Category: Semafor

The News South Africa’s top court ordered parliament to restart an impeachment inquiry into President Cyril Ramaphosa, ruling that lawmakers acted unlawfully when they blocked the process in 2022. The majority ruling injects fresh uncertainty into a multiparty coalition government and marks the first time in post-apartheid South Africa a ...

The News African e-commerce company Jumia plans to maintain a strategy that has ramped up inventory supply from Chinese vendors and made Nigeria its largest market, to achieve profitability at the end of next year, CEO Francis Dufay told Semafor. Jumia reported 87% year-on-year growth in the volume of items ...

The US and Iran are getting closer to an agreement to temporarily end hostilities, according to Pakistani officials, even as tensions flared in the Strait of Hormuz. Tehran said negotiators were discussing a one-page plan to reopen Hormuz for a month, during which time they would try to reach a ...

Major companies on Thursday warned that consumers globally will start pulling back on purchases, challenging the narrative of resilient spending despite the Iran war. Whirlpool pointed to a “recession-level industry decline,” caused in part by shoppers pulling back on big-ticket buys. Although fast food sales rose, McDonald’s warned of consumer ...

Elon Musk is poised to have “virtually unchecked executive authority” when SpaceX goes public this year, Reuters reported. Documents show SpaceX is looking to limit investors’ ability to challenge company management, as the rocket maker sets its sights on massive projects. SpaceX, set to be the largest IPO in history, ...

The swift buildup of China’s nuclear arsenal bucks conventional wisdom on the limits of Beijing’s ambitions. Mao Zedong called for building a small nuclear force, but Beijing’s approach to the weapons is not “as philosophically unique as once thought,” China nuclear expert Tong Zhao wrote in China Books Review, citing ...

US Secretary of State Marco Rubio looked to ease Washington’s rocky relationship with the Vatican on Thursday in an amicable meeting with Pope Leo XIV. The talks followed US President Donald Trump’s repeated attacks on the leader of the Catholic Church; just three days ago, Trump accused Leo of “endangering ...

After losing out to Pfizer on the $10 billion bidding war for weight-loss drug startup Metsera, Novo Nordisk’s CFO says the company is hunting for even bigger deals. “There are a lot of frogs to be kissed before we find the prince or the princess,” Karsten Munk Knudsen told Semafor. ...

Abu Dhabi’s state-backed chemicals platform is considering a $10 billion investment to significantly expand output at Ruwais Industrial City — one of the first big moves made since the government launched a campaign to expand domestic production of critical goods in late April. The expansion also aligns with a strategy ...

Dubai-based airline Emirates posted record annual profits for the third consecutive year, allowing it to hold on to its claim of being the world’s most profitable carrier despite the Iran war effectively shutting down its home airport at the end of the reporting period. The airline had a pre-tax profit ...