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View / The Epstein files show that we all work for private equity now
Post cuts ripple through US journalism industry
The World at a Glance
Updated 7:37am EST
1
Donald Trump said a “softer touch” may be required, after polling showed most Americans think his immigration crackdown is excessive.
2The chair of US law firm Paul Weiss quit over his ties to sex offender Jeffrey Epstein.
3Emerging economies have enjoyed a boom in copper, silver and gold prices, though reliance on commodities leaves them vulnerable.
4Russia’s economy showed signs of increasing weakness, with growth slowing, oil revenues plummeting, and inflation again a worry.
5Cuba suffered a major blackout as energy supplies dwindled amid a US crackdown seen as aimed at overthrowing the regime.
6Google’s parent company Alphabet said it would double its infrastructure spending, as the company bets big on AI.
What a Canadian Conservative MP told Vance during unofficial trade talks
Jamil Jivani told Semafor that he met with the US vice president, a longtime friend, as well as other officials, in part to de-emphasize Canada’s deals with China.
Jamil Javani, in a video posted Tuesday. Screenshot/X/@jamiljivaniRepublicans fear a Texas Senate problem — and hope Trump agrees
Their recent special-election loss pales in comparison to the risk of a mishandled primary.
Ken Cedeno/ReutersThe controversial Chinese firm in charge of Khaby Lame’s AI avatar
Chinese firm Three Sheep plans to use its “ultimate supply chain” to target new global markets, using Lame’s international popularity and new AI capabilities.
Eric Gaillard/ReutersTrump administration shrugs as interim Venezuela president bashes Washington
Delcy Rodríguez is professing public cooperation while seeming to go rogue. It’s a dissonant reality for the US government.
Wendys Olivo/Miraflores Palace/Handout/ReutersAD
Trump and Schumer forced to work together, again
It’s a New York buddy act that doesn’t come naturally to either man. But collaborating is the only way an immigration deal can work.
Kevin Lamarque/ReutersBessent testifies before Congress amid Fed drama
It’s lawmakers’ first chance to grill him since the Justice Department opened an investigation into Federal Reserve Chair Jerome Powell.
Evelyn Hockstein/Reuters Türkiye and Saudi Arabia firm up ties
The two countries have steadily rebuilt ties that had reached a low ebb in 2017 to 2020, when Ankara sided with Qatar in a regional dispute.
Turkish President Erdoğan visits Saudi Arabia. Murat Cetinmuhurdar/Turkish Presidential Press Office/Handout via Reuters.Politics
Tim Evans/File Photo/Reuters
Kylie Cooper/Reuters 
Go Nakamura/Reuters
Trump admits immigration crackdown has been excessively forceful
Trump admitted a “softer touch” may be required on immigration enforcement, as polling showed Americans increasingly view efforts as having gone too far.
Tim Evans/File Photo/ReutersBessent dodges on whether Trump can fire Fed officials
The Treasury secretary told House members Wednesday that the central bank has “lost the trust of the American people.”
Kylie Cooper/Reuters Republicans ready another homeland security stopgap bill
“It’s not enough time to come to the sort of agreement that we were hoping to come to,” said a senior White House official.
Go Nakamura/Reuters What a Canadian Conservative MP told Vance during unofficial trade talks
Jamil Jivani told Semafor that he met with the US vice president, a longtime friend, as well as other officials, in part to de-emphasize Canada’s deals with China.
Republicans fear a Texas Senate problem — and hope Trump agrees
Their recent special-election loss pales in comparison to the risk of a mishandled primary.
Economic worries top list of world’s concerns, report finds
A median of 23% of adults across 107 countries singled out the economy as the most pressing domestic concern.
Bessent testifies before Congress amid Fed drama
It’s lawmakers’ first chance to grill him since the Justice Department opened an investigation into Federal Reserve Chair Jerome Powell.
Trump mineral stockpile will buy ‘valuable time,’ exec says
Secretary of State Marco Rubio is gathering officials from dozens of nations in Washington to discuss fortifying critical mineral supply chains.
Trump administration shrugs as interim Venezuela president bashes Washington
Delcy Rodríguez is professing public cooperation while seeming to go rogue. It’s a dissonant reality for the US government.
Trump and Schumer forced to work together, again
It’s a New York buddy act that doesn’t come naturally to either man. But collaborating is the only way an immigration deal can work.
Netflix, Warner execs head to DC to defend merger
Netflix co-CEO Ted Sarandos and Warner’s top M&A executive are expected to argue that they are seeking to compete head-to-head with YouTube.
Business
Robin Platzer/Twin Images/SIPA
The Epstein files show that we all work for private equity now
The downfall of the most powerful managing partner at one of the world’s most powerful law firms isn’t really a story about Jeffrey Epstein.
Robin Platzer/Twin Images/SIPAUS layoffs in January hit highest monthly record since 2009
More than 100,000 workers were fired at Amazon, UPS, and Dow, and hiring was the slowest for any January on record, according to Challenger, Gray & Christmas.
Glencore, Rio Tinto mining megamerger collapses
Glencore and Rio Tinto walked away from their megamerger for the third time. This time, they’re blaming Britain’s takeover laws.
KKR’s $1.4B purchase of Arctos raises new asset class
Arctos, which owns stakes in more than two dozen professional sports teams, helped pioneer the business of sports investing.
Chinese provinces reduce growth targets amid national downturn
Only one of the country’s 31 regions set a higher target than in 2025, while 14 set lower ones.
Technology
Carlos Barria/File Photo/Reuters.
Ken Cedeno/Reuters
Alphabet to double infrastructure spending as it bets on AI
Google is seen as the “biggest winner” in AI, one analyst told The New York Times, and its shares rose 65% in 2025.
Carlos Barria/File Photo/Reuters.Why OpenAI’s drug royalties proposal won’t work
OpenAI offering biotech firms free AI software in exchange for a share of drug revenues is like offering free Microsoft Word to Stephen King for royalties on his books.
Ken Cedeno/ReutersAI-generated ads hit the Super Bowl
Vodka brand Svedka chose the AI-generated spot a part of a competition of fan-made media.
How AI is rewriting the SEO script
A host of startups are cropping up to school companies on how to design brands for AI agents, instead of search engines.
SpaceX, xAI merger signals Big Tech’s evolution
The eventual merger of Elon Musk’s empire is a natural evolution of Big Tech, from primarily software-based companies to extraterrestrial industrial giants. Call them EIGs.
Humanizing the machines: Companies design robots to look friendlier
In a bid to engender connections between humans and robots, companies are designing humanoids with more emotive eyes, smiles, and subtler features to evoke positive feelings.
Energy
Tingshu Wang/File Photo/Reuters
Steve Marcus/File Photo/Reuters
Miguel Vidal/Reuters
China’s solar capacity set to overtake coal this year
Overall, wind, solar, nuclear, and hydropower will account for about two-thirds of the country’s power mix.
Tingshu Wang/File Photo/ReutersUS unveils plans for critical minerals trading bloc
The plan announced Wednesday proposed using tariffs to stabilize mineral prices to prevent “foreign supply” from flooding global markets.
Steve Marcus/File Photo/ReutersCarbon markets shift from emissions trends to policy-driven signals
Carbon markets are increasingly reflecting regional policy decisions rather than global changes in emissions, according to investment bank Macquarie.
Miguel Vidal/ReutersGulf
Mohammed Salem/Reuters
Dubai marks 10 years of minister of state for happiness
The introduction of the office was part of a broader strategy to create a “young and flexible” government.
Mohammed Salem/ReutersSale of Safeya Binzagr painting breaks Saudi record
Sotheby’s second Saudi event brought in a total of $19.5 million.
Dubai taps Musk’s company Boring Co. to ease gridlock
The Dubai Loop is a planned underground mass-transit system using Tesla cars traveling along dedicated tunnels.
Qatar signs long-term LNG contracts with Japan and Malaysia
Doha is doubling its LNG production, and officials insist that global economic growth means demand will remain robust despite the rise of renewable energy.
Doha lands renowned semiconductor R&D lab
Belgium-based Imec, one of the world’s leading semiconductor research labs, will open its first Gulf R&D center in Doha this year.
Africa
Another Iemanjá ceremony in Rio de Janeiro. Mauro Pimentel/AFP via Getty Images.
Edwin Remsberg/VWPics/Universal Images Group via Getty Images
Iemanjá Festival celebrates Brazil’s African religious heritage
Thousands of observers lined the beaches of the city of Salvador to make offerings to Iemanjá, the Yoruba goddess of the sea.
Another Iemanjá ceremony in Rio de Janeiro. Mauro Pimentel/AFP via Getty Images.Ethiopia’s $1B bond faces new obstacles
Some investors said they would take legal action after a creditor committee chaired by China and France blocked the initial restructuring agreement.
Edwin Remsberg/VWPics/Universal Images Group via Getty ImagesUS extends AGOA trade pact for one year
The African Growth and Opportunity Act has been a key force in driving African exports to the US since it was first implemented in 2000.
DR Congo strikes new minerals deal with US
Swiss commodities giant Glencore agreed to sell 40% of its stake in its DR Congo copper and cobalt mines to the Washington-backed Orion Critical Mineral Consortium.
Economic anxiety is the top concern in sub-Saharan Africa, survey finds
Worries about the cost of living outstripped political and security concerns.
Leader of South Africa’s Democratic Alliance to stand down
Cape Town’s mayor is the front-runner to be the next leader of the coalition government’s second-biggest party.
Security
North Korean leader Kim Jong Un meets with scientists and technicians to discuss weapons. Korean Central News Agency via Reuters.
US Navy photo by Mass Communication Specialist Seaman Apprentice Daniel Kimmelman/Handout via Reuters
Stringer/Reuters
Fears mount of global nuclear arms race
The New START treaty between the US and Russia expired, while China said it would not join talks to curb proliferation.
North Korean leader Kim Jong Un meets with scientists and technicians to discuss weapons. Korean Central News Agency via Reuters.Tensions flare between US, Iran ahead of nuclear talks
An American jet shot down an Iranian drone in the Arabian Sea, and Iranian boats tried to block a US-flagged tanker.
US Navy photo by Mass Communication Specialist Seaman Apprentice Daniel Kimmelman/Handout via ReutersRussian attacks on Ukraine cast doubt on peace talks
Ukrainian President Volodymyr Zelenskyy said the latest strikes showed that Russia does not “take diplomacy seriously.”
Stringer/ReutersMedia
Aaron Schwartz/Reuters
Post cuts ripple through US journalism industry
But people who’ve spoken to owner Jeff Bezos say there’s no sign he’s looking to sell.
Aaron Schwartz/Reuters Washington Post to make ‘significant’ cuts
The paper is beginning “a broad strategic reset with a significant staff reduction,” Washington Post executive editor Matt Murray said.
Podcast brand Kaleidoscope staffs up
The company is filling out its executive ranks as it hopes to break further into video.
It’s Rupe vs. the Quiff! In California’s new tabloid war, everybody wins
The California Post is betting its buzzy launch on a war with Gov. Gavin Newsom.
The exec behind Canada’s surprise hit ‘Heated Rivalry’ on the secret to its success
Sean Cohan gets into the Canadian-ness of it all on the “Mixed Signals” podcast.
CEO Signal
Courtesy of Takeda/Joey Pfeifer/Semafor
Courtesy of IHC/Joey Pfeifer/Semafor
Courtesy of Nasdaq/Joey Pfeifer/Semafor
Takeda’s Christophe Weber on avoiding a ‘lame duck’ succession
The pharmaceutical CEO says timing and openness are crucial to a smooth handover.
Courtesy of Takeda/Joey Pfeifer/SemaforHow IHC’s CEO plans to double the UAE’s $125B investment powerhouse
Syed Basar Shueb says the holding company’s diverse assets can be stitched into “dynamic value networks.”
Courtesy of IHC/Joey Pfeifer/SemaforNasdaq’s Adena Friedman on funding the AI ‘marathon’
The exchange CEO says adopting AI in enterprises requires “a massive change management exercise.”
Courtesy of Nasdaq/Joey Pfeifer/SemaforAD