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Intelligence for the New World Economy
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View / ‘Chinamaxxing’ isn’t enough. Superpowers need to talk in real life, too.
View / Why it’s still JD Vance
The World at a Glance
Updated 6:49pm EDT
1
US stocks hit record highs as traders looked past stalled US-Iran talks, even as the tensions pushed up the price of oil.
2The US is being “humiliated” by Iran two months into the war, Germany’s Friedrich Merz said, in a reflection of rising discontent in Europe.
3Tensions between the EU and China flared up across diplomatic channels, with Beijing chastising Brussels over its economic policies.
4India hit a record high demand for power over the weekend as a heat wave hit swaths of the world’s most populous nation.
5Headaches are only growing for European air travelers, thanks to fuel hikes and falling demand.
6King Charles III and Queen Camilla arrived at the White House as the royals look to repair bruised US-UK ties.
WHCD suspect charged as ballroom fight builds
Prosecutors filed charges against the alleged White House Correspondents’ Association dinner shooter, including “attempted assassination of the president.”
Kylie Cooper/ReutersDR Congo plans new $100M mine security force
The US and UAE-funded operation will see the country hire 20,000 mining guards by 2028.
Jonny Hogg/File Photo/ReutersUAE aims for greater self-sufficiency with $272M plan
The National Industrial Resilience Fund is one of the most expansive responses to the disruptions created by the Iran war to date.
Dubai ruler and UAE Prime Minister Sheikh Mohammed bin Rashid. Amr Alfiky/Reuters.Demand rises for ID verification amid AI advancements
One startup, Kibu, raised $10.5 million in its seed round as it looks to build out an ID verification app.
Evgenia Novozhenina/Reuters Shutdown nears breaking point after WHCD shooting
It’s an open question whether the shooting will be enough to resolve the impasse over homeland security funding.
Elizabeth Frantz/Reuters What’s next for Letterboxd?
The controlling investor in Letterboxd, the cinephile social platform, is looking to sell its stake.
Tiny and Screenshot/YouTube/@LetterboxdHQKey senator paves way to confirming Trump’s Fed pick
Sen. Thom Tillis, R-N.C., called DOJ’s decision to shift the Jerome Powell investigation to the inspector general a “necessary and appropriate measure.”
Kevin Lamarque/Reuters
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Politics
Alyssa Pointer/Reuters 
Illustration: Joey Pfeifer/Semafor; Photo: Anna Rose Layden/Reuters
Elizabeth Frantz/Reuters
Americans’ concerns about energy prices spike, poll finds
Thirteen percent of Americans singled ot energy costs as their most important financial problem, according to new Gallup polling.
Alyssa Pointer/Reuters Why it’s still JD Vance
The vice president remains the overwhelmingly likely Republican nominee in 2028, regardless of conventional wisdom.
Illustration: Joey Pfeifer/Semafor; Photo: Anna Rose Layden/ReutersCongress unlikely to fast-track Trump’s ballroom after dinner attack
Republicans are divided over how to approve the project, and Democrats aren’t convinced it’s justified by Saturday’s shooting incident.
Elizabeth Frantz/ReutersKing Charles kicks off Washington visit
King Charles III and Queen Camilla arrived at the White House on Monday, marking the first such visit by a British monarch in nearly two decades.
Axel Springer, Politico execs meet with staff after letter warns CEO risks ‘undermining our reputation’
The letter singled out two recent op-eds by parent company CEO Matthias Dopfner.
WHCD suspect charged as ballroom fight builds
Prosecutors filed charges against the alleged White House Correspondents’ Association dinner shooter, including “attempted assassination of the president.”
UK hopes king’s US visit improves ties
UK Prime Minister Keir Starmer has infuriated Donald Trump by refusing to take part in the Iran war.
Debatable: Universal basic income
Elon Musk wants to send direct payments to Americans to offset AI’s impact.
Demand rises for ID verification amid AI advancements
One startup, Kibu, raised $10.5 million in its seed round as it looks to build out an ID verification app.
Shutdown nears breaking point after WHCD shooting
It’s an open question whether the shooting will be enough to resolve the impasse over homeland security funding.
Political violence reaches heart of US establishment with press gala shooting
The gunman who tried to storm the White House Correspondents’ Dinner was targeting US administration officials, authorities said Sunday, in the latest instance of political violence to hit Washington.
Business
Sarah Silbiger/File Photo/Reuters
Major central banks set to hold interest rates steady
Traders are betting that the Federal Reserve, European Central Bank, Bank of Japan, and Bank of England will all maintain rates at current levels.
Sarah Silbiger/File Photo/ReutersAI stock enthusiasm heats back up
AI enthusiasm in equity markets roared back before a crucial week for Big Tech.
China bolsters gig workers’ protections
Beijing formalized labor rules for gig workers on online platforms, including delivery drivers and livestreamers, as the sector takes on a larger role in China’s economy.
Banking on the Future Forum
The global financial landscape is evolving at a pace unseen in previous years, propelled by the adoption of new technologies and rapid innovation.
Saudi sovereign wealth fund to partner again with Live Nation
The $925 billion fund is tapping US operators to manage a new network of stadiums and concert halls.
TechnologyEvgenia Novozhenina/Reuters 
Brendan McDermid/File Photo/Reuters
Demand rises for ID verification amid AI advancements
One startup, Kibu, raised $10.5 million in its seed round as it looks to build out an ID verification app.
Evgenia Novozhenina/Reuters AI stock enthusiasm heats back up
AI enthusiasm in equity markets roared back before a crucial week for Big Tech.
Brendan McDermid/File Photo/ReutersMusk pitches ‘universal high income’
It’s the least he could do, Semafor’s Tech editor writes, considering how much money AI will make him when his Optimus robots start replacing all human jobs.
Google CEO says 75% of company’s new code is AI-generated
Meta targets similar levels by midyear.
Expect more tech layoffs
They were a long time coming, and a good thing for the tech ecosystem.
AIs hunt for signs of intelligent life
Scientists are using Nvidia GPUs to examine the data produced by telescopes like the James Webb, regularly discovering the oldest galaxies in the universe.
Energy
Amit Dave/Reuters
Leah Millis/Reuters
Tingshu Wang/Reuters
India 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/ReutersTexas data center crisis offers cautionary AI tale
Fermi’s share price has crashed, and its CEO and CFO both left their posts this weekend.
Leah Millis/ReutersChinese solar exports hit record high in March
Countries most exposed to the effective closure of the Strait of Hormuz scrambled to find alternative energy sources.
Tingshu Wang/ReutersGulfDubai ruler and UAE Prime Minister Sheikh Mohammed bin Rashid. Amr Alfiky/Reuters.
UAE aims for greater self-sufficiency with $272M plan
The National Industrial Resilience Fund is one of the most expansive responses to the disruptions created by the Iran war to date.
Dubai ruler and UAE Prime Minister Sheikh Mohammed bin Rashid. Amr Alfiky/Reuters.Burjeel healthcare group puts Islamic bond on hold
The Abu Dhabi-listed healthcare provider was raising debt to expand medical education and research when the Iran war began.
Cairo nightlife returns after a month of early-closure measures
Energy price spikes from the Iran war pushed authorities to impose a curfew.
Oil rises on stalled Iran-US peace talks
President Donald Trump canceled American participation in talks with Iran.
Israeli strikes kill 14 in Lebanon amid ceasefire
Israel and Lebanon agreed a three-week truce extension this month.
Africa
Sodiq Adelakun/Reuters
Campaign posters of Atiku Abubakar and Peter Obi in 2019. Afolabi Sotunde/Reuters.
Scaling up industrialization in Africa
The Iran war has shown the power of industrialization in Africa to safeguard against global shocks.
Sodiq Adelakun/ReutersNigerian opposition agree to field single presidential candidate
But it remains unclear who this will be, or how and when they will be selected.
Campaign posters of Atiku Abubakar and Peter Obi in 2019. Afolabi Sotunde/Reuters.New digital atlas sheds light on Africa’s wetlands
Since the 1970s more than a third of the world’s wetlands have disappeared, largely due to climate change and urbanization.
DR Congo plans new $100M mine security force
The US and UAE-funded operation will see the country hire 20,000 mining guards by 2028.
Faulty assumptions leave Africa unprepared for a prolonged Iran shock
The continent should focus on pursuing greater regional integration and diversification, two experts argue.
South Africa hunts for nuclear talent abroad as new reactor plans advance
The country faces a severe shortage of nuclear engineers after many left for opportunities in countries such as the UAE.
Security
US Marine Corps/Handout via Reuters
Michael Schindler/Handout via Reuters
EU Copernicus via Reuters
Trump 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 ReutersUS-Iran standoff in Strait of Hormuz escalates
Iran said that the US blockade of the Strait was a red line if negotiations are to continue.
EU Copernicus via ReutersMediaTiny and Screenshot/YouTube/@LetterboxdHQ
What’s next for Letterboxd?
The controlling investor in Letterboxd, the cinephile social platform, is looking to sell its stake.
Tiny and Screenshot/YouTube/@LetterboxdHQLeBron 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.
Writer of media newsletter recapping media newsletters suspended after errors
Mediaite’s One Sheet newsletter has grown increasingly error-prone.
Gulf media crackdown sanitizes images of the war
Some international wires have halted conflict photography in the UAE since the arrest of photojournalists there.
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