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Intelligence for the New World Economy
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The World at a Glance
Updated 10:26am EDT
1
China’s industrial profits in April grew at their fastest pace in two years, easing fears that the Iran war would upend the sector.
2The global economic fallout from the Iran war appeared to worsen in Africa, Asia, and Latin America.
3Israel stepped up strikes in Lebanon, as analysts said a US-Iran deal could force the country to curtail attacks.
4Europe looked to its continental allies to bolster its military might amid growing concerns about Russian aggression.
5South Korean memory chip firm SK Hynix became the latest tech giant to hit $1 trillion in market capitalization.
6The World Health Organization warned that efforts to contain central Africa’s Ebola outbreak were falling short, as concerns rise the disease could spread outside the region.
Republicans try to coalesce around Paxton after Cornyn loss
Party leaders in Washington had deemed Sen. John Cornyn the more electable candidate, but Republicans can’t afford to lose that seat and keep their majority.
Evan Garcia/Reuters Teachers aren’t getting formal guidance on AI, poll finds
Only 18% of K-12 teachers reported receiving formal guidance from administrators on how AI tools should be used across various classroom tasks.
Adam Gray/ReutersKuwait approves route for high-speed rail to Riyadh
The move is part of the gathering momentum to develop new regional transport and logistics links that enable trade to bypass the Strait of Hormuz.
Fahad Shadeed/ReutersParamount appears to sway DOJ staff on Warner Bros. takeover
US antitrust regulators appear to approve Paramount’s $110 billion studio deal after a two-hour meeting at the Justice Department Tuesday, people familiar with the matter said.
Mike Blake/Reuters Pam Bondi gets unusual representation
Assistant Attorney General for Civil Rights Harmeet Dhillon has been serving as the former attorney general’s lawyer.
Kevin Lamarque/Reuters Iran threatens retaliation after US strikes
Tehran said Washington’s attacks, which the US called “self-defense strikes,” violated the countries’ ceasefire.
Majid Asgaripour/WANA (West Asia News Agency) via ReutersWhite House calls Abraham Accords a ‘complement’ to Iran war deal
The White House is qualifying the president’s call for an array of other Middle Eastern nations to normalize relations with Israel as part of any deal to end the Iran war.
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PoliticsAdam Gray/Reuters Kevin Lamarque/Reuters Evan Garcia/Reuters
Teachers aren’t getting formal guidance on AI, poll finds
Only 18% of K-12 teachers reported receiving formal guidance from administrators on how AI tools should be used across various classroom tasks.
Adam Gray/ReutersPam Bondi gets unusual representation
Assistant Attorney General for Civil Rights Harmeet Dhillon has been serving as the former attorney general’s lawyer.
Kevin Lamarque/Reuters Republicans try to coalesce around Paxton after Cornyn loss
Party leaders in Washington had deemed Sen. John Cornyn the more electable candidate, but Republicans can’t afford to lose that seat and keep their majority.
Evan Garcia/Reuters Iran threatens retaliation after US strikes
Tehran said Washington’s attacks, which the US called “self-defense strikes,” violated the countries’ ceasefire.
White House calls Abraham Accords a ‘complement’ to Iran war deal
The White House is qualifying the president’s call for an array of other Middle Eastern nations to normalize relations with Israel as part of any deal to end the Iran war.
‘Circular firing squad’: Democrats question state conventions after Michigan debacle
The party is reevaluating its nominating practices that some warn could result in activist-driven sideshows.
Sen. Schiff takes on Trump’s ‘anti-weaponization’ fund
The California Democrat called the fund “the most brazen act of self-dealing corruption we’ve ever seen.”
Republican Congress faces major pileup before midterms
It’s not clear how Republicans will handle opposition to the Trump administration’s $1.8 billion “anti-weaponization” fund.
‘Life by 1,000 Band-Aids’: Trump has no good options to tame inflation
The economic reality that could doom his party in November is not easy to fix, as Joe Biden learned.
Iran deal status remains uncertain
The fate of an Iran peace deal remained uncertain Monday, as both Washington and Tehran offered conflicting signals on progress.
No ‘immediate’ tariffs on semiconductors
The US will not impose tariffs on semiconductors in the near future, US Trade Representative Jamieson Greer said Friday.
Business
Maxim Shemetov/Reuters
Surging chip stocks warp global markets
Chip giant TSMC’s rally largely drove Taiwan to become the world’s fifth-largest equity market this week, surpassing India, seen as an AI laggard.
Maxim Shemetov/ReutersLyft is coming for corporate travel
CEO David Risher told Semafor he’s already speaking with CEOs like United Airlines’ Scott Kirby about bundling Lyft with other corporate travel perks.
Vail Resorts’ CEO Rob Katz says he won’t hedge the weather on prediction markets
The biggest risk to Vail Resorts’ ski business is the weather, but Katz says hedging it in the markets “is not as simple as it might look.”
The future of AI is an AI futures market
Wall Street is building a way for traders to buy and sell the processing power that underpins AI like the way they bet on the fluctuating price of a barrel of oil.
US consumer sentiment falls as Dow hits record
The gulf between US stocks and Americans’ spirits keeps widening.
Technology
A high-bandwidth memory chip manufactured by South Korea’s SK Hynix. Max A. Cherney/File Photo/Reuters
Majid Asgaripour/WANA (West Asia News Agency) via Reuters
AI chipmaker SK Hynix hits $1T in market capitalization
Fellow Korean giant Samsung and semiconductor maker Micron also recently crossed the threshold.
A high-bandwidth memory chip manufactured by South Korea’s SK Hynix. Max A. Cherney/File Photo/ReutersIran starts restoring web access after monthslong blackout
Tehran cut its public off from the web shortly after the US and Iran struck the country in late February.
Majid Asgaripour/WANA (West Asia News Agency) via ReutersChina’s AI talent war heats up
China and its tech giants are racing to protect their top AI talent, as competition intensifies at home and with the US.
Iran is using Chinese censorship tech
Beijing appears to be exporting the technology that powers its cutting-edge firewall.
Chinese AI startup DeepSeek slashes price of flagship model
DeepSeek made a 75% discount on its flagship model permanent, intensifying an AI price war.
Google’s Nick Fox on remaking its search engine
“It’s been clear that people don’t want incorrect information — and so that bedrock of trust and accuracy has served us well.”
Energy
Alice Sacco/Reuters
Luke MacGregor/Reuters
Strong El Niño produces record temperatures
The hot weather arrives just as many countries are struggling with high energy prices.
Alice Sacco/ReutersBP ousts chair over conduct concerns
BP abruptly ousted Albert Manifold citing “serious” governance and conduct concerns.
Luke MacGregor/ReutersFerrari unveils new EV model
The company’s share price crashed 6% after the Luce was revealed.
Gulf
Aramco offloads 50% stake in Malaysia refinery project
Aramco is transferring ownership to the country’s national oil company Petronas.
Bahrain suffers wartime trade slump
The value of imports slumped 17% and non-oil exports fell by 10%.
Kuwait approves route for high-speed rail to Riyadh
The move is part of the gathering momentum to develop new regional transport and logistics links that enable trade to bypass the Strait of Hormuz.
Gulf’s SpaceX investors could be set for windfall following IPO
SpaceX’s IPO filing last week didn’t disclose details about regional investors, but even a 1% holding is set to be worth around $15 billion.
Kuwait’s caution looks prescient in face of Iran war
While Abu Dhabi, Doha, and Riyadh pursued rapid transformation, Kuwait quietly built up its financial buffers.
China
Go Nakamura/File Photo/Reuters
Tingshu Wang/Reuters
Tyrone Siu/Reuters
China’s industrial profits surge at fastest rate in two years
The new figures still pointed to signs of China’s economic divergence: While exports remained strong, domestic consumption was paltry.
Go Nakamura/File Photo/ReutersChina’s AI talent war heats up
China and its tech giants are racing to protect their top AI talent, as competition intensifies at home and with the US.
Tingshu Wang/ReutersChina cracks down on cross-border stock trading
The crackdown is partly intended to give Chinese authorities greater visibility into overseas stock trading by Chinese nationals so they can tax profits.
Tyrone Siu/ReutersAfrica
Wolfgang Kaehler/LightRocket via Getty Images
Africa’s tax push is clashing with the reality of its informal economies
Critics argue the measures could slow digital adoption and push more activity back toward cash-based channels.
Wolfgang Kaehler/LightRocket via Getty ImagesGhanaian artist El Anatsui dominates Frieze New York sales
‘LuwVor I,’ a sculpture crafted from aluminum, copper, and wire, sold for $2.2 million, more than double the next highest seller at the prestigious art fair.
$100M philanthropy-backed fund launched to support manufacturers
The Africa Jobs Fund plans to raise capital from philanthropic sources.
Ghana offers lessons on Chinese power projects — report
Ghana has delivered power projects at reasonable cost and on relatively strong timelines says a think tank.
Chinese vehicle trade deficit with S.Africa hits $3.5B
The deficit is twice the size it was four years earlier and South Africa’s largest bilateral automotive trade deficit with any country.
Ramaphosa launches defense against fresh impeachment push
The president is responding to an inquiry centered on his handling of the theft of $580,000 cash hidden inside a sofa at his Phala Phala private game farm.
Security
Majid Asgaripour/WANA (West Asia News Agency) via Reuters 
Europe bolsters military alliances over Russia fears
Britain and Poland are due to finalize a security agreement today, while France is reportedly looking to join a Germany-UK program to produce new long-range missiles.
Iran starts restoring web access after monthslong blackout
Tehran cut its public off from the web shortly after the US and Iran struck the country in late February.
Majid Asgaripour/WANA (West Asia News Agency) via ReutersUS carries out fresh Iran strikes
American officials said an agreement with Tehran was still possible, arguing that the latest attacks were defensive.
MediaMike Blake/Reuters
Paramount appears to sway DOJ staff on Warner Bros. takeover
US antitrust regulators appear to approve Paramount’s $110 billion studio deal after a two-hour meeting at the Justice Department Tuesday, people familiar with the matter said.
Mike Blake/Reuters Thousands of journalists’ data exposed to dark web
More than half of the exposures contained personal information such as names, phone numbers, dates of birth, and addresses, per a new study from Proton.
Google’s Nick Fox on remaking its search engine
“It’s been clear that people don’t want incorrect information — and so that bedrock of trust and accuracy has served us well.”
California influencer disclosures offer a glimpse at how secret money distorts American politics
Tom Steyer’s campaign is making use of paid astroturfed social media support.
Democrats move to restore military paper’s independence
The new legislation from Senate Democrats aims to insulate Stars and Stripes from the Trump administration’s efforts to assert control.
CEO Signal
Courtesy of Match Group/Joey Pfeifer/Semafor
Courtesy of Becton Dickinson/Joey Pfeifer/Semafor
Why an anxious AI romantic now drives Match Group’s dating apps
CEO Spencer Rascoff uses digital “personas” to help the Tinder owner understand its users.
Courtesy of Match Group/Joey Pfeifer/SemaforHow syringe-maker BD is infusing AI into its medical devices
CEO Tom Polen is turning his 65,000 employees into lean manufacturing “problem-finders.”
Courtesy of Becton Dickinson/Joey Pfeifer/SemaforWhy 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.
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