Saudi Arabia redirects investment focus back home
The Washington Post sold Democracy. Now it needs a new line of business.
The World at a Glance
Updated 7:13am EDT
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Washington urged Beijing to pressure Pyongyang over the movement of North Korean troops to Russia, as fears grow over an expansion of the war in Ukraine.
2Israel banned the UN’s Palestinian refugee agency from the country, a move world leaders warned could effectively cut off aid to Gaza.
3Washington blocked some investments in Chinese chips and AI, saying it was a move to protect US national security.
4The number of billionaires in China fell by a third, a new report showed, as the country’s economy and stock market slow.
5India has joined China in witnessing a drop in population growth, with southern Indian states seeing the sharpest decline.
6Wealthy collectors are spending less on art, with millennial buyers’ average spend falling by 54% to $395,000 last year.
US election betting ramps up in final stretch
Robinhood is the latest trading platform to allow betting on the election, although critics warned that betting markets should not be seen as reliable predictors.
Jeenah Moon/ReutersBoth parties wanted you to watch Donald Trump’s rally in Madison Square Garden
Trump delivered a raucous homecoming in his image, while Democrats highlighted offensive speakers.
Brendan McDermid/ReutersHarris camp urges Latino Democrats to amplify Trump rally remark about ‘garbage’ Puerto Rico
Kamala Harris appeared at a Puerto Rican restaurant in Philadelphia as multiple congressional Democrats condemned the crude commentary.
Andrew Kelly/ReutersBallot boxes set on fire in Washington and Oregon under police investigation
It’s unclear exactly how many ballots may have been affected by the fires, however officials have suggested hundreds may have been damaged.
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Inside The Wall Street Journal, recriminations over Gershkovich’s arrest
The messy backstory on how the Journal sent a reporter, twice, to the heart of Russia’s military-industrial complex in wartime.
Evan Gershkovich in Russian court in June. Evgenia Novozhenina/Reuters.Pro-Europe opposition groups call foul on Georgia election result
Both the pro-Russia ruling party and four pro-European Union opposition groups claimed victory in Saturday’s election.
Zurab Javakhadze/ReutersEast Africa leads Africa’s economic growth despite public discontent
High unemployment and the cost of living have sparked protests in Kenya and Uganda.
Equity Group CEO James Mwangi (right). Tasos Katopodis/Getty Images for Semafor.
politics
Brendan McDermid & Evelyn Hockstein/Reuters
Hannah McKay/Reuters
Andrew Kelly/Reuters
Final days of US election sends jitters through the global economy
Finance leaders at the recent IMF and World Bank meetings in Washington expressed more uncertainty and anxiety over a potential Trump presidency.
Brendan McDermid & Evelyn Hockstein/ReutersInside Trump world, good news is treated with suspicion
While the race is close, Trump is polling better than in any prior contest. Some worry they’re missing something.
Hannah McKay/ReutersBiden admin finalizes order restricting AI, chips investment in China
The rule will take effect in January 2025.
Andrew Kelly/ReutersBallot boxes set on fire in Washington and Oregon under police investigation
It’s unclear exactly how many ballots may have been affected by the fires, however officials have suggested hundreds may have been damaged.
Harris camp urges Latino Democrats to amplify Trump rally remark about ‘garbage’ Puerto Rico
Kamala Harris appeared at a Puerto Rican restaurant in Philadelphia as multiple congressional Democrats condemned the crude commentary.
In Wisconsin and countrywide, Democrats look to the suburbs to save them
Since 2016, the party has eked out more votes in once-red counties to offset losses elsewhere.
Both parties wanted you to watch Donald Trump’s rally in Madison Square Garden
Trump delivered a raucous homecoming in his image, while Democrats highlighted offensive speakers.
Ralph Reed’s operation quietly looks to fill the turnout gaps in Pennsylvania
The socially conservative Faith & Freedom Coalition is buttressing newer, more unconventional efforts.
As US election nears, Trump and Harris make their final pitches to voters
The vice president appeared with Beyoncé in Texas, while Donald Trump held a rally at New York’s Madison Square Garden.
Democrats look to the heartland to take back the House
New York and California absorb attention and money — but they also see a second path to victory
Elon Musk takes center stage as US presidential campaign nears finish
Trump has pledged to give Musk a role in his administration if he wins on Nov. 5, although it is unclear what that might look like.
businessJeenah Moon/Reuters
US election betting ramps up in final stretch
Robinhood is the latest trading platform to allow betting on the election, although critics warned that betting markets should not be seen as reliable predictors.
Jeenah Moon/ReutersWatch: Semafor’s World Economy Summit Fall 2024
Follow along live with fall’s most consequential gathering on the state of the global economy.
Tesla says Cybertruck reached profitability as quarterly earnings beat estimates
The electric vehicle maker reported its Cybertruck had reached profitability for the first time.
Apollo, SoftBank eyed giant AI fund
The firms discussed putting as much as $50B into data centers, chip factories, and other AI projects, people familiar with the matter said. Talks have recently cooled.
Trump’s tariffs risk disrupting global trade
Donald Trump’s signature economic policy proposal would have likely long-term negative consequences, economists said.
technology
Intel Corporation/Handout/File Photo via Reuters
Jensen Huang, CEO of Nvidia, and Mads Krogsgaard Thomsen, director of the Novo Nordisk Foundation. Mads Claus Rasmussen/reuters
US likely to pressure EU for more curbs on China exports, ASML says
The US has been strong-arming allies into imposing curbs on AI exports to China as the two superpowers compete for primacy.
Intel Corporation/Handout/File Photo via ReutersArtificial intelligence will ‘revolutionize’ pharma industry, Nvidia says
Chip giant Nvidia has developed a supercomputer for Danish pharma company Novo Nordisk, the maker of blockbuster weight loss drug Ozempic.
Jensen Huang, CEO of Nvidia, and Mads Krogsgaard Thomsen, director of the Novo Nordisk Foundation. Mads Claus Rasmussen/reutersFormer European Parliament member and tech critic talks AI, the politics of big tech
Marietje Schaake, now a fellow at Stanford, is the author of The Tech Coup, a scathing critique of the tech industry’s concentration of financial and political power.
Nvidia CEO says India should focus on exporting AI rather than chips
Global tech firms have been racing to build chip manufacturing facilities in India as a way to compete with Taiwan’s dominance in the sector.
Return of the Jedi
How the hardball tactics of the $10 billion Pentagon cloud computing project never stopped, years after the whole thing crumbled.
Disappointing numbers for semiconductor giant ASML bring scrutiny to chip industry
A leaked earnings report showed Europe’s biggest tech company had to revise its financial guidance for 2025.
net zero
Calvin Chang/File Photo/Reuters
Tasos Katopodis/Getty Images
Bing Guan/Reuters
Greenhouses gases hit record high as countries struggle to meet climate targets
The UN climate head said current climate pledges “fall miles short” of the reductions needed to limit global warming this decade.
Calvin Chang/File Photo/ReutersTop climate advisor: Half of US solar capacity came during Biden administration
Speaking at Semafor’s World Economy Summit, Ali Zaidi said he partly credits the Inflation Reduction Act.
Tasos Katopodis/Getty ImagesA clean energy ‘supermajor’ wants to expand its megadeal
Brookfield Asset Management promised to supply Microsoft with 10.5 gigawatts of clean power in May. It’s already looking to grow that deal.
Bing Guan/Reutersgulf
Courtesy of Future Investment Initiative (FII)
Saudi Arabia redirects investment focus back home
Saudi’s Public Investment Fund aims to reduce the percentage of foreign holdings in favor of local economic transformation.
Courtesy of Future Investment Initiative (FII)Electricity, minerals, youth in focus at Saudi Arabia’s Africa Summit
The kingdom’s Future Investment Initiative opens with a focus on the continent’s need to harness technology, minerals, and youth-driven growth.
Analysis: Why Abu Dhabi is betting on fusion
As fusion energy’s breakthrough nears, the UAE is investing in a sector that poses a long-term threat to its fossil fuel industry.
AI firms need to address security, open-source concerns: G42 exec
Industry leaders from Gulf-based G42, IBM, and BNY joined Semafor at an event focused on the Gulf’s role in emerging technology.
Analysis: Memo from Moscow — How Russia courts the Arab world
Putin is pushing messages that resonate with Arabs from Detroit to Dammam.
africaEquity Group CEO James Mwangi (right). Tasos Katopodis/Getty Images for Semafor. 
Sudanese General Abdel Fattah al-Burhan. Ibrahim Mohammed Ishak/File Photo/Reuters
East Africa leads Africa’s economic growth despite public discontent
High unemployment and the cost of living have sparked protests in Kenya and Uganda.
Equity Group CEO James Mwangi (right). Tasos Katopodis/Getty Images for Semafor.UN holds emergency meeting as Sudan humanitarian crisis spirals
At least 10 million people in the country have been forced out of their homes since the onset of war 18 months ago.
Sudanese General Abdel Fattah al-Burhan. Ibrahim Mohammed Ishak/File Photo/ReutersHow a beloved Lagos art fair keeps showing up for fans
“We come to it from a place of a true love and appreciation for our culture and how that culture speaks to our heritage and identity.”
African player numbers tie NBA record
The number of players from African countries in the NBA league has grown at pace over the past decade, from just six in 2014.
The White House is betting on Lobito Corridor in China rivalry in Africa
The White House is countering China’s presence in Africa in a bid to secure crucial supply chains, a senior Biden official said on Friday.
Tanzania’s first electric train could supercharge economic development in East Africa
It is hoped the new train, connecting the country’s capital Dodoma with the port city of Dar es Salaam, will kickstart rail projects in neighboring countries.
mediaEvan Gershkovich in Russian court in June. Evgenia Novozhenina/Reuters.
Inside The Wall Street Journal, recriminations over Gershkovich’s arrest
The messy backstory on how the Journal sent a reporter, twice, to the heart of Russia’s military-industrial complex in wartime.
Evan Gershkovich in Russian court in June. Evgenia Novozhenina/Reuters.The Washington Post sold Democracy. Now it needs a new line of business.
A leading American newspaper enters a new era.
‘Untenable and unconscionable’: Exodus from Washington Post editorial board continues
The Post pulled the plug at the last minute on endorsing Kamala Harris.
Editor resigns, subscribers cancel as Washington Post non-endorsement prompts crisis at Bezos paper
The Washington Post says it is returning to an earlier tradition of not endorsing.
Rivals scramble to react to Washington Post endorsement crisis
The Post has tried to contain the damage from owner Jeff Bezos’ last-minute decision to have the paper not endorse a presidential candidate.
security
Vladimir Smirnov/File Photo/Reuters
Tasos Katopodis/Getty Images for Semafor
Tasos Katopodis/Getty Images for Semafor Inc.
China under pressure from US to confront North Korea over troops in Ukraine
Beijing is in a delicate position as it seeks to appease allies but avoid a ‘slide into a Cold War.’
Vladimir Smirnov/File Photo/ReutersExclusive: NASA head says report of Elon Musk talking to Putin should be investigated
NASA head Bill Nelson told Semafor that alleged calls between Russian President Vladimir Putin and billionaire Elon Musk are “concerning” if true.
Tasos Katopodis/Getty Images for SemaforUS should not ‘walk away’ from Lebanon after a ceasefire, top Biden envoy says
US special envoy Amos Hochstein told Semafor that the US needs to offer an economic package to Lebanon after a ceasefire to prevent the resurgence of Hezbollah and other Iranian proxies.
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