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Politics
Window shrinks for Congress crypto deal
“This thing’s going to have to come together fairly quickly,” Senate Majority Leader John Thune told Semafor.
Raimondo launches AI project with backing of tech giants
The former Biden official is joining with a GOP former governor to help transition America’s workforce.
Raimondo launches AI project with backing of tech giants
The former Biden official is joining with a GOP former governor to help transition America’s workforce.
View / Energy dominance faces a test in Ukraine
View / Warnock and Talarico anchor an election-year boomlet for progressive Christianity
The World at a Glance
Updated 10:25am EDT
1
US inflation in May rose to its highest level in three years, even as consumer spending remained resilient.
2Oil prices fell to their lowest level since the Iran war broke out, as more ships pass through the Strait of Hormuz.
3The geopolitical split in the Gulf is on display, as Saudi Arabia and Qatar seek to woo Iran, while the UAE remains skeptical.
4Bahrain imposed fresh curbs on Shiite Muslims, as the Iran war renews sectarian tensions across the Gulf.
5Donald Trump lambasted NATO for failing to back the US war against Iran, deepening transatlantic tensions ahead of a key summit.
6European political tensions threaten a key Ukraine defense summit, as the EU lowers its accession ambitions for Kyiv.
Oil prices at lowest level since start of Iran war
Increasing numbers of ships are navigating the Strait of Hormuz with their transponders on, as confidence in the truce between Washington and Tehran grows.
Gulf divided over reconciling with Iran
Saudi Arabia and Qatar are moving toward reconciliation, while the UAE — which suffered the vast majority of Iranian attacks — is not in a hurry to move on.
Iran war funding request struggles on Capitol Hill
Still, Republican leaders think that there could be enough Democratic items in the budget request to persuade Democrats to support it.
Anthropic acuses Alibaba of illicitly accessing its AI
The AI firm said the Chinese ecommerce giant had created fake accounts to carry out “distillation attacks” on its Claude model.
Trump charms Senate Republicans hours after Iran blowup
Hours after the president castigated Sen. Bill Cassidy, R-La., Cassidy voted to help defeat a war powers measure.
Micron posts blowout earnings
The US reported strong results to top off a multi-day tech stock whipsaw.
Polls: Voters favor federal oversight of prediction markets
Forty-eight percent of Republicans favor federal oversight, per the Republican poll.
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Politics
Window shrinks for Congress crypto deal
“This thing’s going to have to come together fairly quickly,” Senate Majority Leader John Thune told Semafor.
Annabelle Gordon/Reuters
Raimondo launches AI project with backing of tech giants
The former Biden official is joining with a GOP former governor to help transition America’s workforce.
Gina Raimondo. Annabelle Gordon/Semafor.
Iran war funding request struggles on Capitol Hill
Still, Republican leaders think that there could be enough Democratic items in the budget request to persuade Democrats to support it.
Evan Vucci/Reuters
Trump charms Senate Republicans hours after Iran blowup
Hours after the president castigated Sen. Bill Cassidy, R-La., Cassidy voted to help defeat a war powers measure.
Trump blames ‘Big Oil’ for gas prices
US retail gas prices have stayed north of $3.90 despite Brent crude prices falling.
Trump and Senate Republicans hit a new low
The president canceled the signing of one of his own priority bills before privately castigating his own party.
Warnock and Talarico anchor an election-year boomlet for progressive Christianity
Democratic pastors and seminarians are linking their Christianity with their politics on the campaign trail.
Insurgent left becomes Democratic leaders’ next headache
Both Hakeem Jeffries and Chuck Schumer live in the five boroughs where establishment Democrats got swept away.
Polls: Voters favor federal oversight of prediction markets
Forty-eight percent of Republicans favor federal oversight, per the Republican poll.
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.
‘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.
Business
Iran war drives US inflation to three-year high
The higher prices are likely to maintain pressure on the US Federal Reserve to raise interest rates this year.
Jeenah Moon/Reuters
Trump blames ‘Big Oil’ for gas prices
US retail gas prices have stayed north of $3.90 despite Brent crude prices falling.
Micron posts blowout earnings
The US reported strong results to top off a multi-day tech stock whipsaw.
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.
Everything old, even TV, is new again
Instagram’s push onto larger (notably, horizontal) screens signals a shift.
Technology
Micron posts blowout earnings
The US reported strong results to top off a multi-day tech stock whipsaw.
Brendan McDermid/Reuters
Coding finds new screens
A world is coming into view where employees dump their laptops and navigate the workday with nothing but a pair of smart glasses.
Smart glasses. Steve Marcus/Reuters
Demis Hassabis on the link between AI for art and AI for science
For AI to truly revolutionize science, it needs a form of creativity it currently doesn’t possess.
Jack Clark: AI itself can stem cognitive decline
Claude has started asking users clarifying questions about their prompts, which Clark described as “forcing a person to engage their brain more and claim some agency back.”
Quantum EOs leave much to be desired
Quantum companies are already competing to deliver a quantum computer and say the executive order hasn’t materially changed how they’re operating.
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.
Energy
US energy dominance faces a test in Ukraine
One essential facet of US President Donald Trump’s overseas energy dominance strategy is proving slow to materialize.
Ukrainian Presidential Press Service/Handout via Reuters
Europe’s missed energy transition opportunities
EU authorities risk curbing investments in the bloc’ss energy transition because of a failure to integrate its capital markets and regulatory shortcomings.
Chris J. Ratcliffe/Reuters
Trump blames ‘Big Oil’ for gas prices
US retail gas prices have stayed north of $3.90 despite Brent crude prices falling.
Evelyn Hockstein/Reuters
Gulf
Gulf wealthy snap up exclusive European mansions
A Sardinian compound once known for “bunga bunga” parties and a “mini Buckingham palace” are among the luxury properties bought by Gulf billionaires.
Italian Prime Minister Berlusconi speaks with Egyptian President Hosni Mubarak at Villa Certosa in 2008. Livio Anticoli/Pool/Reuters.
Burjeel issues $500M Islamic bond as market thaws
The Abu Dhabi-listed company said demand was three times larger than supply, in a sign that Gulf debt markets are thawing after the US-Iran conflict stalled new issuances.
Gulf states appear skeptical of Iran deal
The Gulf appears skeptical about the US-Iran deal despite Washington’s assurances that it will restrain Tehran and preserve regional security.
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.
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.
China
Chinese AI firm Zhipu plans billion-dollar share sale amid rally
Chinese AI startup Zhipu is weighing a multi-billion dollar share sale after it skyrocketed around 2,000% since its January IPO.
Tyrone Siu/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/Reuters
German 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/Reuters
Africa
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.
Security
Russia’s fuel crisis worsens
Fuel prices at Russia’s airports have spiked 17% in June.
Stringer/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/Reuters
US’ 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 Reuters
Media
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 Orr
OpenAI’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
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/Semafor
Honeywell’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/Semafor
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