Airwaves auction gains backers, but who’s bidding?
Power companies get creative to compete for tech deals
The World at a Glance
Updated 6:47am EDT
1
China’s exports grew faster than expected in April despite plummeting shipments to the US, as tariffs reshape global trade.
2The US stepped up efforts to reach a ceasefire in Gaza ahead of Donald Trump’s Middle East visit.
3The new pope, an American, has repeatedly criticized the Trump administration, setting up a clash with the White House.
4Cardinal Robert Francis Prevost has been elected pope, choosing the name Pope Leo XIV as he becomes head of the 1.4 billion-strong Catholic Church.
5Russia and China warned that Donald Trump’s ‘Golden Dome’ could weaponize space.
6The Bank of England cut interest rates, warning that Washington’s trade war will stymie the UK’s economic growth.
American cardinal Robert Francis Prevost named pope, chooses name Pope Leo XIV
The new pontiff greeted followers gathered in St. Peter’s Square with a call for peace.
Pope Leo XIV. Yara Nardi/ReutersTrump endorses higher tax bracket for wealthy, complicating tax talks
Some more populist-leaning members of the party are aligned, but others are likely to balk.
Kent Nishimura/ReutersBill Gates ‘horrified’ by cuts to US aid overseas, warns children will die
Gates plans to give away up to $200 billion by 2045, when he will sunset his foundation.
Al Lucca/SemaforTrump, Starmer agree UK-US trade deal, tease more agreements to come
The deal offers some tariff relief for UK carmakers and steel, but the final details of the deal are still to come, the US president said.
Phil Noble/ReutersAD
Kyiv rejects Russian truce as ‘smoke break’
Ukraine’s Volodymyr Zelenskyy later said that he had told US President Donald Trump that Kyiv was ready for peace talks, but ‘a full and unconditional ceasefire’ must be agreed first.
Ukrainian President Volodymyr Zelenskyy. Eva Korinkova/Reuters.Rivals, buddies, or future running mates? Trump stokes a Vance-Rubio competition
The vice president and secretary of state are allies in the administration, and even friends. They’re also early 2028 frontrunners.
Kevin Lamarque/ReutersAs Fed keeps rates steady, Powell warns of ‘extremely elevated’ uncertainty over Trump policies
The unanimous decision marks the third time this year that the US central bank has kept the cost of borrowing the same.
Kevin Lamarque/Reuters
politics
Tierney Cross/Reuters
Evelyn Hockstein/Reuters
Kamil Krzaczynski/Reuters
Josh Hawley’s on a tax mission: Make Republicans working-class-friendly
He may not prevail in the final version of President Donald Trump’s marquee bill. But the party’s purest populist in Congress is sure going to push.
Tierney Cross/ReutersWhy Trump’s surgeon general pick could survive a Loomer onslaught
Senators are befuddled by Trump’s abrupt switcheroo, but Casey Means could still win confirmation despite online agita.
Evelyn Hockstein/Reuters‘I was in charge and he won’
The former president described a winnable election that was lost by factors out of his control.
Kamil Krzaczynski/ReutersTrump endorses higher tax bracket for wealthy, complicating tax talks
Some more populist-leaning members of the party are aligned, but others are likely to balk.
Senate takes up crypto bill amid uncertainty
Bipartisan negotiations over compromise legislation have yet to yield a deal
Republican senator asks for more tariffs
Sen. Bernie Moreno, R-Ohio, is asking the Trump administration to expand steel levies.
Cruz makes ‘legacy’ pitch for tax bill
The Texas Republican said it’s “critically important” that Republicans include “legacy items that make a profound difference” in their tax cuts bill.
Rivals, buddies, or future running mates? Trump stokes a Vance-Rubio competition
The vice president and secretary of state are allies in the administration, and even friends. They’re also early 2028 frontrunners.
Stefanik eyes two paths back to power after her scuttled UN bid
The New York Republican is gaining a subtle edge on her potential gubernatorial rival. But she’s also making moves in Congress.
GOP pushes coordinated response ahead of wildfire season
Sen. Tim Sheehy, R-Mont., led 16 House and Senate Republicans in a letter calling for the president to take “immediate, decisive action” on wildfires.
Democrats start finding power in their division — and it could take down a crypto deal
This time the rebellion is happening with Senate Minority Leader Chuck Schumer’s blessing.
business
Screenshot/Gallagher
‘We’re building a moat around a castle’: How Gallagher’s CEO struck 500 deals in 30 years
The third-generation CEO has transformed the insurance broker’s valuation, but says its size has not given it pricing power.
Screenshot/GallagherAirwaves auction gains backers, but who’s bidding?
Republicans are pushing to authorize an auction of wireless spectrum as part of the “big, beautiful bill” that would enact the president’s domestic agenda.
As Fed keeps rates steady, Powell warns of ‘extremely elevated’ uncertainty over Trump policies
The unanimous decision marks the third time this year that the US central bank has kept the cost of borrowing the same.
IBM’s Gary Cohn on the tariff-driven ‘environment of uncertainties’ holding back AI
“There are very few companies in the world that are spending more today than they were a year ago, on anything.”
Activists come for the media moguls
The industry may be in managed decline, but investors see opportunities for growth — and value extraction.
technology
Al Lucca/Semafor
Carlos Barria/Reuters
NIMBYism hits US AI infrastructure buildout
“It’s like living in hell,” one resident said of the data center infrastructure in her county.
Al Lucca/SemaforChatGPT’s latest model ‘noticeably more sycophantic’
One tech writer said that OpenAI’s move to optimize for engagement is leading to ‘increasingly misaligned models.’
Carlos Barria/ReutersOpenAI to remain under non-profit control after former staff, Musk criticism
OpenAI’s plan to convert into a for-profit company had faced significant pressure from former employees and AI experts, as well as a legal challenge from Elon Musk.
Semafor Tech: San Francisco
How can we unlock AI’s real-world impact?
Analysis: Americans need Elon Musk more than the government does
The ironic thing about Elon Musk’s leaving Washington is that now he can get back to really working for the American people, Semafor’s Reed Albergotti writes.
Reports: US losing edge in AI talent pool
About as many top AI researchers are leaving the country as those entering, according to Zeki data.
net zero
Leah Millis
Jon Nazca/Reuters
Daniel Cole/Reuters
Power companies get creative to compete for tech deals
After winning a $20 billion contract with Google, Intersect Power wants to “create a whole new class of real estate.”
Leah MillisCheaper borrowing can help prevent another Spain-style blackout
Europe’s electric grid is sorely underinvested in. Forthcoming interest rate cuts should help.
Jon Nazca/ReutersNearly 400,000 US clean energy jobs on the line, Climate Power analysis finds
The bulk are in GOP-controlled districts, and could be on the chopping block if congressional Republicans follow through on repealing or gutting Biden-era tax credits.
Daniel Cole/Reutersgulf
Sheikh Nayef Bin Eid Al Thani with the president of the Maldives. @MoosaZameer/X.
Analysis: The Gulf sheikhs who pledged billions, then vanished
An obscure businessman with a royal name says he will build an $8.8 billion finance center in the Maldives. Is it real?
Sheikh Nayef Bin Eid Al Thani with the president of the Maldives. @MoosaZameer/X.Saudi mortgage boom masks cracks in property market
Saudi Arabia will soon be the world’s largest construction market, but rising prices are compounding risks for banks.
Qatar prepares major Boeing order ahead of Trump’s Gulf trip
The planned order came after the White House ‘made clear it would like similar commitments from Qatar’ as from other Gulf states.
Why the UAE has mandated AI learning in schools
The new curriculum will be rolled out at the start of the next academic year.
Top UN court dismisses Sudan’s genocide case against UAE
The International Court of Justice decided it lacks jurisdiction to hear the case, ending a legal battle the UAE has called a “publicity stunt.”
africaAl Lucca/Semafor 
Nicolas Economou/NurPhoto/Reuters
Bill Gates ‘horrified’ by cuts to US aid overseas, warns children will die
Gates plans to give away up to $200 billion by 2045, when he will sunset his foundation.
Al Lucca/SemaforAfrican countries mull migrant deportation deals with Trump admin
Rwanda acknowledged it is in discussions with the White House, while Angola, Benin, and Equatorial Guinea have also reportedly held talks.
Nicolas Economou/NurPhoto/ReutersTelecom giant Airtel Africa teams up with Starlink
Starlink has obtained licenses to operate in nearly two dozen African countries since its debut in Nigeria two years ago.
Trump’s DEI ban throttles Africa’s gender investments
The US president’s push had caused institutional investors to back away from funds that raise capital for women-led businesses.
Trump to end backing for African Development Bank fund
The Trump administration plans to slash funding for the bank’s main development fund as part of its sweeping cuts to foreign aid.
Nigeria accuses Meta of pressure campaign over threat to cut off apps
Meta has threatened to withdraw Instagram and Facebook from the country after facing huge fines for allegedly violating regulations.
media
Sarah Silbiger/Reuters
Sanders, Democrats urge Paramount not to settle ‘shakedown’ CBS lawsuit
“Rewarding Trump with tens of millions of dollars for filing this bogus lawsuit will not cause him to back down on his war against the media and a free press,” read a letter from Sanders to Paramount’s owner.
Sarah Silbiger/ReutersParamount cuts ties with political groups working on ‘Daily Show’ project
The initiative, called “Take A Seat,” is meant to encourage people across the country to run for local office.
Trump’s social media strategy, by the numbers
In the administration’s first 100 days, the White House account on X saw more than 2 billion impressions, officials told Semafor.
Slate taps new podcast chief
Slate is bringing on Mia Lobel, formerly of Pushkin Industries.
Mixed Signals: Jen Psaki on her journey from politics to cable, what the Trump White House is doing right — and whether there was a Biden cover-up
Jen Psaki has gone from being a behind-the-scenes political staffer, to running the White House briefing room, to now hosting a primetime show on MSNBC
security
Kris Tripplaar/Semafor
Christian Klindt Soelbeck/Ritzau Scanpix/via Reuters
Flickr Creative Commons Photo/NNSA
Trump will likely ‘walk away’ from both Russia and Ukraine if he can’t get a peace deal: Ian Bremmer
If Trump fails to convince Moscow to agree to a ceasefire, he will likely walk away from both Ukraine and Russia, Bremmer said at Semafor’s World Economy Summit.
Kris Tripplaar/SemaforUS scales back Greenland visit after criticism
US President Donald Trump’s expansionist overtures are creating a ‘permissive space’ for other world leaders bent on territorial acquisition, analysts argued.
Christian Klindt Soelbeck/Ritzau Scanpix/via ReutersDOGE reviews nuclear contractors
A review of National Nuclear Security Administration contractors has sparked concern within the agency that it could lose manpower at a critical time.
Flickr Creative Commons Photo/NNSAAD