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Intelligence for the New World Economy
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The World at a Glance
Updated 6:23pm EDT
1
Iran fired missiles at Israel for the first time since a ceasefire took effect in April, threatening a new wave of escalation.
2Washington is looking to redirect Iranian assets to Gulf countries to help them rebuild following strikes from Tehran.
3The US Defense secretary attacked European immigration policies in a speech commemorating the anniversary of D-Day, reflecting the growing rift between Washington and Europe.
4An Indian ‘cockroach’ political party attracted thousands of supporters in a protest Saturday, reflecting real frustration among the country’s youth.
5Wage growth for blue-collar workers in China has outpaced that of their white-collar peers for six consecutive years.
6A patient received two kidneys and a whole liver from a pig, the first example of multi-organ xenotransplantation.
Deepak Nath applies pressure at Smith and Nephew
The medtech CEO is standing by his company’s portfolio strategy despite calls to break it up.
Courtesy of Smith & Nephew/Graph Massara/SemaforKalshi asks paid influencers to delete posts sowing doubts over LA mayoral election
Kalshi and Polymarket have enlisted hundreds of paid influencers to spur interest in everything from sporting events to political races.
Dado Ruvic/ReutersStrong jobs data complicates Warsh’s path to lower rates
The US added 172,000 jobs in May, blowing past expectations and boosting the odds, in traders’ eyes, of a Fed rate hike.
Brian Snyder/ReutersDemocrats ramp up plans to investigate Trump through corporate America
The party is notably united, and foreign dealmaking won’t be spared. They just have to win the House first.
Nathan Howard/ReutersHow one Tennessee student started a red-state anti-Pride push
The movement to counter June’s role as a celebration of LGBTQ rights is catching on with Republicans.
Anna Rose Layden/ReutersCompanies struggle to measure AI’s ROI
CEOs are trying to prove to their boards that the cost is worthwhile.
Gary Cohn at Semafor World Economy 2026. Tasos Katopodis/Getty Images for Semafor.
AI customer service is not ready for prime time
There’s a trust gap when it comes to AI voice models handling customers’ needs.
Rachyl Jones/Semafor
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Politics
Ken Cedeno/ReutersAnna Rose Layden/Reuters 
Stoyan Nenov/Reuters
Treasury advances immigration crackdown
The Treasury Department took its first step this morning toward implementing an executive order that drafted banks to help crack down on undocumented immigrants.
Ken Cedeno/ReutersHow one Tennessee student started a red-state anti-Pride push
The movement to counter June’s role as a celebration of LGBTQ rights is catching on with Republicans.
Anna Rose Layden/ReutersImmigration funding passes Senate, surveillance bill blocked
Senate Republicans passed their $70 billion funding bill for Trump’s immigration enforcement agencies shortly before the sun rose on Friday.
Stoyan Nenov/ReutersTrump pitches farmers in Wisconsin
The president last appeared in Wisconsin during the 2024 campaign.
Democrats grapple with latest Platner hits
The New York Times reported that a former girlfriend said Platner had long known the skull tattoo on his chest was a Nazi image, and that he left marks on her.
Democrats ramp up plans to investigate Trump through corporate America
The party is notably united, and foreign dealmaking won’t be spared. They just have to win the House first.
Washington weighs new bipartisan AI proposal
Perhaps the most controversial provision would preempt state laws governing model development for three years.
Trump directs nearly $700M toward coal production
The president is using Cold War-era authorities to sink hundreds of millions of dollars into US-mined coal.
Senate Republican defections pile up on Trump priorities
The Senate floor is showcasing deep Republican dissatisfaction with President Donald Trump’s White House ballroom project and his paused “anti-weaponization” fund.
House Republicans struggle to win promotions
Several lost Republican primaries this cycle.
Trump to nominate Blanche as attorney general
Todd Blanche had held the job in an acting capacity since Pam Bondi’s departure.
BusinessBrian Snyder/Reuters
Strong jobs data complicates Warsh’s path to lower rates
The US added 172,000 jobs in May, blowing past expectations and boosting the odds, in traders’ eyes, of a Fed rate hike.
Brian Snyder/ReutersDeepak Nath applies pressure at Smith and Nephew
The medtech CEO is standing by his company’s portfolio strategy despite calls to break it up.
DeepSeek nears $7B haul in first raise
Tech giant Tencent and battery pioneer CATL are reportedly among the investors in the maiden fundraise.
Chip stocks fall after extended rally
The selloff, which hit firms like Broadcom and Micron Technology, comes after a historic rally for semiconductor stocks.
Countries adapt to Iran energy shock
The Iran war has the largest supply disruption in history.
TechnologyRachyl Jones/Semafor Gary Cohn at Semafor World Economy 2026.
Tasos Katopodis/Getty Images for Semafor.
AI customer service is not ready for prime time
There’s a trust gap when it comes to AI voice models handling customers’ needs.
Rachyl Jones/SemaforCompanies struggle to measure AI’s ROI
CEOs are trying to prove to their boards that the cost is worthwhile.
Gary Cohn at Semafor World Economy 2026. Tasos Katopodis/Getty Images for Semafor.
US National Security Agency reportedly using Mythos for hacking
Anthropic’s AI model Mythos has not been publicly released because of its powerful abilities to detect and exploit software vulnerabilities.
Anthropic calls for AI development slowdown to ensure safety
Anthropic’s CEO said that its models were increasingly capable of autonomously designing and developing their own successors.
Nations race to protect undersea cables
Marine cables carry more than 95% of the world’s intercontinental telecommunications data and ever more electricity.
Data center energy challenges mount
Unorthodox and aggressive solutions are emerging amid AI boom.
Energy
Rogan Ward/Reuters
Shelby Tauber/Reuters
Adrees Latif/Reuters
Nations race to protect undersea cables
Marine cables carry more than 95% of the world’s intercontinental telecommunications data and ever more electricity.
Rogan Ward/ReutersData center energy challenges mount
Unorthodox and aggressive solutions are emerging amid AI boom.
Shelby Tauber/ReutersCountries adapt to Iran energy shock
The Iran war has the largest supply disruption in history.
Adrees Latif/ReutersGulf
Kuwait News Agency/Handout via Reuters
US looks to use Iranian assets to help Gulf allies
Washington is reportedly looking to redirect Iranian assets to Gulf countries to help them rebuild following strikes from Tehran.
Kuwait News Agency/Handout via ReutersSaudi’s NEOM faces $16 billion bill to cancel NEOM contracts
Futuristic city once at the heart of Saudi Arabia’s transformation plan will spend more money to halt construction than on new building.
Countries adapt to Iran energy shock
The Iran war has the largest supply disruption in history.
Gulf executives reckon with economic consequences of Iran war
Most economic indicators still don’t reflect the extent of the damage the region has suffered, but they do point to weaker confidence across much of the Gulf.
Saudi economy shows resilience even as war softens growth
Higher oil prices are offsetting lower export volumes, but overall growth will still likely fall to around 2% this year.
China
Aly Song/Reuters
KCNA via Reuters.
Florence Lo/Reuters
Chinese blue-collar wage growth outpaces white-collar jobs’
Wage growth for blue-collar workers in China has outpaced that of their white-collar peers for six consecutive years, in a sign of the strength of the country’s booming gig economy.
Aly Song/ReutersChinese leader Xi Jinping plans North Korea visit
Xi aims to court the pariah state’s dictator, Kim Jong-un, who has been strengthening ties with Moscow while tightening his own grip on power.
KCNA via Reuters.DeepSeek nears $7B haul in first raise
Tech giant Tencent and battery pioneer CATL are reportedly among the investors in the maiden fundraise.
Florence Lo/ReutersAfrica
Ghana’s President John Dramani Mahama. Christophe Petit Tesson/Pool via Reuters.
Pierre Albouy/Reuters
Ghana’s president offers insights on life after USAID
Accra factored an average of $154 million a year from USAID into government budgets, of which nearly half went into “critical areas” of its health system.
Ghana’s President John Dramani Mahama. Christophe Petit Tesson/Pool via Reuters.Ghanaian president woos investors during UK visit
President John Dramani Mahama’s trip sought to present Ghana as investor-friendly after emerging from its worst economic crisis in decades.
Pierre Albouy/ReutersMozambique mining law looks to tighten state control
The southern African nation is the latest on the continent to pursue more government ownership of natural resources.
Pretoria sends envoys across Africa over migrant attacks
Mozambique said five of its citizens were killed across South Africa, while Kenya, Lesotho, and Zimbabwe have issued security advisories to their nationals.
DR Congo growth drives mobile infrastructure spending
Data use and mining growth are driving demand for new coverage and capacity in one of Africa’s largest underdeveloped mobile markets.
Africa’s leverage with China is growing
Beijing’s dependence on critical minerals is creating bargaining power for African governments — but debt pressures threaten to squander it.
Security
Adnan Abidi/Reuters
Elizabeth Frantz/Reuters
Mussa Qawasma/Reuters
India ‘cockroach’ party attracts discontented youth
The Cockroach Janta Party was started by a recent Boston University graduate after India’s chief justice compared young unemployed Indians to cockroaches.
Adnan Abidi/ReutersUS defense secretary attacks European allies in D-Day speech
Speaking in France on Saturday, Pete Hegseth decried a modern “invasion” of “boats and men.”
Elizabeth Frantz/ReutersIran fires first missiles at Israel since ceasefire took effect in April
The attack threatens to trigger a new wave of escalation.
Mussa Qawasma/ReutersMedia
Strawberry cream cake, made with a new Gourmet recipe. Amiel Stanek/Courtesy of Gourmet
Former Gourmet magazine owner sues new Gourmet newsletter
Condé Nast filed a lawsuit against Goulash Unlimited, the LLC set up by the owners of a revived Gourmet site.
Strawberry cream cake, made with a new Gourmet recipe. Amiel Stanek/Courtesy of GourmetCBS News in the crossfire
Within the network, every editorial decision has been scrutinized by CBS’ own staff.
Kalshi asks paid influencers to delete posts sowing doubts over LA mayoral election
Kalshi and Polymarket have enlisted hundreds of paid influencers to spur interest in everything from sporting events to political races.
New York Public Radio’s new boss reorganizes the network
In her first four months on the job, Christy Tanner has swiftly eliminated many of NYPR’s seniormost figures.
Bret Baier on golfing with Trump, his 2028 predictions, and making the case for civility
Fox News’ Special Report host Bret Baier joins Mixed Signals to talk about what it’s like to sit at the center of American political media.
CEO SignalCourtesy of Smith & Nephew/Graph Massara/Semafor 
Courtesy of Cisco/Joey Pfeifer/Semafor
Courtesy of Match Group/Joey Pfeifer/Semafor
Deepak Nath applies pressure at Smith and Nephew
The medtech CEO is standing by his company’s portfolio strategy despite calls to break it up.
Courtesy of Smith & Nephew/Graph Massara/SemaforHow Cisco’s Chuck Robbins gets his team to ‘disagree and commit’
The longstanding CEO says a bad decision that you reverse is better than a delay.
Courtesy of Cisco/Joey Pfeifer/SemaforWhy an anxious AI romantic now drives Match Group’s dating apps
CEO Spencer Rascoff uses digital “personas” to help the Tinder owner understand its users.
Courtesy of Match Group/Joey Pfeifer/SemaforAD