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Intelligence for the New World Economy
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Politics
How Trump became the president of Washington, DC
The president’s obsession with the nation’s capital is growing as he reaches the limits of presidential power.
Republicans plot to counter Democrat probes
The GOP could rely on the threat of parallel probes by the Trump administration to power the House minority’s congressional investigations.
Republicans plot to counter Democrat probes
The GOP could rely on the threat of parallel probes by the Trump administration to power the House minority’s congressional investigations.
Meta money grab is a plea to investors: Stick with us
View / Africa’s aid addiction was never Washington’s to fix
The World at a Glance
Updated 7:01pm EDT
1
Tesla’s European sales have recovered as rising fuel prices outweigh consumers’ dislike for CEO Elon Musk.
2The US and China are moving toward reducing tariffs on each other’s agricultural products, as the trade relationship eases into relative stability.
3A heat wave gripping the US is putting pressure on an already-strained energy grid.
4The US snapped its hiring hot streak in June, a weakening that will complicate the Fed’s path forward on interest rates.
5The leaders of India and Japan pledged to strengthen economic ties, as cross-border dealmaking picks up between the two Asian nations.
6Pope Leo XIV excommunicated at least 750 priests belonging to the ultraconservative Society of St. Pius X, a rare move.
US jobs data changes Warsh’s game
Employers added 57,000 jobs last month, about half of what economists had expected.
Trump Accounts rollovers expected post-launch
Experts estimate that more than half of the children eligible to receive $1,000 in seed money for Trump Accounts still have not enrolled.
Spanish immigration amnesty drew 1.2M applicants
Madrid is unusual in Europe in maintaining an open immigration policy.
Prediction market fraud fears grow on suspicious wagers
Spotify asked Kalshi and Polymarket to remove its logo from their sites after users allegedly manipulated data.
Blue Owl hit by billions in redemptions — again
Investors asked for slightly less of their money back than last quarter but remain shaky on private credit.
Gulf sovereign funds on track for record year
Sovereign wealth funds from the region invested $53.9 billion across 108 transactions in the first half of 2026, an all time high.
Israel emerges as new Democratic litmus test
Democratic incumbents trying to run on holding Trump accountable are losing to progressive challengers willing to criticize Israel support.
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Politics
How Trump became the president of Washington, DC
The president’s obsession with the nation’s capital is growing as he reaches the limits of presidential power.
Photo Illustration: Joey Pfeifer/Semafor; Photos: Samir Hussein/Pool via Reuters; Aaron Schwartz and Kevin Lamarque/Reuters
Republican committee chair criticizes Zimbabwe leader’s power grab
President Emmerson Mnangagwa is already facing pressure in Washington.
Al Drago/Reuters
Democratic group offers Colorado primary postmortem
The Congressional Hispanic Caucus’ political arm is taking a victory lap after its preferred candidate, progressive Manny Rutinel, won a competitive Colorado primary this week.
Elizabeth Frantz/Reuters
Republicans plot to counter Democrat probes
The GOP could rely on the threat of parallel probes by the Trump administration to power the House minority’s congressional investigations.
Trump Accounts rollovers expected post-launch
Experts estimate that more than half of the children eligible to receive $1,000 in seed money for Trump Accounts still have not enrolled.
Israel emerges as new Democratic litmus test
Democratic incumbents trying to run on holding Trump accountable are losing to progressive challengers willing to criticize Israel support.
Trump’s financial disclosure complicates crypto bill talks
News that the president made more than $1 billion from cryptocurrency while in office has emboldened Senate Democrats.
Warsh keeps his interest rate cards close
He told attendees of the European Central Bank Forum on Wednesday that attempts to get him to “break this rule” were “going to fail.”
Lawmakers want rideshare liability shield dropped
A bipartisan group objected to an amendment sponsored by Rep. Vince Fong, R-Calif., that would limit rideshare companies’ vicarious liability,
The decline of the impeachment voter, and other midterm lessons so far
The first half of the 2026 primary season has seen progressives — and Trump — win big.
El-Sayed unloads on media, Democratic criticism
The Michigan Senate candidate rising in the polls talks to Semafor.
Business
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
The MSCI boss helping Elon Musk get closer to Mars
Henry Fernandez says the index provider has grown by playing soccer, not singles tennis.
Prediction market fraud fears grow on suspicious wagers
Spotify asked Kalshi and Polymarket to remove its logo from their sites after users allegedly manipulated data.
India, Japan deepen business ties
The leaders of India and Japan pledged Thursday to strengthen economic ties, as cross-border dealmaking picks up between the two Asian nations.
Tesla’s Europe sales rebound
The US carmaker was overtaken by BYD last year as the world’s biggest EV manufacturer.
Technology
Apptronik turns robot simulations into reality
The company will share findings with Google DeepMind and integrate data into Gemini robots.
The Apptronik Robot Park. Courtesy of Apptronik.
US death rate hits record low
A collapse of drug overdose deaths was the main driver.
Adria Malcolm/Reuters
OpenAI considers giving US government 5% stake
The move comes as the question of how to redistribute AI windfalls is being debated on either side of the political aisle.
Anthropic rolls back China tracking code
A cybersecurity newsletter reported that the Claude Code feature covertly tracked and transmitted information based on a user’s timezone and potential connection to certain Chinese tech companies.
Europe should build AI – and fear it, too
If Europe doesn’t change course on AI, it risks becoming an economic backwater, asset-stripped and descending into anarchy, according to the research project Europe 2031.
Gavin Newsom treads the line
As politicians attempt to rein in the power of the tech companies, they’re increasingly relying on AI products.
Energy
US heat wave strains grid
A heat wave gripping the US this week is putting pressure on an already-strained energy grid.
Jordan Tovin/Reuters
Russia faces growing fuel shortage
President Vladimir Putin acknowledged this week that Ukrainian drone attacks on Russian refineries had triggered fuel shortages, but downplayed the severity of a crisis.
Alexander Ermochenko/Reuters
Renewed oil flows give US leverage
The future of the Strait of Hormuz is hanging over the indirect talks in Qatar this week.
Stringer/File Photo/Reuters
Gulf
Gulf sovereign funds on track for record year
Sovereign wealth funds from the region invested $53.9 billion across 108 transactions in the first half of 2026, an all time high.
UAE’s IHC and Adani ink $11.5B aluminum deal
The agreement, to jointly build an aluminum complex in eastern India, is the latest sign of growing ties between the UAE and India.
US asset manager to launch Sharia-compliant credit fund
Principal looks to tap demand from Islamic investors in the Gulf and Asia for US private credit.
Renewed oil flows give US leverage
The future of the Strait of Hormuz is hanging over the indirect talks in Qatar this week.
UAE oil exports hit a high amid Iran war
The country took advantage of its exit from OPEC and skirted Iranian threats in the Strait of Hormuz.
China
US, China trade dynamic stabilizes
The US and China are moving toward reducing tariffs on each other’s agricultural products.
P.J. Huffstutter/Reuters
Anthropic rolls back China tracking code
A cybersecurity newsletter reported that the Claude Code feature covertly tracked and transmitted information based on a user’s timezone and potential connection to certain Chinese tech companies.
Yves Herman/Reuters
How climate affects US-China competition
Extreme weather — and mitigation against it — will shape the future of competition between the US and China, two experts wrote in Foreign Affairs.
Maxim Shemetov/Reuters
Africa
Africa’s aid dependency was never Washington’s to fix
The end of USAID exposes a harder truth: decades of resource wealth never built the institutions aid was covering for.
Sodiq Adelakun/Reuters
Africa’s vaccine sovereignty goal is set for its biggest hurdle
As Gavi prepares the first payouts from its $1.2 billion manufacturing program, the challenge shifts from financing factories to securing long-term demand.
Esa Alexander/Reuters
The danger of South Africa’s fragile anti-migrant protests
The country’s major cities saw anti-migrant demonstrations that were largely devoid of violence, but there were promises of more protests.
Rising fuel costs boost African EV sales
In most African markets, Chinese EVs cost the same as their internal combustion engine alternatives, according to research firm BMI.
Nairobi, Kigali sign fuel import agreements
Landlocked Rwanda relies almost entirely on overland transit of fuel from ports in Kenya and Tanzania.
World Bank lends $750 million to Kenya
The financing will help Kenya fund a $37 billion budget, a third of which is allocated to servicing the country’s nearly $100 billion debt.
Security
Russia retaliates with Ukraine strikes
Ukrainian officials have warned residents to guard against further strikes as Russia lashes out.
Stringer/Reuters
South Africa braces for wave of anti-migrant violence
Thousands of migrants are fleeing South Africa as the country braces for violence after an anti-immigrant group set a Tuesday deadline for all undocumented migrants to leave.
Ihsaan Haffejee/Reuters
Putin acknowledges ‘difficult period’ as Ukraine ramps up attacks
Kyiv struck a Russian defense plant and set fire to a major oil refinery as part of its efforts to weaken Moscow’s wartime economy.
Stringer/Reuters
Media
Daily Wire, under pressure, seeks strategic investors, targets IPO
The Daily Wire is in talks to take on at least $100 million in investment, with an eye on an initial public offering in a few years’ time.
REUTERS/Cheney Orr
OpenAI’s $100 billion ad bet
The tech giant rolled out new tools for creatives.
The Atlantic beefs up its video podcasts
One of America’s oldest magazines is investing in video after seeing notable growth in its audience.
David Droga on AI and the end of ‘mediocre’ human-made ads
As he sees it, the advertising industry is in the throes of a profound technological shift.
Conservatives make the case for right-wing ads at Cannes Lions
The Daily Wire and others are offering an overtly partisan alternative to advertising gatherings that often stay far away from politics.
CEO Signal
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
The MSCI boss helping Elon Musk get closer to Mars
Henry Fernandez says the index provider has grown by playing soccer, not singles tennis.
Courtesy of MSCI/Graph Massara/Semafor
How Antonio Neri turned HPE into an unlikely AI stock
The veteran dealmaker says he’s ‘building the best networking business on the planet’.
Courtesy of HPE/Graph Massara/Semafor
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