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Politics
Democrats push Trump to coordinate with WHO on Ebola
A new bill would direct the president to rejoin the organization within 30 days.
Don’t read the Dimon succession tea leaves
Marianne Lake, who exited Thursday, was at least the eighth JPMorgan executive to occupy pole position since 2013.
Don’t read the Dimon succession tea leaves
Marianne Lake, who exited Thursday, was at least the eighth JPMorgan executive to occupy pole position since 2013.
View / Activists go back to basics
View / Energy dominance faces a test in Ukraine
The World at a Glance
Updated 6:56pm EDT
1
Iran struck a cargo ship in the Strait of Hormuz after warning vessels against unapproved routes.
2US inflation in May rose to its highest level in three years, even as consumer spending remained resilient.
3Apple raised prices across its flagship products to offset soaring memory chip costs, sending the company’s shares tumbling.
4Chinese AI companies are aggressively scaling to compete with the US, but researchers warned of competition without cooperation.
5The UK saw its two hottest June days, and France its hottest day ever, as the continent swelters in record-breaking heat.
6Donald Trump pledged rapid aid for Venezuela after deadly earthquakes, in a test of US disaster relief response after dismantling USAID.
As inflation rises, Americans are spending and Europeans are saving
Countries everywhere are feeling inflationary pressures from the Iran war, but Americans and Europeans are coping differently.
Window shrinks for Congress crypto deal
“This thing’s going to have to come together fairly quickly,” Senate Majority Leader John Thune told Semafor.
Venezuela’s deadly earthquakes test US aid effort
President Donald Trump said the US was “ready, willing, and able to help.”
Raimondo launches AI project with backing of tech giants
The former Biden official is joining with a GOP former governor to help transition America’s workforce.
Oil prices at lowest level since start of Iran war
Increasing numbers of ships are navigating the Strait of Hormuz with their transponders on, as confidence in the truce between Washington and Tehran grows.
Gulf divided over reconciling with Iran
Saudi Arabia and Qatar are moving toward reconciliation, while the UAE — which suffered the vast majority of Iranian attacks — is not in a hurry to move on.
Iran war funding request struggles on Capitol Hill
Still, Republican leaders think that there could be enough Democratic items in the budget request to persuade Democrats to support it.
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Politics
Venezuela’s deadly earthquakes test US aid effort
President Donald Trump said the US was “ready, willing, and able to help.”
Leonardo Fernandez Viloria/Reuters
Democrats push Trump to coordinate with WHO on Ebola
A new bill would direct the president to rejoin the organization within 30 days.
Stringer/Reuters
Window shrinks for Congress crypto deal
“This thing’s going to have to come together fairly quickly,” Senate Majority Leader John Thune told Semafor.
Annabelle Gordon/Reuters
Raimondo launches AI project with backing of tech giants
The former Biden official is joining with a GOP former governor to help transition America’s workforce.
Iran war funding request struggles on Capitol Hill
Still, Republican leaders think that there could be enough Democratic items in the budget request to persuade Democrats to support it.
Trump charms Senate Republicans hours after Iran blowup
Hours after the president castigated Sen. Bill Cassidy, R-La., Cassidy voted to help defeat a war powers measure.
Trump blames ‘Big Oil’ for gas prices
US retail gas prices have stayed north of $3.90 despite Brent crude prices falling.
Trump and Senate Republicans hit a new low
The president canceled the signing of one of his own priority bills before privately castigating his own party.
Warnock and Talarico anchor an election-year boomlet for progressive Christianity
Democratic pastors and seminarians are linking their Christianity with their politics on the campaign trail.
Insurgent left becomes Democratic leaders’ next headache
Both Hakeem Jeffries and Chuck Schumer live in the five boroughs where establishment Democrats got swept away.
Polls: Voters favor federal oversight of prediction markets
Forty-eight percent of Republicans favor federal oversight, per the Republican poll.
Business
Apple raises prices due to memory chip shortage
CEO Tim Cook said Apple could no longer protect its customers from higher prices stemming from the global memory chip shortage.
Edgar Su/Reuters
As inflation rises, Americans are spending and Europeans are saving
Countries everywhere are feeling inflationary pressures from the Iran war, but Americans and Europeans are coping differently.
Don’t read the Dimon succession tea leaves
Marianne Lake, who exited Thursday, was at least the eighth JPMorgan executive to occupy pole position since 2013.
Activists need to go back to basics
The AI era is the perfect time for the right breed of activists: those with real plans on how to tear up business models and remake them for this particular moment of upheaval.
Iran war drives US inflation to three-year high
The higher prices are likely to maintain pressure on the US Federal Reserve to raise interest rates this year.
Technology
Chinese AI firms scale aggressively to compete with US
DeepSeek hopes to at least double the size of all its departments to become a “driving force” in developing artificial general intelligence.
Florence Lo/Reuters
Micron posts blowout earnings
The US reported strong results to top off a multi-day tech stock whipsaw.
Brendan McDermid/Reuters
Coding finds new screens
A world is coming into view where employees dump their laptops and navigate the workday with nothing but a pair of smart glasses.
Demis Hassabis on the link between AI for art and AI for science
For AI to truly revolutionize science, it needs a form of creativity it currently doesn’t possess.
Jack Clark: AI itself can stem cognitive decline
Claude has started asking users clarifying questions about their prompts, which Clark described as “forcing a person to engage their brain more and claim some agency back.”
Quantum EOs leave much to be desired
Quantum companies are already competing to deliver a quantum computer and say the executive order hasn’t materially changed how they’re operating.
Energy
France and UK swelter in record-breaking heat
The UK saw its two hottest June days, and France its hottest day ever.
Gonzalo Fuentes/Reuters
US energy dominance faces a test in Ukraine
One essential facet of US President Donald Trump’s overseas energy dominance strategy is proving slow to materialize.
Ukrainian Presidential Press Service/Handout via Reuters
Europe’s missed energy transition opportunities
EU authorities risk curbing investments in the bloc’ss energy transition because of a failure to integrate its capital markets and regulatory shortcomings.
Chris J. Ratcliffe/Reuters
Gulf
Iran attacks cargo ship in Hormuz
The attack forced the UN to pause evacuations in the waterway.
Stringer/Reuters
Gulf wealthy snap up exclusive European mansions
A Sardinian compound once known for “bunga bunga” parties and a “mini Buckingham palace” are among the luxury properties bought by Gulf billionaires.
Burjeel issues $500M Islamic bond as market thaws
The Abu Dhabi-listed company said demand was three times larger than supply, in a sign that Gulf debt markets are thawing after the US-Iran conflict stalled new issuances.
Gulf states appear skeptical of Iran deal
The Gulf appears skeptical about the US-Iran deal despite Washington’s assurances that it will restrain Tehran and preserve regional security.
UAE conglomerate overhauls Saudi retailer management
The UAE’s Al-Futtaim, which bought a nearly 50% stake in AFG International last year, said it was appointing Sameer Jain as CEO of the business.
China
Chinese AI firms scale aggressively to compete with US
DeepSeek hopes to at least double the size of all its departments to become a “driving force” in developing artificial general intelligence.
Florence Lo/Reuters
Chinese AI firm Zhipu plans billion-dollar share sale amid rally
Chinese AI startup Zhipu is weighing a multi-billion dollar share sale after it skyrocketed around 2,000% since its January IPO.
Tyrone Siu/Reuters
Countries grapple with China’s robotics lead
China’s lead in the embodied AI race is prompting major economies to adopt starkly different responses.
Florence Lo/Reuters
Africa
Nigerian-born artist taps memories for Obamas portrait
Njideka Akunyili Crosby was commissioned to paint the first joint portrait of the former US president and first lady, Barack and Michelle Obama.
Njideka Akunyili Crosby with the Obamas. @barackobama/Instagram.
Kenya signs deal with Chinese firm for airport upgrade
The agreement comes as Nairobi faces increasing competition from Ethiopia and Rwanda, which are jostling for power as East Africa’s main travel hub.
Jomo Kenyatta International Airport. Monicah Mwangi/Reuters.
British digital bank Revolut plans South Africa launch
Europe’s most valuable fintech company announced its intention to expand into South Africa in September.
South Africa’s eyes autonomy after PEPFAR cut
The country’s health minister said that the US’ cancellation of a multibillion-dollar HIV/AIDS program was a “wake-up call.”
Senegal says it is open to debt restructuring
The announcement by Dakar’s trade minister came after IMF officials completed a five-day visit to the country.
El Niño threatens Africa’s food security
This year’s El Niño cycle could be particularly potent, posing a threat to Africa’s agricultural sector already under pressure over the Iran war.
Security
Russia’s fuel crisis worsens
Fuel prices at Russia’s airports have spiked 17% in June.
Stringer/Reuters
Honduras to buy Ukrainian drones as Kyiv’s defense clout grows
Since Russia’s 2022 invasion, Ukraine has become a world leader in military drone technology, both in attack and defense.
Leah Millis/Reuters
US’ pro-Ukraine tone unnerves Moscow
Russia accused the US of failing to follow through on “understandings” reached at last year’s Alaska summit.
Sputnik/Gavriil Grigorov/Pool via Reuters
Media
Daily Wire, under pressure, seeks strategic investors, targets IPO
The Daily Wire is in talks to take on at least $100 million in investment, with an eye on an initial public offering in a few years’ time.
REUTERS/Cheney Orr
OpenAI’s $100 billion ad bet
The tech giant rolled out new tools for creatives.
The Atlantic beefs up its video podcasts
One of America’s oldest magazines is investing in video after seeing notable growth in its audience.
David Droga on AI and the end of ‘mediocre’ human-made ads
As he sees it, the advertising industry is in the throes of a profound technological shift.
Conservatives make the case for right-wing ads at Cannes Lions
The Daily Wire and others are offering an overtly partisan alternative to advertising gatherings that often stay far away from politics.
CEO Signal
Former IEA chief says world faces a ‘third oil shock’ despite US-Iran deal
Nobuo Tanaka says the Hormuz crisis has accelerated a seismic shift in the global energy order, but business leaders can learn from it.
Sarah Meyssonnier/Reuters
How a marathon-running CEO set the pace for Cigna
David Cordani says the insurer had to “actively listen” to rebuild trust with its customers.
Courtesy of Cigna/Graph Massara/Semafor
Honeywell’s CEO on ‘the brutal truth’ about breaking up an industrial giant
Vimal Kapur says delegation and momentum are the keys to splitting a conglomerate.
Courtesy of Honeywell/Joey Pfeifer/Semafor
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