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Intelligence for the New World Economy
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The World at a Glance
Updated 7:02am EDT
1
Colombia elected Abelardo De La Espriella as president, the latest in a line of South American nations that have swung to the right.
2UK Prime Minister Keir Starmer announced his resignation, lining the country up for its seventh leader in 10 years.
3Mediators hailed “encouraging progress” in US-Iran negotiations toward a final peace deal, but major obstacles remain.
4BYD and Google are reportedly in talks to buy Samsung’s chips, as the world’s biggest manufacturer, TSMC, hits production capacity.
5Colombia elected a Donald Trump-endorsed businessman in a presidential runoff amid the country’s worst security crisis in decades.
6China imposed export restrictions on ten US companies, including Washington-backed rare earth firms, as Sino-US trade relations sour.
‘The president seems to revel in chaos’: Cornyn goes his own way
The Trump-ousted Texas Republican senator sat down with Semafor to talk about how he’s using leverage and the colleagues he’s helping.
Kylie Cooper/ReutersLebanon looms over new US-Iran talks
US Vice President JD Vance hoped for an opportunity to “turn over a new leaf” with Iran in a new round of talks Sunday.
Fabrice Coffrini/ReutersAI energy firm born out of ADNOC and G42 eyes US
AIQ has nearly 300 use cases for the oil and gas industry and is now looking to export from Abu Dhabi.
AIQ CEO Dennis Jol at Semafor Gulf Live. Semafor.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/SemaforColombia elects Trump-endorsed businessman in presidential runoff
The polarized nation headed to the polls amid its worst security crisis in decades.
Abelardo de la Espriella. Cesar Quiroz/ReutersItaly’s Giorgia Meloni fires back at Trump over G7 photo claim
Meloni said Trump’s claim that she “begged” him for a photo at the G7 summit was fabricated.
Evelyn Hockstein/ReutersTrump administration to end PEPFAR funding for South Africa
The State Department is expected to formally notify Pretoria it is cutting off HIV/AIDS assistance as soon as next week.
Annabelle Gordon/Reuters
AD
Politics
Benoit Tessier/Reuters 
Simon & Schuster; Evelyn Hockstein/Reuters 
Stringer/Reuters
What if it’s not l’économie, stupid?
Éric Zemmour’s diagnosis is not the standard analysis of why centrist leaders everywhere have grown so profoundly unpopular.
Benoit Tessier/Reuters New book depicts how Trump hobbled his presidency
‘Regime Change’ reminds readers what’s to come from the narrator-in-chief, who at one point tells aides: “We need plot twists.”
Simon & Schuster; Evelyn Hockstein/Reuters Can the US waive sanctions on Iranian oil?
The Trump administration may not have legal standing to again waive US sanctions.
Stringer/Reuters ‘The president seems to revel in chaos’: Cornyn goes his own way
The Trump-ousted Texas Republican senator sat down with Semafor to talk about how he’s using leverage and the colleagues he’s helping.
Europe bakes in a punishing heatwave
A heatwave across Europe prompted a partial alcohol ban in France and the cancellation of public World Cup watch parties in Spain.
Ukraine attacks trigger Russian fuel shortages
Ukraine is hammering Russia’s oil infrastructure, triggering fuel shortages and increasing gas prices.
Italy’s Giorgia Meloni fires back at Trump over G7 photo claim
Meloni said Trump’s claim that she “begged” him for a photo at the G7 summit was fabricated.
Lebanon looms over new US-Iran talks
US Vice President JD Vance hoped for an opportunity to “turn over a new leaf” with Iran in a new round of talks Sunday.
Ukraine hits Moscow with its biggest drone strike yet
The attack’s value is both symbolic and economic, bringing the reality of war home to ordinary Russians
US warns Israel against disrupting deal with Iran
Vance rebuked Israel’s “freakout,” as the US ally telegraphed further military action in Lebanon.
Vance becomes the face of the US-Iran deal
It’s a move analysts say will likely hurt his political future given mounting criticism from conservatives over the agreement.
BusinessCourtesy of Cigna/Graph Massara/Semafor
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/SemaforExecs are warning that EU overregulation is constraining business
ArcelorMittal’s executive chairman and the governor of Saudi Arabia’s Public Investment Fund voiced concern about the regulatory environment.
Activist weighs proxy fight at Vail Resorts
Oasis would have a likely buyer in Cloudflare CEO Matthew Prince, who has expressed interest in acquiring the struggling Park City resort.
Private equity confronts a goose egg
The cascade of financial loss that happens when companies run out of money is in motion.
Vail Resorts taps bankers to play defense
The ski giant is contending with tough weather, restive labor groups, and an irate billionaire customer who is trying to buy Park City.
Technology
Kim Hong-Ji/Reuters
Eduardo Munoz/Reuters
Challengers gain ground as chip market heats up
Rising demand is boosting secondary players in the increasingly competitive semiconductor industry.
Kim Hong-Ji/ReutersJPMorgan restricts Anthropic in Hong Kong
The White House, citing national security concerns, has blocked all foreign nationals from using Anthropic’s most advanced models.
Eduardo Munoz/ReutersApple to raise prices as memory chip costs surge
The rapid rollout of AI infrastructure has sent demand for semiconductors soaring.
Research pulls back curtain on Claude
“Only about 1.6% of Claude Code’s codebase constitutes AI decision logic, with the remaining 98.4% being operational infrastructure,” a research paper from April explains.
Meta pursues muddled AI strategy
With massive borrowing to build data centers and without and enterprise business like Anthropic’s or OpenAI’s, the company’s AI strategy still doesn’t seem to make sense.
Anthropic takes the path of most resistance
The company has miscalculated how it’s communicated with the Trump administration — and the general public — about its business.
Energy
Guglielmo Mangiapane/Reuters
Vantor/Handout via Reuters
Sarah Meyssonnier/Reuters
Europe bakes in a punishing heatwave
A heatwave across Europe prompted a partial alcohol ban in France and the cancellation of public World Cup watch parties in Spain.
Guglielmo Mangiapane/ReutersUkraine attacks trigger Russian fuel shortages
Ukraine is hammering Russia’s oil infrastructure, triggering fuel shortages and increasing gas prices.
Vantor/Handout via ReutersFormer 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 Gulf
Semafor’s Matthew Martin, left, with Wael Younan, co-head of sovereign wealth management at TCW. Semafor.
TCW sees Gulf funds ramping up deals
Wall Street firms need to be close to Gulf sovereign funds as “integral” parts of the global economy, TCW’s top executive said.
Semafor’s Matthew Martin, left, with Wael Younan, co-head of sovereign wealth management at TCW. Semafor.AI energy firm born out of ADNOC and G42 eyes US
AIQ has nearly 300 use cases for the oil and gas industry and is now looking to export from Abu Dhabi.
Pakistan’s diplomatic chops on display
Pakistan, once cast as a diplomatic pariah by the West, took on a lead role mediating between the US and Iran to produce a deal.
US warns Israel against disrupting deal with Iran
Vance rebuked Israel’s “freakout,” as the US ally telegraphed further military action in Lebanon.
Vance becomes the face of the US-Iran deal
It’s a move analysts say will likely hurt his political future given mounting criticism from conservatives over the agreement.
China
Tyrone Siu/ReutersEduardo Munoz/Reuters 
Kim Kyung-Hoon/Reuters
Taiwan announces combat readiness drill
Taiwan’s defense ministry on Sunday announced a five-day combat readiness exercise as China intensifies military activity around the island.
Tyrone Siu/ReutersJPMorgan restricts Anthropic in Hong Kong
The White House, citing national security concerns, has blocked all foreign nationals from using Anthropic’s most advanced models.
Eduardo Munoz/ReutersEU eyes unified China approach
Europe has long been nervous about cheap, state-subsidized Chinese goods undermining the continent’s manufacturing industries.
Kim Kyung-Hoon/ReutersAfrica
Siphiwe Sibeko/Reuters
The Goethe-Institut Dakar. Instagram/Kerearchitecture by Iwan Baan
South Africa to raise health funding cuts at UN meeting
The meeting comes after the US said it plans to cut HIV/AIDS funding for the country, where rates are the highest in the world.
Siphiwe Sibeko/ReutersAfrican architecture helps reduce climate impact
Traditional materials and methods encourage air flow and create shade, keeping buildings cool in the hot months.
The Goethe-Institut Dakar. Instagram/Kerearchitecture by Iwan BaanAfrican telcos plan to invest $76B in infrastructure
The investment pipeline will support an industry that is expected to add $290 billion a year to the continent’s economy by the end of the decade.
Cocoa giants Ghana, Côte d’Ivoire vow to cooperate on prices
The countries’ leaders said they would revive the so-called cocoa OPEC.
Kenya’s Ruto says country nearing US mineral deal
Kenya has large, untapped deposits of minerals required to build infrastructure for renewable energy and digital infrastructure.
The distant shocks squeezing African economies
When the US Federal Reserve announces the central bank’s decision on interest rate, the impact will reverberate across African capitals.
Security
Peter Macdiarmid/Pool via ReutersAbelardo de la Espriella. Cesar Quiroz/Reuters Tyrone Siu/Reuters
UK Prime Minister Keir Starmer under pressure to resign
Starmer is said to be weighing “political realities” as Labour members back challenger Andy Burnham.
Peter Macdiarmid/Pool via ReutersColombia elects Trump-endorsed businessman in presidential runoff
The polarized nation headed to the polls amid its worst security crisis in decades.
Abelardo de la Espriella. Cesar Quiroz/ReutersTaiwan announces combat readiness drill
Taiwan’s defense ministry on Sunday announced a five-day combat readiness exercise as China intensifies military activity around the island.
Tyrone Siu/ReutersMedia
Screenshot/YouTube/@TheAtlantic
The Atlantic beefs up its video podcasts
One of America’s oldest magazines is investing in video after seeing notable growth in its audience.
Screenshot/YouTube/@TheAtlanticDavid 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.
Netflix wades into the M&A game
The streamer lost out on Roku, but has its eye on Lionsgate.
New York Times’ Kristof quoted former campaign donors in columns
The paper had promised that Nick Kristof would disclose when someone he reported on was a donor to his Oregon gubernatorial campaign.
CEO SignalSarah Meyssonnier/Reuters Courtesy of Cigna/Graph Massara/Semafor 
Courtesy of Honeywell/Joey Pfeifer/Semafor
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/SemaforHoneywell’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/SemaforAD