Flagship

UAE to quit OPEC, deepening Saudi rift

The UAE on Tuesday announced it will quit the Organization of Petroleum Exporting Countries, in a blow to the cartel, which has struggled in recent years to maintain unity. Abu Dhabi has been in the group since 1967, but the move isn’t much of a surprise, an OPEC expert wrote in Semafor Gulf. The UAE has long bristled at the bloc’s quota system that didn’t keep pace with the reality of the UAE’s rising production capacity. But the decision deepens the country’s rift with Riyadh, Semafor’s Saudi bureau chief wrote, and shows the UAE “is no longer willing to go along with historic alliances it views as unnecessary purely for the sake of harmony.”

US gas prices rise, Trump approval dips

US President Donald Trump is facing deepening pressure over rising costs stemming from a Strait of Hormuz stalemate. US gas prices on Tuesday hit their highest level in four years, while a new Reuters poll showed Trump’s approval rating sank to the lowest point of his second term, driven by concerns over ballooning costs. Washington is mulling an Iranian proposal to open the strait, but Trump is reportedly skeptical of the offer, given that it would postpone talks on Tehran’s nuclear program. The US has been relatively spared from the most severe economic impacts from the conflict, which could give Trump some breathing room politically. Experts say the US would only enter recession territory if oil were to hit $150 per barrel.

Charles III champions US-UK ties

King Charles III championed the US-UK relationship during an address to Congress on Tuesday, calling on the two nations to “rededicate ourselves to each other.” In a “startlingly bold speech by any royal standards,” a Financial Times editor wrote, Charles also praised NATO and backed Ukraine — two issues over which US President Donald Trump has sparred with the UK this year. Those coded messages, along with the calls to defend the countries’ ties, point to London’s hopes that Charles can be a tool to repair transatlantic fractures that have deepened since the Iran war broke out. The UK’s ambassador to Washington said in February that the US’ only “special relationship” is “probably Israel,” rather than the UK, the FT reported.

China tech startups feel chilling effect

Beijing’s blocking of Meta’s plan to buy Chinese AI startup Manus is already forcing a rethink among tech entrepreneurs who have ties to both China and the US. The move highlights the intensifying battle between the superpowers for AI dominance, and could factor into a planned summit between the countries’ leaders next month. It deals a blow to the ambitions of Chinese startups: One billionaire founder told Bloomberg he is building strict walls between his Chinese and US operations as a result of the Meta-Manus fallout. Chinese-founded firms, including those now operating overseas, expect a chilling effect on cross-border tech deals, Nikkei reported, as Beijing makes it clear it intends to prevent outflows of Chinese IP.

BYD profit falls as overseas sales rise

Chinese EV giant BYD on Tuesday reported its lowest quarterly profit in three years as low demand at home weighed on sales. The company’s earnings underscored the toll of a yearslong price war in China’s auto sector, which has yet to abate — BYD’s discounts in March hit their highest level in years. New EV sales in China fell 24% between January and March as the government rolled back EV subsidies. But BYD saw strong growth overseas, a trend that could continue this year as the Iran war pushes up gas prices and spurs interest in EVs. The brand has also looked to juice interest through this year’s Beijing Auto Show, where BYD has occupied an entire exhibition hall.

FCC to review ABC licenses

The US Federal Communications Commission is reviewing ABC’s broadcast licenses, an unusual step targeting a major American network in President Donald Trump’s crosshairs. The review, the plans for which were first reported by Semafor’s Liz Hoffman and Rohan Goswami, ups the pressure on ABC’s owner Disney, as it faces scrutiny from the White House over a monologue made by late-night host Jimmy Kimmel. The president and first lady Melania Trump have both demanded that the broadcaster fire Kimmel. The FCC linked the review to Disney’s corporate diversity policies; the agency’s chief has repeatedly criticized the entertainment giant, and has threatened networks’ licenses over coverage he has deemed biased.

Mexico intensifies cartel crackdown

Mexico’s military arrested a top cartel leader in a raid involving more than 500 troops, the country’s security minister announced on Monday, as President Claudia Sheinbaum intensifies her gang crackdown. Audias Flores Silva’s capture is the latest blow to the Jalisco New Generation Cartel, whose leader was killed during a US-supported raid in February, and comes after repeated calls from US President Donald Trump for aggressive anti-cartel measures. Facing growing pressure to defy Washington, Sheinbaum is increasingly “hesitant and exhausted,” The Wall Street Journal reported, but remains eager to stave off US military intervention — or higher tariffs — amid stagnant growth and looming trade negotiations. “We have embarked on this route and there is no turning back,” a Mexican official told the Journal.

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Aussie teens bypass social media ban

A majority of Australian teens say they are able to bypass the country’s ban on social media. Canberra restricted under-16 access to platforms including TikTok, YouTube, and Instagram last year, and countries from Malaysia to Denmark are planning to or have already followed suit. But the survey found 60% of underage social media users said they still had access. There have been signs that internet access limits are hard to impose: The UK’s age-gating of adult sites led to an explosion of VPN use. Australia has said that 5 million social media accounts had been deactivated since the ban, but that it was considering enforcement actions against platforms which were not complying sufficiently.

US booksellers rebound

The number of booksellers in the US has jumped 70% since the pandemic after years of decline. There were 5,000 bookstores registered with the American Booksellers Association in 1995, Bookshop.org’s founder told Fast Company; by 2019, with the rise of Amazon, that had fallen to 1,889. But since 2020 it has recovered significantly, with 3,200 members. Print books in general remain popular, resisting the move to digital seen in other media, such as music and film: Four of every five books sold are physical, and sales have actually gone up in recent years. Small indie bookstores are key to the revival of brick-and-mortar outlets over online sales, with 422 opening in 2025 alone.