Good morning. Treasury Secretary Scott Bessent made it clear as he announced “Economic D-Day” that the U.S. would no longer turn a blind eye when countries support Iranian economic activity. A spin around Dubai shows it is all happening in plain sight.

Iranian business activity has deep, mutually lucrative roots in the commercial capital of the United Arab Emirates and continues to thrive despite the American warnings.

• Open for business: Iranian banks dotted around Dubai remained open this week. They include a multistory branch of Bank Melli Iran along the creek in the old town. Bessent specifically called for all branches of Bank Melli to be closed. Yet after the announcement, a dozen tellers continued to serve the Farsi-speaking customers who trickled in to do business in the bright space decorated with Persian-themed mural work and tiling.

• Improved conditions: Iranians around the city said conditions have improved since the early spring, when the U.A.E. launched a broad crackdown on Iranians in the country, closing a hospital and social club, temporarily banning Iranian passport holders from entering or even transiting through the country, and revoking some Iranians’ visas, including for some long-term residents who were traveling abroad at the time.

• Friendly skies: Iranian airlines are running regular direct flights shuttling passengers between Iran and the U.A.E. The latter’s major carriers—Emirates, Etihad and FlyDubai—aren’t offering direct flights to Iran, though some flights do use Iranian airspace.

U.S. servicemember, KPMG employee are targets of prediction markets crackdown.

Federal authorities are preparing charges against a U.S. servicemember suspected of placing Polymarket bets on military operations that earned him more than $1 million, part of a coming batch of insider trading cases, according to people familiar with the matter.

The serviceman, who has been under scrutiny since the spring, made successful bets related to military strikes in Iran and Venezuela on the prediction market, the people said. It is one of several investigations that have looked at members of the armed forces who traded war contracts that referenced the timing and outcome of military operations.

Judge rules Trump administration’s blacklisting of Anthropic was unlawful.

A federal judge ruled late Thursday that the Trump administration violated Anthropic’s First Amendment rights by blacklisting the artificial-intelligence company as a supply-chain risk.

U.S. District Judge Rita F. Lin of the Northern District of California mostly sided with Anthropic in a final ruling on the company’s March lawsuit against the Trump administration, saying the government had erred in its haste to label Anthropic a supply-chain risk.

• The fallout from FIFA’s ill-fated plan to privatize part of its commercial rights and sell them to investors landed in New York district court on Thursday as UEFA, European soccer’s governing body, requested subpoenas for Joshua Kushner and his fund Thrive Capital Management.

• EBay is banning the sale of air bags and air-bag parts on its website, beginning next month, following multiple reports of fatalities involving components believed to be counterfeit and installed in used cars.

• California is set to become the third state this year to restrict private equity from buying law firms, an investment strategy whose rapid growth is polarizing members of the legal profession.

• A U.K. financial services watchdog said nearly half of young investors surveyed mistakenly believed that AI-generated financial information is regulated, Risk Journal reports (free link).

• Alphabet’s Google said it was changing how certain websites with third-party content rank in search results across most of Europe, a move to appease antitrust regulators and avoid a potentially hefty fine.

• France is easing some of its strict rules on the production of certain cheeses, as extreme heat and drought force food producers to modify farming techniques.

The number of Great Lakes that still have their old names. President Trump is renaming Lake Ontario to Lake America, escalating the trade dispute with Canada.

Corporate America cut big checks to Trump. Now CEOs fear subpoenas are coming.

Some U.S. companies with close ties to President Trump are taking steps to gain favor with Democrats, worried they will become targets if Republicans lose control of the House.

Big tech companies, in particular those that made major donations to Trump’s legacy projects, are preparing for congressional and even potential criminal investigations, according to advisers, lobbyists and board members. Washington-based lawyers and lobbyists say that their clients are asking: What are our vulnerabilities?

Iran talks sputter as Trump spurns a return to his June deal.

The Trump administration has repeatedly told mediators it has no interest in going back to the terms of the memorandum of understanding it reached with Iran in June, complicating this week’s flurry of efforts to restart the diplomatic process, people familiar with the matter said.

The preliminary deal that President Trump signed at the Palace of Versailles and which Vice President JD Vance helped negotiate aimed to reopen the Strait of Hormuz and kick-start talks on Iran’s nuclear program and an end to the war in exchange for sanctions relief and giving Tehran access to its frozen cash around the world. But it fell apart within weeks after Iran started attacking ships to assert its control over the vital waterway.

• See How the World Has Changed Since the Start of the Iran War

• Wheat prices hit a three-year high as escalating Russia-Ukraine tensions in the Black Sea strangle exports from one of the globe’s most important grain-growing regions.