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View / M&A is cleaning the decks for AI
View/ Trump’s high-stakes wind salvo risks backfiring on fossil fuels
The World at a Glance
Updated 6:47pm EST
1
Ukraine signaled it was open to establishing demilitarized zones in the country’s east as a concession in peace talks.
2A judge upheld Donald Trump’s $100,000 fee on new applications for H-1B visas, dealing a setback to tech companies.
3The US government released new files on Jeffrey Epstein, adding to Americans’ confusion and division over the case, analysts said.
4Some Chinese officials are reportedly hesitant to regulate AI too much, so the country doesn’t lose its innovative reputation.
5US murders are on track to fall at a historic rate in 2025, data shows.
6AI safety proponents are looking to the pope for help establishing guardrails on the fast-moving technology.
US authorities release new tranche of Epstein files
The release of a new tranche of files related to Jeffrey Epstein will only add to Americans’ confusion and division over the late sex offender and his ties to Donald Trump and other elite figures, analysts said.
U.S. Justice Department/Handout via Reuters Pope Leo prepares to outline stance on AI
AI safety proponents are looking to the leader of the Catholic Church for help establishing guardrails on the fast-moving technology.
Vincenzo Livieri/ReutersChinese authorities debate how much they should censor AI
China is trying to walk a fine line between regulating what AI chatbots can say and allowing innovation.
Go Nakamura/ReutersJudge upholds Trump’s H-1B fee
A US judge upheld President Donald Trump’s $100,000 fee on new applications for H-1B visas, dealing a setback to tech companies that have long benefitted from recruiting highly skilled foreign nationals.
Dado Ruvic/Illustration/ReutersAD
Consumer spending drives fastest US economic growth in two years
The delayed data showed the US economy outperforming expectations’ in the third quarter of the year, thanks to robust consumer spending.
Shannon Stapleton/ReutersWhite House holds off on new China chip tariffs
The US suggested that future duties were on the table, creating leverage for Washington.
Tingshu Wang/ReutersUS seeks to void asylum claims: report
The new legal strategy is one of several new approaches the Trump administration is adopting to curtail immigration.
David ‘Dee’ Delgado/Reuters 
Politics
Thierry Breton. Yves Herman/Reuters.
Bonnie Cash/Reuters
Louisiana Governor Jeff Landry. Kathleen Flynn/File Photo/Reuters.
US denies EU citizens visas over social media ‘censorship’
The US secretary of state called the EU nationals “radical activists… targeting American speakers and American companies.”
Thierry Breton. Yves Herman/Reuters.US Supreme Court blocks Chicago troop deployment
The White House had said the troops were necessary to fight crime, but city officials objected.
Bonnie Cash/ReutersTrump’s new special envoy tasked with annexing Greenland
The Danish-controlled territory is a source of key minerals, and Trump has repeatedly said he wants the US to take control of it.
Louisiana Governor Jeff Landry. Kathleen Flynn/File Photo/Reuters.Sacks, Witkoff could face ethics probe over UAE deals
The Trump officials’ involvement in a decision to allow export of advanced US-made chips to the UAE has come under scrutiny from Democrats.
Budget chair Graham plots next Republican party-line bill
Graham said it would be “political malpractice” not to do another reconciliation bill.
The 2025 media lesson: Talk to everyone
Washington figures retreat into friendly media bubbles at their peril.
Congress eyes hearings on Warner Bros. Discovery battle — but nothing binding
There’s little prospect for passage of any legislation that might affect Netflix’s or Paramount’s bids in time.
Turning Point USA conference shows deepening divisions on US right
A conference featuring some of the US’ most prominent conservative figures revealed an American right marred by divisions over its future.
US issues tough demands over Canada-Mexico trade deal
The remarks by the US’ top trade official will buoy Mexican and Canadian officials, after Donald Trump suggested he may allow the deal to lapse.
Hawley’s populist policies in sync with Missouri voters, poll finds
Republican Sen. Josh Hawley’s stances are pretty popular in a conservative state like Missouri.
White House faces down deadline to release Epstein case files
Not that you’d know it from watching the White House.
Business
Brendan McDermid/Reuters
M&A is cleaning the decks for AI
As we close the books on 2025, here are two data points to consider: Gold hit a record high and corporate mergers came very close to one.
Brendan McDermid/ReutersGold doubles as investors rush to safety
In addition to retail boosters, central banks have turned to gold as a replacement for US dollars.
Corporate debt issuance nears record highs on AI investment
The $1.7 trillion in bond issuances fell short only of 2020’s pandemic-fueled rush, with 30% of it related to AI.
KKR’s first Saudi deal signals private credit rush
The US investment firm is leading a refinancing of debt on a $750 million water treatment plant in Rabigh, on the kingdom’s west coast.
Beijing-Brussels trade tensions ratchet up
Beijing said it would impose a new import tariff on European dairy products, while the EU announced increased checks on plastics.
Technology
Carlos Barria/Reuters
An OpenAI data center under construction in the US. Shelby Tauber/Pool/Reuters.
The 2025 tech predictions that came true, and ones that surprised us
This year marked many tech developments that Semafor saw coming, but there were a few we missed in this honest wrap-up.
Carlos Barria/ReutersCorporate debt issuance nears record highs on AI investment
The $1.7 trillion in bond issuances fell short only of 2020’s pandemic-fueled rush, with 30% of it related to AI.
An OpenAI data center under construction in the US. Shelby Tauber/Pool/Reuters.China dials back robocar ambitions after deadly crash
News of the high-speed crash in March, unlike previous incidents, evaded Beijing’s censors and spread widely.
TikTok’s deal to divest US operations fails to satisfy China hawks
Critics are taking issue with the fact that the content recommendation algorithm, TikTok’s secret sauce, will be licensed from ByteDance.
China advances on its AI ‘Manhattan Project:’ Reuters
The extreme ultraviolet lithography system was built by former engineers of Dutch semiconductor giant ASML.
UPS tests AI tool to spot fake returns
The AI technology itself isn’t new, but UPS’ adoption of it brings new scale to the billion-dollar problem.
Energy
Nathan Howard/Reuters
Issei Kato/Reuters
Stephane Mahe/Pool/File Photo/Reuters
Nuclear fusion executives welcome Trump Media merger
The planned merger between nuclear fusion startup TAE Technologies and Trump Media raised some concerns about conflicts of interest.
Nathan Howard/ReutersJapan to reopen world’s largest nuclear reactor
Kashiwazaki-Kariwa was one of 54 reactors shuttered after the 2011 earthquake that triggered the Fukushima nuclear meltdown.
Issei Kato/ReutersOffshore wind farms are helping marine life, research suggests
The study found that the wind turbine foundations allow sessile organisms — immobile living things like barnacles, sea sponges, and algae — to thrive.
Stephane Mahe/Pool/File Photo/ReutersGulf
Stringer/Reuters
Prince Alwaleed nears $400 million deal for Saudi soccer team
The Saudi billionaire is close to buying a 75% stake in Riyadh club Al Hilal from the kingdom’s sovereign wealth fund.
Stringer/ReutersQatar awards $4B gas deal in push to meet LNG output
Qatar plans to boost its production to almost double its current levels by 2030.
QIA backs $7.4B Janus Henderson takeover
Gulf sovereign investors have increasingly looked to bet on some of the world’s biggest asset managers directly.
KKR’s first Saudi deal signals private credit rush
The US investment firm is leading a refinancing of debt on a $750 million water treatment plant in Rabigh, on the kingdom’s west coast.
Gulf property giants eye US luxury market
Abu Dhabi-backed Modon Holding is headed for Jersey City, New Jersey, with a joint venture to develop a luxury high-rise with US-based property developers.
Africa
Amr Abdallah Dalsh/Reuters
Dado Ruvic/Illustration/File Photo/Reuters
African Cup of Nations shifts to 4-year cycle
The move will align the tournament with European sporting calendars after years of complaints from clubs.
Amr Abdallah Dalsh/ReutersGhana approves bill to legalize the use of cryptocurrencies
Crypto is increasingly popular among digitally savvy consumers and businesses on the continent trying to hedge against currency volatility.
Dado Ruvic/Illustration/File Photo/ReutersTrump withdraws US ambassadors to Africa
Washington has removed top-level representatives in more than half the countries of sub-Saharan Africa.
UAE blockchain project eyes Africa growth through M-Pesa deal
The initiative is part of a push for Abu Dhabi to deepen its financial ties with African countries.
Zambia amends its constitution ahead of election
President Hakainde Hichilema said some constituencies should be split into smaller ones in changes that will also increase the number of lawmakers.
Botswana’s economy forecast to shrink as diamond sector slumps
Botswana, the world’s largest producer of diamonds by value, relies on the precious stones for around one-third of its national revenue.
Security
Alex Babenko/Reuters
Seaman Abigail Reyes/US Navy/Handout via Reuters
Valentyn Ogirenko/File Photo/Reuters
Russian troops take key Ukrainian town Siversk
The capture eases Moscow’s advance to the cities of Kramatorsk and Sloviansk, part of Ukraine’s industrial belt.
Alex Babenko/ReutersUS bolsters military presence in Caribbean
The deployment came as the UN Security Council met to discuss Washington’s campaign against Caracas.
Seaman Abigail Reyes/US Navy/Handout via ReutersEU leaders agree to loan $105B to Ukraine
The agreement comes after separate efforts to leverage frozen Russian assets in order to help Kyiv stumbled.
Valentyn Ogirenko/File Photo/ReutersMedia
Larry Ellison. Carlos Barria/Reuters.
Paramount CEO’s father offers $40B backing for WBD takeover
Larry Ellison’s intervention comes as competition heats up between Paramount and streaming giant Netflix to take over WBD.
Larry Ellison. Carlos Barria/Reuters.Trump and television divide CBS newsroom
New top editor Bari Weiss’ explosive decision to pull a “60 Minutes” segment at the last minute has divided the newsroom.
CBS’ independence queried after documentary delay
The network pulled a scheduled documentary on the deportations of migrants to El Salvador.
The right-wing media feud is JD Vance’s problem
The conspiracy theories that fueled conservative media are causing the right to eat itself.
Netflix inks slate of podcast video deals
In recent months, the company has ramped up talks with most major podcast companies and top talent.
CEO Signal
Courtesy of WPP/Joey Pfeifer/Semafor
Courtesy of Target/Joey Pfeifer/Semafor
Courtesy of Lyft/Joey Pfeifer/Semafor
‘AI is going to automate the ordinary’: Cindy Rose’s plan for ad giant WPP
The admaker has fallen behind its peers, but the Microsoft veteran sees opportunity in disruption.
Courtesy of WPP/Joey Pfeifer/Semafor‘We’ve got work to do’: The new CEO aiming at an elevated Target
Michael Fiddelke says a clearer focus and simpler messaging can return the retailer to growth.
Courtesy of Target/Joey Pfeifer/SemaforHow 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/SemaforAD