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Intelligence for the New World Economy
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The World at a Glance
Updated 7:43am EDT
1
China’s Xi Jinping warned Donald Trump over Taiwan, in an initial meeting between the two leaders that nonetheless appeared upbeat.
2The US secretary of state urged China to help end the Iran war, despite Trump previously saying he did not need Beijing’s help.
3Global fossil fuel demand may remain permanently lower even after the Iran war ends, analysts said.
4African nations accelerated their push towards energy independence, as the war in Iran galvanized efforts to reduce fuel imports.
5British Prime Minister Keir Starmer fended off intensifying calls to stand down after disastrous election results.
6Russia fired more than 1,500 drones against Ukraine, though the war appears to be tilting in Kyiv’s favor.
View / Trump has to play ball with China on rare earths
The Trump administration is keenly aware of its rare earths Achilles heel, and has rolled out price floors, equity investments, federal stockpiling, and more.
Brendan Smialowski/ReutersView / China’s Iran calculus extends beyond Hormuz
Beijing has different interests to the US in the Iran war, which may preclude any breakthrough during Trump’s visit.
Evan Vucci/ReutersVance takes campaign trail ‘tryouts’ to Maine, without Collins
The vice president will campaign with Paul LePage for the House, but the Maine senator will be in Washington voting.
Evelyn Hockstein/Reuters UAE denies Israeli PM’s claim of ‘historic’ visit
Netanyahu’s office said the secret visit had deepened cooperation, but the UAE foreign ministry insisted that the reports of the “alleged visit” were false.
Ronen Zvulun/Pool/ReutersSenate’s crypto drama comes to a head
Republicans already amassed enough support to advance their latest bill text without Democrats on Wednesday.
Elizabeth Frantz/Reuters Two top Trump priorities in jeopardy on Capitol Hill
A potential gas tax holiday and funding for the White House ballroom are both in serious jeopardy.
Mike Blake/Reuters Federal workers’ mood sank under DOGE, poll finds
Federal workers were less likely to trust their leaders or believe their workplace treats people with respect.
Aaron Schwartz/Reuters 
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Politics
Campaign of Austin AhlmanAaron Schwartz/Reuters Elizabeth Frantz/Reuters
Independent jumps into Nebraska race on “anti-monopolist” message
Progressive think tanker to test anti-corporate theory of politics.
Campaign of Austin AhlmanFederal workers’ mood sank under DOGE, poll finds
Federal workers were less likely to trust their leaders or believe their workplace treats people with respect.
Aaron Schwartz/Reuters Senate’s crypto drama comes to a head
Republicans already amassed enough support to advance their latest bill text without Democrats on Wednesday.
Elizabeth Frantz/Reuters Two top Trump priorities in jeopardy on Capitol Hill
A potential gas tax holiday and funding for the White House ballroom are both in serious jeopardy.
Vance takes campaign trail ‘tryouts’ to Maine, without Collins
The vice president will campaign with Paul LePage for the House, but the Maine senator will be in Washington voting.
Xi to push Trump on Taiwan
Beijing is poised to press Donald Trump on US arms sales to Taiwan, amid rising concerns that the president could alter his stance toward the island.
What Spencer Pratt’s rise can teach both parties about AI-age campaigning
You don’t have to imagine what Los Angeles would look like under Mayor Spencer Pratt, because AI already did it for you.
Mayor Zohran Mamdani is wading into an international M&A deal
New York’s mayor wants to block the merger of Western Union and Intermex, arguing it’ll hurt some of the neediest New Yorkers.
Key Republican senator removes roadblock to crypto bill
Sen. John Kennedy, R, La., will support the legislation in committee, moving it closer to passage by the Senate.
Younger Democrats challenge blue-state ‘gerontocracy’
In Connecticut and Massachusetts, older incumbents are confronting a familiar question.
Data centers are wildly unpopular, poll shows
Seven in 10 Americans say they oppose building data centers where they live.
Business
Allstate CEO Tom Wilson on trust, purpose and why CEOs should speak up
“CEOs need to stand up and decide what’s important to them, what’s important to their customers — and take a stand.”
Mayor Zohran Mamdani is wading into an international M&A deal
New York’s mayor wants to block the merger of Western Union and Intermex, arguing it’ll hurt some of the neediest New Yorkers.
More activists rush in to HPE
More activist investors have taken stakes in the tech company.
Foreign investors pull out of India at record pace
Foreign investors have pulled $21 billion out of Indian stocks in the last two months, putting 2026 on track to be the worst year for outflows since the markets opened to overseas investment in 1993.
Who is, and isn’t, accompanying Trump to China
More noteworthy than who’s making the trip to Beijing with Trump this week is who isn’t.
Technology
Joel Angel Juarez/Reuters
Mistral CEO Arthur Mensch. Denis Balibouse/Reuters
AI assumes larger role in US elections
One Democratic congressional primary in New York City has become a proxy battle over AI regulation.
Joel Angel Juarez/ReutersJapan, EU seek out AI models for cyber defense
Governments and businesses are racing to detect and fix software vulnerabilities before AI systems get to them first.
Mistral CEO Arthur Mensch. Denis Balibouse/ReutersNvidia’s Huang a ‘bargaining chip’ in China
Nvidia CEO Jensen Huang’s last-minute inclusion on Trump’s Beijing trip raised the possibility of a deal to break an impasse over AI chip sales to China.
Thinking Machines previews ‘interaction models’
The models intend to fit seamlessly into conversations by interrupting and adding context as a human might.
EU seeks social media laws
The European Commission is preparing new regulations tackling the “addictive design” of social media platforms.
Nvidia CEO joins Trump in China despite ‘awkward’ politics
The president initially left Jensen Huang out of the CEO delegation to dodge political tensions around chip sales to China.
Energy
Abubaker Lubowa/Reuters
Megan Varner/Reuters
Eli Hartman/File Photo/Reuters
Surge in crackdown on environmental defenders, report finds
The Business and Human Rights Resource Centre documented nearly 800 incidents drawn from publicly available sources.
Abubaker Lubowa/ReutersGlobal investments in clean tech manufacturing drop
Global investments in clean technology manufacturing peaked in 2023 and have since dipped 42% to $155 billion in 2025, a Rhodium Group report found.
Megan Varner/ReutersGlobal oil reserves deplete at record pace, IEA warns
The US government reported that global reserve depletions for the full year could reach up to 2.6 million barrels per day on average.
Eli Hartman/File Photo/ReutersGulf
A Phoenix mining facility in Abu Dhabi. Courtesy of Phoenix Group.
Phoenix Group makes AI data center pivot into Europe
The Abu Dhabi-based Bitcoin miner told Semafor last year it was pivoting to small-scale AI infrastructure.
A Phoenix mining facility in Abu Dhabi. Courtesy of Phoenix Group.Abu Dhabi backs $30B infrastructure partnership
The agreement is the latest sign of Abu Dhabi pushing ahead with investment activities despite the Iran war.
UAE denies Israeli PM’s claim of ‘historic’ visit
Netanyahu’s office said the secret visit had deepened cooperation, but the UAE foreign ministry insisted that the reports of the “alleged visit” were false.
Fertiglobe warns of war’s long-term impact on food prices
High urea prices are squeezing farmers and raising fears of lower crop yields, conditions that could persist even if Gulf shipping routes reopen.
China’s Iran calculus extends beyond Hormuz
Beijing has different interests to the US in the Iran war, which may preclude any breakthrough during Trump’s visit.
China
Maxim Shemetov/Pool/Reuters. Banner credit: Andrew Caballero-Reynolds/AFP via Getty Images
Evan Vucci/Reuters
Mike Blake/Reuters
Rubio urges China to help US with Iran war
The US secretary of state called on China to help end the war, despite President Donald Trump earlier saying he did not need Beijing’s help.
Maxim Shemetov/Pool/Reuters. Banner credit: Andrew Caballero-Reynolds/AFP via Getty ImagesXi warns Trump over Taiwan
Xi is keen to limit US arms sales to Taiwan and wants Washington to oppose Taiwanese independence.
Evan Vucci/ReutersNvidia’s Huang a ‘bargaining chip’ in China
Nvidia CEO Jensen Huang’s last-minute inclusion on Trump’s Beijing trip raised the possibility of a deal to break an impasse over AI chip sales to China.
Mike Blake/ReutersAfrica
Sodiq Adelakun/File Photo/Reuters
Hereward Holland/Reuters
Africa’s energy producers race to boost output
The Iran war has galvanized efforts across the continent to reduce reliance on imported fuels.
Sodiq Adelakun/File Photo/ReutersUS’ aid-for-minerals strategy courts controversy
While the strategy has appeared callous to some, Washington says it’s not as new as it appears.
Hereward Holland/ReutersTelecoms giant Airtel Africa’s revenues soar
Airtel operates in 14 sub-Saharan African countries and experienced a 10% rise in its customer base in the year to March.
EV imports to Africa from China surged in 2025
African countries imported more than 44,000 electric vehicles from China last year, according to China’s commerce ministry, up from more than 19,000 in 2024.
South Africa arrests intelligence chief on corruption charges
Feroz Khan faces charges including corruption and the illegal possession of and dealing in precious metals.
Africa-France summit unlocks $50B in investments
French President Emmanuel Macron co-hosted the two-day summit with Kenyan President William Ruto.
SecurityMistral CEO Arthur Mensch. Denis Balibouse/Reuters 
Ints Kalnins/Reuters
Alexander Zemlianichenko/Pool via Reuters
Japan, EU seek out AI models for cyber defense
Governments and businesses are racing to detect and fix software vulnerabilities before AI systems get to them first.
Mistral CEO Arthur Mensch. Denis Balibouse/ReutersSpain calls for creation of EU army amid US unreliability
The call is part of a broader shift toward European sovereignty.
Ints Kalnins/ReutersPutin says Ukraine war is ‘coming to an end’
Russian President Vladimir Putin said he believes the Ukraine war is “coming to an end,” hours after vowing victory over Kyiv at a pared-down Victory Day parade devoid of its usual military hardware display.
Alexander Zemlianichenko/Pool via ReutersMedia
Alyson Shontell. Amal Alhasan/Getty Images for Fortune Media
Fortune chairman joined Trump interview
Editor-in-chief Alyson Shontell conducted the interview with the president.
Alyson Shontell. Amal Alhasan/Getty Images for Fortune MediaParamount seeks to calm California’s creatives — and a litigious attorney general
Paramount is racing to reassure Hollywood that its takeover of Warner Bros. Discovery, with its HBO streaming service, isn’t aimed at killing movie theaters.
CBS’ Tony Dokoupil to broadcast from Taiwan after failing to get China visa in time
It was a stumble in the network’s efforts to play a leading role in this week’s dominant global story.
Hollywood appears to avoid Cannes Film Festival
Only two American entrants are competing for the Palme d’Or, both relatively small and financed outside the US.
Weiss deputy says CBS owners are ‘independent of the news operation’
“The convention in American journalism is that the owners are independent of the news operation, and that’s the case at CBS,” Charles Forelle told Semafor.
CEO Signal
Reckitt Benckiser/Handout via Reuters 
Courtesy of Government of Dubai/Joey Pfeifer/Semafor
Reckitt’s Kris Licht on moving at ‘China speed’
The CEO behind Lysol and Durex ‘pivoted hard’ for a new era of TikTok-driven commerce.
Reckitt Benckiser/Handout via Reuters Dan Schulman’s plan to get Verizon back in the fight
“If somebody’s going to punch me, I’m going to punch back,” Verizon CEO Dan Schulman says in this episode of The CEO Signal.
How Dubai’s Hadi Badri builds confidence in a crisis
The Dubai Economic Development Corp. CEO says data, proactive engagement, and long-term goals can turn the Iran conflict into a “speed bump.”
Courtesy of Government of Dubai/Joey Pfeifer/SemaforAD