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Intelligence for the New World Economy
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Oil hits $90 per barrel as US-Iran war escalates
Tehran vowed “not a single drop” of oil or gas would transit the Strait of Hormuz if US aggression continues.
Trump administration announces new 50% tariff on Canada
The move comes ahead of expected new talks on the US-Canada-Mexico free trade agreement.
Trump administration announces new 50% tariff on Canada
The move comes ahead of expected new talks on the US-Canada-Mexico free trade agreement.
View / AI teaches a bitter biology lesson
View / Africa’s critical advantage
The World at a Glance
Updated 10:35am EDT
1
Oil prices passed $90 per barrel as the US-Iran war escalated, with Tehran vowing to keep the Strait of Hormuz closed.
2Andy Burnham will become the UK’s new prime minister, though he faces many of the same challenges that sunk his predecessors.
3The Houthis declared a maritime embargo on Saudi, closing off a key Hormuz workaround.
4Brazil said it will reciprocate after the US slapped 25% tariffs on imports, the latest salvo in the two countries’ trade war.
5China closed 30,000 nurseries and primary schools last year, new data showed, as the country’s birth rate continues to plummet.
6Indian police baton-charged protesters heading to parliament as frustration over the country’s education system intensified.
Brazil vows to retaliate against US tariffs
Brasília and Washington blame each other for their trade war, which saw the US impose 25% tariffs on Brazilian imports this month.
Rebels threaten new key waterway as US-Iran fighting intensifies
The Houthis declare a maritime embargo on Saudi Arabia, closing off the kingdom’s Hormuz workaround.
UK’s new PM Andy Burnham faces old problems
He will be the UK’s seventh prime minister in a decade, facing the same economic and political challenges that undermined his predecessors.
DR Congo’s mining law reform is raising tensions with investors
Kinshasa told Semafor it will consider changes sought by mining companies, as executives warned that repeated shifts in the rules could deter investment.
African nations eye nuclear for energy security
South Africa and Egypt are the only countries in Africa with established nuclear projects, but several other countries are looking to follow suit.
Senators confront their closing window to reshape college sports
Sens. Ted Cruz, R-Texas, and Maria Cantwell, D-Wash., are racing to win the support of the two most powerful college sports conferences in the country for their proposal to create national rules of the road for athletes.
Kimi K3 threatens AI business models
There’s a pattern: US frontier labs come out with state-of-the-art AI models. Chinese firms then allegedly “distill” them to train new open-source models.
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Politics
Trump administration announces new 50% tariff on Canada
The move comes ahead of expected new talks on the US-Canada-Mexico free trade agreement.
Dylan Martinez/Reuters
Evers’ endorsement shuffles Wisconsin gubernatorial race
The endorsement capped days of chaos ahead of the August Democratic primary.
Daniel Steinle/Reuters
Progressive catches momentum in Maine Senate race
Maine Democrats appear poised to nominate Troy Jackson for Senate.
Amanda Sabga/Reuters
Younger Democrats push for committee term limits
A new video from Majority Democrats slams a Democratic “gerontocracy.”
Senators confront their closing window to reshape college sports
Sens. Ted Cruz, R-Texas, and Maria Cantwell, D-Wash., are racing to win the support of the two most powerful college sports conferences in the country for their proposal to create national rules of the road for athletes.
Incoming UK prime minister aims to turn economy around
Andy Burnham becomes the UK’s new prime minister on Monday, and fixing Britain’s economy will be at the top of his agenda.
US troop deaths heighten pressure facing Trump on Iran
The US pounded Iran with fresh strikes after two American soldiers were killed in an attack on an air base in Jordan on Friday, pushing the two sides closer to all-out war.
Darline Graham eyeing a run for a full Senate term
Three people familiar with internal party deliberations told Semafor she indicated as much to the White House on Thursday.
Debatable: Permanent daylight saving time
A bill catching momentum in Congress has revived a debate about the health and safety consequences of “locking the clock.”
Lindsey Graham left a mark on foreign aid
Graham’s death robbed foreign aid advocates of one of their most effective Republican champions in Washington.
Republican senator goes after Canada for wildfire smoke
Sen. Bernie Moreno, R-Ohio, wants to see Canada punished for the smoke “atrocity.”
Business
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
UK explores wage transparency in job ads
The UK is exploring measures that would require employers to publish salary information for all job adverts, part of a global trend toward wage transparency.
FDA approves cholesterol pill from Merck
US drug regulators signed off on a new pill designed to lower cholesterol levels far beyond what traditional statins can achieve.
Spain welcomes Chinese EVs
Spain is deepening its embrace of the Chinese car industry even as other European powers call for protectionist measures to shield local automakers.
Markets sink on global selloff in chip stocks
Record earnings from TSMC, the world’s largest chipmaker, failed to quell doubts about the sustainability of AI spending.
Technology
AI memory shortage puts pressure on governments to act
A global AI memory shortage threatens to morph into a geopolitical fight as more countries campaign to shore up their own supply, a South Korean tech executive said.
Carlos Barria/Reuters
Kimi K3 threatens AI business models
There’s now an established pattern: American frontier labs come out with state-of-the-art AI models. Chinese firms then allegedly “distill” those models and use them to train new open-source models.
Go Nakamura/Reuters
AI agents are hitting the pageant stage
Samantha Smitte, 37, who worked at IBM for a decade, spent about $150 on AI agents to train for the Miss New York USA pageant next week, she told Semafor.
US-Iran conflict is becoming a testbed for the future of warfare
The US this week said it had carried out its first offensive combat mission using unmanned surface vessels.
AI companies move to protect teens
“The principle here is to avoid the mistakes that were made before us,” Lauren Jonas, OpenAI’s head of youth well-being, told Semafor.
AI teaches a bitter biology lesson
Human knowledge is getting in the way of scientific progress.
Energy
Chevron and Qatar invest in Iraq-Syria pipeline
The deal adds to the growing role that Qatari firms are playing in Syria, where Gulf governments are jockeying for position in the country’s reconstruction.
Essam Al-sudani/Reuters
British Steel saga dents UK-China ties
China’s Jingye Steel is seeking compensation from the British government over the nationalization of its former steel production complex in England, further straining relations between London and Beijing.
Danny Lawson/Reuters
US DOE pushes for greater propane exports to Africa
As the administration pulls back on humanitarian aid, Energy Secretary Chris Wright is boosting a more transactional approach to fighting energy poverty.
Thomas Mukoya/Reuters
Gulf
Chevron and Qatar invest in Iraq-Syria pipeline
The deal adds to the growing role that Qatari firms are playing in Syria, where Gulf governments are jockeying for position in the country’s reconstruction.
Essam Al-sudani/Reuters
Rebels threaten new key waterway as US-Iran fighting intensifies
The Houthis declare a maritime embargo on Saudi Arabia, closing off the kingdom’s Hormuz workaround.
PIF’s TAWAL in talks over multibillion-dollar telco towers deal
The acquisition would give the Saudi tower operator control of the kingdom’s market and pave the way for a potential IPO.
US troop deaths heighten pressure facing Trump on Iran
The US pounded Iran with fresh strikes after two American soldiers were killed in an attack on an air base in Jordan on Friday, pushing the two sides closer to all-out war.
Gulf states are rearming rapidly as Iran war reignites
The US recently approved a $2 billion Saudi order for weapons guidance systems, launchers, warheads, and other equipment.
China
Spain welcomes Chinese EVs
Spain is deepening its embrace of the Chinese car industry even as other European powers call for protectionist measures to shield local automakers.
Maxim Shemetov/File Photo/Reuters
Chinese chip giant’s growing ambitions
Chinese chip giant CXMT is poised to go public in Asia’s largest market debut of the year, as it benefits from intense demand for memory.
Dado Ruvic/Illustration/File Photo/Reuters
US grapples with rise of Chinese open-source AI
Palantir’s chief technology officer said the Chinese technology poses an economic threat to the US.
Evelyn Hockstein/Reuters
Africa
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.
Fashion Channel/Youtube
Novo Nordisk launches cheaper Ozempic in South Africa
The new version is a bid by the Danish drug manufacturer to squeeze out counterfeit products in Africa’s most obese nation.
Hollie Adams/File Photo/Reuters
Ecowas backs $25B Nigeria-Morocco gas link
The pipeline would be a major step in expanding the region’s gas exports to help meet global demand.
Anglo names preferred bidder for De Beers stake
The Global Diamond Consortium was selected from three shortlisted groups following a bidding process, according to Botswana’s defense minister.
DR Congo’s mining law reform is raising tensions with investors
Kinshasa told Semafor it will consider changes sought by mining companies, as executives warned that repeated shifts in the rules could deter investment.
African nations eye nuclear for energy security
South Africa and Egypt are the only countries in Africa with established nuclear projects, but several other countries are looking to follow suit.
Security
Escalations in Iran and Ukraine compound global volatility
In the Middle East, the deterioration of the US-Iran ceasefire has reignited fears of a prolonged regional war. In Europe, Moscow launched one of its largest ballistic missile attacks against Ukraine while Kyiv ramped up its bombing campaign.
Stringer/Reuters
EU defense push meets reality
Europe remains reliant on China and the US for critical military components even as it projects confidence in shouldering its own defense.
Charles Platiau/Reuters
Ukraine locks in on Crimea strategy
In targeting Crimea, Ukraine is trying to demonstrate Russian President Vladimir Putin’s failure to defend the peninsula.
Stringer/Reuters
Media
Baltimore Sun owner threatens to sue Moore over Epstein comments
The Maryland governor tried to tie Sinclair chairman David Smith to the disgraced financier.
Annabelle Gordon/Reuters
Paramount weighs leaving California over Warner Bros. rift
David Ellison is wary of decamping, but his battle with state regulators is intensifying.
Mamdani squares off with ‘The View’
The New York City mayor’s allies were frustrated by a host’s comments about fellow democratic socialist Darializa Avila Chevalier.
NYT tries to catch up to video-addicted audiences
New York Times Executive Editor Joe Kahn said the paper is pouring resources into visual content, prompting comparisons to the media’s “pivot to video” in the 2010s.
The Daily Wire sells Jeremy’s Razors to media company’s former CEO
The sale represents the further uncoupling of Jeremy Boreing and the conservative media company he co-founded with Ben Shapiro.
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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