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Politics
Trump ducks Supreme Court with new tariffs
The levies replace tariffs expiring on Friday.
Oil spikes, stocks fall on Iran and AI fears
Wall Street’s fear gauge hit its highest level in a month with rising crude prices reigniting inflation fears.
The World at a Glance
Updated 7:32pm EDT
1
Oil hit $100 a barrel and Magnificent 7 stocks shed nearly $800 billion in market value, reflecting pessimism over AI spending and the Iran war.
2US President Trump injected uncertainty into his nuclear deal with Saudi Arabia, saying it hinges on Riyadh normalizing relations with Israel.
3The Trump administration rolled out a fresh batch of tariffs, effectively replacing the global levies the Supreme Court struck down earlier this year.
4India’s government will likely quell the student-led Cockroach protests, but it is expected to have a harder time suppressing the underlying frustration.
5Chinese nationals were awarded the prestigious Fields Medal for the first time, in the latest sign of the country’s growing academic prowess.
6US regulators said they plan to develop rules to address the safety risks linked to the hidden electric car door handles popularized by Tesla.
Economists predict minor disruption from Trump’s new tariffs
Washington’s tariff announcements have tended to be “more dramatic than their eventual implementation,” an analyst noted.
Polymarket parent company got Paycheck Protection Program loan
The previously unreported $39,727 loan was approved in June 2020.
Congress descends into ‘circular firing squad’
There’s still a lot of talk in Washington about bipartisan deals. But Republicans will be lucky to avoid a pre-election shutdown.
Manchin launches council to elect independents
“We’re trying to build a true independent network,” the former senator told Semafor.
House pivots to the midterms as members depart for recess
Republicans hope that gerrymandering and a backlash to the progressive left will help tip the midterms in their favor despite headwinds.
Loomer becomes Ukraine’s MAGA ally
The far-right activist’s rapid turn against Russia has come as a pleasant surprise to Europe and Ukraine’s backers.
Debatable: Restrictions on defense stock buybacks
A proposal catching momentum in Congress is drawing pushback from industry groups.
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Politics
Polymarket parent company got Paycheck Protection Program loan
The previously unreported $39,727 loan was approved in June 2020.
Dado Ruvic/Illustration via Reuters
Manchin launches council to elect independents
“We’re trying to build a true independent network,” the former senator told Semafor.
David Swanson/Reuters
Loomer becomes Ukraine’s MAGA ally
The far-right activist’s rapid turn against Russia has come as a pleasant surprise to Europe and Ukraine’s backers.
Eduardo Munoz/Reuters
DSCC shuns Democratic candidate in Montana
Alani Bankhead, the Democratic nominee in Montana’s Senate race, bashed the Democratic Senatorial Campaign Committee this week for its “absolute lack of support.”
House pivots to the midterms as members depart for recess
Republicans hope that gerrymandering and a backlash to the progressive left will help tip the midterms in their favor despite headwinds.
Debatable: Restrictions on defense stock buybacks
A proposal catching momentum in Congress is drawing pushback from industry groups.
Trump ducks Supreme Court with new tariffs
The levies replace tariffs expiring on Friday.
Congress descends into ‘circular firing squad’
There’s still a lot of talk in Washington about bipartisan deals. But Republicans will be lucky to avoid a pre-election shutdown.
Lawmakers warn Trump over possible Mali strikes
Senators said the administration hasn’t consulted them about the potential operation.
Schmitt: College sports bill in ‘pretty good place’
The Missouri senator is right in the middle of it.
Congressional stock trading ban could fizzle in Senate
Although there’s bipartisan consensus on Capitol Hill for curbing lawmakers’ trading, the issue has become increasingly partisan.
Business
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.
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.
US moves to regulate hidden car handles
US regulators on Thursday said they plan to develop rules to address the safety risks linked to the hidden electric car door handles popularized by Tesla.
Economists predict minor disruption from Trump’s new tariffs
Washington’s tariff announcements have tended to be “more dramatic than their eventual implementation,” an analyst noted.
Technology
US moves to regulate hidden car handles
US regulators on Thursday said they plan to develop rules to address the safety risks linked to the hidden electric car door handles popularized by Tesla.
Mike Blake/Reuters
US tech firms debate curbs on Chinese AI
For some execs, the rise of open-source AI from China marks a “dystopian hellscape,” while others are complimenting the “excellent” models.
Manami Yamada/Evelyn Hockstein/Reuters
Oil spikes, stocks fall on Iran and AI fears
Oil hit $100 a barrel and Magnificent 7 stocks shed nearly $800 billion in market value on Thursday, as pessimism over steep AI spending and the Iran war dragged down global markets.
EU leaders to discuss AI — later this year
Europe’s heads of state will hold their first dedicated meeting on AI as the continent comes under pressure to address the economic and geopolitical challenges the tech poses.
US says China’s Moonshot stole from Anthropic
The US accused the Chinese AI startup of exploiting American tech to create its Kimi K3 model, threatening sanctions in response to what Washington described as “industrial-scale” theft of intellectual property.
OpenAI to spend more on data centers
The proliferation of data centers during the AI boom faces growing grassroots pushback and is animating politicians nationwide.
Energy
Oil spikes, stocks fall on Iran and AI fears
Oil hit $100 a barrel and Magnificent 7 stocks shed nearly $800 billion in market value on Thursday, as pessimism over steep AI spending and the Iran war dragged down global markets.
Brendan McDermid/Reuters
Energy is the exposed flank in Europe’s rearmament
Europe needs to start treating energy like the defense investment it really is.
Tom Nicholson/Reuters
Ukraine appears to change tactics in Russia attacks
Kyiv is letting up on its strikes on Russian oil refineries — easing Moscow’s fuel crunch and pushing gas prices back down — and is instead hitting ships.
Social Media via Reuters
Gulf
Trump pegs Saudi nuclear deal to Israel talks
The US president’s stipulation threatens to stymie the newly signed agreement, which allows Saudi Arabia to build nuclear power plants with US technology.
Evelyn Hockstein/Reuters
DP World plans two ports in booming Fujairah
Fujairah, which sits to the east of the Strait of Hormuz, has become an increasingly critical bypass route as ships look for ways to skirt the waterway.
Saudi strengthens sports operations as it gears up for 2034 World Cup
The kingdom unveiled a new company that it says will manage the operations of the burgeoning network of arenas it’s building.
Gulf hotels extend wartime deals
Hotels in Dubai and other cities are slashing prices and offering perks as the Iran war has caused occupancy to sink.
Delta to launch direct flights to Saudi Arabia
Flights are slated to begin in October just ahead of Saudi Arabia’s flagship annual conference, the Future Investment Initiative.
China
Chinese whizzes win global math prize
Chinese nationals were awarded the prestigious Fields Medal for the first time, in the latest sign of the country’s growing academic prowess.
Simons Foundation
US tech firms debate curbs on Chinese AI
For some execs, the rise of open-source AI from China marks a “dystopian hellscape,” while others are complimenting the “excellent” models.
Manami Yamada/Evelyn Hockstein/Reuters
US says China’s Moonshot stole from Anthropic
The US accused the Chinese AI startup of exploiting American tech to create its Kimi K3 model, threatening sanctions in response to what Washington described as “industrial-scale” theft of intellectual property.
Moonshot AI founder Yang Zhilin. Tingshu Wang/Reuters
Africa
Africa looks to bonds to support wider mining benefits
Countries across Africa are hoping to capture a greater share of value-added profits, especially from extractive industries.
Aaron Ross/Reuters
Chinese firms invest $900 million into new Angolan port
Luanda is seeking to develop its free trade zone, part of its efforts to diversify its oil-dominant economy.
Ships off the coast of Luanda. Saul Loeb/Reuters.
Africa’s biggest fund manager is caught up in an escalating crisis
The shake-up at the $200 billion-plus state-owned Public Investment Corporation is turning into a showdown over political interference.
Inflation in South Africa, Nigeria increasingly diverging
Nigeria’s consumer price increases are cooling off while South Africa’s inflation rate jumped to levels last seen two years ago.
Africa’s AI-driven lender to enter Ethiopia, Egypt
Opstasia is betting its algorithm stack can score 200 million unbanked consumers in frontier markets.
Africa’s data center growth needs power sector overhaul
AI will have a negligible impact on the continent’s economic growth without upgrading infrastructure, warns the IMF.
Security
Ukraine appears to change tactics in Russia attacks
Kyiv is letting up on its strikes on Russian oil refineries — easing Moscow’s fuel crunch and pushing gas prices back down — and is instead hitting ships.
Social Media via Reuters
Zelenskyy sacks Ukraine military chief
The move followed widespread protests triggered by the removal of the country’s popular, young defense minister.
Thomas Peter/Reuters
UK cabinet picks point to defense priorities
New UK Prime Minister Andy Burnham named the country’s ex-defense secretary as his finance minister, a surprise move that signals a focus on military spending.
Ed Miliband. Jack Taylor/Reuters
Media
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.
Alex Cooper on flipping ‘Call Her Daddy’ into a media business and entering the creative agency space
Call Her Daddy host and Unwell co-founder Alex Cooper joins Mixed Signals live at Cannes Lions to talk about what it takes to turn a hit podcast into a real media business.
David Droga on being ‘the last Don Draper,’ AI’s impact on creativity, and why the boldest ads are the easiest sells
David Droga is the vice chair of Accenture Song and the most decorated creative in Cannes Lions history.
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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