Crypto News: Peace in phases

Good morning. A phased deal to reopen the Strait of Hormuz is the latest talking point between the US and Iran. Lady Gaga helps Japan fight its labor shortage. And the humble minivan is back. Listen to the day’s top stories.

— Angela Cullen and Harry Black

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Oil prices declined as US and Iranian negotiators explored a plan that would see Tehran reopen the Strait of Hormuz. The two countries — which have failed to make similar agreements in recent months — were pushing for a breakthrough on the sidelines of the United Nations General Assembly, a person familiar said. Meanwhile, Saudi Arabia came under renewed attack from Iran-backed Houthi militants based in Yemen. Neighboring Qatar has a message for the “troublemakers” and “saboteurs” blocking peace.

Donald Trump’s fete for China’s Xi Jinping has been heavy on pageantry and platitudes yet light on substance. From a tarmac greeting to a candlelit dinner, the US president pulled out all the stops for his VIP guest. Last night’s state dinner brought together luminaries from Wall Street and Silicon Valley. Here’s how high-stakes summits in Washington and Beijing compare. Taiwan remains a thorny issue though, with Xi prodding Trump to oppose the island’s independence. He also brought up the “Thucydides Trap” again.

Point72 joined hedge funds locking up client cash for longer as it tripled the time it takes to exit, according to people familiar. Meanwhile, portfolio manager Matteo Sardo gazumped the Steven Cohen firm, reneging on an offer and instead returning to his former employer. It’s a trend, apparently. But for those seeking more independence, or even their first shot in the profession, ex-Goldman trader Kelvin Chu may have a place in store.

Lady Gaga is helping Japan battle its labor shortage, one convenience-store shift at a time. The pop icon shelves snacks, mops floors and runs the register in a new recruitment video for FamilyMart, part of a push by the Japanese brand to attract more part-time workers with personality. As for the country’s perfect fruit (see below), that’s a whole other matter.

Japan Fights to Stop Rivals From Copying Its Flawless Fruit

Farmers go to extraordinary lengths to shield their perfect strawberries and grapes from the elements. But the industry hasn’t been able to protect itself as well from intellectual property theft abroad.

Deep Dive: Containing Cuba

The Regula container ship at Port Everglades. — Diesel fuel is lifted onto the container ship Regula at Port Everglades, Fla.

Trump’s aggressive campaign to force Cuba’s communist regime into submission via a fuel blockade belies a US trade boom with the island. Despite increased sanctions, US seaborne exports are on track for a record in a boost to Cuba’s nascent private sector.

To Fidel Castro, private businesses were totems of capitalist evil. Now they hold the key to salvaging what’s left of Cuba’s economy.
The increased trade is also making the island financially dependent on Washington — essentially taking the place of the Soviet Union.
To one Cuban exile with ambitions of replacing Castro one day, the island’s liberation has never looked more in reach — if only Trump would go all out.

The Big Take

As Treasury yields shoot past one high after the next, a reality is sinking in deeper across Wall Street and Washington: More than merely a bond-market slump, this may just be a fundamental shift.

Big Take Podcast

Attendees during the United Nations General Assembly in New York.

A Rough Week for the United Nations

Opinion

The 60/40 portfolio is back, but investors will have a harder time finding truly safe assets, writes Allison Schrager. Safety pays now, but only because it has become a little less safe.

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Before You Go

Casey McCauley with his minivan in La Crosse, Wis.

All hail the boring minivan. Affordability concerns are contributing to a resurgence in the least cool category of vehicle. Even the “car guys” are checking it out. But don’t tell anyone.

Have Van, Will Travel