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Gemcorp spins out unit to bridge Africa’s project execution gap
View / Xi is purging. Is this Stalinism?
The World at a Glance
Updated 7:48am EST
1
France passed an annual budget, ending a debacle that felled prime ministers and raised doubts over the country’s long-term finances.
2British Prime Minister Keir Starmer said London may resume talks on tighter defense ties with Europe.
3Venezuela’s oil exports were more than 50% higher in January compared to December, following the US’ ousting of Nicolás Maduro.
4A new US-India trade deal has been met with questions from analysts over its huge promises and lack of detail.
5South Korean chipmakers Samsung and SK Hynix secured huge investment, as AI infrastructure developers benefit from the tech’s boom.
6SpaceX bought xAI in a $1.25 trillion merger, as Elon Musk filed plans to launch a million “orbital data center” satellites.
Netflix, Warner execs head to DC to defend merger
Netflix co-CEO Ted Sarandos and Warner’s top M&A executive are expected to argue that they are seeking to compete head-to-head with YouTube.
Jeenah Moon/Reuters Senate Democrats may not back next homeland security stopgap bill
The current stopgap expires Feb. 13. Republicans say a deal may take more time.
Elizabeth Frantz/Reuters US labor statistics office pauses data release amid shutdown
The Bureau of Labor Statistics’ pause on collecting February inflation data has the “potential for lasting damage,” an economist said.
Mike Blake/Reuters US Senate battles over DHS funding bill
Senate Democrats are betting they can make substantial headway in immigration enforcement negotiations in just a few days.
Jonathan Ernst/Reuters AD
Trump advisers refine their Africa strategy
A State Department official told Semafor that “priority” areas, like critical minerals, will receive the strongest focus.
Evelyn Hockstein/Reuters ‘They choose friction’: Trump Fed pick faces a challenge in the Senate
The president can’t get his central bank pick confirmed without the Republican senator’s support — and Trump’s not getting it.
Kylie Cooper/ReutersDeal on US and Africa trade relationship is tentative at best
The fate of trade relations between the US and Africa is reaching a tipping point.
Kent Nishimura/Reuters
PoliticsJeenah Moon/Reuters Mike Blake/Reuters Elizabeth Frantz/Reuters
Netflix, Warner execs head to DC to defend merger
Netflix co-CEO Ted Sarandos and Warner’s top M&A executive are expected to argue that they are seeking to compete head-to-head with YouTube.
Jeenah Moon/Reuters US labor statistics office pauses data release amid shutdown
The Bureau of Labor Statistics’ pause on collecting February inflation data has the “potential for lasting damage,” an economist said.
Mike Blake/Reuters Senate Democrats may not back next homeland security stopgap bill
The current stopgap expires Feb. 13. Republicans say a deal may take more time.
Elizabeth Frantz/Reuters Trump wins over Republican holdouts on spending deal
“We want a vote on voter ID in the Senate, and I think we’re going to get it,” Rep. Anna Paulina Luna, R-Fla., said.
Trump advisers refine their Africa strategy
A State Department official told Semafor that “priority” areas, like critical minerals, will receive the strongest focus.
Bipartisan deal on health care subsidies not dead yet, senator says
Sen. Bernie Moreno, R-Ohio, believes his proposal to extend expired Affordable Care Act subsidies is still alive.
US Senate battles over DHS funding bill
Senate Democrats are betting they can make substantial headway in immigration enforcement negotiations in just a few days.
The humans are chasing conspiracies. What will the bots think?
Maybe the Reddit-trained bots on Moltbook will prove me wrong, and unearth something in the Epstein files. But for now, the evidence for a conspiracy is thin.
‘They choose friction’: Trump Fed pick faces a challenge in the Senate
The president can’t get his central bank pick confirmed without the Republican senator’s support — and Trump’s not getting it.
US Senate sends funding bill to House
The Senate agreement funds big chunks of the federal government through September, but kicks off a two-week countdown on the expiration of Homeland Security funding.
Trump slams UK, Canada as both explore closer ties with Beijing
US President Donald Trump warned Britain’s prime minister that it was “very dangerous” to strengthen ties with China.
Business
Kylie Cooper/Reuters
Gates Foundation CEO says philanthropists are ‘losing the argument’
The foundation is calling for ‘new era of cooperation’ in face of cuts to government development budgets.
Kylie Cooper/Reuters How IHC’s CEO plans to double the UAE’s $125B investment powerhouse
Syed Basar Shueb says the holding company’s diverse assets can be stitched into “dynamic value networks.”
Trump nominates Kevin Warsh as new Federal Reserve chair
The US president nominated Kevin Warsh, a former Federal Reserve governor, to helm the central bank.
Takeda’s Christophe Weber on avoiding a ‘lame duck’ succession
The pharmaceutical CEO says timing and openness are crucial to a smooth handover.
Pick your poison in the AI apocalypse
While CEOs from the likes of Anthropic and Robinhood debate AI doomsday scenarios, the new technology faces systemic risk across the board.
Technology
Kim Hong-Ji/File Photo/Reuters
Evelyn Hockstein/File Photo/Reuters
Chipmakers Samsung, SK Hynix reap rewards of AI boom
The combined valuation of South Korea’s two biggest companies by market capitalization reached $1.1 trillion.
Kim Hong-Ji/File Photo/ReutersMusk merges xAI and SpaceX to form $1.2T company
The $1.25 trillion merger represents two major bets: the longevity of AI, and that space-based computing power will be cost-competitive.
Evelyn Hockstein/File Photo/ReutersIn the AI age, ‘slow and steady’ doesn’t really win
Every tech company is being judged on the delicate dance between industry transformation and business preservation as AI accelerates.
Scale AI CEO: ‘Near infinite demand’ for AI that works
Scale AI CEO Jason Droege recently sat down with Semafor Tech Editor Reed Albergotti to talk about how companies are leveraging AI to drive growth and stay competitive.
Waymo strikes child in first reported human accident
The incident wasn’t fatal, but foreshadows the response of when autonomous vehicles inevitably cause harm to a human.
New AI model aims to protect coral reefs
University of Miami scientists have developed an AI model that predicts when coral reefs begin experiencing heat stress, aiming to restore them before deadly coral bleaching occurs.
Energy
Miguel Vidal/Reuters
Temilade Adelaja/Reuters
Kevin Warsh at Semafor’s World Economy Summit. Tasos Katopodis/Getty Images for Semafor
Carbon markets shift from emissions trends to policy-driven signals
Carbon markets are increasingly reflecting regional policy decisions rather than global changes in emissions, according to investment bank Macquarie.
Miguel Vidal/ReutersGulf’s renewable investments in Africa surge
Clean-power investment from the Gulf could have even greater impact were it targeted more towards power infrastructure, a new report argued.
Temilade Adelaja/ReutersTrump’s Fed chair pick could lead shift on climate change
Kevin Warsh faces a tricky path to actually taking up the Fed leadership but were he to take charge, he may lead a major shift in how the Fed views climate.
Kevin Warsh at Semafor’s World Economy Summit. Tasos Katopodis/Getty Images for SemaforGulf
Courtesy of Hakbah via Apple Store
Saudi traditional savings circles go digital
Fintech Hakbah is turning the jameya model into an online platform as Riyadh readies a national push to lift household savings.
Courtesy of Hakbah via Apple Store Gemcorp spins out unit to bridge Africa’s project execution gap
Imbono, based in Dubai, will execute energy, water, logistics, and food security projects in emerging markets.
Saudi Arabia seeks $64B from investors in private capital push
A government spokesperson told Semafor that the new strategy was designed to be more execution-focused and show clearer risk allocation.
Abu Dhabi expands partnership with NBA
The city will host an NBA Global Academy for high-school-age players, as part of an expanded partnership with the US professional basketball league.
IMF warns Bahrain over mounting debt
Bahrain’s budget deficit rose to 11% of GDP in 2024, while its overall debt-to-GDP ratio increased to 134%.
Africa
Monicah Mwangi/Reuters
Dangote Petroleum Refinery. Sodiq Adelakun/Reuters.
Africa’s economic growth set to overtake Asia’s
Average growth in sub-Saharan Africa is expected to hit 4.6%, compared to 4.1% across Asia.
Monicah Mwangi/ReutersDangote signs new gas deal with Nigerian state oil company
The move taps into the country’s plan to expand gas production as a driver of economic growth.
Dangote Petroleum Refinery. Sodiq Adelakun/Reuters.Africa’s used car market projected to see major growth
It is expected to grow nearly 7% a year to reach almost $200 billion by 2033.
Why US airstrikes in Somalia are reaching record levels under Trump
The Pentagon’s opacity over the attacks is creating an accountability gap, drawing parallels with the administration’s immigration enforcement push at home.
Deal on US and Africa trade relationship is tentative at best
The fate of trade relations between the US and Africa is reaching a tipping point.
Trump advisers refine their Africa strategy
A State Department official told Semafor that “priority” areas, like critical minerals, will receive the strongest focus.
Security
Valentyn Ogirenko/Reuters
Thomas Peter/File Photo/Reuters
Issei Kato/File Photo/Reuters
Russian strikes on Ukraine contradict Trump’s ceasefire claim
A drone killed 12 mine workers on a bus, while a separate attack hit a maternity hospital, injuring six.
Valentyn Ogirenko/ReutersTrump says Russia will pause attacks during cold spell
Temperatures in Ukraine are expected to hit -24°C (-11°F) this weekend; Russian attacks have left millions without heating.
Thomas Peter/File Photo/ReutersChinese 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/ReutersMedia
Kaleidoscope
Podcast brand Kaleidoscope staffs up
The company is filling out its executive ranks as it hopes to break further into video.
Kaleidoscope It’s Rupe vs. the Quiff! In California’s new tabloid war, everybody wins
The California Post is betting its buzzy launch on a war with Gov. Gavin Newsom.
The exec behind Canada’s surprise hit ‘Heated Rivalry’ on the secret to its success
Sean Cohan gets into the Canadian-ness of it all on the “Mixed Signals” podcast.
Washington Post’s White House team tries to avert layoffs in letter to Bezos
The effort from the Post’s White House reporters comes as staffers are scrambling to preserve their jobs ahead of impending layoffs.
Rumors of staffing cuts spook Washington Post newsroom
Feared potential targets for cuts include the sports and international desks.
CEO Signal
Courtesy of Takeda/Joey Pfeifer/Semafor
Courtesy of IHC/Joey Pfeifer/Semafor
Courtesy of Nasdaq/Joey Pfeifer/Semafor
Takeda’s Christophe Weber on avoiding a ‘lame duck’ succession
The pharmaceutical CEO says timing and openness are crucial to a smooth handover.
Courtesy of Takeda/Joey Pfeifer/SemaforHow IHC’s CEO plans to double the UAE’s $125B investment powerhouse
Syed Basar Shueb says the holding company’s diverse assets can be stitched into “dynamic value networks.”
Courtesy of IHC/Joey Pfeifer/SemaforNasdaq’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/SemaforAD