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Intelligence for the New World Economy
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Saudi steps up efforts to bring in dollars
Gemcorp spins out unit to bridge Africa’s project execution gap
The World at a Glance
Updated 5:32pm EST
1
Software company stocks sank on swelling investor fears that new AI tools will eat their lunch.
2Donald Trump said Republicans should ‘nationalize’ elections, reflecting his desire to assert control over the US electoral system.
3A former British minister resigned from the House of Lords, as the latest batch of Jeffrey Epstein files ensnares more public figures.
4The US is probing whether Iranian security forces used crypto platforms to evade sanction amid surging crypto activity in the country.
5China banned hidden door handles on EVs like Tesla, in the world’s first such rule.
6Belgium approved a bill allowing courts to strip citizenship from immigrants who commit crimes such as murder or sexual offenses, as Europe tightens its immigration policies.
Saudi Arabia seeks $64B from investors in private capital push
The new strategy is designed to be more execution-focused and show clearer risk allocation.
Mohammed Benmansour/File Photo/ReutersPayPal’s CEO change blindsided HP’s board
The company’s decision to oust its CEO and replace him with its board chair comes after an 80% drop in shares over the last five years.
Enrique Lores in 2024. Ann Wang/Reuters.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.
Jeenah Moon/Reuters Senate Democrats may not back next homeland security stopgap bill
The current stopgap expires Feb. 13. Republicans say a deal may take more time.
Elizabeth Frantz/Reuters AD
US pauses data release — and collection — amid shutdown
The Bureau of Labor Statistics’ pause on collecting February inflation data has the “potential for lasting damage,” an economist said.
Mike Blake/Reuters US Senate battles over DHS funding bill
Senate Democrats are betting they can make substantial headway in immigration enforcement negotiations in just a few days.
Jonathan Ernst/Reuters Trump advisers refine their Africa strategy
A State Department official told Semafor that “priority” areas, like critical minerals, will receive the strongest focus.
Evelyn Hockstein/Reuters 
Politics
Kevin Lamarque/ReutersJeenah Moon/Reuters Mike Blake/Reuters
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/ReutersNetflix, 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.
Jeenah Moon/Reuters US pauses data release — and collection — amid shutdown
The Bureau of Labor Statistics’ pause on collecting February inflation data has the “potential for lasting damage,” an economist said.
Mike Blake/Reuters Senate Democrats may not back next homeland security stopgap bill
The current stopgap expires Feb. 13. Republicans say a deal may take more time.
Congress clears spending deal as immigration schism deepens
The measure ending a short partial shutdown passed the House, 217-214.
Trump advisers refine their Africa strategy
A State Department official told Semafor that “priority” areas, like critical minerals, will receive the strongest focus.
Bipartisan deal on health care subsidies not dead yet, senator says
Sen. Bernie Moreno, R-Ohio, believes his proposal to extend expired Affordable Care Act subsidies is still alive.
US Senate battles over DHS funding bill
Senate Democrats are betting they can make substantial headway in immigration enforcement negotiations in just a few days.
The humans are chasing conspiracies. What will the bots think?
Maybe the Reddit-trained bots on Moltbook will prove me wrong, and unearth something in the Epstein files. But for now, the evidence for a conspiracy is thin.
‘They choose friction’: Trump Fed pick faces a challenge in the Senate
The president can’t get his central bank pick confirmed without the Republican senator’s support — and Trump’s not getting it.
US Senate sends funding bill to House
The Senate agreement funds big chunks of the federal government through September, but kicks off a two-week countdown on the expiration of Homeland Security funding.
Business
Elizabeth Frantz/Reuters
The AI race is getting monstrously expensive. Can Oracle afford it?
Oracle is spending like a hyperscaler while carrying the balance sheet and investor expectations of an old-school software company.
Elizabeth Frantz/ReutersPayPal’s CEO change blindsided HP’s board
The company’s decision to oust its CEO and replace him with its board chair comes after an 80% drop in shares over the last five years.
Gates Foundation CEO says philanthropists are ‘losing the argument’
The foundation is calling for ‘new era of cooperation’ in face of cuts to government development budgets.
How 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.”
Trump nominates Kevin Warsh as new Federal Reserve chair
The US president nominated Kevin Warsh, a former Federal Reserve governor, to helm the central bank.
Technology
Kim Hong-Ji/File Photo/Reuters
Evelyn Hockstein/File Photo/Reuters
Chipmakers Samsung, SK Hynix reap rewards of AI boom
The combined valuation of South Korea’s two biggest companies by market capitalization reached $1.1 trillion.
Kim Hong-Ji/File Photo/ReutersMusk merges xAI and SpaceX to form $1.2T company
The $1.25 trillion merger represents major bets on the longevity of AI, and that space-based computing power will be cost-competitive.
Evelyn Hockstein/File Photo/ReutersIn the AI age, ‘slow and steady’ doesn’t really win
Every tech company is being judged on the delicate dance between industry transformation and business preservation as AI accelerates.
Scale AI CEO: ‘Near infinite demand’ for AI that works
Scale AI CEO Jason Droege recently sat down with Semafor Tech Editor Reed Albergotti to talk about how companies are leveraging AI to drive growth and stay competitive.
Waymo strikes child in first reported human accident
The incident wasn’t fatal, but foreshadows the response of when autonomous vehicles inevitably cause harm to a human.
New AI model aims to protect coral reefs
University of Miami scientists have developed an AI model that predicts when coral reefs begin experiencing heat stress, aiming to restore them before deadly coral bleaching occurs.
Energy
Miguel Vidal/Reuters
Temilade Adelaja/Reuters
Kevin Warsh at Semafor’s World Economy Summit. Tasos Katopodis/Getty Images for Semafor
Carbon 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’s renewable investments in Africa surge
Clean-power investment from the Gulf could have even greater impact were it targeted more towards power infrastructure, a new report argued.
Temilade Adelaja/ReutersTrump’s Fed chair pick could lead shift on climate change
Kevin Warsh faces a tricky path to actually taking up the Fed leadership but were he to take charge, he may lead a major shift in how the Fed views climate.
Kevin Warsh at Semafor’s World Economy Summit. Tasos Katopodis/Getty Images for SemaforGulf
A view of ADGM. Courtesy of ADGM.
Abu Dhabi’s BlueFive raises $3B for tech fund to invest in US and Europe
Even amid a period of low oil prices, the Gulf has still been a prime destination for private equity fundraising.
A view of ADGM. Courtesy of ADGM.Saudi luxury fashion hits Paris runway
Saudi luxury label KML brought an avant-garde take on traditional silhouettes to Paris Ready to Wear Fashion Week.
Saudi steps up efforts to bring in dollars
The kingdom is boosting outreach to debt and equity investors as it seeks to address a funding crunch.
Saudi traditional savings circles go digital
Fintech Hakbah is turning the jameya model into an online platform as Riyadh readies a national push to lift household savings.
Gemcorp spins out unit to bridge Africa’s project execution gap
Imbono, based in Dubai, will execute energy, water, logistics, and food security projects in emerging markets.
Africa
Monicah Mwangi/Reuters
Dangote Petroleum Refinery. Sodiq Adelakun/Reuters.
Africa’s economic growth set to overtake Asia’s
Average growth in sub-Saharan Africa is expected to hit 4.6%, compared to 4.1% across Asia.
Monicah Mwangi/ReutersDangote signs new gas deal with Nigerian state oil company
The move taps into the country’s plan to expand gas production as a driver of economic growth.
Dangote Petroleum Refinery. Sodiq Adelakun/Reuters.Africa’s used car market projected to see major growth
It is expected to grow nearly 7% a year to reach almost $200 billion by 2033.
Why US airstrikes in Somalia are reaching record levels under Trump
The Pentagon’s opacity over the attacks is creating an accountability gap, drawing parallels with the administration’s immigration enforcement push at home.
Deal on US and Africa trade relationship is tentative at best
The fate of trade relations between the US and Africa is reaching a tipping point.
Trump advisers refine their Africa strategy
A State Department official told Semafor that “priority” areas, like critical minerals, will receive the strongest focus.
Security
Valentyn Ogirenko/Reuters
Thomas Peter/File Photo/Reuters
Issei Kato/File Photo/Reuters
Russian strikes on Ukraine contradict Trump’s ceasefire claim
A drone killed 12 mine workers on a bus, while a separate attack hit a maternity hospital, injuring six.
Valentyn Ogirenko/ReutersTrump says Russia will pause attacks during cold spell
Temperatures in Ukraine are expected to hit -24°C (-11°F) this weekend; Russian attacks have left millions without heating.
Thomas Peter/File Photo/ReutersChinese tourism to Japan plummets following Taiwan spat
Beijing urged its citizens not to travel to Japan after its prime minister said her country may support Taiwan militarily.
Issei Kato/File Photo/ReutersMedia
Kaleidoscope
Podcast brand Kaleidoscope staffs up
The company is filling out its executive ranks as it hopes to break further into video.
Kaleidoscope 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.
Washington Post’s White House team tries to avert layoffs in letter to Bezos
The effort from the Post’s White House reporters comes as staffers are scrambling to preserve their jobs ahead of impending layoffs.
Rumors of staffing cuts spook Washington Post newsroom
Feared potential targets for cuts include the sports and international desks.
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