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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 8:00am EDT
1
Xi Jinping positioned China as a force for global stability, warning against reverting to ‘the law of the jungle.’
2US Treasury Secretary Scott Bessent said tariffs could be restored to the levels in place before a Supreme Court ruling.
3The stock market has recovered losses incurred during the Iran war, but the real economy still showed signs of pain.
4Argentina’s inflation rate rose more than expected last month after an energy shock, risking progress made against soaring prices.
5OpenAI unveiled a model to rival Anthropic’s Mythos, which has sparked fears over its apparent ability to exploit cyber vulnerabilities.
6Amazon will buy satellite company Globalstar, as it seeks to catch up with rival Starlink in the internet space race.
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.”
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 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.
Elizabeth Frantz/Reuters 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.
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Politics
Eduardo Munoz/ReutersAnnabelle Gordon/Reuters Elizabeth Frantz/Reuters
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.
Eduardo Munoz/ReutersBipartisan group of senators defends USMCA
More than three dozen senators will urge the Trump administration to extend the pact.
Annabelle Gordon/Reuters 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.
Elizabeth Frantz/Reuters 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.
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.
BusinessKris Tripplaar/Semafor
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.”
Kris Tripplaar/SemaforExecutives 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
Kris Tripplaar/Semafor
Tasos Katopodis/Getty Images for Semafor
Hyundai’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.
Kris Tripplaar/SemaforToken demand makes an AI bubble unlikely, says Michael Dell
The Dell CEO anticipated some level of market correction, but not anytime soon.
Tasos Katopodis/Getty Images for SemaforAnthropic’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.
Russia’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.
Why your employees aren’t using AI
Nearly half of non-AI users have ethical objections to it, Gallup found.
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
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
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