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Intelligence for the New World Economy
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The World at a Glance
Updated 7:51am EDT
1
France sent its only aircraft carrier to the Arabian Gulf, amid hopes that a peace deal between the US and Iran is on the horizon.
2Airline officials warned of further price spikes if the Iran war continues as the cost of jet fuel surges.
3Flights coming in and out of the Gulf are slowly resuming, though tourism remains at record lows.
4Britain goes to the polls today in local elections that will be seen as a referendum on Keir Starmer’s leadership.
5Japan is seeking to boost its military alliances in Asia, as Chinese aggression ups concerns in the region.
6The US authorized Venezuela to hire advisers to help it restructure debt it defaulted on, underscoring Washington’s clout in the region.
The Chokepoint Economy: CEOs say the US is resilient — but markets are underpricing risks
The gap in expectations between CEOs running retailers, industrial giants, and other “real economy” companies and Wall Street financiers has grown.
Inside Lutnick’s Epstein testimony
A spokesperson said the commerce secretary answered nearly 400 questions.
Jonathan Ernst/Reuters Rubio lands in Italy at difficult moment
President Donald Trump has recently criticized Italian Prime Minister Giorgia Meloni.
Evan Vucci/Reuters Collins launches first general election ad in Maine
The ad nods to her seniority as Senate Appropriations chair and her sway in Washington.
Screenshot/YouTube/Susan CollinsAnthropic’s tie up with Elon Musk paves way for space data centers
The partnership hands a big win to OpenAI’s biggest competitor at the peak of Musk’s public feud with OpenAI.
Joe Skipper/ReutersOld news: Why a former New York Times editor blocked Epstein Pulitzer
“Not the best entry,” Joe Sexton told Semafor, referencing Miami Herald investigative reporter Julie Brown’s 2018 series that effectively reopened the Epstein investigation.
Aaron Schwartz/ReutersLutnick faces grilling on Epstein relationship
The commerce secretary is likely to face pointed questions from lawmakers about the nature and extent of his Epstein connections.
Jonathan Ernst/Reuters 
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PoliticsJonathan Ernst/Reuters Screenshot/YouTube/Susan Collins 
Kylie Cooper/Reuters
Inside Lutnick’s Epstein testimony
A spokesperson said the commerce secretary answered nearly 400 questions.
Jonathan Ernst/Reuters Collins launches first general election ad in Maine
The ad nods to her seniority as Senate Appropriations chair and her sway in Washington.
Screenshot/YouTube/Susan CollinsGraham’s Democratic opponent hits him on ballroom funding
“That will go over like a lead balloon in South Carolina,” Democratic challenger Annie Andrews said of the ballroom funds.
Kylie Cooper/ReutersRubio lands in Italy at difficult moment
President Donald Trump has recently criticized Italian Prime Minister Giorgia Meloni.
Stocks climb on US-Iran deal hopes
Stocks climbed globally and oil prices fell on optimism that the US and Iran were nearing an end to their stalemate in the Strait of Hormuz.
Republicans prepare for long-term redistricting domination
The “gerrymandering wars” have gone better than Democrats expected at the start, but they shouldn’t celebrate yet.
Left-wing groups targeted in new Trump counterterrorism plan
It’s the first version of the strategy released during the president’s second term.
Macron threatens ‘bazooka’ in US trade talks
US President Donald Trump threatened last week to increase tariffs on European vehicles, accusing the bloc of reneging on an agreed deal.
Lutnick faces grilling on Epstein relationship
The commerce secretary is likely to face pointed questions from lawmakers about the nature and extent of his Epstein connections.
CFTC eyes Minnesota as next front for prediction markets fight
Chair Mike Selig is monitoring states that advance legislation that would ban or regulate prediction markets.
GOP risks ‘distraction and liability’ with East Wing money
Republicans’ party-line immigration bill provides $1 billion for securing President Donald Trump’s East Wing project.
Business
Brendan McDermid/Reuters
Where is Ryan Cohen’s highly confident letter?
For something that is supposed to publicly inspire confidence, few people have seen it.
Brendan McDermid/Reuters Novo Nordisk shares rise on strong demand for GLP-1 pill
Novo Nordisk’s new weight loss pill is proving more popular than expected.
Americans are still spending on deliveries and resorts
Spending among Americans is holding up despite the volatility of the Iran war — at least according to two giant US consumer brands.
Ryan Cohen’s incoherent bid for eBay, and confidence at Milken
The Milken Institute Global Conference is the annual home of ambition untethered from arithmetic.
Wall Street remains bullish on AI
AI is extending its reach on Wall Street as companies exhibit strong demand for the tech and reshape their workforces around it.
TechnologyJoe Skipper/Reuters 
Courtesy of Familiar
Anthropic’s tie up with Elon Musk paves way for space data centers
The partnership hands a big win to OpenAI’s biggest competitor at the peak of Musk’s public feud with OpenAI.
Joe Skipper/ReutersiRobot founder faces Chinese market again
Colin Angle says he’s learned his lessons in competing with China.
Courtesy of FamiliarThe investment banking AI push is a rising tide
Frontier Al labs are slowly encroaching on well-funded startups that have served companies’ industry-specific AI needs.
Little-known materials startup Intalus raises $11M seed round
Intalus’ invention is going to become increasingly important in an economy that is asking more of the physical world.
Companies have already lost control of workplace AI
The utility-to-risk ratio in AI has shifted so far toward utility that companies have already lost control.
UK Google DeepMind staff vote to unionize
The UK staff of Google DeepMind voted to unionize amid concerns of the company’s deal with the US Department of Defense.
Energy
Andrew Wong ASW/TW/Reuters
Chalinee Thirasupa/Reuters
Amirhosein Khorgooi/ISNA/WANA/Reuters
Trees counter half of the world’s urban heating, study finds
The cooling effect of trees, however, is concentrated precisely where it’s less needed.
Andrew Wong ASW/TW/ReutersRare Earth Americas bets on Trump-backed mining boom
Rare Earth Americas listed on the New York Stock Exchange, the first rare earths mining venture to go public in the US since 2010 via a traditional listing.
Chalinee Thirasupa/ReutersOil drops on renewed hopes for US-Iran talks
US gasoline prices continued to rise, however, with Donald Trump running out of moves to lower them.
Amirhosein Khorgooi/ISNA/WANA/ReutersGulf
Abu Dhabi’s ADGM. Courtesy of ADGM.
Leading hedge fund manager opens Abu Dhabi office
Fund managers are committing to the UAE’s financial centers despite the uncertainty caused by the Iran conflict.
Abu Dhabi’s ADGM. Courtesy of ADGM.UAE visa rules exclude stablecoin salaries despite crypto push
Such policies matter more now than they did a few months ago, as the Gulf’s pitch to attract expatriates has been undermined by the Iran war.
Saudi non-oil economy returns to growth in April, PMI shows
Domestic sales and government largesse are driving the upturn, but activity is still affected by supply chain disruptions and businesses deferring spending.
Saudi quarterly deficit highest since 2018
Spending on new projects surged by more than 50% compared to a year earlier, with military and transport outlays also up significantly.
Aramco’s archival footage shows first ever Saudi oil shipment
The footage shows Saudi Arabia’s founding father King Abdulaziz turning the valve of a tanker, enabling the first shipment of Saudi oil to leave on May 1, 1939.
China
China’s Ministry of Foreign Affairs/Handout via Reuters
Andrew Boyers/Reuters
Brian Snyder/File Photo/Reuters
China renews call for the Strait of Hormuz to reopen
China pushed for the reopening of the Strait of Hormuz after hosting Iran’s foreign minister, an exchange that reflected Beijing’s fraught position in the conflict.
China’s Ministry of Foreign Affairs/Handout via ReutersChina eyes soft power growth with major snooker win
Wu Yize won the World Snooker Championship, a competition traditionally dominated by Europeans.
Andrew Boyers/ReutersChina becomes a scapegoat for US data center backlash
China is playing a growing role in US discourse over domestic tech growth and regulation.
Brian Snyder/File Photo/ReutersAfrica
Stringer/Reuters
Kepseu/Xinhua via Getty Images
Africa seeks self-reliance as Iran war exposes vulnerabilities
Countries are looking to increase oil and gas production along with fertilizers, all hit by the closure of the Strait of Hormuz.
Stringer/ReutersChina’s Digital Silk Road tightens grip on Africa
China has been the lynchpin in the rollout of transformative technologies in Africa over the past decade, while other nations have fallen behind.
Kepseu/Xinhua via Getty ImagesUgandan pop star-turned-opposition figure Bobi Wine outlines artistic influences
Wine said that art remains central to dissent despite censorship under Ugandan President Yoweri Museveni.
Nearly 8 million South Africans use crypto: report
South Africans increasingly see cryptocurrencies as an investment option to supplement traditional assets like stocks and properties.
US plans to reopen ties with Eritrea
The potential move marks the country’s rising strategic importance along the Red Sea shipping route, one of the world’s busiest transport lanes.
Canal+ faces test in South Africa following $2B Multichoice acquisition
The South African pay TV group is preparing to face antitrust regulators over decade-old allegations of collusion.
Security
Christian Mang/ReutersChina’s Ministry of Foreign Affairs/Handout via Reuters 
Sputnik/Alexander Kazakov/Pool via Reuters
Germany’s Merz marks one year in office
Germany’s chancellor is falling behind on his core goals one year into his tenure, analysts said.
Christian Mang/ReutersChina renews call for the Strait of Hormuz to reopen
China pushed for the reopening of the Strait of Hormuz after hosting Iran’s foreign minister, an exchange that reflected Beijing’s fraught position in the conflict.
China’s Ministry of Foreign Affairs/Handout via ReutersKremlin enacts new security measures on assassination fears
Russian President Vladimir Putin is reportedly increasingly fearful of assassination attempts.
Sputnik/Alexander Kazakov/Pool via ReutersMediaAaron Schwartz/Reuters
Old news: Why a former New York Times editor blocked Epstein Pulitzer
“Not the best entry,” Joe Sexton told Semafor, referencing Miami Herald investigative reporter Julie Brown’s 2018 series that effectively reopened the Epstein investigation.
Aaron Schwartz/ReutersDispatch exec departs amid uncertainty
Mike Rothman’s exit comes as The Dispatch has explored a potential sale.
How the Fox News hawks got back in Trump’s good graces
And how Marc Thiessen saved Ukraine.
Johnny Harris on building a journalism project that doesn’t sell out
Harris joins Mixed Signals to break down how he went from selling his own plasma to running a YouTube channel with over 7 million subscribers
How the WHCD shooting laid bare the media’s trust crisis
I was at the White House Correspondents’ Association dinner. Some number of people are convinced we’re not getting the real story.
CEO Signal
Courtesy of Government of Dubai/Joey Pfeifer/Semafor
Courtesy of Hilton/Joey Pfeifer/Semafor
Dan Schulman’s plan to get Verizon back in the fight
“If somebody’s going to punch me, I’m going to punch back,” Verizon CEO Dan Schulman says in this episode of The CEO Signal.
How Dubai’s Hadi Badri builds confidence in a crisis
The Dubai Economic Development Corp. CEO says data, proactive engagement, and long-term goals can turn the Iran conflict into a “speed bump.”
Courtesy of Government of Dubai/Joey Pfeifer/SemaforHilton’s Chris Nassetta on why CEOs should ‘lift above the noise’
The longstanding leader says it’s critical to avoid “jerking the wheel.”
Courtesy of Hilton/Joey Pfeifer/SemaforAD