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Intelligence for the New World Economy
- D.C.
- BXL
- Lagos
- Riyadh
- Beijing
- SG
Gulf
Attacks on Riyadh threaten Saudi confidence
The Houthi attacks threaten the kingdom’s efforts to project its business-as-usual approach, and official silence is unsustainable.
Hack reveals Netanyahu campaign’s media ties
The latest breach comes from the Whatsapp account of Netanyahu aide Jonatan Urich.
The World at a Glance
Updated 7:09am EDT
1
US and European yields are unlikely to fall anytime soon, experts said, as the global economy moves from savings-abundant to lacking available capital.
2Deadly weekend Houthi attacks on Riyadh’s airport underscored the risk of war enveloping still more of the Middle East.
3Economists and executives warned of thinning global oil buffers, with conflicts in the Middle East and Ukraine piling pressure on the energy supply chain.
4The IMF said Asia is likely to be a notable beneficiary of global economic growth from AI infrastructure investments.
5Russia hit Ukrainian power plants in the hours after US President Donald Trump declared an energy ceasefire.
6The US threatened to halt arms sales to Europe for use in Ukraine unless Kyiv stopped striking Russian refineries.
Israel mints tech unicorns. Can it keep them from leaving for New York?
Tel Aviv Stock Exchange’s pitch is aided by US investors’ preference for AI giants: “New York is no longer an option.”
Dangote’s Kenya refinery triggers political battle
President William Ruto lauds the benefits of this huge investment but opponents see it as part of a pattern of opaque deals.
Tanzania seeks investment to tackle youth job pressure
Efforts to partner with private companies are part of a bid to create jobs, said the country’s prime minister.
OPay readies $4B New York IPO
The fintech firm has seen its lending business overtake payments as its revenue more than doubled in the first half of the year.
Obama cuts ad in Mississippi Senate race
Democrats are hoping nominee Scott Colom delivers an upset in the deep red state in the November midterm elections.
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.
Democrats unite around Hegseth impeachment push
Given the bruising memories of President Trump’s two trials, targeting Cabinet secretaries could be a pressure release valve.
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Politics
Obama cuts ad in Mississippi Senate race
Democrats are hoping nominee Scott Colom delivers an upset in the deep red state in the November midterm elections.
Eloisa Lopez/Reuters
Hack reveals Netanyahu campaign’s media ties
The latest breach comes from the Whatsapp account of Netanyahu aide Jonatan Urich.
Amir Cohen/Reuters
US threatens to halt Ukraine arms
The US threatened to halt arms sales to Europe for use in Ukraine unless Kyiv stopped striking Russian refineries, the Financial Times reported, accelerating a stunning deterioration in ties between the allies.
Eric Lee/Reuters
India hits out at Washington criticism as ties fray further
The dispute is one of a number of risks to India’s IT sector, which contributes roughly 7% of the country’s GDP.
Democrats unite around Hegseth impeachment push
Given the bruising memories of President Trump’s two trials, targeting Cabinet secretaries could be a pressure release valve.
US, Russian officials discuss Nord Stream investment: Report
Top US and Russian officials have discussed selling part of the suspended Nord Stream pipeline to an American investor, Reuters reported.
Trump says US will not strike Iran before midterms
Oil markets largely shrugged off US President Donald Trump’s pledge on Thursday not to strike Iran before November’s midterm election.
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.
‘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.
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.
Business
Israel mints tech unicorns. Can it keep them from leaving for New York?
Tel Aviv Stock Exchange’s pitch is aided by US investors’ preference for AI giants: “New York is no longer an option.”
AI infrastructure investments to drive Asia economic boom
JP Morgan said Asia’s expansion was “broadening from an overwhelmingly tech-led export boom towards more balanced growth from tech.”
Inside the Breakup of an American Industrial Giant
After nearly four decades at Honeywell, Vimal Kapur reached the top — and then took on the task of breaking the 140-year-old industrial conglomerate into three companies.
Quinn Emanuel issues warning over data-center financing
The law firm’s March memo on data-center debt was making the rounds in recent days, laying out worst-case scenarios for the AI buildout.
Ariel goes from listener to caller at Mattel
The firm’s first activist-style letter, joined by another investor, puts pressure on new CEO Roger Lynch as Authentic Brands shows interest.
Technology
AI infrastructure investments to drive Asia economic boom
JP Morgan said Asia’s expansion was “broadening from an overwhelmingly tech-led export boom towards more balanced growth from tech.”
Go Nakamura/Reuters
Data centers emerge as attractive targets in war
Russia and Ukraine have traded strikes on digital infrastructure in recent weeks, triggering major outages on both sides.
Social Media via Reuters
OpenAI tries to reassure investors with annualized revenue target
The frontier firm’s figures are seen as key to understanding underlying demand for cutting-edge AI models.
Musk accuses Indian ‘oligarchs’ of blocking Starlink access
The comments, which New Delhi called “baseless,” escalated a yearslong feud over market access for the satellite operator.
Companies in Japan, South Korea hit by major cyberattacks
The attacks raise concerns that AI may be turbo-charging hacking efforts.
Tech companies play whack-a-mole with rogue AI
Agentic AI hacks pose major issues for governments and tech companies alike.
Energy
Power firms cut waste and modernize systems to meet surging demand
Companies are positioning their commercial offerings for the huge demand growth of the coming decades.
Shelby Tauber/Reuters
Octopus looks to buy software startups to manage data center demand
“We’re very much looking for interesting opportunities in that space,” Octopus US CEO Nick Chaset told Semafor.
Vincent West/Reuters
Rates for oil tankers hit record high, as more crude passes through Hormuz
It now costs up to $77 million to hire a large tanker to move crude from the US to Asia, up from less than $10 million last year.
Kim Soo-hyeon/Reuters
Gulf
Saudi plans to expand oil export routes to cut Hormuz reliance
The urgency is growing as wars in the Middle East and Ukraine strain global oil supplies.
Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al Saud. Ramil Sitdikov/Reuters
Mubadala doubles down on Asia investments
The $385 billion Abu Dhabi sovereign wealth fund is looking to boost investments in China, India, Japan, and South Korea.
Saudi Arabia’s resolve, and fears of a ‘forever war’
Deadly airport strikes have more Saudis worried how hard the kingdom will be hit.
Riyadh hit by deadly Houthi attacks again over the weekend
Several major energy CEOs cancelled travel to Saudi Arabia, which had been preparing several major conferences courting foreign investment.
Attacks on Riyadh threaten Saudi confidence
The Houthi attacks threaten the kingdom’s efforts to project its business-as-usual approach, and official silence is unsustainable.
China
China, EU reach agreement to reduce Chinese hybrid vehicle imports
The EU and China reached a deal Friday to reduce China’s shipments of hybrid vehicles to Europe by half.
Stephanie Lecocq/Reuters
China rejects yuan manipulation claims amid EU trade dispute
China pushed back against claims that it manipulates its currency to boost the country’s exports, as Beijing and Brussels spar in trade negotiations.
Athit Perawongmetha/Reuters
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
Africa
Ecobank agrees to join Chinese payment platform
The move follows increasing demand from African businesses to settle deals using China’s currency.
Stringer/Reuters
Mercenaries suffer losses in DR Congo
A battlefield clash highlights the role of US private security contractor Erik Prince as his country seeks greater access to minerals.
Blackwater founder Erik Prince. Santiago Arcos/Reuters.
OPay readies $4B New York IPO
The fintech firm has seen its lending business overtake payments as its revenue more than doubled in the first half of the year.
Tanzania seeks investment to tackle youth job pressure
Efforts to partner with private companies are part of a bid to create jobs, said the country’s prime minister.
Dangote’s Kenya refinery triggers political battle
President William Ruto lauds the benefits of this huge investment but opponents see it as part of a pattern of opaque deals.
AI’s uncertain opportunity for Africa
The absence of African languages from large language models has become a major concern for the continent’s policymakers and tech leaders.
Security
Global oil buffers weaken as global conflict expands
Goldman Sachs over the weekend raised its forecast for average year-end oil prices, warning of “the high sensitivity of interest rates to oil prices.”
Mahmoud Hassano/Reuters
Russia hammers Ukraine despite President Trump’s energy ceasefire
Faced with domestic cost-of-living concerns ahead of midterm elections, the US has agreed to import diesel from Russia.
Valentyn Ogirenko/Reuters
Europe pledges support for Ukraine as rift with US widens
European leaders rushed to back Ukrainian President Volodymyr Zelenskyy over the weekend amid a widening rift with the US, though the continent’s support for Kyiv may have an expiration date.
Toby Melville/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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