I'm Katrin Benhold, host of The World, a daily newsletter from the New York Times. I spent 20 years reporting from more than a dozen countries, and it occurred to me one day, what kind of newsletter would I like to read? I don't live in the US. I want something especially for a global audience. The world is just that. Each weekday morning, we bring you the biggest stories, dispatches from my colleagues on the ground, and a few surprises with video too. The World newsletter. Take the latest and sign up at nytimes.com slash the world. From the New York Times, it's the headlines. I'm Tracey Mumford. Today's Thursday, May 14th. Here's what we're covering. In Beijing this morning, President Trump was welcomed with a 21-gun salute. As Chinese President Xi Jinping greeted him for the start of their high-stakes summit. Such respect for China. The job you've done, you're a great leader. I say it to everybody. You're a great leader. The meeting marks the first visit to China by a US president in nearly a decade. And in their opening remarks, both leaders stressed the importance of US-China cooperation. We've gotten along when there were difficulties. We worked it out. I would call you and you would call me. But hanging over that relationship and this week's talks are long-standing clashes over trade and Taiwan, as well as a new source of tension, the war in Iran. Iran is China's closest partner in the Middle East, and the country buys about 80% of Iran's oil exports. Since the beginning of the war, China has given Iran intelligence, plus access to a spy satellite that has tracked the positions of US forces in the region. And just as Trump was flying to China, the times learned from US officials that Chinese companies have been discussing selling weapons to Iran. No Chinese weapons seem to have been used on the battlefield yet, but the American officials say the plan would be to send the weapons via third-party countries to hide the fact that they're coming from China. Whether President Trump will bring any of that up on this visit, though, and pressure China over its support for Iran is an open question. He seems eager to keep the US relationship with China stable rather than stirring up conflict. And, notably, the war in Iran has actually tied the US more closely to China. That's because China dominates global production of rare earth minerals, which are crucial components of US weapons, from cruise missiles to fighter jets. One former US trade official told the Times, quote, Every missile fired at Iran makes us that much more dependent in the near term on China. Meanwhile, now the UK energy giant BP has just released its latest results and it made profits of $3.2 billion in the past three months, double this time last year. As the war continues, oil companies have been posting spectacular profits. Shell, the latest firm to announce its first quarter results, the reported profits of just under $7 billion. In recent weeks, they've been sharing huge earnings numbers, with the conflict rocking the global energy market. One executive saying the volatility has created opportunities. The Times' global econ correspondent, Patty Cohen, has been digging into what is behind those sky-high profits. One reason is obvious is look how much oil prices have gone up. If you're going to the gas station, if you're looking at your heating bill, whatever, you can see that the prices just shot up. But a second reason which most people probably don't realize, which accounts for a huge portion, particularly of European oil companies revenues in this first quarter, is because of their trading debts. Now what do the trading debts do? They buy, sell, and they transport oil. But at a time when prices are very volatile, you can make money by trading. So let me give you an example. Total Energies, which is a French oil company, they made essentially a billion dollars in one day by trading oil. And what they did was they bought up every single cargo of oil that was available in March that could be loaded in May. And just by buying up all of this supply, because they knew there was a shortage coming, they made a billion dollars. Patty says the new profits have reignited a debate in Europe over whether to impose a temporary windfall tax on oil and gas companies' sudden jackpot. That money could then be used to help slash consumers' energy bills across the continent. First EU countries did that in 2022 after Russia's full-scale invasion of Ukraine drove oil prices way up. But it was a challenge to actually collect the money. One French economist told the Times that in response, oil giants did things like shift their profits to offshore tax havens. The I's are 54. The Nays are 45. The nomination is confirmed. On Capitol Hill yesterday, the Senate voted in Kevin Warsh as the new chair of the Federal Reserve. But even as he steps into the new job, there are major concerns in Washington over whether he will maintain the Fed's tradition of independence from the White House. Are you going to be the president's human sock puppet? Senator, absolutely not. Are you going to be anybody's human sock puppet? No, I'm honored the president. Warsh's confirmation hearings were filled with questions about whether he plans to do the bidding of President Trump, who handpicked him for the job. Trump has spent the last year and a half relentlessly attacking the outgoing Fed chair, Jerome Powell, for not lowering interest rates like he wanted him to. That threatened to break the long-standing norm of letting the central bank make its own decisions about what's best for the economy. I think that the big question for everyone is just how much runway is Trump going to give his Fed chair pick? Is he going to give him a couple of months to settle in and establish his own credibility? Or is he going to come right out of the gate and attack him for not being able to deliver the thing that he has kind of made clear was the precondition for whoever he was going to give the job to? And I think this is really going to come to a head as early as mid-June, which is the first meeting that Warsh is going to preside over as chair. My colleague Colby Smith, who covers the Fed, says Warsh has repeatedly denied that he'll follow Trump's lead on interest rates, but he has said he wants to shake things up. Colby has more about his plans for what he's called regime change on today's episode of The Daily. In South Carolina, the state's top court overturned the murder convictions against Alex Murdoch yesterday, a surprise reversal in one of the most high-profile homicide cases in the country. Murdoch was convicted in 2023 of killing his wife and his 22-year-old son. Their deaths on the family's rural hunting estate sparked intense fascination. There are facts that don't add up, and bodies tied to this family. And the case set up a wave of true crime documentaries and podcasts. People were fascinated by the once prominent family now engulfed in accusations of embezzlement and murder. They were implying that law enforcement may have been protecting the Murdochs from any consequences. At his trial, a jury convicted Murdoch in less than three hours after being shown a video of him at the crime scene where he had originally denied being. Now, though, the state Supreme Court has ruled that a court clerk committed what it called shocking jury interference. Some jurors said that she would talk to them about Alex Murdoch's testimony, including saying that they should not be fooled by him. The clerk has also pleaded guilty to using her government job for a personal gain by promoting a book she wrote about the case. The South Carolina Attorney General's Office will now retry Murdoch for the killings, which he denies committing. He will remain behind bars, though, because he's also been sentenced to decades in prison for stealing millions of dollars from his law firm and former clients. And finally, you hear the applause, a historic moment as Jason Collins becomes the first openly gay athlete to play in any of this country's four major professional sports. Jason Collins, the first active NBA player to come out as gay, died this week at 47 years old. His family said the cause was an aggressive form of brain cancer. Back in 2013, Collins sparked a national conversation after he wrote an essay for Sports Illustrated declaring, quote, I'm a 34-year-old NBA center, I'm black, and I'm gay. President Obama called him up. He was a guest at the next state of the union, and he went on Oprah. Can you imagine the first time you step out with a partner now? Do you think you're going to keep that a secret with your seven-foot cell? It was a time when the gay rights movement was making significant strides, but gay marriage was not yet legal nationwide, and not all the reaction was positive. He then wondered if Collins' announcement would end his career. At that point, he'd played for multiple NBA teams for more than a decade and was a free agent. The Brooklyn Nets ultimately signed him, and he played for a few more months before retiring. While his groundbreaking announcement was celebrated as a major moment for professional sports, very few men have followed in Collins' path. Other male athletes have come out only after their careers are over, and today there are no openly gay, active players in men's pro basketball, football, hockey, or baseball. Those are the headlines. I'm Tracey Mumford. We'll be back tomorrow with the latest and the Friday News Quiz.
