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Intelligence for the New World Economy
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View / The US and China’s delicate, new equilibrium
View / Trump purges his enemies — while his party gets new problems
The World at a Glance
Updated 7:25am EDT
1
Japan’s economy grew at an annualized rate of 2.1% in Q1, though the Iran war could hamper future expansion.
2Russia’s Vladimir Putin and China’s Xi Jinping will meet in Beijing, with talks expected to focus on energy and Ukraine.
3Putin launched three days of nuclear drills, in a show of power amid continued battlefield losses in its war against Ukraine.
4Inflationary pressures caused by the Iran war were unlikely to abate, analysts warned.
5An outbreak of Ebola has killed 131 people in central Africa, prompting the WHO to declare a global health emergency.
6Cuba’s leader warned the US of ‘bloodbath’ in both countries if Washington carried out military action in the island nation.
What to watch in May 19 primaries
Seven states hold their primaries on Tuesday, including two where Republicans are working to change electoral maps as soon as possible.
Hannah Beier/Reuters Jury rejects Elon Musk’s lawsuit against OpenAI
Elon Musk had alleged that OpenAI chief Sam Altman “stole a charity” when he converted the startup to a for-profit entity.
Manuel Orbegozo/ReutersEbola hits central Africa, prompting race for vaccine
There are no treatments for the current Ebola strain, which has already killed 131 people.
Arlette Bashizi/ReutersTrump suspends planned Iran strikes
The US president said he was holding off attacks on Iran at the behest of Middle East allies.
Evan Vucci/ReutersCritics of Trump’s ‘anti-weaponization fund’ have no way to contest it yet
There’s no clear plaintiff to challenge the taxpayer money set to flow to backers of the president.
Leah Millis/ReutersRyanair chief downplays Europe’s jet fuel supply concerns
Michael O’Leary said he had “almost zero concerns” about a jet fuel shortage this summer.
Evelyn Hockstein/ReutersTrump privately fumes over imperiled ballroom security money
The president aired his displeasure with the Senate rules referee in a call with the majority leader, according to multiple sources.
Kevin Lamarque/Reuters
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PoliticsHannah Beier/Reuters 
Norlys Perez/Reuters Kevin Lamarque/Reuters
What to watch in May 19 primaries
Seven states hold their primaries on Tuesday, including two where Republicans are working to change electoral maps as soon as possible.
Hannah Beier/Reuters Trump aides, allies portray military force in Cuba as last resort
As the president’s administration squeezes the island nation’s communist government, it’s sending a two-part signal.
Norlys Perez/Reuters Trump privately fumes over imperiled ballroom security money
The president aired his displeasure with the Senate rules referee in a call with the majority leader, according to multiple sources.
Kevin Lamarque/ReutersCritics of Trump’s ‘anti-weaponization fund’ have no way to contest it yet
There’s no clear plaintiff to challenge the taxpayer money set to flow to backers of the president.
Trapped under ICE: Democrats still tripping over immigration debate
Fights over ICE break out in Democratic primaries.
Trump purges his enemies — while his party gets new problems
Successful retribution in red-state primaries masks the midterm troubles ahead.
Americans are buying now, paying later, poll finds
Thirty-seven percent of lower-income Americans report using installment plans either frequently or occasionally.
Fetterman won’t budge on Iran war powers vote
The Pennsylvania Democrat is unbowed by the intraparty criticism of his votes against ceasing the war.
A corruption election
Take if from Rahm. And brace for a very dark 2028.
Republicans try to resurrect ballroom security funding
Republicans’ first stab at ballroom funding violated the strict budgetary rules governing party-line reconciliation bills.
Trump targets his Republican foes
A Republican senator who voted to convict President Donald Trump in his 2021 impeachment trial lost his primary Saturday, reflecting Trump’s tightening grip on the party despite his waning popularity with voters.
Business
Bing Guan/Reuters/File Photo
NextEra’s $67 billion deal pokes the AI bear
Regulators’ approval will test Americans’ anger against AI.
Bing Guan/Reuters/File PhotoOil shock in US is testing voters
The historic oil disruption, fueled by the ongoing stalemate in the Strait of Hormuz, is deepening economic divides in the US and casting a shadow over President Donald Trump’s political fortunes.
Air India to cut international flights due to fuel shortages
The cuts deepen the turmoil at Air India, following a devastating crash last year and the departure of its CEO.
US set to drop Adani bribery case
Asia’s richest man was under investigation for bribing officials and misleading US investors.
Trump says China to purchase 200 Boeing jets
The announcement marked one of the first major deals to come out of the Beijing summit.
TechnologyManuel Orbegozo/Reuters 
Manuel Orbegozo/Reuters
Jury rejects Elon Musk’s lawsuit against OpenAI
Elon Musk had alleged that OpenAI chief Sam Altman “stole a charity” when he converted the startup to a for-profit entity.
Manuel Orbegozo/ReutersEveryone lost in Musk v. Altman
The trial revealed the worst side of the leaders running some of our most important tech companies.
Manuel Orbegozo/ReutersNewsom’s floated software tax misses the mark
California’s governor floated a new tax that could add some difficulty for the tech companies selling software out of the state.
Codex untethers AI from the laptop
A new feature allows users to send messages to Codex via the ChatGPT app.
AI-generated papers flood submissions to scientific journals
arXiv, the largest host of pre-peer-reviewed scientific papers, will now ban scientists for a year if their research contains hallucinated references.
The Class of 2026 is cooked
Graduates ask in the AI era: “What am I doing with my life?”
Energy
Brendan McDermid/Reuters
Evelyn Hockstein/Reuters
US’ record energy exports drive up fuel prices at home
The US shipped 14.2 million barrels of crude and products daily in April.
Brendan McDermid/ReutersNextEra deal with Dominion sets up largest global utility
US power company NextEra Energy said it was acquiring Dominion Energy in a deal that would create the world’s largest utility amid soaring AI-driven energy demand.
Ryanair chief downplays Europe’s jet fuel supply concerns
Michael O’Leary said he had “almost zero concerns” about a jet fuel shortage this summer.
Evelyn Hockstein/ReutersGulfEvan Vucci/Reuters
Trump suspends planned Iran strikes
The US president said he was holding off attacks on Iran at the behest of Middle East allies.
Evan Vucci/ReutersQatar launches new $30M Tech Venture Fund
The fund will invest in deep tech startups that aim to address global social or climate challenges.
Mubadala Energy backs $13B LNG project on US Gulf Coast
It’s the latest sign of growing Arab Gulf interest in America’s energy industry.
UAE plans new West-East pipeline to bypass Hormuz
The pipeline would allow the UAE to double its export capacity outside the Gulf’s waters.
Abu Dhabi to build Sphere as part of tourism push
Like its sister site in Las Vegas, the Sphere Abu Dhabi will seat up to 20,000, and is part of the city’s efforts to show that its hospitality industry remains unbowed.
China
Kenny Holston/Pool via Reuters
Kenny Holston/Pool via Reuters
The US and China’s delicate, new equilibrium
Beijing’s new approach to Washington suggests the ground has shifted between the superpowers yet again.
Kenny Holston/Pool via ReutersTaiwan defends US arms purchases
Taiwan’s leader on Sunday emphasized the island’s sovereignty and the importance of US arms purchases in deterring regional conflict, amid doubts of Washington’s support for Taiwan.
China agrees to trade board with US
China said Saturday it would buy US aircraft and seek mutual tariff reductions, but specifics on agreements following a two-day summit between the countries’ leaders remain elusive.
Kenny Holston/Pool via ReutersAfricaArlette Bashizi/Reuters 
Jonathan Ernst/Reuters
Ebola hits central Africa, prompting race for vaccine
There are no treatments for the current Ebola strain, which has already killed 131 people.
Arlette Bashizi/ReutersTwo prominent Republican Africa staffers leave Capitol Hill
Their exits leave an incoming Africa official with one less bridge to Capitol Hill at a fraught moment for US-Africa relations.
Jonathan Ernst/ReutersThe battle to ensure Africa’s digital sovereignty
You can let someone else build the infrastructure, but you shouldn’t let them decide how it operates.
Intra-Africa commerce could reach 53% if AfCFTA were fully implemented, report finds
In its report the Mo Ibrahim Foundation also said the continent’s manufacturing sector could be boosted by $1 trillion, creating create 14 million jobs by 2035.
Germany overtakes US as South Africa’s second-largest bilateral trade partner
US tariffs hit South Africa’s value-added goods the hardest, with the country’s vehicle and transport equipment sector absorbing the bulk of the damage.
We need to reset Africa’s health algorithm
As AI transforms medicine, African countries risk becoming the raw material for a revolution whose benefits flow elsewhere.
Security
Evan Vucci/Reuters 
Putin launches nuclear drills in projection of power
The show of force comes as Moscow suffers continued losses on the battlefield in its war against Ukraine.
Trump suspends planned Iran strikes
The US president said he was holding off attacks on Iran at the behest of Middle East allies.
Evan Vucci/ReutersUkraine drone attack targets Moscow
Ukraine’s biggest drone attack on Moscow in more than a year killed at least three people in the city, damaged residential buildings, and targeted an oil refinery, as Kyiv intensifies its strikes deep inside Russia.
Media
New arts magazine Totei to focus on the ‘creative process’
The online magazine will publish content weekly, including profiles of artists and musicians, photo essays, reported features, and interviews.
Fortune chairman joined Trump interview
Editor-in-chief Alyson Shontell conducted the interview with the president.
Paramount 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.
CEO Signal
Reckitt Benckiser/Handout via Reuters 
Why Allstate’s Tom Wilson thinks CEOs should create more jobs with AI
The insurance industry veteran says executives have an obligation to do hard things.
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.
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