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Intelligence for the New World Economy
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The World at a Glance
Updated 5:43pm EST
1
Donald Trump and Xi Jinping held a wide-ranging call that both leaders welcomed as a sign of warming US-China ties.
2The US is pursuing deals with Japan, Mexico, and the EU to shore up critical mineral arsenals and blunt China’s ability to disrupt global supply chains.
3Iran abandoned nuclear talks with the US in Turkey and proposed limited negotiations in Oman instead, teeing up a back-and-forth with Washington.
4Russia is suspected of intercepting EU satellites, part of Moscow’s broader hybrid warfare campaign.
5Eli Lilly shares jumped more than 10% after the US firm reported strong sales of its GLP-1 drugs, sending rival Novo Nordisk’s shares tumbling.
6Waymo is set to roll out its robotaxis in more than 20 cities this year, while Chinese firms also accelerate their global expansion plans.
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.
Ken Cedeno/ReutersThe controversial Chinese firm in charge of Khaby Lame’s AI avatar
Chinese firm Three Sheep plans to use its “ultimate supply chain” to target new global markets, using Lame’s international popularity and new AI capabilities.
Eric Gaillard/ReutersTrump administration shrugs as interim Venezuela president bashes Washington
Delcy Rodríguez is professing public cooperation while seeming to go rogue. It’s a dissonant reality for the US government.
Wendys Olivo/Miraflores Palace/Handout/ReutersTrump and Schumer forced to work together, again
It’s a New York buddy act that doesn’t come naturally to either man. But collaborating is the only way an immigration deal can work.
Kevin Lamarque/ReutersAD
Bessent testifies before Congress amid Fed drama
It’s lawmakers’ first chance to grill him since the Justice Department opened an investigation into Federal Reserve Chair Jerome Powell.
Evelyn Hockstein/Reuters Türkiye and Saudi Arabia firm up ties
The two countries have steadily rebuilt ties that had reached a low ebb in 2017 to 2020, when Ankara sided with Qatar in a regional dispute.
Turkish President Erdoğan visits Saudi Arabia. Murat Cetinmuhurdar/Turkish Presidential Press Office/Handout via Reuters.Humanizing the machines: Companies design robots to look friendlier
In a bid to engender connections between humans and robots, companies are designing humanoids with more emotive eyes, smiles, and subtler features to evoke positive feelings.
Courtesy of FourierPolitics
Jamil Javani, in a video posted Tuesday. Screenshot/X/@jamiljivaniKen Cedeno/Reuters 
Gary Cameron/Reuters
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.
Jamil Javani, in a video posted Tuesday. Screenshot/X/@jamiljivaniRepublicans fear a Texas Senate problem — and hope Trump agrees
Their recent special-election loss pales in comparison to the risk of a mishandled primary.
Ken Cedeno/ReutersEconomic worries top list of world’s concerns, report finds
A median of 23% of adults across 107 countries singled out the economy as the most pressing domestic concern.
Gary Cameron/Reuters Bessent testifies before Congress amid Fed drama
It’s lawmakers’ first chance to grill him since the Justice Department opened an investigation into Federal Reserve Chair Jerome Powell.
Trump mineral stockpile will buy ‘valuable time,’ exec says
Secretary of State Marco Rubio is gathering officials from dozens of nations in Washington to discuss fortifying critical mineral supply chains.
Trump administration shrugs as interim Venezuela president bashes Washington
Delcy Rodríguez is professing public cooperation while seeming to go rogue. It’s a dissonant reality for the US government.
Trump and Schumer forced to work together, again
It’s a New York buddy act that doesn’t come naturally to either man. But collaborating is the only way an immigration deal can work.
Netflix, Warner execs head to DC to defend merger
Netflix co-CEO Ted Sarandos and Warner’s top M&A executive are expected to argue that they are seeking to compete head-to-head with YouTube.
US pauses data release — and collection — amid shutdown
The Bureau of Labor Statistics’ pause on collecting February inflation data has the “potential for lasting damage,” an economist said.
Senate Democrats may not back next homeland security stopgap bill
The current stopgap expires Feb. 13. Republicans say a deal may take more time.
Congress clears spending deal as immigration schism deepens
The measure ending a short partial shutdown passed the House, 217-214.
Business
China Daily via Reuters
Chinese provinces reduce growth targets amid national downturn
Only one of the country’s 31 regions set a higher target than in 2025, while 14 set lower ones.
China Daily via ReutersThe AI race is getting monstrously expensive. Can Oracle afford it?
Oracle is spending like a hyperscaler while carrying the balance sheet and investor expectations of an old-school software company.
PayPal’s CEO change blindsided HP’s board
The company’s decision to oust its CEO and replace him with its board chair comes after an 80% drop in shares over the last five years.
Gates Foundation CEO says philanthropists are ‘losing the argument’
The foundation is calling for ‘new era of cooperation’ in face of cuts to government development budgets.
How IHC’s CEO plans to double the UAE’s $125B investment powerhouse
Syed Basar Shueb says the holding company’s diverse assets can be stitched into “dynamic value networks.”
Technology
Ken Cedeno/Reuters
SVEDKA/YouTube
Why OpenAI’s drug royalties proposal won’t work
OpenAI offering biotech firms free AI software in exchange for a share of drug revenues is like offering free Microsoft Word to Stephen King for royalties on his books.
Ken Cedeno/ReutersAI-generated ads hit the Super Bowl
Vodka brand Svedka chose the AI-generated spot a part of a competition of fan-made media.
SVEDKA/YouTubeHow AI is rewriting the SEO script
A host of startups are cropping up to school companies on how to design brands for AI agents, instead of search engines.
SpaceX, xAI merger signals Big Tech’s evolution
The eventual merger of Elon Musk’s empire is a natural evolution of Big Tech, from primarily software-based companies to extraterrestrial industrial giants. Call them EIGs.
Humanizing the machines: Companies design robots to look friendlier
In a bid to engender connections between humans and robots, companies are designing humanoids with more emotive eyes, smiles, and subtler features to evoke positive feelings.
The controversial Chinese firm in charge of Khaby Lame’s AI avatar
Chinese firm Three Sheep plans to use its “ultimate supply chain” to target new global markets, using Lame’s international popularity and new AI capabilities.
Energy
Miguel Vidal/Reuters
Temilade Adelaja/Reuters
Kevin Warsh at Semafor’s World Economy Summit. Tasos Katopodis/Getty Images for Semafor
Carbon markets shift from emissions trends to policy-driven signals
Carbon markets are increasingly reflecting regional policy decisions rather than global changes in emissions, according to investment bank Macquarie.
Miguel Vidal/ReutersGulf’s renewable investments in Africa surge
Clean-power investment from the Gulf could have even greater impact were it targeted more towards power infrastructure, a new report argued.
Temilade Adelaja/ReutersTrump’s Fed chair pick could lead shift on climate change
Kevin Warsh faces a tricky path to actually taking up the Fed leadership but were he to take charge, he may lead a major shift in how the Fed views climate.
Kevin Warsh at Semafor’s World Economy Summit. Tasos Katopodis/Getty Images for SemaforGulf
Mohammed Salem/Reuters
Dubai marks 10 years of minister of state for happiness
The introduction of the office was part of a broader strategy to create a “young and flexible” government.
Mohammed Salem/ReutersSale of Safeya Binzagr painting breaks Saudi record
Sotheby’s second Saudi event brought in a total of $19.5 million.
Dubai taps Musk’s company Boring Co. to ease gridlock
The Dubai Loop is a planned underground mass-transit system using Tesla cars traveling along dedicated tunnels.
Qatar signs long-term LNG contracts with Japan and Malaysia
Doha is doubling its LNG production, and officials insist that global economic growth means demand will remain robust despite the rise of renewable energy.
Doha lands renowned semiconductor R&D lab
Belgium-based Imec, one of the world’s leading semiconductor research labs, will open its first Gulf R&D center in Doha this year.
Africa
Another Iemanjá ceremony in Rio de Janeiro. Mauro Pimentel/AFP via Getty Images.
Edwin Remsberg/VWPics/Universal Images Group via Getty Images
Iemanjá Festival celebrates Brazil’s African religious heritage
Thousands of observers lined the beaches of the city of Salvador to make offerings to Iemanjá, the Yoruba goddess of the sea.
Another Iemanjá ceremony in Rio de Janeiro. Mauro Pimentel/AFP via Getty Images.Ethiopia’s $1B bond faces new obstacles
Some investors said they would take legal action after a creditor committee chaired by China and France blocked the initial restructuring agreement.
Edwin Remsberg/VWPics/Universal Images Group via Getty ImagesUS extends AGOA trade pact for one year
The African Growth and Opportunity Act has been a key force in driving African exports to the US since it was first implemented in 2000.
DR Congo strikes new minerals deal with US
Swiss commodities giant Glencore agreed to sell 40% of its stake in its DR Congo copper and cobalt mines to the Washington-backed Orion Critical Mineral Consortium.
Economic anxiety is the top concern in sub-Saharan Africa, survey finds
Worries about the cost of living outstripped political and security concerns.
Leader of South Africa’s Democratic Alliance to stand down
Cape Town’s mayor is the front-runner to be the next leader of the coalition government’s second-biggest party.
Security
US Navy photo by Mass Communication Specialist Seaman Apprentice Daniel Kimmelman/Handout via Reuters
Stringer/Reuters
Valentyn Ogirenko/Reuters
Tensions flare between US, Iran ahead of nuclear talks
An American jet shot down an Iranian drone in the Arabian Sea, and Iranian boats tried to block a US-flagged tanker.
US Navy photo by Mass Communication Specialist Seaman Apprentice Daniel Kimmelman/Handout via ReutersRussian attacks on Ukraine cast doubt on peace talks
Ukrainian President Volodymyr Zelenskyy said the latest strikes showed that Russia does not “take diplomacy seriously.”
Stringer/ReutersRussian strikes on Ukraine contradict Trump’s ceasefire claim
A drone killed 12 mine workers on a bus, while a separate attack hit a maternity hospital, injuring six.
Valentyn Ogirenko/ReutersMedia
Aaron Schwartz/Reuters
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.
Aaron Schwartz/Reuters 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.
The exec behind Canada’s surprise hit ‘Heated Rivalry’ on the secret to its success
Sean Cohan gets into the Canadian-ness of it all on the “Mixed Signals” podcast.
CEO Signal
Courtesy of Takeda/Joey Pfeifer/Semafor
Courtesy of IHC/Joey Pfeifer/Semafor
Courtesy of Nasdaq/Joey Pfeifer/Semafor
Takeda’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/SemaforHow IHC’s CEO plans to double the UAE’s $125B investment powerhouse
Syed Basar Shueb says the holding company’s diverse assets can be stitched into “dynamic value networks.”
Courtesy of IHC/Joey Pfeifer/SemaforNasdaq’s Adena Friedman on funding the AI ‘marathon’
The exchange CEO says adopting AI in enterprises requires “a massive change management exercise.”
Courtesy of Nasdaq/Joey Pfeifer/SemaforAD