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Intelligence for the New World Economy
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The World at a Glance
Updated 6:54pm EDT
1
US President Donald Trump extended the ceasefire with Iran, hours before it was set to expire amid uncertainty over peace talks.
2US President Donald Trump’s nominee for the Federal Reserve chair insisted to lawmakers that he would uphold the central bank’s independence.
3The closure of the Strait of Hormuz is squeezing Asia’s largest oil importers as they run low on alternatives.
4Beijing enacted new rules that threaten stiff punishments for foreign and domestic companies that shift supply chains out of China.
5Global clean power production outpaced electricity demand last year, leading to a decline in fossil fuel generation for the first time since the pandemic.
6More than 100 former US astronauts launched a nonprofit to address the future of US democracy.
Barrasso argues Sanders, not Schumer, leads Democrats on Israel
The No. 2 Republican argued that the Vermont independent is now Democrats’ standard-bearer on the issue.
Annabelle Gordon/Reuters El-Sayed’s rise riles Democratic moderates, delights the left
The Michigan Senate hopeful is gaining momentum in an increasingly bitter three-way primary that could prove decisive for Senate control.
Evan Cobb/Getty ImagesWarsh hearing puts Fed onus back on Trump
The Republican senator standing in the way isn’t budging, so the party is now left to hope that the president might.
Elizabeth Frantz/Reuters Republicans release budget, hope to end shutdown
Senators hope that movement will prompt the House to pass the Senate bill funding the rest of the Department of Homeland Security.
Evelyn Hockstein/Reuters Senators question Warsh’s case for rate cuts
The Fed chair nominee said he believes AI’s boost to “the supply side of the economy” may be “considerably bigger” than the “effect on demand.”
Elizabeth Frantz/Reuters Apple makes a safe choice in a dangerous moment
Apple’s choice of John Ternus to replace CEO Tim Cook signals the company plans to stay its cautious and lucrative course.
Mario Anzuoni/ReutersWhy Chavez-DeRemer’s departure surprised few
The labor secretary had faced a probe from her department’s independent watchdog into a long list of alleged misbehaviors on the job.
Brian Snyder/Reuters 
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Politics
Kent Nishimura/Reuters Annabelle Gordon/Reuters Evan Cobb/Getty Images
Americans give Congress a thumbs down
The share of Americans who disapprove of the job that Congress is doing stands at an all-time high.
Kent Nishimura/Reuters Barrasso argues Sanders, not Schumer, leads Democrats on Israel
The No. 2 Republican argued that the Vermont independent is now Democrats’ standard-bearer on the issue.
Annabelle Gordon/Reuters El-Sayed’s rise riles Democratic moderates, delights the left
The Michigan Senate hopeful is gaining momentum in an increasingly bitter three-way primary that could prove decisive for Senate control.
Evan Cobb/Getty ImagesWarsh hearing puts Fed onus back on Trump
The Republican senator standing in the way isn’t budging, so the party is now left to hope that the president might.
NASA astronauts form US political nonprofit
More than 100 former US astronauts launched a nonprofit to address an issue closer to home — the future of US democracy.
Trump’s Fed pick vows central bank independence
During his congressional confirmation hearing, Kevin Warsh responded “absolutely not” when asked if he would be the president’s “sock puppet.”
Republicans release budget, hope to end shutdown
Senators hope that movement will prompt the House to pass the Senate bill funding the rest of the Department of Homeland Security.
Senators question Warsh’s case for rate cuts
The Fed chair nominee said he believes AI’s boost to “the supply side of the economy” may be “considerably bigger” than the “effect on demand.”
Trump extends ceasefire with Iran
Trump announced that he would hold off attacks at the request of Pakistan to give Tehran time to come up with a “unified proposal.”
Former Trump aides argue his policies are paying off
Washington’s focus on key geopolitical battlegrounds, rather than being the world’s policeman, is paying off, an ex-assistant secretary of state wrote.
Trump’s Fed chair pick Kevin Warsh faces Senate hearing
Analysts and lawmakers have been skeptical of Warsh’s independence amid intense White House pressure on the central bank.
Business
Kevin Lamarque/Reuters
Trump’s Fed pick vows central bank independence
During his congressional confirmation hearing, Kevin Warsh responded “absolutely not” when asked if he would be the president’s “sock puppet.”
Kevin Lamarque/ReutersThe gap between Main Street and Wall Street is widening
The Main Streeters are sanguine, while the money men are sounding alarms.
Apprenticeships in the age of AI
Whatever junior workers survive the automation of the knowledge economy will be scaling a pyramid that is steeper and sharper-elbowed.
US states flex their antitrust muscles
States are increasingly becoming the arbiters of antitrust, stepping into a void left by Trump’s Department of Justice.
Cloning woolly mammoths is cool. Can it be profitable?
Ben Lamm, CEO of bioengineering lab Colossal, says the money-making opportunity in thwarting extinction is “immeasurable.” Just don’t expect a Jurassic Park.
Technology
John Ternus. Stephen Lam/File Photo/Reuters.
Tingshu Wang/Reuters
Apple’s new boss faces dual challenge in China
Increased competition in the massive consumer market and a need to diversify from the country as a major supplier are the main hurdles.
John Ternus. Stephen Lam/File Photo/Reuters.ByteDance profit falls on AI spending
Chinese tech giant ByteDance’s profit fell more than 70% as the company leaned aggressively into AI.
Tingshu Wang/ReutersApple makes a safe choice in a dangerous moment
Apple’s choice of John Ternus to replace CEO Tim Cook signals the company plans to stay its cautious and lucrative course.
Apple names John Ternus as next CEO
Apple named John Ternus as its new CEO effective Sept. 1, replacing Tim Cook, who led the US tech giant for 15 years.
Rising AI demand sees supplies dwindle and costs rise
The Mac Mini computer is now all but out of stock because the machine is the most cost-effective way to run locally hosted AI agents.
China’s robot half marathon shows off humanoid advances
A bipedal humanoid robot finished a half marathon in China in under 51 minutes, underscoring rapid advancements in the country’s physical AI sector.
Energy
Daniel Cole/Reuters
Amit Dave/Reuters
Tingshu Wang/Reuters
Solar power surge leads to decline in fossil fuel generation
Global clean power production outpaced electricity demand last year, leading to a decline in fossil fuel generation for the first time since the pandemic.
Daniel Cole/ReutersIndia, China running low on oil alternatives
The closure of the Strait of Hormuz is squeezing Asia’s largest oil importers as they run low on alternatives.
Amit Dave/ReutersClimate investment shifts toward infrastructure, report finds
Capital is increasingly moving away from experimental, higher-risk bets towards mature technologies deployed by established players, according to report.
Tingshu Wang/ReutersGulf
A screenshot from the arrest video. Courtesy of Emirates News Agency-WAM.
UAE arrests Iran-linked terror cell
There have been similar arrests across the Gulf since the US-Israel war with Iran began, but this is the largest of its kind to date.
A screenshot from the arrest video. Courtesy of Emirates News Agency-WAM.Saudi Arabia nearly doubles renewables capacity in 2025
While the pace of new projects is accelerating, the kingdom is still some way off its target of producing 50% of electricity from renewables by 2030.
Closure of Strait of Hormuz distorts oil markets
Futures, driven by events and Trump tweets, are trending down, while physical barrels trade at huge premiums as refiners scramble for immediate supply.
Bahrain bets on AI to boost oil output
State oil company Bapco tapped SLB and US AI startup Geminus to increase production.
Abu Dhabi’s international airport opens stores to non-travelers
UAE residents can now register online, collect a digital QR code at the door, and spend up to four hours shopping at the airport.
Africa
Amr Abdallah Dalsh/Reuters
Alexis Huguet/AFP via Getty Images
Competition to provide satellite internet heats up in Africa
SES, Amazon, and Starlink are all competing to bring Africa’s population online via satellite internet.
Amr Abdallah Dalsh/ReutersMajor kidney genomic study in Africa finds new risk factors
Researchers found new genetic variants driving chronic kidney disease, offering potential targets for future drugs or diagnostic tools.
Alexis Huguet/AFP via Getty ImagesAfrica’s insurance sector buoyed by growing middle class
The market is expected to top $166 billion by 2034, up from $98.5 billion in 2025, global market research firm IMARC Group forecast.
China’s solar panel exports to Africa surged in 2025
China exported 18.8 gigawatts of solar panels to Africa last year, 48% more than in 2024, according to new analysis from the energy think tank Ember.
Pope Leo XIV’s 11-day Africa tour
Africa is the fastest-growing part of the Catholic Church worldwide, accounting for nearly 300 million believers in 2024.
Nigerian airlines pause plan to shut down operations countrywide
Airlines have been among the businesses hardest hit by the impact of the Iran war.
Security
Alexander Manzyuk/Reuters
Drills conducted by Japan and the Philippines in 2023. Eloisa Lopez/Reuters
Frank Simon/Reuters
Russia may scrap spending rule as economy falters amid Ukraine war
Russia may sacrifice a crucial spending rule as the Ukraine war puts the economy under pressure.
Alexander Manzyuk/ReutersJapan joins South China Sea drills for first time
The drills, led by the US and the Philippines since 2001, are seen as a response to growing Chinese assertiveness in the region.
Drills conducted by Japan and the Philippines in 2023. Eloisa Lopez/ReutersNew EU rules spark airport delays
Travelers from non-EU countries must register their personal information and biometrics the first time they enter the bloc.
Frank Simon/ReutersMedia
Kris Tripplaar/Semafor
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.
Kris Tripplaar/SemaforCNN 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.
How Bluesky earned its reputation — and why it could be the way of the future
Bluesky COO Rose Wang on how her company got to 40 million users.
CEO Signal
Issei Kato/Reuters 
Ancestry/YouTube
Richard Bord/Getty Images for Cannes Lions
How 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 How old records and new AI technology brought growth back to Ancestry
CEO Howard Hochhauser says the site had stopped listening to its customers.
Ancestry/YouTubeRichard Edelman on trust, ‘Succession,’ and how to advise a CEO
The C-suite adviser says clients should spend more time hearing their critics.
Richard Bord/Getty Images for Cannes LionsAD