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Contrary to news reports, Pope Leo has not bestowed an exclusive special honor on the Iranian Ambassador to the Holy See. This decoration is given to all accredited ambassadors to the Holy See after 2+ years of service and has been standard practice for many years. It is a personal recognition and does not imply support or opposition to any policy or country. Thirteen ambassadors were recently given this recognition. Previous U.S. ambassadors have all received the same. Finally, the decoration was not given in person by the pope.



Trump on Iran’s latest proposal: “I don’t like it—TOTALLY UNACCEPTABLE” Restart the clock.


U.K. warship moves toward the Strait of Hormuz as efforts increase to reopen key shipping routes. Despite Iran appearing closer to a deal, tensions with U.S. allies are expected to continue over their hesitation to support American forces.


TRUMP SAYS “PROJECT FREEDOM PLUS” MAY BE LAUNCHED IF IRAN TALKS COLLAPSE


Ad-supported Premium SVOD Subscriptions in the U.S. reached 110M by the end of Q1'26—up from 53M just two years ago. For most services that offer them, ad tiers now account for the majority of new subscriptions. antenna.live/insights/the-a…








My newest @InsideOrchard essay examined Netflix and Spotify. From Wall Street’s perspective, something is wrong with the companies. On a combined basis, Netflix's and Spotify's market caps have declined by nearly 40% or ~$250 billion from peak levels. Is Wall Street being fair in its pessimistic assessment? Wall Street trading behavior rarely tells the full story as the market is known to misprice business fundamentals. Taking a closer look at each company, the broader stories surrounding Netflix’s & Spotify’s businesses do seem to have entered new chapters. The essay (linked below) examines those changes and where Netflix and Spotify find themselves. insideorchard.com/essays/keep-an…



MORE INFO: According to Axios, Washington and Tehran are now closer to a deal than at any point since the war begun. Key elements under discussion: • A phased rollback of both the U.S. and Iranian naval restrictions during negotiations • Gradual sanctions relief from the U.S., alongside the release of tens of billions in frozen Iranian funds • A long term freeze on Iranian uranium enrichment, reportedly between 12 and 15 years, with automatic extensions if Tehran violates the terms • Iran potentially agreeing to remove its stockpile of highly enriched uranium from the country • The White House is waiting for Iran’s formal response on several core issues within the next 48 hours






1/ This is what $200 per barrel of oil would mean for US gas prices, which currently average $4.30 per gallon. It could go much higher. As one analyst says, once oil stockpiles are functionally exhausted by the end of May, "price increases become exponential rather than linear."


