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Intelligence for the New World Economy
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The World at a Glance
Updated 7:05am EDT
1
The Iran war is accelerating the energy transition as governments race to reduce reliance on fossil-fuel supply chains.
2European tourism faces a tough summer as the closure of the Strait of Hormuz squeeze global jet fuel supplies.
3The Trump administration said it did not have to seek Congressional approval for the Iran war, citing the ceasefire.
4Republican leaders are rushing to redraw congressional maps after the US Supreme Court limited the use of race in districting.
5Two new trade deals that come into effect today suggest a global rebalancing of commerce away from the US.
6US drug making giant Eli Lilly’s first-quarter profits doubled, as sales of GLP-1 weightloss drugs soared globally.
House could soon follow Senate in banning lawmakers from prediction markets
The Senate earlier unanimously passed a ban on senators trading on prediction markets Thursday.
Kylie Cooper/Pool via Reuters Semafor launches Silicon Valley & The World
New initiative will connect the builders of transformative technologies with the global leaders shaping their consequences.
Sanders keeps shaping Senate candidacies in his mold
The Vermont Independent is going back to the stump for progressives in Minnesota and Michigan after a proxy win in Maine.
Ryan Murphy/ReutersBondholders took on Trump — and won again
Spirit Airlines’ failed government bailout shows the limits of Trump’s no-recourse business approach.
REUTERS/Marco BelloDemocratic senator urges Rubio not to end Ethiopia food aid
Jeanne Shaheen warned of a potential “humanitarian catastrophe” should US aid be reduced amid renewed tensions in the northern Tigray region.
US Secretary of State Marco Rubio. Ken Cedeno/Reuters.China’s soft power play in Africa
China’s scrapping of import tariffs from 53 African countries burnishes its reputation as a trusted trade ally in stark contrast to Washington.
Chinese leader Xi Jinping and Kenyan President William Ruto. Iori Sagisawa/Pool via Reuters.Democrats wrestle over campaign agenda: ‘You can’t just be anti-Trump’
Even if they can find middle ground, there’s the question of the best messenger for a party that lacks a clear leader.
Reuters
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Politics
Kevin Lamarque/ReutersRyan Murphy/Reuters 
Sean Gardner/Reuters
Trump seeks to deflate Iran authorization push by telling Congress war is over
It’s a technical argument under the War Powers Act that’s designed to dissuade lawmakers who were getting interested in a debate.
Kevin Lamarque/ReutersSanders keeps shaping Senate candidacies in his mold
The Vermont Independent is going back to the stump for progressives in Minnesota and Michigan after a proxy win in Maine.
Ryan Murphy/ReutersProgressive megadonors bet big on content creators
Democracy Alliance is urging members to commit eight-figure donations to a new liberal media fund, according to details shared with Semafor.
Sean Gardner/ReutersDebatable: Trump’s White House ballroom
Lawmakers are debating whether the ballroom could solve the security problem — and how to fund it.
House could soon follow Senate in banning lawmakers from prediction markets
The Senate earlier unanimously passed a ban on senators trading on prediction markets Thursday.
Democrats wrestle over campaign agenda: ‘You can’t just be anti-Trump’
Even if they can find middle ground, there’s the question of the best messenger for a party that lacks a clear leader.
Republicans plan ‘all-out assault’ on Platner’s candidacy in Maine
The GOP is readying a barrage of negative attacks on the Democratic Senate candidate.
Bipartisan pair of senators introduces prediction markets bill
The proposal would specifically define terms like event contracts while also requiring exchanges to implement safeguards against advertising, illicit finance, and fund segregation.
Supreme Court sparks a bipartisan redistricting rush
Lawmakers in both parties are endorsing plans to wipe out their rivals in states they control, with few voices of caution.
Trump reportedly weighs renewed Iran attacks
Worries that the conflict could resume drove benchmark oil prices above $126 a barrel.
Schiff tests GOP ahead of Iran war’s 60th day
Republicans are talking a lot about their concerns with an unauthorized war after more than 60 days, and the California Democrat says this is their chance to act.
BusinessREUTERS/Marco Bello
Bondholders took on Trump — and won again
Spirit Airlines’ failed government bailout shows the limits of Trump’s no-recourse business approach.
REUTERS/Marco BelloAI Is changing the price of work
The pre-AI economy ran on inputs. That’s about to change.
Investors grapple with Big Tech’s AI spending spree
US stocks on Thursday wrapped up their best month since 2020, as investors shrugged off disruptions from the Iran war and picked winners and losers in Big Tech.
FCC’s Disney probe divides Republicans
The accusations of censorship from some Republicans suggest Brendan Carr misjudged the appetite for a crackdown on speech.
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.
Technology
Steve Marcus/Reuters
Sam Altman appears in the courthouse to attend the trial in Oakland. Manuel Orbegozo/Reuters.
C-suite exodus at Boston Dynamics
Former employees said the executives were pushed out by a board of directors critical of the company’s narrowing lead against its competitors.
Steve Marcus/ReutersElon Musk admits xAI distilled OpenAI models
Distilling is the process of using a larger, more powerful model to create synthetic data that can be used to train another one. The practice is becoming less and less accepted in the tech world.
Sam Altman appears in the courthouse to attend the trial in Oakland. Manuel Orbegozo/Reuters.China doubles down on pledge for AI self-reliance
Beijing wants to be able to wall itself off from foreign suppliers and hold on to cutting-edge IP in its AI race with the US.
AI outperforms doctors in ER diagnoses
Researchers tested an OpenAI model which achieved a correct or close-to-correct diagnosis in 67% of cases, compared to 55% for physicians.
Investors grapple with Big Tech’s AI spending spree
US stocks on Thursday wrapped up their best month since 2020, as investors shrugged off disruptions from the Iran war and picked winners and losers in Big Tech.
AI investment props up US GDP growth
US GDP rose 2% in the first three months of 2026, new data showed Thursday, driven by AI investment.
Energy
Carlos Barria/Reuters
Kevin Lamarque/Reuters
Staff/Reuters
Sixty nations agree to landmark climate accord
Nearly 60 nations this week moved toward phasing out oil, gas, and coal, in a climate summit that aimed to accelerate a global shift toward renewables.
Carlos Barria/ReutersClimate tech startups turn to AI
AI is becoming harder to avoid across climate tech in general, and solar developers in particular face narrowing margins.
Kevin Lamarque/ReutersUAE’s OPEC exit deals major blow to oil cartel
Abu Dhabi argued the move would allow it to act more independently in its “long-term strategic and economic vision.”
Staff/ReutersGulf
Poster of former IRGC commander Qassem Soleimani and Iraqi militia commander Abu Mahdi al-Muhandis in Baghdad. Ahmed Saad/Reuters
America’s Iraq failure is haunting Trump’s war with Iran
Iraqi militia attacks on Gulf states show how US failures in Iraq are complicating the Iran war.
Poster of former IRGC commander Qassem Soleimani and Iraqi militia commander Abu Mahdi al-Muhandis in Baghdad. Ahmed Saad/ReutersAbu Dhabi’s Orbitworks plans $1 billion spend on satellite expansion
Space firm signs deal with French government as it looks to build an AI-powered satellite cluster.
Saudi Arabia brings medieval cartography, and Yoko Ono, to Venice
Thirteenth-century maps, first-century incense burners, and new commissions from Yoko Ono and Wael Shawky are coming together in Saudi’s Venice exhibition.
Abu Dhabi saw prewar property boom with best-ever first quarter
Sales in the first three months of 2026 were almost half of the total figure for 2025, according to the sector’s regulator ADREC.
Saudi-backed epic flops at box office in the US
Desert Warrior, a Saudi-backed movie that reportedly cost about $150 million to make, only brought in $472,000 in its opening weekend.
China
China Daily via Reuters
Florence Lo/Reuters
Xiaoyu Yin/Reuters
Chinese manufacturing activity expands for second month
The figure suggests higher oil prices haven’t blunted industrial momentum.
China Daily via ReutersChina tech startups feel chilling effect after Beijing blocks Manus sale
The move could factor into a planned summit between the countries’ leaders next month.
Florence Lo/ReutersBYD profits plunge on domestic price wars
BYD’s discounts in March hit their highest level in years.
Xiaoyu Yin/ReutersAfricaChinese leader Xi Jinping and Kenyan President William Ruto. Iori Sagisawa/Pool via Reuters. US Secretary of State Marco Rubio. Ken Cedeno/Reuters.
China’s soft power play in Africa
China’s scrapping of import tariffs from 53 African countries burnishes its reputation as a trusted trade ally in stark contrast to Washington.
Chinese leader Xi Jinping and Kenyan President William Ruto. Iori Sagisawa/Pool via Reuters.Democratic senator urges Rubio not to end Ethiopia food aid
Jeanne Shaheen warned of a potential “humanitarian catastrophe” should US aid be reduced amid renewed tensions in the northern Tigray region.
US Secretary of State Marco Rubio. Ken Cedeno/Reuters.Zambia cancels digital rights summit over China Taiwan tension
The event, which was due to take place in Lusaka next week, was reportedly canceled following pressure from Chinese authorities.
Botswana hikes interest rates on Iran war inflation
The country is the first in Africa to increase its interest rates — from 3.5% to 5.5% — because of inflation sparked by the Iran war.
Standard Chartered Bank inks $2.3B in funding for Tanzania rail project
The 1,200-kilometer (745-mile) line will connect the main port of Dar es Salaam to cargo transportation routes in other East African countries.
New York African Film Festival opens with star-studded lineup
The 33rd edition of the event includes films by Hollywood star Idris Elba and Congolese music legend Fally Ipupa.
Security
Ramil Sitdikov/Reuters
US Central Command/Handout via Reuters
Quetzalli Nicte-Ha/Reuters
Backlash swells to Russia web crackdown
More ordinary Russians are starting to speak out, in a rare chorus of dissent.
Ramil Sitdikov/ReutersTrump reportedly weighs renewed Iran attacks
Worries that the conflict could resume drove benchmark oil prices above $126 a barrel.
US Central Command/Handout via ReutersMexico arrests cartel leader amid widening gang crackdown
Mexican President Claudia Sheinbaum intensifies her gang crackdown.
Quetzalli Nicte-Ha/ReutersMedia
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.
FCC challenges ABC broadcast licenses
The move could strip ABC of its ability to broadcast to stations across the country following Jimmy Kimmel’s “expectant widow” monologue comments.
What’s next for Letterboxd?
The controlling investor in Letterboxd, the cinephile social platform, is looking to sell its stake.
LeBron James is getting ready for his post-NBA media career, partner says
In an appearance at last week’s Semafor World Economy gathering, Maverick Carter said that changes in the tech and media landscape will allow James some flexibility in terms of his next moves once he retires — which could be as soon as later this month.
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