Flagship

World Bank upgrades China forecast

The World Bank upgraded its forecasts for China’s economic growth, a rare boost for a country that has been fighting debt, deflation, and declining confidence. The Washington-based lender attributed its new projections to recent efforts by Beijing to ease monetary and fiscal policy, but its estimates were nevertheless below China’s own official targets of around 5% GDP growth and far lower than the country’s historic breakneck economic expansion. China has struggled with a flailing property market, persistent unemployment, and the specter of deflation, leading other analysts to be even less sanguine than the World Bank: The Economist labeled Beijing’s efforts at stimulus as “tardy, cautious, and ineffectual,” and warned that “China’s economy is in for another rough year.”

Tibet dam approved

Beijing approved the construction of the world’s biggest hydropower dam despite public outcry from residents near the site. Once completed, the dam on the Yarlung Zangbo River in Tibet could produce as much as 300 billion kilowatt-hours of electricity annually, more than tripling the capacity of the world’s biggest hydropower plant, also in China. The project — which critics say could affect millions of people downstream in India and Bangladesh — underscores Beijing’s ambitions to lead the world in green energy generation: According to the Global Energy Monitor, China is on track to add nearly twice as much solar and wind energy capacity as the rest of the world combined.

For more on the energy transition, subscribe to Semafor’s Net Zero newsletter. →

Europe’s energy challenge

Europe is facing a multi-faceted energy challenge thanks to a worse-than-expected winter and shifting geopolitics. The continent is draining its stores of natural gas at the fastest rate since Russia’s 2022 full-scale invasion of Ukraine because of a decline in maritime imports and cold weather, according to data compiled by an industry body. Major gas exporters such as the US and Qatar, meanwhile, are issuing threats: US President-elect Donald Trump has warned of tariffs if the European Union does not increase its purchases of US oil and gas while Doha’s energy minister told the Financial Times that Qatar could cut supplies if the EU follows through with new rules on sustainability regulations.

UAE tops Africa investment

The United Arab Emirates is now a bigger financier of new business in Africa than the US or China, with about two-thirds of Emirati investment being directed to renewable energy. The overall figure of $110 billion between 2019 and 2023 was more than double that of investment from British, Chinese, or French companies, The Guardian reported. Though activists have voiced worry that Emirati investment has previously been tied to rights abuses and poor environmental standards, the huge figure nevertheless underscores the UAE’s growing global clout as well as the limits to the perception that Africa is largely a geopolitical battleground between the US and China.

For more on the Gulf and on Africa, subscribe to Semafor’s thrice-weekly newsletters on both regions. →

Prisoners flee in Mozambique

More than 1,500 prisoners escaped from a prison in Mozambique, taking advantage of the country’s political instability since a disputed presidential election in October. Critics have called into question the veracity of the results, which showed the ruling party — which has governed the country since its independence from Portugal in 1975 — winning two-thirds of the vote. Although a constitutional court recently certified the results, opposition leader Venâncio Mondlane has called on his supporters to protest against the government, sparking deadly unrest, and this week, Mondlane, who is in self-imposed exile in an unknown country, vowed to install himself as president next month.

Syria’s mounting challenges

Syria’s de facto rulers faced multiple challenges surrounding security and governance. More than a dozen people were killed in clashes with loyalists of ousted dictator Bashar al-Assad, while thousands of protesters took to the streets in multiple cities over a video that alleged the burning of a shrine in Syria’s second city which officials insisted was old. The rebels who overthrew Assad had previously administered a lone province and now face a raft of issues tied to governing the entire country, ranging from rebuilding the national army to rewriting the constitution, all while providing basic services. “Syria’s rebel leaders have control of the country,” The Wall Street Journal said. “Now what?”

Trump inauguration draws donors

Major companies were set to donate a record-breaking sum to US President-elect Donald Trump’s inauguration fund. Blue-chip contributors included Big Tech giants Amazon, Meta, and OpenAI, carmakers Ford, General Motors, and Toyota, and several large industrial and financial firms, in a “a possible sign that companies see Trump as a more transactional figure,” Axios reported, “and they hope donating to his inauguration will improve their standing heading into the new term.” Among the companies having made donations, The Wall Street Journal noted, were 11 that pledged to suspend or reconsider political donations in the wake of the Jan. 6, 2021 riot by Trump supporters at the US Capitol.

For more on the Trump transition, subscribe to Semafor’s Principals newsletter. →

Join us for our largest convening at Davos yet, featuring a world-class lineup of live journalism at the World Economic Forum 2025. Semafor editors will engage with industry leaders to discuss key themes, including global finance, blockchain, AI in the Gulf, Africa’s growth trajectory, and much more.

Explore the schedule and request invitations to attend Semafor sessions at Davos. →

Nvidia readies new products

Nvidia is reportedly close to unveiling a more powerful set of artificial intelligence-focused components. Taiwanese media said the semiconductor giant expects to announce a new server in March, and while “on the surface it sounds incremental,” the chip-focused outlet SemiAnalysis noted, “there’s a lot more than meets the eye.” In particular, the new products will be better suited for more advanced large language models, and offer greater customization for so-called hyperscalers — firms such as Amazon, Google, and Microsoft that are investing hugely in AI. Nvidia announcements are of growing interest to big-name and retail investors alike: Bank of America analysts calculated last month that Nvidia’s earnings had a greater projected impact on the stock market than US inflation data.

For more on the fast-changing world of AI, subscribe to Semafor’s Tech newsletter. →

Colombia’s gambling boom

Online gambling is booming in Colombia, with the industry now generating as much revenue as the country’s biggest company. Between 2018 and 2022, online betting grew by 450%, with a further double-digit increase so far this year. Bogotá has taken note: The ruling party recently approved a bill to tax it by up to 20%. Online betting has boomed globally in recent years, notably after several US states loosened restrictions. Experts fear prob