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Intelligence for the New World Economy
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The World at a Glance
Updated 10:40am EST
1
Iran-US nuclear talks got off to a ‘good start,’ Iran’s top diplomat said, but Tehran rejected a core demand to end enrichment.
2Bitcoin’s value plummeted to its lowest level in a year, after a market selloff hit crypto as well as traditional stocks.
3US automakers are racing to replace Chinese tech in vehicles, as new rules banning the software grounds take effect.
4Nigeria deployed an army battalion after suspected jihadist fighters killed 170 people, the latest sign of violence in the country.
5Automaker Stellantis said it was taking a $26 billion hit, as consumers switch to EVs more slowly than anticipated.
6Authorities opened investigations into former top Norwegian ministers over links to the deceased sex offender Jeffrey Epstein.
Anger in White House over now-deleted Obamas post
It’s not clear whether the person behind what one GOP senator called “the most racist thing” shared by the administration will face further discipline.
Al Drago/ReutersImmigration talks test Congress’ dismal bipartisanship skills
As the Capitol lurches from one shutdown to another, the costs of a centrist exodus and a Republicans-only 2025 are looking clear.
Nathan Howard/ReutersHow the Gates Foundation’s CEO plans to shape its last 20 years
Mark Suzman wants to reframe the case for aid in the face of government cuts and intense public scrutiny
Courtesy of the Gates Foundation/Joey Pfeifer/SemaforIranian FM says nuclear talks with US were ‘good start’
However, Tehran rejected a core US demand to end nuclear enrichment.
Majid Asgaripour/WANA via ReutersAD
How McDonald’s embraced its Donald Trump drive-thru moment
Former CMO Tariq Hassan on why brands shouldn’t run away from news, politics and controversy.
DRC president courts US investment in critical minerals
Speaking at a US Chamber of Commerce event, Félix Tshisekedi said DR Congo was a “strategic partner” in Washington’s push to secure supply chains.
DR Congo President Félix Tshisekedi. Al Drago/ReutersUS proposes rare earth trading bloc with allies
The US secretary of state on Wednesday urged collective action to address “dangerously concentrated” rare earth supply chains.
Steve Marcus/ReutersPoliticsAl Drago/Reuters Majid Asgaripour/WANA via Reuters 
Shannon Stapleton/Reuters
Anger in White House over now-deleted Obamas post
It’s not clear whether the person behind what one GOP senator called “the most racist thing” shared by the administration will face further discipline.
Al Drago/ReutersIranian FM says nuclear talks with US were ‘good start’
However, Tehran rejected a core US demand to end nuclear enrichment.
Majid Asgaripour/WANA via ReutersDebatable: ICE warrants
Republicans say warrant restrictions will ‘handcuff’ ICE. Democrats argue that’s needed.
Shannon Stapleton/ReutersCruz optimistic that air safety bill will pass the House
The Texas senator last week spoke directly to the speaker about the ROTOR Act.
Senator’s Fed blockade splits Republicans
A pledge by Sen. Thom Tillis, R-N.C., to block Federal Reserve nominees until the Justice Department drops its probe into Chair Jerome Powell is drawing friendly fire.
Immigration talks test Congress’ dismal bipartisanship skills
As the Capitol lurches from one shutdown to another, the costs of a centrist exodus and a Republicans-only 2025 are looking clear.
Trump admits immigration crackdown has been excessively forceful
Trump admitted a “softer touch” may be required on immigration enforcement, as polling showed Americans increasingly view efforts as having gone too far.
Bessent dodges on whether Trump can fire Fed officials
The Treasury secretary told House members Wednesday that the central bank has “lost the trust of the American people.”
Republicans ready another homeland security stopgap bill
“It’s not enough time to come to the sort of agreement that we were hoping to come to,” said a senior White House official.
What a Canadian Conservative MP told Vance during unofficial trade talks
Jamil Jivani told Semafor that he met with the US vice president, a longtime friend, as well as other officials, in part to de-emphasize Canada’s deals with China.
Republicans fear a Texas Senate problem — and hope Trump agrees
Their recent special-election loss pales in comparison to the risk of a mishandled primary.
Business
Dado Ruvic/Illustration/File Photo
Bitcoin value drops to lowest level in a year
The cryptocurrency is trading at around $65,000, from an October peak of more than $126,000.
Dado Ruvic/Illustration/File PhotoThe CEO behind GE Vernova’s $200B power surge
Scott Strazik says demand is surging, but his energy company won’t spend money on “hobbies.”
How the Gates Foundation’s CEO plans to shape its last 20 years
Mark Suzman wants to reframe the case for aid in the face of government cuts and intense public scrutiny
The Epstein files show that we all work for private equity now
The downfall of the most powerful managing partner at one of the world’s most powerful law firms isn’t really a story about Jeffrey Epstein.
US layoffs in January hit highest monthly record since 2009
More than 100,000 workers were fired at Amazon, UPS, and Dow, and hiring was the slowest for any January on record, according to Challenger, Gray & Christmas.
Technology
Damien Eagers/File Photo/Reuters
Diane Keough/Getty Images
Wall Street still doesn’t understand AI
The way the market views AI is completely irrational, driven more by viral “it’s so over” X posts than logic or fundamentals.
Damien Eagers/File Photo/ReutersStartups builds underwater robots to better track ocean movements
The robots will record movement, temperature, and salinity daily, aiming to reduce the cost of gathering ocean data by a factor of 1,000.
Diane Keough/Getty ImagesThe team behind Fitbit is back with an AI health app
The Luffu app tracks a person’s diet, fitness, daily activity, and lab results, and shares information with family members.
Crusoe launches cloud product to take on hyperscalers
The move is part of a trend among neocloud companies to offer higher-margin services on top of the data centers they’re building.
OpenAI in talks with Abu Dhabi’s G42 to create specialized ChatGPT version for UAE
Chatbot would be fine-tuned for government use to accommodate local language and speech restrictions.
US automakers race to replace Chinese tech in vehicles
New rules banning the software on national-security grounds are due to take effect.
Energy
Daniele Mascolo/File Photo/Reuters
Tingshu Wang/File Photo/Reuters
Steve Marcus/File Photo/Reuters
Carmaker Stellantis takes hit over global EV sales slowdown
The car giant wanted all of its European sales and 50% of its US sales to be electric by 2030, but consumers have switched more slowly than anticipated.
Daniele Mascolo/File Photo/ReutersChina’s solar capacity set to overtake coal this year
Overall, wind, solar, nuclear, and hydropower will account for about two-thirds of the country’s power mix.
Tingshu Wang/File Photo/ReutersUS unveils plans for critical minerals trading bloc
The plan announced Wednesday proposed using tariffs to stabilize mineral prices to prevent “foreign supply” from flooding global markets.
Steve Marcus/File Photo/ReutersGulf
Ken Cedeno/Reuters
OpenAI in talks with Abu Dhabi’s G42 to create specialized ChatGPT version for UAE
Chatbot would be fine-tuned for government use to accommodate local language and speech restrictions.
Ken Cedeno/Reuters‘No problems’ in UAE, one third of residents say
The Emirates has largely shrugged off the economic uncertainty which topped people’s concerns globally, according to a new Gallup survey.
UAE targets critical minerals deals with US and DRC
Both deals are designed to bolster the UAE’s position in the global critical minerals supply chain.
Why Qatar convenes peers and competitors for AI deals
Qatar Investment Authority is taking advantage of the annual Web Summit Qatar to connect with the hottest AI startups.
Kuwait oil sector inches open
The country is courting foreign investors as it looks to raise output by a third within a decade.
Africa
US Secretary of State Marco Rubio. Jonathan Ernst/Reuters.
A still from Rafiki. Rotten Tomatoes Indie/YouTube
Rethinking US-Africa supply chains
Washington held its inaugural critical minerals summit this week, bringing together officials from 54 countries, including several from Africa.
US Secretary of State Marco Rubio. Jonathan Ernst/Reuters.Kenyan court lifts ban on lesbian love story
Rafiki, the first Kenyan film to debut at the Cannes Film Festival, was banned in Kenya in 2018.
A still from Rafiki. Rotten Tomatoes Indie/YouTubeAid cuts could lead to ‘catastrophic consequences’ in Africa, study warns
The Lancet study estimated that the drop in funding could lead to 22.6 million additional deaths by 2030.
Telecoms giant MTN plans to buy IHS Towers
IHS owns and operates thousands of telecom towers in five African countries, including Nigeria and South Africa.
DRC president courts US investment in critical minerals
Speaking at a US Chamber of Commerce event, Félix Tshisekedi said DR Congo was a “strategic partner” in Washington’s push to secure supply chains.
UAE targets critical minerals deals with US and DRC
Both deals are designed to bolster the UAE’s position in the global critical minerals supply chain.
Security
Stephanie Lecocq/ReutersMajid Asgaripour/WANA via Reuters 
North Korean leader Kim Jong Un meets with scientists and technicians to discuss weapons. Korean Central News Agency via Reuters.
Macron signals possible resumption of dialogue with Russia
Macron broke off dialogue with Russian President Vladimir Putin seven months after the full-scale invasion of Ukraine.
Stephanie Lecocq/ReutersIranian FM says nuclear talks with US were ‘good start’
However, Tehran rejected a core US demand to end nuclear enrichment.
Majid Asgaripour/WANA via ReutersFears mount of global nuclear arms race
The New START treaty between the US and Russia expired, while China said it would not join talks to curb proliferation.
North Korean leader Kim Jong Un meets with scientists and technicians to discuss weapons. Korean Central News Agency via Reuters.Media
How McDonald’s embraced its Donald Trump drive-thru moment
Former CMO Tariq Hassan on why brands shouldn’t run away from news, politics and controversy.
Post cuts ripple through US journalism industry
But people who’ve spoken to owner Jeff Bezos say there’s no sign he’s looking to sell.
Washington Post to make ‘significant’ cuts
The paper is beginning “a broad strategic reset with a significant staff reduction,” Washington Post executive editor Matt Murray said.
Podcast brand Kaleidoscope staffs up
The company is filling out its executive ranks as it hopes to break further into video.
It’s Rupe vs. the Quiff! In California’s new tabloid war, everybody wins
The California Post is betting its buzzy launch on a war with Gov. Gavin Newsom.
CEO Signal
Courtesy of GE Vernova/Joey Pfeifer/SemaforCourtesy of the Gates Foundation/Joey Pfeifer/Semafor 
Courtesy of Takeda/Joey Pfeifer/Semafor
The CEO behind GE Vernova’s $200B power surge
Scott Strazik says demand is surging, but his energy company won’t spend money on “hobbies.”
Courtesy of GE Vernova/Joey Pfeifer/SemaforHow the Gates Foundation’s CEO plans to shape its last 20 years
Mark Suzman wants to reframe the case for aid in the face of government cuts and intense public scrutiny
Courtesy of the Gates Foundation/Joey Pfeifer/SemaforTakeda’s Christophe Weber on avoiding a ‘lame duck’ succession
The pharmaceutical CEO says timing and openness are crucial to a smooth handover.
Courtesy of Takeda/Joey Pfeifer/SemaforAD