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Intelligence for the New World Economy
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The World at a Glance
Updated 8:33am EDT
1
Costa Rica vowed to build a new mega-prison, much like that of controversial Salvadoran President Nayib Bukele, as crime surges.
2The Iran war, frozen in a shaky ceasefire, appeared to expand as Pakistan and the UAE reportedly upped their involvement.
3The White House invited the CEOs of Tesla, Apple, Meta, and others for Donald Trump’s China trip, though Nvidia’s Jensen Huang is absent from the list.
4Spending on AI could be much higher than previously believed, economists said, with non-hardware outlays on the rise.
5OpenAI launched its own cybersecurity AI model to rival Anthropic’s Mythos, while Europe risks being left behind the security curve.
6British Prime Minister Keir Starmer faced enormous pressure to resign following disastrous local elections, causing bond yields to surge.
Trump says Iran truce is on ‘life support’
Oil prices ticked back up on Monday as the standoff between the US and Iran deepened.
US Central Command/Handout via ReutersTrump’s ballroom funding hits Republican turbulence
“The $1 billion dollars? I have questions,” said one Republican senator.
Ken Cedeno/ReutersRare earths and Iran war give China upper hand in US talks, experts say
Beijing has a strong hand to play against US President Donald Trump in this week’s summit, analysts said.
Carlos Barria/ReutersTrump invites CEOs of Tesla, Goldman, Apple, and others to China
More than a dozen CEOs, including top tech and finance leaders, were invited to join US President Donald Trump on his visit to China this week, according to a White House official.
Evelyn Hockstein/ReutersLess climate talk, more growth: US progressives take a lesson from Canada
Sen. Elissa Slotkin and Pete Buttigieg were among the American Democrats who traveled north to learn from Prime Minister Mark Carney.
Carlos Osorio/ReutersMajor opposition split sparks Nigerian election scramble
President Bola Tinubu is now seen as a favorite for January’s elections.
Lucy North/PA Images via Getty Images, Patrick Meinhardt/AFP via Getty Images, and Pius Utomi Ekpei/AFP via Getty Images.Bessent pays Japan third visit as secretary
Officials are expected to dig into the next phase of Japan’s pledge to invest $550 billion in the US strategic industrial base.
Nathan Howard/Reuters
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Politics
Kevin Lamarque/Reuters 
Andy Wong/Pool via ReutersKen Cedeno/Reuters
Senate advances Warsh’s Fed nomination
Senators are on track to confirm Kevin Warsh later this week following a surprisingly bipartisan vote Monday night.
Kevin Lamarque/Reuters ‘Boeing, beef and beans’: Senators shine light on Trump’s China dealmaking
Republican senators who held official meetings in Beijing last week talked about their hopes for the presidential visit.
Andy Wong/Pool via ReutersTrump’s ballroom funding hits Republican turbulence
“The $1 billion dollars? I have questions,” said one Republican senator.
Ken Cedeno/ReutersBessent pays Japan third visit as secretary
Officials are expected to dig into the next phase of Japan’s pledge to invest $550 billion in the US strategic industrial base.
Trump invites CEOs of Tesla, Goldman, Apple, and others to China
More than a dozen CEOs, including top tech and finance leaders, were invited to join US President Donald Trump on his visit to China this week, according to a White House official.
Less climate talk, more growth: US progressives take a lesson from Canada
Sen. Elissa Slotkin and Pete Buttigieg were among the American Democrats who traveled north to learn from Prime Minister Mark Carney.
Young Americans pessimistic about job market, survey finds
Last year, 43% of Americans between the ages of 15 and 34 said it was a good time to find a job where they live, according to Gallup, a 12-point decline.
Groups sound alarm over possible Trump housing cut
Housing lenders and state agencies are raising concerns that administration officials could soon wind down an affordable housing program.
Iran war, ballroom funding debates hang over GOP agenda
Republicans are returning to a two-week sprint to finalize their $70 billion immigration enforcement bill.
Trump and the CEOs go to China
In Washington, a carefully constructed decade of political consensus on China policy lies in ruins.
Starmer fights on after poor election showing
UK Prime Minister Keir Starmer on Sunday pledged to hang on after his party suffered the worst local election losses for a governing faction in decades.
Business
Who wants to own a law firm? This guy.
Burford Capital CEO Chris Bogart has made a business out of turning legal claims into financial assets. He’s just getting started.
Demand for AI chips powers Asian stocks
The AI boom is pushing East Asian stock markets to record highs.
Airlines lower some fares amid falling demand
Fears of a jet fuel shortage — and subsequent flight cuts and airfare hikes — have led many consumers to hold off on booking trips.
Trump invites CEOs of Tesla, Goldman, Apple, and others to China
More than a dozen CEOs, including top tech and finance leaders, were invited to join US President Donald Trump on his visit to China this week, according to a White House official.
US hiring beats expectations despite Iran war
The US added 115,000 jobs in April.
Technology
Shelby Tauber/Pool/Reuters
Bhawika Chhabra/File Photo/Reuters
AI spending likely higher than suggested
The narrative so far has focused on capex, but an equivalent non-hardware spend is ramping up in parallel, bank economists said.
Shelby Tauber/Pool/ReutersOpenAI launches cybersecuity model to rival Anthropic’s Mythos
Mythos was only released to a select few organizations to help them patch problems; OpenAI will do likewise.
Bhawika Chhabra/File Photo/ReutersGoogle spots AI-assisted ‘zero-day’ cyberattack
Google said it identified a cyberattack that relied on AI to detect a previously unknown bug.
Anthropic-SpaceX compute deal shows how tokens are taking over the economy
The deal is a monumental example of the new form of commercialism that has taken over the AI era.
Developers worry about job loss at Anthropic’s conference
The recent spate of tech layoffs tied to AI improvements instilled more fear than enthusiasm in attendees.
These tomatoes thrive on crypto and Claude
“Claude is completely in charge of a living organism,” Martin DeVido said on the sidelines of an Anthropic event in San Francisco.
Energy
Chen Aizhu/File Photo/Reuters
Andrew Wong ASW/TW/Reuters
Chalinee Thirasupa/Reuters
China’s oil market stands up to Trump
The vast scale of China’s oil buying power will help Beijing undermine one of Trump’s favorite trade tactics.
Chen Aizhu/File Photo/ReutersTrees counter half of the world’s urban heating, study finds
The cooling effect of trees, however, is concentrated precisely where it’s less needed.
Andrew Wong ASW/TW/ReutersRare Earth Americas bets on Trump-backed mining boom
Rare Earth Americas listed on the New York Stock Exchange, the first rare earths mining venture to go public in the US since 2010 via a traditional listing.
Chalinee Thirasupa/ReutersGulf
Emaar buildings in Dubai. Amr Alfiky/Reuters.
Dubai real estate developer Emaar reports record sales despite Iran war
Founder Mohamed Alabbar said the results reflected the resilience of the UAE economy.
Emaar buildings in Dubai. Amr Alfiky/Reuters.Qatar and UAE edge closer together with subsea cable project
Qatari telco Ooredoo Group and Dubai-based du plan to land the Fibre in the Gulf (FIG) subsea cable in the emirates.
UAE AI development faces bottlenecks, executives say
While access to chips has been a focus for Gulf states, other factors are also delaying progress.
Qatar sovereign wealth fund pledges $500M investment with General Atlantic
It’s the latest sign that the Gulf’s biggest funds are still actively seeking deals even as the closure of the Strait of Hormuz hits state revenues.
US war on Iran elevates China’s role in the Gulf
Gulf states won’t weaken ties with Washington, but Beijing’s role in investment, trade, and security arrangements are poised to grow.
China
Florence Lo/Reuters
Damir Sagolj/ReutersChen Aizhu/File Photo/Reuters
China wins with US playbook
Beijing has spun commercial successes into military ones. Washington is failing to keep up.
Florence Lo/ReutersWhat Asia fears more than a US-China showdown
US allies in Asia are worried that Washington will strike deals with Beijing that leaves them out in the cold.
Damir Sagolj/ReutersChina’s oil market stands up to Trump
The vast scale of China’s oil buying power will help Beijing undermine one of Trump’s favorite trade tactics.
Chen Aizhu/File Photo/ReutersAfrica
South Africa’s President Cyril Ramaphosa. Adriano Machado/Reuters.
Kenyan President William Ruto and French President Emmanuel Macron /Monicah Mwangi/Reuters
South Africa’s Ramaphosa turns to courts to stall impeachment
The South African leader pledged to challenge a decision by the country’s top court, which revived an impeachment inquiry against him.
South Africa’s President Cyril Ramaphosa. Adriano Machado/Reuters.Why Macron is pushing France for an Africa strategy reset
French President Emmanuel Macron and tens of other heads of state are gathering for the Africa Forward Summit in Kenya.
Kenyan President William Ruto and French President Emmanuel Macron /Monicah Mwangi/ReutersClinical trials are neglecting Africa, study finds
Only 3.9% of clinical trials are conducted exclusively in Africa, according to a study of five major medical journals.
Kenya leads calls for rethinking how to price risk in Africa
African policymakers have long argued that global credit rating agencies overstate the continent’s risk.
South African firm scoops equity assets worth $120 million
Africa’s secondaries market is gradually taking off.
Major opposition split sparks Nigerian election scramble
President Bola Tinubu is now seen as a favorite for January’s elections.
Security
Ints Kalnins/Reuters
Alexander Zemlianichenko/Pool via Reuters
Stringer/Reuters
Spain calls for creation of EU army amid US unreliability
The call is part of a broader shift toward European sovereignty.
Ints Kalnins/ReutersPutin says Ukraine war is ‘coming to an end’
Russian President Vladimir Putin said he believes the Ukraine war is “coming to an end,” hours after vowing victory over Kyiv at a pared-down Victory Day parade devoid of its usual military hardware display.
Alexander Zemlianichenko/Pool via ReutersTrump rejects Iran’s latest peace offer
Donald Trump rejected Iran’s response to Washington’s latest peace proposal, prolonging the countries’ uneasy stalemate in the Strait of Hormuz.
Stringer/ReutersMedia
Brendan McDermid/Reuters
Weiss deputy says CBS owners are ‘independent of the news operation’
“The convention in American journalism is that the owners are independent of the news operation, and that’s the case at CBS,” Charles Forelle told Semafor.
Brendan McDermid/Reuters Behind the Pulitzer Board’s Epstein reporting plaudits
The Miami Herald episode shows how the prize is struggling to keep up with both public sentiment and shifting media consumption.
With ‘Morning Joe’ and ‘Squawk Box,’ Versant looks to market its influential audience at the upfronts
Versant’s decision to pair the two shows for advertisers suggests that its most valuable properties don’t have to be the ones with the largest reach.
Old news: Why a former New York Times editor blocked Epstein Pulitzer
“Not the best entry,” Joe Sexton told Semafor, referencing Miami Herald investigative reporter Julie Brown’s 2018 series that effectively reopened the Epstein investigation.
Dispatch exec departs amid uncertainty
Mike Rothman’s exit comes as The Dispatch has explored a potential sale.
CEO Signal
Reckitt Benckiser/Handout via Reuters 
Courtesy of Government of Dubai/Joey Pfeifer/Semafor
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.
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/SemaforAD