Business news today was dominated by bets on infrastructure, ownership and trust. Bullish agreed to buy Equiniti for roughly $4.2 billion, a deal that would link crypto-market plumbing with a regulated transfer agent as firms push tokenized securities closer to the financial mainstream. In UK telecoms, Vodafone struck a £4.3 billion agreement to buy out CK Hutchison’s stake in VodafoneThree, tightening its grip on a market where scale and control remain central. Global trade, meanwhile, got a reminder that physical logistics still matter as much as digital finance: Maersk said its U.S.-flagged Alliance Fairfax cleared the Strait of Hormuz under U.S. military escort without incident. Running through the day’s themes was a broader question of how markets organize confidence, from DeFi’s promise to shift trust from institutions to code, to Brad DeLong’s sweeping Oxford lectures tracing how economic systems evolve over time.