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Intelligence for the New World Economy
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The World at a Glance
Updated 7:11am EDT
1
Alphabet’s Isomorphic Labs is reportedly in fundraising talks at a $40 billion valuation, as AI spending continues to ramp up.
2Companies in Japan and South Korea were hit by major cyberattacks, raising fears that AI may be turbo-charging hacking.
3Oil prices surged on fears of the Middle East conflict expanding, after Yemen’s Houthis attacked Riyadh for a second day, killing at least three.
4The EU trade commissioner pressed China to balance trade with the bloc, but major divisions and rising tensions have dampened hopes for a breakthrough.
5Economists argued that France’s planned government spending cuts do not go far enough to get a hold on its ballooning debt.
6The odds of an interest rate increase at the US Federal Reserve’s October meeting sank after the bank published its minutes, though Fed watchers priced in a December hike.
The fight to uncover the Nigerian president’s FBI files
President Tinubu has enlisted US lawyers to keep records from a 1990s Chicago drug probe sealed, but a lone California activist has been a thorn in his side.
Senate rules would change under sweeping bipartisan proposal
Sens. Steve Daines, R-Mont., and Jeff Merkley, D-Ore., want to make it easier for the body to pass popular bills.
Trump administration blocks tech companies from visa program
Vice President JD Vance headlined an event that also announced a massive visa fraud probe of universities.
FTC advancing on its AI safety probe
The agency still faces questions about how deep its investigation will get, given the Trump administration’s light touch.
US ‘unapologetic’ in ‘pursuit of national power,’ Rubio says
The US’ top diplomat made the case for NATO allies to build self-reliance at a speech in Athens.
Republican leadership of Senate health panel in doubt
It’s unclear who will replace Louisiana Sen. Bill Cassidy as the top Republican on the Senate HELP Committee.
Fewer Americans support companies taking stances on hot-button issues: poll
Forty-seven percent of Americans support businesses taking stances on current events, per Gallup — down from a high of 51% last year.
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Politics
Trump-tied firm helped organize political advisers’ Balkans travel
Chris LaCivita and James Blair’s trip to the Balkans occurred after former Trump campaign adviser Alex Garcia initially reached out, multiple people told Semafor.
Marko Djurica/Reuters
‘Got to be more careful’: Paxton leaks prompt Republican handwringing
The Senate nominee’s campaign isn’t fatally wounded, but this week has exacerbated perceptions of disarray in a tight race.
Evan Vucci/Reuters
Trump administration blocks tech companies from visa program
Vice President JD Vance headlined an event that also announced a massive visa fraud probe of universities.
Nathan Howard/Reuters
FTC advancing on its AI safety probe
The agency still faces questions about how deep its investigation will get, given the Trump administration’s light touch.
Fewer Americans support companies taking stances on hot-button issues: poll
Forty-seven percent of Americans support businesses taking stances on current events, per Gallup — down from a high of 51% last year.
Republican leadership of Senate health panel in doubt
It’s unclear who will replace Louisiana Sen. Bill Cassidy as the top Republican on the Senate HELP Committee.
How Democrats can win the Latino vote
Polling by Voto Latino shared shows 40% of Latinos backing Democrats on the generic ballot, while just 21% support Republicans.
Senate rules would change under sweeping bipartisan proposal
Sens. Steve Daines, R-Mont., and Jeff Merkley, D-Ore., want to make it easier for the body to pass popular bills.
US ‘unapologetic’ in ‘pursuit of national power,’ Rubio says
The US’ top diplomat made the case for NATO allies to build self-reliance at a speech in Athens.
The five takes that will define this midterm campaign
Many different kinds of Democrats are grabbing credit for midterm victories that aren’t official yet. Here’s your guide to the pre-spin cycle.
Is ‘abundance’ really dead?
The movement faced a wall of progressive resistance, but some Democrats are still embracing its ideas.
Business
Coca-Cola looks to sell Costa Coffee
The beverage giant is reviving a plan to unwind its $5 billion acquisition of the British coffee chain it purchased in 2018.
Yves Herman/Reuters
Blue Owl CEOs rebuff credit fears
In a rare joint appearance, the co-CEOs of Blue Owl dismissed the idea of a management buyout, the classic fix for a company heavily controlled by its founders and unloved by stockholders.
EU-China trade war looms closer
Europe’s trade deficit with China has sparked growing alarm on the continent, which fears Chinese goods will hollow out its industries.
France’s challenges mount over ballooning debt
Political divisions suggest Paris’ proposed budget faces an uphill battle to pass.
British Airways launches world’s largest business class section
British Airways adapts to a growing premium sector by announcing that their Airbus A380s’ business class sections will be the biggest on the market.
Technology
Companies in Japan, South Korea hit by major cyberattacks
The attacks raise concerns that AI may be turbo-charging hacking efforts.
Kim Soo-hyeon/Reuters
Tech companies play whack-a-mole with rogue AI
Agentic AI hacks pose major issues for governments and tech companies alike.
Dado Ruvic/Reuters
US and China take different approaches to AI agents
OpenAI’s dots and Meta’s Muse are built around the assistant first and then sent out to use other companies’ websites and services.
AI video startup Higgsfield launches tool to build custom AI influencers
The company has updated its AI influencer tool, making it easier for users to insert a character of their own creation into existing videos.
The West’s open-source AI race kicks into high gear
Several Western tech firms have released open-source models over the past week.
SpaceX looks to $40 billion debt raise to buy chips
The company’s reported raise shows it is stuck between mature tech giants like Google and Meta and startups like OpenAI and Anthropic.
Energy
Tanker hiring costs surge amid shipping threats
The cost of hiring one very large crude carrier to move US oil to Asia topped $77 million, new data showed Wednesday.
Yoruk Isik/Reuters
China expands ultra-deep oil and gas drilling efforts
China broke oil and gas production records in 2025, though it has hastened its efforts this year in a bid to shield itself from war-related vicissitudes in global energy markets.
Stringer/Reuters
Bulgarian tankers struck in Black Sea as shipping fears mount
Drones struck two tankers in the Black Sea near Bulgaria on Tuesday, in the first attack on shipping in the NATO member’s exclusive economic zone.
Stringer/Reuters
Gulf
Mini scandal clouds Dubai’s Michelin Guide
The latest Michelin Guide awarded stars or distinctions to 11 restaurants that have temporarily or permanently closed because of the war.
orfalibros/Instagram
Emirati dialect-trained AI models are released by Abu Dhabi’s Technology Innovation Institute
The speech recognition model has 1.6 billion parameters, but it was more accurate than a 30-billion-parameter model, according to TII.
Dubai-based firm DP World to double Luanda port capacity
The expansion will lengthen the quay and add 15 cranes, allowing the terminal to handle two large container ships at once and cut turnaround times.
New generation of Gulf philanthropists want a seat at the table
The CEO of the Abdulla Al Ghurair Foundation says private donors in the region don’t want to simply fill gaps left by shrinking government aid.
The Gulf’s new era of defense spending regardless of Washington stalemate
Blackstone, Brookfield, and KKR agreed to invest $16 billion in July for a 49% stake in Kuwait’s oil pipeline network.
China
China is coming, slowly, for the dollar
Atlantic Council data shows the dollar still dominates trade and FX, but China’s competitor is gaining ground.
Maxim Shemetov/Reuters
China expands ultra-deep oil and gas drilling efforts
China broke oil and gas production records in 2025, though it has hastened its efforts this year in a bid to shield itself from war-related vicissitudes in global energy markets.
Stringer/Reuters
China has resolved its ‘Malacca Dilemma’
China has survived the global energy disruption largely unscathed, while the island economies around it are struggling.
Supri/Reuters
Africa
The fight to uncover the Nigerian president’s FBI files
President Tinubu has enlisted US lawyers to keep records from a 1990s Chicago drug probe sealed, but a lone California activist has been a thorn in his side.
Illustration: Kevin Zweerink/Semafor, Photos: Adriano Machado/Tom Brenner/Reuters
Ethiopia renews push for Red sea access
After being sworn in for a second full term, Prime Minister Abiy Ahmed said his government would work diligently to ensure Ethiopia had “an outlet to the sea.”
Ethiopia’s Prime Minister Abiy Ahmed being sworn in. Prime Minister’s Office/Handout via Reuters.
South Africa under pressure to provide $600M fuel relief
The Iran war drove petrol prices to record highs in the continent’s biggest economy.
DR Congo uncovers $20B in payments to ineligible mining suppliers
The country is courting new mining investment and seeks to ensure that Congolese partners have a genuine stake in the businesses supplying its mines.
Nigeria’s $8B oil security costs spark controversy
State oil company NNPC said it incurred the cost to protect oil facilities.
Africa launches credit rating agency
African Union’s new rating agency promises to add a fresh voice in a market dominated by the Big Three credit rating agencies.
Security
Oil prices surge after second day of Houthi strikes on Riyadh
The missile strikes come as Iran upped the pace of its attacks on vessels in the Strait of Hormuz.
European Union/Copernicus Sentinel-3/Handout via Reuters
Student protests in France spread to more cities
French authorities suspended the use of stun grenades after a teenager lost his hand during clashes with police.
Sarah Meyssonnier/Reuters
Oct. 7 failures plague Netanyahu’s reelection bid
Three years after Hamas’ deadly assault on the country, Israel stands more internationally isolated than ever.
Ammar Awad/Reuters
Media
New Skydance CEO Kreiz will be Ellison’s enforcer
Investors are warily eying Skydance’s freshly downgraded debt, and layoffs are coming.
Kris Tripplaar/Semafor
Marc Elias’ Democracy Docket sees Trump 2.0 success
One of the Democratic Party’s most prolific lawyers also is becoming one of its most prolific posters.
CEO’s podcast sparks tensions atop The Atlantic
Nicholas Thompson’s podcast, “The Most Interesting Thing in AI,” has been a source of friction at the magazine.
AI nonprofit will spend $10 million on journalism
A Silicon Valley nonprofit close to the AI safety movement is funding coverage of artificial intelligence.
Euractiv relaunches as ‘Rapporteur’ in Brussels
The newsroom, founded in 1999, has rebooted in recent years as a competitor to Politico Europe.
CEO Signal
‘It’s not about the champagne:’ Why VistaJet thinks the private flights boom can last
Founder Thomas Flohr is keeping IPO options open as he expands his global fleet.
How Greg Jackson runs Octopus Energy with no HR, no bonuses, and no succession plan
The serial founder relies on “family dinners,” accessibility, and a disdain for bureaucracy.
How Harvard Business School’s former dean thinks AI will test today’s CEOs
Nitin Nohria sees the technology as a decentralizing force that will challenge company power structures.
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