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Politics
Trump ducks Supreme Court with new tariffs
The levies replace tariffs expiring on Friday.
Oil spikes, stocks fall on Iran and AI fears
Wall Street’s fear gauge hit its highest level in a month with rising crude prices reigniting inflation fears.
The World at a Glance
Updated 7:32pm EDT
1
Oil hit $100 a barrel and Magnificent 7 stocks shed nearly $800 billion in market value, reflecting pessimism over AI spending and the Iran war.
2US President Trump injected uncertainty into his nuclear deal with Saudi Arabia, saying it hinges on Riyadh normalizing relations with Israel.
3The Trump administration rolled out a fresh batch of tariffs, effectively replacing the global levies the Supreme Court struck down earlier this year.
4India’s government will likely quell the student-led Cockroach protests, but it is expected to have a harder time suppressing the underlying frustration.
5Chinese nationals were awarded the prestigious Fields Medal for the first time, in the latest sign of the country’s growing academic prowess.
6US regulators said they plan to develop rules to address the safety risks linked to the hidden electric car door handles popularized by Tesla.
Economists predict minor disruption from Trump’s new tariffs
Washington’s tariff announcements have tended to be “more dramatic than their eventual implementation,” an analyst noted.
Congress descends into ‘circular firing squad’
There’s still a lot of talk in Washington about bipartisan deals. But Republicans will be lucky to avoid a pre-election shutdown.
Trump pegs Saudi nuclear deal to Israel talks
The US president’s stipulation threatens to stymie the newly signed agreement, which allows Saudi Arabia to build nuclear power plants with US technology.
US tech firms debate curbs on Chinese AI
For some execs, the rise of open-source AI from China marks a “dystopian hellscape,” while others are complimenting the “excellent” models.
Lawmakers warn Trump over possible Mali strikes
Senators said the administration hasn’t consulted them about the potential operation.
View / AI’s ‘let 1,000 flowers bloom’ era is over
In a fitting bit of corporate justice, IBM did the same thing to its vendors that its customers did to it, hoarding inventory of memory and power.
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.
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Politics
Trump ducks Supreme Court with new tariffs
The levies replace tariffs expiring on Friday.
Evelyn Hockstein/Reuters
Congress descends into ‘circular firing squad’
There’s still a lot of talk in Washington about bipartisan deals. But Republicans will be lucky to avoid a pre-election shutdown.
Annabelle Gordon/Reuters
Lawmakers warn Trump over possible Mali strikes
Senators said the administration hasn’t consulted them about the potential operation.
Evelyn Hockstein/Reuters
Schmitt: College sports bill in ‘pretty good place’
The Missouri senator is right in the middle of it.
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.
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.
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.
Business
US moves to regulate hidden car handles
US regulators on Thursday said they plan to develop rules to address the safety risks linked to the hidden electric car door handles popularized by Tesla.
Mike Blake/Reuters
Economists predict minor disruption from Trump’s new tariffs
Washington’s tariff announcements have tended to be “more dramatic than their eventual implementation,” an analyst noted.
Trump pegs Saudi nuclear deal to Israel talks
The US president’s stipulation threatens to stymie the newly signed agreement, which allows Saudi Arabia to build nuclear power plants with US technology.
Oil spikes, stocks fall on Iran and AI fears
Oil hit $100 a barrel and Magnificent 7 stocks shed nearly $800 billion in market value on Thursday, as pessimism over steep AI spending and the Iran war dragged down global markets.
AI’s ‘let 1,000 flowers bloom’ era is over
In a fitting bit of corporate justice, IBM did the same thing to its vendors that its customers did to it, hoarding inventory of memory and power ahead of expected price hikes in its own supply chain.
Technology
US moves to regulate hidden car handles
US regulators on Thursday said they plan to develop rules to address the safety risks linked to the hidden electric car door handles popularized by Tesla.
Mike Blake/Reuters
US tech firms debate curbs on Chinese AI
For some execs, the rise of open-source AI from China marks a “dystopian hellscape,” while others are complimenting the “excellent” models.
Manami Yamada/Evelyn Hockstein/Reuters
Oil spikes, stocks fall on Iran and AI fears
Oil hit $100 a barrel and Magnificent 7 stocks shed nearly $800 billion in market value on Thursday, as pessimism over steep AI spending and the Iran war dragged down global markets.
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.
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.
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.
Energy
Oil spikes, stocks fall on Iran and AI fears
Oil hit $100 a barrel and Magnificent 7 stocks shed nearly $800 billion in market value on Thursday, as pessimism over steep AI spending and the Iran war dragged down global markets.
Brendan McDermid/Reuters
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
Gulf
Trump pegs Saudi nuclear deal to Israel talks
The US president’s stipulation threatens to stymie the newly signed agreement, which allows Saudi Arabia to build nuclear power plants with US technology.
Evelyn Hockstein/Reuters
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.
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.
China
Chinese whizzes win global math prize
Chinese nationals were awarded the prestigious Fields Medal for the first time, in the latest sign of the country’s growing academic prowess.
Simons Foundation
US tech firms debate curbs on Chinese AI
For some execs, the rise of open-source AI from China marks a “dystopian hellscape,” while others are complimenting the “excellent” models.
Manami Yamada/Evelyn Hockstein/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
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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