Mayor Zohran Mamdani’s uneasy truce with New York’s business elite was tested again Wednesday when he appointed antitrust crusader Lina Khan to a formal post in his administration. Khan will chair the city’s economic development board, which oversees the leasing and use of huge chunks of city property, including Hudson ...
Category: Semafor
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Sports betting takes a financial tollSports betting takes a financial toll
Sports betting is degrading the financial health of the most vulnerable households, according to a new study that tees up an emerging political issue. The study, which draws on transaction data from more than 180,000 households, found that sports betting doesn’t replace shopping or other gambling, like lottery tickets or ...
IBM top exec makes the case for a quarterly earnings rethinkIBM top exec makes the case for a quarterly earnings rethink
IBM’s earnings whiff could give the Trump administration more ammunition to rethink the quarterly earnings treadmill, which a top company executive called “outdated.” “It forces companies to do irrational things” like offering steep end-of-quarter discounts, IBM Vice Chair Gary Cohn said in an interview. (IBM chose not to do those ...
Alphabet’s free cash flow turns negativeAlphabet’s free cash flow turns negative
Alphabet is spending like there’s no tomorrow, and it’s freaking shareholders out. Its shares dropped 7% after it raised its AI spending for the third time this year to $205 billion. Its free cash flow turned negative for the first time in its 22 years as a public company, and ...
Delta to launch direct flights to Saudi ArabiaDelta to launch direct flights to Saudi Arabia
The News Delta Air Lines will launch direct flights to Saudi Arabia in October, the first by a US carrier in 25 years, the airline’s president told Semafor. Flights will begin just ahead of Saudi Arabia’s flagship annual conference, the Future Investment Initiative. Ticket sales have so far been “softer ...
US prepares raft of new global tariffsUS prepares raft of new global tariffs
The White House is readying a raft of new global tariffs after previous levies were struck down by US courts. Since then, the Trump administration has imposed 10% duties on trading partners, but they were limited to 150 days without Congressional approval; a successor regime is expected this week. The ...
Schmitt: College sports bill in ‘pretty good place’Schmitt: College sports bill in ‘pretty good place’
Sen. Eric Schmitt, R-Mo., told Semafor that he and Sens. Ted Cruz, R-Texas, and Maria Cantwell, D-Wash., are in a “pretty good place” to clinch a final college sports agreement and get it on the floor. Schmitt is right in the middle of it: He spoke to Southeastern Conference Commissioner ...
Energy is the exposed flank in Europe’s rearmamentEnergy is the exposed flank in Europe’s rearmament
John’s view By most measures, NATO’s summit in Ankara this month was a success. Allies pledged €70 billion in military equipment, assistance, and training for Ukraine this year and committed to sustain at least that level in 2027. European members and Canada, having increased core defense investment by more than ...
China and US spar over AI ahead of Xi visitChina and US spar over AI ahead of Xi visit
Tensions between China and the US surrounding AI and technology development intensified just weeks before a planned visit by Chinese leader Xi Jinping to Washington. According to The Information, the US is investigating Chinese AI firms’ access to cutting-edge chips — ostensibly restricted by American export controls — after accusing ...
EU leaders to discuss AI — later this yearEU 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. The summit, however, won’t happen until October at the earliest (in typical European fashion, the group doesn’t meet for much of the ...