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Intelligence for the New World Economy
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The World at a Glance
Updated 7:53am EDT
1
The US and Iran traded fresh strikes, testing the fragile ceasefire and undermining prospects of an imminent peace deal.
2Oil prices rose and stocks slipped on the prospect that the Strait of Hormuz may remain blocked for the foreseeable future.
3Central bank leaders warned of the inflationary impact of the Iran war, with traders betting on a US rate increase.
4The EU moved to shield itself from what it sees as a growing threat from Chinese exports.
5US trade officials vowed to maintain some tariffs on Canada and Mexico, as a three-way trade pact deadline looms.
6Russia’s armed forces are suffering dual pressures from significant battlefield casualties and struggles to recruit replacements.
Pentagon’s Wall Street push draws Democrats’ ire
Lawmakers are raising concerns about plans for an “Economic Defense Unit” first reported by Semafor.
Kevin Lamarque/ReutersEbola crisis could become worst on record
The global community is ‘on our back foot already,’ a former Biden official said of the virus response.
Gradel Muyisa Mumbere/ReutersNew activist pressure to defeat retail crime bill
The Vera Institute of Justice and Dream.org are launching a new campaign to stop bipartisan legislation to crack down on organized retail crime.
Annabelle Gordon/Reuters Murphy takes on college sports deal
The Connecticut Democrat told Semafor that his primary worry is the bill’s proposed compensation caps for athletes.
Annabelle Gordon/Reuters Trump suggests he can ‘outwait’ Iran in negotiations
Trump signaled an extended timeline for peace talks with Iran, saying he is “not satisfied” with the current terms of negotiations.
Evan Vucci/ReutersTrump policies risk financial crisis, ECB warns
The European Central Bank warned US President Donald Trump’s policies could lead to a financial crisis, as inflation risks grow more urgent.
Wolfgang Rattay/File Photo/ReutersTech firms deepen Asia chip investments
Tech giants are deepening their investments in Asia’s chip sector as demand for compute explodes.
Ann Wang/ReutersAD
PoliticsKevin Lamarque/Reuters Gradel Muyisa Mumbere/Reuters Annabelle Gordon/Reuters
Pentagon’s Wall Street push draws Democrats’ ire
Lawmakers are raising concerns about plans for an “Economic Defense Unit” first reported by Semafor.
Kevin Lamarque/ReutersEbola crisis could become worst on record
The global community is ‘on our back foot already,’ a former Biden official said of the virus response.
Gradel Muyisa Mumbere/ReutersNew activist pressure to defeat retail crime bill
The Vera Institute of Justice and Dream.org are launching a new campaign to stop bipartisan legislation to crack down on organized retail crime.
Annabelle Gordon/Reuters Murphy takes on college sports deal
The Connecticut Democrat told Semafor that his primary worry is the bill’s proposed compensation caps for athletes.
Trump suggests he can ‘outwait’ Iran in negotiations
Trump signaled an extended timeline for peace talks with Iran, saying he is “not satisfied” with the current terms of negotiations.
Trump insistent on elusive ‘great deal’ in Iran
He told Semafor during a Cabinet meeting that “it’s got to be perfect.”
Republicans catch the Trump strain of tea party fever
The party is facing a remarkably anti-incumbent base ahead of a tough midterms, this time cheered on by a president who likes to pick winners
Why Democrats prefer their own messy primaries
The US political parties are best understood by looking at Texas and California, whose 2026 primaries tell a story: Republicans are run from the top, Democrats aren’t run at all.
Teachers aren’t getting formal guidance on AI, poll finds
Only 18% of K-12 teachers reported receiving formal guidance from administrators on how AI tools should be used across various classroom tasks.
Pam Bondi gets unusual representation
Assistant Attorney General for Civil Rights Harmeet Dhillon has been serving as the former attorney general’s lawyer.
Republicans try to coalesce around Paxton after Cornyn loss
Party leaders in Washington had deemed Sen. John Cornyn the more electable candidate, but Republicans can’t afford to lose that seat and keep their majority.
Business
Guglielmo Mangiapane/Reuters
Central bank leaders warn of long-term inflation impact of Iran war
Traders are now betting on at least one US Federal Reserve rate increase this year.
Guglielmo Mangiapane/ReutersElon Musk reportedly floats SpaceX, Tesla merger
Elon Musk has reportedly discussed merging SpaceX with Tesla, a deal that would give the world’s richest person even more control over his sprawling tech empire.
Trump policies risk financial crisis, ECB warns
The European Central Bank warned US President Donald Trump’s policies could lead to a financial crisis, as inflation risks grow more urgent.
Surging chip stocks warp global markets
Chip giant TSMC’s rally largely drove Taiwan to become the world’s fifth-largest equity market this week, surpassing India, seen as an AI laggard.
Lyft is coming for corporate travel
CEO David Risher told Semafor he’s already speaking with CEOs like United Airlines’ Scott Kirby about bundling Lyft with other corporate travel perks.
Technology
Maxim Shemetov/ReutersAnn Wang/Reuters
China tries to balances AI push with job displacement fears
China is trying to balance its society-wide AI push with mounting concerns over the tech’s disruptive socioeconomic effects.
Maxim Shemetov/ReutersTech firms deepen Asia chip investments
Tech giants are deepening their investments in Asia’s chip sector as demand for compute explodes.
Ann Wang/ReutersElon Musk reportedly floats SpaceX, Tesla merger
Elon Musk has reportedly discussed merging SpaceX with Tesla, a deal that would give the world’s richest person even more control over his sprawling tech empire.
Could AI tokens be the digital currency that lasts?
Where eCash and Bitcoin may have failed, the AI industry may have inadvertently created the first true digital store of value.
UC Berkeley bans AI use for law students
The school prohibits students from using AI to complete assignments, brainstorm ideas, outline papers, and even correct grammar.
Robinhood allows users to use AI agents to trade stocks
The tools allow anyone with a Robinhood account to compete more closely with institutional investors that have long deployed automated systems for trades.
Energy
Luke MacGregor/Reuters
China Daily via Reuters
Stringer/Reuters
BP’s ousted chair to challenge accusations
Albert Manifold was abruptly removed from his position atop the oil major’s board this week.
Luke MacGregor/ReutersGlobal clean-energy trade reaches record high
New data suggest Donald Trump’s tariffs on the energy transitions sector did little to stifle clean energy trade.
China Daily via ReutersOil prices rise on fresh round of Iran-US airstrikes
But insurance rates for tankers passing the strait — the most important indicator of whether the waterway is “reopening” — haven’t budged.
Stringer/ReutersGulf
Khalil Ashawi/Reuters
Saudi Arabia pledges $1.5B aid package for Syria
The package is a major boost to Damascus, which is working to consolidate power and restart the economy after more than a decade of war.
Khalil Ashawi/ReutersFormer Qatari energy minister Abdullah Al Attiyah dies
Abdullah bin Hamad Al Attiyah was the architect of Qatar’s LNG industry, transforming the country into one of the world’s wealthiest nations.
Bahraini leader cultivates loyalty over crackdown on Iranian sympathizers
More than 1,000 Bahraini citizens have sent messages of support to King Hamad bin Isa Al-Khalifa in recent weeks.
Aramco offloads 50% stake in Malaysia refinery project
Aramco is transferring ownership to the country’s national oil company Petronas.
Bahrain suffers wartime trade slump
The value of imports slumped 17% and non-oil exports fell by 10%.
ChinaMaxim Shemetov/Reuters 
Go Nakamura/File Photo/Reuters
Tingshu Wang/Reuters
China tries to balances AI push with job displacement fears
China is trying to balance its society-wide AI push with mounting concerns over the tech’s disruptive socioeconomic effects.
Maxim Shemetov/ReutersChina’s industrial profits surge at fastest rate in two years
The new figures still pointed to signs of China’s economic divergence: While exports remained strong, domestic consumption was paltry.
Go Nakamura/File Photo/ReutersChina’s AI talent war heats up
China and its tech giants are racing to protect their top AI talent, as competition intensifies at home and with the US.
Tingshu Wang/ReutersAfrica
Wolfgang Kaehler/LightRocket via Getty Images
Africa’s tax push is clashing with the reality of its informal economies
Critics argue the measures could slow digital adoption and push more activity back toward cash-based channels.
Wolfgang Kaehler/LightRocket via Getty ImagesGhanaian artist El Anatsui dominates Frieze New York sales
‘LuwVor I,’ a sculpture crafted from aluminum, copper, and wire, sold for $2.2 million, more than double the next highest seller at the prestigious art fair.
$100M philanthropy-backed fund launched to support manufacturers
The Africa Jobs Fund plans to raise capital from philanthropic sources.
Ghana offers lessons on Chinese power projects — report
Ghana has delivered power projects at reasonable cost and on relatively strong timelines says a think tank.
Chinese vehicle trade deficit with S.Africa hits $3.5B
The deficit is twice the size it was four years earlier and South Africa’s largest bilateral automotive trade deficit with any country.
Ramaphosa launches defense against fresh impeachment push
The president is responding to an inquiry centered on his handling of the theft of $580,000 cash hidden inside a sofa at his Phala Phala private game farm.
Security
Majid Asgaripour/WANA/Reuters
Anastasia Barashkova/File Photo/Reuters
US, Iran launch fresh strikes, undermining peace talks
The American strikes were the second set this week, while Tehran said it targeted a US air base in the region.
Majid Asgaripour/WANA/ReutersRussia authorizes its central bank to shoot down drones
Russia authorized its central bank and other financial institutions to shoot down drones, as the country’s cities and infrastructure increasingly come under attack from Ukraine.
Anastasia Barashkova/File Photo/ReutersEurope bolsters military alliances over Russia fears
Britain and Poland are due to finalize a security agreement today, while France is reportedly looking to join a Germany-UK program to produce new long-range missiles.
Media
Mike Blake/Reuters
Paramount appears to sway DOJ staff on Warner Bros. takeover
US antitrust regulators appear to approve Paramount’s $110 billion studio deal after a two-hour meeting at the Justice Department Tuesday, people familiar with the matter said.
Mike Blake/Reuters Thousands of journalists’ data exposed to dark web
More than half of the exposures contained personal information such as names, phone numbers, dates of birth, and addresses, per a new study from Proton.
Google’s Nick Fox on remaking its search engine
“It’s been clear that people don’t want incorrect information — and so that bedrock of trust and accuracy has served us well.”
California influencer disclosures offer a glimpse at how secret money distorts American politics
Tom Steyer’s campaign is making use of paid astroturfed social media support.
Democrats move to restore military paper’s independence
The new legislation from Senate Democrats aims to insulate Stars and Stripes from the Trump administration’s efforts to assert control.
CEO Signal
Courtesy of Match Group/Joey Pfeifer/Semafor
Courtesy of Becton Dickinson/Joey Pfeifer/Semafor
Why an anxious AI romantic now drives Match Group’s dating apps
CEO Spencer Rascoff uses digital “personas” to help the Tinder owner understand its users.
Courtesy of Match Group/Joey Pfeifer/SemaforHow syringe-maker BD is infusing AI into its medical devices
CEO Tom Polen is turning his 65,000 employees into lean manufacturing “problem-finders.”
Courtesy of Becton Dickinson/Joey Pfeifer/SemaforWhy Allstate’s Tom Wilson thinks CEOs should create more jobs with AI
The insurance industry veteran says executives have an obligation to do hard things.
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