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Intelligence for the New World Economy
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EU slaps Google with record $1 billion antitrust fine
The bloc accused the search giant of illegally using its market dominance to favor its own services.
Alphabet’s free cash flow turns negative
The tech giant’s free cash flow turned negative for the first time in its 22 years as a public company, and it bought back zero shares for the second straight quarter.
The World at a Glance
Updated 12:24pm EDT
1
The EU fined Google a record $1 billion, risking Washington’s ire as it prepares a fresh round of tariffs.
2The US is preparing new global tariffs, to be announced as soon as this week, after previous levies were declared illegal.
3Tensions between China and the US around AI intensified, just weeks before China’s leader is due to visit Washington.
4European car sales grew at the fastest pace in years, driven by an influx of cheap Chinese EVs that threaten continent’s manufacturers.
5Attacks on tankers in the Red Sea and US bases in the Gulf raised fears that the Middle East conflict could intensify, pushing oil prices higher.
6Europe’s climate-change-driven heatwaves have caused a continent-wide drought, drying up rivers and hitting shipping, agriculture and hydropower.
US prepares raft of new global tariffs
The Trump administration’s new proposals, including 50% tariffs on Canada, are expected to be announced as soon as this week.
China and US spar over AI ahead of Xi visit
The US is reportedly investigating Chinese AI firms’ access to cutting-edge microchips, while Beijing considers imposing its own tech restrictions.
Democrats prepare to resist Saudi nuclear deal
The Trump administration’s new agreement will face steep skepticism on the Hill, particularly given the escalating war in Iran.
Red Sea attacks spur fears of expanding Middle East war
Two Saudi ships were struck by Houthi militants, after the Iran-backed group warned it would blockade the Bab el-Mandeb Strait.
Delta to launch direct flights to Saudi Arabia
Flights are slated to begin in October just ahead of Saudi Arabia’s flagship annual conference, the Future Investment Initiative.
Intel seeks operating partners for Ohio chip fab
The chipmaker has struggled to get the $32 billion Ohio facility online to meet increasing demand.
Trump nears war funding crisis as congressional Republicans splinter
The White House and Pentagon are pushing for more Pentagon money, but a lack of clarity about needs in Iran and elsewhere is making their job harder.
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Politics
Schmitt: College sports bill in ‘pretty good place’
The Missouri senator is right in the middle of it.
Eric Schmitt during the Congressional Baseball Game. Eric Lee/Reuters
Congressional stock trading ban could fizzle in Senate
Although there’s bipartisan consensus on Capitol Hill for curbing lawmakers’ trading, the issue has become increasingly partisan.
Eric Lee/Reuters
Democrats prepare to resist Saudi nuclear deal
The Trump administration’s new agreement will face steep skepticism on the Hill, particularly given the escalating war in Iran.
Evelyn Hockstein/Reuters
Trump nears war funding crisis as congressional Republicans splinter
The White House and Pentagon are pushing for more Pentagon money, but a lack of clarity about needs in Iran and elsewhere is making their job harder.
Democrats crash their own party
Democrats are tending towards do-overs that might create a problem for their base.
Key Democrat will oppose crypto bill absent stronger ethics language
Sen. Angela Alsobrooks called draft language “wild and unserious”
Republican senator rails against AI data centers
Kansas voters are “on fire” against them, Roger Marshall warns
Riyadh wins US nuclear concessions
US President Donald Trump has reportedly approved allowing Saudi Arabia to build a civil nuclear program, potentially letting the kingdom develop its own enrichment facilities.
Center-left Democrats seek distance from Medicare for All
The center-left Searchlight Institute is urging Democrats to work toward universal healthcare in ways that don’t disrupt private insurance.
Higher share of adults in US than in other countries see danger in politics, poll finds
One in 10 US adults identified politics as the “greatest source of risk” to their daily safety, according to new Gallup polling.
Trump edges back to tariff maximalism to sway trade talks
His administration is threatening tariffs on Canada that amount to a legally dubious negotiating tactic, stressing out Republicans on Capitol Hill.
Business
Alphabet’s free cash flow turns negative
The tech giant’s free cash flow turned negative for the first time in its 22 years as a public company, and it bought back zero shares for the second straight quarter.
Manuel Orbegozo/Reuters
IBM exec makes the case for a quarterly earnings rethink
“It forces companies to do irrational things” like offering steep end-of-quarter discounts, IBM Vice Chair Gary Cohn said about quarterly earnings in an interview.
Sports betting takes a financial toll
Sports betting is eating into the savings of some of the most vulnerable households, a new study finds.
Lina Khan gets a new NYC gig
Khan will chair the city’s economic development board, which oversees the leasing and use of huge chunks of city property, including Hudson Yards.
OpenAI to spend more on data centers
The proliferation of data centers during the AI boom faces growing grassroots pushback and is animating politicians nationwide.
Technology
EU leaders to discuss AI — later this year
Europe’s heads of state will hold their first dedicated meeting on AI as the continent comes under pressure to address the economic and geopolitical challenges the tech poses.
John MacDougall/Pool via Reuters
US says China’s Moonshot stole from Anthropic
The US accused the Chinese AI startup of exploiting American tech to create its Kimi K3 model, threatening sanctions in response to what Washington described as “industrial-scale” theft of intellectual property.
Moonshot AI founder Yang Zhilin. Tingshu Wang/Reuters
OpenAI to spend more on data centers
The proliferation of data centers during the AI boom faces growing grassroots pushback and is animating politicians nationwide.
Tech earnings intensify AI spend scrutiny
Alphabet’s spending doubled since the same period last year, and its report is the first major test of investors’ patience over the record capital expenditures tied to the AI boom.
AI is just software
Large language models — especially those trained on other labs’ data — are, in the end, just massive, billion-dollar pieces of software.
PsiQuantum gets DARPA backing
The $125 million cash infusion adds a new vote of confidence for the company’s efforts to build the world’s first large-scale quantum computer.
Energy
Energy is the exposed flank in Europe’s rearmament
Europe needs to start treating energy like the defense investment it really is.
Tom Nicholson/Reuters
Ukraine appears to change tactics in Russia attacks
Kyiv is letting up on its strikes on Russian oil refineries — easing Moscow’s fuel crunch and pushing gas prices back down — and is instead hitting ships.
Social Media via Reuters
Houthi blockade adds pressure to oil markets
The declared blockade of the Red Sea is raising fears of a “two-chokepoint problem” as oil markets contend with simultaneous disruptions to both of the region’s main oil arteries.
File Photo via Reuters
Gulf
DP World plans two ports in booming Fujairah
Fujairah, which sits to the east of the Strait of Hormuz, has become an increasingly critical bypass route as ships look for ways to skirt the waterway.
Amr Alfiky/File Photo/Reuters
Saudi strengthens sports operations as it gears up for 2034 World Cup
The kingdom unveiled a new company that it says will manage the operations of the burgeoning network of arenas it’s building.
Gulf hotels extend wartime deals
Hotels in Dubai and other cities are slashing prices and offering perks as the Iran war has caused occupancy to sink.
Delta to launch direct flights to Saudi Arabia
Flights are slated to begin in October just ahead of Saudi Arabia’s flagship annual conference, the Future Investment Initiative.
Houthi blockade adds pressure to oil markets
The declared blockade of the Red Sea is raising fears of a “two-chokepoint problem” as oil markets contend with simultaneous disruptions to both of the region’s main oil arteries.
China
US says China’s Moonshot stole from Anthropic
The US accused the Chinese AI startup of exploiting American tech to create its Kimi K3 model, threatening sanctions in response to what Washington described as “industrial-scale” theft of intellectual property.
Moonshot AI founder Yang Zhilin. Tingshu Wang/Reuters
Chinese magnet shipments to US fall despite trade truce
China’s US-bound shipments of rare-earth magnets so far this year are 20% below average levels seen between 2022 and 2024, customs data showed.
David Gray/Reuters
Chinese startup founded by AI pioneer eyes potential IPO
Kai-Fu Lee’s firm is aiming to raise funds ahead of a potential 2027 IPO, joining other AI labs that have gone public or plan to.
David Gray/Reuters
Africa
Chinese firms invest $900 million into new Angolan port
Luanda is seeking to develop its free trade zone, part of its efforts to diversify its oil-dominant economy.
Ships off the coast of Luanda. Saul Loeb/Reuters.
Africa’s biggest fund manager is caught up in an escalating crisis
The shake-up at the $200 billion-plus state-owned Public Investment Corporation is turning into a showdown over political interference.
South African Minister of Finance Enoch Godongwana. Nic Bothma/Reuters.
Inflation in South Africa, Nigeria increasingly diverging
Nigeria’s consumer price increases are cooling off while South Africa’s inflation rate jumped to levels last seen two years ago.
Africa’s AI-driven lender to enter Ethiopia, Egypt
Opstasia is betting its algorithm stack can score 200 million unbanked consumers in frontier markets.
Africa’s data center growth needs power sector overhaul
AI will have a negligible impact on the continent’s economic growth without upgrading infrastructure, warns the IMF.
Cameroonian designer Ayissi showcases couture in Paris
Ayissi is the only designer from sub-Saharan Africa to ever take part in Paris’ haute couture shows.
Security
Ukraine appears to change tactics in Russia attacks
Kyiv is letting up on its strikes on Russian oil refineries — easing Moscow’s fuel crunch and pushing gas prices back down — and is instead hitting ships.
Social Media via Reuters
Zelenskyy sacks Ukraine military chief
The move followed widespread protests triggered by the removal of the country’s popular, young defense minister.
Thomas Peter/Reuters
UK cabinet picks point to defense priorities
New UK Prime Minister Andy Burnham named the country’s ex-defense secretary as his finance minister, a surprise move that signals a focus on military spending.
Ed Miliband. Jack Taylor/Reuters
Media
Steve Hilton on the Murdochs, David Ellison, and conservative media’s California
Steve Hilton has lived many lives: a key strategist to former British Prime Minister David Cameron, a populist Fox News host, and — after renouncing his UK citizenship — the Republican nominee in California’s gubernatorial race.
Katie Nolan on the sports gambling takeover, covering politics, and the slow return of the boys’ club
Sports media host and “Casuals” podcast creator Katie Nolan joined Mixed Signals live at Cannes to talk about navigating two decades of upheaval in sports media.
Reddit CEO Steve Huffman on LLMs, fighting the bots, and why it’s good that you can’t get famous on Reddit
Reddit co-founder and CEO Steve Huffman joins Mixed Signals during the platform’s 21st birthday to talk about what it means to be the internet’s anti-social media hub.
Alex Cooper on flipping ‘Call Her Daddy’ into a media business and entering the creative agency space
Call Her Daddy host and Unwell co-founder Alex Cooper joins Mixed Signals live at Cannes Lions to talk about what it takes to turn a hit podcast into a real media business.
David Droga on being ‘the last Don Draper,’ AI’s impact on creativity, and why the boldest ads are the easiest sells
David Droga is the vice chair of Accenture Song and the most decorated creative in Cannes Lions history.
CEO Signal
Why the CEO of an elite law firm sees AI driving more deals
Miguel Zaldivar says Hogan Lovells Cadwalader’s smaller rivals will struggle to compete.
Courtesy of Hogan Lovells Cadwalader/Graph Massara/Semafor
Why Edward Jones thinks AI can defuse a demographic time bomb
Managing partner Penny Pennington wants to capture financial advisers’ insights before they retire.
How Allianz’s CEO prepares for the risk of ‘huge havoc’
Oliver Bäte says Europe can no longer afford all the options its citizens expect.
Courtesy of Allianz/Graph Massara/Semafor
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