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Intelligence for the New World Economy
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The World at a Glance
Updated 6:33pm EDT
1
President Donald Trump threatened “another big hit” on Iran if peace negotiations failed, as mediators see little progress in talks.
2Foreign governments are dumping US Treasurys to stabilize their currencies amid the Iran war’s energy shock.
3Vladimir Putin’s visit to Beijing this week could clear a logjam for the construction of a long-delayed oil pipeline to China.
4SpaceX will debut its Starship V3 rocket this week in a key test of both its technology and investor confidence ahead of its expected IPO.
5Inflation is hitting the US alcohol industry, which is already struggling with falling demand.
6Chinese auto executives are reinventing themselves as influencers, as the EV price wars hit profits.
Trump executive order to stop short of requiring banks to collect citizenship information
Still, the president’s Tuesday order imposes significant new restrictions on immigrants’ access to the financial system.
Reuters/Evan VucciPutin to discuss long-delayed pipeline with Xi
Russian President Vladimir Putin’s visit to Beijing this week could clear a logjam for the construction of a long-delayed oil pipeline to China.
Alexander Manzyuk/ReutersRepublicans ‘saddened’ as Cornyn falls to an uneven Trump loyalty test
The president endorsed against the Texas incumbent, making his seat harder to hold and the party’s midterms pricier.
Joel Angel Juarez/ReutersPutin, Xi meet in Bejing for talks on energy, Ukraine
The visit comes just days after Xi Jinping hosted US President Donald Trump.
China lags the US in financial power, expert argues
While China and the US are commonly cast as rivals on equal footing, Beijing remains fundamentally outmatched by Washington’s financial power.
Dado Ruvic/Illustration/ReutersTrump aides, allies portray military force in Cuba as last resort
As the president’s administration squeezes the island nation’s communist government, it’s sending a two-part signal.
Norlys Perez/Reuters Jury rejects Elon Musk’s lawsuit against OpenAI
Elon Musk had alleged that OpenAI chief Sam Altman “stole a charity” when he converted the startup to a for-profit entity.
Manuel Orbegozo/ReutersAD
Politics
Emmanuel Herman/Reuters
Kevin Lamarque/Reuters
Senators propose overhaul of US-Tanzania relationship
A new bipartisan bill would impose sanctions and freeze assistance in response to the country’s political crisis.
Emmanuel Herman/ReutersBallroom security money hangs over GOP agenda
Republicans can afford to lose only three votes and still pass the legislation.
Trump threatens ‘another big hit’ on Iran if talks fail
The US and Iran remain far apart on the terms of a potential peace deal, raising doubts about finding an off-ramp to the conflict during a strained ceasefire.
Kevin Lamarque/ReutersTrump sounds diplomatic note on Cuba
He told Semafor during a tour of the White House ballroom construction site that Cuba is “a failed nation” that “needs help” from the US.
Trump executive order to stop short of requiring banks to collect citizenship information
Still, the president’s Tuesday order imposes significant new restrictions on immigrants’ access to the financial system.
Republicans ‘saddened’ as Cornyn falls to an uneven Trump loyalty test
The president endorsed against the Texas incumbent, making his seat harder to hold and the party’s midterms pricier.
Hill progressives endorse in a California race tearing at Democrats
Ammar Campa-Najjar and Marni von Wilpert are both at risk of a lockout in November as the party splits over their contest.
What to watch in May 19 primaries
Seven states hold their primaries on Tuesday, including two where Republicans are working to change electoral maps as soon as possible.
Trump aides, allies portray military force in Cuba as last resort
As the president’s administration squeezes the island nation’s communist government, it’s sending a two-part signal.
Trump privately fumes over imperiled ballroom security money
The president aired his displeasure with the Senate rules referee in a call with the majority leader, according to multiple sources.
Critics of Trump’s ‘anti-weaponization fund’ have no way to contest it yet
There’s no clear plaintiff to challenge the taxpayer money set to flow to backers of the president.
Business
Bryan Woolston/Reuters
Inflation hits US alcohol industry
The US alcohol industry, already struggling with falling demand, is being further hit by inflation.
Bryan Woolston/ReutersSpaceX prepares for pre-IPO Starship launch
SpaceX is set to debut its Starship V3 rocket on Thursday in a key test of both its technology and investor confidence.
Foreign governments dump US Treasurys amid Iran volatility
Data showed seven of the top 10 foreign holders of US government debt trimmed their holdings of US Treasurys in March.
Trump executive order to stop short of requiring banks to collect citizenship information
Still, the president’s Tuesday order imposes significant new restrictions on immigrants’ access to the financial system.
The digital casinos need pit bosses
Kalshi and Polymarket have either a massive insider-trading problem or the appearance of one.
Technology
Steve Nesius/Reuters
China’s auto CEOs become influencers
China’s electric vehicle price wars have spilled into the attention economy.
SpaceX prepares for pre-IPO Starship launch
SpaceX is set to debut its Starship V3 rocket on Thursday in a key test of both its technology and investor confidence.
Steve Nesius/ReutersJury rejects Elon Musk’s lawsuit against OpenAI
Elon Musk had alleged that OpenAI chief Sam Altman “stole a charity” when he converted the startup to a for-profit entity.
Everyone lost in Musk v. Altman
The trial revealed the worst side of the leaders running some of our most important tech companies.
Newsom’s floated software tax misses the mark
California’s governor floated a new tax that could add some difficulty for the tech companies selling software out of the state.
Codex untethers AI from the laptop
A new feature allows users to send messages to Codex via the ChatGPT app.
Energy
Amanda Perobelli/Reuters
Reuters
Iran war accelerates move away from fossil fuels
In a new energy market outlook projecting out to 2050, BNEF analysts forecast global oil demand will plateau in the early 2030s.
Amanda Perobelli/ReutersNew infrastructure projects seek to bypass Hormuz
The UAE said it is racing to complete a new pipeline by next year that will double its oil export capacity bypassing the waterway.
Analysts’ Iran crystal balls get murkier
The war in Iran is entering an unpredictable new phase where the risk to energy markets is growing.
ReutersGulf
Joint European Union and the Gulf Cooperation Council summit in Brussels, in 2024. Johanna Geron/Reuters
Iran war creates opening for closer Europe-Gulf ties
Gulf countries would welcome closer defense, investment, and trade ties with Europe.
Joint European Union and the Gulf Cooperation Council summit in Brussels, in 2024. Johanna Geron/ReutersPorsche launches limited 911 Turbo S ‘Sadu Edition’
The German automaker is producing just 20 vehicles customized with Al Sadu patterns.
Oman government revenues rise 13% on oil price spike
Oil and gas revenues accounted for around two-thirds of the rise.
Qatar Airways expands Africa network
The Doha-based carrier will resume flights to the Seychelles and Kigali, add a daily service to Marrakesh, and launch a new route to Port Sudan.
Emirates Airways to build new mega-hangar
The $5.1 billion hangar — slated to be the Gulf’s largest steel building — is capable of servicing 28 planes at a time.
ChinaAlexander Manzyuk/Reuters 
Temilade Adelaja/Reuters
Putin to discuss long-delayed pipeline with Xi
Russian President Vladimir Putin’s visit to Beijing this week could clear a logjam for the construction of a long-delayed oil pipeline to China.
Alexander Manzyuk/ReutersChinese men are learning to spoil themselves
As more men live alone and delay marriage, they’re spending more on skincare, fragrances, fitness equipment, and other self-care luxuries.
Chinese EV firms race for new tech
Industry behemoths BYD and CATL are taking different approaches to cutting EV charging times, Wood Mackenzie analysts said.
Temilade Adelaja/ReutersAfrica
Arlette Bashizi/Reuters
Jonathan Ernst/Reuters
Ebola hits central Africa, prompting race for vaccine
There are no treatments for the current Ebola strain, which has already killed 131 people.
Arlette Bashizi/ReutersTwo prominent Republican Africa staffers leave Capitol Hill
Their exits leave an incoming Africa official with one less bridge to Capitol Hill at a fraught moment for US-Africa relations.
Jonathan Ernst/ReutersThe battle to ensure Africa’s digital sovereignty
You can let someone else build the infrastructure, but you shouldn’t let them decide how it operates.
Intra-Africa commerce could reach 53% if AfCFTA were fully implemented, report finds
In its report the Mo Ibrahim Foundation also said the continent’s manufacturing sector could be boosted by $1 trillion, creating create 14 million jobs by 2035.
Germany overtakes US as South Africa’s second-largest bilateral trade partner
US tariffs hit South Africa’s value-added goods the hardest, with the country’s vehicle and transport equipment sector absorbing the bulk of the damage.
We need to reset Africa’s health algorithm
As AI transforms medicine, African countries risk becoming the raw material for a revolution whose benefits flow elsewhere.
SecurityAlexander Manzyuk/Reuters 
Evan Vucci/Reuters
Putin to discuss long-delayed pipeline with Xi
Russian President Vladimir Putin’s visit to Beijing this week could clear a logjam for the construction of a long-delayed oil pipeline to China.
Alexander Manzyuk/ReutersPutin launches nuclear drills in projection of power
The show of force comes as Moscow suffers continued losses on the battlefield in its war against Ukraine.
Trump suspends planned Iran strikes
The US president said he was holding off attacks on Iran at the behest of Middle East allies.
Evan Vucci/ReutersMedia
New arts magazine Totei to focus on the ‘creative process’
The online magazine will publish content weekly, including profiles of artists and musicians, photo essays, reported features, and interviews.
Fortune chairman joined Trump interview
Editor-in-chief Alyson Shontell conducted the interview with the president.
Paramount seeks to calm California’s creatives — and a litigious attorney general
Paramount is racing to reassure Hollywood that its takeover of Warner Bros. Discovery, with its HBO streaming service, isn’t aimed at killing movie theaters.
CBS’ Tony Dokoupil to broadcast from Taiwan after failing to get China visa in time
It was a stumble in the network’s efforts to play a leading role in this week’s dominant global story.
Hollywood appears to avoid Cannes Film Festival
Only two American entrants are competing for the Palme d’Or, both relatively small and financed outside the US.
CEO Signal
Reckitt Benckiser/Handout via Reuters 
Why Allstate’s Tom Wilson thinks CEOs should create more jobs with AI
The insurance industry veteran says executives have an obligation to do hard things.
Reckitt’s Kris Licht on moving at ‘China speed’
The CEO behind Lysol and Durex ‘pivoted hard’ for a new era of TikTok-driven commerce.
Reckitt Benckiser/Handout via Reuters Dan Schulman’s plan to get Verizon back in the fight
“If somebody’s going to punch me, I’m going to punch back,” Verizon CEO Dan Schulman says in this episode of The CEO Signal.
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