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Intelligence for the New World Economy
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The World at a Glance
Updated 6:23pm EDT
1
US inflation jumped to 3.8% in April, its highest level since 2023, largely driven by the surge in fuel prices caused by the Iran war.
2Donald Trump said Iran must strike a deal or “be decimated,” as Gulf nations’ involvement in the war came into clearer view.
3Anthropic reportedly refused to give Beijing access to its latest model, reflecting deepening tech tensions between the US and China.
4The yuan hovered near a three-year high against the dollar, buoyed by expectations of stronger US-China ties.
5Foreign investors have pulled $21 billion out of Indian stocks in the last two months, as New Delhi feels the pain of the Iran war.
6OpenAI’s Sam Altman is facing heightened scrutiny thanks to a lawsuit from Elon Musk and a massive, planned IPO.
Democrat seeks to strip $1B for Trump ballroom from immigration bill
Sen. Jacky Rosen is proposing a measure to redirect the funds to law enforcement programs.
Jonathan Ernst/ReutersWho is, and isn’t, accompanying Trump to China
More noteworthy than who’s making the trip to Beijing with Trump this week is who isn’t.
Trump and Xi Jinping during a meeting in October 2025. Evelyn Hockstein/File Photo/Reuters. Banner credit: Andrew Caballero-Reynolds/AFP via Getty.US war on Iran elevates China’s role in the Gulf
Gulf states won’t weaken ties with Washington, but Beijing’s role in investment, trade, and security arrangements are poised to grow.
cnsphoto via ReutersParamount seeks to calm California’s creatives — and a litigious attorney general
Paramount is racing to reassure Hollywood that its takeover of Warner Bros. Discovery, with its HBO streaming service, isn’t aimed at killing movie theaters.
Mike Blake/File Photo/ReutersSouth Africa’s Ramaphosa turns to courts to stall impeachment
The South African leader pledged to challenge a decision by the country’s top court, which revived an impeachment inquiry against him.
South Africa’s President Cyril Ramaphosa. Adriano Machado/Reuters.Energy executives brace for prolonged spike in jet fuel prices
Even if the Strait of Hormuz reopened immediately and crude oil prices stabilize, it will take “months” for refineries to catch up, S&P Global Energy analysts wrote.
Gonzalo Fuentes/File Photo/ReutersTrump and the CEOs go to China
In Washington, a carefully constructed decade of political consensus on China policy lies in ruins.
Tingshu Wang/Reuters 
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Politics
Leah Millis/Reuters Jonathan Ernst/Reuters 
Kevin Lamarque/Reuters
Nvidia CEO joins Trump in China despite ‘awkward’ politics
The president initially left Jensen Huang out of the CEO delegation to dodge political tensions around chip sales to China.
Leah Millis/Reuters Democrat seeks to strip $1B for Trump ballroom from immigration bill
Sen. Jacky Rosen is proposing a measure to redirect the funds to law enforcement programs.
Jonathan Ernst/ReutersSenate advances Warsh’s Fed nomination
Senators are on track to confirm Kevin Warsh later this week following a surprisingly bipartisan vote Monday night.
Kevin Lamarque/Reuters ‘Boeing, beef and beans’: Senators shine light on Trump’s China dealmaking
Republican senators who held official meetings in Beijing last week talked about their hopes for the presidential visit.
Trump’s ballroom funding hits Republican turbulence
“The $1 billion dollars? I have questions,” said one Republican senator.
Bessent pays Japan third visit as secretary
Officials are expected to dig into the next phase of Japan’s pledge to invest $550 billion in the US strategic industrial base.
Trump invites CEOs of Tesla, Goldman, Apple, and others to China
More than a dozen CEOs, including top tech and finance leaders, were invited to join US President Donald Trump on his visit to China this week, according to a White House official.
Less climate talk, more growth: US progressives take a lesson from Canada
Sen. Elissa Slotkin and Pete Buttigieg were among the American Democrats who traveled north to learn from Prime Minister Mark Carney.
Young Americans pessimistic about job market, survey finds
Last year, 43% of Americans between the ages of 15 and 34 said it was a good time to find a job where they live, according to Gallup, a 12-point decline.
Groups sound alarm over possible Trump housing cut
Housing lenders and state agencies are raising concerns that administration officials could soon wind down an affordable housing program.
Iran war, ballroom funding debates hang over GOP agenda
Republicans are returning to a two-week sprint to finalize their $70 billion immigration enforcement bill.
Business
Francis Mascarenhas/File Photo/Reuters
Foreign investors pull out of India at record pace
Foreign investors have pulled $21 billion out of Indian stocks in the last two months, putting 2026 on track to be the worst year for outflows since the markets opened to overseas investment in 1993.
Francis Mascarenhas/File Photo/ReutersWho is, and isn’t, accompanying Trump to China
More noteworthy than who’s making the trip to Beijing with Trump this week is who isn’t.
The Fed’s most powerful economic lever is losing its edge
Whether Kevin Warsh cuts rates or not may matter less than anyone thinks.
The time for an eBay takeover was 10 years ago. Now, it’s better alone.
GameStop CEO Ryan Cohen’s bid for the company is perplexing at a time when its stock and profit margins have been growing steadily.
Paramount seeks to calm California’s creatives — and a litigious attorney general
Paramount is racing to reassure Hollywood that its takeover of Warner Bros. Discovery, with its HBO streaming service, isn’t aimed at killing movie theaters.
TechnologyLeah Millis/Reuters 
Manuel Orbegozo/Reuters
Nvidia CEO joins Trump in China despite ‘awkward’ politics
The president initially left Jensen Huang out of the CEO delegation to dodge political tensions around chip sales to China.
Leah Millis/Reuters OpenAI’s Altman under scrutiny amid trial, IPO plans
Sam Altman took the stand Tuesday in a trial against Elon Musk who has accused OpenAI of betraying its original nonprofit mission.
Manuel Orbegozo/ReutersSK official proposes AI dividend for citizens, spooking investors
A top South Korean official proposed that citizens should share in the profits of the country’s AI chip boom.
AI tensions loom over Trump-Xi meeting
The meeting comes as both countries race to create and adopt new AI models amid mounting cybersecurity fears.
The time for an eBay takeover was 10 years ago. Now, it’s better alone.
GameStop CEO Ryan Cohen’s bid for the company is perplexing at a time when its stock and profit margins have been growing steadily.
AI spending likely higher than suggested
The narrative so far has focused on capex, but an equivalent non-hardware spend is ramping up in parallel, bank economists said.
Energy
Maxim Shemetov/ReutersGonzalo Fuentes/File Photo/Reuters 
Chen Aizhu/File Photo/Reuters
China widens lead in global clean tech
An analysis of $1.1 trillion in global clean energy manufacturing investments between 2019 and 2025 found that more than half were made by Chinese companies.
Maxim Shemetov/ReutersEnergy executives brace for prolonged spike in jet fuel prices
Even if the Strait of Hormuz reopened immediately and crude oil prices stabilize, it will take “months” for refineries to catch up, S&P Global Energy analysts wrote.
Gonzalo Fuentes/File Photo/ReutersChina’s oil market stands up to Trump
The vast scale of China’s oil buying power will help Beijing undermine one of Trump’s favorite trade tactics.
Chen Aizhu/File Photo/ReutersGulf
Brian Snyder/File Photo/Reuters
Iran war draws in more Gulf nations
US President Donald Trump on Tuesday said Iran must strike a deal or “be decimated,” as Gulf nations’ involvement in the war came into clearer view.
Brian Snyder/File Photo/ReutersDubai real estate developer Emaar reports record sales despite Iran war
Founder Mohamed Alabbar said the results reflected the resilience of the UAE economy.
Qatar and UAE edge closer together with subsea cable project
Qatari telco Ooredoo Group and Dubai-based du plan to land the Fibre in the Gulf (FIG) subsea cable in the emirates.
UAE AI development faces bottlenecks, executives say
While access to chips has been a focus for Gulf states, other factors are also delaying progress.
Qatar sovereign wealth fund pledges $500M investment with General Atlantic
It’s the latest sign that the Gulf’s biggest funds are still actively seeking deals even as the closure of the Strait of Hormuz hits state revenues.
China
Dado Ruvic/Illustration/File Photo/Reuters
Evelyn Hockstein/File Photo/ReutersMaxim Shemetov/Reuters
A US-China currency war is simmering
The yuan hovered near a three-year high against the dollar Tuesday, buoyed by expectations of stronger US-China ties ahead of this week’s meeting between the countries’ leaders.
Dado Ruvic/Illustration/File Photo/ReutersAI tensions loom over Trump-Xi meeting
The meeting comes as both countries race to create and adopt new AI models amid mounting cybersecurity fears.
Evelyn Hockstein/File Photo/ReutersChina widens lead in global clean tech
An analysis of $1.1 trillion in global clean energy manufacturing investments between 2019 and 2025 found that more than half were made by Chinese companies.
Maxim Shemetov/ReutersAfricaSouth Africa’s President Cyril Ramaphosa. Adriano Machado/Reuters. 
Kenyan President William Ruto and French President Emmanuel Macron /Monicah Mwangi/Reuters
South Africa’s Ramaphosa turns to courts to stall impeachment
The South African leader pledged to challenge a decision by the country’s top court, which revived an impeachment inquiry against him.
South Africa’s President Cyril Ramaphosa. Adriano Machado/Reuters.Why Macron is pushing France for an Africa strategy reset
French President Emmanuel Macron and tens of other heads of state are gathering for the Africa Forward Summit in Kenya.
Kenyan President William Ruto and French President Emmanuel Macron /Monicah Mwangi/ReutersClinical trials are neglecting Africa, study finds
Only 3.9% of clinical trials are conducted exclusively in Africa, according to a study of five major medical journals.
Kenya leads calls for rethinking how to price risk in Africa
African policymakers have long argued that global credit rating agencies overstate the continent’s risk.
South African firm scoops equity assets worth $120 million
Africa’s secondaries market is gradually taking off.
Major opposition split sparks Nigerian election scramble
President Bola Tinubu is now seen as a favorite for January’s elections.
Security
Ints Kalnins/Reuters
Alexander Zemlianichenko/Pool via Reuters
Stringer/Reuters
Spain calls for creation of EU army amid US unreliability
The call is part of a broader shift toward European sovereignty.
Ints Kalnins/ReutersPutin says Ukraine war is ‘coming to an end’
Russian President Vladimir Putin said he believes the Ukraine war is “coming to an end,” hours after vowing victory over Kyiv at a pared-down Victory Day parade devoid of its usual military hardware display.
Alexander Zemlianichenko/Pool via ReutersTrump rejects Iran’s latest peace offer
Donald Trump rejected Iran’s response to Washington’s latest peace proposal, prolonging the countries’ uneasy stalemate in the Strait of Hormuz.
Stringer/ReutersMediaMike Blake/File Photo/Reuters
Paramount seeks to calm California’s creatives — and a litigious attorney general
Paramount is racing to reassure Hollywood that its takeover of Warner Bros. Discovery, with its HBO streaming service, isn’t aimed at killing movie theaters.
Mike Blake/File Photo/ReutersHollywood appears to avoid Cannes Film Festival
Only two American entrants are competing for the Palme d’Or, both relatively small and financed outside the US.
Weiss deputy says CBS owners are ‘independent of the news operation’
“The convention in American journalism is that the owners are independent of the news operation, and that’s the case at CBS,” Charles Forelle told Semafor.
Behind the Pulitzer Board’s Epstein reporting plaudits
The Miami Herald episode shows how the prize is struggling to keep up with both public sentiment and shifting media consumption.
With ‘Morning Joe’ and ‘Squawk Box,’ Versant looks to market its influential audience at the upfronts
Versant’s decision to pair the two shows for advertisers suggests that its most valuable properties don’t have to be the ones with the largest reach.
CEO Signal
Reckitt Benckiser/Handout via Reuters 
Courtesy of Government of Dubai/Joey Pfeifer/Semafor
Reckitt’s Kris Licht on moving at ‘China speed’
The CEO behind Lysol and Durex ‘pivoted hard’ for a new era of TikTok-driven commerce.
Reckitt Benckiser/Handout via Reuters 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/SemaforAD