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Intelligence for the New World Economy
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Business
US-Canada tariffs could drive inflation ahead of midterms
Canada vowed to match 50% US tariffs after talks broke down over the weekend.
Trump’s FDA pick faces MAHA resistance
Overton’s confirmation could set up a fight between the administration and part of President Donald Trump’s base.
Trump’s FDA pick faces MAHA resistance
Overton’s confirmation could set up a fight between the administration and part of President Donald Trump’s base.
View / South Africa’s ANC tells a fiscal fairy tale
View / The software buyout wave is upon us
The World at a Glance
Updated 6:48pm EDT
1
US and Canadian officials traded blame after the two sides failed to reach a trade deal, teeing up a damaging trade war.
2China disclosed an unreported meeting with an Iranian minister as the US prepared to unveil “the toughest sanctions in history.”
3Investors and analysts poured scorn on US Treasury Secretary Scott Bessent’s bond purchases, after their temporary relief evaporated.
4Nvidia warned of higher prices for servers containing its AI chips as soaring memory costs strain the AI buildout.
5A Chinese humanoid robot ran the 100-meter dash nearly two-tenths of a second faster than world-record holder Usain Bolt at Beijing’s “Robot Olympics.”
6Competition to become Japan’s second capital is heating up among cities, with hundreds of millions of dollars hanging in the balance.
Norman could add to Trump’s primary losing streak
Sen. Darline Graham campaigned with President Donald Trump in Myrtle Beach on Friday; Rep. Ralph Norman has criticized her debate performance.
More Americans are smoking pot, poll finds
Meanwhile, cigarette smoking has hit a record low.
Rivals cautiously optimistic as regulator tackles Diageo’s Kenya dominance
The Kenyan antitrust authority has imposed new conditions on Asahi Group’s planned acquisition of Diageo’s East African Breweries Limited.
Maine Democrat Jackson goes positive in statewide ad
In the ad, the Democratic Senate nominee appears alongside his mom.
‘I’m staring into the abyss’: How Toto Wolff drives Mercedes’ F1 team
The motorsports CEO says his ‘tough love’ style ensures the most compelling arguments prevail.
Vance takes his first economic punch in the 2028 primary
The vice president’s past skepticism about the dollar’s status as reserve currency has sparked a debate on the right.
Mystery surrounds US deportations to Liberia
The Liberian government has insisted the deal is “not a transaction with a quid pro quo,” but that claim has failed to quiet the questions.
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Politics
US-Canada tariffs could drive inflation ahead of midterms
Canada vowed to match 50% US tariffs after talks broke down over the weekend.
Evelyn Hockstein/Reuters
More Americans are smoking pot, poll finds
Meanwhile, cigarette smoking has hit a record low.
Cheney Orr/Reuters
Trump’s FDA pick faces MAHA resistance
Overton’s confirmation could set up a fight between the administration and part of President Donald Trump’s base.
Jonathan Ernst/Reuters
Norman could add to Trump’s primary losing streak
Sen. Darline Graham campaigned with President Donald Trump in Myrtle Beach on Friday; Rep. Ralph Norman has criticized her debate performance.
Maine Democrat Jackson goes positive in statewide ad
In the ad, the Democratic Senate nominee appears alongside his mom.
Bessent’s bond market move draws fire from investors
Investors and analysts poured scorn on US Treasury Secretary Scott Bessent’s doubling of long-term bond purchases, which provided temporary relief but faces structural economic headwinds that are driving yields higher.
US-Canada rift deepens over tariffs
US and Canadian officials traded blame after the two sides failed to reach a trade deal Friday, teeing up a damaging trade war that could threaten broad swaths of both economies.
Trump heads to South Carolina as White House shifts to midterms
Trump’s visit to Myrtle Beach — where he hopes to provide a boost to Sen. Darline Graham, R-S.C. — comes as Republicans face a difficult path to retaining full control of Washington.
Argentina’s economy grows, but public frustration remains
President Milei has won plaudits from the World Bank and IMF for seeking to cut public-sector spending and slash red tape.
Trump’s efforts to reengage North Korea could be worthwhile, experts say
Trump’s overtures to Kim Jong Un could help achieve ‘incremental achievements,’ the conservative Cato Institute argued.
US presses China to join economic pressure campaign against Iran
The remarks by the Treasury secretary come ahead of the expected unveiling of new US sanctions against Tehran.
Business
US-Canada tariffs could drive inflation ahead of midterms
Canada vowed to match 50% US tariffs after talks broke down over the weekend.
Evelyn Hockstein/Reuters
US-Canada rift deepens over tariffs
US and Canadian officials traded blame after the two sides failed to reach a trade deal Friday, teeing up a damaging trade war that could threaten broad swaths of both economies.
US bond markets on edge despite bond buyback expansion
The US Treasury secretary’s pledge to expand a bond buyback program in order to lower borrowing costs did little to quell market unease.
‘I’m staring into the abyss’: How Toto Wolff drives Mercedes’ F1 team
The motorsports CEO says his ‘tough love’ style ensures the most compelling arguments prevail.
Spencer Stuart’s CEO on trust and tension in the boardroom
Jordan Brugg says it’s becoming easier for executives to feel misaligned with their directors.
Technology
US firm to start building antidrone tech in the UAE
US-based defense firm Powerus is manufacturing drone interceptors in the UAE, as the Gulf looks for new ways to defend itself against Iranian attacks.
A Powerus drone interceptor. Courtesy of Powerus.
Nvidia says it’s raising some prices more than 15%
Nvidia warned of higher prices for servers containing its AI chips as soaring memory costs strain the AI buildout.
Nathan Howard/Reuters
Chinese humanoid robot beats Bolt’s time
A Chinese humanoid robot ran the 100-meter dash nearly two-tenths of a second faster than world-record holder Usain Bolt at Beijing’s “Robot Olympics” on Saturday.
Waymo builds custom chip for robotaxi fleet
In a blog post Thursday, the Alphabet-owned company revealed that it designed a custom computer chip that quickly crunches raw data coming from a car’s cameras, lidar, and radar.
Stripe agrees to acquire OpenRouter for $8 billion
With a deal, OpenRouter’s business could be destined for commoditization, and that’s actually kind of the point.
China’s ‘robot games’ offer look at latest innovations
The World Humanoid Robot Games act as a public benchmark testing of the most advanced humanoid robots.
Energy
US oil companies lock in Venezuela deals
After months of slow progress and noncommittal MOUs, international oil companies are making tangible headway in Venezuela.
Issac Urrutia/Reuters
Hormuz ‘isn’t really the problem’
A number of other factors are conspiring to drive down the volume of crude tankers faster over the past two weeks than any point during the war.
Social media via Reuters
More oil leaving the Gulf than previously thought
The US military has helped ferry crude through the Strait of Hormuz, Axios reported.
Vladimir Tonic/Reuters
Gulf
US firm to start building antidrone tech in the UAE
US-based defense firm Powerus is manufacturing drone interceptors in the UAE, as the Gulf looks for new ways to defend itself against Iranian attacks.
A Powerus drone interceptor. Courtesy of Powerus.
Saudi Arabia considering state-backed insurance program for ships
The plan would aim to provide cheaper cover for vessels transiting the Gulf or Red Sea as a way to keep trade flowing at a time of war.
UAE’s space industry expands with more private satellites
Abu Dhabi’s Orbitworks sold capacity to French space agency CNES, securing a useful endorsement.
Saudi Arabia renews diplomatic efforts with Iraq
The two countries are trying to move past a recent exchange of fire.
Saudi intensifies $13.3 billion buildout of indoor entertainment centers
The kingdom is starting with its underserved second-tier cities, which are often in areas that attract year-round tourism because of their cooler climate.
China
China prepares for ‘Economic D-Day’
China hosted Iran’s deputy foreign minister for talks last week related to the US-Iran war, Beijing announced Sunday, disclosing the previously unreported meeting one day before Washington is expected to unveil “the toughest sanctions in history” against Tehran.
Joyce Zhou/Reuters
Chinese humanoid robot beats Bolt’s time
A Chinese humanoid robot ran the 100-meter dash nearly two-tenths of a second faster than world-record holder Usain Bolt at Beijing’s “Robot Olympics” on Saturday.
Florence Lo/Reuters
Taiwan plans record defense budget
China, which regards the island as a renegade province, has increasingly deployed its military close to Taiwan.
Ann Wang/Reuters
Africa
South Africa’s fiscal fairy tale
The African National Congress’ 2026 local government elections manifesto pledges free basic services to nearly 30 million people.
Oupa Nkosi/Reuters
Rivals cautiously optimistic as regulator tackles Diageo’s Kenya dominance
The Kenyan antitrust authority has imposed new conditions on Asahi Group’s planned acquisition of Diageo’s East African Breweries Limited.
Thomas Mukoya/Reuters
Nigeria’s top presidential candidates vow to prioritize economic growth
President Bola Tinubu’s main opponents will be Atiku Abubakar, a former vice president, and former state governor Peter Obi.
South Africa’s Absa eyes fintech partnerships
South Africa’s Absa Group is seeking partnerships with fintechs in a strategy aimed at reaching new customers.
Nigeria bets on grants to unearth mineral riches
A government agency will issue grants that provide up to 70% of the cost of exploration projects by mining license holders in Nigeria.
Mystery surrounds US deportations to Liberia
The Liberian government has insisted the deal is “not a transaction with a quid pro quo,” but that claim has failed to quiet the questions.
Security
Japanese cities vie to become second capital
Osaka, a leading contender, has even designated a talking cat mascot for the effort.
Issei Kato/Reuters
Trump’s efforts to reengage North Korea could be worthwhile, experts say
Trump’s overtures to Kim Jong Un could help achieve ‘incremental achievements,’ the conservative Cato Institute argued.
North Korea’s official Korean Central News Agency via Reuters
European officials warn of escalating threats from Russia
A Romanian jet destroyed a naval drone near a Black Sea gas platform.
An explosion following what the Romania’s defense ministry said in June was a detonation of Russian drone fragments. Romanian Defence Ministry/Handout via Reuters
Media
New York Times tests out AI-generated search summaries
In recent weeks, the paper has quietly rolled out a new AI-powered search page for a small subset of visitors.
Kylie Cooper/Reuters
Mexico regulation proposal sparks censorship fears
Under the plan, officials would be able to determine whether news coverage was sufficiently true or balanced, with breaches potentially costing companies as much as 1% of their annual revenue.
China’s YouTube, Bilibili, plans global expansion, English-language site
The company is courting influencers to connect with “Gen Z Coded” users, and staffing up in cities around the world.
Tennis’ greatest battles — on the court and off
‘The Cruelest Game,’ by Matthew Futterman, details the unique psychological toll that professional tennis can take — particularly on its greatest stars.
MS NOW to launch membership program for ‘super fans’
The cable news network will roll out the program next month in an effort to grow its digital business and reach new audiences.
CEO Signal
‘I’m staring into the abyss’: How Toto Wolff drives Mercedes’ F1 team
The motorsports CEO says his ‘tough love’ style ensures the most compelling arguments prevail.
Courtesy of Mercedes-AMG PETRONAS F1 Team/Graph Massara/Semafor
Spencer Stuart’s CEO on trust and tension in the boardroom
Jordan Brugg says it’s becoming easier for executives to feel misaligned with their directors.
Courtesy of Spencer Stuart/Graph Massara/Semafor
‘It’s an unbundling’: ADP’s Maria Black on how AI is changing the workforce
The payroll processor sees technology disrupting low-value tasks but making human judgment more valuable.
Courtesy of ADP/Graph Massara/Semafor
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