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View / AI tokens are taking over the economy
View / Energy crisis pushes South Africa into classic policy trap
The World at a Glance
Updated 6:19pm EDT
1
Donald Trump rejected Iran’s response to Washington’s latest peace proposal, prolonging the countries’ uneasy stalemate in the Strait of Hormuz.
2China’s exports rebounded in April as overseas buyers rushed to stockpile goods amid the Iran war.
3The US and China are heading into the Beijing summit with misunderstandings of the other.
4Russian President Vladimir Putin said he believes the Ukraine war is “coming to an end.”
5UK Prime Minister Keir Starmer pledged to hang on after his party’s local election losses.
6The Venice Biennale is engulfed in geopolitical controversy this year, and other upcoming cultural events could face a similar fate.
Democratic redistricting confidence sinks as Virginia maps thrown out
The 4-3 state Supreme Court decision on Friday sets the party back considerably in the battle to redraw House seats.
Bill Clark/CQ-Roll Call/Getty ImagesSouth Africa’s top court revives Ramaphosa impeachment probe
The constitutional court said parliament had acted unlawfully by blocking the process in 2022.
Sharon Seretlo/Gallo Images via Getty ImagesDevelopers worry about job loss at Anthropic’s conference
The recent spate of tech layoffs tied to AI improvements instilled more fear than enthusiasm in attendees.
Courtesy of AnthropicRubio’s papal visit stokes talk about his 2028 ambitions
To many in the Trump administration, the secretary of state’s Vatican visit this week left a lingering glow.
Vatican Media/Simone Risoluti/Handout via Reuters Trump administration plans to invite CEOs from Nvidia, Apple, Exxon on China trip
Expectations for splashy deals are low, but talks underscore potential thawing of Washington-Beijing trade tensions.
Trump and Xi Jinping during a meeting in 2025. Evelyn Hockstein/Reuters.Mali attacks raise alarm bells in Washington
A sweeping jihadist offensive raises questions about the security of the US embassy in Bamako.
AFP via Getty ImagesButtigieg, Slotkin join Canada’s Carney at liberal strategy session
The two potential 2028 candidates will speak alongside liberal politicians from other Western democracies.
Carlos Osorio/Reuters
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Politics
Hannah McKay/Pool/File Photo/Reuters
Tingshu Wang/File Photo/Reuters
Stringer/Reuters
Starmer fights on after poor election showing
UK Prime Minister Keir Starmer on Sunday pledged to hang on after his party suffered the worst local election losses for a governing faction in decades.
Hannah McKay/Pool/File Photo/ReutersMisunderstandings test US-China ties
The US and China are both heading into a landmark summit in Beijing this week with fundamental misunderstandings of the other, analysts said.
Tingshu Wang/File Photo/ReutersTrump rejects Iran’s latest peace offer
Donald Trump rejected Iran’s response to Washington’s latest peace proposal, prolonging the countries’ uneasy stalemate in the Strait of Hormuz.
Stringer/ReutersTrump trip to China to focus on Iran, AI, and trade
US officials are tempering expectations ahead of the president’s meeting with Xi Jinping.
Democratic redistricting confidence sinks as Virginia maps thrown out
The 4-3 state Supreme Court decision on Friday sets the party back considerably in the battle to redraw House seats.
Irregular trades ahead of White House announcements spark major graft concerns
The “highly unusual” trades have added to calls for regulators to step up their scrutiny of senior US government officials, including President Donald Trump.
Debatable: Trump’s impact on NATO
Europe is worried that Trump may be “quiet quitting” the alliance.
Buttigieg, Slotkin join Canada’s Carney at liberal strategy session
The two potential 2028 candidates will speak alongside liberal politicians from other Western democracies.
Mali attacks raise alarm bells in Washington
A sweeping jihadist offensive raises questions about the security of the US embassy in Bamako.
White House hosts anti-abortion activists for meeting
Susan B. Anthony Pro-Life America President Marjorie Dannenfelser is expected to attend.
Rubio’s papal visit stokes talk about his 2028 ambitions
To many in the Trump administration, the secretary of state’s Vatican visit this week left a lingering glow.
Business
Brian Snyder/Reuters
US hiring beats expectations despite Iran war
The US added 115,000 jobs in April.
Brian Snyder/ReutersReckitt’s Kris Licht on moving at ‘China speed’
The CEO behind Lysol and Durex ‘pivoted hard’ for a new era of TikTok-driven commerce.
Activists target massive SpaceX IPO
Documents show SpaceX is looking to limit investors’ ability to challenge company management.
Businesses warn of lran war denting consumer sentiment
Major companies on Thursday warned that consumers globally will start pulling back on purchases, challenging the narrative of resilient spending despite the Iran war.
Brown-Forman, Pernod deal collapsed over family pride, not price
Heirs of the Kentucky whiskey empire, the smaller of the two companies, wanted more control over the combined company, people familiar with the matter said.
Technology
Project Colossus in Memphis in 2024. Karen Pulfer Focht/File Photo/Reuters.Courtesy of Anthropic
Anthropic-SpaceX compute deal shows how tokens are taking over the economy
The deal is a monumental example of the new form of commercialism that has taken over the AI era.
Project Colossus in Memphis in 2024. Karen Pulfer Focht/File Photo/Reuters.Developers worry about job loss at Anthropic’s conference
The recent spate of tech layoffs tied to AI improvements instilled more fear than enthusiasm in attendees.
Courtesy of AnthropicThese tomatoes thrive on crypto and Claude
“Claude is completely in charge of a living organism,” Martin DeVido said on the sidelines of an Anthropic event in San Francisco.
Activists target massive SpaceX IPO
Documents show SpaceX is looking to limit investors’ ability to challenge company management.
Anthropic’s tie up with Elon Musk paves way for space data centers
The partnership hands a big win to OpenAI’s biggest competitor at the peak of Musk’s public feud with OpenAI.
iRobot founder faces Chinese market again
Colin Angle says he’s learned his lessons in competing with China.
Energy
Andrew Wong ASW/TW/Reuters
Chalinee Thirasupa/Reuters
Amirhosein Khorgooi/ISNA/WANA/Reuters
Trees counter half of the world’s urban heating, study finds
The cooling effect of trees, however, is concentrated precisely where it’s less needed.
Andrew Wong ASW/TW/ReutersRare Earth Americas bets on Trump-backed mining boom
Rare Earth Americas listed on the New York Stock Exchange, the first rare earths mining venture to go public in the US since 2010 via a traditional listing.
Chalinee Thirasupa/ReutersOil drops on renewed hopes for US-Iran talks
US gasoline prices continued to rise, however, with Donald Trump running out of moves to lower them.
Amirhosein Khorgooi/ISNA/WANA/ReutersGulf
Amr Alfiky/Reuters
US awaits Iran response to truce plan as tensions flare in Hormuz
The US and Iran are getting closer to an agreement to temporarily end hostilities, according to Pakistani officials, even as tensions flared in the Strait of Hormuz.
Amr Alfiky/ReutersEmirates posts record profits for third consecutive year
The airline is the world’s most profitable carrier, despite the Iran war effectively shutting down its home airport at the end of the reporting period.
Abu Dhabi chemicals platform plans $10B investment
The announcement is one of the first big moves made since the government launched a campaign to expand domestic production of critical goods.
ADNOC Drilling taps AI to slash oil rig costs
The UAE national oil company subsidiary expects to invest approximately $1 billion in AI and technology in the coming year.
Saudi Aramco spends big on AI to boost oil output
The supercomputer will offer seven times more compute capacity than Aramco currently has, enabling it to handle larger volumes of data for seismic imaging and reservoir simulations.
China
Go Nakamura/ReutersTingshu Wang/File Photo/Reuters 
Greg Baker/Pool via Reuters.
China’s exports rebound ahead of Trump-Xi summit
China’s exports rebounded in April as overseas buyers rushed to stockpile goods in the second month of the Iran war.
Go Nakamura/ReutersMisunderstandings test US-China ties
The US and China are both heading into a landmark summit in Beijing this week with fundamental misunderstandings of the other, analysts said.
Tingshu Wang/File Photo/ReutersChina sentences two former defense ministers in major corruption purge
The pair are among around 100 top officers to be dismissed or disappeared, according to a recent assessment.
Greg Baker/Pool via Reuters. Africa
DR Congo President Félix Tshisekedi. Kevin Lamarque/Reuters.
Aliko Dangote. Tasos Katopodis/Getty Images for Semafor World Economy.
DR Congo president eyes third term
Tshisekedi is being emboldened by White House support to extend his time in office, say critics.
DR Congo President Félix Tshisekedi. Kevin Lamarque/Reuters.Dangote Cement plans London Stock Exchange listing
UK regulators are pursuing more initial public offerings by African companies.
Aliko Dangote. Tasos Katopodis/Getty Images for Semafor World Economy.Energy crisis pushes South Africa into classic policy trap
The government last month slashed the fuel tax levy, a temporary measure meant to ease the pain caused by rising fuel prices.
Jumia leans on China imports as Nigeria becomes top market
The African e-commerce company is locked in fierce competition with Chinese players Temu and Shein on the continent.
South Africa’s top court revives Ramaphosa impeachment probe
The constitutional court said parliament had acted unlawfully by blocking the process in 2022.
Mali attacks raise alarm bells in Washington
A sweeping jihadist offensive raises questions about the security of the US embassy in Bamako.
Security
Alexander Zemlianichenko/Pool via ReutersStringer/Reuters Amr Alfiky/Reuters
Putin 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 ReutersTrump rejects Iran’s latest peace offer
Donald Trump rejected Iran’s response to Washington’s latest peace proposal, prolonging the countries’ uneasy stalemate in the Strait of Hormuz.
Stringer/ReutersUS awaits Iran response to truce plan as tensions flare in Hormuz
The US and Iran are getting closer to an agreement to temporarily end hostilities, according to Pakistani officials, even as tensions flared in the Strait of Hormuz.
Amr Alfiky/ReutersMedia
Aaron Schwartz/Reuters
Old news: Why a former New York Times editor blocked Epstein Pulitzer
“Not the best entry,” Joe Sexton told Semafor, referencing Miami Herald investigative reporter Julie Brown’s 2018 series that effectively reopened the Epstein investigation.
Aaron Schwartz/ReutersDispatch exec departs amid uncertainty
Mike Rothman’s exit comes as The Dispatch has explored a potential sale.
How the Fox News hawks got back in Trump’s good graces
And how Marc Thiessen saved Ukraine.
Johnny Harris on building a journalism project that doesn’t sell out
Harris joins Mixed Signals to break down how he went from selling his own plasma to running a YouTube channel with over 7 million subscribers
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.
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