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Intelligence for the New World Economy
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Media
Inside the US Treasury secretary’s tense relationship with financial media
Scott Bessent’s blacklist starts with Bloomberg.
Can the newest sovereign wealth fund avoid others’ mistakes?
Indonesia’s Danantara manages $1 trillion of state-owned businesses and money and wants economic, not just financial, returns from its Wall Street partners.
The World at a Glance
Updated 7:04pm EDT
1
Global AI stocks fell after top tech leaders endorsed slowing down the development of frontier models.
2US President Donald Trump dismissed tech leaders’ calls for AI regulation, saying the only guardrails the technology needs is a “STRONG AND SMART (High IQ!) PRESIDENT.”
3Germany said an AI slowdown was “not viable” for Europe, which needs more testing and research to achieve “digital sovereignty.”
4The 10-year US Treasury yield topped 5% for the first time since 2023, as the widening Middle East conflict pushed oil prices up.
5Saudi Arabia is looking to boost oil shipments through the Strait of Hormuz after drone attacks took out a key pipeline.
6Kyiv contradicted US President Donald Trump’s claim that Ukraine and Russia would pause strikes against energy targets, though signaled its openness to a truce.
Dangote launches Africa’s largest ever IPO
The company looks set to raise more than $4 billion at about a $50 billion valuation.
Fed poised to clash with Trump
Investors overwhelmingly expect Fed Chair Kevin Warsh to deliver on his hawkish speech in Jackson Hole last month.
Researchers probe how Democrats could win working-class voters
A new survey of 40,000 adults suggests how Democrats could appeal to them.
Klomp, nominated for No. 2 health post, faces Senate gauntlet
The man nominated to be Robert F. Kennedy Jr.’s No. 2 has quietly met with nearly 35 senators ahead of his confirmation hearings.
House Democrat pushes global effort on AI rules
House Democrats are circulating a letter from Rep. Yassamin Ansari, D-Ariz., imploring President Trump to lead an international effort to set AI rules.
AI risk warnings belie lack of consensus in Congress
OpenAI remains most supportive of bipartisan Senate Commerce Committee talks that could advance this week.
Uber paid drivers more than it charged passengers in Nigeria — report
The ride hailing giant subsidized drivers on short trips as inflation and weak demand made passengers price sensitive.
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Politics
Trump dismisses calls for AI guardrails
Trump said the only guardrails AI needs is a “STRONG AND SMART (High IQ!) PRESIDENT.”
Evan Vucci/Reuters
Sweden’s center left looks set to win in tight election race
The results nonetheless underlined the strength of the country’s far-right parties.
Denis Balibouse/Reuters
US AI regulation calls gather pace
The US House of Representatives will this week take up a bill overseeing the data center buildout.
Aaron Schwartz/Reuters
Researchers probe how Democrats could win working-class voters
A new survey of 40,000 adults suggests how Democrats could appeal to them.
Klomp, nominated for No. 2 health post, faces Senate gauntlet
The man nominated to be Robert F. Kennedy Jr.’s No. 2 has quietly met with nearly 35 senators ahead of his confirmation hearings.
Fed poised to clash with Trump
Investors overwhelmingly expect Fed Chair Kevin Warsh to deliver on his hawkish speech in Jackson Hole last month.
House Democrat pushes global effort on AI rules
House Democrats are circulating a letter from Rep. Yassamin Ansari, D-Ariz., imploring President Trump to lead an international effort to set AI rules.
Republicans’ time crunch: Data centers, sports, crypto
Some Republicans are hoping they can address voters’ affordability concerns before the midterms.
AI risk warnings belie lack of consensus in Congress
OpenAI remains most supportive of bipartisan Senate Commerce Committee talks that could advance this week.
Inside the US Treasury secretary’s tense relationship with financial media
Scott Bessent’s blacklist starts with Bloomberg.
BRICS highlights opposition to tariffs
Opposition to US tariffs formed a point of consensus among the otherwise divergent interests at the BRICS summit, as Indian Prime Minister Narendra Modi touted the bloc’s “coming of age.”
Business
US 10-year Treasury yields top 5% as energy outlook darkens
The 10-year US Treasury yield topped 5% Monday for the first time since 2023 as the widening Middle East conflict pushed oil prices up, cementing policymakers’ shift to a more hawkish posture.
Daniel Heuer/Reuters
AI slowdown calls prompt chip selloff
Global AI stocks fell Monday after top AI leaders endorsed slowing down the development of frontier models.
Can the newest sovereign wealth fund avoid others’ mistakes?
Indonesia’s Danantara manages $1 trillion of state-owned businesses and money and wants economic, not just financial, returns from its Wall Street partners.
Trump says US interest rates should be lowest in the world
Trump’s call piles pressure on Federal Reserve Chair Kevin Warsh days before the bank is expected to raise rates amid an increasingly hawkish global outlook.
US inflation stayed hot in August, boosting odds of a rate hike
Elevated consumer prices, along with a stronger-than-expected jobs report this month, has traders of the Fed funds future rate betting on a rate hike next week.
Technology
Germany says AI slowdown ‘not viable’ for Europe
As American tech leaders and policymakers debate the existential risks of AI and the necessity of regulating frontier development, other countries are focusing their efforts on catching up to the US.
Go Nakamura/Reuters
AI slowdown calls prompt chip selloff
Global AI stocks fell Monday after top AI leaders endorsed slowing down the development of frontier models.
Bhawika Chhabra/Reuters
Trump dismisses calls for AI guardrails
Trump said the only guardrails AI needs is a “STRONG AND SMART (High IQ!) PRESIDENT.”
Beijing issues AI warnings but rejects US calls to slow development
China’s minister of state security wrote in a weekend essay that AI posed six principal risks, including threatening the security of the country’s political regime.
US AI regulation calls gather pace
The US House of Representatives will this week take up a bill overseeing the data center buildout.
House Democrat pushes global effort on AI rules
House Democrats are circulating a letter from Rep. Yassamin Ansari, D-Ariz., imploring President Trump to lead an international effort to set AI rules.
Energy
Trump blames Kyiv for diesel shortage
US President Donald Trump on Sunday called on Ukraine to stop striking Russian refineries, after Kyiv struck several over the weekend, attacks that he said were increasing the price of diesel and “hurting the world.”
Anatolii Stepanov/Reuters
Iran and the UAE meet in New Delhi
Iran and the UAE held their highest-level meeting since the start of the Iran war at the BRICS summit, where the two countries found a rare space for direct diplomacy.
Crown Prince of Abu Dhabi Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and Iranian President Masoud Pezeshkian. Iran’s Presidency/WANA (West Asia News Agency)/Handout via Reuters
Saudi pipeline shut after drone attacks
Saudi Arabia shut down its vital East-West pipeline after multiple drone attacks, intensifying the pressure on Gulf energy exports.
European Union/Copernicus Sentinel-3/Handout via Reuters
Gulf
Saudi Arabia eyes more tanker transits through Strait of Hormuz
The kingdom is looking to boost oil shipments through the Strait of Hormuz after drone attacks took out a key pipeline bypassing the contested waterway.
Aerial photo of damaged East-West pipeline. Planet Labs PBC/Handout via Reuters
Humanoid robots fight it out in Riyadh
Sponsored by Hero Esports, the brainchild of Chinese billionaire Dino Ying, the event was the first of its kind outside China.
Dubai crams events delayed by the war into autumn
The twice-rescheduled Arabian Travel Market finally opens this week, while GITEX will bring 200,000 tech visitors in December.
DP World expands Africa network with new industrial park in Kenya
The Dubai port operator formalized plans for a 222-hectare industrial park at Mombasa.
UAE infrastructure moves underground
Under consideration is the 5-gigawatt AI data center project underway with US technology partners, Reuters reported.
China
Beijing issues AI warnings but rejects US calls to slow development
China’s minister of state security wrote in a weekend essay that AI posed six principal risks, including threatening the security of the country’s political regime.
Go Nakamura/Reuters
BRICS highlights opposition to tariffs
Opposition to US tariffs formed a point of consensus among the otherwise divergent interests at the BRICS summit, as Indian Prime Minister Narendra Modi touted the bloc’s “coming of age.”
Sputnik/Alexander Kazakov via Reuters
Chip competition heats up for Nvidia
A Chinese chip firm surged 180% in its stock-market debut, spotlighting the growing list of challengers to Nvidia’s dominance.
Go Nakamura/File Photo/Reuters
Africa
Gambia bans protests without permits
The move follows days of unrest over persistent electricity blackouts.
Malick Njie/File Photo/Reuters
South Africa loses $4.7B on oil refinery closures
Refining capacity in Africa’s largest economy has halved over the past decade.
Siphiwe Sibeko/Reuters
Dangote launches Africa’s largest ever IPO
The company looks set to raise more than $4 billion at about a $50 billion valuation.
Trump needs to listen to Africa to shape AGOA’s future
As Washington rethinks its engagement with Africa, the lesson from AGOA’s origins is clear: A durable commercial relationship starts with listening to African priorities.
Uber paid drivers more than it charged passengers in Nigeria — report
The ride hailing giant subsidized drivers on short trips as inflation and weak demand made passengers price sensitive.
Africa’s private credit market triples to $5.6B
Despite recent growth, African private credit represents just 0.3% of the $1.8 trillion global private credit market, according to a new Moody’s report.
Security
Ukraine signals openness to pausing strikes on Russian energy targets
Kyiv contradicted US President Donald Trump’s claim Monday that Ukraine and Russia had agreed to pause strikes against energy infrastructure.
Alina Smutko/Reuters
Trump blames Kyiv for diesel shortage
US President Donald Trump on Sunday called on Ukraine to stop striking Russian refineries, after Kyiv struck several over the weekend, attacks that he said were increasing the price of diesel and “hurting the world.”
Anatolii Stepanov/Reuters
Israel blows up tunnels operated by Hezbollah
Israeli authorities have refused to withdraw from southern Lebanon, citing Hezbollah’s refusal to give up arms as part of the US-brokered truce.
Reuters
Media
Inside the US Treasury secretary’s tense relationship with financial media
Scott Bessent’s blacklist starts with Bloomberg.
Brian Snyder/Reuters
Fertile ground
Flagship’s lead writer Tom Chivers says goodbye after four years.
Crooked Media’s nonprofit launches new political creator drive
The nonprofit arm of Pod Save America’s audio empire is hoping to lure younger voters back to the Democratic Party.
YouTube cracks down on ‘ghost creators’
The enforcement action targeted accounts named in Semafor’s report earlier this week.
Paid actors, AI writing: How a new kind of video business cashed in on America’s divided politics
‘Ghost creators’ are reaching millions of viewers with nearly identical, sensationalized videos that take aim at Democrats.
CEO Signal
How the billionaire Bayeux Tapestry backer gets ‘impact per dollar’
WorldQuant’s Igor Tulchinsky finds inspiration in the ‘very, very old data set’ now on display in the British Museum.
The logic behind Scott Kirby’s long-odds bet on a United Airlines deal
The gambler-turned-CEO is making the case for consolidation while trying to build a brand that passengers love.
How a ‘China-for-China’ strategy rebooted Logitech
CEO Hanneke Faber says competing in China is critical to winning in the rest of the world.
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