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class="styles_signUpText__nyg1_"><a href="/newsletters/business/latest" aria-label="Read the latest business newsletter">In today’s edition, SoftBank bets big on Trump’s America — again. Plus, how long can the dollar remain the world’s currency? And a scoop on a boardroom fight at Air Products.  <span class="styles_arrow__9ikMj">→</span></a></div></div><div class="sign-up-block"><div class="styles_divider__xkDtO styles_layoutControl__zEouR" aria-hidden="true"></div><h3 class="styles_title__IgESQ"><strong>Sign up for Semafor Business:</strong> The stories (& the scoops) from Wall Street.</h3><div class="styles_inputWrapper__sEuhN"><label class="styles_hiddenLabel__AQc10" for="newsletter-sign-up-:R7qpeiuuujb5a:">Email address</label><input placeholder="Email address" id="newsletter-sign-up-:R7qpeiuuujb5a:" autoComplete="email" aria-invalid="false" type="email" class="styles_emailInput__1fIkY" required="" name="email" value=""/><button class="styles_signUpButton__yraUk">Sign Up</button><div id="newsletter-feedback" class="styles_feedback__1GX0T styles_right__NJMz0 undefined" aria-hidden="true"></div></div></div></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_formVerticalDivider__u9nQr" aria-hidden="true"></div></form><div class="styles_gridItem___IHAV"><a class="styles_featuredStory__6_iye styles_article__1kWFV styles_layoutControl__S4jQx" href="/article/12/17/2024/us-dollar-recovers-as-trump-threatens-brics-nations"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">US Dollar rebounds as Trump threatens BRICS nations</h2></div><div class="styles_descriptionRow__h3ZaK"><div><div class="styles_intro__eEyMN">The greenback has finally recovered since Trump threatened sanctions against Brazil, Russia, India, China, and South Africa.</div></div></div></div></div><div class=""><figure class="styles_figure__vTRZl styles_topSpacing__7bNrg"><img data-categories="essential" alt="A US one dollar banknote is seen in this illustration" loading="lazy" width="644" height="429" decoding="async" data-nimg="1" class="styles_image__tD6b9" style="color:transparent" srcSet="https://img.semafor.com/32ebc9f8ec15fc837cf5e79123f65dab280b883b-1280x854.png?rect=71%2C0%2C1139%2C854&w=750&h=966&q=75&auto=format 1x, https://img.semafor.com/32ebc9f8ec15fc837cf5e79123f65dab280b883b-1280x854.png?rect=71%2C0%2C1139%2C854&w=1920&h=966&q=75&auto=format 2x" src="https://img.semafor.com/32ebc9f8ec15fc837cf5e79123f65dab280b883b-1280x854.png?rect=71%2C0%2C1139%2C854&w=1920&h=966&q=75&auto=format"/><span class="styles_attribution__ywkPS">Murad Sezer/File Photo/Reuters</span></figure></div></div></a><div class="styles_divider__xkDtO styles_layoutControl__zEouR styles_horizontalDivider__pzvxi" aria-hidden="true"></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_verticalDivider__KZJY_" aria-hidden="true"></div></div><div class="styles_gridItem___IHAV"><a class="styles_featuredStory__6_iye styles_article__1kWFV styles_layoutControl__S4jQx" href="/article/12/17/2024/softbank-ceo-son-pledges-100b-in-us-projects-to-trump"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">SoftBank CEO pledges $100 billion, more jobs for Trump’s America</h2></div><div class="styles_descriptionRow__h3ZaK"><div><div class="styles_intro__eEyMN">SoftBank CEO Masayoshi Son has committed $100 billion in US investments during Trump’s incoming reign, doubling his pledge from 2016. </div></div></div></div></div><div class=""><figure class="styles_figure__vTRZl styles_topSpacing__7bNrg"><img data-categories="essential" alt="US President-elect Donald Trump embraces CEO of SoftBank Masayoshi Son at Mar-a-Lago in Palm Beach, Florida" loading="lazy" width="644" height="460" decoding="async" data-nimg="1" class="styles_image__tD6b9" style="color:transparent" srcSet="https://img.semafor.com/ef5ee9e47244ab3d2f7c5f9025137bf1e71d2ec5-1968x1406.jpg?rect=47%2C0%2C1875%2C1406&w=750&h=966&q=75&auto=format 1x, https://img.semafor.com/ef5ee9e47244ab3d2f7c5f9025137bf1e71d2ec5-1968x1406.jpg?rect=47%2C0%2C1875%2C1406&w=1920&h=966&q=75&auto=format 2x" src="https://img.semafor.com/ef5ee9e47244ab3d2f7c5f9025137bf1e71d2ec5-1968x1406.jpg?rect=47%2C0%2C1875%2C1406&w=1920&h=966&q=75&auto=format"/><span class="styles_attribution__ywkPS">Bryan Snyder/Reuters</span></figure></div></div></a><div class="styles_divider__xkDtO styles_layoutControl__zEouR styles_horizontalDivider__pzvxi" aria-hidden="true"></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_verticalDivider__KZJY_" aria-hidden="true"></div></div></div><div class="styles_divider__xkDtO styles_layoutControl__zEouR" aria-hidden="true"></div></div><div class="styles_section__WKFcU styles_layoutControl__lq25S"><div class="styles_gridItems__PvGFI styles_layoutControl__lq25S" style="position:relative"><div class="styles_gridItem__KDRof"><a class="styles_featuredStory__6_iye styles_article__6LbpU styles_layoutControl__S4jQx" href="/article/12/15/2024/activist-air-products-board-nominee-is-said-to-be-source-of-decade-old-ma-leak-court-filing"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">Activist Air Products board nominee is said to be source of decade-old M&A leak: court filing</h2></div><div class="styles_descriptionRow__LwUlx"><div><div class="styles_intro__eEyMN">Dennis Reilley is identified in court documents as the source of a leak about the 2014 sale of Covidien.</div></div></div></div></div><div class=""><figure class="styles_figure__vTRZl styles_topSpacing__7bNrg"><img data-categories="essential" alt="" loading="lazy" width="644" height="430" decoding="async" data-nimg="1" class="styles_image__tD6b9" style="color:transparent" srcSet="https://img.semafor.com/c469724a11efc1dfcc1b5910ea32f7ba97597f67-4256x2848.jpg?rect=230%2C0%2C3797%2C2848&w=750&h=966&q=75&auto=format 1x, https://img.semafor.com/c469724a11efc1dfcc1b5910ea32f7ba97597f67-4256x2848.jpg?rect=230%2C0%2C3797%2C2848&w=1920&h=966&q=75&auto=format 2x" src="https://img.semafor.com/c469724a11efc1dfcc1b5910ea32f7ba97597f67-4256x2848.jpg?rect=230%2C0%2C3797%2C2848&w=1920&h=966&q=75&auto=format"/><span class="styles_attribution__ywkPS">Air Products</span></figure></div></div></a><div class="styles_divider__xkDtO styles_layoutControl__zEouR styles_horizontalDivider__xxdt0" aria-hidden="true"></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_verticalDivider__YEjtI" aria-hidden="true"></div></div><div class="styles_gridItem__KDRof"><a class="styles_featuredStory__6_iye styles_article__6LbpU styles_layoutControl__S4jQx" href="/article/12/12/2024/lina-khan-beats-grocery-merger-as-biden-administration-winds-down"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">Lina Khan beats grocery merger as Biden administration winds down</h2></div><div class="styles_descriptionRow__LwUlx"><div><div class="styles_intro__eEyMN">Albertsons immediately sued Kroger, saying it hadn’t tried hard enough to win regulatory support for the deal.</div></div></div></div></div><div class=""><figure class="styles_figure__vTRZl styles_topSpacing__7bNrg"><img data-categories="essential" alt="A person shops in an Albertsons supermarket" loading="lazy" width="644" height="429" decoding="async" data-nimg="1" class="styles_image__tD6b9" style="color:transparent" srcSet="https://img.semafor.com/100f2fa12dfe66a2bf862165bc680ef25daf42a0-4021x2681.jpg?rect=224%2C0%2C3575%2C2681&w=750&h=966&q=75&auto=format 1x, https://img.semafor.com/100f2fa12dfe66a2bf862165bc680ef25daf42a0-4021x2681.jpg?rect=224%2C0%2C3575%2C2681&w=1920&h=966&q=75&auto=format 2x" src="https://img.semafor.com/100f2fa12dfe66a2bf862165bc680ef25daf42a0-4021x2681.jpg?rect=224%2C0%2C3575%2C2681&w=1920&h=966&q=75&auto=format"/><span class="styles_attribution__ywkPS">David Ryder/Reuters</span></figure></div></div></a><div class="styles_divider__xkDtO styles_layoutControl__zEouR styles_horizontalDivider__xxdt0" aria-hidden="true"></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_verticalDivider__YEjtI" aria-hidden="true"></div></div><div class="styles_gridItem__KDRof"><a class="styles_featuredStory__6_iye styles_article__6LbpU styles_layoutControl__S4jQx" href="/article/12/12/2024/private-equity-pioneer-david-bonderman-dies-at-82"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">Private-equity pioneer David Bonderman dies at 82</h2></div><div class="styles_descriptionRow__LwUlx"><div><div class="styles_intro__eEyMN">Bonderman co-founded TPG, which started as a small outfit investing the fortune of a Texas oilman and became one of the biggest PE firms in the world.</div></div></div></div></div><div class=""><figure class="styles_figure__vTRZl styles_topSpacing__7bNrg"><img data-categories="essential" alt="David Bonderman, founding Partner, TPG Capital." loading="lazy" width="644" height="459" decoding="async" data-nimg="1" class="styles_image__tD6b9" style="color:transparent" srcSet="https://img.semafor.com/620dc6ffc0801e3cbeed976f7cc1baeaf3bf1516-3500x2499.jpg?rect=84%2C0%2C3332%2C2499&w=750&h=966&q=75&auto=format 1x, https://img.semafor.com/620dc6ffc0801e3cbeed976f7cc1baeaf3bf1516-3500x2499.jpg?rect=84%2C0%2C3332%2C2499&w=1920&h=966&q=75&auto=format 2x" src="https://img.semafor.com/620dc6ffc0801e3cbeed976f7cc1baeaf3bf1516-3500x2499.jpg?rect=84%2C0%2C3332%2C2499&w=1920&h=966&q=75&auto=format"/><span class="styles_attribution__ywkPS">Gus Ruelas/File Photo/Reuters</span></figure></div></div></a><div class="styles_divider__xkDtO styles_layoutControl__zEouR styles_horizontalDivider__xxdt0" aria-hidden="true"></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_verticalDivider__YEjtI" aria-hidden="true"></div></div><div class="styles_gridItem__KDRof"><a class="styles_featuredStory__6_iye styles_article__6LbpU styles_layoutControl__S4jQx" href="/article/12/12/2024/ge-vernova-ceo-we-can-manage-trump-tariffs"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">GE Vernova CEO: We can ‘manage’ Trump tariffs</h2></div><div class="styles_descriptionRow__LwUlx"><div><div class="styles_intro__eEyMN">Scott Strazik said the renewable energy company is prepared to adjust and lean on its US roots, but sees few takers for offshore wind.</div></div></div></div></div><div class=""><figure class="styles_figure__vTRZl styles_topSpacing__7bNrg"><img data-categories="essential" alt="GE Vernova CEO Scott Strazik speaking to Semafor’s Tim McDonnell in April 2024" loading="lazy" width="644" height="429" decoding="async" data-nimg="1" class="styles_image__tD6b9" style="color:transparent" srcSet="https://img.semafor.com/f6fb131ef42b550d7f0e77f5db35fbba2006dd51-5000x3335.jpg?rect=277%2C0%2C4447%2C3335&w=750&h=966&q=75&auto=format 1x, https://img.semafor.com/f6fb131ef42b550d7f0e77f5db35fbba2006dd51-5000x3335.jpg?rect=277%2C0%2C4447%2C3335&w=1920&h=966&q=75&auto=format 2x" src="https://img.semafor.com/f6fb131ef42b550d7f0e77f5db35fbba2006dd51-5000x3335.jpg?rect=277%2C0%2C4447%2C3335&w=1920&h=966&q=75&auto=format"/><span class="styles_attribution__ywkPS">Scott Strazik speaking at Semafor’s World Economic Summit in April 2024. Kris Tripplaar/Semafor.</span></figure></div></div></a><div class="styles_divider__xkDtO styles_layoutControl__zEouR styles_horizontalDivider__xxdt0" aria-hidden="true"></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_verticalDivider__YEjtI" aria-hidden="true"></div></div></div></div><div><div class="styles_section__T7DHK styles_layoutControl__frLZg"><div class="styles_divider__xkDtO styles_layoutControl__zEouR styles_topDivider__Z_ZFz styles_layoutControl__frLZg" aria-hidden="true"></div><div class="styles_gridItems__Lny1T styles_layoutControl__frLZg" style="position:relative"><div class="styles_gridItem__S3tu8"><a class="styles_featuredStory__6_iye styles_article__gSfs9 styles_layoutControl__S4jQx" href="/article/12/11/2024/us-inflation-ticks-up-as-fed-eyes-next-interest-rate-cut"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">US inflation ticks up as Fed eyes next interest rate cut</h2></div><div class="styles_descriptionRow__cJF36"><div><div class="styles_intro__eEyMN">“Price pressures are hardly settling at a level that the Fed can be completely at ease with,” one financial strategist said.</div></div></div></div></div><div class=""></div></div></a></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_verticalDivider__UqZQG" aria-hidden="true"></div><div class="styles_gridItem__S3tu8"><a class="styles_featuredStory__6_iye styles_article__gSfs9 styles_layoutControl__S4jQx" href="/article/12/11/2024/china-eyes-major-economic-shifts-for-2025"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">China eyes major economic shifts for 2025</h2></div><div class="styles_descriptionRow__cJF36"><div><div class="styles_intro__eEyMN">In the face of global and domestic pressures, Chinese policymakers are considering how far they are willing to go to reach growth targets.</div></div></div></div></div><div class=""></div></div></a></div><div class="styles_divider__xkDtO styles_layoutControl__zEouR styles_mobileDivider___8K1b" aria-hidden="true"></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_verticalDivider__UqZQG styles_odd__FQFtz" aria-hidden="true"></div><div class="styles_gridItem__S3tu8"><a class="styles_featuredStory__6_iye styles_article__gSfs9 styles_layoutControl__S4jQx" href="/article/12/11/2024/opec-slashes-oil-demand-forecasts-again-for-2024"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">OPEC slashes oil demand forecasts again for 2024</h2></div><div class="styles_descriptionRow__cJF36"><div><div class="styles_intro__eEyMN">The cut is the deepest of the year, as the OPEC alliance is forced to acknowledge slowing global demand.</div></div></div></div></div><div class=""></div></div></a></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_verticalDivider__UqZQG" aria-hidden="true"></div><div class="styles_gridItem__S3tu8"><a class="styles_featuredStory__6_iye styles_article__gSfs9 styles_layoutControl__S4jQx" href="/article/12/11/2024/congress-likely-to-work-on-two-separate-economy-border-bills-rep-beth-van-duyne"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">House Republicans mulling two big bills in 2025, with tax going first, Texas Rep. says</h2></div><div class="styles_descriptionRow__cJF36"><div><div class="styles_intro__eEyMN">Congressional Republicans are figuring out the best path to enact their agenda next year, given their thin majority in the House. </div></div></div></div></div><div class=""></div></div></a></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_verticalDivider__UqZQG styles_odd__FQFtz" aria-hidden="true"></div></div><div class="styles_divider__xkDtO styles_layoutControl__zEouR styles_bottomDivider__c8vud styles_layoutControl__frLZg" aria-hidden="true"></div></div><div class="styles_section__T7DHK styles_layoutControl__frLZg"><div class="styles_gridItems__Lny1T styles_layoutControl__frLZg" style="position:relative"><div class="styles_gridItem__S3tu8"><a class="styles_featuredStory__6_iye styles_article__gSfs9 styles_layoutControl__S4jQx" href="/article/12/10/2024/economic-consequences-of-rebuilding-syria"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">The cost of Syria’s reconstruction is slowly coming into focus</h2></div><div class="styles_descriptionRow__cJF36"><div><div class="styles_intro__eEyMN">As Syria’s political transition gets underway, neighboring countries like Turkey stand to play a major role.</div></div></div></div></div><div class=""></div></div></a></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_verticalDivider__UqZQG" aria-hidden="true"></div><div class="styles_gridItem__S3tu8"><a class="styles_featuredStory__6_iye styles_article__gSfs9 styles_layoutControl__S4jQx" href="/article/12/10/2024/majority-of-investors-consider-sports-gaming-and-music-rights-too-risky-new-survey-finds"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">Majority of investors consider sports, gaming, and music rights too risky, new survey finds</h2></div><div class="styles_descriptionRow__cJF36"><div><div class="styles_intro__eEyMN">The findings contrast with a recent Goldman Sachs report that called sports investing the next trillion-dollar market. </div></div></div></div></div><div class=""></div></div></a></div><div class="styles_divider__xkDtO styles_layoutControl__zEouR styles_mobileDivider___8K1b" aria-hidden="true"></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_verticalDivider__UqZQG styles_odd__FQFtz" aria-hidden="true"></div><div class="styles_gridItem__S3tu8"><a class="styles_featuredStory__6_iye styles_article__gSfs9 styles_layoutControl__S4jQx" href="/article/12/10/2024/three-merger-deals-get-a-reboot-in-big-week-for-corporate-white-whales"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">Three merger deals get a reboot in big week for corporate white whales</h2></div><div class="styles_descriptionRow__cJF36"><div><div class="styles_intro__eEyMN">A blockbuster advertising merger in an industry with a string of combustible characters and failed deals, and renewed runs at Macy’s and Hershey.</div></div></div></div></div><div class=""></div></div></a></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_verticalDivider__UqZQG" aria-hidden="true"></div><div class="styles_gridItem__S3tu8"><a class="styles_featuredStory__6_iye styles_article__gSfs9 styles_layoutControl__S4jQx" href="/article/12/08/2024/unitedhealth-executives-killing-prompts-new-focus-on-corporate-security"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">UnitedHealth executive’s killing prompts new focus on corporate security</h2></div><div class="styles_descriptionRow__cJF36"><div><div class="styles_intro__eEyMN">Since last week’s attack on Brian Thompson, security provider Allied Universal has added executives from five Fortune 500 companies as clients for full-time executive protection.</div></div></div></div></div><div class=""></div></div></a></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_verticalDivider__UqZQG styles_odd__FQFtz" aria-hidden="true"></div></div><div class="styles_divider__xkDtO styles_layoutControl__zEouR styles_bottomDivider__c8vud styles_layoutControl__frLZg" aria-hidden="true"></div></div><div class="styles_section__T7DHK styles_layoutControl__frLZg"><div class="styles_gridItems__Lny1T styles_layoutControl__frLZg" style="position:relative"><div class="styles_gridItem__S3tu8"><a class="styles_featuredStory__6_iye styles_article__gSfs9 styles_layoutControl__S4jQx" href="/article/12/08/2024/msnbc-producers-are-going-to-love-new-jersey"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">MSNBC producers are going to love New Jersey</h2></div><div class="styles_descriptionRow__cJF36"><div><div class="styles_intro__eEyMN">The looming move en masse to New Jersey or worse, Connecticut, that has staff of almost all levels spooked.</div></div></div></div></div><div class=""></div></div></a></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_verticalDivider__UqZQG" aria-hidden="true"></div><div class="styles_gridItem__S3tu8"><a class="styles_featuredStory__6_iye styles_article__gSfs9 styles_layoutControl__S4jQx" href="/article/12/08/2024/murdoch-shops-for-podcasts"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">Murdoch shops for podcasts</h2></div><div class="styles_descriptionRow__cJF36"><div><div class="styles_intro__eEyMN">Fox is talking to potential acquisition targets in political media, particularly on the right.</div></div></div></div></div><div class=""></div></div></a></div><div class="styles_divider__xkDtO styles_layoutControl__zEouR styles_mobileDivider___8K1b" aria-hidden="true"></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_verticalDivider__UqZQG styles_odd__FQFtz" aria-hidden="true"></div><div class="styles_gridItem__S3tu8"><a class="styles_featuredStory__6_iye styles_article__gSfs9 styles_layoutControl__S4jQx" href="/article/12/06/2024/us-job-growth-jumps-back-in-november"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">US job growth jumps back in November </h2></div><div class="styles_descriptionRow__cJF36"><div><div class="styles_intro__eEyMN">The world’s largest economy added 227,000 jobs in November, recovering from a weighed-down October.</div></div></div></div></div><div class=""></div></div></a></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR styles_verticalDivider__UqZQG" aria-hidden="true"></div><div class="styles_gridItem__S3tu8"><a class="styles_featuredStory__6_iye styles_article__gSfs9 styles_layoutControl__S4jQx" href="/article/12/05/2024/us-judge-rejects-boeing-guilty-plea-deal-in-737-max-crash-crashes"><div class=""><div class=""><div class=""><div><h2 class="styles_headline__0eSG_">US judge rejects Boeing plea deal over deadly 737 MAX crashes</h2></div><div class="styles_descriptionRow__cJF36"><div><div class="styles_intro__eEyMN">The decision will be seen as a victory for families of crash victims, who had criticized the plea bargain as a “sweetheart deal” and urged the judge to reject it. </div></div></div></div></div><div class=""></div></div></a></div><div class="styles_divider__xkDtO styles_vertical__l_4R6 styles_layoutControl__zEouR 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