Category: Semafor

The US Strategic Petroleum Reserve fell below 300 million barrels for the first time since 1983 on Monday, as Brent crude prices spiked after Middle East negotiations stalled. Washington has leaned heavily on reserves since the US-Iran war began, raising concerns about depletion. Meanwhile, China has been able to turn ...

US tech leaders intensified their charm offensive in response to mounting bipartisan backlash against data center construction. Meta CEO Mark Zuckerberg published a 6,500-word essay Monday announcing plans for a $1 billion fund to invest in communities that host data centers, and OpenAI published an open letter to Texas’ governor ...

Nvidia on Monday said it would partner with lenders to help it finance the buildout of AI infrastructure through a series of vehicles totalling more than $500 billion. The consortium, which includes Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR, will serve companies from frontier labs to hyperscalers, Nvidia said. ...

A Chinese Long March rocket carrying a communications satellite exploded shortly after liftoff Monday, the “workhorse” rocket family’s second failure this year, as Beijing races to achieve launch parity with the US. The mission would have marked an acceleration, with a record 12 days between launches. Beijing and Washington are ...

The Japanese yen has already erased half the gains that came from the historic US-Japan currency intervention, raising questions over the efficacy of the maneuver and whether more currency moves may be needed to stop the yen’s slide. It’s “going to take more” to create a sustained upswing, a Russell ...

The risk of the Yemen war fully reigniting is growing, following a series of strikes by the Iran-backed Houthis on targets inside the country and across the border in Saudi Arabia. The Houthis fired on the southern Saudi region of Najran last week and on Saudi Aramco’s Jazan refinery on ...

ADNOC Gas hasn’t been able to export much liquefied natural gas or other products since late February, but the company has remained profitable and kept its investment plans intact thanks to domestic demand. The listed unit of Abu Dhabi’s state-owned energy company reported a 52% decline in second-quarter profit to ...

Emaar, whose buildings dot the Dubai skyline, booked a 21% rise in revenue in the first half of the year, despite a slump in new property sales. The developer attributed the 42% dip in new sales to fewer launches compared to last year. Data from the wider market tells a ...

DP World is expanding in Western Europe, as demand grows for specialized warehousing and more routes during a fragile time for global supply chains. The Dubai-owned logistics giant plans to build a logistics hub in the Port of Antwerp, set to cost up to €100 million ($116 million), focused on ...

Soaring pet ownership has left Abu Dhabi trying to get a tighter leash on the issue. Its solution: mandatory pet registration. A grace period for databasing dachshunds and dalmatians ended earlier this year and failure to register a prize pooch with the Department of Municipalities and Transport can now cost ...