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Politics
Senate negotiations intensify on recess deal
“There’s some movement in the right direction,” Sen. Katie Britt, R-Ala., told Semafor.
View / Elon Musk rattles the telecom industry
View / The White House maintains a little obscurity for AI security
The World at a Glance
Updated 6:43pm EDT
1
Federal Reserve Chair Kevin Warsh has kept lines of communication with President Donald Trump open since taking the role.
2Mexican President Claudia Sheinbaum ruled out fracking in a key basin as the country strives to wean off US energy.
3Chinese tech giant ByteDance’s founder reportedly forbade AI researchers from distilling rival models.
4The success of Apple production facilities in India is boosting the country’s electronics industry.
5Iran and Oman are nearing a deal to open the Strait of Hormuz, raising hopes for an end to the war.
6An explosive-laden drone allegedly linked to Russia was found at a German airport, a sign of the increasing boldness of Kremlin aggression.
Deal to open Strait of Hormuz nears ‘final stages’
Iran and Oman are close to an agreement on a commercial route through the Strait of Hormuz, but dysfunction at the top of the Iranian regime is likely slowing talks.
Middle East ambassadorships sit vacant as Trump relies on special envoys
About half of the nations ensnared by the Iran conflict currently lack a Senate-confirmed leader of their US embassy.
Iran tightens grip on Strait of Hormuz
A new shipping route is likely to emerge out of the expected agreement between Tehran and Muscat this week, and the chokepoint’s relevance will likely remain.
Senate Democrats advise party to break out economic populism
Democrats should use Congress’ August recess to take on corporate interests, the four senators wrote.
Crypto’s top legislative priority slips in Senate
The industry needs a vote before November so it can deploy millions in political spending, but leaders have yet to line one up.
Pirro is still in trouble as Trump mulls her future
Others inside the administration are raising concerns about her, Semafor is told.
Republicans sense advantage in ‘target-rich’ Michigan
Even with President Donald Trump’s plunging popularity, they view the progressive Senate candidate Abdul El-Sayed as an opponent they can pick apart.
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Politics
Tennessee Republican booted in primary upset
Tennessee voters ousted Rep. Andy Ogles in Thursday’s primary, despite his endorsement by President Donald Trump.
Annabelle Gordon/Reuters
Senate negotiations intensify on recess deal
“There’s some movement in the right direction,” Sen. Katie Britt, R-Ala., told Semafor.
Nathan Howard/Reuters
Lawmakers urge Trump to impose Balkan sanctions
“We are deeply concerned by reports that current and former employees and associates of the Srebrenica Memorial Center have been summoned for questioning,” the senators wrote.
Kylie Cooper/Reuters
Middle East ambassadorships sit vacant as Trump relies on special envoys
About half of the nations ensnared by the Iran conflict currently lack a Senate-confirmed leader of their US embassy.
Americans turning to AI for financial advice but confidence low, poll shows
About 20% of Americans have recently used AI for financial advice, but their confidence in its expertise remains low.
Senate Democrats advise party to break out economic populism
Democrats should use Congress’ August recess to take on corporate interests, the four senators wrote.
Crypto’s top legislative priority slips in Senate
The industry needs a vote before November so it can deploy millions in political spending, but leaders have yet to line one up.
Pirro is still in trouble as Trump mulls her future
Others inside the administration are raising concerns about her, Semafor is told.
Republicans sense advantage in ‘target-rich’ Michigan
Even with President Donald Trump’s plunging popularity, they view the progressive Senate candidate Abdul El-Sayed as an opponent they can pick apart.
Campaign ridicule was the real winner of Michigan’s Democratic primary
Abdul El-Sayed’s victory was a clear win for anti-AIPAC Democrats — and ridicule.
Michigan primary adds to Schumer’s future headaches
The Senate Democratic leader has a half-dozen viable candidates threatening to oppose him if they win.
Business
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.
Caitlin Ochs/Reuters
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.
Novo Nordisk faces a rough patch
Novo’s shares have fallen 15% this year, tumbling further this week after guidance missed analysts’ targets.
Kalshi banks on its predictions’ accuracy
The company studied its bets and found they came closer to reality than most AI models and track human “superforecasters.”
Technology
Demis Hassabis was shifting away from DeepMind CEO duties for a year
The CEO of Google’s AI unit was increasingly unsatisfied with the role of tech executive, preferring a more scientific position, said two people familiar with his thinking.
Toby Melville/Reuters
Google DeepMind boss steps down
Demis Hassabis follows a string of prominent AI executives who have departed DeepMind in recent months.
Denis Balibouse/Reuters
The White House maintains a little obscurity for AI security
The takeaway shouldn’t be fear that the US government is hiding the ball. It’s that there isn’t a ball to hide yet.
Public records laws must modernize
The public should have greater and more granular visibility into how the technology is being used.
Startup Sapiom routes clients’ AI to lowest-cost tokens
As AI spending ramps up, businesses want fast pathways to the cheapest models.
US military to add laser weapons to its arsenal
Lasers have long been the stuff of science fiction battles, but are yet to be used in combat after 50 years of testing.
Energy
Romania’s navy detonates part of Danube river to cool nuclear plant
Romanian naval forces blew up part of the drought-hit Danube river.
Inquam Photos/George Calin via Reuters
Firms move in on Venezuelan oil seven months post Maduro removal
Acting President Delcy Rodríguez has scrapped the rule requiring state-run PDVSA to hold majority stakes in joint ventures.
Miraflores Palace/Handout via Reuters
OPEC+ raises production targets
OPEC+ agreed on Sunday to raise oil production by 188,000 barrels a day in September, marking its sixth consecutive monthly increase as the group seeks to restore supply to a market strained by global conflicts.
Hamad I Mohammed/Reuters
Gulf
Iran tightens grip on Strait of Hormuz
A new shipping route is likely to emerge out of the expected agreement between Tehran and Muscat this week, and the chokepoint’s relevance will likely remain.
Joey Pfeifer
Conjoined twins arrive in Riyadh for potentially life-changing surgery
The kingdom has built a global reputation in the specialty through the Saudi Conjoined Twins Program, which has operated since 1990.
Dubai population tops prewar peak, countering fears of expat exodus
After an initial exodus, the loss of 61,000 residents was quickly reversed.
Gulf economies rebounded in July, as firms dig out from wartime lows
Renewed strikes and slower traffic through the Strait of Hormuz later in July may undermine the chances of a sustained rebound.
New deal expected to open the Strait of Hormuz
Oil prices plunged after reports that the US, Iran, and Oman had agreed the countours of a deal that would allow traffic through the key waterway.
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
Africa’s glaciers have shrunk more than 90% since the late 19th century
Mount Kenya’s glaciers are disappearing particularly fast, a UN climate report said.
The peak of Mount Kilimanjaro in 2005. Reuters.
Nigeria raises military salaries as security threats persist
Insurgent groups, such as Boko Haram and Islamic State affiliates, have caused instability in Nigeria’s northeast for many years.
Ahmed Kingimi/File Photo/Reuters
South Africa’s Democratic Alliance leads land reform lawsuit
The coalition government member is joining lobby groups in challenging legislation that allows the government to seize private land for public use.
South African court reinstates state pension fund chief
Patrick Dlamini returns to lead the Public Investment Corporation alongside a completely overhauled board.
Trump’s costly visa bond program is now permanent
Up to 30 of the 50 countries affected are in Africa.
Africa’s funding reset leaves early-stage tech founders behind
Later-stage companies with strong revenues, scale, and a firm handle on customer needs tend to be the new beneficiaries rather than seed and series A startups.
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
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.
Screenshot/Truth Social
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.
Katie Nolan on the sports gambling takeover, covering politics, and the slow return of the boys’ club
Sports media host and “Casuals” podcast creator Katie Nolan joined Mixed Signals live at Cannes to talk about navigating two decades of upheaval in sports media.
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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