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Intelligence for the New World Economy
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The World at a Glance
Updated 7:22pm EDT
1
US Vice President Vance defended the US-Iran deal from the White House podium, a move some see as politically risky.
2The US warned Israel against disrupting the Iran peace deal, rebuking the US ally’s “freakout.”
3The Iran conflict produced an unexpected winner: Pakistan, which was once cast as a diplomatic pariah by the West.
4Ukraine launched its largest drone attack of the war on Moscow, showering its neighborhoods in “black rain.”
5EU overregulation is constraining business, a steel magnate and a Gulf sovereign wealth chief warned.
6Faced with pressure, JPMorgan Chase reportedly cut off its Hong Kong employees’ access to Anthropic’s AI models.
Intel, Apple were in talks for months about chip deal claimed by Trump
The US president’s announcement surprised Intel executives.
Dado Ruvic/Illustration/File Photo/ReutersUS warns Israel against disrupting deal with Iran
Vance rebuked Israel’s “freakout,” as the US ally telegraphed further military action in Lebanon.
Eric Lee/Reuters 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.
Eric Lee/ReutersUS-Iran truce sparks frustration in Israel
Israeli media condemned the deal Washington signed with Tehran as “a catastrophic capitulation.”
Ronen Zvulun/ReutesExecs warn 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.
Wolfgang Rattay/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/ReutersDivided Montana Senate field helps Republicans
Democrats and independents are divided between two candidates running against Republican Kurt Alme.
Seth Bodnar in 2025. Michael Thomas Shroyer-Imagn Images
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Politics
Social media via ReutersEric Lee/Reuters Eric Lee/Reuters
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
Social media via ReutersUS warns Israel against disrupting deal with Iran
Vance rebuked Israel’s “freakout,” as the US ally telegraphed further military action in Lebanon.
Eric Lee/Reuters 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.
Eric Lee/ReutersTrump administration to end PEPFAR funding for South Africa
The State Department is expected to formally notify Pretoria it is cutting off HIV/AIDS assistance as soon as next week.
Divided Montana Senate field helps Republicans
Democrats and independents are divided between two candidates running against Republican Kurt Alme.
Americans increasingly struggle with healthcare costs, survey finds
The share of Americans who are secure about their healthcare costs fell to 49% last year, a new Gallup and West Health poll found.
Banks opine on new capital rules
Thursday is the last day for banks to weigh in on US regulators’ latest proposal to overhaul capital requirements.
Republicans concerned about Iran deal
Sen. Bill Cassidy, R-La., called the agreement “lousy.”
The Fed’s Warsh era starts with a flurry of change, but steady rates
The central bank’s new chair reframed the decision as “price stability” while focusing on other projects.
Trump and Thune’s dynamic turns the Senate ‘very chaotic’
The increasing strain between the two Republican leaders is becoming a distraction and a frustration.
Chris Murphy vs. the cults
The Connecticut senator thinks Democrats need to pick bigger fights.
BusinessWolfgang Rattay/Reuters
Execs 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.
Wolfgang Rattay/ReutersActivist 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.
Intel, Apple were in talks for months about chip deal claimed by Trump
The US president’s announcement surprised Intel executives.
TechnologyEduardo Munoz/Reuters 
Abdul Saboor/Reuters
JPMorgan 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.
Abdul Saboor/ReutersResearch 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.
The tech behind agentic commerce
CHEQ’s platform can figure out whether a website visitor is a bot or agent and identify what their intent is.
Energy
Billboard in Islamabad. Akhtar Soomro/ReutersEric Lee/Reuters 
Majid Asgaripour/WANA via Reuters
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.
Billboard in Islamabad. Akhtar Soomro/ReutersVance 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.
Eric Lee/ReutersIran’s energy weapon worked
The US-Iran truce proves Tehran’s energy weapon was powerful enough to take on the world’s mightiest military and come out ahead.
Majid Asgaripour/WANA via ReutersGulfBillboard in Islamabad. Akhtar Soomro/Reuters
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.
Billboard in Islamabad. Akhtar Soomro/ReutersUS 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.
Gulf bosses optimistic over post-war rebound
The region’s sovereign wealth funds “did not step back” during the war, Wael Younan, co-head of sovereign wealth management at US asset manager TCW, said at Semafor’s The Gulf’s Golden Age, Interrupted.
How Gulf airlines are luring passengers back despite regional uncertainty
Emirates and Etihad have started offering insurance to travelers, while Emirates’ new policy covers conflict-related medical costs, flight cancellations, and delays.
ChinaEduardo Munoz/Reuters 
Kim Kyung-Hoon/Reuters
Go Nakamura/Reuters
JPMorgan 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/ReutersChinese retail sales fall while industrial output rises
While tech-driven exports soar, domestic retail sales remain paltry.
Go Nakamura/ReutersAfrica
Carlo Allegri/Reuters
Sodiq Adelakun/Reuters
The distant shocks squeezing African economies
When the US Federal Reserve announces the central bank’s decision on interest rate, the impact will reverberate across African capitals.
Carlo Allegri/ReutersNigeria’s Dangote secures $600M for fertilizer arm
Dangote’s Lagos’ plant produces 3 million metric tonnes of fertilizer annually, a key supplier as the continent seeks to wean itself off imports in the wake of the Iran war.
Sodiq Adelakun/ReutersAfrica renewables projects stalled over credit rating rules
A financial rule known as the “sovereign ceiling” is curbing efforts to fund much-needed renewable energy projects on the continent.
Senegal’s Ousmane Sonko open to IMF debt talks
The comments appear suggest the former premier has eased his hardline stance as the country faces a debt crisis.
Kenya plan to sell citizens’ data draws criticism
Critics say the government is looking to make fast cash, and have raised privacy concerns. Nairobi says the plan will help modernize the economy.
Flutterwave aims to become Africa’s go-to fintech firm
The company was recently valued at $3.3 billion, and despite public interest in an IPO the CEO said a listing is not imminent.
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 ReutersMedia
Francis 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