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Intelligence for the New World Economy
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The World at a Glance
Updated 6:25pm EDT
1
US stocks hit record highs, even as energy executives grew more worried about the Iran war’s long-term ramifications.
2US allies should pay more for critical minerals sourced from outside of China, the White House’s trade representative said.
3Indian political elites are discomforted by Pakistan’s outsized role in US-Iran talks, but there are some bright spots for New Delhi.
4Germany vowed to take on more “responsibility” for Europe’s defense, in the country’s first-ever postwar military strategy.
5A Beijing-based space startup secured $8.4 billion in financing commitments from state-owned or -linked banks, part of China’s efforts to explore building orbital data centers.
6Stalled Iran ceasefire talks have raised questions about a prolonged conflict and the prospect of a global recession.
Trump extends ceasefire with Iran
Trump announced that he would hold off attacks at the request of Pakistan to give Tehran time to come up with a “unified proposal.”
Kylie Cooper/ReutersAmericans give Congress a thumbs down
The share of Americans who disapprove of the job that Congress is doing stands at an all-time high.
Kent Nishimura/Reuters Barrasso argues Sanders, not Schumer, leads Democrats on Israel
The No. 2 Republican argued that the Vermont independent is now Democrats’ standard-bearer on the issue.
Annabelle Gordon/Reuters US senators voice concern over lack of funding to halt terrorism in Africa
They pointed out ambassadorial vacancies, gutted humanitarian programs, and a lack of transparency.
Abdifitah Hashi Nor/AFP via Getty ImagesEl-Sayed’s rise riles Democratic moderates, delights the left
The Michigan Senate hopeful is gaining momentum in an increasingly bitter three-way primary that could prove decisive for Senate control.
Evan Cobb/Getty ImagesWarsh hearing puts Fed onus back on Trump
The Republican senator standing in the way isn’t budging, so the party is now left to hope that the president might.
Elizabeth Frantz/Reuters Republicans release budget, hope to end shutdown
Senators hope that movement will prompt the House to pass the Senate bill funding the rest of the Department of Homeland Security.
Evelyn Hockstein/Reuters 
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Politics
Marco Bello/Reuters
Ken Cedeno/Reuters
Amir Cohen/Reuters
‘Be realistic’: Republicans feud over immigration — again
The bipartisan Dignity Act is the latest twist in a long GOP battle over how to address immigration reform.
Marco Bello/ReutersWhy The Washington Post lost in Virginia
Meet the new media-bashers.
Ken Cedeno/ReutersMilei’s popularity plummets amid corruption scandal in Argentina
Since taking office in 2023, Milei has overseen a remarkable transformation of South America’s second-largest economy, though wages have flatlined.
Amir Cohen/ReutersAmericans give Congress a thumbs down
The share of Americans who disapprove of the job that Congress is doing stands at an all-time high.
Barrasso argues Sanders, not Schumer, leads Democrats on Israel
The No. 2 Republican argued that the Vermont independent is now Democrats’ standard-bearer on the issue.
El-Sayed’s rise riles Democratic moderates, delights the left
The Michigan Senate hopeful is gaining momentum in an increasingly bitter three-way primary that could prove decisive for Senate control.
Warsh hearing puts Fed onus back on Trump
The Republican senator standing in the way isn’t budging, so the party is now left to hope that the president might.
NASA astronauts form US political nonprofit
More than 100 former US astronauts launched a nonprofit to address an issue closer to home — the future of US democracy.
Trump’s Fed pick vows central bank independence
During his congressional confirmation hearing, Kevin Warsh responded “absolutely not” when asked if he would be the president’s “sock puppet.”
Republicans release budget, hope to end shutdown
Senators hope that movement will prompt the House to pass the Senate bill funding the rest of the Department of Homeland Security.
Senators question Warsh’s case for rate cuts
The Fed chair nominee said he believes AI’s boost to “the supply side of the economy” may be “considerably bigger” than the “effect on demand.”
Business
Quinn Glabicki/Reuters
US nears government bailout deal for Spirit Airlines
Trump tries to sell affordability story with Spirit bailout.
Quinn Glabicki/ReutersTrump’s Fed pick vows central bank independence
During his congressional confirmation hearing, Kevin Warsh responded “absolutely not” when asked if he would be the president’s “sock puppet.”
The gap between Main Street and Wall Street is widening
The Main Streeters are sanguine, while the money men are sounding alarms.
Apprenticeships in the age of AI
Whatever junior workers survive the automation of the knowledge economy will be scaling a pyramid that is steeper and sharper-elbowed.
US states flex their antitrust muscles
States are increasingly becoming the arbiters of antitrust, stepping into a void left by Trump’s Department of Justice.
Technology
Chris Lehane speaking at Semafor World Economy. Tasos Katopodis/Getty Images for Semafor
Pearson’s Omar Abbosh, Citadel Securities’ Alex DiLeonardo, and Shelly Banjo at Semafor World Economy. Annabelle Gordon/Semafor.
Is X downranking TBPN clips?
Elon Musk, who owns the platform, has been openly sparring with the ChatGPT maker for months.
Chris Lehane speaking at Semafor World Economy. Tasos Katopodis/Getty Images for SemaforRecruiters are entering their AI era
Executives are aiming to train a new generation of employees that are savvy with AI but know how to schmooze.
Pearson’s Omar Abbosh, Citadel Securities’ Alex DiLeonardo, and Shelly Banjo at Semafor World Economy. Annabelle Gordon/Semafor.AI tokens may be starting to rival labor costs
The growing cost of tokens is a line item that CFOs are having trouble planning for.
Google is doing just fine on AI
The company has a clear beachhead through its consumers.
Safety fears could slow China’s robotaxi rollout
Goldman Sachs predicted that China will have almost 15,000 robotaxis by the end of the year, but consumers are increasingly wary.
Apple’s new boss faces dual challenge in China
Increased competition in the massive consumer market and a need to diversify from the country as a major supplier are the main hurdles.
Energy
Stringer/Reuters
Daniel Cole/Reuters
Amit Dave/Reuters
US stocks hit record highs despite energy concerns
US stocks hit record highs on Wednesday, a day after President Donald Trump extended a ceasefire with Iran, even as energy executives grew more worried about the conflict’s long-term ramifications.
Stringer/ReutersSolar power surge leads to decline in fossil fuel generation
Global clean power production outpaced electricity demand last year, leading to a decline in fossil fuel generation for the first time since the pandemic.
Daniel Cole/ReutersIndia, China running low on oil alternatives
The closure of the Strait of Hormuz is squeezing Asia’s largest oil importers as they run low on alternatives.
Amit Dave/ReutersGulf
Ahmed Yosri/Reuters
Saudi researchers turn date pits into artificial bones
The pits share enough in common with human bone — in terms of calcium, structure, and density — that they could be used in fracture repair.
Ahmed Yosri/ReutersWall Street execs make show support for UAE
BlackRock’s Larry Fink and Thoma Bravo’s Orlando Bravo have both been seen in the UAE since the US-Iran ceasefire.
Emirati firms ALTÉRRA, Masdar upping Abu Dhabi’s renewables push
ALTÉRRA announced a partnership with KKR, while Masdar installed the first of 95 turbines at a $5.4 billion wind farm off the coast of Britain.
Why Saudi is weathering the war shock better than most
A week in Riyadh offers evidence that oil buffers and pragmatic policymaking are containing the fallout.
Gulf trade will be permanently reshaped
Iran’s closure of the Strait of Hormuz has demonstrated the reality of a long-threatened nightmare scenario.
Africa
Mile 12 Market in Lagos, Nigeria, June 4, 2025. Sodiq Adelakun/ReutersAbdifitah Hashi Nor/AFP via Getty Images
The Iran war’s ‘lag effect’ on Africa’s economies
While the IMF only downgraded the continent’s economic growth by 30 basis points last week, a prolonged conflict could have much graver consequences.
Mile 12 Market in Lagos, Nigeria, June 4, 2025. Sodiq Adelakun/ReutersUS senators voice concern over lack of funding to halt terrorism in Africa
They pointed out ambassadorial vacancies, gutted humanitarian programs, and a lack of transparency.
Abdifitah Hashi Nor/AFP via Getty ImagesNigerian ecologist wins major environmental prize
Iroro Tanshi won the award, dubbed the “Green Nobel,” for her work protecting endangered bats from wildfires.
Kenya lowers tax revenue goal amid Iran war impact
Kenya requested rapid financial support from the World Bank to help it manage the economic shocks sparked by the Iran war.
Ethiopia’s Tigray province renews parliament, raising tensions
The country is still recovering from a civil war in the region that stymied attempts to liberalize one of Africa’s biggest economies.
Taiwan cancels Eswatini visit after neighbors block airspace
Eswatini is the only African country with official diplomatic relations with Taiwan, which China considers a renegade province.
Security
Nadja Wohlleben/Reuters
Alexander Manzyuk/Reuters
Drills conducted by Japan and the Philippines in 2023. Eloisa Lopez/Reuters
Germany pledges more military might
Germany vowed to take on more “responsibility” for Europe’s defense, in the country’s first-ever postwar military strategy.
Nadja Wohlleben/ReutersRussia may scrap spending rule as economy falters amid Ukraine war
Russia may sacrifice a crucial spending rule as the Ukraine war puts the economy under pressure.
Alexander Manzyuk/ReutersJapan joins South China Sea drills for first time
The drills, led by the US and the Philippines since 2001, are seen as a response to growing Chinese assertiveness in the region.
Drills conducted by Japan and the Philippines in 2023. Eloisa Lopez/ReutersMedia
Kris Tripplaar/Semafor
LeBron James is getting ready for his post-NBA media career, partner says
In an appearance at last week’s Semafor World Economy gathering, Maverick Carter said that changes in the tech and media landscape will allow James some flexibility in terms of his next moves once he retires — which could be as soon as later this month.
Kris Tripplaar/SemaforCNN 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.
Writer 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.
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