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Intelligence for the New World Economy
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The World at a Glance
Updated 6:44pm EDT
1
Major US retailers suggested shoppers are reining in spending as the Iran war raises prices on essential goods.
2The war is undermining Saudi Arabia’s efforts to diversify away from oil, while boosting the kingdom’s oil revenues.
3Economists debated whether there’s light at the end of the tunnel for China’s multiyear property slump.
4US President Donald Trump postponed signing an executive order on AI and cybersecurity over concerns it could shrink the country’s AI lead over China.
5SpaceX’s IPO filing shows the firm expects to raise $80 billion, the largest in history.
6Oil prices jumped to $100 per barrel after Iran’s president said the country wouldn’t be pressured into surrendering to US demands.
SpaceX IPO filing lays out Musk’s interplanetary manifesto
The document also revealed how much the world’s largest public offering is underpinned by a founder firmly in control.
Gabriel V. Cardenas/ReutersIsrael’s Iran stance changes MidEast calculus
Washington’s Middle East partners are increasingly seeing Israel as a destabilizing force, analysts said, a perception that is shifting regional power dynamics.
Ammar Awad/ReutersOil price jump after Iran says it will not submit to US
While the oil market has shown remarkable resilience in the face of the largest energy shock in history, it may be approaching a breaking point.
Iranian President Masoud Pezeshkian. Iran’s Presidential website/WANA.Saudi Arabia freezes consultancy payments
The kingdom told government agencies to halt payments to advisers and consultancy firms until the end of June.
Hamad I Mohammed/ReutersRepublican senators back Bolivia’s Paz
President Rodrigo Paz, who has restored US-Bolivia relations, was elected last year on a promise to enact economic “shock therapy.”
DeepMind founder on what Google AI products say about ‘singularity’
In an interview with Semafor, Hassabis opines on the steady march of AI capability.
Manuel Orbegozo/ReutersNovo Nordisk lets Canadian patent expire
It is unclear whether the patent’s lapse was a bit of cunning corporate strategy or an expensive oversight.
Hollie Adams/Reuters
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Politics
Kevin Lamarque/Reuters
Trump postpones signing AI and cybersecurity order
Trump suggested he had concerns it could shrink the country’s AI lead over China.
How Trump lost Senate Republicans
The president’s sway with them is lower than at any point in his second term — even as his influence in party primaries peaks.
Kevin Lamarque/ReutersState paid leave laws build national pressure
“Paid family and medical leave has to be at the heart of a new majority’s agenda come January,” said Rep. Sarah McBride, D-Del.
Democrat objections help sink women’s Smithsonian bill
A years-long, bipartisan effort in Congress to build a women’s history Smithsonian museum fizzled with no support from Democrats.
Democrats move to restore military paper’s independence
The new legislation from Senate Democrats aims to insulate Stars and Stripes from the Trump administration’s efforts to assert control.
Republican senators back Bolivia’s Paz
President Rodrigo Paz, who has restored US-Bolivia relations, was elected last year on a promise to enact economic “shock therapy.”
Trump suggests Iran talks in ‘final stages’
The US believes it is making progress with Iran in peace talks, but disagreements between Washington and Israel threaten to derail the diplomacy.
Republicans set to scrap Trump’s ballroom money
The reason: GOP opposition to one of Trump’s top priorities.
Five Republican senators back Letlow in bid to sew up Louisiana runoff
The announcement is a sign that the dust is settling from her defeat of Sen. Bill Cassidy.
Banks taking a closer look at citizenship is ‘common sense,’ US regulator says
A new executive order presents a “reasonable trade-off,” US Comptroller of the Currency Jonathan Gould said at Semafor’s Banking on the Future Forum.
Massie finally fell because of US-Israel politics, not Epstein
Before he became the president’s sharpest Republican critic in Congress, Massie was a libertarian scientist who hated government spending and the taxes that paid for it.
Business
Mike Segar/File Photo/Reuters
Retail signals portend trouble for US consumers
Major US retailers suggested shoppers are reining in spending as the Iran war raises prices on essential goods.
Mike Segar/File Photo/ReutersWe need a new AI vocabulary
CEOs’ vocabulary about the technology is at turns rosy and robotic, maddeningly passive, and tin-eared.
SpaceX IPO filing lays out Musk’s interplanetary manifesto
The document also revealed how much the world’s largest public offering is underpinned by a founder firmly in control.
How will the tech barons be remembered?
Jeff Bezos’ CNBC interview sparked discourse about the future of billionaire philanthropy.
Novo Nordisk lets Canadian patent expire
It is unclear whether the patent’s lapse was a bit of cunning corporate strategy or an expensive oversight.
Technology
Brian Snyder/Reuters
Musk, Zuckerberg derail Trump AI order
The executive order would have created some oversight for powerful new AI models.
Brian Snyder/Reuters Trump postpones signing AI and cybersecurity order
Trump suggested he had concerns it could shrink the country’s AI lead over China.
Elon Musk’s SpaceX eyes record $80B IPO
SpaceX reported rapidly increasing revenue — $18.67 billion in 2025 — most of it generated by its satellite broadband arm Starlink.
DeepMind founder Demis Hassabis on what Google AI products say about ‘singularity’
In an interview with Semafor, Hassabis opines on the steady march of AI capability.
Meta begins layoffs amid rising AI angst
Meta began laying off thousands of workers, with plans to axe 10% of its staff to offset AI costs.
Nvidia beats on earnings, but faces headwinds
Nvidia’s revenue topped estimates for the latest quarter, the chip giant reported Wednesday, but it faces challenges.
Energy
Jim Young/File Photo/Reuters
Rafael Martins/Reuters
China Daily via Reuters
Republicans split on ethanol share in national fuel mix
High US gasoline prices are increasing pressure on the Senate to pass legislation increasing the share of ethanol into the fuel mix, but not all agree.
Jim Young/File Photo/ReutersEVs, hybrids to hit 30% of car sales in 2026: IEA
EV sales are soaring on the back of the Iran war and ever-falling battery prices.
Rafael Martins/ReutersWestern nations let Russia in from the cold
The US and UK softened sanctions on Russian oil amid the Iran war’s energy crunch.
China Daily via ReutersGulf
Hamad I Mohammed/Reuters
War dents Saudi’s efforts to diversify economy
The Iran war is undermining Saudi Arabia’s efforts to diversify away from oil, while boosting the kingdom’s oil revenues.
Hamad I Mohammed/ReutersIsrael’s Iran stance changes MidEast calculus
Washington’s Middle East partners are increasingly seeing Israel as a destabilizing force, analysts said, a perception that is shifting regional power dynamics.
Qatar Investment Authority, Spanish tech investor lauch $349M fund
The joint fund will back Spanish companies involved in the green transition and digital transformation.
Iran war shrinks Qatar Airways capacity, profits
The state-owned carrier posted a $1.9 billion profit for the year to the end of March, with revenue and passenger traffic hit by repeated airspace closures.
Gulf countries strike free trade deal with UK
At a time of conflict, it offers a timely boost for the region, although the war also means any benefits could be slow to materialize.
China
Florence Lo/File Photo/Reuters
Alexander Manzyuk/Reuters
China looks for signs of optimism in its housing market
Economists debated whether there’s light at the end of the tunnel for China’s multiyear property slump.
Florence Lo/File Photo/ReutersPutin leaves China without pipeline deal
Russia’s Vladimir Putin left Beijing without an agreement on a long-stalled gas pipeline he urgently sought.
Putin to discuss long-delayed pipeline with Xi
Russian President Vladimir Putin’s visit to Beijing this week could clear a logjam for the construction of a long-delayed oil pipeline to China.
Alexander Manzyuk/ReutersAfrica
Adriano Machado/Reuters
Temilade Adelaja/Reuters
Nigeria’s president uses young technocrats to control economy
Nigeria’s septuagenarian president has appointed a new generation of policymakers but critics claim ethnic bias.
Adriano Machado/ReutersSolar minigrids in Nigeria could offer major jobs boost, report finds
Off-grid solar electricity is among the solutions the World Bank is backing to halve the continent’s energy gap.
Temilade Adelaja/ReutersSouth African grocer Pick n Pay raises nearly $300M
Pick n Pay sold a 12.5% stake in Boxer, which has seen its valuation surge since its IPO in 2024.
Kenya cuts fuel prices after deadly protests
Nairobi has been rocked by demonstrations, with four people killed and dozens injured.
Ebola hits central Africa, prompting race for vaccine
There are no treatments for the current Ebola strain, which has already killed 131 people.
Two 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.
SecurityAlexander Manzyuk/Reuters 
Evan Vucci/Reuters
Putin to discuss long-delayed pipeline with Xi
Russian President Vladimir Putin’s visit to Beijing this week could clear a logjam for the construction of a long-delayed oil pipeline to China.
Alexander Manzyuk/ReutersPutin 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/ReutersMedia
Veronica McNabb/US Army National Guard
Democrats move to restore military paper’s independence
The new legislation from Senate Democrats aims to insulate Stars and Stripes from the Trump administration’s efforts to assert control.
Veronica McNabb/US Army National GuardNew 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.
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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