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Intelligence for the New World Economy
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Trump says oil majors are ‘making too much money’
The US president’s comments came after several of the world’s biggest oil companies reported huge windfalls from a surge in oil prices driven by the Iran war.
View / China’s maritime playbook for AI
View/ Africa’s space race is becoming Washington’s next China challenge
The World at a Glance
Updated 8:56am EDT
1
Donald Trump lashed out at oil companies that reported record profits off the back of the Iran war while pump prices soared.
2The EU called for stronger borders after almost 70,000 migrants entered the Spanish enclave of Ceuta from Morocco.
3US-Iran diplomatic efforts ruptured after Tehran denied negotiations would happen and Trump called Iran’s leaders ‘unbelievably duplicitous.’
4Israel’s largest defense contractor reportedly discussed selling the UAE $1 billion of gear, as ties between the countries warm.
5China’s military unveiled an AI system that helps choose targets for mass air strikes, as the race to incorporate tech into military systems ramps up.
6The UAE procured $100 million in stolen gold from Sudan, according to a Financial Times investigation, while Abu Dhabi has supplied weapons.
Pentagon loses pressure campaign to restrict quantum merger
A top Defense Department official had urged the head of the Federal Trade Commission to put guardrails around the $2 billion acquisition of Skywater, but the antitrust vote failed, people familiar with the matter said.
Rogers tries for a tricky ‘change’ election
As Michigan Democrats fracture over their Senate primary, the presumptive Republican nominee hopes to run against a state government he won’t be joining.
Thune hopes to confirm Blanche this week
Todd Blanche’s nomination to become attorney general is set to clear the Senate Judiciary Committee tomorrow and could get through the full Senate by week’s end.
AI exacerbates ‘class divide,’ progressive poll shows
Black workers are also more likely than white workers to predict AI will replace their job.
Avila Chevalier plans to join Congressional Black Caucus
The democratic socialist, who ousted New York Rep. Adriano Espaillat in a June primary upset, also plans to join the Congressional Hispanic Caucus.
South African investors look to create $1B sugar monopoly
A potential tie-up of Ilovo Sugar would reunite southern Africa’s two largest producers, setting up a major cross-border antitrust test.
Crypto industry poll touts benefits of its top Hill priority
More than half of Americans say they would feel more protected if Congress passes the cryptocurrency industry’s top legislative priority, per the poll.
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Politics
Why some Democrats may hesitate to push Max Miller out
Several Democrats are pushing for Ohio GOP Rep. Max Miller to resign or face expulsion over allegations of domestic abuse, but privately some wouldn’t mind if he stuck around for now.
Jonathan Ernst/Reuters
Democrats want Venezuelan oil revenue details
The Trump administration is under increasing pressure to answer questions about the management of Venezuela’s oil revenue.
Al Drago/Reuters
White House silent on public release of its AI framework
It’s expected to brief firms on the document at a Tuesday meeting.
Jonathan Ernst/Reuters
Michigan Senate and 10 other races to watch
The matchup between El-Sayed and Stevens is the biggest story of the day.
Battleground Democrats try to stay above their party’s fray
Purple-district candidates like Sean McCann in Michigan are striving to avoid national internecine drama.
Trump faces growing pressure to intervene in Miller scandal
The president describes the Ohio Republican facing domestic abuse allegations as “a very good person,” but some of his allies feel differently.
US and Japan vow further yen action
Japan’s top currency diplomat called the joint action the “culmination” of the US-Japan alliance, while President Donald Trump said it was a “signal of friendship.”
US yen intervention supports Trump trade stance
The Trump administration’s decision to help Japan strengthen its yen doesn’t just hedge against higher US borrowing costs; it also aligns with the president’s trade agenda.
Thune hopes to confirm Blanche this week
Todd Blanche’s nomination to become attorney general is set to clear the Senate Judiciary Committee tomorrow and could get through the full Senate by week’s end.
Rogers tries for a tricky ‘change’ election
As Michigan Democrats fracture over their Senate primary, the presumptive Republican nominee hopes to run against a state government he won’t be joining.
AI exacerbates ‘class divide,’ progressive poll shows
Black workers are also more likely than white workers to predict AI will replace their job.
Business
Airtable sale punctures SaaS bubble
It’s a sign that some companies hit hard by the SaaS selloff (or their venture-capital backers, as Airtable is still privately held) are bowing to reality and taking whatever money is available.
Matteo Danieli, co-founder and CPO of Bending Spoons.
AstraZeneca could be Britain’s next loss
AstraZeneca’s deal talks with US-headquartered Bristol Myers Squibb, which Semafor confirms remain active, would strike another blow to the UK’s effort to keep hold of its corporate champions.
The trade in Trump’s social-media previews
Some firms are willing to shell out $100,000 a month for early access to Trump’s social-media posts.
US and Japan vow further yen action
Japan’s top currency diplomat called the joint action the “culmination” of the US-Japan alliance, while President Donald Trump said it was a “signal of friendship.”
FAA certifies Boeing 737 Max 7
The FAA’s nod boosted the beleaguered aerospace firm’s push to restore its once-sterling reputation.
Technology
China’s military unveils AI system for coordinating air strikes
The “intelligent strike planning system” helps commanders and pilots prioritize targets and allocate resources.
Evan Vucci/Reuters
Hollywood quietly incorporating AI, despite public protest
More than 10% of Hollywood job adverts are AI-related, The Los Angeles Times reported.
Daniel Cole/Reuters
DeepSeek releases cheaper new AI model as China’s price war intensifies
A 50% cut in token costs suggests DeepSeek is competing for market share.
Robots get better at handling unpredictability
Google DeepMind unveiled a new model this week that gives humanoid robots finer control over how they interact with objects around them, including completing complicated tasks like tying a trash bag.
Chinese AI companies aim to serve businesses
Chinese tech players like ByteDance, Alibaba, and Tencent are looking to pivot toward the more lucrative enterprise market to increase revenues.
How YouTube is navigating an AI tightrope
The company is trying a new way of using AI to give users better search results.
Energy
Firms move in on Venezuelan oil seven months post Maduro removal
Acting President Delcy Rodríguez has scrapped the rule requiring state-run PDVSA to hold majority stakes in joint ventures.
Miraflores Palace/Handout via Reuters
OPEC+ raises production targets
OPEC+ agreed on Sunday to raise oil production by 188,000 barrels a day in September, marking its sixth consecutive monthly increase as the group seeks to restore supply to a market strained by global conflicts.
Hamad I Mohammed/Reuters
The gold rush is on to build Gulf energy projects
A group of US and Saudi investors is looking to set up a port-connected “energy corridor” for producing and exporting around the Strait of Hormuz.
Mohammed Benmansour/Reuters
Gulf
KKR earmarks some of its $19.2 billion infrastructure fund for Gulf projects
The private equity giant is already pouring billions into data centers in the Gulf, committing $5 billion across the Middle East over the past 18 months.
Fred Greaves/Reuters
Riyadh forges a new regional alliance emerging from Israel concerns
Increasing security cooperation between Saudi Arabia, Egypt, Pakistan, and Türkiye could become the nucleus of a wider group for ad hoc coordination.
UAE procured $100M in stolen gold from Sudan, investigation finds
Sudan’s civil war has fuelled the flow of gold — both legal and illegal — between the two countries.
Israel’s largest defense firm discussed sales to UAE
The reported discussions about whether Elbit Systems would sell the UAE more than $1 billion of military gear come as ties between Israel and the emirates warm.
Aramco profit rises 33% on higher oil prices
Saudi oil giant says the Iran war has caused no material disruptions and expects stronger demand as global inventories are rebuilt.
China
China’s AI giants target enterprise profits
Price wars could erode margins, as firms race to bundle their models and workplaces offerings.
Go Nakamura/Reuters
Taiwan export boom marks return of ‘Tiger economy’
Propelled by chips and other AI-related exports to the US, the surge caps a decade-long pivot away from the mainland market.
Ann Wang/Reuters
China currency debate bursts into the open
Economists are sparring over the yuan’s value as China’s trade surplus continues to grow.
Stringer/Reuters
Africa
UAE procured $100M in stolen gold from Sudan, investigation finds
Sudan’s civil war has fuelled the flow of gold — both legal and illegal — between the two countries.
Mohamed Nureldin Abdallah/Reuters.
Africa’s space race is becoming Washington’s next China challenge
Space spending across the continent is approaching $1 billion a year. Whoever supplies the hardware now may be setting the terms for the next twenty years.
NASA/Bill Ingalls
Africa builds ‘megaprojects’ faster than ever despite debt risks
The war in the Middle East exposed the continent’s reliance on energy imports, accelerating efforts to build new refineries and pipelines.
Morocco names highway after Trump over Western Sahara dispute
The move was a direct thank-you to the US president for formally recognizing Rabat’s sovereignty over the disputed territory of Western Sahara during his first term.
Migrant border crush spikes tensions in Spain
Tens of thousands of Moroccans crossed into Ceuta before being pushed back out by Spanish military forces.
DR Congo secretly exporting uranium to China - report
Despite a prohibition on commercial uranium export from the Central African country, “significant quantities” have gone to China.
Security
France to deport Russian journalist accused of publishing propaganda
The case has laid bare Europe’s dilemma in carrying out its strategic objectives while upholding its liberal values.
The news studio at RT France. Gonzalo Fuentes/Reuters.
Russia’s war narrative falters
Russia is suffering from “narrative collapse” in its war against Ukraine, a journalist said, as Kyiv turns the tide in the conflict — on the front lines and in American right-wing media.
Eduardo Munoz/Reuters
Iran and Ukraine wars merge in the Caspian Sea
The Ukraine and Iran wars collided over the weekend, as Kyiv attacked an Iranian commercial ship in the Caspian Sea.
The foreign ministers of Iran and Russia on July 24. Russian Foreign Ministry/Handout via Reuters
Media
The AI ‘news’ accounts hyping a blue-state dystopia
AI-generated videos are flooding YouTube with fake narratives about chaos in California and New York.
Screenshot/Truth Social
Senate Democrat’s new bills would restrict AI-powered ads and paid influencers
California Sen. Adam Schiff plans to introduce two new bills that would attempt to illuminate who is paying influencers for political speech online and restrict AI-generated likenesses of politicians.
Former Surgeon General Vivek Murthy on loneliness and why he’s more worried about your phone than your body
Former US Surgeon General Vivek Murthy joins Mixed Signals to make the case that America’s loneliness crisis is a public health emergency.
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.
CEO Signal
Why Max Levchin wants Affirm to act like your smarter older sister
The fintech founder sees AI threatening traditional lenders by alerting consumers to their hidden fees.
How Patrice Louvet blends ‘magic and logic’ at Ralph Lauren
The Procter & Gamble veteran has focused the fashion brand by balancing emotion and data.
How Bruce Van Saun united Citizens against America’s biggest banks
The superregional lender’s CEO has made a virtue of its place in “the middle of the river.”
Courtesy of Citizens Financial Group/Jake Angelo/Semafor
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