The World at a Glance
Updated 8:32am EDT
1
Russia announced a three-day ceasefire in Ukraine from May 8-10, as pressure mounts on Kyiv to accept a peace deal.
2A massive power outage hit Spain and Portugal, affecting millions across the Iberian Peninsula.
3Catholic cardinals will meet from May 7 to begin the conclave to elect Pope Francis’ successor, the Vatican said.
4Trade between the US and China is plummeting as President Donald Trump’s tariffs ripple through the global economy.
5As he approaches his 100th day in office, Trump’s approval rating has fallen sharply as sentiment sours over his economic policies.
6Trump demanded free transit for US ships crossing the Panama and Suez canals, saying the routes wouldn’t exist without Washington.
US wants to launch a nuclear ‘renaissance,’ Energy Sec. Chris Wright says
The Trump administration is hoping to spur development of nuclear power to keep up with surging demand for electricity.
Tasos Katopodis/Getty Images for SemaforNasdaq CEO says global investors won’t necessarily flee US, but they need more predictability
Nasdaq CEO Adena Friedman also touted the potential of AI in automating workflows and detecting criminal behavior.
Tasos Katopodis/Getty Images for SemaforBennet questions Schumer’s Senate leadership
Democrats should usher in a new generation of leaders and be prepared to make “uncomfortable decisions,” Sen. Michael Bennet told Semafor.
SemaforIllinois Republican Rep. LaHood considering Senate run in 2026
The House Republican is weighing whether to make a bid for the seat held for decades by Democratic Sen. Dick Durbin, who’s retiring next year.
Kris Tripplaar/SemaforAD
USAFacts CEO urges Education Dept. to preserve data unit
Former Microsoft CEO Steve Ballmer sent a letter last week to Education Sec. Linda McMahon, pleading to not cut funding to an internal department that does ‘critical work’ gathering and publishing statistics that help rank schools.
Kris Tripplaar/SemaforCoreWeave CEO: Wall Street doesn’t fully understand the business
Wall Street is “missing the thematic power” of compute at “gargantuan scale,” CoreWeave’s Michael Intrator said at Semafor’s World Economy Summit.
SemaforMississippi needs federal disaster relief, says Gov. Tate Reeves
The federal government recently declined to provide disaster relief to Arkansas following severe storms in the region.
Semafor
politics
Gage Skidmore/Flickr/CC BY-SA 2.0
Ken Cedeno/Reuters
Tom Brenner/Reuters
House members push stock ban while leadership stays quiet
Ban supporters want to capitalize on recent comments by President Donald Trump and House Minority Leader Hakeem Jeffries backing the idea.
Gage Skidmore/Flickr/CC BY-SA 2.0Trump loses public on tariffs
Seven in ten US adults say tariffs will end up costing the US more money than they bring in in the short term, according to a Gallup poll.
Ken Cedeno/ReutersUncommon bonds: Federal Reserve independence
A top House Republican said he’s pursuing a bipartisan bill that would preserve the central bank’s political insulation.
Tom Brenner/ReutersIllinois governor makes the case for a fighting Democratic Party in New Hampshire
Gov. JB Pritzker had harsh words for the “do-nothing Democrats” who’d hoped that “a simple defense of norms and decorum” would convince Republicans to change.
Trump approval rating slumps ahead of 100-day mark
The president appeared especially vulnerable on the economy, polls suggested, amid souring sentiment following his ‘Liberation Day’ tariffs.
US wants to launch a nuclear ‘renaissance,’ Energy Sec. Chris Wright says
The Trump administration is hoping to spur development of nuclear power to keep up with surging demand for electricity.
Sebastian Gorka on Trump’s new war on terror
“We will not be using the counterterrorism enterprise against those who politically disagree with us,” Gorka told Semafor’s Shelby Talcott.
Tuberville tells senators he’s running for governor
The Alabama Republican will be the second sitting member of the chamber to launch a home-state run.
Gallego open to working with Trump on housing
He wants more details on a plan to build housing on federal land.
Dems start aligning around El Salvador boycott
It’s a new strategy for pushing back against the country, where the White House has deported migrants.
More Democratic incumbents face rising younger challengers
In the post-Biden era, it’s all about age as elderly m face emboldened opponents.
business
Semafor World Economy Summit: Views from policymakers and CEOs on AI
Nasdaq CEO Adena Friedman and Uber boss Dara Khosrowshahi are among those discussing the power of artificial intelligence to transform businesses at the Semafor World Economy Summit.
White House health adviser says weight loss drugs are being ‘pushed’ on American children
At the Semafor World Economy Summit, Calley Means slammed the health industry for focusing on weight loss drugs to combat childhood obesity.
USAFacts CEO urges Education Dept. to preserve data unit
Former Microsoft CEO Steve Ballmer sent a letter last week to Education Sec. Linda McMahon, pleading to not cut funding to an internal department that does ‘critical work’ gathering and publishing statistics that help rank schools.
DOGE is learning ‘very fast,’ says Booz Allen Hamilton CEO
The cost-cutting agency’s efforts have already raised public interest in how the government works, says Booz Allen’s CEO.
Illinois Republican Rep. LaHood considering Senate run in 2026
The House Republican is weighing whether to make a bid for the seat held for decades by Democratic Sen. Dick Durbin, who’s retiring next year.
technology
Tyrone Siu/Reuters
Axel Schmidt/Reuters
Huawei eyes new AI chip to rival Nvidia
Huawei has been at the forefront of Beijing’s effort to bolster China’s tech industry and skirt Washington’s restrictions.
Tyrone Siu/ReutersLaw experts, former employees push to stop OpenAI’s nonprofit structure change
“If the problem is [that] investors don’t like that the mission comes first, that’s too bad,” said one former OpenAI employee.
Axel Schmidt/ReutersElon Musk says he will reduce his time at the White House
The Tesla CEO said his time working with the Department of Government Efficiency will drop starting next month.
Google operates illegal monopoly in online ad business, judge rules
The decision marks the second time in a year that the tech giant has been found to have acted illegally to maintain its dominance.
‘Fuzzy logic’ encryption offers a path to safer, easier authentication
The legendary technologist known as “Darpa Dan” joined Badge, which is developing biometric authentication software accessible from anywhere, without storing user data.
Tech carveout adds to global uncertainty over Trump tariffs
The new exemption signaled a possible softening of the president’s aggressive trade agenda, but the reprieve may be brief.
net zero
Rodrigo Garrido/Reuters
Semafor
David McNew/Reuters
Tariffs won’t solve the US copper problem, BHP CEO says
Mike Henry, CEO of BHP, downplayed the possibility of another stab at acquiring rival miner Anglo American.
Rodrigo Garrido/ReutersFormer Colombian president: Petro’s oil policies are ‘absolutely insane’
Iván Duque, the former president of Colombia, criticized some of his predecessor’s climate policy stances at Semafor’s World Economy Summit.
SemaforOil investors are buying the dip
US President Donald Trump’s energy strategy is hurting Big Oil today, but a recovery is likely.
David McNew/Reutersgulf
King Abdullah Financial District in Riyadh. Mohammed Benmansour/Reuters.
Saudi Arabia expects PIF to triple by 2030
The kingdom expects its sovereign wealth fund to reach $2.67 trillion in assets by 2030, up $800 billion from its previous forecast.
King Abdullah Financial District in Riyadh. Mohammed Benmansour/Reuters.Trade war dims Gulf growth prospects, IMF says
Gulf countries, except Qatar, are all expected to grow more slowly than previously forecast, the International Monetary Fund predicts.
Qatar to build first new Venice Biennale pavilion in 30 years
Qatar Museums tapped Paris-based, Lebanon-born architect Lina Ghotmeh to design its pavilion, only the third to be built in the past 50 years.
Swiss banker: Gulf heirs don’t want to run the family business
UBS wealth adviser predicts M&A activity as heirs prepare to take on family fortunes.
New Jersey governor plans economic mission to the Gulf
Governor Phil Murphy will visit Bahrain, Saudi Arabia, and the UAE to discuss investment and partnerships in AI, manufacturing, and education.
africa
Tiksa Negeri/Reuters
Ruth E. Carter, Best Costume Design winner for “Black Panther,” during the 91st Annual Academy Awards. Valerie Macon/AFP via Getty Images.
Ethiopia’s state-owned Ethio Telecom records lackluster IPO
The mobile operator sold only 10.7% of shares in its initial public offering aimed at boosting the country’s struggling economy.
Tiksa Negeri/ReutersAnalysis: Reframing an optimistic Africa
What if the world’s most untapped opportunity became the single story of
Africa?
Ruth E. Carter, Best Costume Design winner for “Black Panther,” during the 91st Annual Academy Awards. Valerie Macon/AFP via Getty Images.Will the next pope be African?
Three African cardinals are among the potential contenders to become the next leader of the Roman Catholic Church.
US State Department retains Africa bureau
Embassies and consulates on the continent could still be under threat, according to a leaked memo.
Côte d’Ivoire’s main opposition leader disqualified from polls
Tidjane Thiam described the court’s decision as an ‘act of electoral vandalism.’
How Trump’s trade war could bolster the Africa-China relationship
Kenyan President William Ruto heads to Beijing this week, the first African leader to be hosted by Xi Jinping since Washington unleashed its unprecedented global tariffs.
media
Daily Wire
Daily Wire to open DC branch
The outlet is making a push to have a bigger presence in Donald Trump’s Washington.
Daily WireComments from CEO anger Marketplace staffers after layoffs
Last week, the business-focused public radio outlet announced that it was shedding some staff.
MAHA icon Shanahan inks deal with conservative talk network
Blaze Media is partnering with Nicole Shanahan to license and represent her podcast.
The group chats that changed America
A loose private network on Signal and WhatsApp helped usher in the new alliance between Silicon Valley and Donald Trump’s new right.
Mixed Signals: Ezra Klein on Trump, Sanity, and Podcasting
The New York Times columnist discusses what he’s learned about the media and podcasting through this latest tour, how the “abundance” framework might apply to media, and if Trump will go after the press next.
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