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Intelligence for the New World Economy
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The World at a Glance
Updated 7:11am EST
1
China has faced a series of setbacks in Latin America as competition with the US heats up.
2Several Chinese provinces lowered their economic growth targets, as a national downturn forces local governments to take on huge debts.
3Elon Musk called Spanish leader Pedro Sánchez a “fascist totalitarian” for proposing a ban on social media for under 16s.
4A series of incidents between US and Iranian forces in recent days risks derailing nuclear negotiations, analysts warned.
5Russia launched a major attack on Ukraine’s electricity grid, dimming hopes for the latest peace talks.
6Software company stocks sank on swelling investor fears that new AI tools will eat their lunch.
Trump administration shrugs as interim Venezuela president bashes Washington
Delcy Rodríguez is professing public cooperation while seeming to go rogue. It’s a dissonant reality for the US government.
Wendys Olivo/Miraflores Palace/Handout/ReutersTürkiye and Saudi Arabia firm up ties
The two countries have steadily rebuilt ties that had reached a low ebb in 2017 to 2020, when Ankara sided with Qatar in a regional dispute.
Turkish President Erdoğan visits Saudi Arabia. Murat Cetinmuhurdar/Turkish Presidential Press Office/Handout via Reuters.US extends AGOA trade pact for one year
The African Growth and Opportunity Act has been a key force in driving African exports to the US since it was first implemented in 2000.
Wang Guansen/Xinhua via Getty ImagesLeader of South Africa’s Democratic Alliance to stand down
Cape Town’s mayor is the front-runner to be the next leader of the coalition government’s second-biggest party.
Nic Bothma/FilePhoto/ReutersAD
MTN targets fintech acquisitions, East Africa push: CEO
Africa’s biggest telecom group is focusing on growth rather than financial exits.
MTN CEO Ralph Mupita. Lluis Gene/AFP via Getty Images.Trump mineral stockpile will buy ‘valuable time,’ exec says
Secretary of State Marco Rubio is gathering officials from dozens of nations in Washington to discuss fortifying critical mineral supply chains.
Stringer/Reuters Congress clears spending deal as immigration schism deepens
The measure ending a short partial shutdown passed the House, 217-214.
Kevin Lamarque/Reuters Politics
Gary Cameron/Reuters 
Evelyn Hockstein/Reuters Stringer/Reuters
Economic worries top list of world’s concerns, report finds
A median of 23% of adults across 107 countries singled out the economy as the most pressing domestic concern.
Gary Cameron/Reuters Bessent testifies before Congress amid Fed drama
It’s lawmakers’ first chance to grill him since the Justice Department opened an investigation into Federal Reserve Chair Jerome Powell.
Evelyn Hockstein/Reuters Trump mineral stockpile will buy ‘valuable time,’ exec says
Secretary of State Marco Rubio is gathering officials from dozens of nations in Washington to discuss fortifying critical mineral supply chains.
Stringer/Reuters Trump administration shrugs as interim Venezuela president bashes Washington
Delcy Rodríguez is professing public cooperation while seeming to go rogue. It’s a dissonant reality for the US government.
Trump and Schumer forced to work together, again
It’s a New York buddy act that doesn’t come naturally to either man. But collaborating is the only way an immigration deal can work.
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.
US pauses data release — and collection — amid shutdown
The Bureau of Labor Statistics’ pause on collecting February inflation data has the “potential for lasting damage,” an economist said.
Senate Democrats may not back next homeland security stopgap bill
The current stopgap expires Feb. 13. Republicans say a deal may take more time.
Congress clears spending deal as immigration schism deepens
The measure ending a short partial shutdown passed the House, 217-214.
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.
Business
China Daily via Reuters
Chinese provinces reduce growth targets amid national downturn
Only one of the country’s 31 regions set a higher target than in 2025, while 14 set lower ones.
China Daily via ReutersThe AI race is getting monstrously expensive. Can Oracle afford it?
Oracle is spending like a hyperscaler while carrying the balance sheet and investor expectations of an old-school software company.
PayPal’s CEO change blindsided HP’s board
The company’s decision to oust its CEO and replace him with its board chair comes after an 80% drop in shares over the last five years.
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.
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.”
Technology
Eric Gaillard/Reuters
Kim Hong-Ji/File Photo/Reuters
The controversial Chinese firm in charge of Khaby Lame’s AI avatar
Chinese firm Three Sheep plans to use its “ultimate supply chain” to target new global markets, using Lame’s international popularity and new AI capabilities.
Eric Gaillard/ReutersChipmakers 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 major bets on the longevity of AI, and that space-based computing power will be cost-competitive.
In 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.
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
Mohammed Salem/Reuters
Dubai marks 10 years of minister of state for happiness
The introduction of the office was part of a broader strategy to create a “young and flexible” government.
Mohammed Salem/ReutersSale of Safeya Binzagr painting breaks Saudi record
Sotheby’s second Saudi event brought in a total of $19.5 million.
Dubai taps Musk’s company Boring Co. to ease gridlock
The Dubai Loop is a planned underground mass-transit system using Tesla cars traveling along dedicated tunnels.
Qatar signs long-term LNG contracts with Japan and Malaysia
Doha is doubling its LNG production, and officials insist that global economic growth means demand will remain robust despite the rise of renewable energy.
Doha lands renowned semiconductor R&D lab
Belgium-based Imec, one of the world’s leading semiconductor research labs, will open its first Gulf R&D center in Doha this year.
Africa
Another Iemanjá ceremony in Rio de Janeiro. Mauro Pimentel/AFP via Getty Images.
Edwin Remsberg/VWPics/Universal Images Group via Getty Images
Iemanjá Festival celebrates Brazil’s African religious heritage
Thousands of observers lined the beaches of the city of Salvador to make offerings to Iemanjá, the Yoruba goddess of the sea.
Another Iemanjá ceremony in Rio de Janeiro. Mauro Pimentel/AFP via Getty Images.Ethiopia’s $1B bond faces new obstacles
Some investors said they would take legal action after a creditor committee chaired by China and France blocked the initial restructuring agreement.
Edwin Remsberg/VWPics/Universal Images Group via Getty ImagesUS extends AGOA trade pact for one year
The African Growth and Opportunity Act has been a key force in driving African exports to the US since it was first implemented in 2000.
DR Congo strikes new minerals deal with US
Swiss commodities giant Glencore agreed to sell 40% of its stake in its DR Congo copper and cobalt mines to the Washington-backed Orion Critical Mineral Consortium.
Economic anxiety is the top concern in sub-Saharan Africa, survey finds
Worries about the cost of living outstripped political and security concerns.
Leader of South Africa’s Democratic Alliance to stand down
Cape Town’s mayor is the front-runner to be the next leader of the coalition government’s second-biggest party.
Security
US Navy photo by Mass Communication Specialist Seaman Apprentice Daniel Kimmelman/Handout via Reuters
Stringer/Reuters
Valentyn Ogirenko/Reuters
Tensions flare between US, Iran ahead of nuclear talks
An American jet shot down an Iranian drone in the Arabian Sea, and Iranian boats tried to block a US-flagged tanker.
US Navy photo by Mass Communication Specialist Seaman Apprentice Daniel Kimmelman/Handout via ReutersRussian attacks on Ukraine cast doubt on peace talks
Ukrainian President Volodymyr Zelenskyy said the latest strikes showed that Russia does not “take diplomacy seriously.”
Stringer/ReutersRussian 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/ReutersMedia
Annabelle Gordon/Reuters
Washington Post to make ‘significant’ cuts
The paper is beginning “a broad strategic reset with a significant staff reduction,” Washington Post executive editor Matt Murray said.
Annabelle Gordon/ReutersPodcast brand Kaleidoscope staffs up
The company is filling out its executive ranks as it hopes to break further into video.
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.
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