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View / AI might make us dumber, but it will make companies a lot smarter
View / Hormuz will never really be open again
The World at a Glance
Updated 7:31am EDT
1
The US Federal Reserve is expected to keep interest rates steady, in an early test for new chair Kevin Warsh.
2Oil and gas prices fell as the US-Iran truce pointed towards the freer flow of fossil fuels.
3US officials sought to play down details of a Washington-Tehran interim deal that appeared to favour Iran.
4The Iran failed to create a new balance of power in the Middle East, analysts wrote.
5US President Donald Trump said he hoped the Iran war would be in the “rearview mirror” soon, but details of the ceasefire deal are still a mystery.
6Trump suggested that the Ukraine war was not a priority for the US, a striking shift in tone.
Trump wants Iran in ‘rearview mirror’
Details of the ceasefire deal are still a mystery and Israel’s presence in Lebanon remains a thorny issue.
Tyre, Lebanon. Zohra Bensemra/ReutersRepublicans more likely to celebrate America’s 250th birthday, poll finds
Eighty-eight percent of Republican voters said they plan to celebrate, according to new Gallup polling.
Kevin Lamarque/Reuters Republicans and Democrats unite: Trump’s Iran nuclear deal needs a vote in Congress
The only point of disagreement: whether the administration would heed the law that requires Hill review.
Annabelle Gordon/ReutersVance fronts the Iran deal as Rubio stays quiet
The vice president has become the main face selling the Trump administration’s US-Iran deal.
Matt Rourke/ReutersGaming industry, unions push for prediction market rules in crypto bill
“Congress should not wait while this nationwide expansion of gambling continues.”
Marco Bello/ReutersDeepSeek fundraises $7.4 billion
The AI upstart upended Silicon Valley with its cost-effective open-source model last year, and is seen as leading Beijing’s race against the US.
Tingshu Wang/ReutersJustice Department zeroes in on Newsom
The investigations involve the taxes of the California governor’s wife and also target his former chief-of-staff, who recently pleaded guilty to a fraud scheme.
Annabelle Gordon/Reuters 
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Politics
Jeenah Moon/Reuters Kevin Lamarque/Reuters 
Evelyn Hockstein/Reuters
Trump cancels hearing for replacement intel chief Clayton
The abrupt move is sure to rankle Senate Republicans.
Jeenah Moon/Reuters Republicans more likely to celebrate America’s 250th birthday, poll finds
Eighty-eight percent of Republican voters said they plan to celebrate, according to new Gallup polling.
Kevin Lamarque/Reuters Trump advisers weigh structure of AI stakes
Two Cabinet members preferred different ideas ahead of the government’s latest Anthropic clash, people familiar with the talks told Semafor.
Evelyn Hockstein/Reuters Vance fronts the Iran deal as Rubio stays quiet
The vice president has become the main face selling the Trump administration’s US-Iran deal.
Gaming industry, unions push for prediction market rules in crypto bill
“Congress should not wait while this nationwide expansion of gambling continues.”
Republicans and Democrats unite: Trump’s Iran nuclear deal needs a vote in Congress
The only point of disagreement: whether the administration would heed the law that requires Hill review.
Justice Department zeroes in on Newsom
The investigations involve the taxes of the California governor’s wife and also target his former chief-of-staff, who recently pleaded guilty to a fraud scheme.
Podcast listeners stand out on political questions, poll finds
Americans who listen to partisan podcasts and influencers are more likely than others in their political party to believe that citizens with “radical views” should be able to (nonviolently) protest the government, per a new survey.
Ebola quarantine facility in Kenya draws criticism
The US quarantine unit could deter American volunteers, a public health expert warns.
Why House Democrats aren’t worried about aisle-crossing rebellions
Minority Leader Hakeem Jeffries may only win a small majority, but his party still doesn’t fear the discharge petition.
Bernie Sanders endorses Cori Bush’s comeback bid
Bush, an outspoken critic of Israel, launched a primary challenge last fall for what’s now the sole remaining safe blue seat in Missouri.
Business
Sebastian Castaneda/Reuters
Global EV sales surge during Iran war
Global EV sales are expected to hit 23 million this year, an 11% jump from 2025, as the Iran war drives demand for cheaper electric mileage.
Sebastian Castaneda/ReutersFrance’s spy agency drops Palantir
Europe’s tech sovereignty concerns have risen after the US government blocked foreign nationals’ access to Anthropic’s frontier models.
EU removes tariffs from US goods
The European Parliament approved its trade deal with the US, agreeing to reduce tariffs on industrial and agricultural goods.
DeepSeek fundraises $7.4 billion
The AI upstart upended Silicon Valley with its cost-effective open-source model last year, and is seen as leading Beijing’s race against the US.
SpaceX overtakes Amazon in value, raising concerns of a bubble
The space giant’s IPO last week broke records and investors have only piled in since.
Technology
Dado Ruvic/ReutersTingshu Wang/Reuters
France’s spy agency drops Palantir
Europe’s tech sovereignty concerns have risen after the US government blocked foreign nationals’ access to Anthropic’s frontier models.
Dado Ruvic/ReutersDeepSeek fundraises $7.4 billion
The AI upstart upended Silicon Valley with its cost-effective open-source model last year, and is seen as leading Beijing’s race against the US.
Tingshu Wang/ReutersSpaceX overtakes Amazon in value, raising concerns of a bubble
The space giant’s IPO last week broke records and investors have only piled in since.
UK to ban social media for under-16s
The ban will include Instagram, TikTok, and other platforms as well as YouTube but not messaging apps like WhatsApp.
SpaceX extends record-breaking debut
The space giant is yet to turn a profit, but its revenues have grown exponentially.
Anthropic comes to Washington to meet White House officials
The Trump administration blocked foreign nationals’ use of Fable and Mythos, citing security concerns.
Energy
Stringer/Reuters
Stringer/Reuters
Stringer/Reuters
Hormuz will never really be open again
The global energy trade will never be the same.
Stringer/ReutersOil prices hit three-month low over US-Iran truce
Several major banks cut their oil price forecasts.
Stringer/ReutersUS-Iran deal relieves energy markets
Trump insisted the Strait of Hormuz will reopen toll-free on Friday, but many stakeholders remain cautious.
Stringer/ReutersGulf
Benoit Tessier/Reuters
Oman-UAE trade gets wartime boost
Trade between the two countries jumped to nearly $3.8 billion in the first quarter, as Iran’s closure of the Strait of Hormuz pushed commerce onto land routes through the sultanate.
Benoit Tessier/ReutersDubai free zone looks to expand with focus on food security
Dubai Multi Commodities Centre has developed new hubs for traders in cacao, meat and protein, honey, and saffron, in a push beyond its historical dominance in gold and diamonds.
Abu Dhabi targets private infrastructure funds
The city launched a drive to bring 55 billion dirhams ($15 billion) of private capital into its infrastructure build-out.
Trump wants Iran in ‘rearview mirror’
Details of the ceasefire deal are still a mystery and Israel’s presence in Lebanon remains a thorny issue.
Saudi nationals head south for mountain summer escape
This month, the region, Aseer, launched its summer season, aiming to draw more than 3 million visitors with 122 events across its highland villages.
China
Go Nakamura/Reuters
Joe Skipper/Reuters
Florence Lo/Reuters
Chinese retail sales fall while industrial output rises
While tech-driven exports soar, domestic retail sales remain paltry.
Go Nakamura/ReutersHow the US wins against China
To win its superpower competition with China, Washington’s push for superiority in space may be its best bet.
Joe Skipper/ReutersChina gig economy fears grow as AI threatens jobs
More than 200 million people are flexibly employed in China, but AI has made many of those jobs precarious.
Florence Lo/ReutersAfrica
Sodiq Adelakun/Reuters
Thomas Mukoya/Reuters
Nigeria’s Dangote secures $600M for fertilizer arm
Dangote’s Lagos’ plant produces 3 million metric tonnes of fertilizer annually, a key supplier as the continent seeks to wean itself off imports in the wake of the Iran war.
Sodiq Adelakun/ReutersAfrica renewables projects stalled over credit rating rules
A financial rule known as the “sovereign ceiling” is curbing efforts to fund much-needed renewable energy projects on the continent.
Thomas Mukoya/ReutersSenegal’s Ousmane Sonko open to IMF debt talks
The comments appear suggest the former premier has eased his hardline stance as the country faces a debt crisis.
Kenya plan to sell citizens’ data draws criticism
Critics say the government is looking to make fast cash, and have raised privacy concerns. Nairobi says the plan will help modernize the economy.
Flutterwave aims to become Africa’s go-to fintech firm
The company was recently valued at $3.3 billion, and despite public interest in an IPO the CEO said a listing is not imminent.
Trump is dismantling the tools that gave the US leverage in Africa
The White House wants African deals but keeps cutting its diplomatic tools.
Security
Yves Herman/Reuters
Vessels near Bandar Abbas, Iran. Amirhosein Khorgooi/ISNA/WANA via Reuters
Japanese Prime Minister Sanae Takaichi. Kin Cheung/Pool via Reuters
US’ Mythos restrictions heighten EU tech fears
The US government’s move to suspend foreign access to Anthropic’s powerful AI models injected fresh urgency into Europe’s plans for tech sovereignty.
Yves Herman/ReutersTrump announces peace deal with Iran
President Donald Trump on Sunday announced that the US and Iran had finalized a deal to extend their ceasefire and reopen the Strait of Hormuz.
Vessels near Bandar Abbas, Iran. Amirhosein Khorgooi/ISNA/WANA via ReutersJapan deepens defense ties with Europe
Japan and Europe are deepening defense ties amid growing unease over Washington’s security commitments, Russian aggression, and China’s surging power.
Japanese Prime Minister Sanae Takaichi. Kin Cheung/Pool via ReutersMedia
Francis Mascarenhas/File Photo/Reuters
Netflix wades into the M&A game
The streamer lost out on Roku, but has its eye on Lionsgate.
Francis Mascarenhas/File Photo/ReutersNew York Times’ Kristof quoted former campaign donors in columns
The paper had promised that Nick Kristof would disclose when someone he reported on was a donor to his Oregon gubernatorial campaign.
Progressive site Zeteo plans UK expansion
Zeteo UK is a standalone site that will begin publishing this week, with a hard launch date in September.
Politico folds E&E News ahead of broader energy push
In September, Politico plans to launch a series of energy-focused newsletters.
Former Gourmet magazine owner sues new Gourmet newsletter
Condé Nast filed a lawsuit against Goulash Unlimited, the LLC set up by the owners of a revived Gourmet site.
CEO Signal
Courtesy of Honeywell/Joey Pfeifer/Semafor
Courtesy of Smith & Nephew/Graph Massara/Semafor
Courtesy of Cisco/Joey Pfeifer/Semafor
Honeywell’s CEO on ‘the brutal truth’ about breaking up an industrial giant
Vimal Kapur says delegation and momentum are the keys to splitting a conglomerate.
Courtesy of Honeywell/Joey Pfeifer/SemaforDeepak Nath applies pressure at Smith and Nephew
The medtech CEO is standing by his company’s portfolio strategy despite calls to break it up.
Courtesy of Smith & Nephew/Graph Massara/SemaforHow Cisco’s Chuck Robbins gets his team to ‘disagree and commit’
The longstanding CEO says a bad decision that you reverse is better than a delay.
Courtesy of Cisco/Joey Pfeifer/SemaforAD