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View / In the coming energy glut, solar will outshine LNG
Democrats fighting to preserve states’ ability to regulate AI
The World at a Glance
Updated 10:20am EST
1
The US added more jobs than expected in September, but the unemployment rate rose and August’s numbers were revised down.
2Donald Trump reportedly approved a covert CIA operation inside Venezuela that could lead to a broader military campaign.
3India is racing to stockpile Russian oil before US sanctions on Moscow’s biggest oil firms take effect tomorrow.
4Chinese officials are considering a major new stimulus package for the country’s ailing real estate sector.
5The US Bureau of Labor Statistics said October’s jobs report would not be released because of the government shutdown.
6Donald Trump and Saudi Crown Prince Mohammed bin Salman agreed to jointly develop a rare earths refinery in Saudi Arabia.
Senate struggles toward a health care deal
There are no official negotiations going on yet, just informal talks with Republicans.
Kylie Cooper/ReutersTrump’s deals with Saudi are a two-way street
Saudi Arabia’s economic transformation intersects with the business interests of the first billionaire US president.
Brian Snyder/ReutersSouth Africa’s digital minister rejects preferential treatment for Starlink
Digital Minister Solly Malatsi said that foreign firms should not be allowed to leapfrog local requirements.
South Africa’s Digital Minister Solly Malatsi. Semafor.Saudi firm backs US AI startup’s $900 million fundraise, investment in Saudi Arabia
State-backed HUMAIN led the Luma AI funding round and will develop a 2GW compute cluster for the Silicon Valley firm in Saudi Arabia.
Luma’s co-founder Amit Jain. Courtesy of Luma.AD
Congress mimics Trump’s Saudi embrace
Even many Democrats shifted their focus from past bipartisan worries over human rights as Crown Prince Mohammed bin Salman arrived.
Jessica Koscielniak/ReutersSouth Africa’s G20 struggles haven’t all been for nothing
Pretoria has had a tough few weeks with the US’ dramatic withdrawal from the G20 summit, and the no-show from China’s leader.
Leah Millis/ReutersUS pushes through new series of oil and gas deals
Saudi Aramco is expected to sign two deals to import US liquefied natural gas.
Brian Snyder/File Photo Preview/Reuters
Politics
Kent Nishimura/File Photo/Reuters
Evelyn Hockstein/ReutersKylie Cooper/Reuters
Some US economic data lost for good because of shutdown
An information shortfall will likely make economic policymaking much harder.
Kent Nishimura/File Photo/ReutersTrump, MBS agree to develop rare earths refinery in Saudi Arabia
An American minerals firm will partner with Riyadh’s state-owned mining company to supply both countries’ manufacturing and defense industries.
Evelyn Hockstein/ReutersSenate struggles toward a health care deal
There are no official negotiations going on yet, just informal talks with Republicans.
Kylie Cooper/ReutersSaudi leader’s Washington visit has plenty of fanfare but few details
One clear theme of the US-Saudi business summit: the importance of exporting US tech to the global AI race.
Democrats start falling for risk-takers as their early 2028 conversation begins
In the aftermath of the shutdown and the party’s successful off-year elections, the Democrats who’ve taken the biggest risks have seen the biggest benefits.
Democrats fighting to preserve states’ ability to regulate AI
The issue is roaring back to life during defense bill talks after President Donald Trump urged Republicans to act; the Senate had voted 99-1 against a state-level moratorium.
Trump and MBS solidify US-Saudi ties at White House visit
Washington designated Saudi Arabia a major non-NATO ally, while Riyadh pledged to invest $1 trillion in the US.
Measure allowing senators to sue DOJ splits Republicans
Senate Republicans are divided over whether to repeal the language, which was inserted in last week’s spending deal.
Congress mimics Trump’s Saudi embrace
Even many Democrats shifted their focus from past bipartisan worries over human rights as Crown Prince Mohammed bin Salman arrived.
Epstein files bill suddenly speeding to Trump’s desk
The overwhelming House vote on Tuesday sets the stage for a likely Senate passage as soon as this week.
Conflict with China would devastate pharmaceutical supply chain, Biden’s drug czar says
“It will be like having car factories without car parts,” Dr. Rahul Gupta said at Semafor’s Future of Health Forum.
Business
Vincent Alban/Reuters
US sees unexpected hiring surge in September, though concerns remain
The long-delayed September jobs report showed that 119,000 jobs were added, while 4,000 jobs were lost in August.
Vincent Alban/ReutersChina considers stimulus package for battered real estate sector
Beijing is for the first time considering options such as mortgage subsidies and lowering home transaction costs to reverse the years-long slump.
Some US economic data lost for good because of shutdown
An information shortfall will likely make economic policymaking much harder.
Trump’s SEC entices corporate America to defy shareholders
SEC Chair Paul Atkins said the agency will “not respond to… and express no views on” companies’ decisions to exclude shareholder proposals from corporate ballots.
Economists spar over Lina Khan’s plan to cut stadium beer prices
The former FTC commissioner’s role in NYC Mayor-elect Zohran Mamdani’s affordability efforts is part of a new romance with price controls.
Technology
Evelyn Hockstein/Reuters
Courtesy of Abu Dhabi Autonomous Racing League
MBS’ visit heralds in tech deals
AWS, Nvidia, and xAI are among the US companies that announced deals with Saudi government-backed HUMAIN.
Evelyn Hockstein/ReutersAI race cars are catching up to human drivers
Only 1.6 seconds separated the best laps of the human racer and the autonomous vehicle.
Courtesy of Abu Dhabi Autonomous Racing LeagueTrust in AI higher for China, Brazil residents than for Americans
Individuals from Brazil and China are more likely to believe AI will solve environmental, mental health, and financial challenges, Edelman report shows.
Anthropic, Microsoft, Nvidia expand funding wheel
Anthropic has agreed to purchase $30 billion in Microsoft Azure, Nvidia will invest up to $10 billion in Anthropic, and Microsoft up to $5 billion in the startup.
US warns of China quantum security risk
A congressional commission’s report cited China’s central planning as the reason its quantum communication technology is so advanced.
Investors eye Nvidia results amid bubble fears
Markets have suffered sharp losses in recent days on growing fears of an AI bubble.
Energy
Gleb Garanich/Reuters
China Daily via Reuters
Bing Guan/Reuters
Ukraine seeks $44B from Russia for war-related carbon emissions
Kyiv said the claim would cover emissions from the fossil fuels and emissions-heavy commodities like cement and steel used in fighting the war, among others.
Gleb Garanich/ReutersIn the coming energy glut, solar will outshine LNG
China and the US have competing visions for the future of energy, and Beijing is looking like the safer bet.
China Daily via ReutersUS EV sales hit record high as incentives end
Investments in clean energy and transportation hit $75 billion in the US in the third quarter of this year, a Rhodium report found.
Bing Guan/ReutersGulfEvelyn Hockstein/Reuters
Trump, MBS agree to develop rare earths refinery in Saudi Arabia
An American minerals firm will partner with Riyadh’s state-owned mining company to supply both countries’ manufacturing and defense industries.
Evelyn Hockstein/ReutersSaudi firm backs US AI startup’s $900 million fundraise, investment in Saudi Arabia
State-backed HUMAIN led the Luma AI funding round and will develop a 2GW compute cluster for the Silicon Valley firm in Saudi Arabia.
Trump’s deals with Saudi are a two-way street
Saudi Arabia’s economic transformation intersects with the business interests of the first billionaire US president.
Trump and MBS solidify US-Saudi ties at White House visit
Washington designated Saudi Arabia a major non-NATO ally, while Riyadh pledged to invest $1 trillion in the US.
Saudi wealth does have a bottom. Trump is about to find it.
The kingdom’s crown prince arrives in Washington in search of deals, to meet with a president who wants the same. Where does the money come from?
Africa
South Africa’s President Cyril Ramaphosa. Siphiwe Sibeko/Reuters.
Semafor
Future of multilateralism in question at G20
The issue dictates how businesses approach global expansion to political issues surrounding migration and trade diplomacy.
South Africa’s President Cyril Ramaphosa. Siphiwe Sibeko/Reuters.South Africa must avoid the ‘weaponization of trade’: special envoy
Mcebisi Jonas, a former deputy finance minister, said the country must diversify its commercial ties and protect itself from the fallout of a global transition away from multilateralism.
SemaforAI fintech Optasia eyes major Africa expansion
The company uses machine learning to provide micro-financing and mobile phone credit to people who often don’t have traditional bank accounts.
Africa needs more green financing to unlock growth: report
Productivity growth in Angola, Nigeria, South Africa, and Zambia has slowed over the last decade, S&P noted.
South Africa’s digital minister rejects preferential treatment for Starlink
Digital Minister Solly Malatsi said that foreign firms should not be allowed to leapfrog local requirements.
South Africa’s G20 struggles haven’t all been for nothing
Pretoria has had a tough few weeks with the US’ dramatic withdrawal from the G20 summit, and the no-show from China’s leader.
Security
Ukrainian President Volodymyr Zelenskyy via Telegram/Handout via Reuters
KPRM/Handout via Reuters
U.S. Navy/Petty Officer 3rd Class Gladjimi Balisage/Handout via Reuters
US officials scramble to revive Ukraine peace talks
The Trump administration has been secretly working with the Kremlin on a new peace plan, Axios reported.
Ukrainian President Volodymyr Zelenskyy via Telegram/Handout via ReutersPoland calls train explosion ‘sabotage,’ implying Russian involvement
The incident was the latest in a series of episodes across Europe for which authorities have suggested Moscow was responsible.
KPRM/Handout via ReutersTrump threatens more strikes across Latin America
The US president said yesterday he would be “proud” to extend attacks to include land targets in Colombia, Mexico, and Venezuela.
U.S. Navy/Petty Officer 3rd Class Gladjimi Balisage/Handout via ReutersMedia
Thomas Fuller/SOPA Images/LightRocket via Getty Images
Vox to partner with Patreon for new paywalled shows
Vox said it hopes to supplement its shows with live newsroom conversations and community features such as chats.
Thomas Fuller/SOPA Images/LightRocket via Getty ImagesThe old MSNBC relaunches into a new media world
The network, now called MS NOW, is in the midst of its biggest gamble since it launched in 1996.
An unpublished profile raises questions about Epstein — and journalism
Buried deep in the House Oversight Committee’s recent release of emails from Jeffrey Epstein’s inbox is an 8,684-word profile by the reporter Michael Wolff.
Comcast, Paramount, Netflix near bids for Warner Bros. Discovery
A frenetic pursuit for the last big chunk of media assets is entering its next stage.
BBC director general quits over Trump reporting
He resigned over a report suggesting the broadcaster had misleadingly edited a speech by US President Donald Trump.
CEO Signal
Sean Anthony Eddy/Getty
Merck/Joey Pfeifer/Semafor
Joey Pfeifer/Semafor
Yale study shows CEOs picked from within drive higher returns
Researchers say the performance gap should tell boards not to assume that an outside ‘savior’ will be better.
Sean Anthony Eddy/GettyBelén Garijo’s prescription for Germany’s Merck
The former doctor says long-term success stems from making hard decisions when the going is good.
Merck/Joey Pfeifer/SemaforHow Ariane Gorin sees AI writing Expedia’s third chapter
The former Microsoft executive says agents will not replace her travel site — if it can get its own technology right.
Joey Pfeifer/SemaforAD