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Intelligence for the New World Economy
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The World at a Glance
Updated 11:46am EST
1
The US unemployment rate rose to its highest level since September 2021, the country’s latest economic warning sign.
2Ford and Volkswagen pared back their EV plans, as competition with China mounts and government incentives wane.
3US tech stocks continued to fall amid mounting concerns rise over surging investment in AI.
4Donald Trump sued the BBC for $10B over a misleading edit in a documentary about the Jan. 6 Capitol attack.
5A spate of attacks including the Sydney mass shooting were all linked to the Islamic State group, sparking fears of a revival.
6The US launched more strikes on vessels in the eastern Pacific, killing eight, as a wider conflict looms.
Congressional row over aircraft safety spills into public
Some lawmakers argue language in the annual defense bill would make a repeat of the January crash at Reagan National airport more likely.
Ken Cedeno/ReutersActivist investors are losing the Big Three
Activists complain that index funds don’t show them love, even when CEOs underperform. Data suggests that’s overwhelmingly true.
Lucas Jackson/ReutersAustralia weighs tougher gun laws after mass shooting
The Bondi Beach gun massacre on Saturday was the country’s worst in almost 30 years, killing at least 15.
Hollie Adams/ReutersChina calls for deeper Gulf ties, urges free trade agreement
China’s foreign minister Wang Yi is lobbying for the signing of a deal that’s been in negotiation for decades.
Saudi Crown Prince Mohammed bin Salman and Chinese Foreign Minister Wang Yi. China’s Foreign Ministry.AD
South Africa may scrap Black ownership rule
The move could pave the way for Elon Musk’s Starlink and other satellite-internet companies to operate in Africa’s biggest economy.
Dado Ruvic/Illustration/File Photo/ReutersTanzania seeks US lobbyist to quell criticism over post-election violence
The East African country is facing its biggest political crisis in decades.
Emmanuel Herman/ReutersUS shutdown deadline could merge with ACA fight — again
Open enrollment for the Obamacare marketplaces ends on Jan. 15 — and a swath of government funding expires on Jan. 30.
Elizabeth Frantz/Reuters 
Politics
Chuck Cook-USA TODAY SportsKen Cedeno/Reuters 
Ammar Awad/Reuters
Broadcaster Tafoya weighs Minnesota Senate bid
Michele Tafoya met with National Republican Senatorial Committee officials last week.
Chuck Cook-USA TODAY SportsCongressional row over aircraft safety spills into public
Some lawmakers argue language in the annual defense bill would make a repeat of the January crash at Reagan National airport more likely.
Ken Cedeno/ReutersWhite House ramps up economic sales pitch
Vice President JD Vance is appearing in Pennsylvania Tuesday to talk up the administration’s economic policies.
Ammar Awad/ReutersUS ends protections for Ethiopians as part of immigration crackdown
Around 5,000 Ethiopian immigrants have been granted TPS designation since 2022, and the new rule is triggering panic among them.
Trump eyes Hassett, Warsh as finalists for Fed chair
Hassett is the favorite, but experts worry he would be excessively deferential to the White House.
More Americans using AI at work, poll finds
The share of US employees who said they used AI at work at least “a few times a year” rose to 45%.
US shutdown deadline could merge with ACA fight — again
Open enrollment for the Obamacare marketplaces ends on Jan. 15 — and a swath of government funding expires on Jan. 30.
Congressional Republicans recoil after Indiana redistricting rebuke
“There will be a lot of primaries” against Indiana lawmakers who voted “no,” Sen. Jim Banks, R-Ind., warned on Fox News.
Trump is betting his presidency on AI. Can he sell it?
The president is good at counting zeroes, and many in the administration believe his bet is paying off.
Opposition to Netflix-Warner deal grows in Washington
Sen. Tim Scott, a Republican with close ties to the White House, joined the mounting opposition in Washington to Netflix’s takeover of Warner Bros.
Trump signs executive order banning states from regulating AI
The move will almost certainly face legal challenges, and drew criticism from some Republicans trying to pass laws limiting children’s AI use.
BusinessLucas Jackson/Reuters
Activist investors are losing the Big Three
Activists complain that index funds don’t show them love, even when CEOs underperform. Data suggests that’s overwhelmingly true.
Lucas Jackson/ReutersUS unemployment rises, underscoring ‘structural’ job market challenges
The US unemployment rate on Tuesday rose to its highest level since September 2021, the latest warning sign for the country’s labor market.
Opposition to Netflix-Warner deal grows in Washington
Sen. Tim Scott, a Republican with close ties to the White House, joined the mounting opposition in Washington to Netflix’s takeover of Warner Bros.
Emirates’ ambitions stir rivalries on Wall Street
XRG’s board scrapped plans for a partnership with Apollo to invest in AI and energy projects after pushback from Blackstone’s Jon Gray, people familiar with the matter said.
‘Sometimes not liquid at all’: Carlyle CEO on private capital’s retail push
In a true run for the exits, it could take investors years to get their money back. “We need to be very, very clear about the expectations,” Harvey Schwartz
Technology
Brendan McDermid/Reuters
Fred Prouser/File Photo/Reuters
US tech stocks slide as bubble concerns mount
AI leader Oracle has lost almost half its value since its September peak, which briefly saw its founder become the world’s richest man.
Brendan McDermid/ReutersWhy high-quality content can thrive in an AI world
The Disney–OpenAI licensing deal is the latest example of a media company making a savvy move in the fog of AI economics.
Fred Prouser/File Photo/ReutersWhy Excel is AI-proof
Microsoft recently upped the price of Excel which remains the company’s killer app, despite the rise of AI.
Singapore startup builds AI-powered, self-running chemistry lab
The self-driving lab consists of AI software and robots that design experiments, run them, and gather data, with limited human intervention.
Ancestry’s new AI feature narrates ancestors’ stories. But it won’t make ‘dead people dance.’
The generative AI feature allows users to create narrated audio stories of their genealogy, but CTO Sriram Thiagarajan says they are mindful of risks in applying the new technology.
Reddit sues Australia over social media ban for children
Canberra enacted the world’s first social media age limit this week, blocking all under-16s’ accounts.
Energy
Mike Blake/File Photo/Reuters
An Aramco oil field in Saudi Arabia. Hamad I Mohammed/Reuters.
Benoit Tessier/Reuters
Western carmakers reverse on EV plans amid China competition
Ford dropped plans for an all-electric truck, while Volkswagen is expected to extend its investment in gas-powered cars.
Mike Blake/File Photo/ReutersIEA raises prediction for global oil demand in 2026
The agency pointed to an improving macroeconomic and trade outlook for the changing picture, as well as reduced crude flows from sanctions-hit Russia and Venezuela.
An Aramco oil field in Saudi Arabia. Hamad I Mohammed/Reuters.Exxon plans to cut low-carbon spending by a third
It’s the latest sign of a pullback on decarbonization across most big oil companies.
Benoit Tessier/ReutersGulf
Eric Gaillard/Reuters
Gulf cash is coming for American entertainment
In Gulf leaders’ techno-optimist view, AI revolutionizes our lives, leaving us with more money to spend enjoying ourselves, including on entertainment.
Eric Gaillard/ReutersGulf tourism bets on rugged, screen-free luxury
Parvara, a mountain retreat in the northern emirate of Fujairah in the UAE, is the latest resort in the region to offer an alternative to glitzy hotels in capital cities.
Private credit a lifeline for Saudi Arabia’s Vision 2030
One of the world’s fastest-growing asset classes is gaining steam among Gulf sovereign wealth funds and family offices.
Abu Dhabi top financial hub in the Gulf, new ranking finds
A new index of competitiveness from NYU Abu Dhabi’s Stern School of Business placed Abu Dhabi in 12th place, ahead of Dubai, Riyadh, and Doha.
Expat hiring boom sees Saudi remittances surge
As the kingdom’s foreign workforce has swelled, outbound remittances have risen to the highest levels on record, government figures show.
Africa
Sodiq Adelakun/Reuters
Afolabi Sotunde/File Photo/Reuters
West Africa eyes cheaper air travel with planned tax scrap
The region has some of the highest air travel costs on the continent.
Sodiq Adelakun/ReutersNigeria licenses 28 firms to capture gas that oil producers burn off
The country hopes to attract $2 billion from the initiative.
Afolabi Sotunde/File Photo/ReutersUS ends protections for Ethiopians as part of immigration crackdown
Around 5,000 Ethiopian immigrants have been granted TPS designation since 2022, and the new rule is triggering panic among them.
Africa’s richest man Aliko Dangote criticizes Nigerian oil regulator
Dangote accused the regulator of failing to limit fuel imports, which he argues is threatening investments into local refining.
South Africa may scrap Black ownership rule
The move could pave the way for Elon Musk’s Starlink and other satellite-internet companies to operate in Africa’s biggest economy.
Kenya to sell $1.6B in assets to plug foreign aid gaps
The East African nation said it would sell almost $1.6 billion in state assets in order to plug a widening infrastructure investment gap.
Security
Flavio Brancaleone/Reuters
A strike earlier this month in the Eastern Pacific. US Southern Command/Handout via Reuters
Lisi Niesner/Pool/Reuters
Spate of violent attacks sparks fears of Islamic State revival
The Islamic State group is a shadow of its mid-2010s heyday but remains a threat, The Telegraph reported.
Flavio Brancaleone/ReutersVenezuela conflict looms as US strikes more boats in Pacific
The latest strikes represent an escalation in the White House’s campaign on what it alleges are boats operated by drug traffickers.
A strike earlier this month in the Eastern Pacific. US Southern Command/Handout via ReutersUS, European officials offer Ukraine NATO-like security guarantees
The issue of security guarantees had been a major hurdle blocking the path to a Ukraine-Russia peace deal.
Lisi Niesner/Pool/ReutersMedia
Isabel Infantes/File Photo/Reuters
Trump sues the BBC for $10B over defamation claim
The edit of Trump’s Jan. 6, 2021 speech at the US Capitol gave the impression that the president called for violence.
Isabel Infantes/File Photo/ReutersAndy Richter on late night’s decline, Dancing With the Stars, and new media
The comedy veteran and longtime Conan O’Brien sidekick joins Mixed Signals for an existentially funny conversation about surviving three decades in entertainment.
David Remnick on 100 years of the New Yorker, Netflix, & meeting Trump
The New Yorker’s longtime editor-in-chief joins Mixed Signals for a candid conversation about the magazine.
Trump’s war on public media, with PBS CEO Paula Kerger
The chief executive of America’s public broadcaster joins Mixed Signals at a moment when public broadcasting is facing its most existential threat in decades
Hong Kong activist and media tycoon Jimmy Lai convicted
Lai has been found guilty of colluding with foreign forces to undermine national security, a further sign of the city’s shrinking tolerance for dissent.
CEO Signal
Courtesy of Lyft/Joey Pfeifer/Semafor
Courtesy of ServiceNow/Joey Pfeifer/Semafor
The Manufacturing Institute/Joey Pfeifer/Semafor
How Lyft’s David Risher seized his ‘wet cement’ moment
The CEO of the No. 2 in US ridesharing says there’s more to growth than catching ‘the other guys.’
Courtesy of Lyft/Joey Pfeifer/SemaforHow Bill McDermott’s ‘underdog desire’ drives ServiceNow
The enterprise software CEO sees AI creating ‘chaos’ inside some companies — and opportunities for his own.
Courtesy of ServiceNow/Joey Pfeifer/SemaforHow Saint-Gobain is getting US students to prize factory work
North America CEO Mark Rayfield says young Americans who visit its plants see that “it’s not your 1950s manufacturing job.”
The Manufacturing Institute/Joey Pfeifer/SemaforAD