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Intelligence for the New World Economy
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The World at a Glance
Updated 3:23pm EDT
1
In his first congressional hearing, US Federal Reserve Chair Kevin Warsh committed to tackling inflation, but dodged questions about interest rate hikes.
2Oil prices jumped 10%, the biggest single-day rise since 2020, as conflict between the US and Iran reignited.
3Chinese exports reached record highs last month, as global demand for AI and renewables technology surges.
4Global smartphone shipments dropped to a 13-year low, as demand for memory pushed up prices.
5The US said it was investigating whether Cuba was storing Iranian drones, ramping up pressure on the island’s communist regime.
6The University of Oxford began human trials of a new Ebola vaccine, raising hopes the ongoing outbreak could be halted.
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.
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.
Chinese exports hit record high on demand for AI, green tech
Soaring fuel prices saw green tech exports surge by a third in the first half of the year and shipments of EVs pass a million a month.
Global smartphone shipments hit 13-year low
Smartphone shipments dropped 11% year-on-year in the second quarter, led by a slump in China, as AI-driven memory shortages pushed prices higher.
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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
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
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.
Tariff refunds weigh on federal budget
The US paid out $26 billion more in refunds than it collected in June after a February Supreme Court decision struck down most of the Trump administration’s levies, contributing to a widening $120 billion monthly deficit.
Bonta’s Paramount suit underwhelms
Paramount plans to contest Bonta’s definition of “blockbuster” films as a market unto themselves and argue that cable TV competition remains robust.
Technology
DeepMind’s Hassabis calls for AI government 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.
Courtesy of Zoetis
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.
Apple’s OpenAI lawsuit highlights broader tensions
The case is a gigantic reminder that Apple is under major pressure from AI.
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
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.
An oil tanker being loaded at Saudi Aramco’s Ras Tanura oil refinery in 2018. Ahmed Jadallah/File Photo/Reuters.
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.
Trump announces new blockade, Hormuz fee
The president said that the US was the “guardian” of the Strait of Hormuz.
China
Shein gets regulatory green light for IPO
The fast-fashion juggernaut is targeting a $40 billion IPO as soon as August.
Johanna Geron/Reuters
Chinese solar firms divest from US
More than half of Chinese clean-tech investments in the US announced since 2022 have been canceled, paused, or delayed.
Tingshu Wang/Reuters
Zhipu AI bucks Hong Kong tech rout
Chinese AI lab Zhipu is bucking a tech-stock rout in Hong Kong and the mainland, helped by its focus on building AI that rivals human intelligence.
Laurie Chen/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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