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Intelligence for the New World Economy
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The World at a Glance
Updated 6:20pm EDT
1
US President Donald Trump said he will meet Russia’s Vladimir Putin in Budapest for talks aimed at ending the Ukraine war after the two leaders had a lengthy call.
2TSMC raised its revenue target for this year, in an endorsement of the “AI megatrend,” its CEO said.
3Hamas is carrying out a bloody crackdown on armed rivals, in an apparent attempt to reassert itself amid a fragile Gaza truce.
4Donald Trump threatened military strikes against Venezuela and said he had authorized CIA operations in the country, sharply escalating tensions.
5US journalists handed in their Pentagon press badges in protest at new rules that restrict their ability to report.
6A US judge halted the White House’s attempt to lay off thousands of federal workers as the government shutdown drags on.
US banks in talks to lend $20 billion to Argentina
JPMorgan, Bank of America, Goldman Sachs, and Citigroup are among banks working with US Treasury officials to bolster Argentina’s collapsing currency and ease economic turmoil, people familiar with the matter said.
Reuters/Agustin MarcarianHouse conservative says clawing back Republican spending bills ‘erodes trust’
The Virginia Republican spoke to Eleanor Mueller at Semafor’s World Economy Summit on Thursday.
Paul Morigi/Getty Images for SemaforGreece’s data crisis holds lessons for US, finance minister says
Greece’s experience in the 2000s shows the vital importance of independent, trustworthy statistics, Kyriakos Pierrakakis said at Semafor’s World Economy Summit.
Kyriakos Pierrakakis. Paul Morigi/Getty Images for SemaforBiden envoy praises Trump’s Gaza deal, backs AI chip sales to the Gulf
Amos Hochstein told Semafor he would rather the US sell chips to the UAE than Spain, which has Chinese tech in their intel systems.
Amos Hochstein. Paul Morigi/Getty Images for SemaforAD
Euroclear CEO: Firm facing client ‘scrutiny’ over frozen Russia assets
The head of the Belgian securities depository said the ongoing discussion over Moscow’s frozen assets was an area of concern, particularly for clients in Asia and the Middle East.
Valérie Urbain. Paul Morigi/Getty Images for SemaforGreek finance minister: Europe’s single market matters more than AI race
Europe should focus on bolstering its competitiveness in areas where it already has an advantage, Kyriakos Pierrakakis said at Semafor’s World Economy Summit.
Kyriakos Pierrakakis. Paul Morigi/Getty Images for SemaforAI energy demand could soon ‘become a crisis,’ former Biden energy envoy warns
The US doesn’t have the capacity to meet the industry’s growing demands, Amos Hochstein said at Semafor’s World Economy Summit.
Amos Hochstein. Paul Morigi/Getty Images for Semafor
Politics
Paul Morigi/Getty Images for SemaforPaul Morigi/Getty Images for Semafor 
Kevin Lamarque/Reuters
Miran says impact of AI on labor ‘very difficult’ to predict
The Federal Reserve governor spoke with Semafor’s Liz Hoffman at the World Economy Summit in Washington on Thursday.
Paul Morigi/Getty Images for SemaforHouse conservative says clawing back Republican spending bills ‘erodes trust’
The Virginia Republican spoke to Eleanor Mueller at Semafor’s World Economy Summit on Thursday.
Paul Morigi/Getty Images for Semafor‘This is asinine’: Shutdown bitterness grips a stalled Congress
Neither side is moving or showing signs of engagement in negotiations as the 35-day record looms.
Kevin Lamarque/ReutersRepublicans want answers on $20B Trump ‘facility’ for Argentina’s debt
They’re unlikely to block the Treasury Department move, but one senator said he expects more details than the administration has provided so far.
US journalists protest over Pentagon press crackdown
Journalists from every major news organization gave their press passes back in protest over new reporting rules.
US judge halts layoffs amid government shutdown
The Trump administration had outlined plans to lay off 4,100 workers during an ongoing government shutdown, now in its sixteenth day.
US forces could take covert action inside Venezuela
President Donald Trump seemed to confirm a New York Times report that his administration had authorized covert action by the CIA inside the country.
Warren probes Treasury over ‘baffling’ Argentina aid
The Massachusetts Democrat is requesting more information on the Treasury Department’s effort to shore up Argentina’s economy.
GOP launches ad backing Collins as Mills enters Senate race
One Nation, a nonprofit aligned with GOP leaders, is spending nearly $1 million in an effort to promote the Maine Republican’s accomplishments.
Why Congress needs Trump to end the shutdown
Democrats are betting he’s more open to a deal than the Hill GOP. But so far, the president is prepared to go another way — outlasting their desire for talks.
Yes kings? Republicans revel in Trump’s imperial presidency
With a few libertarian exceptions, Republicans see a lot to like about Donald Trump stripping power from the legislative branch.
BusinessPaul Morigi/Getty Images for Semafor
Miran says impact of AI on labor ‘very difficult’ to predict
The Federal Reserve governor spoke with Semafor’s Liz Hoffman at the World Economy Summit in Washington on Thursday.
Paul Morigi/Getty Images for SemaforUS banks in talks to lend $20 billion to Argentina
JPMorgan, Bank of America, Goldman Sachs, and Citigroup are among banks working with US Treasury officials to bolster Argentina’s collapsing currency and ease economic turmoil, people familiar with the matter said.
Greek finance minister: Europe’s single market matters more than AI race
Europe should focus on bolstering its competitiveness in areas where it already has an advantage, Kyriakos Pierrakakis said at Semafor’s World Economy Summit.
USA Rare Earth CEO welcomes government intervention
Increased government intervention in the US rare earth sector could lift the entire industry as it tries to build supply chains independent of China, USA Rare Earth CEO Barbara Humpton said at Semafor’s World Economy Summit.
More ‘sanity’ needed in online betting markets, NYSE president says
NYSE’s parent company recently invested $2 billion into Polymarket, a leading online predictions site.
TechnologyPaul Morigi/Getty Images for Semafor 
Paresh Dave/File Photo/Reuters
Miran says impact of AI on labor ‘very difficult’ to predict
The Federal Reserve governor spoke with Semafor’s Liz Hoffman at the World Economy Summit in Washington on Thursday.
Paul Morigi/Getty Images for SemaforWaymo robotaxis to launch in Europe
The first autonomous vehicles will start to appear on London streets in the next few weeks, as the company maps the city and trains its software.
Paresh Dave/File Photo/ReutersGM’s pullback from EVs a signal to tech industry
GM’s woes are the product of an American industrial policy that is not working the way it should.
DirecTV adds AI avatars to TV breaks for personalized shopping
The capability highlights broader privacy concerns around the integration of AI into users’ homes, personal devices, and everyday lives.
OpenAI eyes Argentina for data center expansion
The proposal could see an investment of up to $25 billion into the country, equivalent to roughly 4% of its 2024 GDP.
Talent giant CAA taps lobbyists on Hollywood AI issues
The talent agency’s move builds on the intensified lobbying efforts by Hollywood unions and production studios in recent years.
EnergyAmos Hochstein. Paul Morigi/Getty Images for Semafor 
Steve Marcus/Reuters
Impossible Foods CEO Peter McGuinness. Paul Morigi/Getty Images for Semafor.
AI energy demand could soon ‘become a crisis,’ former Biden energy envoy warns
The US doesn’t have the capacity to meet the industry’s growing demands, Amos Hochstein said at Semafor’s World Economy Summit.
Amos Hochstein. Paul Morigi/Getty Images for SemaforThe US is paying the price for complacency with China. Time is running out.
Washington did not heed the lessons of an episode a generation ago. Now it’s paying the price.
Steve Marcus/ReutersImpossible Foods CEO says climate-based marketing a ‘mistake’
Introducing fake meat as a climate solution made the industry a political target, Impossible Foods CEO Peter McGuinness said.
Impossible Foods CEO Peter McGuinness. Paul Morigi/Getty Images for Semafor.Gulf
Evelyn Hockstein/Reuters
Arabs cheer Trump’s peace deal but wary of Israeli spoilers
Trump’s personal diplomacy has paused the horrors in Gaza and returned hostages. Durable peace will require engagement.
Evelyn Hockstein/ReutersSaudi consumer spending fuels coffee shop IPO rush
Saudi coffee shop chains and a health care products distributor plan to list in the next 12-18 months.
Gulf gets IMF economic growth upgrade
Faster growth in the Gulf region is driven by rising oil production, the financial institution said.
Abu Dhabi’s MGX part of $40B Aligned Data Centers acquisition
Aligned designs, builds, and operates data centers, and has a portfolio of 50 facilities with more than 5 gigawatts of operational and planned capacity.
Dubai court rejects billionaire’s claim of signature-forging contest
B.R. Shetty was once heralded as a UAE success story, building NMC into the country’s biggest health care group before its collapse.
Africa
Arne Dedert via Getty Images
Nqobile Dludla/Reuters
BioNTech secures $110 million for Rwanda vaccine plant
The World Health Organization estimates that Africa produces only 1% of the vaccines it uses, making it vulnerable to supply shocks.
Arne Dedert via Getty ImagesWashington business lobby group pushes for US-Africa minerals finance
The US Chamber of Commerce said American government bodies must be allowed to take more equity stakes in African mining projects.
Nqobile Dludla/ReutersKenya’s former Prime Minister Raila Odinga dies aged 80
Odinga, who unsuccessfully ran for the presidency five times, was a veteran opposition leader who played a defining role in Kenyan politics.
Elite military unit says it seized power in Madagascar
Madagascar’s president fled the country on Monday following weeks of protests.
Nigeria is in danger of running afoul of Trump’s ‘Christian’ ire again
US Senator Ted Cruz last month introduced a bill to ‘protect Christians and other religious minorities’ by imposing sanctions on Nigerian officials accused of ‘facilitating’ jihadist violence.
Cameroon election tensions mount as opposition leader claims victory
Opposition leader Issa Tchiroma Bakary is calling on President Paul Biya to concede.
Security
Al Drago/Reuters
Ukrainian Presidential Press Service/Handout via Reuters
Mette Frederiksen. Ritzau Scanpix/Ida Marie Odgaard/via Reuters
Trump considers sending long-range missiles to Ukraine
The move marks a significant warming of ties since Donald Trump and Ukrainian President Volodymyr Zelenskyy’s Oval Office spat in February.
Al Drago/ReutersUkraine, US preparing deal to share drone tech for arms
Ukraine has received US weapons for years, but since 2022 it has, by necessity, become a world leader in cheap battlefield drones.
Ukrainian Presidential Press Service/Handout via ReutersRussia and NATO in a state of ‘hybrid war,’ Danish PM says
Mette Frederiksen said that the military alliance must step up its response to Russian aggression after repeated incursions into its airspace.
Mette Frederiksen. Ritzau Scanpix/Ida Marie Odgaard/via ReutersMedia
Mostafa Bassim/Anadolu via Getty Images.
US journalists protest over Pentagon press crackdown
Journalists from every major news organization gave their press passes back in protest over new reporting rules.
Mostafa Bassim/Anadolu via Getty Images.Alison Roman on cookbooks, food influencers, and the surprising way AI is changing her recipes
Alison Roman was one of digital media’s first food stars. With her latest cookbook, she’s trying to move away from life on the Internet.
Blackbird Spyplane’s Jonah Weiner on Substack, resisting selling out, and Obama’s pants legacy
Blackbird Spyplane, a style and culture newsletter, launched in 2020 as one of the early adopters and success stories on Substack.
Can MS survive without NBC? Inside CEO Mark Lazarus’ efforts to save cable’s great brands
MSNBC and 10 other television channels are splitting from NBC over the next several weeks to form a new digital-focused, publicly traded company called Versant.
Outkick founder considering leaving Fox to start new media project
The conservative sports brand Outkick was acquired by Fox Corp. in 2021.
CEO Signal
Joey Pfeifer/Semafor
Joey Pfeifer/Semafor
Joey Pfeifer/Semafor
How Jamie Iannone made eBay an investor collectible
The e-commerce veteran is using AI and customer insights to reduce the “friction” that deters many buyers and sellers.
Joey Pfeifer/SemaforEcolab’s Christophe Beck warns CEOs: ‘There is no growth without water’
The water treatment company’s CEO says AI data center demand is making smart management of scarce resources an imperative.
Joey Pfeifer/SemaforJim Farley’s ‘essential economy’ drive at Ford
The automaker’s CEO sees ‘deep trouble’ among the commercial customers who buy its trucks and vans.
Joey Pfeifer/SemaforAD