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Intelligence for the New World Economy
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The World at a Glance
Updated 7:00am EST
1
Russia, Ukraine, and the US will hold talks in Abu Dhabi today, their first trilateral meeting since Russia’s invasion.
2Analysts and economists downplayed the possibility of foreign investors exiting US assets, noting they have few other options.
3Latin American exports boomed last year despite US tariffs, with many nations turning to China as their biggest goods market.
4China scored big trade wins with Canada and the EU as the US pushed ahead with protectionist moves.
5Donald Trump’s new Board of Peace and threats to take over Greenland underscored a growing fracture in the transatlantic alliance.
6Europe’s leaders huddled at an emergency summit to recalibrate the future of their relationship with the US after a week of diplomatic tumult.
China pulls back on funding African projects
Beijing’s total lending in 2024 amounted to $2.1 billion, down by more than 90% from its 2016 peak, a new report showed.
Buses ready for export from China to Africa in 2018. Wang Jianmin/VCG via Getty Images.Exclusive / China, US sign off on TikTok US spinoff
The deal caps a yearslong battle between the social media app and the two superpowers.
Maxim Shemetov/ReutersCalifornia Gov. Gavin Newsom promises a return of ‘dormant’ American leadership
The California Democrat spoke with Semafor at the World Economic Forum in Davos.
Denis Balibouse/ReutersTrump announces ‘framework’ on Greenland deal, drops tariff threats
US President Donald Trump said he reached the “framework of a future deal” with NATO over Greenland, and dropped his tariff threat against European allies.
Jonathan Ernst/ReutersAD
Trump controls Venezuela oil funds
It’s another way in which he wields leverage over the country.
Stringer/Reuters‘Just a blip’: Republicans want Canada to ignore Trump
As Prime Minister Mark Carney and the US president exchange rhetorical volleys, the rest of the party is sending a calmer message.
Ting Shen/Pool via ReutersTrump pledges not to invade Greenland
The US president on Wednesday said he was seeking “immediate negotiations” to acquire Greenland, but vowed not to use force to seize the territory.
Denis Balibouse/Reuters
Politics
Jonathan Ernst/Reuters
Nathan Howard/Reuters 
Evelyn Hockstein/Reuters
Debatable: Trump’s Golden Dome
The missile shield proposal — and its price tag — has policymakers at odds.
Jonathan Ernst/ReutersSticky US inflation makes Fed rate cut unlikely
The Commerce Department reported Thursday that inflation ticked up to 2.8% in November.
Nathan Howard/Reuters DHS funding bill might pass despite Democratic opposition
The bill passed the House with just seven Democratic votes on Thursday.
Evelyn Hockstein/Reuters The four Senate seats Republicans are eyeing for 2026
One of them still remains a reach for the GOP.
Conservative group drops millions on ads for Collins in Maine
The Republican senator has recently drawn President Donald Trump’s ire.
Trump controls Venezuela oil funds
It’s another way in which he wields leverage over the country.
‘Just a blip’: Republicans want Canada to ignore Trump
As Prime Minister Mark Carney and the US president exchange rhetorical volleys, the rest of the party is sending a calmer message.
US senators face mounting primary threats
Three senators face major primary challenges this year.
Trump administration blocks funding for public broadcasting, rail projects
The Gateway Tunnel project is among those affected.
Supreme Court weighs Trump’s effort to bend the Fed
Fed Chairman Jerome Powell is expected to attend the arguments.
Trump’s ‘Board of Peace’ for Gaza faces scrutiny
Topping the list of concerns from allies is the proposal for nations to pay $1 billion for a permanent board spot.
Business
Courtesy of Nasdaq/Joey Pfeifer/Semafor
Nasdaq’s Adena Friedman on funding the AI ‘marathon’
The exchange CEO says adopting AI in enterprises requires “a massive change management exercise.”
Courtesy of Nasdaq/Joey Pfeifer/SemaforBank of America’s Brian Moynihan: ‘The pipelines are full’
“It’s clear you can get a deal done now,” says the long-tenured banker.
How Wall Street gave up on influencing Donald Trump
The masters of the universe are now passive participants.
US states crack down on prediction markets
A Massachusetts judge this week ordered Kalshi to cease operations in the state, and the company is facing similar litigation in Nevada.
How Larry Fink (and Donald Trump) saved Davos
The BlackRock CEO stepped in at a precarious moment for the World Economic Forum.
TechnologyMaxim Shemetov/Reuters 
Joe Skipper/File Photo/Reuters
China, US sign off on TikTok US spinoff
The deal caps a yearslong battle between the social media app and the two superpowers.
Maxim Shemetov/ReutersBlue Origin to launch satellite network to rival Starlink
The move is a sign that SpaceX’s near-total dominance of the private space sector is facing genuine challenges.
Joe Skipper/File Photo/ReutersGoogle’s data access gives it huge AI advantage, says Cloudflare CEO
Google garners more than three times as much data per web page as OpenAI, and five times as much as Microsoft and Anthropic, he told Semafor at the World Economic Forum in Davos.
Dungeons & Dragons puts top AI models to the test
Scientists developed a detailed grading system by having the most popular AI chatbots play Dungeons & Dragons in real life.
OpenAI lays out policy roadmap for US midterm elections
OpenAI urged midterm candidates on both sides of the aisle to embrace a broad set of AI-related proposals.
Trump’s tariff threats on Europe risk slowing US robotics
Europe’s carmaking prowess developed a robust market for actuators, the devices that make the humanoids move.
Energy
Andrew Boyers
Liu Haiyun/Chengdu Economic Daily via/Reuters
Why the smart money is betting against Davos
On clean energy, investors at Davos are betting against the most powerful person here.
Solar and wind overtake fossil fuels in the EU
The milestone was hit largely thanks to a rise in solar power, which generated a record 13% of electricity in the EU in 2025, according to Ember.
Andrew BoyersEuropean nuclear fusion startups race against China, US
Francesco Sciortino, founder and CEO of Germany-based Proxima Fusion spoke with Semafor.
Liu Haiyun/Chengdu Economic Daily via/ReutersGulf
Abhirup Roy/Reuters
Lucid to cut back on Chinese supply chain
The Saudi-backed EV maker will source more components from inside the kingdom.
Abhirup Roy/ReutersG42 pitches digital embassy plan to foreign governments
A data embassy would store information beyond a country’s physical borders but under its laws.
Goldman Sachs, QIA expand partnership
Goldman said its Doha outpost will become its “largest regional office for asset management.”
UAE, India deepen ties with energy, trade and defense deals
ADNOC signed a $3 billion deal on Monday to supply liquefied natural gas to India, making it the UAE’s top customer for LNG.
UAE joins Trump’s Board of Peace for Gaza
A draft charter reportedly shows countries must commit $1 billion for a permanent seat, with Trump as lifetime chairman.
AfricaBuses ready for export from China to Africa in 2018. Wang Jianmin/VCG via Getty Images. 
Reuters
China pulls back on funding African projects
Beijing’s total lending in 2024 amounted to $2.1 billion, down by more than 90% from its 2016 peak, a new report showed.
Buses ready for export from China to Africa in 2018. Wang Jianmin/VCG via Getty Images.Larger African companies lag in efforts to boost female leadership: Report
But Africa’s private capital industry outperforms global peers in gender representation, a new report argued.
ReutersMalawi hikes fuel prices for second time in four months
Intended to reduce pressure on foreign currency reserves, it also looks set to deepen a cost-of-living crisis.
New $1B climate finance fund commits 40% to Africa
The fund will invest in renewable energy, agriculture, and transportation programs in Africa.
Gates Foundation and OpenAI launch $50M AI health program in Africa
Horizon1000 will begin operations in Rwanda.
Paystack eyes growth beyond payments with restructuring
The Nigerian payments processor, acquired by fintech giant Stripe five years ago, launches a new parent holding company to offer banking and consumer finance.
Security
Issei Kato/File Photo/Reuters
Majid Asgaripour/WANA via Reuters
Stringer/Reuters
Chinese tourism to Japan plummets following Taiwan spat
Beijing urged its citizens not to travel to Japan after its prime minister said her country may support Taiwan militarily.
Issei Kato/File Photo/ReutersThreat of US strike on Iran appears to wane
Officials reportedly advised US President Donald Trump that an attack would be unlikely to topple the government.
Majid Asgaripour/WANA via ReutersDefense stocks surge on rising calls for militarization
Donald Trump’s calls for a more than 50% increase to his country’s military budget have lifted the valuations of domestic arms firms.
Stringer/ReutersMedia
Matt Damon, Netflix CEO Ted Sarandos, and Ben Affleck. Jeenah Moon/Reuters
Streaming giants push filmmakers to adapt to ‘double screening’
Viewers are increasingly watching films and TV while also looking at their smartphones.
Matt Damon, Netflix CEO Ted Sarandos, and Ben Affleck. Jeenah Moon/ReutersDie Welt editor departed amid internal inquiry
The editor of Germany’s Die Welt had been the subject of internal scrutiny in recent days by the newspaper’s parent company.
Undersecretary Sarah Rogers on free speech, Europe’s tech crackdown, and the internet she misses
The State Department’s undersecretary for public diplomacy joins Mixed Signals for a wide-ranging conversation about free speech, tech regulation, and why she’s been rattling the patience of some European governments.
Politico announces layoffs, new product
The publication will cut about 3% of its 750-strong global staff.
Blackstone invests $100M in elite marketing tech firm
Applecart has a leading place in an emerging but discreet cohort of companies and organizations aimed at reaching key figures in industry and government.
CEO SignalCourtesy of Nasdaq/Joey Pfeifer/Semafor 
Courtesy of Suntory/Joey Pfeifer/Semafor
Nasdaq’s Adena Friedman on funding the AI ‘marathon’
The exchange CEO says adopting AI in enterprises requires “a massive change management exercise.”
Courtesy of Nasdaq/Joey Pfeifer/SemaforBank of America’s Brian Moynihan: ‘The pipelines are full’
“It’s clear you can get a deal done now,” says the long-tenured banker.
Greg Hughes on how Suntory plans to revive global spirits sales
The CEO behind Jim Beam and Hibiki says bold goals and learning from failure build long-term growth.
Courtesy of Suntory/Joey Pfeifer/SemaforAD