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Intelligence for the New World Economy
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Business
With SpaceX circling, Verizon figures out succession
Inside the company, executives worry about a potential sale.
Trump’s rift with Thune drives a wedge into the Republican Party
The president is heaping demands on his Senate leader that, to many of their colleagues, feel unachievable.
Trump’s rift with Thune drives a wedge into the Republican Party
The president is heaping demands on his Senate leader that, to many of their colleagues, feel unachievable.
View / The gold rush is on to build Gulf energy projects
View / How Congress entrenched its own unpopularity by trying to rein in stock trading
The World at a Glance
Updated 11:11am EDT
1
Oil prices held steady despite renewed attacks between the US and Iran and the first drone strike of the war in Egypt.
2The US-Iran war will likely drag on for months, analysts predicted, as new strikes disrupted a tenuous pause and the conflict widened.
3US President Donald Trump floated the possibility of further controls on AI development in the wake of an OpenAI model going rogue.
4Samsung and Meta’s results highlighted the diverging fortunes of the companies supplying — and paying for — the AI buildout.
5The US Fed said it will leave interest rates unchanged, a reprieve for President Trump that undercuts his new chair’s hawkish rhetoric.
6The Ebola outbreak in Central Africa has sparked a vaccine race as scientists vie to stop an outbreak that threatens to become the biggest ever.
Crypto, and its cash, gets snarled in the Senate
The industry is pushing for a key vote to help spend its midterm war chest against its enemies. Until then, it may not know who they are.
China and Russia exert covert influence in the Iran war
The pair are putting their long-standing economic and military ties with Tehran to use, in part to make life difficult for their global rival, the US.
US lawmakers advance bill that targets Russian oil buyers
The proposal will face tough questions about whether it really helps Ukraine or merely empowers President Donald Trump’s global tariff war.
Republican urges Trump administration to ban Chinese AI for contractors
Tom Cotton sent a letter Commerce Secretary Howard Lutnick raising concerns about Chinese AI models.
Iran complicates Iraq’s charm offensive in Washington
Washington wants to pull Baghdad closer, but Iraq remains on the front lines of a widening confrontation with Iran.
Saudi economy shrinks in second quarter with hit to oil output
The non-oil economy, the main engine of job creation and economic diversification, expanded on an annual basis.
European soccer officials eye Qatari challenger for FIFA’s top job amid turmoil
FIFA President Gianni Infantino’s efforts to bring in private investors to the World Cup has triggered a revolt among global soccer officials
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Politics
US lawmakers advance bill that targets Russian oil buyers
The proposal will face tough questions about whether it really helps Ukraine or merely empowers President Donald Trump’s global tariff war.
Norlys Perez/File Photo/Reuters
Trump eyes more AI restrictions following OpenAI’s model going rogue
More than 1,200 AI company employees signed a petition calling for “governance tools” to “buy time to address emerging risks.”
Nathan Howard/Reuters
Midterm election fears run high, poll finds
Nearly seven in 10 US adults worry about politicians pressuring election officials to change results, according to Gallup.
Eduardo Munoz/Reuters
Democrats miss mark on accountability, poll shows
But Republicans don’t get high marks on fighting corruption, either.
Iran complicates Iraq’s charm offensive in Washington
Washington wants to pull Baghdad closer, but Iraq remains on the front lines of a widening confrontation with Iran.
Republican urges Trump administration to ban Chinese AI for contractors
Tom Cotton sent a letter Commerce Secretary Howard Lutnick raising concerns about Chinese AI models.
Trump’s rift with Thune drives a wedge into the Republican Party
The president is heaping demands on his Senate leader that, to many of their colleagues, feel unachievable.
Crypto, and its cash, gets snarled in the Senate
The industry is pushing for a key vote to help spend its midterm war chest against its enemies. Until then, it may not know who they are.
Saudi defense minister visits Washington to lobby for F-35s
Both the jet sale and wider security cooperation were on the agenda, people familiar with the plans told Semafor.
A divided Fed votes to hold rates steady
The decision against a hike is a win for Trump — but a contrast with Warsh’s hawkish rhetoric.
How Congress entrenched its own unpopularity by trying to rein in stock trading
The STOCK Act, by forcing transparency, has created a perception of an unfixable institution.
Business
Max Levchin on why Affirm wants to be your smarter older sister
Levchin built his company to behave like your “smarter older sister”: helping customers make better decisions rather than profiting from their mistakes.
With SpaceX circling, Verizon figures out succession
Inside the company, executives worry about a potential sale.
Londoners are leaving in droves
The capital has been plagued by a cost of living crisis, slower pay growth, and higher levels of unemployment than other parts of the country.
US-China space race intensifies
China is closing the satellite gap with the US, as Beijing battles Washington to become the world’s leading space power.
Altman says he supports AI regulation
OpenAI’s Sam Altman said he supports legislation to slow AI development during his visit to Capitol Hill, as debate swirls in Washington and Silicon Valley over safety risks posed by frontier models.
Technology
Trump eyes more AI restrictions following OpenAI’s model going rogue
More than 1,200 AI company employees signed a petition calling for “governance tools” to “buy time to address emerging risks.”
Nathan Howard/Reuters
Altman says he supports AI regulation
OpenAI’s Sam Altman said he supports legislation to slow AI development during his visit to Capitol Hill, as debate swirls in Washington and Silicon Valley over safety risks posed by frontier models.
Nathan Howard/Reuters
Nvidia’s frothy bet on Safe Superintelligence
The AI lab doesn’t have a product yet — it says it has an AI breakthrough, but hasn’t shared any details publicly.
US looks to allies to prepare for 6G
No one knows exactly what 6G will look like, but the US appears eager to avoid the pitfalls of the 5G era.
FCC ban on new Chinese robots poses challenges for US firms
American robot makers may have to move quickly to onshore their supply chains, as many still rely on Chinese components or do some assembly overseas.
Chip firms lead tech stocks rout despite blockbuster earnings
Some investors are concerned that tech giants’ enormous AI spending is unsustainable.
Energy
The gold rush is on to build Gulf energy projects
A group of US and Saudi investors is looking to set up a port-connected “energy corridor” for producing and exporting around the Strait of Hormuz.
US emissions reductions fall short of Biden-era goals
The US is on track to reduce its greenhouse gas emissions by only 27-41% below 2005 levels by 2040, a new report found.
Dane Rhys/Reuters
US lawmakers advance bill that targets Russian oil buyers
The proposal will face tough questions about whether it really helps Ukraine or merely empowers President Donald Trump’s global tariff war.
Norlys Perez/File Photo/Reuters
Gulf
The gold rush is on to build Gulf energy projects
A group of US and Saudi investors is looking to set up a port-connected “energy corridor” for producing and exporting around the Strait of Hormuz.
Saudi economy shrinks in second quarter with hit to oil output
The non-oil economy, the main engine of job creation and economic diversification, expanded on an annual basis.
Iraqi drones fired at Saudi oil facilities reminiscent of Gulf War
The drones fired by Iraqi militia at Saudi oil facilities this week are a reminder of times when the Gulf states’ northern neighbor presented an even greater threat.
European soccer officials eye Qatari challenger for FIFA’s top job amid turmoil
FIFA President Gianni Infantino’s efforts to bring in private investors to the World Cup has triggered a revolt among global soccer officials
China and Russia exert covert influence in the Iran war
The pair are putting their long-standing economic and military ties with Tehran to use, in part to make life difficult for their global rival, the US.
China
US-China space race intensifies
China is closing the satellite gap with the US, as Beijing battles Washington to become the world’s leading space power.
China Daily via Reuters
FCC ban on new Chinese robots poses challenges for US firms
American robot makers may have to move quickly to onshore their supply chains, as many still rely on Chinese components or do some assembly overseas.
Maxim Shemetov/Reuters
Censorship in Chinese AI models can be undone, new research shows
Models distilled from Chinese AI don’t adhere to the same guardrails; research undercuts US concerns about Chinese influence on users of its open-source models.
Florence Lo/Illustration/Reuters
Africa
Ebola outbreak sparks global vaccine race
The Coalition for Epidemic Preparedness Innovations is financing the first trials for an experimental jab, while Oxford University is also in the human trial phase for its own vaccine.
Gradel Muyisa Mumbere/Reuters
Zimbabwe gets its first lithium processing plant
The development of the plant is part of efforts by African governments to capture more of the added value in mining industries.
Philimon Bulawayo/Reuters
S&P Global to acquire Nigerian ratings agency
The move expands S&P’s ground presence in Africa amidst a growing clamor for better assessments of the continent’s realities.
Economic concerns in focus as Zambia heads to the polls
The southern African nation is seeking to rebuild after defaulting on its debt in 2020 and as it faces severe power shortages.
Sudan sanctions may catch ride on defense bill
Sen. Jim Risch, R-Idaho, filed the PEACE in Sudan Act as an amendment to the annual defense policy bill moving through the chamber.
US-backed DRC miner strikes deal to cut debt
The Trump-backed firm still needs up to $260 million to complete projects in copper and cobalt mining as White House seeks to rival China in supply chains.
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
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.
Evan Vucci/Reuters
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.
Reddit CEO Steve Huffman on LLMs, fighting the bots, and why it’s good that you can’t get famous on Reddit
Reddit co-founder and CEO Steve Huffman joins Mixed Signals during the platform’s 21st birthday to talk about what it means to be the internet’s anti-social media hub.
CEO Signal
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
The German founders bringing a Silicon Valley ethos to America’s Greyhound buses
Flix’s André Schwämmlein and Daniel Krauss say Europeans can’t blame their governments for a shortage of startups with global reach.
Courtesy of Flix/Graph Massara/Semafor
Why Coherent’s CEO believes in giving people room to fail
Jim Anderson says the $60 billion photonics group had to take more risk to meet surging data center demand.
Courtesy of Coherent/Jake Angelo/Semafor
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