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Intelligence for the New World Economy
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The World at a Glance
Updated 9:12am EDT
1
China’s economic imbalance worsened in May as retail sales fell at the fastest pace in years, while industrial output accelerated.
2The Bank of Japan raised rates to their highest level in more than 30 years in response to rising inflation caused in part by the Iran war.
3Washington’s G7 allies hoped myriad signs of discord would not once again torpedo a leaders’ summit.
4Talks over the Ukraine war looked set to return to the fore after being overshadowed by the Iran war.
5Skepticism abounded among allies, officials, and executives over the details and durability of the US truce with Iran.
6The US-Iran deal to reopen the Strait of Hormuz eased energy markets, bringing oil prices to a three-month low, but analysts warned on timeline of restoring global fuel supplies.
Podcast listeners stand out on political questions, poll finds
Americans who listen to partisan podcasts and influencers are more likely than others in their political party to believe that citizens with “radical views” should be able to (nonviolently) protest the government, per a new survey.
Amber Searls-Imagn ImagesNetflix wades into the M&A game
The streamer lost out on Roku, but has its eye on Lionsgate.
Francis Mascarenhas/File Photo/ReutersEbola quarantine facility in Kenya draws criticism
The US quarantine unit could deter American volunteers, a public health expert warns.
Monicah Mwangi/ReutersWhy House Democrats aren’t worried about aisle-crossing rebellions
Minority Leader Hakeem Jeffries may only win a small majority, but his party still doesn’t fear the discharge petition.
Kylie Cooper/Reuters Bernie Sanders endorses Cori Bush’s comeback bid
Bush, an outspoken critic of Israel, launched a primary challenge last fall for what’s now the sole remaining safe blue seat in Missouri.
Amanda Andrade-Rhoades/Reuters Defense spending impasse raises fall shutdown threat
Senate Minority Leader Chuck Schumer said his party is going to play hardball on the Trump administration’s request for more defense spending.
Evelyn Hockstein/Reuters Will new Fed chair Warsh play nice?
Kevin Warsh holds his first Federal Reserve meeting as chair on Tuesday.
Evelyn Hockstein/Reuters 
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Politics
Annabelle Gordon/Reuters Amber Searls-Imagn Images Monicah Mwangi/Reuters
Justice Department zeroes in on Newsom
The investigations involve the taxes of the California governor’s wife and also target his former chief-of-staff, who recently pleaded guilty to a fraud scheme.
Annabelle Gordon/Reuters Podcast listeners stand out on political questions, poll finds
Americans who listen to partisan podcasts and influencers are more likely than others in their political party to believe that citizens with “radical views” should be able to (nonviolently) protest the government, per a new survey.
Amber Searls-Imagn ImagesEbola quarantine facility in Kenya draws criticism
The US quarantine unit could deter American volunteers, a public health expert warns.
Monicah Mwangi/ReutersWhy House Democrats aren’t worried about aisle-crossing rebellions
Minority Leader Hakeem Jeffries may only win a small majority, but his party still doesn’t fear the discharge petition.
Bernie Sanders endorses Cori Bush’s comeback bid
Bush, an outspoken critic of Israel, launched a primary challenge last fall for what’s now the sole remaining safe blue seat in Missouri.
Defense spending impasse raises fall shutdown threat
Senate Minority Leader Chuck Schumer said his party is going to play hardball on the Trump administration’s request for more defense spending.
Will new Fed chair Warsh play nice?
Kevin Warsh holds his first Federal Reserve meeting as chair on Tuesday.
Trump faces Republican skepticism of his Iran deal
The opaque agreement is leaving many GOP lawmakers to take a wait-and-see-approach.
Treasury counters on offshore tax havens
The department is mounting a defense of last year’s decision to exempt US companies from a global minimum tax ahead of this week’s G7 meeting.
Trump undercuts Republicans’ push on surveillance law
The president said Sunday that if a bill requiring voter ID is not attached to its renewal, then he’s “against FISA.”
Rand Paul defrosts his relationship with Trump
The Kentucky Republican senator, after past tension with the president and Rep. Thomas Massie’s ouster, looks more White House-aligned.
BusinessFrancis Mascarenhas/File Photo/Reuters
Netflix wades into the M&A game
The streamer lost out on Roku, but has its eye on Lionsgate.
Francis Mascarenhas/File Photo/ReutersHow Amazon Business made business buying smart by rebuilding its consumer platform for companies
In this special episode of Compound Interest, Semafor’s Chief Commercial Officer Rachel Oppenheim sits down with Todd Heimes, Vice President and General Manager at our season sponsor, Amazon Business.
UK to ban social media for under-16s
The ban will include Instagram, TikTok, and other platforms as well as YouTube but not messaging apps like WhatsApp.
SpaceX extends record-breaking debut
The space giant is yet to turn a profit, but its revenues have grown exponentially.
US-Iran deal relieves energy markets
Trump insisted the Strait of Hormuz will reopen toll-free on Friday, but many stakeholders remain cautious.
Technology
Chris J. Ratcliffe/Reuters
Joe Skipper/Reuters
UK to ban social media for under-16s
The ban will include Instagram, TikTok, and other platforms as well as YouTube but not messaging apps like WhatsApp.
Chris J. Ratcliffe/ReutersSpaceX extends record-breaking debut
The space giant is yet to turn a profit, but its revenues have grown exponentially.
Joe Skipper/ReutersAnthropic comes to Washington to meet White House officials
The Trump administration blocked foreign nationals’ use of Fable and Mythos, citing security concerns.
White House’s Anthropic block set to dominate G7
The White House’s announced it would block foreigners’ access to Anthropic’s cutting-edge AI model.
White House’s export limits on Anthropic linked to concerns about Chinese access
Trump adviser David Sacks said restrictions aren’t connected to prior conflicts with AI company.
US limits use of Anthropic AI models Fable 5 and Mythos
A new White House directive forced Anthropic to shut down access to its most advanced AI models.
Energy
Stringer/Reuters
Stringer/Reuters
Stringer/Reuters
Hormuz will never really be open again
The global energy trade will never be the same.
Stringer/ReutersOil prices hit three-month low over US-Iran truce
Several major banks cut their oil price forecasts.
Stringer/ReutersUS-Iran deal relieves energy markets
Trump insisted the Strait of Hormuz will reopen toll-free on Friday, but many stakeholders remain cautious.
Stringer/ReutersGulf
Eric Lafforgue/Hans Lucas via Reuters
Saudi nationals head south for mountain summer escape
This month, the region, Aseer, launched its summer season, aiming to draw more than 3 million visitors with 122 events across its highland villages.
Eric Lafforgue/Hans Lucas via ReutersDubai wants residents to live longer
Dubai launched a new longevity authority, a body tasked with rolling out regulations covering R&D through to patient care.
Saudi Arabia’s slow path to sporting glory
Saudi money has given the kingdom a seat at the top table of international football. Its national side needs time to catch up.
US-Iran deal relieves energy markets
Trump insisted the Strait of Hormuz will reopen toll-free on Friday, but many stakeholders remain cautious.
KKR sees security driving Gulf deals
US investment firm KKR expects the Iran war to prompt greater investment in alternative supply routes to ensure goods keep moving during conflict.
China
Go Nakamura/ReutersJoe Skipper/Reuters 
Florence Lo/Reuters
Chinese retail sales fall while industrial output rises
While tech-driven exports soar, domestic retail sales remain paltry.
Go Nakamura/ReutersHow the US wins against China
To win its superpower competition with China, Washington’s push for superiority in space may be its best bet.
Joe Skipper/ReutersChina gig economy fears grow as AI threatens jobs
More than 200 million people are flexibly employed in China, but AI has made many of those jobs precarious.
Florence Lo/ReutersAfrica
Kenyans protest plans for a US Ebola center. John Muchucha/Reuters.
Angelika Warmuth/Reuters
Trump is dismantling the tools that gave the US leverage in Africa
The White House wants African deals but keeps cutting its diplomatic tools.
Kenyans protest plans for a US Ebola center. John Muchucha/Reuters.Zimbabwe gold miner plans to double annual output
Mutapa said it secured $75 million from Zimbabwean banks to raise output from a key pit located to the northwest of Harare.
Angelika Warmuth/ReutersE-bike maker Spiro plans manufacturing in Africa
The firm will begin producing the majority of its components on the continent by next year, its CEO told Semafor.
Misinformation fuels Ebola spread
Official Ebola cases approached 1,000.
South Africa’s proposed power pricing plan to end Eskom monopoly
The proposal would separate the cost of producing electricity into distinct components and introduce a regulated wholesale market.
South Africa’s Standard Bank eyes Kenya growth
The lender wants to boost its market share with the move in Kenya’s crowded banking sector.
Security
Yves Herman/Reuters
Vessels near Bandar Abbas, Iran. Amirhosein Khorgooi/ISNA/WANA via Reuters
Japanese Prime Minister Sanae Takaichi. Kin Cheung/Pool via Reuters
US’ Mythos restrictions heighten EU tech fears
The US government’s move to suspend foreign access to Anthropic’s powerful AI models injected fresh urgency into Europe’s plans for tech sovereignty.
Yves Herman/ReutersTrump announces peace deal with Iran
President Donald Trump on Sunday announced that the US and Iran had finalized a deal to extend their ceasefire and reopen the Strait of Hormuz.
Vessels near Bandar Abbas, Iran. Amirhosein Khorgooi/ISNA/WANA via ReutersJapan deepens defense ties with Europe
Japan and Europe are deepening defense ties amid growing unease over Washington’s security commitments, Russian aggression, and China’s surging power.
Japanese Prime Minister Sanae Takaichi. Kin Cheung/Pool via ReutersMediaFrancis Mascarenhas/File Photo/Reuters
Netflix wades into the M&A game
The streamer lost out on Roku, but has its eye on Lionsgate.
Francis Mascarenhas/File Photo/ReutersNew 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.
Progressive site Zeteo plans UK expansion
Zeteo UK is a standalone site that will begin publishing this week, with a hard launch date in September.
Politico folds E&E News ahead of broader energy push
In September, Politico plans to launch a series of energy-focused newsletters.
Former Gourmet magazine owner sues new Gourmet newsletter
Condé Nast filed a lawsuit against Goulash Unlimited, the LLC set up by the owners of a revived Gourmet site.
CEO Signal
Courtesy of Honeywell/Joey Pfeifer/Semafor
Courtesy of Smith & Nephew/Graph Massara/Semafor
Courtesy of Cisco/Joey Pfeifer/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/SemaforDeepak Nath applies pressure at Smith and Nephew
The medtech CEO is standing by his company’s portfolio strategy despite calls to break it up.
Courtesy of Smith & Nephew/Graph Massara/SemaforHow Cisco’s Chuck Robbins gets his team to ‘disagree and commit’
The longstanding CEO says a bad decision that you reverse is better than a delay.
Courtesy of Cisco/Joey Pfeifer/SemaforAD