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Intelligence for the New World Economy
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The World at a Glance
Updated 7:43pm EDT
1
US President Trump backed off a plan to charge a 20% toll in the Strait of Hormuz and restored a blockade as Tehran resists surrender.
2In his first congressional hearing as US Federal Reserve chair, Kevin Warsh committed to tackling inflation, but dodged questions about rate hikes.
3The five largest US banks reported blockbuster earnings, with geopolitical uncertainty and technological upheaval driving profits.
4DeepSeek could reportedly file for an IPO as soon as this year, joining rivals in capitalizing on investor enthusiasm for low-cost Chinese tech.
5New York’s data center moratorium signals growing mainstream political pushback to unchecked AI growth in the US.
6The Chinese Communist Party purged another top official, as Xi Jinping intensifies his anti-corruption drive.
US banks smash profit records after trading frenzy
SpaceX’s historic IPO last month contributed to a collective $49 billion in profits for the five largest US banks.
Trump abandons Hormuz toll plan, restarts naval blockade
Analysts were skeptical about the toll proposal, as it would double the cost of moving oil through the strait.
DeepSeek reportedly weighs IPO amid zeal for Chinese low-cost tech
The AI powerhouse is also said to be considering raising new funds, weeks after completing its first financing round.
Senate weighs filling Graham’s committee seats
The late Sen. Lindsey Graham sat on the Judiciary, Appropriations, and Environment and Public Works committees, plus his Budget Committee chairmanship.
Oil prices surge 10% as US-Iran conflict reignites
US President Donald Trump said he would re-impose a blockade on the Strait of Hormuz, as a month-long ceasefire collapsed.
Prospects of US rate hike rise as Iran conflict festers
A top central bank official said that “sternly staring at inflation until it melts before our withering gaze is not an option.”
OPEC trims oil demand forecast
The producer group cut its growth forecast for world oil demand this year by 20% — its third straight downward revision.
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Politics
Parasitic infection outbreak exposes deep cracks in public health
A sprawling cyclospora outbreak spotlights deeper issues in America’s public health system.
Megan Varner/Reuters
Fed Chair Warsh condemns inflation while dodging on hikes
In his first hearing since starting the job, the Federal Reserve chair promised lawmakers he would “deliver price stability” but took pains to avoid specifying what that means for rates.
Jonathan Ernst/Reuters
Sanders-backed progressives try to make AI the new AIPAC
New York Gov. Kathy Hochul’s Tuesday moratorium on data centers follows a growing campaign on the left to harness grassroots opposition to the projects.
Kylie Cooper/Reuters
Warsh gets first Capitol Hill grilling as Federal Reserve chair
The Fed chair will likely field questions about his recently announced task forces.
Senate weighs filling Graham’s committee seats
The late Sen. Lindsey Graham sat on the Judiciary, Appropriations, and Environment and Public Works committees, plus his Budget Committee chairmanship.
Trump is ‘very serious’ about Hormuz toll push
The proposal puts the US president at odds with some of his allies who opposed the toll idea.
New York imposes first moratorium on data centers
New York Gov. Kathy Hochul, a centrist Democrat, is signing an executive order pausing permitting for hyperscaler data centers for a year.
Graham’s death may not shake loose his long-sought Russia sanctions bill
The legislation has a filibuster-proof majority, but it still lacks President Donald Trump’s public thumbs-up.
Republicans grapple with Graham’s death
His absence complicates every task on the floor for the Republican Party, from confirmations to legislation.
Graham’s legacy is inextricably tied to Trump
The South Carolina Republican will be remembered for his pivot to become a Trump ally, and for his love of the job.
Lindsey Graham, Republican senator and Trump ally, dies
The lawmaker’s office said he died following a ‘brief and sudden illness.’
Business
NY enacts data center moratorium
The move signals growing mainstream political pushback to unchecked AI growth in the US.
Kent J. Edwards/Reuters
DeepSeek reportedly weighs IPO amid zeal for Chinese low-cost tech
The AI powerhouse is also said to be considering raising new funds, weeks after completing its first financing round.
Fed Chair Warsh condemns inflation while dodging on hikes
In his first hearing since starting the job, the Federal Reserve chair promised lawmakers he would “deliver price stability” but took pains to avoid specifying what that means for rates.
AI is the business-model shock law firms need
AI is a swift kick in the business model.
IBM’s warning sows anxiety for investors
CEO Arvind Krishna’s comments paint an ominous picture for more than just IBM, whose shares dropped 25% Tuesday, wiping out $70 billion in market value.
Technology
NY enacts data center moratorium
The move signals growing mainstream political pushback to unchecked AI growth in the US.
Kent J. Edwards/Reuters
DeepMind’s Hassabis calls for AI oversight
The Nobel Prize laureate warned that a race-to-the-top dynamic was exacerbating the technology’s risks.
TT News Agency/Pontus Lundahl via Reuters
Zoetis to acquire medical imaging company in latest push to build AI
VitalRADS’ database of more than 30 million images will help Zoetis create radiology AI models.
Saudi AI champion HUMAIN to supply compute to Canada startup Cohere
The deal follows a thawing of bilateral relations after a years-long diplomatic rift over Saudi Arabia’s human rights record.
Asian chips lead global tech selloff as AI concerns grow
Despite worries about the investment boom, there are signals that global demand for AI computing remains robust.
Experimental IVF shows promise
Lambs were born via an experimental form of IVF that involved turning immature eggs into viable ones — a development that could potentially improve human success rates.
Energy
Asian buyers cool on Gulf LNG
Around 83% of the Gulf’s LNG exports head to Asia, but the Iran war is changing dynamics, prompting importers to cut demand, switch to other suppliers, or turn to other fuels.
QatarEnergy’s liquefied natural gas production facilities. Stringer/Reuters.
OPEC trims oil demand forecast
The producer group cut its growth forecast for world oil demand this year by 20% — its third straight downward revision.
Maxim Shemetov/File Photo/Reuters
Global market faces LNG glut, while US forecasts shortfall
The world is facing an LNG surplus that analysts predict could reach more than 100 million tons by 2031.
Ann Wang/Reuters
Gulf
Trump abandons Hormuz toll plan, restarts naval blockade
Analysts were skeptical about the toll proposal, as it would double the cost of moving oil through the strait.
Stringer/Reuters
Saudi economy proves resilient to Iran war fallout
A decades-old oil pipeline to the Red Sea and prudent fiscal policy are helping the kingdom, according to Tim Callen, former IMF mission chief to the kingdom.
Asian buyers cool on Gulf LNG
Around 83% of the Gulf’s LNG exports head to Asia, but the Iran war is changing dynamics, prompting importers to cut demand, switch to other suppliers, or turn to other fuels.
OPEC trims oil demand forecast
The producer group cut its growth forecast for world oil demand this year by 20% — its third straight downward revision.
Saudi AI champion HUMAIN to supply compute to Canada startup Cohere
The deal follows a thawing of bilateral relations after a years-long diplomatic rift over Saudi Arabia’s human rights record.
China
Xi steps up corruption purge
The Chinese Communist Party purged another top official Tuesday, as Xi Jinping intensifies his anti-corruption drive.
Ma Xingrui. Tingshu Wang/Reuters
DeepSeek reportedly weighs IPO amid zeal for Chinese low-cost tech
The AI powerhouse is also said to be considering raising new funds, weeks after completing its first financing round.
Florence Lo/Reuters
Shein gets regulatory green light for IPO
The fast-fashion juggernaut is targeting a $40 billion IPO as soon as August.
Johanna Geron/Reuters
Africa
Trump’s resource diplomacy comes to Libya
Critics say Washington’s proposed power-sharing deal would trade elections for stability while opening the door to US oil companies.
Liesa Johannssen/Reuters
De Beers halts S. Africa mine output
De Beers is halting production at South Africa’s biggest diamond mine, with gemstone prices falling thanks to slowing demand and increased competition from lab-grown stones.
Anglo American and De Beers Group/Handout via Reuters
Viral Ethiopian Instagrammer uses trash for fashion
Since his first post on March 30, the young creator has gained 6.5 million followers on Instagram.
Nigeria’s oil output hits six-year high
The result comes following a government push to improve security along pipelines.
Trump’s new Africa envoy makes debut trip
Frank Garcia is due to arrive in Nigeria before planned stops in Côte d’Ivoire and Mali.
S. African central bank predicts reaching 3% inflation target
The announcement prompted economists to scale back expectations of back-to-back interest rate hikes.
Security
Europe steps up commitments to Kyiv
Ukraine and its European allies on Monday announced a coalition to develop an anti-ballistic missile system to protect against Russian attacks.
Stringer/Reuters
US, Iran trade strikes, dispute Hormuz status
The US on Sunday launched its heaviest assault on Iran in weeks, while Tehran hit Gulf nations and announced the closure of the Strait of Hormuz.
US Central Command/Handout via Reuters
Ukraine pursues a government shakeup
Ukraine’s prime minister stepped down on Sunday, as President Volodymyr Zelenskyy oversees a sweeping government reorganization spurred by a new “political strategy.”
Ukrainian Presidential Press Service/Handout via Reuters
Media
Paramount weighs leaving California over Warner Bros. rift
David Ellison is wary of decamping, but his battle with state regulators is intensifying.
Mamdani squares off with ‘The View’
The New York City mayor’s allies were frustrated by a host’s comments about fellow democratic socialist Darializa Avila Chevalier.
NYT tries to catch up to video-addicted audiences
New York Times Executive Editor Joe Kahn said the paper is pouring resources into visual content, prompting comparisons to the media’s “pivot to video” in the 2010s.
The Daily Wire sells Jeremy’s Razors to media company’s former CEO
The sale represents the further uncoupling of Jeremy Boreing and the conservative media company he co-founded with Ben Shapiro.
‘The View’ throttles back political candidate bookings following FCC inquiry
Since February, the ABC daytime talk show has cut its bookings of candidates for office.
CEO Signal
Why Edward Jones thinks AI can defuse a demographic time bomb
Managing partner Penny Pennington wants to capture financial advisers’ insights before they retire.
How Allianz’s CEO prepares for the risk of ‘huge havoc’
Oliver Bäte says Europe can no longer afford all the options its citizens expect.
Courtesy of Allianz/Graph Massara/Semafor
The MSCI boss helping Elon Musk get closer to Mars
Henry Fernandez says the index provider has grown by playing soccer, not singles tennis.
Courtesy of MSCI/Graph Massara/Semafor
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