Aid for Hormuz ships

Good morning. Donald Trump said the US will begin guiding some ships through Hormuz as fresh tensions hit. GameStop makes a bold play. And haute couture draws moviegoers in big numbers over the weekend. Listen to the day’s top stories.

— Marc Perrier

Donald Trump said the US will begin guiding some neutral ships through the Strait of Hormuz starting today, testing his ability to restore traffic. The plan, outlined with few details, has left shipping executives perplexed, while Iran warned the move would breach the ceasefire, news outlet Al Mayadeen reported.

Oil prices surged after unverified media reports claimed two missiles hit an American patrol boat after disregarding Iranian warnings. The US denied the ship was hit, Axios reported. Major OPEC+ nations agreed on a symbolic hike, but the actual supply will be dependent on the reopening of Hormuz.

The president threatened to cut the US military presence in Germany by more than the 5,000-troop drawdown announced so far, even as key Republican allies and NATO countries questioned the move. Meanwhile, Secretary of State Marco Rubio is said to be traveling to Rome later this week after Italian Prime Minister Giorgia Meloni and Trump clashed over the war and Pope Leo XIV.

Former NYC Mayor Giuliani in Critical Condition, Trump Says

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A United Airlines flight approaching Newark struck a light post on an adjacent highway before landing safely yesterday. It’s the latest in a string of incidents that have put the spotlight on aviation safety in the US. Adding to travel worries, Spirit Airlines’ collapse has left passengers stranded mid-journey, sending rival carriers into rapid-response mode to contain the damage.

GameStop is proposing to buy eBay for about $56 billion in cash and stock, a bold attempt to take over a storied e-commerce name several times larger. Sticking with big money, Berkshire Hathaway’s cash pile surged to a record $397 billion in the first quarter since Greg Abel took the reins as CEO from storied investor Warren Buffett.

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Deep Dive: Cash Still Rules

Photographer: Alejandra Rajal/Bloomberg

Mexico’s deep-rooted reliance on cash continues to hold firm, with bank cards still largely unused despite a sustained, hundred-million-dollar push by fintech companies.

• The country is one of Latin America’s fastest-growing fintech markets, yet cash remains dominant. It’s used for about 85% of small purchases and even Uber journeys.
• There’s hesitation around the financial system, shaped in part by a lingering skepticism of institutions following a banking crisis decades ago.
• And the distrust is not just in Mexico. Argentines are still keeping cash under their mattresses despite government coaxing to open bank accounts.
  

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Photographer: Macall Polay/20th Century Studios

The Devil Wears Prada 2 bagged $233 million worldwide in one of the year’s largest opening weekends. That same fervor carries into real life tonight as the glitterati gather for the Met Gala under this year’s theme, Fashion Is Art.

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