On The Deals Shaping Our Economy
💣 The war plunges deeper
The third phase of the U.S.-Israeli war is fully underway.
Following initial deadly opening strikes in Tehran, a second "100 hours" phase systematically destroyed Iranian drone, ballistic missile, and air-defense capabilities.
Israel is actively targeting the succession of power.
The Israeli air force bombed the building housing the 88-person Assembly of Experts in Qom electing the new leader.
The strike occurred while votes were being counted.
"We wanted to prevent them from picking a new supreme leader," an Israeli defense official said to Axios. "We want to ensure Iran stays in disarray".
Defense Minister Israel Katz warned that "every leader appointed by the Iranian terror regime... will be an unequivocal target for elimination".
On the naval front, the U.S. is not holding back. Admiral Brad Cooper stated the ultimate goal is to sink Iran's "entire navy".
Beyond the IRIS Dena, the U.S. also sank the IRIS Shahid Soleimani, a catamaran missile corvette, having destroyed more than 20 Iranian vessels since the war began.
Following the Dena's sinking, Sri Lankan authorities recovered 87 bodies and rescued 32 sailors from the 180 personnel on board.
Diplomatically, the door is closed.
Despite reports from the New York Times that Iran's Ministry of Intelligence reached out indirectly to the CIA to discuss terms, President Trump publicly shut it down.
"Their air defense, Air Force, Navy, and Leadership is gone. They want to talk. I said 'Too Late!'"
⚓️ Global chokepoints paralyzed
The shipping standstill in the Strait of Hormuz - a crucial artery for a fifth of global oil and LNG - is creating a substantial bottleneck.
Vessels are under fire: The Maltese-flagged container ship Safeen Prestige was damaged by a projectile, forcing its crew to abandon ship.
Saudi Aramco's largest domestic refinery, Ras Tanura, was also struck.
U.S. intervention: President Trump instructed the U.S. International Development Finance Corporation to provide political-risk insurance for maritime trade in the Gulf.
"No matter what, the US will ensure the free flow of energy to the world."
Global ripples: Asian refiners are scrambling to find replacement cargoes. Indonesia and Japan are pivoting to U.S. oil, while India is considering Russian crude.
South African President Cyril Ramaphosa noted the crisis highlights the stark vulnerabilities of import-dependent economies, urging for African energy self-reliance.
Meanwhile, the civilian exit from the UAE is chaotic. The U.S. State Department advised leaving via commercial means, but options are scarce.
Airline disruptions: Some Middle Eastern flights to Dubai were turned away due to a missile attack.
The EU's aviation safety agency advised airlines to avoid the region. Low-cost carrier Wizz Air is taking a €50mn hit from the conflict, pushing it into an annual loss.
Repatriation efforts: The UK, France, and Germany are running government repatriation flights out of Muscat, Oman, which has become a primary exit hub with border guards waiving visa requirements.
Desperate measures: Private aviation handlers note a vast uplift in requests from settled families who refuse to leave their pets behind.
Operations are so disorganized that one private jet pilot had to "run across the tarmac to manually stop a fuel truck just to get gassed up".
📺 CNN's existential dread
The $100 billion Paramount takeover of Warner Bros Discovery fundamentally reshapes U.S. television news, pulling CNN under the same roof as CBS News.
The Trump shadow: David Ellison's acquisition comes after he reportedly told Trump administration officials he would make "sweeping changes" to the network.
Netflix's abrupt exit from the bidding war occurred an hour after co-CEO Ted Sarandos was seen leaving the White House. This followed Trump publicly lashing out at Netflix board member Susan Rice.
"Once it was clear that we weren't in the CNN business... [Trump] didn't care that much more about our deal"
Historical echoes: Former Time Warner CEO Jeff Bewkes recalled the 2016 AT&T merger, where the Trump transition team hinted that addressing "hostile coverage" on CNN would ease regulatory opposition.
Bewkes refused, and the resulting DOJ challenge cost shareholders $5 billion.
Editorial shifts: Under Ellison, CBS News recently installed a conservative ombudsman and appointed Bari Weiss, known for her anti-woke start-up, to lead the network.
Needham analyst Laura Martin expects a similar "pivot to the right" at CNN by 2027.
Under Weiss, CBS Evening News adopted principles including "We love America," while 60 Minutes faced internal friction for delaying a story on El Salvador deportations.
Leadership in limbo: CNN CEO Mark Thompson urged staff not to "jump to conclusions", but insiders highly doubt he will agree to work under Weiss and her team.
What's next: Democratic politicians, including Senator Chuck Schumer, are demanding Ellison preserve communications with Trump, suspecting backroom promises over coverage.
However, only the Justice Department holds the power to block the deal.