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Intelligence for the New World Economy
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Healthcare
Trump FDA nominee played key role in overhaul of childhood vaccine policy
Heidi Overton’s work on childhood schedule changes was absent from her nomination hearing.
Trump doubles down on Russian diesel deal as Republicans run from it
The fuel exports from Moscow complete a trio of economic moves that are roiling his party.
The World at a Glance
Updated 7:10am EDT
1
Bumper third-quarter revenues from tech giants did little to assuage a market that is growing increasingly concerned on the AI trade.
2Global third quarter smartphone shipments fell to their lowest level in 14 years, as a memory chip supply crunch pressured manufacturers to raise prices.
3A recent spate of attacks on ships has piled further pressure on maritime trade, which is already grappling with numerous challenges.
4China and North Korea opened a new cross-border bridge, the latest sign of improving bilateral ties that have spread worries across East Asia.
5Ukraine’s president pledged to restart strikes against Russian oil refineries over what he said was the US withdrawal of intelligence support for Kyiv.
6Kenya raised petrol and diesel prices to control government costs, the latest sign of Africa’s over-exposure to imported fuels.
Meta data center credits draw congressional scrutiny
It’s the latest sign of Congress responding to widespread voter backlash to the AI buildout.
AOC makes case for El-Sayed in Michigan
Abdul El-Sayed’s Senate campaign is deploying progressives to boost turnout.
Jeffries neutral in Financial Services Committee clash
Democratic leaders are taking a hands-off approach to Rep. Sean Casten’s bid to replace Rep. Maxine Waters as Financial Services Committee ranking member.
White House played central role in antitrust probe of TV networks
Multiple people told Semafor that the idea of an inquiry was first discussed inside the White House before being pursued by the DOJ.
Inflation report raises Fed rate-hike odds
The Labor Department said Wednesday that consumer prices rose more in September than economists had expected.
Trump mulls intelligence-sharing with Ukraine
Ukrainian President Volodymyr Zelenskyy said recently that Kyiv had received no intelligence from partners on a Russian missile attack.
Why one spoiler candidate is now trying to replicate his work nationwide
Aaron Day cost one Republican senator her race in 2016. These days he’s using AI to expand his work.
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Politics
Senate Democratic candidates post ‘holy crap’ fundraising numbers
They’re cutting into Republicans’ midterm spending advantage across the map.
Joel Angel Juarez/Reuters
Americans open to data centers with guardrails, poll finds
AI companies can soften support for statewide data center moratoriums by committing to pay for related electricity costs and lessen local environmental impacts, the poll found.
Shelby Tauber/Reuters
Trump FDA nominee played key role in overhaul of childhood vaccine policy
Heidi Overton’s work on childhood schedule changes was absent from her nomination hearing.
Jonathan Ernst/Reuters
AOC makes case for El-Sayed in Michigan
Abdul El-Sayed’s Senate campaign is deploying progressives to boost turnout.
Cabinet agencies see declining Republican support, poll finds
Only 27% of Americans view both the State and Justice departments positively, per a new Gallup poll.
Jeffries neutral in Financial Services Committee clash
Democratic leaders are taking a hands-off approach to Rep. Sean Casten’s bid to replace Rep. Maxine Waters as Financial Services Committee ranking member.
Meta data center credits draw congressional scrutiny
It’s the latest sign of Congress responding to widespread voter backlash to the AI buildout.
Iran ramps up ship strikes in Hormuz ahead of US midterms
Iran’s escalating attacks on ships have made October one of the most violent months in Hormuz since the war began.
US Treasury says big banks discriminated on political grounds
US President Donald Trump ordered the inquiry last year after he accused banks of discriminating against him.
Ukraine’s leader says US is not on ‘right side of history’
Ukraine’s leader said he felt betrayed by US President Donald Trump, blaming Washington and Elon Musk’s SpaceX for cutting off Kyiv’s Starlink use.
Trump doubling down on Russian diesel deal as Republicans run from it
The fuel exports from Moscow complete a trio of economic moves that are roiling his party.
Business
The cost of insuring against AI company defaults spikes
Investors are buying up credit default swaps to protect against default by highly indebted hyperscalers, including CoreWeave and Oracle.
The AI boom’s next bottleneck is money, not chips
The fear and exasperation among the lenders whose money fuels the AI boom is sharpening noticeably.
Apple gears up for AI product push in China
Apple’s first foldable smartphone, which features Alibaba’s AI, is expected to launch in China next week.
US Treasury says big banks discriminated on political grounds
US President Donald Trump ordered the inquiry last year after he accused banks of discriminating against him.
OpenAI employee arrested over office bugging
The episode rekindled fears over AI-powered crimes at a moment of heightened sensitivity over tech trade secrets.
Technology
Americans open to data centers with guardrails, poll finds
AI companies can soften support for statewide data center moratoriums by committing to pay for related electricity costs and lessen local environmental impacts, the poll found.
Shelby Tauber/Reuters
Perplexity to give away its AI security software
The company’s “AI sandbox,” is now an open source project, allowing outside developers to use the tool, which it says can keep AI agents contained.
Smartphone sales drop as chip costs soar
Consumers are keeping their devices for longer, and many have turned to refurbishments, an analyst at research firm Counterpoint said.
Traders sour on AI stocks despite bumper third-quarter revenues
Anthropic said its third-quarter revenue grew more than threefold compared to the first three months of the year but traders grow increasingly concerned.
Meta data center credits draw congressional scrutiny
It’s the latest sign of Congress responding to widespread voter backlash to the AI buildout.
OpenAI employee arrested over office bugging
The episode rekindled fears over AI-powered crimes at a moment of heightened sensitivity over tech trade secrets.
Energy
The EU’s methane rule pause may not help energy prices
The EU’s decision to delay the implementation of its methane regulations won’t help consumers much, environmental groups argued.
Yves Herman/Reuters
Big Law talent battle for data center expertise moves South
The top 200 US firms are on pace to hire nearly 300 data center lawyers this year, up 21% from the year before.
Andrew Kelly/Reuters
Fossilflation is a permanent risk to the US
Rising energy costs were a major driver of the hotter-than-expected US inflation figures reported yesterday.
Alyssa Pointer/Reuters
Gulf
India becomes increasingly vital to Abu Dhabi’s Mubadala amid global fragmentation
Mubadala Investment Company is ramping up interest in India as the world’s most populous country strengthens trade ties to Abu Dhabi.
Anushree Fadnavis/Reuters
US venture firm picks Doha for first office outside Bay Area
Activate Capital will join Qatar Investment Authority’s $3 billion Fund of Funds platform, eyeing deals in the Gulf and Global South.
Iran ramps up ship strikes in Hormuz ahead of US midterms
Iran’s escalating attacks on ships have made October one of the most violent months in Hormuz since the war began.
Saudi set to drop plans for five 2034 World Cup stadiums
The proposed cuts would leave the kingdom with 10 match venues as it scales back spending on major domestic projects.
It’s a different oil crisis, but Saudi Arabia will still pay
The kingdom remains the global swing producer. But the US is no longer beholden to OPEC, shifting the diplomatic calculation.
China
Apple gears up for AI product push in China
Apple’s first foldable smartphone, which features Alibaba’s AI, is expected to launch in China next week.
Tingshu Wang/Reuters
Chinese exports surge, putting the country on track for a record surplus
Faced with US and EU trade restrictions, Chinese companies have turned to other markets sparking criticism from producers in Southeast Asia and Africa.
China Daily/Reuters
Xi’s ‘death watch’ will become a global spectacle
China’s internal risks are now the world’s risks.
Florence Lo/Reuters
Africa
Rwanda confirms it will host F1 Grand Prix
The sport’s governing body, which has committed to a 10-year race deal, linked the move to expanding the global reach of F1.
Rwanda’s President Paul Kagame. Jean Bizimana/Reuters.
Malawi launches black market fuel crackdown as prices soar
The southern African nation is struggling with fuel shortages that have left truckers queuing for up to a week and bus fares doubling on some routes.
Eldson Chagara/Reuters
Former DR Congo president forms new rebel movement
The move deepens the political and security threat to President Félix Tshisekedi’s government.
IMF raises sub-Saharan Africa growth outlook
The IMF said the new projection, marginally higher than July’s 4.3%, “masks substantial divergence” within the region.
Kenya clears path for Dangote refinery IPO investment
Economic integration across Africa has long been undermined by the continent’s disconnected financial markets.
Ecobank agrees to join Chinese payment platform
The move follows increasing demand from African businesses to settle deals using China’s currency.
Security
Ukraine’s leader says US is not on ‘right side of history’
Ukraine’s leader said he felt betrayed by US President Donald Trump, blaming Washington and Elon Musk’s SpaceX for cutting off Kyiv’s Starlink use.
Henry Nicholls/Pool via Reuters
MI5 chief warns of escalating hybrid threats from Russia, Iran
The British intelligence agency is now devoting more resources to state threats than during the Cold War, Ken McCallum said.
Jonathan Brady/Pool/Reuters
US is still sharing intel with Kyiv, Trump says
Ukraine’s leader said he received no advance warnings from Western partners before a Russian missile strike on Tuesday.
Aleksandra Szmigiel/Reuters
Media
Fox stays positive on data centers even as public backlash grows
More than half of the references to data centers on Fox News over the last two years would have left viewers with a favorable impression, according to a Semafor analysis.
Fred Greaves/Reuters
Hack reveals Netanyahu campaign’s media ties
The latest breach comes from the Whatsapp account of Netanyahu aide Jonatan Urich.
ABC News offers contradictory explanation for vanishing Anduril story
Emails between ABC News and its subjects, provided to Semafor, show the network seeking to downplay its errors by misrepresenting its own processes.
New Skydance CEO Kreiz will be Ellison’s enforcer
Investors are warily eying Skydance’s freshly downgraded debt, and layoffs are coming.
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 Signal
The CEO who put Canary Wharf back on the map
Shobi Khan’s success in filling the east London site is tempting him to think about international expansion.
‘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.
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