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Intelligence for the New World Economy
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The World at a Glance
Updated 10:12am EDT
1
Mediators hailed “encouraging progress” in US-Iran negotiations toward a final peace deal, but major obstacles remain.
2UK Prime Minister Keir Starmer announced his resignation, lining the country up for its seventh leader in 10 years.
3Colombia elected Abelardo De La Espriella as president, the latest in a line of South American nations that have swung to the right.
4China imposed export restrictions on ten US companies, including Washington-backed rare earth firms, as Sino-US trade relations sour.
5BYD and Google are reportedly in talks to buy Samsung’s chips, as the world’s biggest manufacturer, TSMC, hits production capacity.
6Fertilizer prices are tumbling, but food shortages are on the horizon after a disrupted planting season.
Can the US waive sanctions on Iranian oil?
The Trump administration may not have legal standing to again waive US sanctions.
Stringer/Reuters Lebanon looms over new US-Iran talks
US Vice President JD Vance hoped for an opportunity to “turn over a new leaf” with Iran in a new round of talks Sunday.
Fabrice Coffrini/ReutersNew book depicts how Trump hobbled his presidency
‘Regime Change’ reminds readers what’s to come from the narrator-in-chief, who at one point tells aides: “We need plot twists.”
Simon & Schuster; Evelyn Hockstein/Reuters AI energy firm born out of ADNOC and G42 eyes US
AIQ has nearly 300 use cases for the oil and gas industry and is now looking to export from Abu Dhabi.
AIQ CEO Dennis Jol at Semafor Gulf Live. Semafor.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/SemaforColombia elects Trump-endorsed businessman in presidential runoff
The polarized nation headed to the polls amid its worst security crisis in decades.
Abelardo de la Espriella. Cesar Quiroz/ReutersItaly’s Giorgia Meloni fires back at Trump over G7 photo claim
Meloni said Trump’s claim that she “begged” him for a photo at the G7 summit was fabricated.
Evelyn Hockstein/Reuters
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Politics
Benoit Tessier/Reuters Simon & Schuster; Evelyn Hockstein/Reuters Stringer/Reuters
What if it’s not l’économie, stupid?
Éric Zemmour’s diagnosis is not the standard analysis of why centrist leaders everywhere have grown so profoundly unpopular.
Benoit Tessier/Reuters New book depicts how Trump hobbled his presidency
‘Regime Change’ reminds readers what’s to come from the narrator-in-chief, who at one point tells aides: “We need plot twists.”
Simon & Schuster; Evelyn Hockstein/Reuters Can the US waive sanctions on Iranian oil?
The Trump administration may not have legal standing to again waive US sanctions.
Stringer/Reuters ‘The president seems to revel in chaos’: Cornyn goes his own way
The Trump-ousted Texas Republican senator sat down with Semafor to talk about how he’s using leverage and the colleagues he’s helping.
Europe bakes in a punishing heatwave
A heatwave across Europe prompted a partial alcohol ban in France and the cancellation of public World Cup watch parties in Spain.
Ukraine attacks trigger Russian fuel shortages
Ukraine is hammering Russia’s oil infrastructure, triggering fuel shortages and increasing gas prices.
Italy’s Giorgia Meloni fires back at Trump over G7 photo claim
Meloni said Trump’s claim that she “begged” him for a photo at the G7 summit was fabricated.
Lebanon looms over new US-Iran talks
US Vice President JD Vance hoped for an opportunity to “turn over a new leaf” with Iran in a new round of talks Sunday.
Ukraine hits Moscow with its biggest drone strike yet
The attack’s value is both symbolic and economic, bringing the reality of war home to ordinary Russians
US warns Israel against disrupting deal with Iran
Vance rebuked Israel’s “freakout,” as the US ally telegraphed further military action in Lebanon.
Vance becomes the face of the US-Iran deal
It’s a move analysts say will likely hurt his political future given mounting criticism from conservatives over the agreement.
BusinessCourtesy of Cigna/Graph Massara/Semafor
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/SemaforExecs are warning that EU overregulation is constraining business
ArcelorMittal’s executive chairman and the governor of Saudi Arabia’s Public Investment Fund voiced concern about the regulatory environment.
Activist weighs proxy fight at Vail Resorts
Oasis would have a likely buyer in Cloudflare CEO Matthew Prince, who has expressed interest in acquiring the struggling Park City resort.
Private equity confronts a goose egg
The cascade of financial loss that happens when companies run out of money is in motion.
Vail Resorts taps bankers to play defense
The ski giant is contending with tough weather, restive labor groups, and an irate billionaire customer who is trying to buy Park City.
Technology
Kim Hong-Ji/Reuters
Eduardo Munoz/Reuters
Challengers gain ground as chip market heats up
Rising demand is boosting secondary players in the increasingly competitive semiconductor industry.
Kim Hong-Ji/ReutersJPMorgan restricts Anthropic in Hong Kong
The White House, citing national security concerns, has blocked all foreign nationals from using Anthropic’s most advanced models.
Eduardo Munoz/ReutersApple to raise prices as memory chip costs surge
The rapid rollout of AI infrastructure has sent demand for semiconductors soaring.
Research pulls back curtain on Claude
“Only about 1.6% of Claude Code’s codebase constitutes AI decision logic, with the remaining 98.4% being operational infrastructure,” a research paper from April explains.
Meta pursues muddled AI strategy
With massive borrowing to build data centers and without and enterprise business like Anthropic’s or OpenAI’s, the company’s AI strategy still doesn’t seem to make sense.
Anthropic takes the path of most resistance
The company has miscalculated how it’s communicated with the Trump administration — and the general public — about its business.
Energy
Guglielmo Mangiapane/Reuters
Vantor/Handout via Reuters
Sarah Meyssonnier/Reuters
Europe bakes in a punishing heatwave
A heatwave across Europe prompted a partial alcohol ban in France and the cancellation of public World Cup watch parties in Spain.
Guglielmo Mangiapane/ReutersUkraine attacks trigger Russian fuel shortages
Ukraine is hammering Russia’s oil infrastructure, triggering fuel shortages and increasing gas prices.
Vantor/Handout via ReutersFormer 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 Gulf
Semafor’s Matthew Martin, left, with Wael Younan, co-head of sovereign wealth management at TCW. Semafor.
TCW sees Gulf funds ramping up deals
Wall Street firms need to be close to Gulf sovereign funds as “integral” parts of the global economy, TCW’s top executive said.
Semafor’s Matthew Martin, left, with Wael Younan, co-head of sovereign wealth management at TCW. Semafor.AI energy firm born out of ADNOC and G42 eyes US
AIQ has nearly 300 use cases for the oil and gas industry and is now looking to export from Abu Dhabi.
Pakistan’s diplomatic chops on display
Pakistan, once cast as a diplomatic pariah by the West, took on a lead role mediating between the US and Iran to produce a deal.
US warns Israel against disrupting deal with Iran
Vance rebuked Israel’s “freakout,” as the US ally telegraphed further military action in Lebanon.
Vance becomes the face of the US-Iran deal
It’s a move analysts say will likely hurt his political future given mounting criticism from conservatives over the agreement.
China
Tyrone Siu/ReutersEduardo Munoz/Reuters 
Kim Kyung-Hoon/Reuters
Taiwan announces combat readiness drill
Taiwan’s defense ministry on Sunday announced a five-day combat readiness exercise as China intensifies military activity around the island.
Tyrone Siu/ReutersJPMorgan restricts Anthropic in Hong Kong
The White House, citing national security concerns, has blocked all foreign nationals from using Anthropic’s most advanced models.
Eduardo Munoz/ReutersEU eyes unified China approach
Europe has long been nervous about cheap, state-subsidized Chinese goods undermining the continent’s manufacturing industries.
Kim Kyung-Hoon/ReutersAfrica
The Cape Town Marathon 2026. @capetownmarathon/Instagram. 
Ghana’s President John Dramani Mahama lays a wreath at Osu Castle, a former slave post. Francis Kokoroko/Reuters.
South African holds world’s oldest ultramarathon
The nearly 55-mile race was held soon after Cape Town was designated a World Marathon Major.
The Cape Town Marathon 2026. @capetownmarathon/Instagram. West African push for slavery reparations
The call comes on the heels of a recent UN declaration that the slave trade was a crime against humanity.
Ghana’s President John Dramani Mahama lays a wreath at Osu Castle, a former slave post. Francis Kokoroko/Reuters.Botswana secures $100M for solar plant
Investors are betting that rising electricity demand will offer lucrative returns on surplus power.
Zimbabwe lithium miners seek processing extension
Africa’s top lithium producer has pressed miners operating in the country to process more of the battery metal locally.
Ethiopian PM Abiy’s party wins parliamentary elections
The party extended its comfortable majority, securing 90% of contested seats in this month’s general election.
South Africa to raise health funding cuts at UN meeting
The meeting comes after the US said it plans to cut HIV/AIDS funding for the country, where rates are the highest in the world.
Security
Peter Macdiarmid/Pool via ReutersAbelardo de la Espriella. Cesar Quiroz/Reuters Tyrone Siu/Reuters
UK Prime Minister Keir Starmer under pressure to resign
Starmer is said to be weighing “political realities” as Labour members back challenger Andy Burnham.
Peter Macdiarmid/Pool via ReutersColombia elects Trump-endorsed businessman in presidential runoff
The polarized nation headed to the polls amid its worst security crisis in decades.
Abelardo de la Espriella. Cesar Quiroz/ReutersTaiwan announces combat readiness drill
Taiwan’s defense ministry on Sunday announced a five-day combat readiness exercise as China intensifies military activity around the island.
Tyrone Siu/ReutersMedia
Screenshot/YouTube/@TheAtlantic
The Atlantic beefs up its video podcasts
One of America’s oldest magazines is investing in video after seeing notable growth in its audience.
Screenshot/YouTube/@TheAtlanticDavid 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.
Netflix wades into the M&A game
The streamer lost out on Roku, but has its eye on Lionsgate.
New York Times’ Kristof quoted former campaign donors in columns
The paper had promised that Nick Kristof would disclose when someone he reported on was a donor to his Oregon gubernatorial campaign.
CEO SignalSarah Meyssonnier/Reuters Courtesy of Cigna/Graph Massara/Semafor 
Courtesy of Honeywell/Joey Pfeifer/Semafor
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/SemaforHoneywell’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/SemaforAD