In this episode of The PDB Afternoon Bulletin: 

• First—The fragile peace process between the U.S. and Iran has already encountered its first major test. New fighting between Israel and Hezbollah forced the postponement of high-level negotiations in Switzerland before a last-minute ceasefire brought the region back from the brink—at least for now. I’ll have the details.

• Later in the show—Cuba approves some of the most sweeping free-market reforms since Fidel Castro's revolution. We'll explain why the Communist government suddenly appears willing to embrace changes it once considered politically unthinkable.

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