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Intelligence for the New World Economy
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Zelenskyy sacks Ukraine military chief
The move followed widespread protests triggered by the removal of the country’s popular, young defense minister.
The World at a Glance
Updated 8:33am EDT
1
An OpenAI agent broke through its constraints and hacked another startup looking for the answer sheet during a security test.
2US President Trump plans to unleash new tariffs on 60 more countries as soon as Friday, setting up another round of bruising trade wars.
3Ukrainian President Zelenskyy dismissed his top general following public protests, in the country’s biggest military shakeup since 2024.
4The White House’s Iran war problems are compounding as it faces scrutiny over its military budget and the deaths of US service members.
5Ozempic maker Novo Nordisk sued Eli Lilly, accusing the US drug giant of misleading advertising practices.
6The US will scrutinize top Chinese AI models for signs they ripped off American competitors, and warned of possible sanctions.
US woes pile up over Iran quagmire
The cost of the Iran war is now estimated at $37.5 billion, US Defense Secretary Hegseth said as he requested more funds to plug what he called an urgent shortfall.
Center-left Democrats seek distance from Medicare for All
The center-left Searchlight Institute is urging Democrats to work toward universal healthcare in ways that don’t disrupt private insurance.
Cornyn threatens to sink Trump nominees over PEPFAR
The Texas Republican told Semafor he would not support action on two ambassadorial picks without movement on the AIDS-fighting program for Africa.
Higher share of adults in US than in other countries see danger in politics, poll finds
One in 10 US adults identified politics as the “greatest source of risk” to their daily safety, according to new Gallup polling.
Bets against the stock market are at all-time highs
Sharpened AI fears and the Iran war’s threat of renewed inflation are fueling doubts that the S&P 500 rally can last.
Fervor over top-selling drugs fuels biotech dealmaking
Pharma companies have acquired 37 biotech firms worth at least $1 billion this year, more than all of 2025.
Novo sues Lilly amid escalating weight-loss rivalry
Novo Nordisk argued that Eli Lilly’s ads used outdated comparisons for how much weight users lost using the drugs.
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Politics
Riyadh wins US nuclear concessions
US President Donald Trump has reportedly approved allowing Saudi Arabia to build a civil nuclear program, potentially letting the kingdom develop its own enrichment facilities.
Evelyn Hockstein/Reuters
Center-left Democrats seek distance from Medicare for All
The center-left Searchlight Institute is urging Democrats to work toward universal healthcare in ways that don’t disrupt private insurance.
Sen. Bernie Sanders, I-Vt., at a Medicare for All rally in 2019. Aaron P. Bernstein/Reuters
Higher share of adults in US than in other countries see danger in politics, poll finds
One in 10 US adults identified politics as the “greatest source of risk” to their daily safety, according to new Gallup polling.
Ryan Murphy/Reuters
Trump edges back to tariff maximalism to sway trade talks
His administration is threatening tariffs on Canada that amount to a legally dubious negotiating tactic, stressing out Republicans on Capitol Hill.
Cornyn threatens to sink Trump nominees over PEPFAR
The Texas Republican told Semafor he would not support action on two ambassadorial picks without movement on the AIDS-fighting program for Africa.
How Democrats learned to embrace Native American land acknowledgments
The party has kept to a formal custom that Republicans at times try to turn into a culture-war wedge issue.
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.
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.
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.
Business
Fervor over top-selling drugs fuels biotech dealmaking
Pharma companies have acquired 37 biotech firms worth at least $1 billion this year, more than all of 2025.
Mike Blake/Reuters
Novo sues Lilly amid escalating weight-loss rivalry
Novo Nordisk argued that Eli Lilly’s ads used outdated comparisons for how much weight users lost using the drugs.
Trump tees up fresh tariffs on 60 more countries
Washington has already hit Canada and Brazil with new levies, amplifying global trade uncertainty.
Banks pay backhanded compliments to private credit
By putting their own balance sheets and brand names behind these deals, banks are validating the very underwriting they’ve spent months criticizing for being full of cockroaches.
Burnham faces Britain’s overseas business woes
Many of Britain’s corporate crown jewels make more of their money in the US and fast-growing Asian markets than at home.
Technology
Google, Nvidia deepen Europe robotics play with startup compute deal
Google and Nvidia are partnering with German data-robotics startup Microagi to provide computing power to train and deploy humanoids in factories.
Microagi
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.
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.
Energy
Renewed US-Iran strikes up risk for daring Dynacom vessels
The Greek shipowners are among the few still chasing outsized profits by sending their tankers into the world’s most dangerous waters.
Amirhosein Khorgooi/ISNA/via WANA via Reuters
Abu Dhabi National Oil Company invests in $6.2B domestic gas project
The expansion fits within ADNOC’s global gas strategy and is part of a broader effort to meet rising domestic demand driven by industrial growth and AI.
Natural gas wells at the Habshan gas complex in Abu Dhabi. Stringer/Reuters.
Bahrain considers nuclear power option
The potential small modular nuclear power plant would be the first in the kingdom, which holds the Gulf’s smallest hydrocarbon reserves.
A digital visualization of the small modular nuclear reactor planned by Rolls-Royce. Rolls-Royce/Handout via Reuters.
Gulf
UAE companies cut back on hiring as uncertainty over Iran war persists
Companies’ patience has thinned as the war has ebbed and flowed, and a quarter of companies now plan cuts, a survey by staffing firm ManpowerGroup found.
Amr Alfiky/File Photo/Reuters
Riyadh wins US nuclear concessions
US President Donald Trump has reportedly approved allowing Saudi Arabia to build a civil nuclear program, potentially letting the kingdom develop its own enrichment facilities.
Signs of a Saudi-UAE rapprochement emerge on social media
The split between the two countries was driven by disputes over Yemen, Sudan, and economic and geopolitical rivalry, but the Iran war has brought their shared security threat into focus.
What I learned as Israel’s first Consul General in Dubai
Liron Zaslansky reflects on how the bilateral relationship has grown in the face of multiple challenges.
US woes pile up over Iran quagmire
The cost of the Iran war is now estimated at $37.5 billion, US Defense Secretary Hegseth said as he requested more funds to plug what he called an urgent shortfall.
China
Chinese magnet shipments to US fall despite trade truce
China’s US-bound shipments of rare-earth magnets so far this year are 20% below average levels seen between 2022 and 2024, customs data showed.
David Gray/Reuters
Chinese startup founded by AI pioneer eyes potential IPO
Kai-Fu Lee’s firm is aiming to raise funds ahead of a potential 2027 IPO, joining other AI labs that have gone public or plan to.
David Gray/Reuters
Kimi K3 model highlights China’s burgeoning AI efforts
China’s AI were on full display over the last week.
Moonshot AI founder Yang Zhilin. Tingshu Wang/Reuters
Africa
Africa’s AI-driven lender to enter Ethiopia, Egypt
Opstasia is betting its algorithm stack can score 200 million unbanked consumers in frontier markets.
Dado Ruvic/Illustration/Reuters
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.
Semafor
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.
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.
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.
Security
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
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
Media
News Corp accuses search engine Brave of AI copyright infringement
News Corp announced that it is suing Brave AI, a privacy-focused search engine with an AI sidebar tool that plugs into large language models.
Keith Bedford/Reuters
Baltimore Sun owner threatens to sue Moore over Epstein comments
The Maryland governor tried to tie Sinclair chairman David Smith to the disgraced financier.
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.
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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