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Intelligence for the New World Economy
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The World at a Glance
Updated 6:55pm EDT
1
The price of oil rose as Donald Trump rejected Iran’s proposal to open the Strait of Hormuz and defended his maritime blockade.
2Donald Trump discussed a possible, brief Ukraine ceasefire in a lengthy phone call with Russia’s Vladimir Putin.
3Alphabet, Amazon, Meta, and Microsoft all beat first-quarter earnings expectations as investors scrutinize their AI spending.
4The US-China feud over Panama’s ports flared back up as Washington accused Beijing of politicizing maritime trade.
5Goldman Sachs stopped its Hong Kong bankers from using Anthropic’s AI models as US-China tech divisions deepen.
6France detailed how it plans to phase out fossil fuels completely by 2050.
The 60-day itch: Iran war weighs on Republicans
The GOP is not about to start backing Democratic war authorizations, but there’s “restlessness” among lawmakers, as one put it.
Matt McClain/Reuters Sanders convenes US, Chinese scientists on AI
The senator is heading up a rare discussion with international scientists Wednesday evening to address the “existential threat” posed by AI.
Annabelle Gordon/ReutersGhana ‘rejects’ US health deal over data concerns
It becomes the latest African country to express privacy worries over Washington’s new health funding agreements on the continent.
Baz Ratner/ReutersAs Senate advances Warsh, all eyes on Powell
The big question is whether Jerome Powell, whose term as governor doesn’t end until 2028, will stay on beyond the new Fed chair’s confirmation.
Kevin Lamarque/Reuters House committees probe Cursor parent, Airbnb over Chinese AI
Lawmakers’ concerns revolve around the national security risks of sharing wide swaths of data and information with AI companies in China.
Rep. John Moolenaar. Andrew Harnik/Getty Images.Voters will reward candidates who bash insurers, research finds
Voters increasingly see insurance companies as the primary bogeymen for health care costs.
Kylie Cooper/Reuters Fewer Americans see themselves buying homes, poll finds
Just 28% of Americans say they expect to buy a home within 10 years, while 45% don’t see themselves buying a home in the foreseeable future.
Benoit Tessier/Reuters AD
Politics
Evelyn Hockstein/Reuters
Elizabeth Frantz/ReutersAnnabelle Gordon/Reuters
Oil rises as Trump rejects Iran’s peace proposal
The price of oil rose Wednesday after US President Donald Trump rejected Iran’s proposal to open the Strait of Hormuz and defended his maritime blockade.
Evelyn Hockstein/ReutersWarsh heads straight for Trump’s Fed pressure cooker
“I think he’ll be fine,” one Republican senator quipped as Warsh faces the president’s push for rate cuts. “But if not, it’s too late.”
Elizabeth Frantz/ReutersSanders convenes US, Chinese scientists on AI
The senator is heading up a rare discussion with international scientists Wednesday evening to address the “existential threat” posed by AI.
Annabelle Gordon/ReutersPowell vows to stay at Fed as a governor
When pressed on timing, Jerome Powell said: “I will leave when I think it’s appropriate to do so.”
Progressive groups: We don’t need the Democratic Party to cause a ‘blue wave’
Semafor got an exclusive seat at the America Votes summit, where left-leaning activists and unions plotted their comeback.
Why Ruben Gallego put himself in the barrel
The Arizona Democrat and potential presidential candidate talked to Semafor about his unique approach to Eric Swalwell’s implosion.
Voters will reward candidates who bash insurers, research finds
Voters increasingly see insurance companies as the primary bogeymen for health care costs.
Fewer Americans see themselves buying homes, poll finds
Just 28% of Americans say they expect to buy a home within 10 years, while 45% don’t see themselves buying a home in the foreseeable future.
As Senate advances Warsh, all eyes on Powell
The big question is whether Jerome Powell, whose term as governor doesn’t end until 2028, will stay on beyond the new Fed chair’s confirmation.
The 60-day itch: Iran war weighs on Republicans
The GOP is not about to start backing Democratic war authorizations, but there’s “restlessness” among lawmakers, as one put it.
‘Horsesh*t’: Hill Republicans align against Spirit’s bid for a Trump bailout
As the president considers a government lifeline for the struggling airline, a wide swath of his party wants no part of it.
Business
Reuters/Noah Berger for AWS
Big Tech firms beat earnings expectations amid AI spending questions
Alphabet, Amazon, Meta, and Microsoft all beat first-quarter earnings expectations on Wednesday, but investors are poised to closely scrutinize their heavy spending on AI.
Reuters/Noah Berger for AWSOil rises as Trump rejects Iran’s peace proposal
The price of oil rose Wednesday after US President Donald Trump rejected Iran’s proposal to open the Strait of Hormuz and defended his maritime blockade.
We’re in the ‘call me, maybe’ era of M&A
Deal talks used to be private. Now, they’re anything but secret.
FCC challenges ABC broadcast licenses
The move could strip ABC of its ability to broadcast to stations across the country following Jimmy Kimmel’s “expectant widow” monologue comments.
Mark Cuban’s next target: Insurance companies
After taking on pharmacies with his discount-drug startup, the billionaire is taking on health insurers with a skunkworks project dubbed “The 10 Plan.”
Technology Reuters/Noah Berger for AWS 
Manuel Orbegozo/Reuters
Big Tech firms beat earnings expectations amid AI spending questions
Alphabet, Amazon, Meta, and Microsoft all beat first-quarter earnings expectations on Wednesday, but investors are poised to closely scrutinize their heavy spending on AI.
Reuters/Noah Berger for AWSMusk v. Altman trial is reverse Gladiator
Instead of Gladiators fighting for our entertainment, the emperors are shadowboxing before an angry populace.
Manuel Orbegozo/ReutersIs revenue the wrong way to value AI?
Traditional financial metrics like revenue and profit don’t tell you much about who will win the AI race in the long run.
AI tools are making online anonymity increasingly difficult
AI tools can now identify the writing of almost anyone with a sizable online presence.
Manus-Meta breakup could spell trouble for AI startups
The breakup is a reminder of how distinct the Chinese and American tech markets are today — and the divergence is only widening.
House committees probe Cursor parent, Airbnb over Chinese AI
Lawmakers’ concerns revolve around the national security risks of sharing wide swaths of data and information with AI companies in China.
Energy
Manon Cruz/Reuters
Cesar Olmedo/Reuters
Amit Dave/Reuters
France details plan to phase out fossil fuels
Skepticism abounds about whether France can hit the targets.
Manon Cruz/ReutersGreen fertilizer plant to break ground in Paraguay
Atome will construct a 260,000-ton-per-year plant in Villeta, the first industrial-scale facility of its kind.
Cesar Olmedo/ReutersIndia power demand hits record amid heat wave
The surge, driven by household air conditioning use, points to the challenges facing India as it grapples with fuel shortages.
Amit Dave/ReutersGulf
Courtesy of the Saudi Ministry of Culture
Saudi Arabia brings medieval cartography, and Yoko Ono, to Venice
Thirteenth-century maps, first-century incense burners, and new commissions from Yoko Ono and Wael Shawky are coming together in Saudi’s Venice exhibition.
Courtesy of the Saudi Ministry of CultureAbu Dhabi saw prewar property boom with best-ever first quarter
Sales in the first three months of 2026 were almost half of the total figure for 2025, according to the sector’s regulator ADREC.
Saudi-backed epic flops at box office in the US
Desert Warrior, a Saudi-backed movie that reportedly cost about $150 million to make, only brought in $472,000 in its opening weekend.
Qatar repackages incentives to attract non-energy activity
The government will reimburse up to 40% of setup costs as it tries to attract more logistics, technology, and financial services activity to its now war-battered economy.
The UAE’s OPEC exit is no surprise
Countries with cheap extraction costs, massive reserves, and diversified economies — the UAE fits all three — can afford to go it alone.
Africa
Phill Magakoe/Pool via Reuters
Lisi Niesner/Reuters
South Africa’s law and order test
Two major anti-corruption findings are due in the coming weeks.
Phill Magakoe/Pool via ReutersSouth Africa withdraws AI policy over AI-generated sources
The communications minister admitted that the department failed to spot the fabricated references before releasing the draft policy for public comment.
Lisi Niesner/ReutersMali leader makes first public appearance since insurgent attacks
An al-Qaida affiliate and an allied separatist group assassinated Mali’s defense minister and captured key territory in the country’s north during the strikes.
Canal+ to list on the Johannesburg Stock Exchange
The announcement comes a year after the French entertainment group took over Africa’s largest cable television company, MultiChoice.
UAE’s OPEC exit could impact African oil producers
A looser OPEC could erode the oil-price floor underpinning the economies of top African producers Nigeria and Angola.
Ghana ‘rejects’ US health deal over data concerns
It becomes the latest African country to express privacy worries over Washington’s new health funding agreements on the continent.
Security
Quetzalli Nicte-Ha/Reuters
US Marine Corps/Handout via Reuters
Michael Schindler/Handout via Reuters
Mexico arrests cartel leader amid widening gang crackdown
Mexican President Claudia Sheinbaum intensifies her gang crackdown.
Quetzalli Nicte-Ha/ReutersTrump issues ‘shoot and kill’ order amid Hormuz standoff
US President Donald Trump ordered the Navy to “shoot and kill” Iranian boats placing mines in the Strait of Hormuz.
US Marine Corps/Handout via ReutersSome experts dismiss ‘apocalyptic talk’ of Hormuz disruptions
The economic damage might fall short of an all-out catastrophe, some analysts argued.
Michael Schindler/Handout via ReutersMedia
Jessica Koscielniak/Reuters
How the WHCD shooting laid bare the media’s trust crisis
I was at the White House Correspondents’ Association dinner. Some number of people are convinced we’re not getting the real story.
Jessica Koscielniak/Reuters FCC challenges ABC broadcast licenses
The move could strip ABC of its ability to broadcast to stations across the country following Jimmy Kimmel’s “expectant widow” monologue comments.
What’s next for Letterboxd?
The controlling investor in Letterboxd, the cinephile social platform, is looking to sell its stake.
LeBron James is getting ready for his post-NBA media career, partner says
In an appearance at last week’s Semafor World Economy gathering, Maverick Carter said that changes in the tech and media landscape will allow James some flexibility in terms of his next moves once he retires — which could be as soon as later this month.
CNN backpedals after booker turns away guest for merger segment
“No one advised any editorial employee at CNN not to pursue this story,” a CNN spokesperson said.
CEO Signal
Courtesy of Government of Dubai/Joey Pfeifer/Semafor
Courtesy of Hilton/Joey Pfeifer/Semafor
Issei Kato/Reuters
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/SemaforHilton’s Chris Nassetta on why CEOs should ‘lift above the noise’
The longstanding leader says it’s critical to avoid “jerking the wheel.”
Courtesy of Hilton/Joey Pfeifer/SemaforHow Ivan Espinosa got Nissan to face reality
Nissan’s vehicle sales and share price have plummeted. Espinosa has a mandate to turn them around.
Issei Kato/Reuters AD