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Politics
Trump takes his second swing at Fed’s Cook
The developments are already stoking fears of diminishing Federal Reserve independence.
Africa’s dealmakers bet on IPO wave
Dangote’s $5B refinery IPO could anchor a flurry of listings and M&A — and test whether Africa can turn renewed dealmaking into deeper, more liquid markets.
Africa’s dealmakers bet on IPO wave
Dangote’s $5B refinery IPO could anchor a flurry of listings and M&A — and test whether Africa can turn renewed dealmaking into deeper, more liquid markets.
View / Google doesn’t need the LLM crown
View / The US has a sanctions problem
The World at a Glance
Updated 9:16am EDT
1
Private-sector loan defaults hit their highest level in at least five years, a major stres test for the growing industry.
2Egypt could be the latest addition to the Mecca defense pact, which would commit members to jointly retaliate against attacks on any of them.
3US is “low-keying it” on Iran, Trump said, as he waits for it to buckle under economic pressure rather than pressing for a deal.
4China evacuated more than a million people as its strongest storm so far this year, Typhoon Dolphin, hit the country.
5Western Europe recorded its hottest summer ever, with the region suffering repeated heatwaves, wildfires, and near-constant drought.
6President Donald Trump’s efforts to quiet two conflicts faced setbacks as both Israel and Iran raised new obstacles.
South Africa’s DA sets sights on financial capital
The Democratic Alliance party promised to end political patronage as it targets Johannesburg voters ahead of November’s local government polls.
Republicans punt Trump’s difficult agenda to fall
Next month, Senate Majority Leader John Thune will try to consider bipartisan bills on cryptocurrency regulation and college sports, and possibly take the next step in a party-line spending bill that could include voter ID language.
Trump is still searching for a way out of Iran
Washington is unlikely to accept Iran’s latest list of demands to reopen the Strait of Hormuz.
Democratic establishment uses a ‘vulnerability’ attack on the left
Rep. Angie Craig is warning that fraud investigations could dog her progressive rival for Minnesota Senate, and she’s not alone.
Spotify’s new ‘skip’ button could end the podcast business as we know it
The Swedish streaming giant cast the move as streamlining a feature that already exists, the Spotify app’s 15-second skip button.
The secret ingredients powering AI chatbots
Some US companies are disclosing they use a cocktail of AI, including some Chinese open-source models, to build custom consumer-facing tools.
Schumer sees Senate map expanding deeper into red territory
The Democratic leader’s chosen candidates lost in two primaries. But he told Semafor he’s only adding to his midterm target list.
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Politics
Trump takes his second swing at Fed’s Cook
The developments are already stoking fears of diminishing Federal Reserve independence.
Kevin Lamarque/Reuters
Republicans punt Trump’s difficult agenda to fall
Next month, Senate Majority Leader John Thune will try to consider bipartisan bills on cryptocurrency regulation and college sports, and possibly take the next step in a party-line spending bill that could include voter ID language.
Elizabeth Frantz/Reuters
Trump is still searching for a way out of Iran
Washington is unlikely to accept Iran’s latest list of demands to reopen the Strait of Hormuz.
Daniel Heuer/Reuters
Blanche confirmed as attorney general
The US Senate confirmed Todd Blanche as attorney general Saturday, granting Donald Trump an ally to lead the Justice Department as the president seeks greater control over the federal government.
Trump unveils new critical minerals investments
The projects include a $1.4 billion loan for batteries, a $400 million loan for scandium, and a $150 million loan for magnets, plus $58 million in Export-Import Bank financing for graphite and boron.
Democratic establishment uses a ‘vulnerability’ attack on the left
Rep. Angie Craig is warning that fraud investigations could dog her progressive rival for Minnesota Senate, and she’s not alone.
US shed 23,000 jobs in July
Labor Department data paints an unexpectedly bleak picture in July.
Miller’s opponent takes a Sanders-esque view of scandal
Brian Poindexter told Semafor that he believes voters want him focused on the cost of living, not his opponent.
Schumer sees Senate map expanding deeper into red territory
The Democratic leader’s chosen candidates lost in two primaries. But he told Semafor he’s only adding to his midterm target list.
Senate finalizes deal on Russia sanctions
The Senate is back in session after senators made progress on a voting deal to go on August recess — but didn’t fully clinch it.
Tennessee Republican booted in primary upset
Tennessee voters ousted Rep. Andy Ogles in Thursday’s primary, despite his endorsement by President Donald Trump.
Business
Private-sector loan defaults hit record high
Most defaults are in healthcare, but there are concerns this could spread to software, which makes up 20% of lending.
Andrew Kelly/Reuters
Weak jobs report not cause for panic, analysts say
Still, the economic picture could pose a political problem for Republicans in the midterms.
Cash-strapped borrowers turn to scrip
The Boston Fed found that over the past four years “pay-in-kind” arrangements rose from 6% to 10% of portfolios at the most common type of private-credit fund, known as a BDC.
Elon Musk rattles the telecom industry
On SpaceX’s earnings call this week, the company confirmed Semafor’s earlier reporting that it planned to move into the mobile business.
Masa Son doubles down on AI bets
The SoftBank CEO is using borrowed money and financial sleight-of-hand to double down on the AI boom.
Technology
Tech IPOs set up windfall for effective-altruist philanthropy
A surge in AI-related wealth stemming from anticipated tech IPOs is poised to shower Silicon Valley’s favorite philanthropic movement with tens of billions of dollars.
Eduardo Munoz/Reuters
Apple tests Chinese memory chips
Apple is testing memory chips from China’s CXMT across its product lines, including iPhones and MacBooks, as global tech reckons with an AI-induced memory shortage.
Maxim Shemetov/Reuters
Open-weight AI models are catching up to the frontier, analysis finds
The leading open-weight AI models are closing the gap on the frontier in cyber capabilities, according to the UK’s AI Safety Institute.
Google doesn’t need the LLM crown
Whoever stands atop the AI race podium isn’t the main point anymore.
Hacks put pressure on third-party model testers
Models from Meta, Anthropic, and OpenAI all accessed the internet and compromised outside organizations while undergoing cybersecurity testing with AI evaluation company Irregular.
AI avatars enter the job interview
For some job candidates, using AI in the application process is a reaction to a system that’s grown more machine than human.
Energy
Argentina’s fossil fuels boom gains momentum
Argentina’s shale output is up 28% year-on-year as the country’s pivot to become an energy supplier gather pace.
Agustin Marcarian/File Photo/Reuters
The US has a sanctions problem
Tehran and Muscat are scrapping over who will control the Strait of Hormuz, but for ships to actually start moving, it will require a new deal with Washington and a rethinking of US sanctions.
Stringer/Reuters
Emissions-tracking startups see M&A opportunities
Both the US and the EU have scaled back corporate emissions reporting requirements, which ASUENE CEO Kohei Nishiwada believes is a good time to push for growth.
Carlos Osorio/Reuters
Gulf
UAE establishes mandatory pet register as ownership soars
Failure to register a prize pooch with the Department of Municipalities and Transport can now cost owners 1,000 dirhams ($272) per animal.
Rula Rouhana/Reuters
DP World taps into higher demand in Western Europe
The Dubai-owned logistics giant plans to build a logistics hub in the Port of Antwerp set to cost up to €100 million ($116 million).
Dubai developers ride out property slowdown
Five months into the US-Iran war, activity has slowed, but prices have remained more stable.
Domestic market lifts ADNOC Gas amid export decline
Local demand is rising due to population growth, expanding petrochemical and industrial use, and new data centers.
Yemen conflict risks reigniting following Houthi strikes on Saudi Arabia
The Houthis fired on the southern Saudi region of Najran last week and on Saudi Aramco’s Jazan refinery on Sunday.
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
Fridge-free vaccines could prompt Africa immunization breakthrough
Vaccines that can be stored without refrigeration have been successfully trialed in patients for the first time.
Francis Kokoroko/Reuters
AI boosting cybercrime in Africa, warns Interpol
AI enabled 55% of reported cybercrimes across the continent in 2025.
A warning painted on a house in Lagos referring to a popular property scam. Akintunde Akinleye/Reuters.
AfCFTA signs $3.1B deal to deploy new customs system
The deal with Nigerian company Bergmans Security Consultants aims to improve trade across Africa.
Tanzania, Uganda agree plans for East African energy hub
The two countries signed an agreement with Vitol, the world’s largest independent oil trader, to transform Tanzania’s Tanga Port.
South Africa’s DA sets sights on financial capital
The Democratic Alliance party promised to end political patronage as it targets Johannesburg voters ahead of November’s local government polls.
Africa’s dealmakers bet on IPO wave
Dangote’s $5B refinery IPO could anchor a flurry of listings and M&A — and test whether Africa can turn renewed dealmaking into deeper, more liquid markets.
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
Spotify’s new ‘skip’ button could end the podcast business as we know it
The Swedish streaming giant cast the move as streamlining a feature that already exists, the Spotify app’s 15-second skip button.
Screenshot/Max Tani/Semafor; Brendan McDermid/Reuters; Lucas Jackson/Reuters
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.
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.
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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