Saudis are keeping more of their summer spending local
Debatable: US intelligence assessments on Iran
The World at a Glance
Updated 2:57pm EDT
1
Iran said it was willing to engage in talks over its nuclear program if Washington rules out further attacks.
2The US Justice Department sued LA over its ‘sanctuary city’ laws, amid a fight over immigration enforcement.
3A Trump administration investigation alleged Harvard University was in ‘violent violation’ of the Civil Rights Act, The Wall Street Journal reported.
4Germany’s annual inflation rate fell to 2% in June, hitting the European Central Bank’s target.
5Donald Trump’s ‘big, beautiful’ bill will swell national debt and threaten the US’ financial standing, analysts warned, as trust in the dollar wavers.
6Digital taxes emerged as a major sticking point during Washington’s trade talks with key partners.
Mamdani prepares to face damaged opponents — and the New York Post
The young Democratic socialist swept the New York Democratic mayoral primary thanks to an openness to talking to anyone — even the city’s conservative tabloid.
David ‘Dee’ Delgado/ReutersFragile Iran-Gulf balance appears to hold after strikes
Iran’s attack on a US military base in Qatar last week sparked condemnation from regional leaders, but ties between Tehran and the Gulf appeared stable.
Public domain image/Cpl Nicholas Martinez/US Marine CorpsEurope gripped by dangerous heat wave
France, Greece, Italy, Portugal, and Spain are experiencing the most extreme conditions, caused by a high-pressure ‘heat dome’ over Western Europe.
Gonzalo Fuentes/ReutersChinese leader Xi Jinping widens military purge
A senior official removed from the country’s top military command body was among those targeted by the widening anti-corruption purge.
Maxim Shemetov/File Photo/ReutersAD
‘Central bank of central banks’ warns of rising inflation risks
The Switzerland-based Bank for International Settlements noted in a new report that consumers across the globe expect steep price increases in the next year.
Luis Jaime Acosta/ReutersRussia expands secrecy law as Kyiv and Moscow trade strikes
Vladimir Putin has increasingly tightened his grip on Russian society since the 2022 invasion of Ukraine.
Sputnik/Gavriil Grigorov/Pool via ReutersTillis will not seek reelection amid tensions with Trump
The North Carolina Republican’s decision came after members of his party questioned his re-election prospects.
Elizabeth Frantz/Reuters
politics
Daniel Cole/Reuters
Faith Ninivaggi/Reuters
Nathan Howard/Reuters
US Dept. of Justice sues LA over ‘sanctuary city’ laws
The lawsuit marked an escalation in the government’s fight with California lawmakers over immigration enforcement.
Daniel Cole/ReutersTrump administration finds Harvard in violation of Civil Rights Act
The US government’s investigation alleged that Harvard acted with indifference in regard to the treatment of Jewish and Israeli students.
Faith Ninivaggi/ReutersTrump’s tax and spending bill amplifies US debt fears
The One Big Beautiful Bill Act is forecast to increase the deficit by a further $3.3 trillion over a decade.
Nathan Howard/ReutersDebatable: US intelligence assessments on Iran
Will there ever be a definitive answer on the damage done by strikes to Iranian nuclear facilities?
Democrats’ pride in US plummets under Trump
Just over a third of Democrats now say they’re very proud to be American, Gallup found.
Senate Republicans set up surprise vote on Obamacare’s Medicaid expansion
The proposal, from Florida’s Rick Scott, would affect future recipients and could pass with three defections.
Tillis will not seek reelection amid tensions with Trump
The North Carolina Republican’s decision came after members of his party questioned his re-election prospects.
Republicans steamroll toward final vote on Trump’s tax and spending cuts bill
The party-line measure gained momentum, despite lingering questions about its Medicaid cuts, moratorium on AI regulations, and more.
State Department to suspend foreign service employees with lapsed security clearances
The shift will affect about three dozen employees whose clearances have been suspended or revoked, according to an internal memo reviewed by Semafor.
Republicans prepare for weekend gamble on tax-cuts plan
It’s not clear yet whether they have the votes, but they’re pressing ahead — as Trump backtracks on his apparent extension.
Trump says he is ending all trade talks with Canada
The president said he was calling off negotiations over Canada’s digital service tax plan that would impact US tech firms.
business
Xavi Lopez/SOPA Images/Sipa USA via Reuters
Unilever cuts off funding for Ben & Jerry’s foundation amid tensions over Gaza, audit
The conglomerate is preparing to spin off its ice cream business later this year.
Xavi Lopez/SOPA Images/Sipa USA via ReutersGerman inflation falls unexpectedly, hitting ECB target
Inflation across Europe appears to be easing, but analysts warned that price volatility remains likely in the long term.
‘Central bank of central banks’ warns of rising inflation risks
The Switzerland-based Bank for International Settlements noted in a new report that consumers across the globe expect steep price increases in the next year.
World powers scramble to secure US trade deals
US President Donald Trump’s pause on his ‘Liberation Day’ tariffs ends July 9.
African blockchain currency exchange aims to break dollar dominance
The aim is to make it easier for companies to repatriate their profits.
technology
Florence Lo/Illustration/File Photo/Reuters
Noah Berger/Reuters
Tech companies are missing revenue as 97% of consumers use AI for free: report
A report from Menlo Ventures assumes that if the 1.8 billion AI users paid a $20 average monthly subscription, the market should be $432 billion — not today’s mere $12 billion.
Florence Lo/Illustration/File Photo/ReutersAI usage in jobs could lead to AI ‘trade schools,’ expert says
These schools could teach students how to apply the new tech to their specific career interests, the chief AI scientist at career coaching platform BetterUp said.
Noah Berger/ReutersAnthropic launches new effort to study AI’s economic impact
CEO Dario Amodei has warned of massive job losses because of AI and hopes research will help the world prepare.
Google search’s next cash cow
The complex ad tech industry could be replaced by a vast marketplace of information aimed at influencing AI-powered search.
Google’s head of search on the company’s AI transition
Liz Reid says the new search aims to make information come to users effortlessly, while still leaving room for the ads that keep the lights on at Google.
Quantum networking startup Qunnect adds Cisco as investor in new fundraising round
It’s the latest move in a broad effort to enable powerful quantum computers, which could transform everything from medicine to physics.
net zero
Florence Lo/Reuters
Mike Blake/Reuters
COP30 President Ambassador Andre Correa do Lago. Andressa Anholete/File Photo/Reuters
World must invest in drought resilience: OECD
Water shortages cause a third of all deaths from natural disasters, as droughts can cripple food production and cause starvation.
Florence Lo/ReutersUS rooftop solar companies are bracing for devastation
If Congress proceeds with a planned tax credit cut, a wave of bankruptcies is coming for US solar installers this year.
Mike Blake/ReutersUS climate withdrawal forcing a ‘rethink’: COP30 president
André Corrêa do Lago’s remarks come amid growing doubts over the November summit’s chance of success.
COP30 President Ambassador Andre Correa do Lago. Andressa Anholete/File Photo/ReutersgulfPublic domain image/Cpl Nicholas Martinez/US Marine Corps
Fragile Iran-Gulf balance appears to hold after strikes
Iran’s attack on a US military base in Qatar last week sparked condemnation from regional leaders, but ties between Tehran and the Gulf appeared stable.
Public domain image/Cpl Nicholas Martinez/US Marine CorpsAbu Dhabi’s ADQ eyes stake in seed firm
The UAE is looking to reduce its reliance on food imports and address future threats from climate change.
Saudis are keeping more of their summer spending local
The kingdom’s tourism initiatives appear to be reducing the summer exodus.
FDI into the UAE spikes 49%, bucking global trend
Global FDI fell 11%, and most other Gulf countries, including Saudi Arabia, also saw declines.
UAE makes Arabic mandatory for kindergarteners
The emphasis on Arabic is part of a broad effort to get Emirati studies into schools, in a country where expats outnumber locals nearly nine to one.
africa
Siphiwe Sibeko/Reuters
Tony Fittrel courtesy of Corporate Council on Africa
To beat China in Africa, US should deploy American businesses
Smart tax breaks could help US companies win hearts, minds, and markets across Africa.
Siphiwe Sibeko/ReutersThe contradictions of Trump’s ‘commercial diplomacy’ in Africa
“Somebody, maybe Boulos, needs to tell him that this directly hurts US business.”
Tony Fittrel courtesy of Corporate Council on AfricaSouth Africa’s pay-as-you-go presidency: Ramaphosa’s calculated flex
What the firing of a coalition party minister tells us about the future of the Government of National Unity.
Cybercrime threat rises in Africa as mobile banking grows: Interpol
Phishing is the most frequently reported form of cybercrime in Africa, while ransomware attacks and business email compromise are also common.
Afrikaner delegation arrives in DC to discuss discrimination claims
The White House has claimed that Afrikaners were facing mass killings and land seizures in South Africa, though this has been widely refuted.
South Africa secures $1.5B infrastructure loan
The World Bank has granted the loan to South Africa to upgrade transportation infrastructure and help it transition to a low-carbon economy.
mediaDavid ‘Dee’ Delgado/Reuters
Mamdani prepares to face damaged opponents — and the New York Post
The young Democratic socialist swept the New York Democratic mayoral primary thanks to an openness to talking to anyone — even the city’s conservative tabloid.
David ‘Dee’ Delgado/ReutersSteve Inskeep on NPR cuts, Iran, and radio’s place in the podcast era
Steve Inskeep has one of the most recognizable names and voices in the country, greeting millions of Americans every morning since the 2000s.
Tradpop summer: US political vibe shift hits music charts
Compared to 2024, the US music charts feel safer and more traditional, amid a broader cultural and political narrative shift toward conservative ideals.
State Department delegation pressures Europeans on speech in Paris, London
Samuel Samson, a young and intensely ideological senior official, got a chilly reception from Reporters Without Borders.
Steve Bannon goes to war with Fox News
“The Murdochs don’t put America’s interests first,” Bannon told Semafor Sunday.
security
The Fordo facility before the strikes. Maxar Technologies/Handout via Reuters.
Piroschka Van De Wouw/Reuters
Claudia Greco/Reuters
US, European intel clashes over damage to Iran’s nuclear program
The CIA contradicted a leaked report that suggested the US strikes had set back Iran’s ambitions by only a few months, while European intelligence suggested enriched uranium had been moved.
The Fordo facility before the strikes. Maxar Technologies/Handout via Reuters.Trump praises ‘brave’ Ukraine after Zelenskyy meeting
The US president said he believed Kyiv wants peace and that he would talk to Russia’s Vladimir Putin in a fresh bid to end the Ukraine war.
Piroschka Van De Wouw/ReutersNATO allies formally agree 5% defense spending target
European NATO members have scrambled to boost their national military outlays under pressure from Donald Trump.
Claudia Greco/ReutersAD