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View / Africa begins to feel economic pain of Iran war
View / Ceasefire shows the power of Iran’s energy weapon
The World at a Glance
Updated 7:04am EDT
1
The US and Iran agreed to a two-week ceasefire, offering relief for global economies hammered by surging commodity prices.
2Oil and gas prices plummeted in a relief rally following the announcement of a ceasefire between Iran and the US.
3Businesses and governments were cautiously optimistic over the promised — albeit temporary — reopening of the Strait of Hormuz.
4Chinese leader Xi Jinping’s long-running anti-corruption drive isn’t working, analysts said, after he purged yet another Politburo member.
5Cuba launched two new banknotes to help simplify transactions in the country gripped by soaring bouts of inflation.
6The UK Navy will deploy cost-effective anti-drone weapons on ships as early as next year, well ahead of schedule.
Republicans weigh how big to go on immigration funding
Some Republican senators want to fund the entire Department of Homeland Security for three years to avoid another shutdown.
Kylie Cooper/Reuters Trump backs off threat to annihilate Iran
The president announced a two-week ceasefire, contingent on Iran’s “COMPLETE” reopening of the Strait of Hormuz.
Jonathan Ernst/ReutersAfreximbank unveils $10B support plan for Africa to ease Iran war impact
The move was announced hours before the US and Iran agreed a two-week ceasefire conditioned on the reopening of the Strait of Hormuz.
Rogan Ward/ReutersGulf conferences at risk from Iran war
While Gulf states have been building tentpole conferences to draw global money, the war in Iran is threatening those gatherings.
The 2024 Qatar Economic Forum. Qatar News Agency/Handout via Reuters.Fewer in US, Canada see good job opportunities, report finds
Just 47% of people living in the US and Canada say it’s a good time to find a job in their city or area.
Mike Blake/Reuters Zambia-Lobito rail link to cost up to $5 billion
Construction of the railway to connect Zambia’s copper mines with the Lobito port in Angola is set to begin this year, according to a new report.
Per-Anders Pettersson/Getty ImagesWhy Oura is running toward Washington oversight
“We’re already in the health care business,” Oura CEO Tom Hale said in the latest episode of Semafor’s Compound Interest show.
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Politics
Kevin Lamarque/ReutersMike Blake/Reuters 
Kevin Lamarque/Reuters
What Sharpton wants to hear from 2028’s Democratic contenders
The civil rights advocate talked to Semafor about what he plans to press for when he sits down with nine potential presidential hopefuls this week.
Kevin Lamarque/ReutersFewer in US, Canada see good job opportunities, report finds
Just 47% of people living in the US and Canada say it’s a good time to find a job in their city or area.
Mike Blake/Reuters Trump agrees to suspend Iran attacks for two weeks
US President Donald Trump on Tuesday agreed to suspend attacks on Iran for two weeks, subject to Tehran reopening the Strait of Hormuz.
Kevin Lamarque/ReutersTrump backs off threat to annihilate Iran
The president announced a two-week ceasefire, contingent on Iran’s “COMPLETE” reopening of the Strait of Hormuz.
Allies remain reliant on the US, even is distrust is growing
Efforts from so-called middle powers to develop a new world order could take years.
Republicans weigh how big to go on immigration funding
Some Republican senators want to fund the entire Department of Homeland Security for three years to avoid another shutdown.
Iran rejects US ceasefire proposal as Trump renews threats
Trump said the “entire country can be taken out in one night” if the Islamic Republic doesn’t agree to reopen the Strait of Hormuz by Tuesday evening.
Iran war boosts US plastics
Prices of Persian Gulf oil, the key raw material for many plastics, have surged, forcing plastic makers in Asia and Europe to cut output.
BNY, Robinhood to launch Trump Accounts
BNY will manage the accounts and develop a Treasury-branded app while partnering with Robinhood, which will serve as brokerage.
Democratic Party faces its internal demons on US-Israel policy — again
DNC Chair Ken Martin’s proposed working group on Gaza hasn’t gotten very far ahead of this week’s New Orleans confab.
Why Vance is headed to Hungary
He’s hoping to boost Hungarian Prime Minister Viktor Orbán in the country’s looming election.
Business
Nick Carey/Reuters
Indian business delegation visits China in sign of bilateral thaw
The trip last week focused on EV charging and battery storage.
Nick Carey/ReutersMore airlines cut flights, raise costs
More airlines are cutting flights and raising costs as jet fuel prices surge because of the Iran war.
Global hedge funds respond to war shocks
Global hedge funds, pressured by the conflict in Iran, are shaking up their trading strategies.
AI is testing the oldest debate in business: Who’s the customer?
The oldest question in business — who is your customer — turns out to be the one OpenAI still can’t answer.
Bill Ackman tries again with $60B Universal Music Group bid
This is Ackman’s second run at Universal after the company rebuffed his 2021 bid.
Technology
David Swanson/Reuters
Yves Herman/Denis Balibouse/Reuters
OpenAI goes after Ari Emanuel’s WME in Musk legal drama
The ChatGPT-maker has instructed WME to preserve communications about the company in a letter sent Tuesday.
David Swanson/ReutersUS AI firms team up in bid to counter Chinese ‘distillation’
AI rivals in the US are teaming up in an effort to stop Chinese competitors from extracting capabilities from their models.
Yves Herman/Denis Balibouse/ReutersExpert survey sees higher GDP growth, job losses from AI
US economists predict substantial economic gains, but also significant job losses, as AI takes off.
New Yorker investigation raises questions over Sam Altman’s trustworthiness
People close to OpenAI CEO Sam Altman privately questioned whether he could be trusted not only with running the powerful AI company, but as a leader of the transformative technology.
Anthropic eyes its own version of OpenClaw
The popularity of OpenClaw, the agent platform that OpenAI acquired, has crystallized another big AI race.
Sycophantic AI might make us meaner, research suggests
A study found that AIs fed interpersonal dilemmas from the subreddit r/amItheasshole were twice as likely as humans to endorse the user’s behavior.
Energy
Simon Johnson/Reuters
Fayaz Aziz/Reuters
Kuwait Petroleum Corporation/Handout via Reuters
Iran war strengthens case for green hydrogen
The effective closure of the Strait of Hormuz has boosted interest in green hydrogen, as fossil fuel prices soar.
Simon Johnson/ReutersParis Agreement target off the table, report says
Rising electricity demand and strong oil markets in Asia, Africa, and the Middle East are making it harder for emissions to decrease.
Fayaz Aziz/ReutersOil climbs again as Trump reiterates Iran threats
Both Tehran and Washington rejected a 10-point peace plan put forward by Pakistan and other meditators, sending oil to more than $110 a barrel.
Kuwait Petroleum Corporation/Handout via ReutersGulf
Christopher Pike/Reuters
Gulf countries push nationals to take private sector jobs
Saudi Arabia and the UAE have intensified efforts to move their citizens into the private sector.
Christopher Pike/ReutersTürkiye’s chance to take on the Gulf as a haven for business
President Recep Tayyip Erdoğan said this week the country could become regional base for multinational companies and a trade hub.
Gulf stocks surge and oil falls after ceasefire deal
Dubai’s benchmark index rose more than 6% as real estate stocks rebounded and Abu Dhabi’s was up around 3% on Wednesday.
Hormuz closure turns truckers into logistics saviors
UAE’s TruKKer has had a front-row seat to the Strait of Hormuz closure.
Dubai emergency kit sales soar on war fears
The startup Trooper sells a 75-item box equipped with water pouches, meal bars, and a hand-crank radio, designed to sustain a family of four for 72 hours.
Africa
Sodiq Adelakun/Reuters
A woman participates in this year’s Lagos Fanti Carnival parade. Sodiq Adelakun/Reuters.
Africa begins to feel economic pain of Iran war
The World Bank has cut its 2026 estimate for growth in sub-Saharan Africa by 0.3 percentage points.
Sodiq Adelakun/ReutersLagos celebrates Afro-Brazilian legacy through carnival
Many formerly enslaved Africans who migrated back to Nigeria settled in Lagos, bringing new traditions to the city.
A woman participates in this year’s Lagos Fanti Carnival parade. Sodiq Adelakun/Reuters.Ghana hands major gold mine to local operator
The move will be placing a major industrial asset in domestic hands for the first time in the country’s modern mining industry.
Zambia-Lobito rail link to cost up to $5 billion
Construction of the railway to connect Zambia’s copper mines with the Lobito port in Angola is set to begin this year, according to a new report.
Afreximbank unveils $10B support plan for Africa to ease Iran war impact
The move was announced hours before the US and Iran agreed a two-week ceasefire conditioned on the reopening of the Strait of Hormuz.
Dangote refinery increases exports amid Iran war supply shocks
Efforts to shore up fuel availability come as other African countries build up their refining capacity to safeguard against future disruptions.
Security
HMS Prince of Wales. UK MOD Crown/May Luke/Handout via Reuters.
Majid Asgaripour/WANA via Reuters
Ann Wang/Reuters
UK Navy deploys anti-drone weapons amid global scramble
The DragonFire system can target 400 mph drones and comes five years ahead of schedule.
HMS Prince of Wales. UK MOD Crown/May Luke/Handout via Reuters.US targets pillars of Iran economy
Widespread attacks on Tuesday hit Iran’s railroads, bridges, and its energy hub.
Majid Asgaripour/WANA via ReutersTaiwan faces tenuous defense future, ex-official warns
The island, which China claims as a regengade province, faces a political deadlock over a military spending bill.
Ann Wang/ReutersMedia
Jim Watson/AFP via Getty Images
Maryland’s biggest newspaper is going after the governor’s 2028 campaign
The owner of Maryland’s biggest paper and TV stations is keeping close tabs on his outlet’s investigation of Gov. Wes Moore.
Jim Watson/AFP via Getty Images Joanna Stern on how AI told her to quit The Wall Street Journal
“It felt like the one big decision where I actually did trust AI,” she told Semafor’s “Mixed Signals” podcast.
Biden vet launches biweekly streaming show
Rob Flaherty and Jesse Lehrich will launch Nobody Knows Anything, a 90-minute biweekly show, later this month.
Axel Springer’s Döpfner courts UK conservative elites
The German mogul is courting regulators and the country’s influential conservative political figures as he attempts to get his bid to buy the Telegraph approved.
Substack rival Beehiiv makes a push into podcasting
Beehiiv has privately been reaching out to independent podcasters on Substack and other platforms.
CEO Signal
Courtesy of GSK/Joey Pfeifer/Semafor
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Emma Walmsley on leading and leaving GSK
What does it take to hand over a company after years at the helm?
Courtesy of GSK/Joey Pfeifer/SemaforThe three questions a CEO should ask about their AI agents
Okta’s Todd McKinnon sees a digital workforce creating new vulnerabilities.
Courtesy of Okta/Joey Pfeifer/SemaforWhy JLL is betting its biggest clients will drive growth in ‘crazy’ times
Christian Ulbrich says companies succeed by reducing complexity for their clients.
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