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Intelligence for the New World Economy
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Reflection AI unveils an open-source Western answer to Chinese labs
Its new model, Beam, could give more options to Western companies and governments that don’t want to — or can’t — use Chinese models.
Reflection AI unveils an open-source Western answer to Chinese labs
Its new model, Beam, could give more options to Western companies and governments that don’t want to — or can’t — use Chinese models.
View / African policymakers aim to bridge data gap
View / Washington has picked a side in Ethiopia’s new war
The World at a Glance
Updated 6:50am EDT
1
Brazil’s presidential elections will go to a runoff later this month, after conservative challenger Flávio Bolsonaro unexpectedly pulled ahead.
2Spain’s PM called a snap election after parliament rejected his proposed plan to counter the country’s housing crisis, an issue roiling European politics.
3The euro sank to its lowest level against the dollar since May 2025 after Spain’s snap elections added to mounting fiscal and political worries.
4US President Donald Trump promised payments to retirees ahead of the midterm elections, payments that critics warn would worsen the deficit and amount to bribery.
5Oil prices fell as crude exports from the Middle East surpassed prewar levels, though any respite may be short-lived as attacks on tankers increase.
6President Donald Trump announced the White House’s “Super Intelligence Force” on AI.
‘Enough to go around’: Brookfield’s bullish on AI investing, even if it has to share it with rivals
CEO Connor Teskey sees no end in sight to demand for the energy and materials to feed the AI boom.
Trump administration eyes Iran midterm play
Some in the administration worry that Iran will consider taking action to damage the president ahead of the midterms.
How employees forced OpenAI’s president to back down
A set of internal Slack messages details the politics at one of the world’s most powerful AI companies.
Democrats demand testimony from housing director
Democrats are renewing their calls for Federal Housing Finance Agency Director Bill Pulte to appear before Congress.
Democratic-controlled Senate would confirm ‘very few’ Trump nominees
If Democrats are in charge, don’t expect many of the president’s picks to move at all.
AI nonprofit will spend $10 million on journalism
A Silicon Valley nonprofit close to the AI safety movement is funding coverage of artificial intelligence.
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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Politics
US President Donald Trump pledges cash to retirees ahead of midterms
Critics warn that the latest promise would worsen the deficit and amount to bribery.
Kevin Lamarque/Reuters
Fewer young Americans are ‘thriving,’ poll finds
Only 44% of adults ages 18 to 29 describe themselves as thriving, according to Gallup.
Octavio Jones/Reuters
House Democrats slam Trump over Russia sanctions
US Trade Representative Jamieson Greer wouldn’t commit last week to imposing Russia sanctions recently enacted by Congress.
Kylie Cooper/Reuters
Democrats demand testimony from housing director
Democrats are renewing their calls for Federal Housing Finance Agency Director Bill Pulte to appear before Congress.
Trump administration eyes Iran midterm play
Some in the administration worry that Iran will consider taking action to damage the president ahead of the midterms.
Democratic-controlled Senate would confirm ‘very few’ Trump nominees
If Democrats are in charge, don’t expect many of the president’s picks to move at all.
Trump unveils AI task force
The US director of national intelligence and the Federal Trade Commission chairman will head up the White House’s “Super Intelligence Force” on AI, President Donald Trump announced Sunday.
Japan summons US envoy after soldier accused of murder
Japan lodged a formal protest with the US and summoned its envoy Sunday after an American soldier was arrested on suspicion of committing what Japan’s prime minister called an “extremely brutal and vicious” murder on Okinawa.
Midterm elegy
The vice president hits the trail and previews 2028.
Top GOP group pauses Senate spending in N.C., goes up in Kansas
A Republican super PAC is shifting strategy.
Third-country decision a ‘devastating result,’ lawyer says
Immigrant advocates are grappling with the Supreme Court’s decision to allow the Trump administration to move forward with third-country deportations.
Business
Private-credit worries spur Fed review
The Fed is looking into Morgan Stanley, Barclays and other banks’ valuations of private-credit loans with questions about their overall exposure, risk-management, and collateral quality.
Eduardo Munoz/Reuters
Euro sinks as fiscal and political worries mount
Spain’s snap elections added to worries across the region with many investors growing anxious over the eurozone’s debt burden.
‘Enough to go around’: Brookfield’s bullish on AI investing, even if it has to share it with rivals
CEO Connor Teskey sees no end in sight to demand for the energy and materials to feed the AI boom.
US adds 29,000 jobs in September, far short of expectations
The report adds to evidence that the Federal Reserve will hold rates steady at its October meeting.
Fears of European debt crisis send bond yields soaring
UK, Greek, and Italian bond yields climbed, while France remained at the epicenter of the storm after a proposed budget failed to quell investors’ anxiety.
Technology
Reflection AI unveils an open-source Western answer to Chinese labs
Its new model, Beam, could give more options to Western companies and governments that don’t want to — or can’t — use Chinese models.
Reflection co-founders Misha Laskin and Ioannis Antonoglou. Courtesy of Reflection
Legal risks mount for OpenAI
OpenAI faces mounting legal risks stemming from cyber incidents linked to its AI models, after the firm alerted more than 100 organizations to unauthorized activities.
Carlos Barria/Reuters
Trump unveils AI task force
The US director of national intelligence and the Federal Trade Commission chairman will head up the White House’s “Super Intelligence Force” on AI, President Donald Trump announced Sunday.
How employees forced OpenAI’s president to back down
A set of internal Slack messages details the politics at one of the world’s most powerful AI companies.
AI costs are rising for organizations, reports warn
Two new reports from consulting giants show how the AI adoption conversation has shifted from whether it works to whether the spending on it is sustainable.
Amazon launches new data center commitments
The tech giant vowed to publish its energy and water use annually, and spend more than $1 billion over five years on free community college, trades training, and home energy-efficiency upgrades in data center counties.
Energy
Oil drops as Hormuz traffic rebounds
The rise in sales came alongside G7 nations releasing energy stockpiles in a bid to tame surging diesel prices.
Stringer/Reuters
‘Enough to go around’: Brookfield’s bullish on AI investing, even if it has to share it with rivals
CEO Connor Teskey sees no end in sight to demand for the energy and materials to feed the AI boom.
EU faces diesel shortage as major refiners ban exports
EU member states readied for talks over a feared diesel shortage, after the US, Russia and China all touted banning or suspending exports as global prices surge.
Francisco Bonilla/Reuters
Gulf
Qatar’s luxury market attracts 34,000 visitors
Many Gulf events have been postponed or canceled because of the war, but Qatar’s annual bonanza of bling was lively last week
Mohammed Sergie/Semafor
Abu Dhabi’s XRG invests in Argentina’s LNG expansion
ADNOC’s international arm agreed in June to take a 32% stake in three Argentine gas blocks.
Gulf SWFs on track for major investments despite war
Gulf sovereign wealth funds are on track for one of their most active years of dealmaking ever, even as war disrupts businesses and economic growth.
Yemen launches Saudi-backed counterattack against Houthis
The escalation added fresh risks to oil markets as Iran reiterated that the Strait of Hormuz remains closed.
Abu Dhabi hits back over Man City ruling
The fallout from Manchester City’s guilty verdict last week is threatening billions in investment.
China
China closes record number of banks as economic growth slows
China closed a record 670 banks last year, or nearly one in four lenders, as Beijing pushes to de-risk amid slowing economic growth.
Jason Lee/Reuters
Starbucks opens first cafés in Xinjiang region
The prompted criticism from activists and US lawmakers over the coffee giant’s decision to expand into an area widely scrutinized for human rights violations.
A Starbucks booth at an expo in China. Florence Lo/Reuters
Deepseek and Huawei partner to develop AI software
The move underlines how China’s leading tech companies are working to reduce their reliance on US chipmakers and challenge American AI dominance.
Florence Lo/Reuters
Africa
Bridging Africa’s data gap
For decades, a lack of data has held back economic development in countries across Africa.
Thomas Mukoya/Reuters
Solar market set for Africa boom, says report
Sub-Saharan Africa’s off-grid solar market is due to expand by 450% by 2035, say a.
Amr Abdallah Dalsh/Reuters
Sahel states launch Russia-backed TV station
Tafouk TV signed a cooperation agreement with the parent company of Moscow’s broadcaster RT to jointly cover events, reports RFI.
Dangote Cement eyes London listing
The firm is hoping to raise up to $1 billion, a person familiar with the plans told Semafor.
South Africa and US envoys trade barbs
The deterioration in ties has simmered for nearly two years, raising fears that Washington may take more economically damaging steps.
Ethiopia recaptures Tigray capital amid conflict escalation
Experts fear a renewed conflict between Ethiopia and the Tigray People’s Liberation Front could lead to a severe humanitarian crisis.
Security
Brazilians vote in election that could reshape US ties
More than 150 million Brazilians headed to the polls Sunday in a pivotal presidential election for Latin America’s largest economy.
Adriano Machado/Reuters
US signals potential escalation in the Iran war
The US dispatched another aircraft carrier and thousands more troops to the Middle East, while Tehran is reportedly preparing its own response to any American attacks.
US Navy Handout/Reuters
Russian fear-mongering stokes fears of military escalation
Officials, led by Ukraine’s president, warned that Russia appeared to be readying military escalation against Kyiv and Europe more broadly.
Smoke from a Russian drone strike rises behind the graves of soldiers in Ukraine. Alina Smutko/Reuters
Media
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.
Beverage brand Liquid Death will make others’ ads
Liquid Death is one of the purest marketing stories of the moment: a billion-dollar company that sells the ultimate commodity through edgy comedy.
CEO Signal
‘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.
How Harvard Business School’s former dean thinks AI will test today’s CEOs
Nitin Nohria sees the technology as a decentralizing force that will challenge company power structures.
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