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Intelligence for the New World Economy
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The World at a Glance
Updated 10:20am EDT
1
Inflationary pressures caused by the Iran war were unlikely to abate, analysts warned.
2Russia’s Vladimir Putin and China’s Xi Jinping will meet in Beijing, with talks expected to focus on energy and Ukraine.
3Japan’s economy grew at an annualized rate of 2.1% in Q1, though the Iran war could hamper future expansion.
4Cuba’s leader warned the US of ‘bloodbath’ in both countries if Washington carried out military action in the island nation.
5Putin launched three days of nuclear drills, in a show of power amid continued battlefield losses in its war against Ukraine.
6An outbreak of Ebola has killed 131 people in central Africa, prompting the WHO to declare a global health emergency.
China lags the US in financial power, expert argues
While China and the US are commonly cast as rivals on equal footing, Beijing remains fundamentally outmatched by Washington’s financial power.
Dado Ruvic/Illustration/ReutersJury 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/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/ReutersChinese telecom giants plan to charge for AI tokens
China Telecom introduced packages targeting casual AI users, developers, and businesses, citing “token operations [as] its central strategic focus.”
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 West intensifies efforts to delink supply chains from China
Australia ordered six investors with links to Beijing to divest their holdings of a rare earths firm.
Stringer/ReutersGlobal data center operator DayOne weighs IPO in Singapore, NY
The proposed listing comes as Beijing cracked down on Meta’s purchase of Chinese AI startup Manus, which relocated to Singapore.
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Politics
Mike Blake/ReutersHannah Beier/Reuters 
Norlys Perez/Reuters
Hill progressives endorse in a California race tearing at Democrats
Ammar Campa-Najjar and Marni von Wilpert are both at risk of a lockout in November as the party splits over their contest.
Mike Blake/ReutersWhat 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.
Critics 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.
Business
Dado Ruvic/Reuters
The digital casinos need pit bosses
Kalshi and Polymarket have either a massive insider-trading problem or the appearance of one.
Dado Ruvic/ReutersCEOs are stressed out
Corporate chiefs are using earnings calls as talk therapy.
Shadow stock markets could crowd out the real thing
Finance history is full of synthetic products that track economically useful ones.
Joe Weisenthal is not an AI doomer
The co-host of Bloomberg’s Odd Lots thinks the AI future is bright, even (and especially) for financial journalists.
NextEra’s $67 billion deal pokes the AI bear
Regulators’ approval will test Americans’ anger against AI.
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
Amanda Perobelli/Reuters
Reuters
Iran war accelerates move away from fossil fuels
In a new energy market outlook projecting out to 2050, BNEF analysts forecast global oil demand will plateau in the early 2030s.
Amanda Perobelli/ReutersNew infrastructure projects seek to bypass Hormuz
The UAE said it is racing to complete a new pipeline by next year that will double its oil export capacity bypassing the waterway.
Analysts’ Iran crystal balls get murkier
The war in Iran is entering an unpredictable new phase where the risk to energy markets is growing.
ReutersGulf
Porsche launches limited 911 Turbo S ‘Sadu Edition’
The German automaker is producing just 20 vehicles customized with Al Sadu patterns.
Oman government revenues rise 13% on oil price spike
Oil and gas revenues accounted for around two-thirds of the rise.
Qatar Airways expands Africa network
The Doha-based carrier will resume flights to the Seychelles and Kigali, add a daily service to Marrakesh, and launch a new route to Port Sudan.
Emirates Airways to build new mega-hangar
The $5.1 billion hangar — slated to be the Gulf’s largest steel building — is capable of servicing 28 planes at a time.
Saudi Arabia, UAE trim US debt holdings by nearly $17 billion
The two countries are usually some of the biggest buyers of US government debt, ranking among the top 20 holders of treasury bills.
China
Temilade Adelaja/Reuters
Chinese men are learning to spoil themselves
As more men live alone and delay marriage, they’re spending more on skincare, fragrances, fitness equipment, and other self-care luxuries.
Chinese EV firms race for new tech
Industry behemoths BYD and CATL are taking different approaches to cutting EV charging times, Wood Mackenzie analysts said.
Temilade Adelaja/ReutersChinese telecom giants plan to charge for AI tokens
China Telecom introduced packages targeting casual AI users, developers, and businesses, citing “token operations [as] its central strategic focus.”
Africa
Arlette 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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