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Intelligence for the New World Economy
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The World at a Glance
Updated 5:35pm EST
1
Hundreds of people in South Carolina were quarantined over a measles outbreak, as cases of the vaccine-preventable virus mount across the US.
2EU regulators raided e-commerce giant Temu’s Irish offices, as the bloc escalates scrutiny of Chinese firms suspected of receiving state subsidies.
3Eli Lilly said its new obesity drug helped trial patients shed 29% of their body weight, more than any existing medication.
4Disney struck a licensing deal with OpenAI to allow AI-generated videos featuring the entertainment giant’s IP.
5The top US trade negotiator voiced frustration over the EU’s treatment of top Silicon Valley firms, highlighting growing transatlantic tensions.
6ChatGPT-maker OpenAI is under growing pressure as its rivals, especially Google, catch up.
US House to vote on expanding access to private markets
Financial Services Chair French Hill is optimistic about the proposals advancing this time.
Ken Cedeno/ReutersWhat comes after the failed Senate health vote
US lawmakers are largely skeptical of the prospect of talks following the vote on enhanced subsidies Thursday.
Evelyn Hockstein/ReutersSenior White House aide: Americans will feel better about the economy in early 2026
Deputy chief of staff James Blair told Semafor that “the fundamentals of the economy are good” as he predicted positive effects from tax season.
Screenshot/SemaforHawley skewers his fellow Republicans for failing Trump
The Missouri senator told Semafor the president’s party isn’t following through on his agenda.
Screenshot/SemaforAD
How Rubio donned the ‘MAGA Halo’
The secretary of state is still a politician — so, when he nudges the president, he does so very delicately.
Kevin Dietsch/Getty Images‘Sometimes not liquid at all’: Carlyle CEO on private capital’s retail push
In a true run for the exits, it could take investors years to get their money back. “We need to be very, very clear about the expectations,” Harvey Schwartz
Courtesy of Abu Dhabi Finance WeekEmirates’ ambitions stir rivalries on Wall Street
XRG’s board scrapped plans for a partnership with Apollo to invest in AI and energy projects after pushback from Blackstone’s Jon Gray, people familiar with the matter said.
Hamad I Mohammed/Reuters
Politics
Jonathan Ernst/ReutersKen Cedeno/Reuters Evelyn Hockstein/Reuters
Republicans flounder on health care while Trump avoids specifics
The party is divided over whether to cut a bipartisan deal or go it alone, but the president’s imprimatur will be needed.
Jonathan Ernst/ReutersUS House to vote on expanding access to private markets
Financial Services Chair French Hill is optimistic about the proposals advancing this time.
Ken Cedeno/ReutersWhat comes after the failed Senate health vote
US lawmakers are largely skeptical of the prospect of talks following the vote on enhanced subsidies Thursday.
Evelyn Hockstein/ReutersSenior White House aide: Americans will feel better about the economy in early 2026
Deputy chief of staff James Blair told Semafor that “the fundamentals of the economy are good” as he predicted positive effects from tax season.
Hawley skewers his fellow Republicans for failing Trump
The Missouri senator told Semafor the president’s party isn’t following through on his agenda.
Democrats in crypto talks are working against the campaign-season clock
Digital assets super PACs are likely to start spending big against lawmakers standing in the way of an industry-sought deal.
How Minnesota reflects Democrats’ big divides
Peggy Flanagan talks to Semafor about her campaign against centrist Democrat Angie Craig.
China’s AI threat becomes bipartisan issue
“This is an issue that threatens our freedom if we allow China to overtake us on AI development,” Pennsylvania Gov. Josh Shapiro, a Democrat, said at a Semafor event Tuesday.
Democrats warn their party may try to unravel any Paramount-Warner Bros. Discovery deal
A new letter from Reps. Sam Liccardo, D-Calif., and Ayanna Pressley, D-Mass., also raised concerns about foreign investors’ involvement.
House lines up vote on annual defense bill
GOP leaders projected confidence that they’ll have enough support to move the National Defense Authorization Act.
Senate no closer to health care deal as Republicans remain split
Will there actually be dealmaking after the failed votes? We’ll see, said Senate Majority Leader John Thune.
BusinessHamad I Mohammed/Reuters
Emirates’ ambitions stir rivalries on Wall Street
XRG’s board scrapped plans for a partnership with Apollo to invest in AI and energy projects after pushback from Blackstone’s Jon Gray, people familiar with the matter said.
Hamad I Mohammed/Reuters‘Sometimes not liquid at all’: Carlyle CEO on private capital’s retail push
In a true run for the exits, it could take investors years to get their money back. “We need to be very, very clear about the expectations,” Harvey Schwartz
Investors warm to Paramount’s bid for Warner Bros.
David Ellison and his team impressed Warner Bros. investors with their pitch — and their price tag.
Abu Dhabi is the future of capitalism
The world’s top asset managers are convening in the city as the government commits billions of dollars to accelerate its ascent as a global financial hub.
Inflation, Fed stuck in place ahead of expected rate cut
The central bank is widely expected to cut interest rates tomorrow, despite inflation remaining closer to 3% than the Fed’s long-held target of 2%.
Technology
Courtesy of Google
Kris Tripplaar/Semafor
Google names new chief of AI infrastructure buildout
Amin Vahdat, a veteran leader at Google, will become chief technologist for AI infrastructure, according to the memo reviewed by Semafor, and report directly to CEO Sundar Pichai.
Courtesy of GoogleChina’s AI threat becomes bipartisan issue
“This is an issue that threatens our freedom if we allow China to overtake us on AI development,” Pennsylvania Gov. Josh Shapiro, a Democrat, said at a Semafor event Tuesday.
Kris Tripplaar/SemaforStartups bet on encrypted AI to win over privacy-wary users
One startup, NEAR AI, recently launched a platform hosting popular open-weight frameworks that encrypts all prompts and responses.
A new $75 AI ring finally gets hardware right
The Pebble Index, a ring that can record audio snippets, breaks new ground on the concept of simplicity.
Waymo opens up about safety tech as autonomous cars face scrutiny
In a blog post, Waymo reveals some details of its secret sauce to safety by describing its model architecture, including how it uses both fast- and slow-thinking AI to predict behaviors.
AI devices aim to detect deadly cow disease that costs industry $1B a year
The project, developed by US universities, is an ambitious example of how AI, wearables, and robotics could be applied to improve essential industries like farming.
Energy
Benoit Tessier/Reuters
Joel Angel Juarez
Susana Vera/Reuters
Exxon plans to cut low-carbon spending by a third
It’s the latest sign of a pullback on decarbonization across most big oil companies.
Benoit Tessier/ReutersLNG supply glut to give EU leverage on methane rules, report says
While the LNG market has been tight for the past few years, many new export terminals will come online soon, pushing the market to oversupply by 2028.
Joel Angel JuarezHalf of $1.2T climate adaptation funds should go to AC, report argues
Air conditioning is the most under-appreciated intervention, the McKinsey report says.
Susana Vera/ReutersGulfHamad I Mohammed/Reuters
Emirates’ ambitions stir rivalries on Wall Street
XRG’s board scrapped plans for a partnership with Apollo to invest in AI and energy projects after pushback from Blackstone’s Jon Gray, people familiar with the matter said.
Hamad I Mohammed/ReutersAbu Dhabi has become a ‘co-architect’ of global capital deals
Today’s Gulf countries still have cash — not to splash around, but to invest in projects that bring tangible benefits back home.
Saudi real estate giant Dar Global plans $4.2B project in Muscat
The project will include luxury residential units and hotels, shops, business parks, a marina, and cultural venues, targeting high-net worth individuals.
Abu Dhabi’s Mubadala says needs more compute to power AI push
The Abu Dhabi sovereign wealth fund increasingly relies on AI to screen deals, make investment decisions, monitor assets, and sell its own tech products.
Qatar launches $20B AI push to compete with Saudi, UAE
The new homegrown AI firm has a mandate to build the platforms and systems needed to speed up AI adoption across Qatar, its CEO said.
Africa
Jonathan Ernst/Reuters
Rogan Ward/Reuters
A ‘myopic’ approach to Africa in new US security strategy
The White House’s newly published National Security Strategy devotes just over half a page to Africa.
Jonathan Ernst/ReutersSouth Africa faces AGOA exclusion
Ties between Washington and Pretoria have sharply deteriorated during Trump’s second term.
Rogan Ward/Reuters$500-million Africa-focused infrastructure fund launched in Abu Dhabi
London-based Gemcorp, which focuses on emerging markets, said it will contribute up to $50 million to the fund and manage the projects.
South Africa’s MultiChoice reels from Netflix proposal
MultiChoice, Africa’s largest pay TV player, is already at risk of losing up to 12 WBD channels from its DStv platform if a new carriage agreement isn’t reached.
DR Congo secures $159 million loan for road upgrade
The road projects are meant to improve access to the Ngandajika Agro-Industrial Park.
African startups cross $3 billion in fundraising in 2025
It’s the highest total since 2023, signaling a rebound in investor activity.
Security
Leonardo Fernandez Viloria/Reuters
Ann Wang/Reuters
US Special Envoy Steve Witkoff. Sputnik/Kristina Kormilitsyna/Pool via Reuters.
Maduro strikes defiant tone amid rising US tensions
“Failure is not an option at this crucial juncture,” a sword-brandishing Maduro said in a fiery address to supporters in Caracas.
Leonardo Fernandez Viloria/ReutersTaiwan pledges extra $40B for defense to counter China threat
Tensions have ramped up in the region after Japan’s leader said Tokyo may intervene militarily if Beijing sought to invade Taiwan.
Ann Wang/ReutersUS envoy, Putin to discuss new Ukraine peace plan
US envoy Steve Witkoff is set to meet with Russian President Vladimir Putin next week.
US Special Envoy Steve Witkoff. Sputnik/Kristina Kormilitsyna/Pool via Reuters.Media
Andrew Harnik/Getty Images
Washington Post’s AI-generated podcasts rife with errors, fictional quotes
Errors in the Post’s new AI-generated podcasts have frustrated the paper’s journalists.
Andrew Harnik/Getty ImagesDemocrats warn their party may try to unravel any Paramount-Warner Bros. Discovery deal
A new letter from Reps. Sam Liccardo, D-Calif., and Ayanna Pressley, D-Mass., also raised concerns about foreign investors’ involvement.
Senator has ‘grave doubts’ about Netflix-WBD deal
Sen. Mike Lee, who sits on the Senate Judiciary Committee, said he wouldn’t be surprised if it gets “thwarted.”
Investors warm to Paramount’s bid for Warner Bros.
David Ellison and his team impressed Warner Bros. investors with their pitch — and their price tag.
Paramount’s Mideast financing doomed Warner Bros. Discovery auction bid
WBD’s board grew uneasy with how complicated Paramount’s offer became.
CEO Signal
Courtesy of ServiceNow/Joey Pfeifer/Semafor
The Manufacturing Institute/Joey Pfeifer/Semafor
Courtesy of New Balance/Joey Pfeifer/Semafor
How Bill McDermott’s ‘underdog desire’ drives ServiceNow
The enterprise software CEO sees AI creating ‘chaos’ inside some companies — and opportunities for his own.
Courtesy of ServiceNow/Joey Pfeifer/SemaforHow Saint-Gobain is getting US students to prize factory work
North America CEO Mark Rayfield says young Americans who visit its plants see that “it’s not your 1950s manufacturing job.”
The Manufacturing Institute/Joey Pfeifer/SemaforHow Joe Preston got New Balance back in the race
The sneaker brand’s CEO says problem-solving “sprint” teams have been key to turning around its revenues and reputation.
Courtesy of New Balance/Joey Pfeifer/SemaforAD