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Intelligence for the New World Economy
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The World at a Glance
Updated 7:17am EDT
1
AI is driving geopolitical instability, experts and officials warned, with US-China tensions growing while Europe fears getting left behind.
2Tech stocks rebounded, but concerns grew that AI giants have accumulated vast off-balance-sheet debts from the data center buildout.
3US President Trump is imposing new tariffs on a host of Canadian goods, as talks on the US-Mexico-Canada free trade agreement are set to resume.
4The Houthis declared a maritime embargo on Saudi Arabia, closing off a key Hormuz workaround.
5Beijing-based AI phenom Moonshot paused new subscriptions for its Kimi K3 model, underscoring the constraints Chinese tech firms face.
6New UK Prime Minister Andy Burnham named the country’s ex-defense secretary as his finance minister, signaling a focus on military spending.
Trump’s Canada tariffs complicate trade talks
The tariffs affect Canadian goods ranging from wine to hockey sticks and will formally take effect in 30 days.
Rebels threaten new key waterway as US-Iran fighting intensifies
The Houthis declared a maritime embargo on Saudi Arabia, closing off the kingdom’s Hormuz workaround.
Darline Graham starts locking in support from Senate Republican leaders
She’s facing two sitting House members in the race for the party’s November nomination.
Applied Intuition wants to turn robotics into child’s play
Startup’s new Dana service allows developers to build and test physical intelligence using natural language.
Senate Democrat proposes universal healthcare for kids
Sen. Andy Kim, D-N.J., is pitching universal health care coverage for children at birth.
Lebanon’s president pushes Trump on Israel
Lebanese President Joseph Aoun’s US visit marks the first by a Lebanese head of state in nearly 20 years.
More US employees are using AI, poll finds
Fifty-two percent of US workers reported using AI in their jobs during the second quarter of this year, according to Gallup.
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Politics
More US employees are using AI, poll finds
Fifty-two percent of US workers reported using AI in their jobs during the second quarter of this year, according to Gallup.
Dado Ruvic/Reuters
Senate Democrat proposes universal healthcare for kids
Sen. Andy Kim, D-N.J., is pitching universal health care coverage for children at birth.
Annabelle Gordon/Reuters
Lebanon’s president pushes Trump on Israel
Lebanese President Joseph Aoun’s US visit marks the first by a Lebanese head of state in nearly 20 years.
Mohamed Azakir/Reuters
Trump’s Canada tariffs complicate trade talks
The tariffs affect Canadian goods ranging from wine to hockey sticks and will formally take effect in 30 days.
Darline Graham starts locking in support from Senate Republican leaders
She’s facing two sitting House members in the race for the party’s November nomination.
Trump administration announces new 50% tariff on Canada
The move comes ahead of expected new talks on the US-Canada-Mexico free trade agreement.
Evers’ endorsement shuffles Wisconsin gubernatorial race
The endorsement capped days of chaos ahead of the August Democratic primary.
Progressive catches momentum in Maine Senate race
Maine Democrats appear poised to nominate Troy Jackson for Senate.
Younger Democrats push for committee term limits
A new video from Majority Democrats slams a Democratic “gerontocracy.”
Senators confront their closing window to reshape college sports
Sens. Ted Cruz, R-Texas, and Maria Cantwell, D-Wash., are racing to win the support of the two most powerful college sports conferences in the country for their proposal to create national rules of the road for athletes.
Incoming UK prime minister aims to turn economy around
Andy Burnham becomes the UK’s new prime minister on Monday, and fixing Britain’s economy will be at the top of his agenda.
Business
First private Indian craft reaches orbit
An Indian company broke the US-China duopoly on commercial spaceflight.
Priyanshu Singh/Reuters
Why the CEO of an elite law firm sees AI driving more deals
Miguel Zaldivar says Hogan Lovells Cadwalader’s smaller rivals will struggle to compete.
UK explores wage transparency in job ads
The UK is exploring measures that would require employers to publish salary information for all job adverts, part of a global trend toward wage transparency.
FDA approves cholesterol pill from Merck
US drug regulators signed off on a new pill designed to lower cholesterol levels far beyond what traditional statins can achieve.
Spain welcomes Chinese EVs
Spain is deepening its embrace of the Chinese car industry even as other European powers call for protectionist measures to shield local automakers.
Technology
Applied Intuition wants to turn robotics into child’s play
Startup’s new Dana service allows developers to build and test physical intelligence using natural language.
Applied Intuition
Demand for Chinese AI strains compute
Beijing-based AI phenom Moonshot paused new subscriptions for its Kimi K3 model, underscoring the constraints Chinese tech firms face.
Go Nakamura/Reuters
AI memory shortage puts pressure on governments to act
A global AI memory shortage threatens to morph into a geopolitical fight as more countries campaign to shore up their own supply, a South Korean tech executive said.
Kimi K3 threatens AI business models
There’s now an established pattern: American frontier labs come out with state-of-the-art AI models. Chinese firms then allegedly “distill” those models and use them to train new open-source models.
AI agents are hitting the pageant stage
Samantha Smitte, 37, who worked at IBM for a decade, spent about $150 on AI agents to train for the Miss New York USA pageant next week, she told Semafor.
US-Iran conflict is becoming a testbed for the future of warfare
The US this week said it had carried out its first offensive combat mission using unmanned surface vessels.
Energy
Chevron and Qatar invest in Iraq-Syria pipeline
The deal adds to the growing role that Qatari firms are playing in Syria, where Gulf governments are jockeying for position in the country’s reconstruction.
Essam Al-sudani/Reuters
British Steel saga dents UK-China ties
China’s Jingye Steel is seeking compensation from the British government over the nationalization of its former steel production complex in England, further straining relations between London and Beijing.
Danny Lawson/Reuters
US DOE pushes for greater propane exports to Africa
As the administration pulls back on humanitarian aid, Energy Secretary Chris Wright is boosting a more transactional approach to fighting energy poverty.
Thomas Mukoya/Reuters
Gulf
Lebanon’s president pushes Trump on Israel
Lebanese President Joseph Aoun’s US visit marks the first by a Lebanese head of state in nearly 20 years.
Mohamed Azakir/Reuters
Chevron and Qatar invest in Iraq-Syria pipeline
The deal adds to the growing role that Qatari firms are playing in Syria, where Gulf governments are jockeying for position in the country’s reconstruction.
Rebels threaten new key waterway as US-Iran fighting intensifies
The Houthis declare a maritime embargo on Saudi Arabia, closing off the kingdom’s Hormuz workaround.
PIF’s TAWAL in talks over multibillion-dollar telco towers deal
The acquisition would give the Saudi tower operator control of the kingdom’s market and pave the way for a potential IPO.
US troop deaths heighten pressure facing Trump on Iran
The US pounded Iran with fresh strikes after two American soldiers were killed in an attack on an air base in Jordan on Friday, pushing the two sides closer to all-out war.
China
Why China’s savers want out
China’s record trade surplus should boost the currency, but Beijing is trying to ensure the opposite.
Athit Perawongmetha/Reuters
First private Indian craft reaches orbit
An Indian company broke the US-China duopoly on commercial spaceflight.
Priyanshu Singh/Reuters
Spain welcomes Chinese EVs
Spain is deepening its embrace of the Chinese car industry even as other European powers call for protectionist measures to shield local automakers.
Maxim Shemetov/File Photo/Reuters
Africa
Cameroonian designer Ayissi showcases couture in Paris
Ayissi is the only designer from sub-Saharan Africa to ever take part in Paris’ haute couture shows.
Fashion Channel/Youtube
Novo Nordisk launches cheaper Ozempic in South Africa
The new version is a bid by the Danish drug manufacturer to squeeze out counterfeit products in Africa’s most obese nation.
Hollie Adams/File Photo/Reuters
Ecowas backs $25B Nigeria-Morocco gas link
The pipeline would be a major step in expanding the region’s gas exports to help meet global demand.
Anglo names preferred bidder for De Beers stake
The Global Diamond Consortium was selected from three shortlisted groups following a bidding process, according to Botswana’s defense minister.
DR Congo’s mining law reform is raising tensions with investors
Kinshasa told Semafor it will consider changes sought by mining companies, as executives warned that repeated shifts in the rules could deter investment.
African nations eye nuclear for energy security
South Africa and Egypt are the only countries in Africa with established nuclear projects, but several other countries are looking to follow suit.
Security
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
Escalations in Iran and Ukraine compound global volatility
In the Middle East, the deterioration of the US-Iran ceasefire has reignited fears of a prolonged regional war. In Europe, Moscow launched one of its largest ballistic missile attacks against Ukraine while Kyiv ramped up its bombing campaign.
Stringer/Reuters
EU defense push meets reality
Europe remains reliant on China and the US for critical military components even as it projects confidence in shouldering its own defense.
Charles Platiau/Reuters
Media
Baltimore Sun owner threatens to sue Moore over Epstein comments
The Maryland governor tried to tie Sinclair chairman David Smith to the disgraced financier.
Annabelle Gordon/Reuters
Paramount weighs leaving California over Warner Bros. rift
David Ellison is wary of decamping, but his battle with state regulators is intensifying.
Mamdani squares off with ‘The View’
The New York City mayor’s allies were frustrated by a host’s comments about fellow democratic socialist Darializa Avila Chevalier.
NYT tries to catch up to video-addicted audiences
New York Times Executive Editor Joe Kahn said the paper is pouring resources into visual content, prompting comparisons to the media’s “pivot to video” in the 2010s.
The Daily Wire sells Jeremy’s Razors to media company’s former CEO
The sale represents the further uncoupling of Jeremy Boreing and the conservative media company he co-founded with Ben Shapiro.
CEO Signal
Why the CEO of an elite law firm sees AI driving more deals
Miguel Zaldivar says Hogan Lovells Cadwalader’s smaller rivals will struggle to compete.
Courtesy of Hogan Lovells Cadwalader/Graph Massara/Semafor
Why Edward Jones thinks AI can defuse a demographic time bomb
Managing partner Penny Pennington wants to capture financial advisers’ insights before they retire.
How Allianz’s CEO prepares for the risk of ‘huge havoc’
Oliver Bäte says Europe can no longer afford all the options its citizens expect.
Courtesy of Allianz/Graph Massara/Semafor
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