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Intelligence for the New World Economy
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The World at a Glance
Updated 7:28am EDT
1
Oil prices jumped to $100 per barrel after Iran’s president said the country wouldn’t be pressured into surrendering to US demands.
2Pakistan’s military ruler is due in Tehran to revive US-Iran peace negotiations, as Islamabad faces scrutiny over its role in the conflict.
3SpaceX’s IPO filing shows the firm expects to raise $80 billion, the largest in history.
4The US indicted former Cuban President Raúl Castro, potentially setting the stage for a military intervention in the island nation.
5Israel’s security minister posted a video showing him taunting pro-Palestinian detainees, sparking condemnation from some of the country’s allies.
6A plane carrying nine US deportees arrived in Sierra Leone on Wednesday, a move widely condemned by rights groups.
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.
Veronica McNabb/US Army National GuardDeepMind founder on what Google AI products say about ‘singularity’
In an interview with Semafor, Hassabis opines on the steady march of AI capability.
Manuel Orbegozo/ReutersSaudi Arabia freezes consultancy payments
The kingdom told government agencies to halt payments to advisers and consultancy firms until the end of June.
Hamad I Mohammed/ReutersBanks taking a closer look at citizenship is ‘common sense,’ US regulator says
A new executive order presents a “reasonable trade-off,” US Comptroller of the Currency Jonathan Gould said at Semafor’s Banking on the Future Forum.
Semafor/Kris TripplaarOpenAI, SpaceX IPOs on deck
The listings would make 2026 the largest year ever for IPOs.
Carlos Barria/Gonzalo Fuentes/ReutersView / Stop talking to new college grads about AI
Frustration with AI is building for the Class of 2026, so here are some suggestions on what to discuss at commencement speeches instead.
Sarah Condon-USA TODAY via Imagn ImagesRepublicans set to scrap Trump’s ballroom money
The reason: GOP opposition to one of Trump’s top priorities.
Kevin Lamarque/ReutersAD
PoliticsVeronica McNabb/US Army National Guard 
Stringer/Reuters
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.
Veronica McNabb/US Army National GuardRepublican senators back Bolivia’s Paz
President Rodrigo Paz, who has restored US-Bolivia relations, was elected last year on a promise to enact economic “shock therapy.”
Trump suggests Iran talks in ‘final stages’
The US believes it is making progress with Iran in peace talks, but disagreements between Washington and Israel threaten to derail the diplomacy.
Stringer/ReutersRepublicans set to scrap Trump’s ballroom money
The reason: GOP opposition to one of Trump’s top priorities.
Five Republican senators back Letlow in bid to sew up Louisiana runoff
The announcement is a sign that the dust is settling from her defeat of Sen. Bill Cassidy.
Banks taking a closer look at citizenship is ‘common sense,’ US regulator says
A new executive order presents a “reasonable trade-off,” US Comptroller of the Currency Jonathan Gould said at Semafor’s Banking on the Future Forum.
Massie finally fell because of US-Israel politics, not Epstein
Before he became the president’s sharpest Republican critic in Congress, Massie was a libertarian scientist who hated government spending and the taxes that paid for it.
Four takeaways from a huge primary night
Rep. Thomas Massie’s defeat by the Trump machine claimed all the headlines, but other states brought key lessons.
Top Republican pumps brakes on prediction markets regulation
House Financial Services chair cautions against ‘jumping to a conclusion’ on congressional action.
‘Of course not’: Rep. Waters expects Trump to dodge Democratic oversight
Even if Democrats take the House back, her party’s leaders are bracing for a wall of opposition, Waters suggested at a Semafor event.
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.
Business
Go Nakamura/Pool/Reuters
Nvidia beats on earnings, but faces headwinds
Nvidia’s revenue topped estimates for the latest quarter, the chip giant reported Wednesday, but it faces challenges.
Go Nakamura/Pool/ReutersOpenAI, SpaceX IPOs on deck
The listings would make 2026 the largest year ever for IPOs.
Inflation hits US alcohol industry
The US alcohol industry, already struggling with falling demand, is being further hit by inflation.
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.
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.
Technology
Steve Nesius/ReutersManuel Orbegozo/Reuters
Elon Musk’s SpaceX eyes record $80B IPO
SpaceX reported rapidly increasing revenue — $18.67 billion in 2025 — most of it generated by its satellite broadband arm Starlink.
Steve Nesius/ReutersDeepMind founder Demis Hassabis on what Google AI products say about ‘singularity’
In an interview with Semafor, Hassabis opines on the steady march of AI capability.
Manuel Orbegozo/ReutersMeta begins layoffs amid rising AI angst
Meta began laying off thousands of workers, with plans to axe 10% of its staff to offset AI costs.
Nvidia beats on earnings, but faces headwinds
Nvidia’s revenue topped estimates for the latest quarter, the chip giant reported Wednesday, but it faces challenges.
OpenAI, SpaceX IPOs on deck
The listings would make 2026 the largest year ever for IPOs.
Monet bait-and-switch sparks debate on art and AI
AI’s image-making abilities are good enough to fool almost anyone, an amateur painter told other artists.
Energy
Jim Young/File Photo/Reuters
Rafael Martins/Reuters
China Daily via Reuters
Republicans split on ethanol share in national fuel mix
High US gasoline prices are increasing pressure on the Senate to pass legislation increasing the share of ethanol into the fuel mix, but not all agree.
Jim Young/File Photo/ReutersEVs, hybrids to hit 30% of car sales in 2026: IEA
EV sales are soaring on the back of the Iran war and ever-falling battery prices.
Rafael Martins/ReutersWestern nations let Russia in from the cold
The US and UK softened sanctions on Russian oil amid the Iran war’s energy crunch.
China Daily via ReutersGulf
Jose Miguel Cerezo/Reuters
Qatar Investment Authority, Spanish tech investor lauch $349M fund
The joint fund will back Spanish companies involved in the green transition and digital transformation.
Jose Miguel Cerezo/ReutersIran war shrinks Qatar Airways capacity, profits
The state-owned carrier posted a $1.9 billion profit for the year to the end of March, with revenue and passenger traffic hit by repeated airspace closures.
Gulf countries strike free trade deal with UK
At a time of conflict, it offers a timely boost for the region, although the war also means any benefits could be slow to materialize.
Operating rooms get AI-equipped in the UAE
Abu Dhabi is licensing technology from Johnson & Johnson to gather more data on medical procedures and outcomes.
Saudi Arabia freezes consultancy payments
The kingdom told government agencies to halt payments to advisers and consultancy firms until the end of June.
China
Alexander Manzyuk/Reuters
Putin leaves China without pipeline deal
Russia’s Vladimir Putin left Beijing without an agreement on a long-stalled gas pipeline he urgently sought.
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.
Africa
Adriano Machado/Reuters
Temilade Adelaja/Reuters
Nigeria’s president uses young technocrats to control economy
Nigeria’s septuagenarian president has appointed a new generation of policymakers but critics claim ethnic bias.
Adriano Machado/ReutersSolar minigrids in Nigeria could offer major jobs boost, report finds
Off-grid solar electricity is among the solutions the World Bank is backing to halve the continent’s energy gap.
Temilade Adelaja/ReutersSouth African grocer Pick n Pay raises nearly $300M
Pick n Pay sold a 12.5% stake in Boxer, which has seen its valuation surge since its IPO in 2024.
Kenya cuts fuel prices after deadly protests
Nairobi has been rocked by demonstrations, with four people killed and dozens injured.
Ebola hits central Africa, prompting race for vaccine
There are no treatments for the current Ebola strain, which has already killed 131 people.
Two 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.
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/ReutersMediaVeronica McNabb/US Army National Guard
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.
Veronica McNabb/US Army National GuardNew 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.
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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