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Intelligence for the New World Economy
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The World at a Glance
Updated 6:31pm EDT
1
Iran warned of retaliation after US strikes targeted boats and missile launch sites, imperiling already tenuous peace talks.
2BP abruptly ousted Chair Albert Manifold, citing “serious” governance and conduct concerns.
3Surging chip stocks are increasingly warping global stock markets and producing winners and losers.
4China and its tech giants are racing to protect their top AI talent, as competition intensifies at home and with the US.
5Iran is starting to restore internet access after a nearly three-month blackout that reshaped the country’s economy.
6A strong El Niño event is contributing to record-high temperatures, just as many countries are struggling with high energy prices.
Pam Bondi gets unusual representation
Assistant Attorney General for Civil Rights Harmeet Dhillon has been serving as the former attorney general’s lawyer.
Kevin Lamarque/Reuters Paramount appears to sway DOJ staff on Warner Bros. takeover
US antitrust regulators appear to approve Paramount’s $110 billion studio deal after a two-hour meeting at the Justice Department Tuesday, people familiar with the matter said.
Mike Blake/Reuters Iran threatens retaliation after US strikes
Tehran said Washington’s attacks, which the US called “self-defense strikes,” violated the countries’ ceasefire.
Majid Asgaripour/WANA (West Asia News Agency) via ReutersWhite House calls Abraham Accords a ‘complement’ to Iran war deal
The White House is qualifying the president’s call for an array of other Middle Eastern nations to normalize relations with Israel as part of any deal to end the Iran war.
BP ousts chair over conduct concerns
BP abruptly ousted Albert Manifold citing “serious” governance and conduct concerns.
Luke MacGregor/Reuters‘Circular firing squad’: Democrats question state conventions after Michigan debacle
The party is reevaluating its nominating practices that some warn could result in activist-driven sideshows.
Jim West/UCG/Universal Images Group/Getty ImagesChina’s rising memory chip sector creates dilemma for US tech firms
Chinese firms CXMT and YMTC are gaining ground because South Korean and American chip giants can’t keep pace with AI demand.
Dado Ruvic/Illustration/Reuters
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Politics
Adam Gray/ReutersKevin Lamarque/Reuters 
Evan Garcia/Reuters
Teachers aren’t getting formal guidance on AI, poll finds
Only 18% of K-12 teachers reported receiving formal guidance from administrators on how AI tools should be used across various classroom tasks.
Adam Gray/ReutersPam Bondi gets unusual representation
Assistant Attorney General for Civil Rights Harmeet Dhillon has been serving as the former attorney general’s lawyer.
Kevin Lamarque/Reuters Republicans try to coalesce around Paxton after Cornyn loss
Party leaders in Washington had deemed Sen. John Cornyn the more electable candidate, but Republicans can’t afford to lose that seat and keep their majority.
Evan Garcia/Reuters Iran threatens retaliation after US strikes
Tehran said Washington’s attacks, which the US called “self-defense strikes,” violated the countries’ ceasefire.
White House calls Abraham Accords a ‘complement’ to Iran war deal
The White House is qualifying the president’s call for an array of other Middle Eastern nations to normalize relations with Israel as part of any deal to end the Iran war.
‘Circular firing squad’: Democrats question state conventions after Michigan debacle
The party is reevaluating its nominating practices that some warn could result in activist-driven sideshows.
Sen. Schiff takes on Trump’s ‘anti-weaponization’ fund
The California Democrat called the fund “the most brazen act of self-dealing corruption we’ve ever seen.”
Republican Congress faces major pileup before midterms
It’s not clear how Republicans will handle opposition to the Trump administration’s $1.8 billion “anti-weaponization” fund.
‘Life by 1,000 Band-Aids’: Trump has no good options to tame inflation
The economic reality that could doom his party in November is not easy to fix, as Joe Biden learned.
Iran deal status remains uncertain
The fate of an Iran peace deal remained uncertain Monday, as both Washington and Tehran offered conflicting signals on progress.
No ‘immediate’ tariffs on semiconductors
The US will not impose tariffs on semiconductors in the near future, US Trade Representative Jamieson Greer said Friday.
Business
Maxim Shemetov/Reuters
Surging chip stocks warp global markets
Chip giant TSMC’s rally largely drove Taiwan to become the world’s fifth-largest equity market this week, surpassing India, seen as an AI laggard.
Maxim Shemetov/ReutersLyft is coming for corporate travel
CEO David Risher told Semafor he’s already speaking with CEOs like United Airlines’ Scott Kirby about bundling Lyft with other corporate travel perks.
Vail Resorts’ CEO Rob Katz says he won’t hedge the weather on prediction markets
The biggest risk to Vail Resorts’ ski business is the weather, but Katz says hedging it in the markets “is not as simple as it might look.”
The future of AI is an AI futures market
Wall Street is building a way for traders to buy and sell the processing power that underpins AI like the way they bet on the fluctuating price of a barrel of oil.
US consumer sentiment falls as Dow hits record
The gulf between US stocks and Americans’ spirits keeps widening.
Technology
Majid Asgaripour/WANA (West Asia News Agency) via Reuters
Tingshu Wang/Reuters
Iran starts restoring web access after monthslong blackout
Tehran cut its public off from the web shortly after the US and Iran struck the country in late February.
Majid Asgaripour/WANA (West Asia News Agency) via ReutersChina’s AI talent war heats up
China and its tech giants are racing to protect their top AI talent, as competition intensifies at home and with the US.
Tingshu Wang/ReutersIran is using Chinese censorship tech
Beijing appears to be exporting the technology that powers its cutting-edge firewall.
Chinese AI startup DeepSeek slashes price of flagship model
DeepSeek made a 75% discount on its flagship model permanent, intensifying an AI price war.
Google’s Nick Fox on remaking its search engine
“It’s been clear that people don’t want incorrect information — and so that bedrock of trust and accuracy has served us well.”
Waymo suspends services in six US cities after flooding
Waymo suspended service in six US cities after its driverless cars drove on flooded roads during storms last week.
Energy
Alice Sacco/ReutersLuke MacGregor/Reuters 
Strong El Niño produces record temperatures
The hot weather arrives just as many countries are struggling with high energy prices.
Alice Sacco/ReutersBP ousts chair over conduct concerns
BP abruptly ousted Albert Manifold citing “serious” governance and conduct concerns.
Luke MacGregor/ReutersFerrari unveils new EV model
The company’s share price crashed 6% after the Luce was revealed.
Gulf
Steve Nesius/Reuters
Gulf’s SpaceX investors could be set for windfall following IPO
SpaceX’s IPO filing last week didn’t disclose details about regional investors, but even a 1% holding is set to be worth around $15 billion.
Steve Nesius/ReutersKuwait’s caution looks prescient in face of Iran war
While Abu Dhabi, Doha, and Riyadh pursued rapid transformation, Kuwait quietly built up its financial buffers.
The US relied on a spurned friend during the Iran war: Canada
The US embassy in the UAE had to improvise to help Americans without passports after its facilities came under fire.
Hajj pilgrimage to Mecca begins
Saudi Arabia has modernized some of the structures to accommodate more pilgrims and lower the heat, which can reach more than 50 degrees Celsius.
Iranians attend Hajj despite war
The fact that any Iranians are being allowed this year reaffirms Riyadh’s policy of not politicizing its guardianship of Islam’s holiest sites.
ChinaTingshu Wang/Reuters 
Tyrone Siu/Reuters
Majid Asgaripour/WANA (West Asia News Agency) via Reuters
China’s AI talent war heats up
China and its tech giants are racing to protect their top AI talent, as competition intensifies at home and with the US.
Tingshu Wang/ReutersChina cracks down on cross-border stock trading
The crackdown is partly intended to give Chinese authorities greater visibility into overseas stock trading by Chinese nationals so they can tax profits.
Tyrone Siu/ReutersIran is using Chinese censorship tech
Beijing appears to be exporting the technology that powers its cutting-edge firewall.
Majid Asgaripour/WANA (West Asia News Agency) via ReutersAfrica
A campaign poster depicting Senegal’s President Bassirou Diomaye Faye and Prime Minister Ousmane Sonko. Zohra Bensemra/File Photo/Reuters.
Senegal’s political avalanche
Senegal’s President Bassirou Diomaye Faye decision to fire his popular prime minister, Ousmane Sonko, has sparked a political crisis.
A campaign poster depicting Senegal’s President Bassirou Diomaye Faye and Prime Minister Ousmane Sonko. Zohra Bensemra/File Photo/Reuters.Benin’s new president focuses on economic prosperity
Romauld Wadagni, the former finance minister, promised to ensure citizens benefit from the growing strength of the country’s economy.
South Africa seeks 15-year AGOA extension
South African officials warned that short extensions of the free trade deal undermine investor confidence and disrupt regional manufacturing plans.
African Development Bank meets amid Iran war, Ebola
The week-long gathering is the first since Sidi Ould Tah, Mauritania’s former finance inister, was elected the lender’s president a year ago.
Kenya’s mobile money tax plans threaten M-Pesa growth
President William Ruto’s administration wants to impose a new 16% value-added tax on services by payment platforms.
How China forced Europe to reconsider Africa’s industrialization
As Europe seeks alternatives to Chinese manufacturing dominance, Africa has a chance to renegotiate its place in the global economy.
SecurityMajid Asgaripour/WANA (West Asia News Agency) via Reuters 
Anastasia Barashkova/Reuters
Iran starts restoring web access after monthslong blackout
Tehran cut its public off from the web shortly after the US and Iran struck the country in late February.
Majid Asgaripour/WANA (West Asia News Agency) via ReutersUS carries out fresh Iran strikes
American officials said an agreement with Tehran was still possible, arguing that the latest attacks were defensive.
Russia blocks online access to criminal records
The 15 million records showed an explosion in convictions for treason, espionage, and “cooperation with foreigners,” Meduza reported.
Anastasia Barashkova/ReutersMediaMike Blake/Reuters
Paramount appears to sway DOJ staff on Warner Bros. takeover
US antitrust regulators appear to approve Paramount’s $110 billion studio deal after a two-hour meeting at the Justice Department Tuesday, people familiar with the matter said.
Mike Blake/Reuters Thousands of journalists’ data exposed to dark web
More than half of the exposures contained personal information such as names, phone numbers, dates of birth, and addresses, per a new study from Proton.
Google’s Nick Fox on remaking its search engine
“It’s been clear that people don’t want incorrect information — and so that bedrock of trust and accuracy has served us well.”
California influencer disclosures offer a glimpse at how secret money distorts American politics
Tom Steyer’s campaign is making use of paid astroturfed social media support.
Democrats move to restore military paper’s independence
The new legislation from Senate Democrats aims to insulate Stars and Stripes from the Trump administration’s efforts to assert control.
CEO Signal
Courtesy of Match Group/Joey Pfeifer/Semafor
Courtesy of Becton Dickinson/Joey Pfeifer/Semafor
Why an anxious AI romantic now drives Match Group’s dating apps
CEO Spencer Rascoff uses digital “personas” to help the Tinder owner understand its users.
Courtesy of Match Group/Joey Pfeifer/SemaforHow syringe-maker BD is infusing AI into its medical devices
CEO Tom Polen is turning his 65,000 employees into lean manufacturing “problem-finders.”
Courtesy of Becton Dickinson/Joey Pfeifer/SemaforWhy Allstate’s Tom Wilson thinks CEOs should create more jobs with AI
The insurance industry veteran says executives have an obligation to do hard things.
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