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Intelligence for the New World Economy
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The World at a Glance
Updated 7:19am EDT
1
Israel and Lebanon exchanged multiple strikes ahead of talks to extend a ceasefire due to be held today.
2Iran tightened its grip on the Strait of Hormuz, as peace talks with the US remained distant.
3Tesla saw a resurgence in sales and Chinese solar exports doubled in a month amid a global energy supply crunch.
4Turmoil in the Pentagon spiraled after US Defense Secretary Pete Hegseth fired his Navy chief.
5The US military has reportedly started using Ukrainian anti-drone technology to protect an air base in Saudi Arabia.
6A robot beat elite human players at table tennis, a landmark victory in a competitive sport.
US nears government bailout deal for Spirit Airlines
Trump tries to sell affordability story with Spirit bailout.
Quinn Glabicki/Reuters‘Be realistic’: Republicans feud over immigration — again
The bipartisan Dignity Act is the latest twist in a long GOP battle over how to address immigration reform.
Marco Bello/ReutersTrump 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.”
Kylie Cooper/ReutersAmericans 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 US senators voice concern over lack of funding to halt terrorism in Africa
They pointed out ambassadorial vacancies, gutted humanitarian programs, and a lack of transparency.
Abdifitah Hashi Nor/AFP via Getty ImagesEl-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 Images
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Politics
Elizabeth Frantz/Reuters
Nathan Howard/ReutersMarco Bello/Reuters
Republicans want Trump to move on Cabinet vacancies
Senators are urging the president to nominate officials to permanently fill attorney general, labor posts — before it’s too late.
Elizabeth Frantz/Reuters‘Baffling’: Trump’s podcaster problem runs deep
Trump may have eased his spat with Joe Rogan, but other podcasters who backed him in 2024 are angry over Iran.
Nathan Howard/Reuters‘Be realistic’: Republicans feud over immigration — again
The bipartisan Dignity Act is the latest twist in a long GOP battle over how to address immigration reform.
Marco Bello/ReutersWhy The Washington Post lost in Virginia
Meet the new media-bashers.
Milei’s popularity plummets amid corruption scandal in Argentina
Since taking office in 2023, Milei has overseen a remarkable transformation of South America’s second-largest economy, though wages have flatlined.
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.
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.
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.
Warsh 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.”
Business
Carlos Barria/Reuters
Republicans increasingly break with Trump over Fed probe
“One thing all martyrs have in common: they’re dead,” Sen. Thom Tillis, R-N.C., said.
Carlos Barria/ReutersUS nears government bailout deal for Spirit Airlines
Trump tries to sell affordability story with Spirit bailout.
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.”
The 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.
Technology
Chris Lehane speaking at Semafor World Economy. Tasos Katopodis/Getty Images for Semafor
Pearson’s Omar Abbosh, Citadel Securities’ Alex DiLeonardo, and Shelly Banjo at Semafor World Economy. Annabelle Gordon/Semafor.
Is X downranking TBPN clips?
Elon Musk, who owns the platform, has been openly sparring with the ChatGPT maker for months.
Chris Lehane speaking at Semafor World Economy. Tasos Katopodis/Getty Images for SemaforRecruiters are entering their AI era
Executives are aiming to train a new generation of employees that are savvy with AI but know how to schmooze.
Pearson’s Omar Abbosh, Citadel Securities’ Alex DiLeonardo, and Shelly Banjo at Semafor World Economy. Annabelle Gordon/Semafor.AI tokens may be starting to rival labor costs
The growing cost of tokens is a line item that CFOs are having trouble planning for.
Google is doing just fine on AI
The company has a clear beachhead through its consumers.
Safety fears could slow China’s robotaxi rollout
Goldman Sachs predicted that China will have almost 15,000 robotaxis by the end of the year, but consumers are increasingly wary.
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.
Energy
Manon Cruz/Reuters
Stringer/Reuters
Daniel Cole/Reuters
The oil market ‘is lying to us,’ oil execs say
Big Oil is making money but losing sleep.
Manon Cruz/ReutersUS stocks hit record highs despite energy concerns
US stocks hit record highs on Wednesday, a day after President Donald Trump extended a ceasefire with Iran, even as energy executives grew more worried about the conflict’s long-term ramifications.
Stringer/ReutersSolar 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/ReutersGulf
A spa treatment at Shebara, Red Sea. @Shebara/Instagram.
Gulf luxury hotels chase residents as tourists stay away
The most exclusive properties are offering residents deals that would have been unthinkable six months ago.
A spa treatment at Shebara, Red Sea. @Shebara/Instagram.Saudi researchers turn date pits into artificial bones
The pits share enough in common with human bone — in terms of calcium, structure, and density — that they could be used in fracture repair.
Wall Street execs make show support for UAE
BlackRock’s Larry Fink and Thoma Bravo’s Orlando Bravo have both been seen in the UAE since the US-Iran ceasefire.
Emirati firms ALTÉRRA, Masdar upping Abu Dhabi’s renewables push
ALTÉRRA announced a partnership with KKR, while Masdar installed the first of 95 turbines at a $5.4 billion wind farm off the coast of Britain.
Why Saudi is weathering the war shock better than most
A week in Riyadh offers evidence that oil buffers and pragmatic policymaking are containing the fallout.
Africa
Mile 12 Market in Lagos, Nigeria, June 4, 2025. Sodiq Adelakun/ReutersAbdifitah Hashi Nor/AFP via Getty Images
The Iran war’s ‘lag effect’ on Africa’s economies
While the IMF only downgraded the continent’s economic growth by 30 basis points last week, a prolonged conflict could have much graver consequences.
Mile 12 Market in Lagos, Nigeria, June 4, 2025. Sodiq Adelakun/ReutersUS senators voice concern over lack of funding to halt terrorism in Africa
They pointed out ambassadorial vacancies, gutted humanitarian programs, and a lack of transparency.
Abdifitah Hashi Nor/AFP via Getty ImagesNigerian ecologist wins major environmental prize
Iroro Tanshi won the award, dubbed the “Green Nobel,” for her work protecting endangered bats from wildfires.
Kenya lowers tax revenue goal amid Iran war impact
Kenya requested rapid financial support from the World Bank to help it manage the economic shocks sparked by the Iran war.
Ethiopia’s Tigray province renews parliament, raising tensions
The country is still recovering from a civil war in the region that stymied attempts to liberalize one of Africa’s biggest economies.
Taiwan cancels Eswatini visit after neighbors block airspace
Eswatini is the only African country with official diplomatic relations with Taiwan, which China considers a renegade province.
Security
EU Copernicus via Reuters
Zohra Bensemra/Reuters
Nadja Wohlleben/Reuters
US-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 ReutersLebanon truce threatened ahead of talks
The 10-day truce is due to expire Sunday, though hope remained that US-brokered peace talks could lead to an extension.
Zohra Bensemra/ReutersGermany pledges more military might
Germany vowed to take on more “responsibility” for Europe’s defense, in the country’s first-ever postwar military strategy.
Nadja Wohlleben/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