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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 6:59pm EDT
1
Israel and Lebanon held their first direct diplomatic talks since 1993, though the meeting didn’t result in a major breakthrough.
2US President Donald Trump criticized Italy’s prime minister after she condemned his attack on the pope, deepening Washington’s rift with Europe.
3US and Iranian negotiators could meet again for peace talks this week, as the ceasefire expiry date looms.
4Xi Jinping warned of global ‘disarray’ over the Iran war, with Chinese exports cooling since the conflict’s start.
5The 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.
6Iran’s internet blackout entered its 46th day, further straining the country’s economy.
Constellation CEO says US not ‘going to win’ race with China on building out energy for AI
Joe Dominguez said at Semafor World Economy that “NIMBYism” over AI data centers could threaten national security.
Annabelle Gordon/SemaforPhilanthropist John Arnold is worried about prediction markets
America’s youngest billionaire-turned-philanthropist is making online betting his next big issue.
How China is winning the global energy war
New China-built wind farms are a lifeline for one of the countries most vulnerable to soaring natural gas prices.
Tim McDonnell/Joey Pfeifer/SemaforBessent: US should ‘wait and see’ before lowering interest rates
The Fed is “doing the right thing by sitting and watching” the war in Iran, the Treasury secretary said at Semafor World Economy.
Kris Tripplaar/Getty Images for SemaforRepublicans 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.
Nathan Howard/Reuters Embattled Reps. Swalwell, Gonzales quit the House
This won’t be the end of the House’s disciplinary woes.
Annabelle Gordon and Jonathan Ernst/Reuters Global economy is in a ‘Road Runner moment,’ Lazard CEO says
Like COVID and tariffs, supply shocks from the Middle East conflict will take “a long time to feed through into prices,” Lazard CEO Peter Orszag said at Semafor World Economy.
Tasos Katopodis/Getty Images for Semafor
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Politics
Trump and Meloni last year. Al Drago/Reuters
Ken Cedeno/ReutersNathan Howard/Reuters
Trump slams Meloni over pope, Iran
The US leader said Giorgia Meloni lacked “courage” for failing to join his war against Iran.
Trump and Meloni last year. Al Drago/ReutersHow 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.
Ken Cedeno/ReutersRepublicans 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.
Nathan Howard/Reuters Embattled Reps. Swalwell, Gonzales quit the House
This won’t be the end of the House’s disciplinary woes.
US begins Strait of Hormuz blockade
The US began its blockade of the Strait of Hormuz on Monday, as Washington and Tehran threatened further escalation amid a shaky ceasefire.
Trump escalates attacks on Pope Leo over war criticism
US President Donald Trump refused to back down from his row with Pope Leo XIV, who has spoken out against the war in Iran.
US pilot detained in Guinea decries ‘useless’ Trump administration
The US government has taken a quiet approach to resolving the case of two charter plane operators held in West Africa
Republican immigration bill starts shaping up
Republicans want to give President Donald Trump three years of funding for immigration enforcement.
Asking the big question of the new world economy
Are you better off than you were four years ago? The predictive power of that question has flipped.
What’s next for Swalwell in the House
The California congressman faces a vote to expel him from the House this week over sexual assault allegations.
Trump threatens China over Iran
US President Donald Trump on Sunday threatened China with “staggering” 50% tariffs if it provides military assistance to Iran, raising the specter of further friction between the world’s two largest economies.
Business
Shannon Stapleton/Reuters
Hyundai-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.”
Shannon Stapleton/ReutersExecutives raise alarm bells over global economic prospects
Leading executives at Semafor World Economy raised alarm bells over the prospects for the world economy, as the IMF cut its growth outlook for 2026.
Markets are defying gravity — for now
Citadel CEO Ken Griffin warned of a full-on recession if the Strait of Hormuz stays closed for more than six months.
Philanthropist John Arnold is worried about prediction markets
America’s youngest billionaire-turned-philanthropist is making online betting his next big issue.
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.
Technology
Evan Vucci/Reuters
Igor Ivanko/Pool via Reuters
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.
Evan Vucci/ReutersRussia’s spy agency tightens control of internet, sparking elite pushback
Moscow has blocked Telegram, looked to crack down on VPN use, and is pushing a state-linked messaging app.
Igor Ivanko/Pool via ReutersWhy your employees aren’t using AI
Nearly half of non-AI users have ethical objections to it, Gallup found.
Altman links attack to ‘great anxiety’ over AI
OpenAI CEO Sam Altman linked an attack on his home to a moment of “great anxiety” around AI.
Hospitals consider replacing some radiologists with AI
Radiology is ground zero for arguments over AI’s employment impacts.
Amazon takes a jab at Nvidia over chips shift
It’s a signal that Nvidia is in direct competition with the frontier AI labs it already supplies.
Energy
Tasos Katopodis/Semafor
Johannes P. Christo/Reuters
Amr Abdallah Dalsh/Reuters
Energy 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/SemaforWorld Bank takes on energy inflation at spring meetings
Energy security risks sparked by the Iran war are top of the agenda at the World Bank and IMF spring meetings in Washington this week.
Johannes P. Christo/ReutersEnergy CEOs are changing their risk calculus
Energy markets are suffering a series of chokepoints, from trade routes under threat of attack, to maxed-out electric grids and China’s stranglehold on critical minerals.
Amr Abdallah Dalsh/Reuters Gulf
Annabelle Gordon/Semafor
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.
Annabelle Gordon/SemaforIsrael 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.
Controlling Hormuz seemed improbable. Turns out, it’s profitable
Gulf officials long thought Iran wouldn’t close the Strait because it would be self-defeating.
Data centers under fire test Gulf sovereign AI ambitions
Deep pockets and conviction will help the region in its push to become a global AI compute hub, despite the war.
Gulf looks to diversify its security alliances
Iran’s attacks showed what hundreds of billions of defense spending can buy, and what it can’t.
Africa
Mike Hutchings/Reuters
Kacper Pempel/Illustration/Reuters
Rising oil prices weaken South Africa’s rand
The currency was nearly 1% down from its close on Friday in the latest fallout of the Middle East war.
Mike Hutchings/ReutersSouth Africa, Nigeria enter cybercrime global ranking
Global cybercrime losses surged to a record $20.8 billion in 2025.
Kacper Pempel/Illustration/ReutersHeineken sells DR Congo unit in Bralima
The exit marks the end of more than a century of operations by the Dutch brewer in the country.
African startup funding surges to $705M in first quarter
Startup funding increased 26.5% on the same period last year, according to new analysis.
Airbnb faces familiar battle in Cape Town
Hotel-managed or listed units on short-term rental platforms show how deeply tourism has penetrated the city center’s housing market.
A South African artist is changing the way viewers understand Picasso’s Guernica
Dumile Feni’s artwork is on display directly opposite Pablo Picasso’s famous anti-war painting.
Security
Majid Asgaripour/WANA via Reuters
Henry Romero/Reuters
Ronen Zvulun/Reuters
Iran 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/ReutersIsrael’s Netanyahu says Iran ceasefire is not ‘end of the war’
Israel believes its war aims are incomplete, potentially setting the stage for further hostilities amid a shaky truce with Iran.
Ronen Zvulun/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