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View / Markets are defying gravity — for now
View / The Strait of Hormuz closure is a crisis — and a wake-up call
The World at a Glance
Updated 1:09pm EDT
1
US President Donald Trump said Israel and Lebanon had agreed to a 10-day ceasefire that will come into effect Thursday.
2Iran and the US may reportedly extend their two-week ceasefire, as Pakistani mediators were in Tehran to push for talks.
3The US threatened sanctions on buyers of Iranian oil, a move that appeared to target China.
4China’s economy grew 5% year-on-year in the the first quarter, but analysts cautioned the Iran war could impede further growth.
5Europe is ramping up defense spending, in a rearmament push that is creating tensions between the EU and NATO.
6Elon Musk pressured chipmakers to speed up plans for a $25 billion semiconductor plant, arguing that current production won’t meet demand.
Iran will control Strait of Hormuz after war, former Biden adviser says
Tehran won’t give up its economic leverage, Amos Hochstein said at Semafor World Economy.
Annabelle Gordon/SemaforSome private credit funds have misrepresented liquidity to retail investors, Goldman’s Waldron says
Without an economic problem, “we’re not going to have a big problem in private credit,” the Goldman Sachs president said at Semafor World Economy.
Kris Tripplaar/SemaforNobody should control the Strait of Hormuz, UAE minister says
The waterway’s disruption is a global crisis, Minister of State for International Cooperation Reem Al Hashimy said at Semafor World Economy.
Annabelle Gordon/SemaforHyundai-LG opening battery plant after US ICE raid causes monthslong delays
CEO José Muñoz told Semafor World Economy that he has three top priorities for Hyundai: “U.S.A.”
Kris Tripplaar/SemaforSouth Africa turns to Afrikaner as ambassador to US
Roelf Meyer, a key figure in the negotiations that ended apartheid, has been appointed to the role left vacant since last year.
Roelf Meyer. Deaan Vivier/Beeld/Gallo Images via Getty Images.Citadel’s Griffin warns of global recession if Strait of Hormuz remains closed
Speaking at Semafor World Economy, Ken Griffin said there was “no way to avoid” such a scenario without the critical passageway opening.
Kris Tripplaar/SemaforBipartisan group of senators defends USMCA
More than three dozen senators will urge the Trump administration to extend the pact.
Annabelle Gordon/Reuters 
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Politics
Florion Goga/Reuters
Sebastian Elias Uth/Ritzau Scanpix/via Reuters
Kris Tripplaar/Semafor
Trump says Israel, Lebanon agree to 10-day ceasefire
The announcement follows weeks of war, though it was unclear if Hezbollah would agree to the truce terms.
Florion Goga/ReutersDemocrats wield power on national security votes
Democrats are weighing how to use their ample leverage on expiring surveillance powers and Iran funding.
Sebastian Elias Uth/Ritzau Scanpix/via ReutersGreer: Trump administration wants to be ‘pragmatic’ on China
“We live in the real world,” the US trade representative told Semafor World Economy.
Kris Tripplaar/SemaforTrump renews his threat to fire Jerome Powell
US President Donald Trump said he would fire Federal Reserve Chair Jerome Powell if he doesn’t step aside when his term expires next month, a move critics say would undermine the central bank’s independence.
Black Democrats want a post-Trump plan. The candidates are working on it.
Nearly a dozen potential presidential contenders showed up at Rev. Al Sharpton’s conference to talk to a deeply influential bloc of the party.
Bipartisan group of senators defends USMCA
More than three dozen senators will urge the Trump administration to extend the pact.
Immigration funding plan risks stranding Pentagon money
Senate Republicans’ plan for a quick-strike immigration enforcement funding bill could complicate plans to restock the Pentagon’s coffers.
Trump slams Meloni over pope, Iran
The US leader said Giorgia Meloni lacked “courage” for failing to join his war against Iran.
How Virginia redistricting got harder than Democrats wanted
Gov. Abigail Spanberger is pushing for a referendum on Trump’s nationwide pro-Republican remaps. Her opponents want a referendum on her.
Republicans enter spring legislative sprint
The House and Senate are speeding toward action on the Trump administration’s immigration enforcement funding and on expiring surveillance powers.
Embattled Reps. Swalwell, Gonzales quit the House
This won’t be the end of the House’s disciplinary woes.
Business
Arvind Krishna, IBM CEO, on Big Bets, AI, and Quantum
Most CEOs have not woken up to the fact that technology is as important as their balance sheet, the IBM Chairman and CEO says in the latest episode of The CEO Signal.
Greer: Trump administration wants to be ‘pragmatic’ on China
“We live in the real world,” the US trade representative told Semafor World Economy.
Executives downplay fears of systemic private credit crisis
Executives at Semafor World Economy dismissed fears that private credit market jitters are a sign of a systemic crisis.
CEOs are embracing AI agents as cyber risks grow
Swarms of such agents could create “an enormous mess” for cybersecurity, one executive said at Semafor World Economy.
Optimism rises on Iran, Lebanon diplomacy
Stocks surged on Wednesday as prospects rose for peace in two Middle East conflicts.
Technology
Kraken’s Arjun Sethi. Annabelle Gordon/Semafor
Jim Bourg/Reuters
CEOs are embracing AI agents as cyber risks grow
Swarms of such agents could create “an enormous mess” for cybersecurity, one executive said at Semafor World Economy.
Kraken’s Arjun Sethi. Annabelle Gordon/SemaforPancreatic cancer drug doubles median survival time
Most patients die within months of diagnosis; daraxonrasib boosted survival from six months to 13.
Jim Bourg/ReutersHyundai’s US EV sales up 40%
EV demand is partly due to rising fuel prices, after sales fell following the US ending its $7,500 tax credit to Americans buying the cars last year.
Token demand makes an AI bubble unlikely, says Michael Dell
The Dell CEO anticipated some level of market correction, but not anytime soon.
Anthropic’s Mythos is a wake-up call for AI
Models like Mythos are a glimpse into an AI future, but the change might not be as dramatic as some people think.
US Treasury seeks access to Anthropic’s Mythos model
The US Treasury is seeking access to Anthropic’s Mythos so it can look for vulnerabilities that the powerful AI model is reportedly capable of exploiting.
Energy
Tasos Katopodis/Getty Images for Semafor
Jim Vondruska/Reuters
Tasos Katopodis/Semafor
Cut red tape to meet climate tech needs, executives say
Executives from clean energy startups said at Semafor World Economy that the regulatory environment for new clean tech needs to improve.
Tasos Katopodis/Getty Images for SemaforThe US gets riskier for energy investors
US consumers have largely been insulated from the worst impacts of the Strait of Hormuz blockade, but the country lags behind China in cheap electricity production.
Jim Vondruska/ReutersEnergy experts split on gas’ postwar future
The oil and gas crisis stemming from the Iran war has made energy security a central factor globally, officials and executives at Semafor World Economy said.
Tasos Katopodis/SemaforGulfFlorion Goga/Reuters
Trump says Israel, Lebanon agree to 10-day ceasefire
The announcement follows weeks of war, though it was unclear if Hezbollah would agree to the truce terms.
Florion Goga/ReutersAI firm Domyn bets on regulated industries to chase $1 trillion future
Backed by Abu Dhabi’s G42, the European startup launched a new model for finance, healthcare, government, and defense clients.
Optimism rises on Iran, Lebanon diplomacy
Stocks surged on Wednesday as prospects rose for peace in two Middle East conflicts.
Executives signal optimism over the Gulf’s postwar outlook
The Gulf region can bounce back from the Iran war, and possibly emerge stronger, business leaders said Tuesday.
Israel and Lebanon hold direct talks without breakthrough
Israel and Lebanon held their first direct diplomatic talks since 1993, though the meeting didn’t result in a major breakthrough to end a brutal war between Israel and Hezbollah.
Africa
Jonny Hogg/File Photo/Reuters
Sim Tshabalala (L) and Semafor’s Alexis Akwagyiram. Tasos Katopodis/Getty Images for Semafor.
DR Congo miner commits more copper to US
The 500,000-tonne pledge would come through Gécamines’ joint venture with Swiss commodities trading company Mercuria.
Jonny Hogg/File Photo/ReutersSouth Africa can hit 4% growth, Standard Bank CEO says
Sim Tshabalala told Semafor World Economy that changes at state-owned power and logistics companies had improved efficiency.
Sim Tshabalala (L) and Semafor’s Alexis Akwagyiram. Tasos Katopodis/Getty Images for Semafor.The cost of borrowing has skyrocketed for African nations
The average cost of external borrowing in Africa has nearly doubled in four years, according to a new report from ONE Data and The Rockefeller Foundation.
South Africa slips in emerging market investment ranks
The drop was fueled by contraction in the country’s mining sector, as global trade tensions have impacted demand for South African mineral exports.
Nigeria, Morocco plan transcontinental gas pipeline
The project, known as the African Atlantic Gas Pipeline, will run on a hybrid offshore-onshore route.
South Africa turns to Afrikaner as ambassador to US
Roelf Meyer, a key figure in the negotiations that ended apartheid, has been appointed to the role left vacant since last year.
Security
Frank Simon/Reuters
Majid Asgaripour/WANA via Reuters
Henry Romero/Reuters
New 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/ReutersIran internet blackout enters 46th day, straining economy
Iran’s internet blackout is now among the longest ever recorded.
Majid Asgaripour/WANA via ReutersMurders drop in Mexico, minting a new political star
The country’s security minister, Omar García Harfuch, has become one of Mexico’s most popular politicians.
Henry Romero/ReutersMedia
Mike Blake and Mike Segar/Reuters
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.
Mike Blake and Mike Segar/ReutersWriter 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.
Democrats pressure Pentagon over new media restrictions
Democratic lawmakers are pressing the Pentagon and leaders at Stars and Stripes to share whether the department is censoring stories at the historic military newspaper.
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