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Intelligence for the New World Economy
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- SG
Gulf
Saudi Arabia faces its toughest moment of war
Houthi attacks threaten Saudi Arabia’s efforts to project stability ahead of two major global business conferences.
The World at a Glance
Updated 6:51am EDT
1
OpenAI assured investors it expects to reach a $70 billion annualized revenue target this year, after worries grew when it seemed to miss earlier projections.
2Germany raised its growth forecast for this year and next, a rare bright spot as European economic concerns mount.
3New Delhi rejected as “deeply offensive” Washington’s labelling of Indian workers in the US tech sector as “indentured servants,” as ties frayed further.
4South African jurist Navi Pillay, whose work focused on genocide and who was the UN’s longest-serving human rights chief, won the Nobel Peace Prize.
5Russia is due to spend a record $200 billion on defense this year, even as the country’s economy flags under the pressure of war.
6Oil markets largely shrugged off US President Donald Trump’s pledge not to strike Iran before November’s midterm election, amid intensifying attacks on ships in the Gulf.
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.
Zambia agrees health deal with US after resolving dispute
Africa’s second largest copper producer got better terms than its neighbors, and still has a minerals deal to settle with Washington.
The fight to uncover the Nigerian president’s FBI files
President Tinubu has enlisted US lawyers to keep records from a 1990s Chicago drug probe sealed, but a lone California activist has been a thorn in his side.
Senate rules would change under sweeping bipartisan proposal
Sens. Steve Daines, R-Mont., and Jeff Merkley, D-Ore., want to make it easier for the body to pass popular bills.
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.
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Politics
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.
Navesh Chitrakar/Reuters
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.
Eric Lee/Reuters
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.
Sputnik/Mikhail Metzel/Pool via Reuters
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.
Fewer Americans support companies taking stances on hot-button issues: poll
Forty-seven percent of Americans support businesses taking stances on current events, per Gallup — down from a high of 51% last year.
Republican leadership of Senate health panel in doubt
It’s unclear who will replace Louisiana Sen. Bill Cassidy as the top Republican on the Senate HELP Committee.
How Democrats can win the Latino vote
Polling by Voto Latino shared shows 40% of Latinos backing Democrats on the generic ballot, while just 21% support Republicans.
Business
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.
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.
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.
Technology
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.
Carlos Barria/Reuters
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.
Evan Vucci/Reuters
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.
US and China take different approaches to AI agents
OpenAI’s dots and Meta’s Muse are built around the assistant first and then sent out to use other companies’ websites and services.
AI video startup Higgsfield launches tool to build custom AI influencers
The company has updated its AI influencer tool, making it easier for users to insert a character of their own creation into existing videos.
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
QatarEnergy wins Brazil energy concession
The state-owned company will hold 30% of each block in the Ceará Basin, with operator Petrobras holding the rest.
Mike Blake/Reuters
New construction projects in the Gulf plunge 37%
Gas and chemicals were the only sectors to grow, as ADNOC and Aramco kept spending.
Why US support for Riyadh in Yemen matters
Washington’s backing in the fight against the Houthis serves US interests, and helps demonstrate that it takes Gulf security seriously.
Saudi Arabia faces its toughest moment of war
Houthi attacks threaten Saudi Arabia’s efforts to project stability ahead of two major global business conferences.
Mini scandal clouds Dubai’s Michelin Guide
The latest Michelin Guide awarded stars or distinctions to 11 restaurants that have temporarily or permanently closed because of the war.
China
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
China expands ultra-deep oil and gas drilling efforts
China broke oil and gas production records in 2025, though it has hastened its efforts this year in a bid to shield itself from war-related vicissitudes in global energy markets.
Stringer/Reuters
Africa
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.
Monicah Mwangi/Reuters
Rwanda on track to host F1 Grand Prix
It would mark the first Grand Prix to be held in Africa in more than 30 years and boost government efforts to raise the country’s profile.
Edgar Su/Reuters
Nigeria’s fuel discount reignites subsidy debate
High energy prices are among the key campaign issues ahead of January’s presidential election.
Zambia agrees health deal with US after resolving dispute
Africa’s second largest copper producer got better terms than its neighbors, and still has a minerals deal to settle with Washington.
The fight to uncover the Nigerian president’s FBI files
President Tinubu has enlisted US lawyers to keep records from a 1990s Chicago drug probe sealed, but a lone California activist has been a thorn in his side.
Ethiopia renews push for Red sea access
After being sworn in for a second full term, Prime Minister Abiy Ahmed said his government would work diligently to ensure Ethiopia had “an outlet to the sea.”
Security
Oil prices surge after second day of Houthi strikes on Riyadh
The missile strikes come as Iran upped the pace of its attacks on vessels in the Strait of Hormuz.
European Union/Copernicus Sentinel-3/Handout via Reuters
Student protests in France spread to more cities
French authorities suspended the use of stun grenades after a teenager lost his hand during clashes with police.
Sarah Meyssonnier/Reuters
Oct. 7 failures plague Netanyahu’s reelection bid
Three years after Hamas’ deadly assault on the country, Israel stands more internationally isolated than ever.
Ammar Awad/Reuters
Media
New Skydance CEO Kreiz will be Ellison’s enforcer
Investors are warily eying Skydance’s freshly downgraded debt, and layoffs are coming.
Kris Tripplaar/Semafor
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’s podcast sparks tensions atop The Atlantic
Nicholas Thompson’s podcast, “The Most Interesting Thing in AI,” has been a source of friction at the magazine.
AI nonprofit will spend $10 million on journalism
A Silicon Valley nonprofit close to the AI safety movement is funding coverage of artificial intelligence.
Euractiv relaunches as ‘Rapporteur’ in Brussels
The newsroom, founded in 1999, has rebooted in recent years as a competitor to Politico Europe.
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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