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Mediators are trying to reopen the Strait of Hormuz as Washington signals sanctions relief could accompany nuclear progress, while Trump unveils a $15 billion Iowa steel mill promising 10 million tons of annual output. Elsewhere, Congress weighs new NCAA powers, Nvidia expands buybacks, and Treasury yields hit 5.23%. |
Forward this to a friend who wants the world in five minutes. |
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The Big Read |
Mediators Push Iran and US Toward a Deal to Reopen Hormuz |
Mediators are trying to broker a deal that would end the US-Iran fighting and reopen the Strait of Hormuz, three regional and two US officials said. The talks continue even after Trump said he spurned an Iranian offer to reopen the strait within a week if Washington lifted its blockade, among other conditions. |
A senior US official said Trump is open to a non-military resolution, but another said no deal will happen until nuclear issues are addressed. Trump is willing to trade sanctions relief and some frozen funds for concrete nuclear progress, though the sides remain far apart on timing and who moves first. |
Trump Unveils $15 Billion Iowa Steel Plant Billed as Largest in US History |
President Trump unveiled a roughly $15 billion plan for an Iowa steel mill that would be the largest plant of its kind in US history. Minnesota-based Mesabi Metallics, part of India's Essar Group, aims to start production in 2030 using iron ore from its mine on Minnesota's Iron Range. |
The White House says the first phase would produce about 7.5 million tons a year and support up to 6,000 construction jobs, eventually reaching 10 million tons. Commerce Secretary Howard Lutnick called the plan a "done deal," as steel groups credit Trump's 50% tariffs with spurring investment and critics blame them for higher prices. |
Senate Tees Up Vote on Sweeping Overhaul of College Sports |
The Senate teed up a vote Monday on a sweeping bipartisan college sports bill that would give the NCAA new authority over athlete pay and transfers. Co-led by Republican Ted Cruz and Democrat Maria Cantwell, the Protect College Sports Act would allow one penalty-free transfer and cap eligibility at five years. |
Supporters say it would end the "chaos" that followed a 2025 settlement letting colleges pay players, while Sen. Chris Murphy said it ensconces "a system of exploitation." The bill still needs the House, which is out until after the Nov. 3 election, and a House source called a return for it "highly unlikely." |
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World View |
Five men arrested near RAF Fairford were released on police bail Monday as counter-terror officers probe whether foreign-state proxies were involved; Iran's embassy rejected any link. |
An Iranian appeals court confirmed a sentence of 74 lashes for singer Parastoo Ahmadi over a livestreamed December 2024 concert without the mandatory hijab, lawyers say. |
A Myanmar military airstrike near a market in Rakhine state killed at least 33 people and wounded 36 on Monday in rebel-held territory, officials said. |
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Life & Culture |
Kyle MacLachlan's new memoir, Fictional Selves, revisits his long partnership with David Lynch, from the panned 1984 "Dune" to cult classics "Blue Velvet" and "Twin Peaks." |
Min Jin Lee's new novel American Hagwon was nearly 10 years in the making, the third in her planned four-novel series on the Korean diaspora after "Pachinko." |
Pope Leo XIV said Monday that concerns about AI going rogue are not "fake news" and should be taken seriously, speaking to reporters aboard the papal plane. |
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Deep Dive |
Why a Software Bug Stalled the Last 737 Max Awaiting Approval |
What it is: The Federal Aviation Administration is delaying certification of the Max 10 while it assesses whether a software glitch affecting certain landing procedures is a safety issue. Boeing shares fell nearly 7% Monday after FAA Administrator Bryan Bedford said the plane would wait "until we're satisfied that we don't have an issue here." |
The detail: Boeing says the problem involves a vertical navigation system after a plane misses an approach and has to go around to line up and land again. |
Bedford told a Washington press conference that pilots remain in control and train for such scenarios, and that the issue under review is the "workload component." He added that Boeing had fixed an earlier bug in the same system but "unexpectedly ... introduced a new bug." |
Why it matters: US airlines said none of their Max jets have the issue, in part because they are allowed to revert to older software on those models. Boeing is still trying to move past years of safety crises, including two Max 8 crashes in 2018 and 2019, in which a flight control system was implicated. Bedford stressed that, unlike the system tied to those crashes, this glitch "doesn't take control away from the pilots." |
What to watch: Boeing once planned to start delivering the Max 10 in 2020, and it remains the last member of the Max family still waiting for certification. The FAA certified the smallest Max 7 last month, but that jet runs the software now under review, leaving deliveries to customers like Southwest unclear. |
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Today's Trivia |
The microwave oven was discovered when a radar engineer noticed what in his pocket? |
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On This Day |
The Confederation Congress sends the new Constitution to the states for ratification (1787) · Ted Williams goes 6-for-8 in a doubleheader to finish at .406, the last .400 season (1941) · Williams homers in his final major league at-bat (1960) · Pope John Paul I dies after 33 days as pope (1978) · Jazz great Miles Davis dies in Santa Monica, California (1991) |
"I never wanted anything harder in my life." — Ted Williams, Boston Red Sox left fielder, on hitting .406 in 1941 |
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That's the day in five minutes. Forward this to someone who needs it. |
—The Five Minute Daily Team |
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