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Intelligence for the New World Economy
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AI-related imports prove to be drag on US growth
The AI boom cut against overall economic growth, as the US imported more semiconductors.
AI-related imports prove to be drag on US growth
The AI boom cut against overall economic growth, as the US imported more semiconductors.
View / Warsh’s Fed holds, but Trump stands by his man
View / The gold rush is on to build Gulf energy projects
The World at a Glance
Updated 7:32pm EDT
1
The US economy grew more slowly than expected in the second quarter, as AI-related imports weighed on otherwise robust economic data.
2US long-term borrowing costs hit their highest levels since 2007 as investors balked at the Fed chair’s new stripped-down communications strategy.
3Meta’s stock plunged after lackluster earnings and revenue projections dimmed investor confidence in CEO Mark Zuckerberg’s AI vision.
4Europe’s soccer federation voted to boycott the World Cup, after FIFA moved to spin off its commercial rights to private investors.
5The Gulf is hoping that Beijing will use its economic clout to steer Tehran to a negotiated deal that will reopen the Strait of Hormuz.
6The US State Dept. mislabeled every country on a map of Africa displayed during a presentation at a global AIDS conference in Brazil.
With SpaceX circling, Verizon figures out succession
Inside the company, executives worry about a potential sale.
Gulf states push China to restrain Iran
The Gulf is hoping that Beijing will use its economic clout to steer Tehran to a negotiated deal that will reopen the Strait of Hormuz.
ICE deploying more body cameras nationwide, Sen. Collins says
The acting ICE director made the commitment during a closed-door meeting with senators.
Never-El-Sayed moment in Michigan?
Democrats may fail to unite around their candidate in the general.
US State Dept. mislabels every country on Africa map
The department acknowledged the “confusion” its map caused during a presentation at a global AIDS conference in Brazil.
High-flying hedge fund sells holdings to Citadel after AI losses
Situational Awareness’ decision to dump its stock holdings to Citadel is an AI-age sequel to the Archegos fiasco that rocked Wall Street a few years ago.
Trump’s rift with Thune drives a wedge into the Republican Party
The president is heaping demands on his Senate leader that, to many of their colleagues, feel unachievable.
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Politics
US State Dept. mislabels every country on Africa map
The department acknowledged the “confusion” its map caused during a presentation at a global AIDS conference in Brazil.
Picture obtained by Reuters
ICE deploying more body cameras nationwide, Sen. Collins says
The acting ICE director made the commitment during a closed-door meeting with senators.
Al Drago/Reuters
Never-El-Sayed moment in Michigan?
Democrats may fail to unite around their candidate in the general.
Robin Buckson/Reuters
US lawmakers advance bill that targets Russian oil buyers
The proposal will face tough questions about whether it really helps Ukraine or merely empowers President Donald Trump’s global tariff war.
Trump eyes more AI restrictions following OpenAI’s model going rogue
More than 1,200 AI company employees signed a petition calling for “governance tools” to “buy time to address emerging risks.”
Midterm election fears run high, poll finds
Nearly seven in 10 US adults worry about politicians pressuring election officials to change results, according to Gallup.
Democrats miss mark on accountability, poll shows
But Republicans don’t get high marks on fighting corruption, either.
Iran complicates Iraq’s charm offensive in Washington
Washington wants to pull Baghdad closer, but Iraq remains on the front lines of a widening confrontation with Iran.
Republican urges Trump administration to ban Chinese AI for contractors
Tom Cotton sent a letter Commerce Secretary Howard Lutnick raising concerns about Chinese AI models.
Trump’s rift with Thune drives a wedge into the Republican Party
The president is heaping demands on his Senate leader that, to many of their colleagues, feel unachievable.
Crypto, and its cash, gets snarled in the Senate
The industry is pushing for a key vote to help spend its midterm war chest against its enemies. Until then, it may not know who they are.
Business
Meta plunges on AI spending scrutiny
Lackluster earnings and revenue projections dimmed investor confidence in CEO Mark Zuckerberg’s AI vision.
Carlos Barria/File Photo/Reuters
AI-related imports prove to be drag on US growth
The AI boom cut against overall economic growth, as the US imported more semiconductors.
High-flying hedge fund sells holdings to Citadel after AI losses
Situational Awareness’ decision to dump its stock holdings to Citadel is an AI-age sequel to the Archegos fiasco that rocked Wall Street a few years ago.
Bond markets flinch at Fed’s non-guidance
Yields on 30-year Treasury bonds touched 5.24% after Warsh made good on his promise to pare back guidance that, in his view, the market has come to overanalyze and overrely on.
Warsh’s Fed holds, but Trump stands by his man
Trump cares less about any specific outcome than about declaring victory, and in getting Warsh in and Powell out, Trump got his guy.
Technology
Meta plunges on AI spending scrutiny
Lackluster earnings and revenue projections dimmed investor confidence in CEO Mark Zuckerberg’s AI vision.
Carlos Barria/File Photo/Reuters
AI-related imports prove to be drag on US growth
The AI boom cut against overall economic growth, as the US imported more semiconductors.
Kim Hong-Ji/File Photo/Reuters
Trump eyes more AI restrictions following OpenAI’s model going rogue
More than 1,200 AI company employees signed a petition calling for “governance tools” to “buy time to address emerging risks.”
Altman says he supports AI regulation
OpenAI’s Sam Altman said he supports legislation to slow AI development during his visit to Capitol Hill, as debate swirls in Washington and Silicon Valley over safety risks posed by frontier models.
Nvidia’s frothy bet on Safe Superintelligence
The AI lab doesn’t have a product yet — it says it has an AI breakthrough, but hasn’t shared any details publicly.
US looks to allies to prepare for 6G
No one knows exactly what 6G will look like, but the US appears eager to avoid the pitfalls of the 5G era.
Energy
The gold rush is on to build Gulf energy projects
A group of US and Saudi investors is looking to set up a port-connected “energy corridor” for producing and exporting around the Strait of Hormuz.
US emissions reductions fall short of Biden-era goals
The US is on track to reduce its greenhouse gas emissions by only 27-41% below 2005 levels by 2040, a new report found.
Dane Rhys/Reuters
US lawmakers advance bill that targets Russian oil buyers
The proposal will face tough questions about whether it really helps Ukraine or merely empowers President Donald Trump’s global tariff war.
Norlys Perez/File Photo/Reuters
Gulf
Gulf states push China to restrain Iran
The Gulf is hoping that Beijing will use its economic clout to steer Tehran to a negotiated deal that will reopen the Strait of Hormuz.
China’s foreign minister Wang Yi. Achmad Ibrahim/Pool via Reuters
The gold rush is on to build Gulf energy projects
A group of US and Saudi investors is looking to set up a port-connected “energy corridor” for producing and exporting around the Strait of Hormuz.
Saudi economy shrinks in second quarter with hit to oil output
The non-oil economy, the main engine of job creation and economic diversification, expanded on an annual basis.
Iraqi drones fired at Saudi oil facilities reminiscent of Gulf War
The drones fired by Iraqi militia at Saudi oil facilities this week are a reminder of times when the Gulf states’ northern neighbor presented an even greater threat.
European soccer officials eye Qatari challenger for FIFA’s top job amid turmoil
FIFA President Gianni Infantino’s efforts to bring in private investors to the World Cup has triggered a revolt among global soccer officials
China
Gulf states push China to restrain Iran
The Gulf is hoping that Beijing will use its economic clout to steer Tehran to a negotiated deal that will reopen the Strait of Hormuz.
China’s foreign minister Wang Yi. Achmad Ibrahim/Pool via Reuters
US-China space race intensifies
China is closing the satellite gap with the US, as Beijing battles Washington to become the world’s leading space power.
China Daily via Reuters
FCC ban on new Chinese robots poses challenges for US firms
American robot makers may have to move quickly to onshore their supply chains, as many still rely on Chinese components or do some assembly overseas.
Maxim Shemetov/Reuters
Africa
US State Dept. mislabels every country on Africa map
The department acknowledged the “confusion” its map caused during a presentation at a global AIDS conference in Brazil.
Picture obtained by Reuters
Ebola outbreak sparks global vaccine race
The Coalition for Epidemic Preparedness Innovations is financing the first trials for an experimental jab, while Oxford University is also in the human trial phase for its own vaccine.
Gradel Muyisa Mumbere/Reuters
Zimbabwe gets its first lithium processing plant
The development of the plant is part of efforts by African governments to capture more of the added value in mining industries.
S&P Global to acquire Nigerian ratings agency
The move expands S&P’s ground presence in Africa amidst a growing clamor for better assessments of the continent’s realities.
Economic concerns in focus as Zambia heads to the polls
The southern African nation is seeking to rebuild after defaulting on its debt in 2020 and as it faces severe power shortages.
Sudan sanctions may catch ride on defense bill
Sen. Jim Risch, R-Idaho, filed the PEACE in Sudan Act as an amendment to the annual defense policy bill moving through the chamber.
Security
France to deport Russian journalist accused of publishing propaganda
The case has laid bare Europe’s dilemma in carrying out its strategic objectives while upholding its liberal values.
The news studio at RT France. Gonzalo Fuentes/Reuters.
Russia’s war narrative falters
Russia is suffering from “narrative collapse” in its war against Ukraine, a journalist said, as Kyiv turns the tide in the conflict — on the front lines and in American right-wing media.
Eduardo Munoz/Reuters
Iran and Ukraine wars merge in the Caspian Sea
The Ukraine and Iran wars collided over the weekend, as Kyiv attacked an Iranian commercial ship in the Caspian Sea.
The foreign ministers of Iran and Russia on July 24. Russian Foreign Ministry/Handout via Reuters
Media
Senate Democrat’s new bills would restrict AI-powered ads and paid influencers
California Sen. Adam Schiff plans to introduce two new bills that would attempt to illuminate who is paying influencers for political speech online and restrict AI-generated likenesses of politicians.
Evan Vucci/Reuters
Former Surgeon General Vivek Murthy on loneliness and why he’s more worried about your phone than your body
Former US Surgeon General Vivek Murthy joins Mixed Signals to make the case that America’s loneliness crisis is a public health emergency.
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.
CEO Signal
How Patrice Louvet blends ‘magic and logic’ at Ralph Lauren
The Procter & Gamble veteran has focused the fashion brand by balancing emotion and data.
How Bruce Van Saun united Citizens against America’s biggest banks
The superregional lender’s CEO has made a virtue of its place in “the middle of the river.”
Courtesy of Citizens Financial Group/Jake Angelo/Semafor
The German founders bringing a Silicon Valley ethos to America’s Greyhound buses
Flix’s André Schwämmlein and Daniel Krauss say Europeans can’t blame their governments for a shortage of startups with global reach.
Courtesy of Flix/Graph Massara/Semafor
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