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Intelligence for the New World Economy
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The World at a Glance
Updated 7:49am EDT
1
Venezuela is in greater debt than previously believed, but the US-imposed regime change may provide the opportunity to restructure.
2Turbulence in Asian tech stocks spread to Wall Street, with investors worried about rate hikes, massive spending, and overvaluation.
3The yuan’s growing clout is undermining Washington’s ability to impose sanctions on geopolitical rivals.
4A Chinese supercomputer was declared the world’s fastest — reaching speeds 20% higher than its US rival — a win for Beijing in the transpacific tech race.
5Washington and Tehran are spinning contradictory narratives about peace talks, exposing key disagreements over the proposed deal.
6The UK is experiencing another record-breaking heatwave, with temperatures this week due to reach 102°F in some places.
Americans aren’t using AI for news, poll finds
A plurality of 39% said they would lose trust in information if they knew that AI was used to produce it.
Florence Lo/Reuters ‘I shoot straight’: Thune lets Trump tension roll off his back
The Senate majority leader told Semafor in an interview that he expects to seek reelection as top Republican next year.
Annabelle Gordon/ReutersDeepMind Chief Demis Hassabis says Google’s still winning AI talent
Despite the departure of two top AI leaders that sent the company’s stock price down, Hassabis says Google is still on top.
Global tech rout hits Asia
South Korean stocks took the biggest hit, with Samsung Electronics and SK Hynix each plunging by more than 12%.
Kim Soo-hyeon/ReutersDaily 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 OrrUS and Iran disagree on deal terms
The disagreement has raised fears that future talks would fail to yield a final resolution to the conflict.
Evelyn Hockstein/ReutersNew top US solar lobbyist sees a ‘golden age’ under Trump
In an exclusive interview, Tim Pawlenty said many fellow Republicans have an “outdated understanding” of how solar power really works.
Nathan Frandino/Reuters
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Politics
Dado Ruvic/Illustration via Reuters Florence Lo/Reuters Annabelle Gordon/Reuters
Polls: Voters favor federal oversight of prediction markets
Forty-eight percent of Republicans favor federal oversight, per the Republican poll.
Dado Ruvic/Illustration via Reuters Americans aren’t using AI for news, poll finds
A plurality of 39% said they would lose trust in information if they knew that AI was used to produce it.
Florence Lo/Reuters ‘I shoot straight’: Thune lets Trump tension roll off his back
The Senate majority leader told Semafor in an interview that he expects to seek reelection as top Republican next year.
Annabelle Gordon/ReutersVance takes on hawks over Iran deal
One ally of the vice president went so far as to call his advocacy for the Iran deal dividing his party a “political no-brainer.”
Socialists sweep in New York primary
Left-wing challengers ousted two House Democrats in New York on Tuesday, a victory for Mayor Zohran Mamdani and his faction of the party.
Maryland primary showcases candidates with African roots
Three candidates with Africa ties are running in a crowded primary for the state’s 5th Congressional District.
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.
Mamdani makes a big bet on Democratic socialism
The mayor is staking his clout on three congressional challengers.
Why Rand Paul subpoenaed Fauci
Paul said he’d reached his breaking point after the former National Institute of Allergy and Infectious Diseases director agreed to appear before Paul’s panel this month and then backed out.
How a data center backlash is twisting Utah’s primary
Rep. Blake Moore is facing a tough reelection bid from a conservative challenger.
Republican senators start to question Trump’s audit immunity deal
Some are the same critics who helped thwart his $1.8 billion “anti-weaponization” fund.
Business
Carlos Barria/Reuters
Meta plans to build a prediction market app
The app will reportedly use a points system, but possibly cash in the future, The New York Times reported.
Carlos Barria/ReutersEverything old, even TV, is new again
Instagram’s push onto larger (notably, horizontal) screens signals a shift.
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.
Greenspan’s legacy tested by AI jitters
The “Greenspan put” — the easy-money policies that time and again protected stockholders from their worst mistakes — may be tested in the months ahead.
AI, Veblen goods, and M&A fees
If good-enough investment-banking advice becomes cheap and ubiquitous through AI, the premium on the prestige alternative goes up, not down.
Technology
Karen Pulfer Focht/Reuters
Leah Millis/Reuters
Chinese supercomputer declared world’s fastest
China has retaken the crown for the first time since 2017, further ratcheting up its transpacific tech rivalry with the US.
Karen Pulfer Focht/ReutersHonduras 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/ReutersCountries grapple with China’s robotics lead
China’s lead in the embodied AI race is prompting major economies to adopt starkly different responses.
DeepMind Chief Demis Hassabis says Google’s still winning AI talent
Despite the departure of two top AI leaders that sent the company’s stock price down, Hassabis says Google is still on top.
SK Hynix becomes South Korea’s most valuable company
SK Hynix topped Samsung as South Korea’s most valuable company, propelled by the AI-powered chip boom.
SpaceX, Alphabet lead US tech rout
Tech stocks fell Monday even as the US projected optimism about ongoing peace talks with Iran.
Energy
David Gray/Reuters
Guglielmo Mangiapane/Reuters
Vantor/Handout via Reuters
China’s green energy exports to US grow
China’s customs data showed strong gains in exports of green energy and battery products to the US last month.
David Gray/ReutersEurope 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 ReutersGulf
A Cenomi mall in Jeddah. Courtesy of Cenomi.
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.
A Cenomi mall in Jeddah. Courtesy of Cenomi.UAE passenger rail network to launch next week
The new 55 dirham ($15) route from Abu Dhabi to Fujairah has long been anticipated by road-weary residents.
UAE bans social media for under-15s
Children 14 years old or younger will be banned from having social media accounts, and 15- and 16-year-olds will only have access with parental controls.
Giant Qatari conglomerate bets on Syria reconstruction
As Qatar’s construction boom faded, the Al-Khayyat family expanded operations to 25 countries. One of its biggest wagers is in Syria.
US and Iran disagree on deal terms
The disagreement has raised fears that future talks would fail to yield a final resolution to the conflict.
China
Florence Lo/Reuters
Co-Founder and CEO of RobCo Roman Hölzl. Fariha Farooqui/Reuters
Stringer/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/ReutersGerman robotics aren’t sweating China
The CEO of leading German startup Neura Robotics told Semafor he is confident his customers will “think twice of where the technologies come from.”
Co-Founder and CEO of RobCo Roman Hölzl. Fariha Farooqui/ReutersEurope is debating the terms of its industrial surrender
Western politicians complain that China achieved its rise through “forced technology transfer,” but the handover was mostly voluntary.
Stringer/ReutersAfrica
Njideka Akunyili Crosby with the Obamas. @barackobama/Instagram.
Jomo Kenyatta International Airport. Monicah Mwangi/Reuters.
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.
SecurityLeah Millis/Reuters 
Sputnik/Gavriil Grigorov/Pool via ReutersEvelyn Hockstein/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/ReutersUS’ 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 ReutersUS and Iran disagree on deal terms
The disagreement has raised fears that future talks would fail to yield a final resolution to the conflict.
Evelyn Hockstein/ReutersMediaREUTERS/Cheney Orr
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 OrrOpenAI’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
Sarah 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