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Intelligence for the New World Economy
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The World at a Glance
Updated 6:21am EDT
1
Israeli strikes on Lebanon killed at least 14 people, pushing an already shaky ceasefire close to collapse.
2Iran reportedly offered to reopen the Strait of Hormuz, but insisted US nuclear talks be postponed.
3Major central banks are set to hold interest rates steady this week, extending their pause since the start of the year.
4The shooting at the White House Correspondents’ Dinner marked the latest instance of political violence to rattle the US.
5King Charles III arrives in Washington today with Britain hoping the visit can help ease increasingly strained relations.
6Egypt lifted early-closure measures on Cairo after a month of being forced to shut down by 11pm.
Demand rises for ID verification amid AI advancements
One startup, Kibu, raised $10.5 million in its seed round as it looks to build out an ID verification app.
Evgenia Novozhenina/Reuters Shutdown nears breaking point after WHCD shooting
It’s an open question whether the shooting will be enough to resolve the impasse over homeland security funding.
Elizabeth Frantz/Reuters What’s next for Letterboxd?
The controlling investor in Letterboxd, the cinephile social platform, is looking to sell its stake.
Tiny and Screenshot/YouTube/@LetterboxdHQKey senator paves way to confirming Trump’s Fed pick
Sen. Thom Tillis, R-N.C., called DOJ’s decision to shift the Jerome Powell investigation to the inspector general a “necessary and appropriate measure.”
Kevin Lamarque/ReutersDepartment of Justice drops criminal probe into Fed chair Powell
President Trump signaled yesterday to Semafor at the White House that he was willing to consider an alternative inquiry.
Nathan Howard/ReutersHilton’s Chris Nassetta on why CEOs should ‘lift above the noise’
The longstanding leader says it’s critical to avoid “jerking the wheel.”
Courtesy of Hilton/Joey Pfeifer/SemaforThe man who is paying to see the future
Serial entrepreneur Bill Nguyen says his use of AI has moved beyond chatbot to body double.
Bill Nguyen in 2011. Brendan McDermid/Reuters.
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Politics
Ian Vogler/Pool via Reuters
Adrees Latif/ReutersEvgenia Novozhenina/Reuters
UK hopes king’s US visit improves ties
UK Prime Minister Keir Starmer has infuriated Donald Trump by refusing to take part in the Iran war.
Ian Vogler/Pool via ReutersDebatable: Universal basic income
Elon Musk wants to send direct payments to Americans to offset AI’s impact.
Adrees Latif/ReutersDemand rises for ID verification amid AI advancements
One startup, Kibu, raised $10.5 million in its seed round as it looks to build out an ID verification app.
Evgenia Novozhenina/Reuters Shutdown nears breaking point after WHCD shooting
It’s an open question whether the shooting will be enough to resolve the impasse over homeland security funding.
Political violence reaches heart of US establishment with press gala shooting
The gunman who tried to storm the White House Correspondents’ Dinner was targeting US administration officials, authorities said Sunday, in the latest instance of political violence to hit Washington.
Key senator paves way to confirming Trump’s Fed pick
Sen. Thom Tillis, R-N.C., called DOJ’s decision to shift the Jerome Powell investigation to the inspector general a “necessary and appropriate measure.”
‘Lone wolf’ gunman held after Trump evacuated from White House Correspondents’ Dinner
The president said a man who had “multiple weapons” was in custody.
Department of Justice drops criminal probe into Fed chair Powell
President Trump signaled yesterday to Semafor at the White House that he was willing to consider an alternative inquiry.
Progressives skeptical of tech billionaires’ UBI support
Tech billionaires like Elon Musk and OpenAI’s Sam Altman have recently embraced universal basic income.
Questions swirl over UAE currency swap
The United Arab Emirates’ request for a US currency swap akin to Argentina’s has a math problem, experts tell Semafor.
Trump opens door to alternative Fed renovation probe
Asked by Semafor Thursday if someone outside the Justice Department could get the answers he sought, the president said they could.
Business
Sarah Silbiger/File Photo/Reuters
Major central banks set to hold interest rates steady
Traders are betting that the Federal Reserve, European Central Bank, Bank of Japan, and Bank of England will all maintain rates at current levels.
Sarah Silbiger/File Photo/ReutersAI stock enthusiasm heats back up
AI enthusiasm in equity markets roared back before a crucial week for Big Tech.
China bolsters gig workers’ protections
Beijing formalized labor rules for gig workers on online platforms, including delivery drivers and livestreamers, as the sector takes on a larger role in China’s economy.
Banking on the Future Forum
The global financial landscape is evolving at a pace unseen in previous years, propelled by the adoption of new technologies and rapid innovation.
Saudi sovereign wealth fund to partner again with Live Nation
The $925 billion fund is tapping US operators to manage a new network of stadiums and concert halls.
TechnologyEvgenia Novozhenina/Reuters 
Brendan McDermid/File Photo/Reuters
Demand rises for ID verification amid AI advancements
One startup, Kibu, raised $10.5 million in its seed round as it looks to build out an ID verification app.
Evgenia Novozhenina/Reuters AI stock enthusiasm heats back up
AI enthusiasm in equity markets roared back before a crucial week for Big Tech.
Brendan McDermid/File Photo/ReutersMusk pitches ‘universal high income’
It’s the least he could do, Semafor’s Tech editor writes, considering how much money AI will make him when his Optimus robots start replacing all human jobs.
Google CEO says 75% of company’s new code is AI-generated
Meta targets similar levels by midyear.
Expect more tech layoffs
They were a long time coming, and a good thing for the tech ecosystem.
AIs hunt for signs of intelligent life
Scientists are using Nvidia GPUs to examine the data produced by telescopes like the James Webb, regularly discovering the oldest galaxies in the universe.
Energy
Leah Millis/Reuters
Tingshu Wang/Reuters
Eloisa Lopez/Reuters
Texas data center crisis offers cautionary AI tale
Fermi’s share price has crashed, and its CEO and CFO both left their posts this weekend.
Leah Millis/ReutersChinese solar exports hit record high in March
Countries most exposed to the effective closure of the Strait of Hormuz scrambled to find alternative energy sources.
Tingshu Wang/ReutersFertilizer prices set to surge even higher
The price of nitrogen-based fertilizers has more than doubled as the strait closure chokes off supplies.
Eloisa Lopez/ReutersGulf
Mohamed Abd El Ghany/Reuters
Cairo nightlife returns after a month of early-closure measures
Energy price spikes from the Iran war pushed authorities to impose a curfew.
Mohamed Abd El Ghany/ReutersOil rises on stalled Iran-US peace talks
President Donald Trump canceled American participation in talks with Iran.
Israeli strikes kill 14 in Lebanon amid ceasefire
Israel and Lebanon agreed a three-week truce extension this month.
Saudi sovereign wealth fund to partner again with Live Nation
The $925 billion fund is tapping US operators to manage a new network of stadiums and concert halls.
Questions swirl over UAE currency swap
The United Arab Emirates’ request for a US currency swap akin to Argentina’s has a math problem, experts tell Semafor.
Africa
Stringer/Reuters
Oupa Nkosi/Reuters
Militant surge in Mali challenges Russia-backed security
A coordinated wave of attacks by jihadist militants and separatists erupted across Mali this weekend, intensifying scrutiny of the country’s reliance on Russian support as security rapidly deteriorates.
Stringer/ReutersTrump increasingly eyes critical minerals in trade policy strategy
Resource-rich African countries have a rare opportunity to benefit or miss out as Washington actively redesigns the rules of global mineral access.
Oupa Nkosi/ReutersNigerian billionaire Dangote proposes new East Africa refinery
The new crude oil refinery in Tanzania would replicate the output of his giant plant in Lagos.
Mozambique, Rwanda worst-hit by Iran war: ratings agency S&P
Rwanda has a 71% export dependency on Middle Eastern hubs while Mozambique’s vulnerability stems from a junk-rated sovereign credit rating.
US deports migrants to DR Congo, drawing ire over safety concerns
The US deported 15 South American migrants to DR Congo this week under a third-country expulsion deal, according to reports.
US moves to normalize ties with Eritrea
The isolated Horn of Africa state is considered strategically important due to its Red Sea coastline.
Security
US Marine Corps/Handout via Reuters
Michael Schindler/Handout via Reuters
EU Copernicus via Reuters
Trump issues ‘shoot and kill’ order amid Hormuz standoff
US President Donald Trump ordered the Navy to “shoot and kill” Iranian boats placing mines in the Strait of Hormuz.
US Marine Corps/Handout via ReutersSome experts dismiss ‘apocalyptic talk’ of Hormuz disruptions
The economic damage might fall short of an all-out catastrophe, some analysts argued.
Michael Schindler/Handout via ReutersUS-Iran standoff in Strait of Hormuz escalates
Iran said that the US blockade of the Strait was a red line if negotiations are to continue.
EU Copernicus via ReutersMediaTiny and Screenshot/YouTube/@LetterboxdHQ
What’s next for Letterboxd?
The controlling investor in Letterboxd, the cinephile social platform, is looking to sell its stake.
Tiny and Screenshot/YouTube/@LetterboxdHQLeBron James is getting ready for his post-NBA media career, partner says
In an appearance at last week’s Semafor World Economy gathering, Maverick Carter said that changes in the tech and media landscape will allow James some flexibility in terms of his next moves once he retires — which could be as soon as later this month.
CNN backpedals after booker turns away guest for merger segment
“No one advised any editorial employee at CNN not to pursue this story,” a CNN spokesperson said.
Writer of media newsletter recapping media newsletters suspended after errors
Mediaite’s One Sheet newsletter has grown increasingly error-prone.
Gulf media crackdown sanitizes images of the war
Some international wires have halted conflict photography in the UAE since the arrest of photojournalists there.
CEO Signal
Courtesy of Government of Dubai/Joey Pfeifer/SemaforCourtesy of Hilton/Joey Pfeifer/Semafor 
Issei Kato/Reuters
How Dubai’s Hadi Badri builds confidence in a crisis
The Dubai Economic Development Corp. CEO says data, proactive engagement, and long-term goals can turn the Iran conflict into a “speed bump.”
Courtesy of Government of Dubai/Joey Pfeifer/SemaforHilton’s Chris Nassetta on why CEOs should ‘lift above the noise’
The longstanding leader says it’s critical to avoid “jerking the wheel.”
Courtesy of Hilton/Joey Pfeifer/SemaforHow Ivan Espinosa got Nissan to face reality
Nissan’s vehicle sales and share price have plummeted. Espinosa has a mandate to turn them around.
Issei Kato/Reuters AD