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Intelligence for the New World Economy
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The World at a Glance
Updated 5:40pm EST
1
China will limit the imports of Nvidia’s advanced H200 chips after the US greenlit sales, as Beijing bolsters its domestic semiconductor industry.
2US President Donald Trump called European leaders “weak,” intensifying rancor between the allies after Washington’s new security doctrine excoriated the EU.
3India’s IPOs hit a record $19.6 billion this year, despite lackluster market performance and foreign investor retreats.
4The second phase of a US-backed peace plan for Gaza is facing challenges over the enclave’s reconstruction — and who will fund it.
5Australia’s youth social media ban — the world’s first — came into effect, with governments and Big Tech watching its effects closely.
6Volodymyr Zelenskyy ruled out ceding territory to Russia, possibly torpedoing a US-backed ceasefire proposal and straining relations with Washington.
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%.
Kevin Lamarque/File Photo/ReutersTrump says Nvidia can sell powerful H200 AI chips to China
The decision will open up a huge market for the chipmaker while ensuring US technology remains the standard worldwide.
Evelyn Hockstein/ReutersWhy Steve Witkoff’s sway is unshakable
Russia hawks prefer Marco Rubio, but anyone looking for palpable friction on President Donald Trump’s foreign policy team will likely stay disappointed.
Drew Angerer/AFP via Getty ImagesInvestors warm to Paramount’s bid for Warner Bros.
David Ellison and his team impressed Warner Bros. investors with their pitch — and their price tag.
Brendan McDermid/ReutersAD
Trump elevates fossil fuels in national security plan
The White House’s new National Security Strategy ignores a key source of China’s strength.
Bing Guan/File Photo/ReutersFederal Reserve kicks off meeting ahead of expected rate cut
Gathering policymakers must grapple with internal divisions and a host of other issues.
Aaron Schwartz/Reuters AI regulation delays plague Congress
President Donald Trump’s threat to ban state AI regulation could prompt action.
Annabelle Gordon/Reuters
Politics
Kris Tripplaar/Semafor 
Kris Tripplaar/Semafor
Annabelle Gordon/Reuters
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.”
Kris Tripplaar/Semafor GOP governor criticizes Trump’s efforts to block wind energy: ‘Disappointing’
Oklahoma Gov. Kevin Stitt said he has raised the issue in conversations with Energy Secretary Chris Wright.
Kris Tripplaar/SemaforVoters back alternative assets in 401(k)s, poll shows
Lawmakers are skeptical of the policy, however.
Annabelle Gordon/ReutersFederal Reserve kicks off meeting ahead of expected rate cut
Gathering policymakers must grapple with internal divisions and a host of other issues.
Why Steve Witkoff’s sway is unshakable
Russia hawks prefer Marco Rubio, but anyone looking for palpable friction on President Donald Trump’s foreign policy team will likely stay disappointed.
AI regulation delays plague Congress
President Donald Trump’s threat to ban state AI regulation could prompt action.
Cornyn welcomes ‘gift’ of Crockett campaign in Texas
Jasmine Crockett entered the Senate race on the Democratic side as Colin Allred bowed out.
Architects of the New Economy 2025: Washington DC
The new voices shaping economic policy and power in Washington.
Obamacare more popular with Americans than ever, poll finds
Fifty-seven percent of US adults approve of the Affordable Care Act, according to new polling from Gallup and West Health.
How Scott Bessent took over the global economy
The 63-year-old hedge fund manager alpha-ed his way past figures like Elon Musk to become the administration’s defining economic figure.
Congress lines up defense bill for possible vote this week
Lawmakers released text Sunday that would limit the administration’s ability to withdraw troops from Europe.
BusinessBrendan McDermid/Reuters
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.
Brendan McDermid/ReutersAbu 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%.
Paramount’s Mideast financing doomed Warner Bros. Discovery auction bid
WBD’s board grew uneasy with how complicated Paramount’s offer became.
Finger-pointing in Washington as Paramount goes hostile
The Ellisons “leaned into the stereotypes” of a politicized regulatory process in its aggressive pursuit of Warner Bros.
TechnologyEvelyn Hockstein/Reuters 
Brian Snyder/Reuters
Trump says Nvidia can sell powerful H200 AI chips to China
The decision will open up a huge market for the chipmaker while ensuring US technology remains the standard worldwide.
Evelyn Hockstein/ReutersH-1B visa crackdown targets the wrong workers
Reforming an H-1B system long dominated by low-wage consulting firms could help the US retain elite global technologists.
Brian Snyder/ReutersCohere on ‘the right side’ of the AI bubble, CEO says
There is a right and a wrong side of the AI bubble, and Cohere is on “the right side” of it, CEO Aidan Gomez told reporters.
Estée Lauder enters AI beauty race with fragrance chatbot
Developed by Google Cloud, the bot prompts customers with questions about the kind of fragrance they are looking for, then provides recommendations.
Anthropic’s Dario Amodei on relationship-repair tour in DC
The Anthropic CEO discussed AI policy, export controls, and the importance of winning the AI race in Washington this week.
French AI startup Mistral goes small with stronger AI models
The smallest of the new models is tiny by LLM standards, but the company says it can outperform some models four times its size.
EnergyBing Guan/File Photo/Reuters 
Courtesy of Ampersand
Jon Nazca/Reuters
Trump elevates fossil fuels in national security plan
The White House’s new National Security Strategy ignores a key source of China’s strength.
Bing Guan/File Photo/ReutersAfrican e-mobility startup shifts strategy amid China competition
Ampersand’s move comes as Chinese competitors rush to African markets.
Courtesy of AmpersandAviation data providers helping to curb emissions
SITA, which counts Singapore Airlines and Air France-KLM among its customers, is helping airlines cut fuel use, its CEO told Semafor.
Jon Nazca/ReutersGulf
Hamad I Mohammed/Reuters
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.
Hamad I Mohammed/ReutersAbu Dhabi offers bespoke concierge services for global investors
The emirate’s government is partnering with a firm offering bespoke concierge services to ultra-high-net worth individuals.
Oil still defines Gulf capital flows
Oil prices remain the defining metric of the region’s future fortunes, even if their impact is not uniform across countries.
An Abu Dhabi startup to bring the wealth (and fees) home
Backed by Lunate and BNY Mellon, Alpheya’s platform gives banks the tools to modernize wealth management.
UAE-backed group seizes power across South Yemen
The UAE and Saudi Arabia have supported different groups in Yemen for years, but the latest developments bring their rivalry there to a new level.
Africa
Nigeria’s Minister of State for Petroleum Resources Ekperikpe Ekpo. Callaghan O’Hare/Reuters.
Siphiwe Sibeko/Reuters
Nigeria approves $128 million payment for gas debts
The arrears had stifled investment into the energy sector, and the settlement aims to restore confidence in the market.
Nigeria’s Minister of State for Petroleum Resources Ekperikpe Ekpo. Callaghan O’Hare/Reuters.South Africa opens first underground gold mine in 15 years
Australian company West Wits Mining inaugurated its Qala Shallows gold mine in Johannesburg on Thursday.
Siphiwe Sibeko/ReutersSouth Sudan’s mining sector held back by illegal practices: report
Swissaid, a Bern-headquartered NGO, said the country’s authorities have “failed to govern the sector effectively.”
Sudan Retold in London explores the country’s history through art
The show’s title is also the name of a newly released book about Sudan, updating an earlier edition published in 2019.
Trump didn’t blow up foreign aid — he’s trying to rebuild it in his own image
Washington’s $150M African expansion deal with Silicon Valley’s Zipline reveals its new “America first” approach to global assistance.
South Africa’s Vodacom buys Safaricom stake in $2.4B deal
Vodacom’s purchase will lift its stake to 55%, effectively giving it control of Kenya’s biggest company by market capitalization.
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.MediaKris Tripplaar/Semafor
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.”
Kris Tripplaar/Semafor 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.
In mad dash to stop Netflix-WBD deal, Paramount has ‘no juice’
Seemingly everyone hates that Netflix won out in the bidding war for Warner Bros. Discovery, but the Ellisons couldn’t stop it.
AI critics funded AI coverage at top newsrooms
A behind-the-scenes media war over coverage of AI reflects a deep split inside the tech community.
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