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Intelligence for the New World Economy
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The World at a Glance
Updated 12:04pm EDT
1
US President Donald Trump said he had reached a settlement with Iran that included stopping it from obtaining nuclear weapons, though Tehran said nothing had been finalized.
2SpaceX made its record-breaking stock market debut, opening trading at $150, getting a boost after pricing its shares at $135.
3AI models are set for a price war, as users increasingly look for value as well as capability.
4Switzerland will vote this weekend in a referendum on whether to cap its population at 10 million amid a growing debate about immigration.
5Mexico won the first match of the World Cup against South Africa, with an atmosphere of carnival triumphing in the Azteca Stadium.
6New Delhi lodged a diplomatic protest with Washington after three Indian sailors were killed in a US military strike on a tanker in the Gulf of Oman.
The super-sized SpaceX IPO, in four charts
Investors rushed to bet on Musk, while his confidants and colleagues will get a lot richer.
Brendan McDermid/ReutersSam Altman calls off Abu Dhabi visit
As an investor and customer, the UAE has deep ties to OpenAI.
Kylie Cooper/ReutersIt’s Schumer vs. Collins as midterms heat up
The majority leader is no fan of Graham Platner, but he’s more focused than ever on knocking out Susan Collins — and winning back the Senate.
Annabelle Gordon/ReutersMomentum builds in Washington around Sudan sanctions
US lawmakers look to penalize warring factions as three-year conflict drags on.
Jonathan Ernst/ReutersTrump’s reconciliation 3.0 ask lands with thud
President Donald Trump’s demand for a third party-line spending bill isn’t going over well with lawmakers.
Nathan Howard/Reuters No ‘final decision’ on US deal, Iran says
Trump has predicted an Iran deal was imminent dozens of times, only for talks to fall apart.
Nathan Howard/ReutersDubai developer invokes force majeure on home sales
One of the city’s biggest conglomerates delays some housing handovers, citing war-related supply chain disruptions.
Courtesy of Majid Al Futtaim
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Politics
Carlos Barria/ReutersJonathan Ernst/Reuters Nathan Howard/Reuters
Debatable: Government stakes in AI
Trump and Sanders want the government to exact a public benefit from big AI firms. Others aren’t so sure.
Carlos Barria/ReutersMomentum builds in Washington around Sudan sanctions
US lawmakers look to penalize warring factions as three-year conflict drags on.
Jonathan Ernst/ReutersTrump’s reconciliation 3.0 ask lands with thud
President Donald Trump’s demand for a third party-line spending bill isn’t going over well with lawmakers.
Nathan Howard/Reuters It’s Schumer vs. Collins as midterms heat up
The majority leader is no fan of Graham Platner, but he’s more focused than ever on knocking out Susan Collins — and winning back the Senate.
Trump’s prediction-market regulator to the Supreme Court: Bring it on
CFTC Chair Mike Selig told Semafor he’s weighing more lawsuits against states that try to regulate those markets.
Democrats try to tie corruption to affordability
Americans surveyed in a new poll from Defend the Vote ranked the cost of living and corruption in Washington as their top two issues.
State Department memo says US Ebola response beats China’s
The June 5 memo states that the US “has become the single largest financial contributor to the Ebola response effort.”
State Department pressed on Board of Peace oversight
Sen. Jeanne Shaheen, D-N.H., said Congress has remained “largely in the dark” about the board’s work since its launch in February.
Republicans ask FEC to probe the other Dan Sullivan
The Dan Sullivan wars are entering a new phase.
Mamdani-backed democratic socialist leads incumbent Espaillat in key House race
Darializa Avila Chevalier leads incumbent Rep. Adriano Espaillat 39-35 in a new poll from Data for Progress.
AFL-CIO skeptical of government AI stake
“We think that our plan forward is actually a more responsible way to use technology to benefit the people,” AFL-CIO President Liz Shuler said.
BusinessBrendan McDermid/Reuters
The super-sized SpaceX IPO, in four charts
Investors rushed to bet on Musk.
Brendan McDermid/ReutersTrump’s prediction-market regulator to the Supreme Court: Bring it on
CFTC Chair Mike Selig told Semafor he’s weighing more lawsuits against states that try to regulate those markets.
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.
China is betting on medical tourism boom
The country has set up a special international medical tourism zone in Hainan, and relaxed visa rules have encouraged visitors.
China scolds e-commerce giants
The scolding dented shares of Alibaba and JD.com and came weeks after regulators told the companies to avoid an aggressive price war.
Technology
Pavel Mikheyev/File Photo/ReutersBrendan McDermid/Reuters
Amazon takes on Starlink in Kenya
Amazon has applied for approval to build its first African satellite ground station in Kenya, putting it in competition with SpaceX.
Pavel Mikheyev/File Photo/ReutersThe super-sized SpaceX IPO, in four charts
Investors rushed to bet on Musk.
Brendan McDermid/ReutersSam Altman calls off Abu Dhabi visit
As an investor and customer, the UAE has deep ties to OpenAI.
AI price war begins
Users are increasingly looking for value as well as capability.
SpaceX makes record market debut
The IPO values the company at above $1.75 trillion and stands to make CEO Elon Musk the world’s first trillionaire.
China scolds e-commerce giants
The scolding dented shares of Alibaba and JD.com and came weeks after regulators told the companies to avoid an aggressive price war.
Energy
Eloisa Sanchez/Reuters
China Daily via Reuters
Willy Kurniawan/Reuters
2026 World Cup could be the hottest and dirtiest ever
Climate change and the risk of extreme heat could affect players’ performances in the largest World Cup ever.
Eloisa Sanchez/ReutersRising trade barriers could reshape China’s clean tech investments
Tariffs, localization requirements, and other trade barriers abroad are making a pure export strategy trickier to sustain.
China Daily via ReutersPoorer nations face fertilizer hit as prices soar
Around 30% of global fertilizer supplies flowed through the Strait of Hormuz before the start of the Iran war.
Willy Kurniawan/ReutersGulf
Miners ply a gold mine in the Central African Republic. Daniel Flynn/Reuters.
Dubai is Central African Republic’s ‘conflict gold hub’
The UAE has become the main destination for conflict minerals from the Central African Republic, placing Dubai at the center of a lucrative trade in gold and diamonds, suggests a new report.
Miners ply a gold mine in the Central African Republic. Daniel Flynn/Reuters.Saudi firm closes first fund since start of Iran war
Saudi Arabia’s Growth Catalyst raised $96 million to back companies in the kingdom.
Sam Altman calls off Abu Dhabi visit
As an investor and customer, the UAE has deep ties to OpenAI.
No ‘final decision’ on US deal, Iran says
Trump has predicted an Iran deal was imminent dozens of times, only for talks to fall apart.
Blue Owl opens office in Abu Dhabi
Wall Street firms are still betting on the UAE capital despite uncertainty over the Iran war.
China
cnsphoto via Reuters
Isabel Infantes/ReutersChina Daily via Reuters
China is betting on medical tourism boom
The country has set up a special international medical tourism zone in Hainan, and relaxed visa rules have encouraged visitors.
cnsphoto via ReutersChina scolds e-commerce giants
The scolding dented shares of Alibaba and JD.com and came weeks after regulators told the companies to avoid an aggressive price war.
Isabel Infantes/ReutersRising trade barriers could reshape China’s clean tech investments
Tariffs, localization requirements, and other trade barriers abroad are making a pure export strategy trickier to sustain.
China Daily via ReutersAfrica
Troy Taormina/IMAGN IMAGES via Reuters
Gradel Muyisa Mumbere/Reuters
DRC minister says US Ebola rules are disrupting its World Cup return
The country’s first World Cup appearance in 52 years has been complicated by travel restrictions and limits on supporters heading to the tournament.
Troy Taormina/IMAGN IMAGES via ReutersHow AI is helping fight the latest Ebola outbreak
The technology is already showing its potential value, helping epidemiologists to make data-driven comparisons with previous outbreaks.
Gradel Muyisa Mumbere/ReutersAmazon takes on Starlink in Kenya
Amazon has applied for approval to build its first African satellite ground station in Kenya, putting it in competition with SpaceX.
Dubai is Central African Republic’s ‘conflict gold hub’
The UAE has become the main destination for conflict minerals from the Central African Republic, placing Dubai at the center of a lucrative trade in gold and diamonds, suggests a new report.
Momentum grows for Africa’s largest-ever IPO by Dangote
The company’s refinery aims to raise $5 billion from an IPO this year.
Scientists race to develop Ebola vaccines
Two of the four vaccines being developed for the Bundibugyo strain could be ready for clinical trials in two months.
Security
Ammar Awad/Reuters
Adnan Abidi/Reuters
Elizabeth Frantz/Reuters
Iran says it has halted strikes on Israel
Oil prices jumped 5% and stocks fell on the news.
Ammar Awad/ReutersIndia ‘cockroach’ party attracts discontented youth
The Cockroach Janta Party was started by a recent Boston University graduate after India’s chief justice compared young unemployed Indians to cockroaches.
Adnan Abidi/ReutersUS defense secretary attacks European allies in D-Day speech
Speaking in France on Saturday, Pete Hegseth decried a modern “invasion” of “boats and men.”
Elizabeth Frantz/ReutersMedia
Eleanor Kaufman/Semafor
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.
Eleanor Kaufman/SemaforPolitico 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.
CBS News in the crossfire
Within the network, every editorial decision has been scrutinized by CBS’ own staff.
Kalshi asks paid influencers to delete posts sowing doubts over LA mayoral election
Kalshi and Polymarket have enlisted hundreds of paid influencers to spur interest in everything from sporting events to political races.
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