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South Africa Sibanye sees limits to EU strategic status
View / Can Treasury keep playing the short game?
The World at a Glance
Updated 7:17am EDT
1
Donald Trump provided contradictory messages on the Iran war, threatening to expand attacks, while adding that a deal is close.
2Analysts said Houthi attacks against Israel underscored how the war is likely to further escalate before any truce is reached.
3Pakistan has emerged as an unlikely negotiator between the US and Iran, suggesting long-running tensions with Washington have cooled.
4The Middle East conflict is driving a return to coal globally, with several countries rushing to secure supplies.
5Donald Trump reversed course on blocking oil shipments to Cuba, allowing a Russian tanker to reach the crisis-hit nation.
6China and DRC reached a new mining agreement, as Beijing and Washington jostle for control of Africa’s key mineral resources.
Trump-linked investor backs new LNG project in Alaska
An oil and gas exec linked to the Trump family plans to use equipment from a sanctioned Russian gas project to open a major new export terminal in Alaska.
LNG tanks are pictured at Tokyo Gas’s LNG terminal in Sodegaura, Japan. Kim Kyung-Hoon/File Photo/Reuters.Substack rival Beehiiv makes a push into podcasting
Beehiiv has privately been reaching out to independent podcasters on Substack and other platforms.
Dado Ruvic/Illustration via Reuters CBS News expands its investigative team
The network is expanding its investigative journalism efforts as editor-in-chief Bari Weiss continues to reshape it.
Brendan McDermid/Reuters LSEG’s David Schwimmer on activists, AI, and a global market test
The exchange operator is juggling investor expectations with the need to reshape its business model.
Courtesy of LSEG/Joey Pfeifer/SemaforSouth Africa walks back claims of US pressure following G7 invite snub
After Paris rescinded its invitation to Pretoria, a South African presidency spokesperson said it was “due to sustained pressure” from Washington.
South Africa’s President Cyril Ramaphosa. Adriano Machado/Reuters.Scott Brown isn’t leaving New Hampshire’s ‘weird’ Senate race
He lost the Trump endorsement. The national Republican Party wants his rival. He told Semafor he doesn’t really care.
Aleksandra Michalska/ReutersSenate reaches deal to fund most of DHS
It’s a face-saving move for two parties who’d grown tired of airport chaos and wanted to leave Washington.
Nathan Howard/Reuters
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PoliticsLNG tanks are pictured at Tokyo Gas’s LNG terminal in Sodegaura, Japan. Kim Kyung-Hoon/File Photo/Reuters. 
Ken Cedeno/Reuters 
Joey Pfeifer/Semafor
Trump-linked investor backs new LNG project in Alaska
An oil and gas exec linked to the Trump family plans to use equipment from a sanctioned Russian gas project to open a major new export terminal in Alaska.
LNG tanks are pictured at Tokyo Gas’s LNG terminal in Sodegaura, Japan. Kim Kyung-Hoon/File Photo/Reuters.Midsize banks urge action on deposit insurance
Smaller financial institutions that supported an ambitious expansion of deposit insurance are still urging lawmakers to advance a new, pared-back version.
Ken Cedeno/Reuters Can Treasury keep playing the short game and winning?
Secretary Scott Bessent’s recent moves help explain something broader about the way this administration operates.
Joey Pfeifer/SemaforUS, China escalate trade standoff ahead of visit
China launched two probes into US trade practices, as both sides aim to build leverage before Donald Trump’s trip to Beijing in May.
Iran conflict divides Republicans at CPAC
A gathering of prominent American conservatives last week exposed deep divisions within the Republican Party over the Iran war.
Acting CFPB director huddles with congressional Republicans on agency’s future
The lawmakers told Semafor that they discussed opportunities to rein in the agency without shuttering it.
Senate reaches deal to fund most of DHS
It’s a face-saving move for two parties who’d grown tired of airport chaos and wanted to leave Washington.
Scott Brown isn’t leaving New Hampshire’s ‘weird’ Senate race
He lost the Trump endorsement. The national Republican Party wants his rival. He told Semafor he doesn’t really care.
Debatable: Regulating prediction markets
Democrats — and a few Republicans — want to erect rules for the popular platforms.
Why Trump’s latest Iran moves may signal ground troops
Some experts read the president’s ceasefire talk as a potential head fake — albeit one with the added upside of calming markets.
Trump goes around Congress to pay TSA, raising questions
Several Republicans told Semafor that they’d been aware Trump had this option for days now.
Business
Antranik Tavitian/Reuters
Eli Lilly leans into AI drug discovery with new licensing deal
US pharmaceutical giant Eli Lilly inked a $2.75 billion deal with a Hong Kong-listed biotech firm to create new medicines using AI.
Antranik Tavitian/ReutersIran war widens the oil-fueled petroyuan corridor
The secretive global architecture that operates outside US dollar-denominated markets is unlikely to disappear even after the fighting stops.
LSEG’s David Schwimmer on activists, AI, and a global market test
The exchange operator is juggling investor expectations with the need to reshape its business model.
Schneider Electric’s Olivier Blum on moving at the pace of Nvidia
Remaking an old industrial giant to meet new energy demands started with defining its mission.
OECD forecasts Iran hit to global economy
The war in Iran is set to weigh on global growth this year, the OECD forecast, knocking the world’s economy off a path of strong expansion.
TechnologyAntranik Tavitian/Reuters
Eli Lilly leans into AI drug discovery with new licensing deal
US pharmaceutical giant Eli Lilly inked a $2.75 billion deal with a Hong Kong-listed biotech firm to create new medicines using AI.
Antranik Tavitian/ReutersPentagon AI architect on the future of warfare
Semafor spoke with Drew Cukor, who dragged a reluctant defense establishment into the AI age.
Google hedges its quantum bets
This week, Google announced a major investment in what’s known as the “neutral atom,” otherwise known less scientifically as just a regular old atom.
How I jailbroke an OpenClaw PR agent
It’s easy to imagine AI agents organizing events, but the tech isn’t there yet — even with human oversight.
Former Tesla president’s tips on moving fast in the age of AI
Jon McNeill’s new book, “The Algorithm, “is the most important business book of the year.
Social media’s ‘Big Tobacco’ moment will bring more unexpected changes
People forget something about the Big Tobacco moment: Big Tobacco didn’t go away.
Energy
Diego Vara/File Photo/Reuters
Sodiq Adelakun/File Photo/ReutersLNG tanks are pictured at Tokyo Gas’s LNG terminal in Sodegaura, Japan. Kim Kyung-Hoon/File Photo/Reuters.
Iran war fuels global coal rush
Coal is the dirtiest of the fossil fuels, and experts warn that once a coal plant is brought back online, shutting it down could be politically unfeasible.
Diego Vara/File Photo/ReutersEnergy markets understating war impact
Brent crude, the international benchmark, hit $116 after a record monthly increase, but is still below previous crisis heights.
Sodiq Adelakun/File Photo/ReutersTrump-linked investor backs new LNG project in Alaska
An oil and gas exec linked to the Trump family plans to use equipment from a sanctioned Russian gas project to open a major new export terminal in Alaska.
LNG tanks are pictured at Tokyo Gas’s LNG terminal in Sodegaura, Japan. Kim Kyung-Hoon/File Photo/Reuters.Gulf
Stringer/File Photo/Reuters
Tehran targets Gulf aluminum facilities
Tehran stepped up its attacks on Gulf nations, hitting aluminum plants in Bahrain and the UAE this weekend.
Stringer/File Photo/ReutersIran warns against a US invasion as Marines arrive in Middle East
Iran on Sunday warned against a US invasion after a Marine unit arrived in the Middle East, raising the specter of a fraught new phase of the war.
What a month of war has taught us in the Gulf
Operation Epic Fury has shown that Iran’s hatred towards its Arab neighbours far exceeds its hatred of Israel.
Trump extends deadline for Iran to open Hormuz
Donald Trump extended the pause on strikes against Iranian energy facilities.
Miami draws Wall Street crowd still eager to do Gulf business
Saudi’s US investment conference shows Gulf cash still attracts western finance, even if execs are holding off going back to the region.
Africa
Shaun Jusa/Xinhua via Getty ImagesSouth Africa’s President Cyril Ramaphosa. Adriano Machado/Reuters.
South Africa Sibanye sees limits to EU strategic status
CEO says the lithium project still faces the prospect of cheap imports that could undercut its economics.
Shaun Jusa/Xinhua via Getty ImagesSouth Africa walks back claims of US pressure following G7 invite snub
After Paris rescinded its invitation to Pretoria, a South African presidency spokesperson said it was “due to sustained pressure” from Washington.
South Africa’s President Cyril Ramaphosa. Adriano Machado/Reuters.Africa’s mobile money market hits $1.4 trillion
Sub-Saharan Africa accounted for about three-quarters of the $2.1 trillion global mobile money market in 2025, a GSMA report found.
Nigeria’s Moniepoint acquires 78% stake in Kenyan microfinance bank
Moniepoint is one of Africa’s fastest-growing financial services companies.
Iran war spurs interest in African energy
Algeria agreed to increase LNG exports to Spain, and Ukraine said it would boost gas imports from Mozambique.
How the khat lobby helped reopen the Kenya-Somalia border
Trade groups behind the plant, a popular stimulant, put pressure on Kenyan authorities to end the 15-year closure.
Security
US Navy/Handout via Reuters
Jose Luis Gonzalez/Reuters
DVIDS/Handout via Reuters
Israel, US face shortages in Iran war
Israel’s opposition leader warned the military was “stretched to the limit and beyond,” while US arsenals have been strained by other conflicts.
US Navy/Handout via ReutersUS weighs major troop deployment to Gulf
The Wall Street Journal reported that Washington may send 10,000 ground troops to the region, likely within striking distance of Iran.
Jose Luis Gonzalez/ReutersUS sends more troops to Gulf, despite talk of Iran deal
The arrival of 2,000 more troops suggests that Trump is maintaining the option of escalating hostilities, even as he said talks with Iran were taking place.
DVIDS/Handout via ReutersMedia
Paul Morigi/Getty Images for Semafor
Axel Springer’s Döpfner courts UK conservative elites
The German mogul is courting regulators and the country’s influential conservative political figures as he attempts to get his bid to buy the Telegraph approved.
Paul Morigi/Getty Images for SemaforSubstack rival Beehiiv makes a push into podcasting
Beehiiv has privately been reaching out to independent podcasters on Substack and other platforms.
CBS News expands its investigative team
The network is expanding its investigative journalism efforts as editor-in-chief Bari Weiss continues to reshape it.
Politico taps a new top editor
Jonathan Greenberger garnered internal support from outgoing editor John Harris and CEO Goli Sheikholeslami.
The oldest job in journalism: New York Post ‘runners’ defy AI
In an age of shrinking newsroom budgets, mass layoffs, and AI, sending human beings to physical locations is something of a luxury.
CEO SignalCourtesy of LSEG/Joey Pfeifer/Semafor 
Courtesy of Schneider Electric/Joey Pfeifer/Semafor
Courtesy of IonQ/Joey Pfeifer/Semafor
LSEG’s David Schwimmer on activists, AI, and a global market test
The exchange operator is juggling investor expectations with the need to reshape its business model.
Courtesy of LSEG/Joey Pfeifer/SemaforSchneider Electric’s Olivier Blum on moving at the pace of Nvidia
Remaking an old industrial giant to meet new energy demands started with defining its mission.
Courtesy of Schneider Electric/Joey Pfeifer/SemaforWhy CEOs should care about the quantum ‘space race’
IonQ’s Niccolo de Masi says getting quantum security right is ‘a matter of survivability.’
Courtesy of IonQ/Joey Pfeifer/Semafor AD