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Intelligence for the New World Economy
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The World at a Glance
Updated 6:50am EDT
1
Tehran stepped up attacks on energy infrastructure across the Gulf after Israel hit the world’s largest gas field in Iran.
2Iran’s attacks on Gulf nations are helping to reshape diplomacy in the region, potentially strengthening Israel’s role.
3Japan’s PM will face a highwire meeting with Donald Trump today after Tokyo refused his demands for help with Iran.
4Nigeria’s president is eyeing stronger UK trade ties in a bid to shore up his country’s economy.
5The US boss of accountancy giant PwC issued a warning to senior staff to embrace AI in their work.
6Revolutionary weight-loss drugs Ozempic and Wegovy will soon be available in generic form, in a major win for patients.
Africa weighs Trump’s ‘commercial diplomacy’ versus sovereignty
Zambia is closely reviewing a multibillion-dollar deal that could grant the US access to key minerals in exchange for support and citizens’ health data.
Peng Lijun/Xinhua via Getty ImagesFHFA chief teases new housing policy
Bill Pulte said to expect the new policy in “the next week or two.”
Kevin Lamarque/Reuters Republican floats vote on filibuster
The loudest proponent of changing the rules, Sen. Ron Johnson, R-Wis., told Semafor he is not trying to use the “nuclear option” to do it.
Kent Nishimura/Reuters Top Senate Democrats press Trump on affordability
Their message offers a preview of their party’s economic messaging leading up to November’s midterms.
Annabelle Gordon/Reuters As Takaichi visits, Iran preoccupies White House
Trump’s meeting with Japan’s prime minister, which otherwise would have been about China and trade, will now focus on the war in the Middle East.
Evelyn Hockstein/Reuters FBI investigates intelligence aide who resigned over war
Inquiry focuses on alleged leaks.
Tom Williams/CQ-Roll Call, Inc via Getty ImagesStocks fall on Fed chair’s pessimism
“We had the tariff shock, we had the pandemic, and now we have an energy shock of some size and duration” amid war in Iran, Jerome Powell said at a news conference.
Jonathan Ernst/Reuters
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Politics
Kevin Mohatt/Reuters Kevin Lamarque/Reuters Kent Nishimura/Reuters
US banking regulators set to ease capital requirements
US banking regulators are expected to vote this morning on their latest attempt to overhaul capital requirements following years of intense lobbying.
Kevin Mohatt/Reuters FHFA chief teases new housing policy
Bill Pulte said to expect the new policy in “the next week or two.”
Kevin Lamarque/Reuters Republican floats vote on filibuster
The loudest proponent of changing the rules, Sen. Ron Johnson, R-Wis., told Semafor he is not trying to use the “nuclear option” to do it.
Kent Nishimura/Reuters Top Senate Democrats press Trump on affordability
Their message offers a preview of their party’s economic messaging leading up to November’s midterms.
As Takaichi visits, Iran preoccupies White House
Trump’s meeting with Japan’s prime minister, which otherwise would have been about China and trade, will now focus on the war in the Middle East.
FBI investigates intelligence aide who resigned over war
Inquiry focuses on alleged leaks.
How the US economy will cope with the Iran war
Moody’s Analytics forecast the probability of a recession in the next year at 49%, driven largely by higher oil prices.
Stocks fall on Fed chair’s pessimism
“We had the tariff shock, we had the pandemic, and now we have an energy shock of some size and duration” amid war in Iran, Jerome Powell said at a news conference.
Gabbard’s standing intact amid mixed signals on Iran
The director of national intelligence appeared on the Hill one day after the public resignation of a top aide over the war.
Republicans grow more frustrated with Justice Department’s Fed probe
Sen. Thom Tillis, R-N.C., told Semafor that lawmakers won’t advance Trump’s pick for chair “until 292 days expires or the investigation does.”
Paul to oppose Mullin’s confirmation — but won’t block him
The two Republican senators sparred during Mullin’s hearing to become Homeland Security secretary
Business
Clodagh Kilcoyne/Reuters
PwC US boss tells staff to embrace AI
Like many other consultancy firms, PwC faces major disruption from AI.
Clodagh Kilcoyne/ReutersStarbucks CEO Brian Niccol on leading through turnarounds
Why do some CEOs run toward the hardest challenges in business?
Oil prices top $110 a barrel
Oil prices ticked up further after Iran and Qatar accused Israel of attacking a vast natural gas field the Gulf countries share.
US Fed expected to hold rates despite inflation fears
Policymakers must balance a soft labor market with intensifying concern that rising global energy costs will drive consumer-price growth.
China eyes Hong Kong IPO curbs
The pressure could dent Hong Kong’s IPO market, which had only recently gained momentum.
Technology
Joey Pfeifer/Semafor
Association for Computing Machinery
Humans — not AI — are to blame for deadly Iran school strike, sources say
The US missile attack is fueling global debate over AI and the military.
Joey Pfeifer/SemaforTuring Award goes to inventors of ‘quantum cryptography’
Computing’s prestigious Turing Award went to two men who created a way of keeping digital communication safe even in the age of quantum computers.
Association for Computing MachineryWanted: Experts in human emotion
The rise of sophisticated AI has created a sub-industry of specialist data providers who impart specialist information to help train large language models.
Autonomous labs seek to solve information ‘overload’
Humans are struggling to keep up with the tens of thousands of new scientific research papers submitted each year, and one startup says we should quit while we’re behind.
We’re all living inside Jensen Huang’s ‘triangle’
In this industry, “if you aren’t running, you’re being eaten,” Huang said.
Palantir CTO says US has ‘lost deterrence’
Shyam Sankar also argued that it’s in the “national interest” for AI companies to work with the Pentagon.
Energy
Stringer/File Photo/Reuters
Stringer/Reuters
Stringer/File Photo/Reuters
China could tap oil reserves as supply disruptions deepen
China is close to tapping its vast commercial oil reserves as supply disruptions from the Iran conflict grow more acute, an industry consultant said.
Stringer/File Photo/ReutersOil prices top $110 a barrel
Oil prices ticked up further after Iran and Qatar accused Israel of attacking a vast natural gas field the Gulf countries share.
Stringer/ReutersNations seek alternative oil transport routes
Experts say the crisis could reshape energy markets in the long-term.
Stringer/File Photo/ReutersGulfStringer/Reuters
Oil prices top $110 a barrel
Oil prices ticked up further after Iran and Qatar accused Israel of attacking a vast natural gas field the Gulf countries share.
Stringer/ReutersIsrael kills Iran intel chief
Esmail Khatib’s death came within 24 hours of Israeli strikes taking out Iran’s security chief and the head of its feared paramilitary force.
Abraham Accords will expand through defense cooperation
Spurred on by conflict with Iran, Israel and some Gulf countries are building a defense-tech corridor that could reshape the Middle East.
Kuwait detains 16 people accused of Hezbollah ties
The interior ministry made a splash by publicly displaying the suspects’ guns, bullets, and other seized contraband.
UAE seeks to shore up reputation as tax haven
The UAE’s Federal Tax Authority is considering relaxing rules so that expats can spend more time abroad without losing their tax status.
Africa
Aaron Chown/Pool via ReutersPeng Lijun/Xinhua via Getty Images
Nigeria’s president eyes trade boost on UK visit
Bola Tinubu is seeking to shore up Nigeria’s economy amid mounting uncertainty sparked by the war in Iran.
Aaron Chown/Pool via ReutersAfrica weighs Trump’s ‘commercial diplomacy’ versus sovereignty
Zambia is closely reviewing a multibillion-dollar deal that could grant the US access to key minerals in exchange for support and citizens’ health data.
Peng Lijun/Xinhua via Getty ImagesTinubu boosted by bank recapitalization, oil prices
Nigerian officials hope the upbeat message burnishes the president’s credentials as a reformer.
Guinea mulls bauxite export quotas to mitigate price slump
The West African country, the world’s top bauxite producer, has been hit by rising shipping costs too.
Africa’s rising spending on Chinese surveillance tech
More than $2 billion has been spent on facial recognition and car-tracking technologies in 11 African countries.
Chinese firm strikes $4.2B Ethiopia gas deal
The firm will supply natural gas to a planned fertilizer plant in Ethiopia.
Security
Majid Asgaripour/WANA (West Asia News Agency) via Reuters
Omar Sanadiki/Reuters
DVIDS/Handout via Reuters
Israel kills Iran intel chief
Esmail Khatib’s death came within 24 hours of Israeli strikes taking out Iran’s security chief and the head of its feared paramilitary force.
Majid Asgaripour/WANA (West Asia News Agency) via ReutersIsrael kills powerful Iran security chief
Ali Larijani ran Iran’s national security council and was seen as the country’s de facto leader after the former ayatollah was assassinated.
Omar Sanadiki/ReutersIran’s asymmetric warfare challenges US
The US is confronting its limitations in dealing with Iran’s asymmetric warfare, analysts argued.
DVIDS/Handout via ReutersMedia
Gary Miller/FilmMagic
Newsom calls FCC chairman’s threats ‘sick’
The California governor argued people from all political perspectives should be concerned about federal regulators weighing in on news content.
Gary Miller/FilmMagicWhy (and how) everyone is cold-calling the president
Plus, what happened when Semafor’s Max Tani gave him a ring.
Oscars mask a Hollywood in crisis
As Hollywood celebrates the Oscars on Sunday, the glitz masks a deeper crisis for the entertainment industry: rising production costs.
AI is the latest gatekeeper between brands and buyers
Companies are now writing ad copy for bots, not people, and those bots are telling consumers what products to buy.
Hasan Piker on streaming all day, his relationship with Zohran Mamdani, and the lefty media machine
Since 2018, Hasan Piker has gone from streaming alone in his bedroom to becoming one of North America’s most influential leftist creators.
CEO Signal
Courtesy of BETA/Joey Pfeifer/Semafor
Courtesy of Upwork/Joey Pfeifer/Semafor
Courtesy of Robinhood/Joey Pfeifer/Semafor
How Kyle Clark got BETA’s air taxis ready for takeoff
The electric aircraft company’s CEO has a ‘burn-the-boats’ approach to decision-making.
Courtesy of BETA/Joey Pfeifer/SemaforUpwork’s CEO on the AI agents that try to hire human workers
Hayden Brown sees the pairing of technology and human “orchestrators” redefining workforces.
Courtesy of Upwork/Joey Pfeifer/SemaforWhy Vlad Tenev thinks you’ll want Robinhood’s ‘James Bond’ credit card
A platinum-plated physical product advances the broker’s bid to become a financial “super app.”
Courtesy of Robinhood/Joey Pfeifer/SemaforAD