Flagship

Ceasefire in Nagorno-Karabakh

Officials announced a ceasefire a day after Azerbaijan launched a military incursion into Nagorno-Karabakh, a breakaway region inhabited mostly by ethnic Armenians. Nagorno-Karabakh authorities say 27 people, including two civilians, died. In December, the Azerbaijani military blockaded the only road connecting the region to Armenia, leading to medical and food shortages, saying it was being used to transport military supplies. This week Baku started what it called an “anti-terror” operation, after accusing Armenian forces of shelling its positions. The two former Soviet states have fought several wars, the most recent three years ago: Armenia has relied on Russia’s protection, but relations have soured and Moscow is distracted by its war in Ukraine.

China’s troubles hit Asian growth forecast

The Asian Development Bank cut Asia’s 2023 growth forecast slightly to 4.7%, mainly over fears of China’s property crisis having a rippling effect throughout the continent. Economists fear that the bursting of China’s real-estate bubble is the latest sign of the potential “Japanification” of its economy. Much like Japan in the 1990s, China is experiencing a sharp economic slowdown on the back of a property crisis, an aging workforce, and unsustainable debt levels. However, when Japan’s woes began, the country had a per capita income of almost $30,000, while China’s average income last year was still under $13,000. China could become old before it becomes rich.

Zelenskyy and Biden take aim at Moscow

U.S. President Joe Biden and his Ukrainian counterpart Volodymyr Zelenskyy both used their speeches at the U.N. General Assembly to warn of the consequences of Russia’s aggression. “Evil cannot be trusted,” Zelenskyy told world leaders, saying Moscow was waging war “against the international rules-based order” and would not stop at the borders of Ukraine if it were not resisted. The speech was “aimed squarely at countries … which have thus far stayed on the sidelines,” the BBC reported, notably major developing nations such as India and Brazil. Zelenskyy applauded Biden’s earlier speech, in which the U.S. leader said, “If we allow Ukraine to be carved up, is the independence of any nation secure?”

Africa’s China cash dries up

Chinese loans to Africa fell below $1 billion last year, the lowest level in almost two decades, signaling Beijing’s shift away from financing large infrastructure projects in the continent. Africa has been a focus of China’s Belt and Road Initiative — an ambitious infrastructure financing program launched a decade ago aimed at expanding China’s economic influence across the world. However, China’s economic woes have forced Beijing to cut back on foreign loans and focus resources at home. “China’s domestic economy is playing a huge role here,” a researcher at Boston University’s Global China Initiative said.

Climate tech feeling upbeat

An array of events in New York have spotlighted the growing allure of climate tech — for investors, entrepreneurs, and employees. Lines for climate-tech events in the city have stretched around the block, and packed conferences have outlined advances in carbon-dioxide removal or climate-friendly fashion materials. Participants at Climate Week and the U.N. General Assembly told Semafor’s reporters on the ground that increasingly, finance is a bigger hurdle to driving the energy transition than the technology underlying it. “Founders are streaming into this space because what other problem feels as pressing, or has the same opportunity to build a business and make a tremendous fortune?” one entrepreneur told Semafor’s Tim McDonnell.

— For more on climate-tech positivity, and climate-finance negativity, read Semafor’s Net Zero newsletter, out shortly. Sign up here.

US government nears shutdown

Republican rebels pushed the U.S. government closer to shutdown. Congress faces a Sept. 30 deadline to pass funding legislation or see thousands of government employees stop working until agreement is reached. Republican leadership withdrew a vote on a short-term extension of the status quo, and hardliners blocked debate on funding for the military. Kevin McCarthy, the speaker of the House of Representatives, attempted to broker peace between his party’s warring factions, but one Republican congressman told NBC that a shutdown was inevitable. A potential way forward would involve a temporary funding bill keeping government spending at lower levels, at least opening the door for compromise negotiations with the Senate, Semafor’s Kadia Goba reported.

US to relax Cuba sanctions

Washington is set to ease restrictions on Cuba’s private sector in a bid to revive the island nation’s moribund economy that has forced thousands to flee to the United States. The move — a rarity in Washington for having won the backing of both parties — will allow Cuban entrepreneurs to open U.S. bank accounts. Cuba is suffering its worst economic recession since the collapse of the Soviet Union more than three decades ago, with exports down more than 35% compared to last year. Food shortages, power blackouts, and soaring inflation, coupled with a violent crackdown on dissent, have forced record numbers of Cubans to emigrate.

UK film industry hurt by Hollywood strikes

Hollywood strikes are hitting the U.K. movie industry, where many blockbusters are filmed. The trend to shoot in Britain started in the 1970s, when Star Wars was partly filmed in London, and continues: The U.K. has generous tax incentives and experienced film crews. Barbie, Mission: Impossible — Dead Reckoning, and Indiana Jones and the Dial of Destiny are just some of this summer’s big-budget movies made in Britain. The big streaming companies also do lots of work in British studios. But filming on many productions, including Deadpool 3 and Wicked, has paused as the strike goes on: A survey of a British film and TV workers’ union found more than half of its members were not working. “It’s been pretty bleak,” one crew worker told The New York Times.

Microsoft leaks reveal Nintendo plans

The head of Microsoft’s gaming division Phil Spencer wanted to buy Nintendo. The 2020 email was among documents accidentally revealed as Microsoft prepares for a lawsuit with U.S. regulators over its purchase of Activision Blizzard. Spencer said, “Nintendo is THE prime asset for us in Gaming” and a purchase would be “a good move for both companies.” The documents also revealed that future Xboxes will be cloud-dependent, allowing them to play games far more demanding than their hardware could handle. An array of unannounced games was also revealed, including The Elder Scrolls and Fallout remasters and a new Doom game.

Iranian fans’ glimpse of Ronaldo

Cristiano Ronaldo was greeted by hundreds of fans as he arrived in Tehran for a match, but none of those fans will see the game, which is to be played behind closed doors. Ronaldo’s Al Nassr are playing Persepolis FC in the Asian Champions League on Wednesday night, and the team’s arrival was a huge event: Even the driver of the team bus gained 150,000 Instagram followers, Al Jazeera reported. But Persepolis is being punished for an offensive social-media post, so fans are not allowed in the stadium. Ronaldo and his teammates were given special SIM cards allowing them to access the internet unfettered during their stay, unlike Iranian citizens.

• The signing period opens for countries to add their names to the world’s first treaty to protect the oceans and marine biodiversity.
• Turkish President Recep Tayyip Erdogan and Greek Prime Minister Kyriakos Mitsotakis are expected to meet on the sidelines of the U.N. General Assembly in New York.
• Hard Broken, a Lebanese thriller series, drops on Netflix.

Four out of every five people worldwide feel “in harmony with others” and 61% feel at peace even in difficult times, a survey from our partners at Gallup showed. The polling, timed to coincide with the International Day of Peace, found that even though there has been a steady growth in world conflict over the last decade or so, “people can feel at peace, even if the world around them is not.” The research, carried out with the Wellbeing for Planet Earth Foundation, looked at ways of measuring wellbeing that went beyond traditional GDP and development.

Sam Bankman-Fried’s fall from crypto grace is documented in a new podcast series. Crypto Kingpins, hosted by the journalist Tom Wright, follows Bankman-Fried as his company FTX went from being a $32 billion stock-market darling in January 2022 to bankrupt by November of that year. Bankman-Fried himself was charged with fraud and money laundering. Wright, who spent a year immersed in the world of crypto, exposes the feud between “SBF” and his rival, Binance founder Changpeng “CZ” Zhao, and how the latter showed that the former’s company was “built on a house of cards.”

• Wall Street is gearing up for the next battle over U.S. investments in China, worried that Congress will out-hawk the White House.
• Some of the House Republicans blocking a budget deal may have their eye on higher office — and that’s causing gripes among their colleagues.
• Why Africa’s biggest city is nervous about a Chinese-built metro system.