks on the United Arab Emirates and Jordan. Brent crude oil rose back above $90 on spiking tensions.

Donald Trump’s plan to seize direct control of Venezuela’s oil reserves prompted warnings it will become a modern-day resource colony. New commercial agreements may come as soon as this week. The president said the US plans to use the billions of barrels of crude to refill the nation’s depleted emergency reserve.

US Treasury Secretary Scott Bessent’s credibility among his global peers will be tested at the G20 meeting in Asheville, North Carolina. He wants to push a global growth agenda but faces the challenge that the biggest threats come from the Iran war and US tariffs. He also plans to ask G20 members to review their China trade terms, Reuters reported, underscoring tensions between the world’s two biggest economies.

Bond Investors Wary After Warsh Speech Fuels Rate-Hike Bets

Back on the trail. Trump told Fox News he plans to campaign for Republican lawmakers this fall with the same intensity that he did as a presidential candidate in 2024, foreshadowing a busy travel schedule ahead of midterm elections. Republican strategists worry the unpopular war with Iran may hurt the party’s prospects in November.

Nepal raced to find thousands still missing as rising waters and worsening weather threatened rescue efforts after last week’s devastating floods along the border with China. At least 900 people have died in the disaster, which has exposed gaps in weather monitoring and data sharing between the neighbors. Closer to home, one person died and 15 were missing or unaccounted for after a flash flood in the Grand Canyon on Saturday.

Deep Dive: College Cash Strain

Hiram College’s campus in northeastern Ohio.

Cash-strapped colleges are draining their endowments just to stay alive, as they face multimillion-dollar deficits. But it’s a risky move.

Nearly 200 private schools borrowed from restricted endowment funds in 2025, up from about 130 in 2021, according to Perspective Data Science. But just like borrowing from a 401(k), it carries long-range risks.
Some schools hope to replenish their endowments by recruiting more international students, but that strategy has been dealt a blow by the Trump administration’s efforts to limit student visas.
Most colleges turning to the tactic face the same underlying pressure: a plunging US birth rate that has left them competing for a shrinking pool of students.

The Big Take

John Ternus is set to take the reins at Apple this week. His most urgent task as CEO will be to extend its decades-long run of success into the era of artificial intelligence.

Opinion

Mark Carney and Donald Trump. — Mark Carney and Donald Trump before the FIFA World Cup 2026 Final match in July.

Trump is taking a page from Vladimir Putin’s playbook in his approach to Canada, Marc Champion writes. The US is using coercion rather than alliances and soft power to secure its economic and security interests in the Western Hemisphere, but it’s not a winning model.

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Before You Go

Novak Djokovic was knocked out in the first round of the US Open for the first time, falling to Argentina’s Mariano Navone in five sets. It’s his first loss in the opening round of a Grand Slam since the 2006 Australian Open. Venus Williams also bowed out, defeated by Sofia Kenin in a match that saw the first ball struck at 12:13 a.m., the latest start in US Open history.

Bloomberg Power Players - New York returns on Sept. 10. From athletes and team owners to commissioners and investors, this event will gather the most influential voices in the multitrillion-dollar sports economy. Learn more here.

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