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View / Miami draws Wall Street crowd still eager to do Gulf business
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The World at a Glance
Updated 7:37am EDT
1
Donald Trump said he expects the Iran conflict to end within weeks, though Tehran remained defiant.
2Russia is supplying Iran with drones in its war against the US, a move likely to escalate tensions in the West.
3The Iran war is accelerating a global shift toward renewables, as countries seek to rebuff oil and gas price hikes.
4Shipping disruptions sparked by the Mideast conflict are upending Kenya’s flower industry, a key economic driver for the country.
5Former Venezuelan President Nicolás Maduro is due in a US court today to face narcoterrorism charges.
6Some US airports may have to close as a partial government shutdown wreaks havoc on air travel.
Oil magnate’s Venezuela detainment spooks industry
Oil tycoon Wilmer Ruperti showed up for a meeting with Venezuela’s intelligence agency last Thursday. A week later, he’s still in custody.
Miraflores Palace/Handout via Reuters Venezuelan bond trading triggers congressional scrutiny
Senate Democrats are asking regulators for data on trades of Venezuelan bonds in the days before and after the Trump administration captured former Venezuelan President Nicolás Maduro.
Evelyn Hockstein/Reuters ‘Things are going to get worse’: Swing-state mothers sour on government
A focus group showcased women pessimistic about the country’s trajectory — and its political class.
Jose Luis Gonzalez/Reuters JetBlue explores potential merger partners
The unprofitable airline has tapped advisers to scenario-plan how a merger with United, Alaska, or Southwest might fare in Trump’s Washington, people familiar with the matter said.
Kylie Cooper/Reuters‘Nervous for wins’: Trump squeezed by war and shutdown
The war in Iran is grinding on, air travel is choked by a shutdown, and the president has few easy paths to victory.
Evan Vucci/ReutersSenators reach deal on capping insulin costs at $35
Jeanne Shaheen of New Hampshire and Susan Collins of Maine have spent years crafting the agreement, which has conservative and progressive clout but no Trump backing yet.
Ritzau Scanpix/Ida Marie Odgaard via Reuters and Kylie Cooper/ReutersProgressives oppose funding ‘illegal’ Iran war
Democrats have started to unite against more funding.
Nuri Vallbona/Reuters 
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Politics
Kevin Lamarque/Reuters
Dado Ruvic/Illustration/Reuters Miraflores Palace/Handout via Reuters
State Department sends $1.25B in foreign aid to Board of Peace
The administration is drawing on funds used for international disasters and peacekeeping to fund Trump’s Gaza effort.
Kevin Lamarque/ReutersPro-crypto group launches midterms offensive
The offensive includes a new “voter hub” where digital assets users can learn candidates’ stances on the digital assets.
Dado Ruvic/Illustration/Reuters Oil magnate’s Venezuela detainment spooks industry
Oil tycoon Wilmer Ruperti showed up for a meeting with Venezuela’s intelligence agency last Thursday. A week later, he’s still in custody.
Miraflores Palace/Handout via Reuters Venezuelan bond trading triggers congressional scrutiny
Senate Democrats are asking regulators for data on trades of Venezuelan bonds in the days before and after the Trump administration captured former Venezuelan President Nicolás Maduro.
‘Things are going to get worse’: Swing-state mothers sour on government
A focus group showcased women pessimistic about the country’s trajectory — and its political class.
Iran rejects US proposal to end war
Iran on Wednesday rejected a US peace plan and laid out its own conditions for entering negotiations, setting a high bar.
‘Nervous for wins’: Trump squeezed by war and shutdown
The war in Iran is grinding on, air travel is choked by a shutdown, and the president has few easy paths to victory.
How a profane anti-Trump ad helped Stratton break through
The Illinois lieutenant governor prevailed in a crowded Senate primary thanks in part to a buzzy spot whose creator talked to Semafor.
The Green New Deal fades as climate activism evolves
The Sunrise Movement, a nine-year old climate nonprofit, is politically inseparable from the Green New Deal it promoted — except that it barely talks about the idea anymore.
US sends more troops to Gulf, despite talk of Iran deal
The arrival of 2,000 more troops suggests that Trump is maintaining the option of escalating hostilities, even as he said talks with Iran were taking place.
Senators reach deal on capping insulin costs at $35
Jeanne Shaheen of New Hampshire and Susan Collins of Maine have spent years crafting the agreement, which has conservative and progressive clout but no Trump backing yet.
Business
Kylie Cooper/File Photo/Reuters
Fine print holds as private credit funds limit withdrawals
The least satisfying, but most accurate, thing to be said about private credit right now is that it’s working exactly as it’s supposed to.
Kylie Cooper/File Photo/ReutersMiami draws Wall Street crowd still eager to do Gulf business
Saudi’s US investment conference shows Gulf cash still attracts western finance, even if execs are holding off going back to the region.
JetBlue explores potential merger partners
The unprofitable airline has tapped advisers to scenario-plan how a merger with United, Alaska, or Southwest might fare in Trump’s Washington, people familiar with the matter said.
Oil-rich nations seek to gain on price hikes
Canada and Norway are among nations seeking to capitalize on energy market volatility sparked by the Iran war.
Investors warn of rising interest rates as inflation worries mount
A month ago, traders were betting on a 93% chance of US Federal Reserve rate cuts this year; that has now essentially flipped.
Technology
Mike Blake/Reuters
YouTube, Meta lose landmark social media addiction case
The companies must pay a combined $6 million in damages after being accused of harming kids and teens with platforms as addictive as cigarettes.
Mike Blake/ReutersCalifornia Sen. Wiener on the BASED Act
The legislator spoke to Semafor’s Reed Albergotti about his efforts to rein in the AI industry’s biggest players.
The next ‘affordability’ battle could be over your PlayStation
The price backlash is on the brink of exploding in another sector of the economy, as the AI boom raises the cost of consumer electronics.
Meta ramps up AI adoption push
Meta appointed its chief technology officer to oversee efforts to drive AI adoption across its workforce, The Wall Street Journal reported.
NASA aims to build $20B lunar base
NASA is abandoning efforts to build a space station orbiting the Moon, and will instead put $20 billion toward a lunar base, officials announced Tuesday.
US robot-makers’ push to counter China ‘in a hold’ ahead of Trump-Xi summit
US robotics executives said they don’t expect any major policy action on China until Donald Trump’s now-delayed meeting with Xi Jinping.
Energy
Amit Dave/File Photo/Reuters
Daniel Cole/Reuters
Stringer/File Photo/Reuters
India’s delayed climate plan sets modest emission target
The target would allow India’s carbon emissions to increase by 70% over the next decade if GDP grows at a target rate of 7% per year.
Amit Dave/File Photo/ReutersInvestors still bullish about US renewable market
Private equity giant Brookfield on Wednesday spent $6.5 billion to acquire the Canadian renewable energy company Boralex.
Daniel Cole/ReutersRepair costs for Gulf fossil fuel infrastructure could hit $25B
Rystad Energy expects the bill for restoring LNG trains, refineries, fuel terminals, and key gas-to-liquids facilities to climb even further.
Stringer/File Photo/ReutersGulf
Yasir Al-Rumayyan. Lee Smith/Action Images via Reuters
Miami draws Wall Street crowd still eager to do Gulf business
Saudi’s US investment conference shows Gulf cash still attracts western finance, even if execs are holding off going back to the region.
Yasir Al-Rumayyan. Lee Smith/Action Images via ReutersDubai mall hosts annual ski run in bid for normalcy
Ski Dubai said the seventh edition of the DXB Snow Run is on for Sunday, May 17.
Blackstone invests $250M in UAE firm
The move is seen as a vote of confidence in the UAE’s future as it navigates conflict with Iran.
Hormuz closure leads to oil prices diverging globally
DME Oman used to be close in price to Brent, and West Texas Intermediate but since the conflict erupted, it has risen and fallen far more rapidly.
Saudi, US investors meet in Miami as war rages on
Iran’s attacks on Gulf countries are serious and disrupting, but this makes it even more important to meet, said Richard Attias, CEO of the FII Institute.
Africa
Ghanaian President John Dramani Mahama. Bernd von Jutrczenka/picture alliance via Getty Images.
Christopher Pillitz/Getty Images
Ghanaian president accuses US of erasing Black history
John Dramani Mahama warned that US policies could have ripple effects in other parts of the world.
Ghanaian President John Dramani Mahama. Bernd von Jutrczenka/picture alliance via Getty Images.Heat-related deaths in Africa projected to rise
Burkina Faso, Mauritania, and Niger are among those that will see such deaths rise.
Christopher Pillitz/Getty ImagesNamibia blocks Starlink entry into telecoms market
Windhoek is enforcing local ownership rules that have become a point of contention for foreign firms operating in Africa.
Kenya Airways sees passenger numbers surge over Iran war
African aviation is facing a stress test as a result of the conflict, as fuel costs rise and routes are closed in the Middle East.
Supply chain shocks reinforce local production needs
Local production offers “resilience against shocks,” one pan-African industrial park developer told Semafor.
Mobile money apps drive Nairobi stock investment
Kenyan mobile money users have doubled the number of active retail investors on the country’s main stock exchange, executives said at Semafor’s Next 3 Billion event.
Security
DVIDS/Handout via Reuters
USAF B-1 bomber at RAF Fairford airbase. Toby Shepheard/Reuters
Majid Asgaripour/WANA (West Asia News Agency) via Reuters
US sends more troops to Gulf, despite talk of Iran deal
The arrival of 2,000 more troops suggests that Trump is maintaining the option of escalating hostilities, even as he said talks with Iran were taking place.
DVIDS/Handout via ReutersEurope quietly supports US campaign against Iran
US military bases in the UK, Germany, Portugal, Italy, France, and Greece are fueling and launching American bombers and drones.
USAF B-1 bomber at RAF Fairford airbase. Toby Shepheard/ReutersIsrael kills Iran intel chief
Esmail Khatib’s death came within 24 hours of Israeli strikes taking out Iran’s security chief and the head of its feared paramilitary force.
Majid Asgaripour/WANA (West Asia News Agency) via ReutersMedia
Screenshot of Vox’s website
Vox Media tried to sell its podcasts, and itself
The company now says its podcast network is not for sale.
Screenshot of Vox’s website Newsom calls FCC chairman’s threats ‘sick’
The California governor argued people from all political perspectives should be concerned about federal regulators weighing in on news content.
Why (and how) everyone is cold-calling the president
Plus, what happened when Semafor’s Max Tani gave him a ring.
Oscars mask a Hollywood in crisis
As Hollywood celebrates the Oscars on Sunday, the glitz masks a deeper crisis for the entertainment industry: rising production costs.
AI is the latest gatekeeper between brands and buyers
Companies are now writing ad copy for bots, not people, and those bots are telling consumers what products to buy.
CEO Signal
Courtesy of IonQ/Joey Pfeifer/Semafor 
Courtesy of Starbucks/Joey Pfeifer/Semafor
Courtesy of BETA/Joey Pfeifer/Semafor
Why CEOs should care about the quantum ‘space race’
IonQ’s Niccolo de Masi says getting quantum security right is ‘a matter of survivability.’
Courtesy of IonQ/Joey Pfeifer/Semafor How Brian Niccol jolted Starbucks back to growth
Corporate turnarounds require quick decisions and ‘brutal’ feedback for the CEO, Niccol said in the first episode of Semafor’s ‘CEO Signal’ show.
Courtesy of Starbucks/Joey Pfeifer/SemaforHow Kyle Clark got BETA’s air taxis ready for takeoff
The electric aircraft company’s CEO has a ‘burn-the-boats’ approach to decision-making.
Courtesy of BETA/Joey Pfeifer/SemaforAD