Israel’s Finance Ministry is considering an American-style tax exemption on profits from startup shares, seeking to make building a technology company in Israel more attractive as founders and investors weigh the advantages of the United States.

The ministry is expected to recommend the incentive, but eligibility rules, limits and financing remain unsettled. The founder exemption was reported by Calcalist’s CTech on Oct. 11; it has not been presented as an enacted benefit that entrepreneurs can claim today.

The economic stakes extend beyond a founder’s eventual payout. The Israel Innovation Authority’s 2026 report puts technology exports at about $85 billion in 2025, or 58% of the country’s total exports. The sector employed roughly 400,000 people and accounted for 18.3% of economic output.

At the same time, more activity is taking place abroad. By March 2026, 62% of employees at private Israeli technology companies worked in Israel, down from 69% in 2019, the authority reported. The United States absorbed much of the overseas employment growth, including management and research jobs. Those figures establish the broader competitive pressure; they do not show that taxes alone caused the shift.

The proposed model is qualified small business stock, known as QSBS. Under Section 1202 of the U.S. tax code, qualifying shareholders can exclude substantial profits when they sell eligible shares in a U.S. corporation.

A law signed July 4, 2025, expanded the benefit. For qualifying stock acquired after that date, the exclusion reaches 50% after three years, 75% after four years and 100% after five years. The dollar limit increased from $10 million to $15 million per taxpayer, per company, subject to prior exclusions. The alternative limit remains 10 times the shareholder’s qualifying cost basis.

For stock issued after July 4, 2025, the company’s gross-asset ceiling increased from $50 million to $75 million. The larger dollar thresholds are scheduled for inflation adjustments after 2026. Older shares remain subject to the relevant earlier rules.

These are conditional benefits. The company generally must be a domestic C corporation conducting a qualifying active business, and shareholders generally must acquire shares at original issuance. A stock option by itself is not qualifying stock.

Consider a simplified example: an investor acquires qualifying shares for $1 million and sells them for $13 million after five years. The $12 million gain could fall entirely within the federal exclusion if all requirements are satisfied. That illustrates the U.S. incentive, not a promised outcome under Israel’s unfinished proposal.

An Israeli version would have to define which companies and shareholders qualify, how long shares must be held and how much profit can escape tax. It would also have to establish whether existing holdings qualify. Until those details are published, founders cannot reliably calculate the benefit.

Registering a company in Delaware does not itself eliminate an Israeli resident’s tax bill. Israel generally taxes residents on worldwide income. Nor does moving abroad automatically remove liability: Israeli exit-tax rules can preserve a claim on gains accumulated before tax residency ends.

The founder discussions are unfolding alongside a separate dispute over employee equity compensation. Israel’s Section 102 capital-gains route generally provides a 25% base tax rate for qualifying employee awards held through a trustee for at least 24 months. Conditions and exceptions apply, including different treatment for some publicly traded shares; additional taxes can affect the final bill.

Globes reported Oct. 11 that a reform team was considering changes that could expose some employees to a 30% rate. Finance Minister Bezalel Smotrich publicly opposed adding taxes to technology workers. The recommendations are being prepared for the next government’s 2027 legislative program, rather than an immediate change.

That creates a distributional question. A founder exemption could increase the reward for establishing a company locally, while tighter employee rules could reduce the value of compensation used to recruit staff. Those incentives affect different decisions: where owners build a business and whether workers find its pay package attractive.

The latest discussions also follow a broader technology-tax reform announced by the Finance Ministry, Tax Authority and Innovation Authority in November 2025. That package addressed investment barriers, fund taxation, acquisitions and the tax treatment of professionals returning from overseas. Its announcement included legislative measures, so it should not be treated as proof that every component immediately became law.

For investors comparing Israeli and American corporate structures, the next meaningful step is publication of the proposed rules. The central test is whether the eventual exemption rewards keeping jobs, management and investment in Israel—and what taxpayers would give up to fund it.

JBizNews Desk | Jerusalem

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Teva Pharmaceutical Industries has won U.S. approval for Weltruza, a once-monthly olanzapine injection for adults with schizophrenia, opening a new treatment option that avoids the mandatory observation period attached to an older injectable version of the medicine.

Teva announced the Food and Drug Administration approval October 9 and expects U.S. availability in the coming weeks. The launch adds a second long-acting schizophrenia medicine to its partnership with French drug-delivery specialist Medincell, following the 2023 approval of risperidone injection Uzedy.

For patients and clinics, the distinction is practical. Olanzapine is already widely used as a daily pill, but converting it into a monthly treatment can reduce the burden of remembering medication every day. Clinics would also avoid setting aside several hours for observation after each dose of the older injection.

Weltruza is administered under the skin of the abdomen by a healthcare professional. It is not a self-injection. For patients who have not already demonstrated that they tolerate olanzapine, the prescribing information requires establishing tolerability with oral olanzapine before starting.

Once treatment begins, Weltruza does not require an additional loading dose or supplemental oral olanzapine. Teva plans to launch three strengths corresponding to established daily oral doses.

The older long-acting product, Zyprexa Relprevv, is injected into a muscle. Its FDA-required safety program restricts administration to certified healthcare settings and requires continuous observation for at least three hours after every injection.

Those safeguards address post-injection delirium/sedation syndrome, or PDSS, a reaction associated with unexpectedly high olanzapine exposure that can cause severe sleepiness, confusion and other overdose-like symptoms.

Weltruza does not carry that routine post-injection observation requirement. Its label nevertheless warns about PDSS, says no cases were reported in premarketing trials and states that the risk with Weltruza remains unknown.

That distinction is important: avoiding a required observation period does not mean the new treatment has no serious risks.

Approval followed the Phase 3 SOLARIS program. In its initial eight-week period, 675 adults were randomly assigned to one of three doses or placebo. Teva reported improvements in schizophrenia symptoms, illness severity, and personal and social functioning.

In a previously published long-term SOLARIS analysis, Teva reported no suspected or confirmed PDSS events across 3,470 injections. The absence of an event in a trial cannot rule out a rare reaction after broader use.

The company reported weight gain, sleepiness, headache, constipation and injection-site reactions among commonly observed adverse events. The overall safety findings were consistent with olanzapine’s established profile.

Ongoing clinical monitoring remains necessary. The prescribing information addresses weight gain, high blood sugar and changes in blood fats, including recommendations for glucose, lipid and weight assessments.

Weltruza also carries a boxed warning, the FDA’s strongest label warning, about increased mortality in elderly patients with dementia-related psychosis. It is not approved for that condition.

The commercial opportunity is substantial, but access will depend on more than regulatory approval. On its October 9 investor call, Teva set the wholesale acquisition cost at $3,950 per monthly dose.

At that price, 12 injections would total $47,400 before rebates, discounts or administration costs. Wholesale acquisition cost is a list-price measure, not the amount every patient or insurer ultimately pays.

Teva estimated on the call that about 1.5 million Americans are being treated for schizophrenia and roughly 20% take oral olanzapine. That implies approximately 300,000 treated patients using the oral medicine, rather than 300,000 people automatically eligible or expected to switch.

The company plans to build on the commercial capabilities developed for Uzedy. For Teva, long-acting branded medicines are part of its effort to expand beyond the generic-drug business for which it is best known.

For families, the potential benefit is a simpler medication schedule. A monthly injection still requires reliable clinic visits, a treatment plan suited to the individual and attention to side effects. The National Institute of Mental Health also emphasizes that medication is commonly combined with psychological, employment and family-support services.

The immediate milestones are U.S. launch and coverage decisions. European review remains separate: Teva said the European Medicines Agency accepted its application in May 2026, but the medicine had not received European approval in its October 9 announcement.

JBizNews Desk | Washington

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More than 82,000 rechargeable hand warmers, including products sold at Target, The Home Depot and Amazon, have been recalled over fire and burn hazards, according to federal regulators.

The recall affects about 77,000 Kobayashi’s HotHands-branded rechargeable hand warmers sold in the U.S., along with approximately 77 sold in Canada. It also covers about 5,500 Gobi Heat-branded rechargeable hand warmers sold in the U.S. and about 47 sold in Canada.

“The lithium-ion battery and electrical components in the recalled hand warmers can overheat and ignite, posing a risk of serious injury from fire and burn hazards,” the U.S. Consumer Product Safety Commission said in the recall notices.

No injuries have been reported in connection with either brand’s hand warmers.

Consumers should stop using the recalled products immediately and contact the respective companies for a full refund, according to the commission.

Kobayashi’s HotHands hand warmers are white and orange, while the Gobi Heat hand warmers are black and gray.

Both brands’ hand warmers come in packs of two that can be magnetically joined together and include a charging cable.

Each hand warmer features a USB-C charging port for its built-in lithium-ion battery. The devices also have adjustable heat settings, LED indicator lights and a silicone lanyard.

The recalled HotHands hand warmers can be identified by model number H163650, which appears along with the batch number on the underside of the product. The white HotHands logo appears on the top of the device and on the product packaging.

The HotHands products were sold at various retailers, including Bass Pro Shops, Meijer, Target, The Home Depot and Amazon, from July 2025 to August 2026 for between $30 and $40.

The recalled Gobi Heat hand warmers feature the brand name on the top of the item and on the product packaging, while model number UT3053 is located on the underside.

They were sold at GobiHeat.com from October 2024 through August 2026 for between $20 and $40.

The commission warned consumers not to dispose of the recalled hand warmers in household trash, curbside recycling bins or battery recycling boxes at retail and home improvement stores because of the risk of fire.

“Recalled lithium-ion batteries must be disposed of differently than other batteries, because they present a greater risk of fire. Your municipal household hazardous waste (HHW) collection center may accept this recalled lithium-ion battery or device for disposal,” the commission said in its notices.

McKinsey & Co. has removed senior partner Chris Bradley from leadership roles, including his position at the McKinsey Global Institute, after reviewing LinkedIn comments that questioned the barriers women face in senior jobs. The decision creates a leadership consequence for remarks the firm said did not meet its standards.

Bradley remains a senior partner. McKinsey’s current public profile identifies him as a Sydney-based partner and former director of MGI, its business and economic research arm. His work has covered productivity, growth, demographics and corporate strategy.

McKinsey announced the outcome of its conduct review in a statement Sunday, October 11. Spokesman Taylor Burns said Bradley had been removed from leadership positions, including at MGI, and had also served on internal committees.

“His public comments fell well short of the standards we expect at our firm,” Burns said in the statement reported by Bloomberg.

The review followed an exchange last month involving Julia Carreon, a former Citigroup and Wells Fargo executive and co-author, with Shannon Nutter, of Walking on Broken Glass: Navigating the Aftermath of the Glass Ceiling.

The disagreement concerned the “glass cliff,” a research concept describing a tendency for women to receive leadership opportunities in organizations already facing crisis or poor performance. Such appointments can give a new leader less room to succeed than the job title suggests.

According to Fast Company’s account of the deleted posts, Bradley questioned whether the phenomenon existed and described it as an excuse to “always be a victim in the rain.” When Carreon encouraged him to examine the research, he said he did not consider the subject among the world’s top 1,000 problems.

Carreon told Fast Company that she initially thought the exchange was a joke before realizing Bradley appeared to regard the concept as something invented for her book.

McKinsey had already distanced itself from the exchange before completing its review. In an earlier statement to Fast Company, the firm said the remarks were made in a personal capacity, did not reflect its views and had been deleted.

Bradley could not immediately be reached for comment outside normal business hours for Bloomberg’s report.

The research behind the dispute predates the exchange by more than two decades. Michelle K. Ryan and S. Alexander Haslam’s 2005 study examined the performance of FTSE 100 companies before and after appointments of male and female board members.

During a period of stock-market decline, companies appointing women were more likely to have experienced consistently poor performance in the preceding five months than companies appointing men. The finding challenged the idea that weak company performance necessarily followed from bringing women into leadership.

The distinction is practical: a director inheriting a troubled business should not be evaluated as though the problems began on the day of her appointment.

Subsequent research has added qualifications. A 2020 meta-analysis in Psychological Bulletin found evidence consistent with the glass cliff across three types of analysis, but described some effects as small and dependent on organizational setting or study design.

That supports treating the glass cliff as an empirically studied pattern, rather than assuming it explains every appointment of a woman to a difficult job.

For McKinsey, the episode also intersects with its own work on women’s careers. Its Women in the Workplace study, produced with LeanIn.Org, reached its 11th edition in 2025. That edition collected workforce data from 124 participating organizations employing roughly three million people.

The study found that 93 women were promoted to manager for every 100 men, while women held 29% of C-suite roles in participating companies. Those figures concern representation and promotion, rather than directly measuring glass-cliff appointments.

The report also identified senior-leader accountability and clear expectations about respectful behavior among practices more common at companies with stronger women’s representation.

McKinsey’s decision therefore concerns both an individual’s conduct and the standards expected of people holding institutional leadership roles. It does not establish a general rule governing all employees’ online speech.

The announced outcome is narrower and concrete: Bradley keeps his senior-partner title but loses leadership appointments. McKinsey has not announced a replacement for his MGI director role in the materials reviewed.

JBizNews Desk | Sydney

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ONEflight International faces a fifth customer lawsuit after an October 9 filing alleged that the private-jet broker collected at least $550,000 from a customer before pausing flights. The growing litigation highlights the financial exposure of travelers and businesses that pay large sums upfront for future charter trips.

Robert K. Hillin Jr.’s complaint, filed in federal court in Colorado, names ONEflight, founder and Chief Executive Ferren Rajput, and sales executive Mark Dismuke. Hillin alleges that he made three substantial payments between January and July 2026 after receiving assurances about the company’s financial condition.

He says he took four trips and seeks recovery of his unused deposit balance, along with other damages. The $550,000 represents deposits paid, not a verified calculation of his remaining loss.

The Englewood, Colorado-based broker announced a pause in flight activity in mid-September, describing it as lasting 30 days or until further notice while it evaluated its operations. That wording did not guarantee a restart after 30 days.

Five customer cases are now documented in the U.S. District Court for Colorado. They include complaints from Hillin, Jeremy Ricks, Five-Star Audiovisual, Kamran and Sharri Jinnah, and Davin Pokoik. Pokoik’s case was filed October 5.

The cases contain allegations of fraud, contract breaches and misuse of customer funds. Those allegations have not been established by the filings themselves, and the amounts customers demand are not court-awarded recoveries.

ONEflight’s business model helps explain the stakes. It sells prepaid access to private flights and arranges trips through third-party aircraft operators. Customers draw down their balances as they travel, while the broker pays operators to provide the aircraft and service.

That creates a period during which the customer has paid but the flight has not been delivered. The financial protection attached to that money therefore matters alongside aircraft availability and hourly rates.

Rajput previously told Private Jet Card Comparisons that ONEflight did not hold customer funds in escrow, according to AeroTime’s reporting. An escrow arrangement would have different protections depending on its terms; a prepaid account balance alone does not establish that money is separately protected.

Ricks’ September 20 complaint says he deposited approximately $780,000 between May 2025 and June 2026. It alleges an unused cash balance of $580,461.42 after air-travel expenditures.

He accuses the defendants of using new deposits to cover obligations to earlier customers and vendors and to support marketing and sports sponsorships. The complaint also alleges that sales representatives repeatedly reassured him about ONEflight’s solvency.

Five-Star Audiovisual, based in Naperville, Illinois, seeks at least $223,078.58 in damages tied to its prepaid balance, plus additional losses. Its September 22 complaint says it had two fully paid flights scheduled and was solicited for another $250,000 shortly before operations stopped.

The Jinnahs’ September 25 complaint says they transferred $745,000 in three payments during the first half of 2026. Their claimed account value includes promotional flight credits, making it important to distinguish cash deposited from credits awarded.

An estimated $150 million in customer deposits or prepaid flying potentially at risk appears in complaints and industry reporting. It is not an independently audited loss total or a company-confirmed amount owed.

ONEflight’s earlier financial claims also require context. It reported $232 million in 2025 revenue, according to aviation reporting, but revenue does not show how much cash remains available to honor prepaid commitments. Its August announcement of a 35% flight surcharge was withdrawn hours later.

Bloomberg reported October 9 that calls to the company went unanswered and Rajput did not respond to its request for comment. Private Jet Card Comparisons likewise reported no response from Rajput’s attorney or Dismuke for its coverage of the latest suit.

Competitors are offering replacement travel arrangements, but those offers do not return money held by ONEflight.

FlyUSA’s program offers qualifying customers flight credits equal to 20% of eligible spending, subject to approval and an aggregate $100 million program limit. A customer with a verified $100,000 stranded balance would need $500,000 in qualifying spending to earn $100,000 in credits.

Those credits are not cash refunds, and FlyUSA does not assume the previous provider’s debt. Program terms also impose eligibility and usage conditions.

Amalfi Jets is offering eligible ONEflight and BAJit members free enrollment and a waiver of its usual $100,000 deposit through October 15. Its terms explicitly say the offer creates a new relationship rather than transferring or reimbursing an existing balance.

For affected customers, the immediate questions remain whether ONEflight will resume arranging flights and what funds are available to satisfy repayment claims. The lawsuits seek answers through financial records, accountings and damages; the competing offers address future travel, not those unresolved liabilities.

JBizNews Desk | Denver

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The Midwest’s lower home prices are offering less protection from America’s housing squeeze as mortgage rates climb to 7.40% and regional prices resist the declines appearing elsewhere. Atlanta Fed data show that by July, more than half of the monitored housing markets in and around the Midwest failed its affordability test for a median-income household.

Nearly every monitored market in that region passed the test in 2020. Indianapolis, Des Moines and Flint now fall below the threshold, illustrating how a home can remain relatively inexpensive nationally while becoming difficult for local earners to finance.

The Atlanta Fed’s Home Ownership Affordability Monitor compares the estimated cost of buying a median-priced home with median household income. It includes mortgage principal and interest, property taxes, homeowners insurance and private mortgage insurance, assuming a 10% down payment.

A market is classified as unaffordable when those ownership costs exceed 30% of income. That is a standardized measure, rather than a determination that every household is unable to buy.

In July, the model put ownership costs at approximately 38.5% of median household income in Indianapolis, 34.9% in Des Moines and 35.1% in Flint. Those burdens leave less room for food, transportation, childcare and savings.

September listing data show why the Midwest is experiencing a different market from much of the country. Realtor.com reported that regional asking prices per square foot rose 1.7% from a year earlier, while the national figure fell 1.7%.

The Midwest’s median asking price was $320,000, unchanged from a year earlier. Relative to the report’s pre-pandemic benchmark, that price was 47% higher, while asking prices per square foot were up 59.6%.

These asking-price figures describe listings, not completed sales.

Homes spent a median of 48 days on the market in the Midwest during September, compared with 61 days nationally, the fastest pace among the four major regions.

Financing has become a larger obstacle since those July affordability readings. Freddie Mac’s October 8 survey put the average 30-year fixed mortgage rate at 7.40%, up from 7.28% a week earlier and 6.30% a year earlier.

On a $300,000 mortgage amortized over 30 years, the principal-and-interest payment is approximately $2,077 a month at 7.40%, compared with $1,857 at 6.30%. That is about $220 more each month, or $2,643 a year, before taxes, insurance or other ownership expenses.

The calculation assumes the same loan amount and term. Freddie Mac’s survey describes conventional purchase borrowers with excellent credit and 20% down; an individual buyer’s rate and mortgage-insurance costs can differ.

Supply remains a constraint, even as listings improve. Realtor.com reported Midwest active inventory up 11.3% from a year earlier, but still 29.2% below its pre-pandemic benchmark. More listings therefore do not yet mean the region has returned to its earlier balance.

Existing owners also face a powerful reason to stay put. Federal Reserve Governor Michael Barr said in September that roughly half of outstanding mortgages carried rates of 4% or less. Selling can mean replacing a low-rate loan with a much more expensive one, reducing the supply of homes available to newcomers.

Barr identified insufficient construction, local land-use restrictions, building costs and shortages of skilled labor as contributors to the broader housing shortage. Expanding supply can ease price pressure, but construction takes time and conditions vary by city.

Des Moines demonstrates that variation. Realtor.com’s September report cards ranked it first among 100 large metros for a combination of affordability and homebuilding. Its affordability calculation differs from the Atlanta Fed’s, underscoring that rankings depend on financing assumptions, costs included and the period measured.

The Midwest remains cheaper than coastal regions in headline dollars. For buyers, however, the relevant question is what the full monthly bill consumes from local income.

The next test is whether additional listings and new construction can relieve that burden while mortgage rates remain elevated. September brought more choice; it did not bring a broad decline in the Midwest’s price per square foot.

JBizNews Desk | Chicago

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Belgian Prime Minister Bart De Wever has postponed his October 13 policy address after his coalition failed to agree on a budget, prolonging uncertainty over taxes and spending as the government tries to contain rising debt and borrowing costs.

The five-party government is seeking roughly €10 billion in savings and additional revenue by 2029. The dispute now extends beyond a missed parliamentary speech: businesses and households still do not know which tax changes or spending restraints will form the final package.

Belgian reporting on October 11 said De Wever’s office confirmed that the address would not proceed as scheduled because no agreement had been reached. He also rejected a return to temporary, month-by-month spending authorizations, citing the seriousness of the fiscal situation and pressure from financial markets.

Known as provisional twelfths, that mechanism generally allows spending based on a fraction of the previous annual budget while lawmakers work on a replacement. De Wever’s opposition is a political position, rather than the abolition of that fallback.

The financial backdrop has deteriorated. European Commission figures put Belgium’s general-government deficit at 5.2% of economic output in 2025, up from 4.4% in 2024. Public debt reached 107.9% of gross domestic product at the end of 2025.

In plain terms, the country borrowed the equivalent of €5.20 for every €100 its economy produced last year, and its accumulated government debt exceeded a full year of national output. The annual deficit is well above the European Union’s 3% reference limit.

The Commission’s May forecast projected a deficit of 5.2% again in 2026 and 5.4% in 2027, with debt rising further. Those figures are forecasts based on policies known at the time, rather than final results for either year.

One major obstacle is a proposed overhaul of value-added tax, the consumption tax included in many retail prices. Reporting describes a plan to raise the standard rate from 21% to 22% and combine the reduced 6% and 12% rates into a 9% rate, with exceptions and compensating changes.

That would create different outcomes across products. Before any exemptions or changes in retailers’ margins, an item priced at €100 before tax would rise from €121 to €122 under the proposed standard-rate increase. An item moving from 6% to 9% would rise from €106 to €109. One moving from 12% to 9% would become cheaper.

None of those changes is settled policy.

Georges-Louis Bouchez, leader of the French-speaking liberal MR party, has opposed a VAT increase, arguing that it would weaken purchasing power and economic growth. He has also said VAT is not the coalition’s only disagreement.

De Wever has warned that delay carries its own cost. Speaking in parliament on October 8, he said an adverse combination of debt, interest rates and economic conditions could produce a debt-interest spiral by 2029, or sooner in a worse scenario.

He told lawmakers that federal interest spending in 2026 amounted to €16.7 billion. His warning describes the risk that rising financing costs consume an increasing share of public resources, leaving less room for services, investment or tax relief.

Credit ratings reinforce the pressure. Belgium’s Debt Agency lists S&P Global’s sovereign rating at AA- and Moody’s at A1, following their April rating actions. Both remain investment grade. A downgrade can increase borrowing pressure, although market interest rates also reflect inflation, monetary policy and investors’ wider assessment of risk.

The uncertainty matters outside Belgium. USAFacts’ compilation of Bureau of Economic Analysis data puts U.S. exports of goods and services to Belgium at $42.8 billion in 2025 and imports at $33.7 billion, a U.S. surplus of about $9.1 billion.

A Belgian spending slowdown could weaken demand for foreign products, including American exports. The scale would depend on the eventual measures and the economy’s response; a political deadlock alone does not establish an export loss.

The immediate test is whether coalition leaders can agree on a package and secure parliamentary approval in time for 2027. Until then, the proposed VAT changes, spending restraints and distribution of the burden remain unresolved.

JBizNews Desk | Brussels

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A federal lawsuit filed October 2 against McDonald’s is putting computer-assisted food pricing under fresh scrutiny, alleging that a shared recommendation system helps restaurants coordinate higher menu prices. McDonald’s disputes the allegations and says franchisees independently decide what customers pay.

The case arrives as retailers expand digital pricing tools and states restrict the use of shoppers’ personal information to set prices. For businesses, the technology promises faster decisions and more efficient inventory management. For households, the central question is whether prices reflect ordinary competition or information customers cannot see.

The McDonald’s complaint, filed by Illinois customer Michael Thomas in the Northern District of Illinois, alleges that the company combines nonpublic restaurant data in a pricing platform and uses its influence over franchisees to encourage adoption of recommended prices. It seeks damages through a proposed class action.

Those are allegations, not findings of illegal conduct. In an October 1 explanation of its pricing practices, McDonald’s said its tools provide restaurant-specific recommendations that franchisees may accept or reject. The company says it does not use dynamic pricing, change prices in real time or determine prices according to an individual customer’s willingness to pay.

That distinction matters because several different technologies are being grouped together in the public debate.

Dynamic pricing changes a price according to conditions such as demand, available supply or competitors’ prices. Personalized pricing uses information associated with a particular customer to determine an offer. A pricing recommendation shared among businesses raises a separate question: whether those businesses are making independent decisions or coordinating prices.

Electronic shelf labels are another tool altogether. They display prices digitally, allowing stores to update approved prices without replacing paper tags throughout an aisle. Their presence does not establish that a retailer uses artificial intelligence, customer profiling or demand-based price increases.

Walmart says its digital shelf labels display the same price for every customer and do not contain cameras, microphones or facial-recognition systems. The company says approved pricing updates remain subject to associate review.

Digital tools can also support discounts. In April, Flashfood announced that its surplus-food marketplace had expanded across more than 100 Kroger stores in the Mid-Atlantic division. The service connects shoppers with discounted groceries and helps retailers recover value from food that might otherwise be wasted.

The strongest recent example of shoppers seeing different online grocery prices came from an investigation published in December 2025 by Consumer Reports, Groundwork Collaborative and More Perfect Union.

Researchers recruited 437 shoppers for simultaneous shopping tests at selected stores on Instacart. Nearly three-quarters of tested grocery items appeared at multiple prices, with some offered at as many as five price points.

One box of corn flakes appeared at $2.99, $3.49 and $3.69 from the same store. The highest offer was 70 cents, or about 23%, above the lowest.

The researchers estimated that recurring basket-price differences could amount to approximately $1,200 a year for a household of four. That was an extrapolation from their tests, not a measured annual loss for every household.

Instacart disputes that characterization. It says the experiments randomly assigned shoppers to test groups, did not use personal or demographic information to set prices and did not increase overall grocery prices. It also rejects the claim that families paid $1,200 more annually because of the tests.

The company ended the item-price testing program in December 2025. The episode therefore demonstrates price differences observed during discontinued experiments; it does not establish that Instacart currently charges individuals according to their personal profiles.

States are drawing different boundaries around these practices.

New York’s disclosure law, effective since November 10, 2025, requires covered businesses to notify consumers when an algorithm uses their personal data to set an individualized price. A disclosure requirement is different from a prohibition.

Maryland’s law took effect October 1. It restricts covered grocery retailers and third-party food delivery services from using personal data to charge higher prices for covered food, while allowing specified exceptions, including voluntary loyalty programs and certain differences based on costs, supply or location.

New Jersey signed its Fair Price Protection Act in July, targeting individualized pricing based on personal data for groceries and necessities. It also imposed a one-year moratorium on new electronic shelf-label use while allowing existing labels to remain in operation.

The implications extend to inflation measurement. Bank of England researchers warned this year that increasingly individualized prices could make aggregate inflation figures less representative of households’ experiences. They also noted that statistical agencies are adapting through more detailed transaction data.

For shoppers, comparing the same item across stores and delivery platforms remains useful, but a price difference alone does not prove surveillance pricing. Delivery markups, membership discounts and local costs can also explain a gap.

The unresolved issue is how courts and regulators distinguish legitimate price analysis from unlawful coordination or misuse of personal data. The McDonald’s case now puts that boundary before a federal court.

JBizNews Desk | New York

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One person was killed, and nearly a dozen were hurt in a new attack on Riyadh’s international airport on Sunday, Saudi authorities reported, a day after a strike claimed by Yemen’s Iran-aligned Houthis that killed 13 people and wounded more than 300.

Saudi-led coalition forces in Yemen said an unidentified projectile had targeted Riyadh’s international airport Terminal 4 on Sunday, causing a fire. Eleven people were wounded in addition to the fatality, the Saudi civil aviation authority said.

Coalition forces also said Saudi air defenses had intercepted a cruise missile in the vicinity of King Khalid International Airport. They later added that a drone had been intercepted and destroyed in the country’s Eastern Province, and a ballistic missile launched towards Khamis Mushait had been intercepted. Emergency alerts were also issued in Abha, in the south, early on Monday, but the danger had since passed, the Saudi Civil Defense said.

The strikes have exposed vulnerabilities in Saudi defense capabilities as the kingdom wages an air campaign against the ​Houthis, who are fighting a ground war in Yemen against the Saudi-backed Yemeni government.

Footage released by Saudi state television of the Saturday attack on the Riyadh airport showed scores of religious pilgrims lined up at a gate as they prepared to travel to Islam’s two holiest sites. A bright orange flash sent people running in panic, while parts of the roof appeared to cave in. The airport was closed after the attack, the deadliest in the kingdom in more than a decade.

Houthis claim responsibility for attacks

In a televised speech on Sunday, Houthi military spokesperson Yahya Saree claimed responsibility for Saturday’s attack and said the group had also struck the airport in Dammam in Saudi Arabia’s Eastern Province and two facilities of Saudi oil giant Saudi Aramco.

The Saudi government’s media office and Aramco did not respond to requests for comment.

The Saudi civil aviation authority confirmed the strike on Dammam’s King Fahd International Airport late on Sunday, adding that “damage assessments and safety inspections of airport facilities are under way.”

An eyewitness aboard a taxiing aircraft at Dammam told Reuters that around 8:30 p.m. (1730 GMT) on Sunday, they saw a projectile strike the tarmac beside several parked aircraft, causing a fire. The witness said the aircraft returned to the gate. Passengers disembarked and were told to leave.

Flight-tracking website Flightradar24 showed several delays and cancellations on Sunday for arrivals and departures at Dammam airport, the kingdom’s third-largest.

The Houthis earlier on Sunday had ‌renewed their warning against ​using Saudi ​airports. “We urge everyone to take our warnings seriously, and Saudi Arabia bears responsibility for any failed interceptions,” the group said.

Britain’s embassy in Saudi Arabia, in a post on X, advised British citizens against all but essential travel to Jeddah, Dammam and all airports in the kingdom except the airport in Medina.

US aviation authorities issued a notice to US airlines to use caution while flying to or over the kingdom.

‘Worst is yet to come,’ Houthis warn

Saudi Arabia has recently stepped up its military involvement in Yemen, launching strikes against the Houthis and backing a government counteroffensive after the Houthis seized strategic territory along the Red Sea coast last month.

The Houthis said on Sunday that Saudi Arabia carried out 124 air strikes in Yemen in the past 24 hours. “Unless the Saudi enemy stops its aggression and interference in Yemen, worse is yet to come, God willing,” Yemen’s Houthi-run foreign ministry said in statements carried by Al Masirah television.

US President Donald Trump said on Saturday the United States was considering joining Saudi strikes on the Houthis in the conflict, a spillover from the wider war with Iran that the US and Israel launched in February.

In a Telegram post, Iran’s foreign minister Abbas Araqchi said he told his Saudi counterpart that Tehran was ready to help facilitate dialogue between Saudi Arabia and Yemen.

Energy conference going ahead

A five-day conference of the international energy organization WPC Energy opened as planned on Sunday at a convention center about 10 km (6 miles) from the Riyadh airport, the Saudi energy ministry said.

A ministerial meeting of the International Energy Forum also went ahead, according to a media advisory from the ministry. It was not clear which ministers attended.

Italy’s energy minister, Gilberto Pichetto Fratin, whose country was co-hosting, had said on Friday he would participate remotely via video link.

German officials were trying to organize a return flight for economy minister Katherina Reiche. She was supposed to return to Berlin from Riyadh on Monday, but the ministry said her flight was likely unable to take off.

Separately, Saudi authorities announced that schools in Riyadh would shift in-person classes to remote learning from Sunday until Thursday.

Sunday’s attack brought the death toll in attacks on Riyadh’s airport to 18 for the week. In Saturday’s attack, the dead included four Saudis while the remainder were foreign nationals, Saudi authorities said.

This post was originally published on here.

The Federal Aviation Administration told US airlines on Sunday to exercise caution when flying to or over Saudi Arabia, citing safety threats tied to ongoing military activity and interference with navigation systems.

The FAA Notice to Airmen, which lasts until December 10, follows Saturday and Sunday strikes at Riyadh’s international airport by the Houthis. The attack on Saturday killed 13 people and wounded more than 300.

Another attack on Sunday killed one and injured 11 more people.

“Threats could pose a potential risk to aircraft at all altitudes, including overflight, the arrival, and departure phases of flight,” the FAA said, warning of the “potentially hazardous situation.”

The notice also applies to operators of airplanes that are registered in the US. Riyadh airport remains closed to flights through at least 5 p.m. EDT Monday.

Embassies in Middle East advise against travel to Saudi airports

US carrier Delta Air Lines is set to begin direct flights from Atlanta to Riyadh on October 23.

Delta did not immediately respond to a request for comment Sunday, but CEO Ed Bastian told CNBC last week that “safety is going to make the call” about whether the airline will move forward.

In September 2025, FedEx launched its first dedicated flight into Saudi Arabia. The FedEx Boeing 777 freighter operates six times per week, connecting the Americas and Europe to Riyadh, with connections to Guangzhou and Shanghai.

On Monday, the United Kingdom Embassy in Saudi Arabia also advised “against all but essential travel to the cities of Jeddah and Dammam and to all Saudi airports,” according to a statement posted on social media.

The US Embassy in Jordan issued a travel advisory on Friday to Americans in the Middle East in light of current hostilities in the region, specifically pointing to the recent Houthi attack on Saudi Arabia’s Riyadh airport.

“Iranian-supported Houthis have engaged in hostilities against Saudi Arabia, including attacks on civilian airports and other critical infrastructure resulting in civilian casualties,” the embassy wrote, adding that “the hostilities have the potential to escalate rapidly” and that Americans should monitor the situation closely, particularly if they are planning travel to or from the region.

Also on Friday, the European Union Aviation Safety Agency EASA recommended that airlines not operate within additional portions of Saudi airspace after the Houthis attacked Riyadh’s airport.

This post was originally published on here.

Lululemon’s October 7 appointment of a new product chief adds fresh leadership to a turnaround already reshaping its stores: fewer product variations, more attention to local demand and faster replenishment of popular items. Across retail, companies including BJ’s Wholesale Club, Dollar General and Under Armour are also narrowing selections to make inventory work harder.

For shoppers, the trade-off is fewer choices. For businesses, the aim is to stop tying up money in merchandise that sits unsold while the products customers want run out.

Lululemon named Maggie Gauger president and chief product officer, effective October 26, bringing design, merchandising, footwear, innovation and materials science under a newly created role. The appointment follows Heidi O’Neill’s September 8 arrival as chief executive.

The broader strategy challenges a familiar retail assumption: that carrying more products necessarily brings more sales. Each variation requires purchasing, storage, shelf space and attention from employees. A slow-selling item can consume those resources without generating enough revenue to justify them.

Retailers track these variations as stock-keeping units, or SKUs. Five scents of the same body wash can count as five separate items. Different package sizes, clothing colors and sizes can also create separate inventory records.

BJ’s outlined one of the largest planned reductions on its August 21 earnings call. Chairman and Chief Executive Bob Eddy said the company intends to remove about 20% of its SKUs over the next couple of years.

Older clubs carry roughly 7,500 items, he said, with a longer-term target of about 6,000 to 6,500. That represents roughly 1,000 to 1,500 fewer items per club.

Eddy acknowledged that previous cuts had cost sales and led BJ’s to restore some products. The current approach removes overlapping choices while making room for new categories. He cited fewer body-wash variants and duplicated soda packages, alongside additions in newer beverages.

The commercial test is whether customers switch to a remaining product rather than leave without buying. Eddy reported encouraging early results and outlined additional changes for September and around year-end. Those comments describe management’s plans and early observations, rather than proof that the full program has succeeded.

Dollar General’s effort is further along. In March, Chief Operating Officer Emily Taylor said the retailer had removed more than 1,500 SKUs over several years. The company reported better availability of merchandise alongside lower inventory.

On its August 27 call, Chief Executive Todd Vasos said further cuts would be more targeted, including tests in lower-volume stores and locations facing elevated merchandise losses. He linked inventory improvements to getting products onto shelves faster.

Apparel companies have an additional incentive: protecting full-price sales. Too many styles can leave a brand with excess seasonal merchandise that must be discounted, eroding profit and encouraging customers to wait for clearance.

Under Armour’s fiscal 2026 annual report said the company had reduced SKUs by approximately 25% over two years. On its August call, Chief Executive Kevin Plank said further simplification would concentrate resources behind stronger products and reduce reliance on promotions. He also acknowledged that the approach involves near-term revenue trade-offs.

Lululemon’s September earnings call described a 15% SKU reduction in North American store presentations, with the approach being extended across its store network. A smaller group of locations is testing further reductions and selections tailored to local preferences.

The changes come amid deteriorating results. Lululemon’s September 3 release reported second-quarter revenue down 4% to $2.4 billion, an 8% decline in Americas revenue and a 9% decrease in global comparable sales, a measure of performance in established stores and online. It lowered its annual revenue outlook to a decline of 5% to 7%.

Fewer products do not guarantee lower prices or fewer shortages. A retailer can lose customers if it removes the flavor, fit or package they specifically want. Clothing brands seeking more full-price sales may also offer fewer bargains over time.

The next tests are concrete: Lululemon’s new leadership roles take effect October 26, while BJ’s has outlined another assortment wave around year-end. Subsequent results will show whether leaner selections improve sales and inventory productivity without sacrificing customer loyalty.

JBizNews Desk | New York

© JBizNews.com. All rights reserved. This article is original reporting by JBizNews Desk. Unauthorized reproduction or redistribution is strictly prohibited.

President Donald Trump and Secretary of State Marco Rubio are considering firing U.S. Ambassador to Greece Kimberly Guilfoyle after a series of reports alleging she has engaged in improper and possibly illegal conduct before and during her tenure in Athens.

A senior U.S. official said Sunday that Trump and Rubio are “extremely pissed off” by Guilfoyle’s reported conduct and would likely decide on what action to take this week after Monday’s Columbus Day holiday.

The official, who spoke on condition of anonymity to discuss internal deliberations, said Rubio had been particularly angry, not least because he visited Athens just last week and Guilfoyle attended most, if not all, of his events and greeted him on his arrival with a bear hug as the allegations swirled.

In a series of stories, The Wall Street Journal has reported questionable conduct by Guilfoyle, including an alleged threat to a host country official, accepting improper gifts and services and offering to use her influence inside the administration in return for the payment of a large credit card bill.

Guilfoyle has not addressed the reports directly, although her lawyer has said she did nothing wrong and the U.S. embassy in Athens has tacitly expressed support for her.

After defending Guilfoyle following the first report, Rubio has declined to comment publicly on the growing allegations. On Wednesday, Rubio said: “Our ambassador has been a strong ambassador here.”

But after another report appeared late Wednesday, Rubio on Thursday before leaving Athens berated journalists for asking about the allegations saying he didn’t know if they were true and that he would not respond if he could not confirm.

“You guys walk around thinking that because some source told you something and you reported it, it’s the gospel. It’s not the gospel. It’s not the gospel for me. That’s not the way we do things,” Rubio said at the foot of his plane as Guilfoyle, who was there to see him depart, looked on.

The official said that Rubio had grown increasingly frustrated as the reports multiplied.

A second U.S official, who also spoke on condition of anonymity to discuss personnel matters, said the State Department’s inspector general is looking into the allegations, which first began surfacing in the Journal late last month and have since multiplied.

The second official could not say if a formal IG probe had begun. Inspectors general often conduct informal inquiries into complaints against staffers and many times those inquiries do not result in a full-on investigation, which can result in disciplinary action up to and including dismissal.

The State Department has declined to comment on a potential IG investigation.

The top two Democrats on the House Foreign Affairs and Senate Foreign Relations committees, Rep. Gregory Meeks of New York and Sen. Jeanne Shaheen of New Hampshire, as well as the ranking member on the House Committee for Oversight and Government Reform, Robert Garcia, D-Calif., have already called for an investigation into Guilfoyle.

Since late September, the Journal has detailed numerous accounts of questionable conduct by Guilfoyle. Its first report said that she had told guests at a reception that the U.S. could undermine the Greek government if it chose to, promoted the business interests of one particular Greek construction and energy company, and allowed its lobbyist into private diplomatic meetings.

While Rubio was in Athens, the Journal reported — citing text messages — that Guilfoyle had asked a Trump donor and supporter to pay a $100,000 credit card bill just before her confirmation hearing, promising him access to administration officials if he did.

The Journal then reported that Guilfoyle had been enraged about not being invited to a Greek-themed event at the World Economic Forum in Davos, Switzerland earlier this year and demanded to attend while boasting about luxury travel to France with energy company executives.

Another report, from the British tabloid The Daily Mail, said that Guilfoyle had alienated staff at the U.S. embassy in Athens and had pushed the bounds of behavior appropriate for the top representative of the U.S. government to Greece.

Guilfoyle is a former Fox News Channel host and California prosecutor who was once engaged to Trump’s son Donald Jr.

This story was originally featured on Fortune.com

The world is flooded with debt, but while the U.S. and Europe have caused angst on global markets lately, China’s fiscal situation isn’t looking so great either.

In fact, China’s debt has shot up so much in recent years that interest payments on all its borrowing are commanding a bigger share of public spending.

Debt-servicing payments will account for 19.2% of the central government’s general public budget this year, up from 12% in 2014, according to new Conference Board estimates cited by the Financial Times.

That tracks with a separate report earlier this year from the Center for Strategic and International Studies, which also found that 19% of Beijing’s spending is earmarked for interest on debt. That’s more than the 14% of the U.S. federal budget that goes to interest costs, though less than Japan’s 25.6%.

CSIS added that China’s spending on interest payments skyrocketed 341% between 2013 and 2025, faster than any other major budget category. By comparison, total spending jumped 102% in that span, with outlays on social security and employment up 207%, science and technology up 137%, and defense up 141%.

To be sure, U.S. debt-interest spending looks grim too and has surged about 390% since 2013 to $1 trillion, which also tops the Pentagon’s budget.

But the world’s two biggest economies have been diverging in key ways with implications for future growth and indebtedness.

The U.S. economy is accelerating, helped by the AI boom, and despite high inflation, resilient consumers have continued to spend. Unemployment is low and signals full employment, while stock markets are at or near record highs.

Of course, hyperscalers are racing to issue bonds to fund their data centers and chip purchases, but they are also raising money with fresh stock offerings and IPOs.

Meanwhile, China’s GDP has been decelerating and is on pace to undercut its annual target of 4.5%-5%. And while export-facing sectors are growing at a fast clip, trade partners are putting up barriers, Chinese consumers remain reluctant to spend, investment is weak, the property sector is still digging out from an epic crash, and Chinese stocks have been anemic.

Beijing has also steered state banks to provide financing to priority industries like electric vehicles, robotics, artificial intelligence and renewable energy.

But under pressure to lend, many loans went to questionable borrowers. Business debt has doubled since 2019, while revenues are only 30% higher. Creditors continue to roll over loans to keep struggling firms afloat, even as nearly a third of them are losing money.

China’s state-led growth model now looks like it’s running out of steam, and the rapidly expanding mountain of debt is a warning sign as local governments often seek to boost favored industries with low-cost loans.

According to the International Monetary Fund, China’s general government gross debt hit 107% of GDP this year, up from 41% in 2015 and on a path to reach 124% in 2030.

A broader measure of indebtedness across the public and private sectors reveals an even worse picture. China’s total debt-to-GDP ratio, excluding the financial sector, doubled since 2010 and has now topped 300%, Capital Economics estimated earlier this year.

But in the U.S., total public and private debt last year was about 265% of GDP, down sharply from pandemic-era highs.

Not only has China’s debt boom hit diminishing returns, but it’s also becoming a drag on the economy.

“The irony is that one driver of both government borrowing and the lax lending standards of [state-owned] banks is the desire to prop up economic growth and prevent job losses,” Mark Williams, chief Asia economist at Capital Economics, wrote in May. “But the product of a credit boom that has been underway for 18 years is a banking system propping up unproductive firms, widespread losses across industry, and entrenched overcapacity.”

This story was originally featured on Fortune.com

More than 2,000 baby bath seats are facing a recall over a hazard that federal regulators say could potentially cause injury or death to children.

About 2,140 ONTHEWEI-branded baby bath seats are affected by the recall, posing a risk of “serious injury or death due to drowning,” the Consumer Product Safety Commission said in a notice last week.

“The recalled bath seats violate the mandatory standard for infant bath seats because they are unstable and can tip over while in use, posing a risk of serious injury or death due to drowning,” the notice reads.

The affected items were sold on Amazon in April for between $40 and $50.

The bath seats were sold in gray, pink, blue and mist green colors. They have detachable restraint arms and suction cups on the underside.

“Model No: MY002” and “Date of manufacturer: 2026/1/10” are printed on a label located on the back of the item.

No injuries or deaths have been reported thus far in connection with the recall.

Consumers are urged to stop using the recalled bath seats immediately and contact ONTHEWEI for a full refund.

“Consumers will be asked to destroy the bath seat by writing in permanent marker ‘RECALLED’ on the front of the bath seat, disassembling it by removing the back rest and arm restraints and cutting the three suction cups on the seat’s underside” and sending a photo of the destroyed bath seat showing the marked product to the company, the recall notice says.

ONTHEWEI and Amazon did not immediately respond to FOX Business’ requests for comment.

The spike in oil prices since the Iran war began this year has attracted more thieves, and they are increasingly professional criminals.

West Texas Intermediate crude is up 60% so far this year, and fuel prices have risen even more as global refining capacity has fallen due to the Mideast and Russia-Ukraine wars.

While oil theft has long been a part of the industry, the problem has become prevalent enough for the Dallas Fed to ask about in its quarterly surveys.

The latest one showed that nearly half of firms that are primarily focused in the Permian Basin said their operations have been impacted by theft in oil fields. By contrast, 86% of firms operating mostly outside the Permian said they were not impacted.

The Permian is the heart of the oil patch and the epicenter of the shale revolution that has transformed the U.S. into an energy superpower.

It stretches across the vast expanses of West Texas and southeastern New Mexico—and is dotted with drilling rigs, pipelines, trucks and other infrastructure necessities.

That’s made the Permian a target-rich environment. And now that U.S. oil prices have been hovering around $100 a barrel lately, criminals can’t resist the payoff.

According to the Dallas Fed survey, 32% of executives who were impacted by oil theft said it had increased slightly over the last 12 months, while 47% said it remained the same, and 22% said it decreased slightly or significantly.

Nearly half of the oil executives (47%) said the most common form of theft was targeted and organized, while 42% described it as opportunistic petty theft.

Still, the losses were relatively minimal, with 84% saying the financial impact of the theft was low.

A year ago, the Dallas Fed asked a slightly different set of questions about theft, including what exactly was stolen: 61% said crude oil; 58% said piping, valves and wiring; 39% said equipment; 27% said tools; and 12% said construction equipment and vehicles.

Theft can also be committed by other firms. In August, executives from a wastewater disposal company were charged with felony oil theft, money laundering and organized crime.

It was part of an investigation dubbed Operation Black Market Basin that resulted in the seizure of more than $12 million in petroleum products, vehicles, cash and other assets, according to the Texas Railroad Commission, which regulates the industry.

The investigation involved petroleum allegedly acquired and sold across Texas, New Mexico and Oklahoma, the commission added.

And in April, federal prosecutors announced charges in a large-scale oil theft conspiracy in the Permian Basin to transport stolen crude oil across the New Mexico-Texas border for resale.

Howard County Sheriff Stan Parker told Texas Public Radio in May that his county, which is near the Midland-Odessa oil hub, sees “probably over 1,000, 1,500 barrels of oil reported stolen every month.”

“Our problem is we don’t know who’s supposed to be there and who’s not,” he added. “If I pulled up on a tank battery right now, I don’t know if you can be there or you’re not. I don’t know if you’re drawing water off of it. I don’t know if you’re pulling oil. It’s got very complicated.”

This story was originally featured on Fortune.com

NEW YORK, Sunday, October 11, 2026 — New York City has approved more than half of the exemption applications filed against Mayor Zohran Mamdani’s new luxury second-home tax, raising serious questions about whether the controversial measure can generate the $500 million in annual revenue promised by City Hall.

The city’s Department of Finance confirmed that approximately 5,700 of 10,000 exemption applications had been approved as of Friday, a 57% approval rate, according to figures reported Sunday by the New York Post.

The approvals mean thousands of property owners initially identified as potentially subject to the surcharge have successfully demonstrated that they qualify for exemptions.

For the Mamdani administration, the numbers represent a significant challenge to a tax promoted as a major source of revenue for public services. The situation is further complicated by a court ruling against the city’s implementation of the tax and separate lawsuits challenging its legality.

The exemptions were approved administratively by New York City’s Department of Finance, not by the courts. The judicial challenges are separate proceedings that could have broader consequences for the tax.

The measure, introduced by Mamdani in partnership with New York Gov. Kathy Hochul, imposes an additional annual property tax on certain expensive residences that are not used as primary homes.

It generally applies to condominium and cooperative apartments valued at $1 million or more and one-, two- and three-family homes valued above $5 million.

The surcharge is based on property value, meaning owners of qualifying luxury residences could face substantial additional annual tax bills.

However, properties used as primary residences by owners, qualifying family members or tenants generally are exempt.

That distinction is central to the latest controversy.

When the Department of Finance began implementing the tax in July, it sent notices to approximately 17,000 property owners who might be subject to the surcharge. That number was subsequently reduced, with city officials identifying approximately 10,000 to 13,000 potentially affected properties.

The high exemption approval rate raises questions about how accurately the city identified properties subject to the new tax before notifying homeowners.

On September 29, Staten Island Supreme Court Justice Wayne Ozzi ruled that the Department of Finance had improperly implemented the surcharge by shifting the burden of establishing exemption eligibility onto property owners.

The judge found that the city had relied on an overly broad property list rather than making sufficient individualized determinations before sending notices.

The ruling directed the city to restart portions of its implementation process.

Mamdani’s administration appealed, temporarily suspending the effect of the ruling and allowing the tax program to proceed while the case is reviewed.

The dispute is particularly significant for property owners who received notices despite using their residences as primary homes.

Those homeowners have been required to gather records and submit applications to establish that they should not be subject to the additional tax.

Attorney Ben Williams, who represents a homeowner challenging the measure, questioned whether the administration’s projected revenue was realistic.

Williams warned that removing primary residences from the taxable population and addressing disputed property valuations could leave the city collecting considerably less than anticipated.

The financial implications extend beyond individual homeowners.

City Hall has promoted the surcharge as a means of generating more than $500 million annually to help fund municipal services.

A substantial revenue shortfall could complicate future budget planning, particularly if projected collections have already been incorporated into spending assumptions.

However, the 57% exemption approval rate does not mean the city will automatically lose 57% of its anticipated revenue. The approved applications concern properties that may carry different taxable values, and some applicants may never have been legally subject to the surcharge.

The actual financial impact will depend on the value of the remaining taxable properties, additional exemption decisions and the outcome of pending litigation.

The administration now faces the challenge of demonstrating that its original revenue assumptions remain achievable.

Beyond the administrative dispute, high-profile property owners including casino executive Steve Wynn and former U.S. Commerce Secretary Wilbur Ross have brought separate legal challenges.

Those lawsuits question whether the tax unlawfully discriminates against people who own property in New York City while maintaining their primary residences elsewhere.

The legal claims remain unresolved.

Supporters of the tax argue that wealthy owners of expensive secondary residences should contribute more toward maintaining the public services and infrastructure that support New York City’s economy.

Opponents contend that the surcharge places an additional burden on property owners already paying substantial taxes and could discourage investment in the city’s luxury real estate market.

The controversy also creates uncertainty for property investors evaluating the long-term costs of owning New York City real estate.

Unlike a one-time transaction tax, the surcharge could become a recurring expense that affects ownership costs, property valuations and investment decisions.

For homeowners who have received notices, the immediate deadline is approaching.

The Department of Finance has extended the exemption application deadline to Tuesday, October 13, giving affected property owners additional time to demonstrate that their residences qualify for exclusion.

The city says the surcharge will appear on property tax bills due January 1, 2027, for properties ultimately determined to be subject to the tax.

For now, the administration must continue processing applications while defending its implementation in court.

The next test will come as additional exemption decisions establish how many properties remain taxable and whether the city can substantiate its projected collections.

With 57% of exemption applications already approved and multiple lawsuits pending, New York City’s $500 million tax plan faces a growing gap between its original expectations and the revenue it may ultimately collect.

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JBizNews Desk | New York

© JBizNews.com. All rights reserved. This article is original reporting by JBizNews Desk. Unauthorized reproduction or redistribution is strictly prohibited.

Syria’s central bank said on Sunday it issued its first letter of credit in 14 years to facilitate a petroleum products supply deal between the Syrian Petroleum Company and Saudi Aramco (2222.SE).

The bank said the transaction was arranged in coordination with a major US bank, which it did not name, opening a channel to finance oil imports and settle payments through the formal banking system.

The move marks a step toward restoring Syria’s access to international banking channels following the removal of US sanctions and its designation as a state sponsor of terrorism.

Saudi Arabia’s energy minister signed three memorandums of understanding with Kuwait, Qatar and Egypt to strengthen energy cooperation, the Saudi state news agency said on Sunday.

The agreement with Qatar sets a framework for collaboration in petroleum, natural gas and petrochemicals, including exploring joint opportunities to develop pipelines for transport and exports.

This is a developing story.

This post was originally published on here.

A senior Iranian official says Tehran finds the latest U.S. response to a proposal to end the war “insufficient” and warns of attacks on regional data centers and cables if fighting intensifies again.

Meanwhile, Israel’s former attorney general took the witness stand in corruption cases against Benjamin Netanyahu, as the political future of the country’s longest-serving prime minister hangs in the balance with elections weeks away.

Here is the latest news from the Middle East on Saturday. Read our full coverage here.

Iran says latest US response is ‘insufficient’

The head of Iran’s Supreme National Security Council says Tehran finds the latest response from the United States “insufficient” as efforts at negotiations to end the war and fully open the Strait of Hormuz limp along.

The comments by Mohsen Rezaei, a former Revolutionary Guard commander, were carried by Iran’s state-run IRNA news agency.

Rezaei added that Iran is no longer responding to the U.S. and said Washington must clarify certain issues, without giving details. He said the U.S. has accepted some of the seven conditions but others remain unclear.

Iran’s delegation to the annual U.N. gathering of world leaders last month proposed a sped-up agreement that echoed the memorandum of understanding that collapsed days after the U.S. and Iran signed it in June. The new proposal was rejected, but the two sides have remained in contact via mediation.

Rezaei also threatened “cables, data centers, AI facilities and other sites in the region” if intense fighting breaks out again.

Meanwhile, the Guard’s navy warned that any ship on the strait that turns off navigation and identification systems would be “identified as hostile,” according to an IRNA report. Attacks on ships transiting the strait have increased since Iran’s proposal was rejected. One attack was reported Sunday.

Former legal adviser testifies in Netanyahu corruption case

Israel’s former attorney general took the witness stand in Netanyahu’s long-running corruption trial.

Avichai Mandelblit indicted the prime minister seven years ago for fraud, breach of trust and accepting bribes. The charges were the first-ever against a sitting Israeli prime minister.

Netanyahu was in the courtroom to hear Mandelblit testify. The prime minister handpicked Mandelblit, his former Cabinet secretary, for the attorney general job. His tenure ended in 2022.

Netanyahu has been accused of offering or exchanging favors with wealthy associates and media moguls for political gain. He denies any wrongdoing.

Saudi Arabia on alert as Houthis warn of new strikes

A projectile struck the same passenger terminal at the Riyadh international airport that was hit on Saturday. The airport had been closed after Saturday’s attack, which killed 12 people, but Saudi authorities reported injuries in the latest attack.

Iran-backed Houthi rebels in Yemen claimed responsibility for both attacks on King Khalid International Airport, which has been targeted every day since Wednesday.

Brig. Gen. Yahya Saree, the Houthis’ military spokesperson, urged “everyone to take our warnings seriously” about the risks of flying in Saudi airspace.

The attacks have marked a major escalation in the war between the Houthis and the kingdom, and complicated efforts to halt the U.S.-Iran war.

Gaza residents return to rubble as strikes continue

Residents in central Gaza returned home to assess the damage caused by Israeli strikes after they had been warned to evacuate the day before.

Bassam Abed said at least 10 residences housing some 300 families were reduced to rubble, and families were not given enough time to flee.

“Women slept outdoors. We did not take clothes,” Abed said.

Israel’s military said it had targeted militant infrastructure, including a rocket launch site and a command center used by Hamas militants to attack soldiers.

One year after Israel and Hamas reached a ceasefire deal, Israel continues to launch near-daily strikes.

Netanyahu wants probe into ‘NAZA’ documentary

Israeli Prime Minister Benjamin Netanyahu has asked the attorney general and head of the Shin Bet security service to investigate people who participated in the new documentary “NAZA,” in which Israeli military insiders describe what they say was the reckless killing of civilians in Gaza.

Netanyahu said the film, which debuted at the Venice Film Festival to a record 25-minute standing ovation, tells “a false, misleading and biased story that slanders the State of Israel” and its military.

The documentary has angered and unsettled Israelis, whose view of the war in Gaza differs sharply from that of much of the world, where criticism of Israel’s actions in the Palestinian territory has grown.

Netanyahu is fighting to stay in power in the Oct. 27 election, in which security is a major issue.

Lebanese army says retired officer killed by Israeli shelling

Lebanon’s army said it had recovered the body of a retired army officer who was killed by Israeli artillery fire while checking on his property in the southern town of Yater.

It said Ali Abdul Hassan Sweidan was “directly targeted by a hostile Israeli tank” and called it “a flagrant violation of existing understandings.”

An Israeli military spokesperson said they were not aware of the incident.

Israel has occupied a large swath of southern Lebanon since the outbreak of its latest war with the Iran-backed Lebanese militant group Hezbollah in March.

This story was originally featured on Fortune.com

PG&E cut electricity to approximately 10,410 customers in Northern California early Sunday, exposing businesses to interrupted sales and refrigeration losses as strong winds and dry conditions increased wildfire danger.

The utility’s October 11 morning update identified targeted areas of Colusa, Glenn, Shasta, Tehama and Yolo counties. The outages form part of a preventive shutoff operation that began Friday and could affect approximately 12,200 customer accounts across portions of 17 counties and three tribal areas through Monday.

For a store, restaurant or small manufacturer, the disruption can extend beyond the hours without electricity. Refrigerated products may require alternative storage, equipment may need restarting, and customers may take their business elsewhere. PG&E’s update did not provide an estimate of commercial losses.

The shutoffs are intended to prevent electrical equipment from starting a wildfire. High winds can blow branches and debris into power lines or damage equipment. When surrounding vegetation is dry, an electrical spark can ignite a fire that spreads rapidly.

PG&E describes preventive shutoffs as a last resort within its wildfire protection program. Its decisions depend on weather forecasts and conditions on the ground, including wind, humidity and nearby vegetation.

Restoration does not guarantee that the disruption is over. PG&E warned Sunday that customers whose electricity had already returned could face another shutoff if dangerous conditions developed again.

That uncertainty complicates reopening decisions. A business may regain electricity long enough to restart operations, only to face another interruption. Owners must weigh the cost of remaining closed against the risk of bringing back workers or replenishing perishable inventory before service stabilizes.

The utility’s forecast called for Saturday wind gusts of 30–45 mph, reaching 55 mph in parts of the Northern Sierra, followed by northerly winds Sunday in the Sacramento Valley.

Power restoration also requires more than an improvement in the weather. Crews must inspect electrical equipment and complete necessary repairs before reconnecting affected areas.

For customers, the next milestone is the local weather clearance and inspection process. The broader risk window extends through Monday, but that is not a guaranteed restoration deadline for every address.

JBizNews Desk | Sacramento

© JBizNews.com. All rights reserved. This article is original reporting by JBizNews Desk. Unauthorized reproduction or redistribution is strictly prohibited.

Parents and caregivers are being urged to stop using a recalled lot of a baby product sold online after federal testing found undeclared alcohol.

Pacific Health Sciences is voluntarily recalling one lot of Babies’ Magic Tea brand Baby Sleep Gripe Water, a dietary supplement sold in 4-ounce bottles, according to an announcement dated Oct. 6 and published by the U.S. Food and Drug Administration (FDA) the following day.

The recall affects Lot 25122bw, which has a best-before date of December 2028.

The recalled product comes in a 4-ounce amber bottle packaged inside a blue cardboard box with an oral syringe. The lot number appears on the bottom of the box and on a side panel of the bottle.

The product is marketed on its packaging as helping babies with “better sleep,” as well as providing relief from gas, bloating, constipation and acid reflux.

FDA testing found the recalled product contained approximately 8.3% ethanol, 0.35% methanol and 0.48% isopropanol, none of which were listed on the label, according to the recall notice.

“These substances were not listed on the label,” the notice states. “Their presence may pose a risk depending on the amount consumed and the age and body weight of the person using the product.”

The company warned that exposure to the amounts recommended on the packaging could cause drowsiness, lack of coordination, behavioral changes, nausea, vomiting and abdominal pain.

“Organic alcohols such as ethanol, methanol, and isopropanol are known to impair normal functioning of the central nervous system, while infant ethanol exposure has been linked to long-term developmental consequences,” the notice said. 

The company added, “Exposure to higher amounts can increase risk of respiratory depression and other serious adverse health consequences.”

No adverse events associated with the recalled lot had been reported to Pacific Health Sciences as of the recall notice.

The affected gripe water was distributed to Secrets of Tea and later sold through online retailers, including the Secrets of Tea website and Amazon.

Anyone who has purchased the recalled product should stop using it immediately and either throw it away or return it to the place of purchase for a refund, according to the notice.

“Anyone who experiences symptoms after using the product should seek medical attention and contact Pacific Health Sciences,” the company added.

Pacific Health Sciences could not immediately be reached by FOX Business for comment.

Humana said Friday that 95% of its Medicare Advantage members are enrolled in contracts earning at least four stars in the federal government’s 2027 quality ratings, a rebound that strengthens its outlook for bonus payments in 2028 and gives seniors new information ahead of enrollment season.

The Louisville, Kentucky-based insurer said 42% of its Medicare Advantage members are in contracts rated 4.5 stars. Its results include six Medicare Advantage contracts at 4.5 stars and 12 at four stars, with 11 more contracts reaching the four-star threshold than a year earlier. Its standalone prescription drug contract also earned 4.5 stars.

For Humana, the improvement matters financially. Medicare’s ratings help determine quality bonus payments, making the difference between 3.5 and four stars consequential for an insurer’s revenue. For members, the scores provide a comparison of care quality and service as they assess coverage for the coming year.

The timing is important. The 2027 ratings are available for this fall’s enrollment decisions, but their effect on Medicare Advantage quality bonus payments comes in 2028. Higher scores therefore do not establish that a member’s premium will fall or benefits will expand in January.

Humana’s recovery follows a period when weaker ratings threatened its government bonus revenue. The company lost a lawsuit challenging the calculation of its 2025 scores in October 2025, according to Reuters.

Investors welcomed the new results, with Humana shares rising sharply Friday. Evercore ISI analyst Elizabeth Anderson estimated the improved ratings could produce $4.8 billion in 2028 bonus payments. That is an analyst estimate, not a payment already awarded. Baird analysts cautioned that the benefit to profits would depend partly on spending on member benefits and arrangements with healthcare providers.

Humana pointed to increased preventive care as one contributor to its improvement. The company reported that 534,000 additional members completed annual preventive visits compared with the previous year. It also said overdue mammograms completed by 28,000 members identified 600 previously undetected breast cancers.

Those screening figures are company-reported results. They illustrate the care activities behind the ratings, but they do not independently establish that every member will have the same experience.

“We’re extremely proud of these Star Ratings,” Chief Executive Jim Rechtin said in the announcement.

The broader industry results show why enrollment percentages and contract counts should be read separately. The Centers for Medicare & Medicaid Services said approximately 71% of current Medicare Advantage prescription drug plan enrollees are in contracts receiving at least four stars for 2027.

Yet only about 37% of those contracts achieved that rating. Both figures can be true because larger contracts account for more members. CMS evaluates contracts, which can encompass multiple individual plan offerings; the score is not a separate assessment of every local doctor network.

Humana’s stronger scores also arrive alongside a reduction in its plan footprint. In its July 29 earnings call, management said planned 2027 exits were expected to affect approximately 600,000 members, while the company would seek to retain a significant portion in other plans.

That estimate does not mean 600,000 people will leave Humana. It does mean affected members face a coverage decision, even as the insurer’s overall ratings improve. Management linked its approach to prioritizing higher-performing plans and improving profitability.

For seniors comparing options, the star rating is one part of the decision. Medicare advises checking prescription coverage, doctors and pharmacies, monthly premiums, deductibles and estimated annual drug costs. Someone spending part of the year in another state should also check coverage there.

Network rules differ by plan type. HMOs generally require members to use participating providers for routine care, while PPOs allow more out-of-network access, often at a higher cost. Medicare Advantage plans also typically require prior authorization for certain services or supplies.

The next deadline is close. Medicare’s annual enrollment period runs October 15 through December 7, 2026, with coverage changes generally taking effect January 1, 2027. Members whose plans are ending should review their notices and available replacements. Free, independent counseling is available through State Health Insurance Assistance Programs.

For Humana, enrollment will help determine how much of the ratings recovery translates into future revenue. For members, the immediate task is choosing coverage that fits their prescriptions, providers and budget.

JBizNews Desk | Louisville, Ky.

© JBizNews.com. All rights reserved. This article is original reporting by JBizNews Desk. Unauthorized reproduction or redistribution is strictly prohibited.

The United States’ response to Iran’s seven conditions for reopening the strategic Strait of Hormuz was “insufficient,” Iran’s security chief, Mohsen Rezaee, told state media on Sunday.

Iran presented a proposal during the UN General Assembly under which the Strait of Hormuz waterway could be reopened and normal maritime passage restored within seven days if the conditions were met, to which the US later replied via Qatari intermediaries.

Washington needs to clarify the issues that remain unclear to Tehran, Rezaee, Secretary of the Supreme National Security Council, said, adding, “We presented seven conditions to the Americans and clearly stated that the Strait of Hormuz would not be opened to them, and no negotiations would take place, until these conditions are met.”

The White House did not immediately respond to a Reuters request for comment.

Iran ‘no longer responding to Americans’

Rezaee said Iran is “no longer in the process of responding to the Americans.”

“In their response, they have accepted some of our conditions, while others remain unclear,” he added.

Tehran said late in September that it had received a US response to its latest proposal to resurrect the collapsed ceasefire in the Gulf, days after US President Donald Trump said he had rejected it.

Qatar and other mediators have transmitted messages between Washington and Tehran in an effort to end the conflict and reopen the Strait of Hormuz, the conduit for a fifth of the world’s oil and liquefied natural gas before the war that began at the end of February with US and Israeli attacks on Iran.

This post was originally published on here.

 British Prime Minister Andy Burnham said Russia interfered in the 2016 Brexit vote, as he warned voters in France and Germany about Moscow-backed efforts to influence their politics.

Burnham, who took over as Britain’s leader in July and said last month that Britain could consider rejoining the European Union in the future, is the first British prime minister to say openly there was evidence of Russian interference in the referendum a decade ago.

“I asked the question coming to Downing Street, was there interference in the 2016 referendum from Russia? And I’ve had the clear answer that yes, there was,” Burnham said in an interview with The Rest Is Politics podcast released on Sunday.

Burnham did not spell out how he believed that Russia interfered in the referendum and gave no details on what evidence this statement was based.

The Russian embassy in London did not immediately respond to a request for comment.

Russia has previously denied meddling in the Brexit vote, casting Britain as gripped by anti-Russian hysteria.

Burnham’s Russian interference claims contrast with Boris Johnson’s position

Burnham’s comments mark a departure from those of former Prime Minister Boris Johnson, who campaigned to leave the EU, and said in 2020 there was no evidence of Russian interference in the referendum.

Britons voted 52%-48% to leave the EU in 2016, plunging the country into its biggest political crisis since World War Two.

Burnham said voters in European democracies needed to be better informed about efforts to disrupt their politics.

“I mean, these things are important now to put clearly on the record, and I believe, help voters in Germany and France understand that some of this politics is instigated via our enemies, namely Russia,” he said.

2020 UK intelligence report failed to establish Russian interference in Brexit vote

Britain’s government failed to establish whether Russia meddled in the 2016 referendum on membership of the EU, according to a report by parliament’s Intelligence and Security Committee in 2020.

The report also found that Russia had sought to influence Scotland’s 2014 independence referendum, in which voters rejected independence.

Burnham last month said he could campaign to take Britain back into the EU at the next general election, reopening the country’s divisive debate on its relationship with the continent.

This post was originally published on here.

Kevin Warsh may be the most hawkish Federal Reserve chair since Paul Volcker. That’s a compliment in some circles. It’s also a warning. Volcker beat inflation, but he broke things on the way, and the bond market is now finding out what Warsh might break.

Thirty-year Treasury yields have climbed to their highest level since 2002. In September alone, the 10-year yield jumped more than half a percentage point, to about 5.3%. It was the worst month for U.S. government bonds in four years.

The usual explanations don’t hold up for these movements. Technical market dynamics that impact demand may include, for example, a modest slackening in the so-called basis trade (with hedge funds buying fewer Treasurys in support of leveraged bets). Some observers point to an assumed increase in the “term premium” – the extra yield supposedly needed to offset duration risk for holders of longer-term bonds.

Other theories are even more esoteric and/or difficult to measure.  There might be an “absorption premium” – an academic suggestion  –  said to boost the yield for reasons too abstruse to summarize easily. But technical factors seem insufficient to account for a shift of such magnitude in a $40 trillion market. They may play some small role but they are not the drivers of this tectonic regime change.

The strategic explanations would be inflation, deficits and geopolitics, and the “bond vigilantes” who supposedly punish fiscal sin. These are background risks, and nothing in August or September re-priced them.

What changed was the Fed.

How a Speech Became a Rout

• Aug. 28: At Jackson Hole, Warsh signals a hawkish turn. Torsten Sløk, Apollo’s chief economist, writes that the Fed “went into 2026 expecting several cuts, and now the FOMC is leaning toward hiking.” The sell-off begins as traders price in a September hike.
• Sept. 11: A hot August CPI report adds fuel. The sell-off accelerates, though traders may have misread the number. 
• Sept. 16: The Fed raises rates a quarter point, as expected. Warsh’s tone is not expected. He stresses “discipline” and “resolve” and promises that “this Fed will deliver price stability.” The dot plot points to more hikes, with inflation above target until 2029. 

Markets then priced a string of hikes, with an 80% chance of at least 100 basis points more than before Jackson Hole. “Higher for longer” had become “much higher for much longer.”

Why Traders Panicked

They remember the last time. In 2022–23 the Fed raised rates 525 basis points in 17 months. The Bloomberg Aggregate Index fell 13%. Treasurys lost 12.5%. The 10-year lost 16%, its worst return in a century. The iShares 20+ Year Treasury ETF lost 31.4%. 

The damage spread. Mark-to-market losses on “safe” bonds helped kill Silicon Valley Bank and strained the whole banking sector. By mid-2023, banks carried almost $700 billion in unrealized losses, and $300–500 billion remains. Mortgage rates went from 3% to nearly 8%, and the housing “affordability crisis” lingers.

Traders now have a template for an aggressive Fed. They’d rather overreact than underreact.

The Bill So Far

• Bonds: The iShares Aggregate bond ETF is down 4% since Jackson Hole. That implies market-wide losses of more than $1 trillion. 
• Banks: My model, built with help from Claude, estimates $115 billion in added unrealized losses in September and $180 billion for the third quarter. That would lift underwater securities more than 50%, to about $500 billion, the highest since June 2024. 
• Housing: Mortgage rates are up almost 100 basis points since Jackson Hole, and home sales are down. The S&P mortgage-backed securities index is off 5%, implying about $400 billion in losses. 

2026 is not a replay of 2022–23, and the market’s fears may be overdone. But traders burned once have good reason to shed long-duration risk.

Who Pays for “Credibility”

Warsh appears to treat the rout as the price of Fed credibility. His Jackson Hole speech has hit bonds harder, so far, than Ben Bernanke’s 2013 Taper Tantrum did, and that episode is now widely seen as a blunder. The Fed shows no sign of contrition.

Consumers pay, in costlier auto loans and credit cards. Homeowners pay, in higher mortgage payments and a weaker housing market. Businesses pay, in pricier credit. Banks pay, in new losses on “safe” assets. Abroad, higher rates and a stronger dollar strain economies and currencies, and the yen is one example.

That is the Volcker problem. The Fed can win the credibility fight and still lose the people who bear the cost. A chair this hawkish should be asked to prove the price is worth paying.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune_._

This story was originally featured on Fortune.com

Phil Gordon, who served in the Biden administration as then-vice president Kamala Harris’s national security advisor, issued a stark warning in an exclusive interview with The Jerusalem Post on Sunday that Israeli-US ties have been severely damaged.

“It’s really collapsed. There’s no sugarcoating it. I think Israelis need to understand that,” Gordon told the Post.

Gordon believes the damage inflicted on relations between Israel and the United States in recent years may be far more enduring than many Israelis realize, potentially extending well beyond the political careers of Prime Minister Benjamin Netanyahu and US President Donald Trump.

“I have rarely seen a turnaround in attitudes on an issue as rapid and comprehensive,” Gordon said, referring to the dramatic decline in American support for Israel over the past year.

“You have a whole generation of Americans,” he continued. “Look at the numbers on sympathy for Israelis versus Palestinians or favorable to Israel. It’s really collapsed. There’s no sugarcoating it. I think Israelis need to understand that.”

Gordon does not rule out the possibility that the deterioration could prove permanent.

Asked why he recently described the damage to the relationship as “perhaps irreparably,” he explained that his choice of words was deliberate.

“I write perhaps because I think it’s still an open question, but I also don’t rule it out,” he said. “The more important word is irreparably because it’s honestly possible.”

Why Gordon is speaking out now

Gordon’s interview comes a day after he publicly challenged efforts by Netanyahu supporters to portray a new book and interviews by Brett McGurk, a senior Biden administration official closely involved in negotiations over the Gaza war and the Israeli hostages, as vindication of the prime minister’s wartime decisions.

In a post on X, Gordon argued that McGurk’s account, while valuable, should not be treated as the definitive version of what happened behind the scenes.

“While Brett’s front-row account is valuable, that doesn’t mean it is definitive or its perspectives widely shared, including among former members of the Biden administration,” Gordon wrote.

“I would say most of my former colleagues think that President Biden should have put more pressure on Israel to conduct the war differently and end it sooner,” he added.

Gordon also wrote that few former administration officials believed Biden’s biggest mistake had been publicly distancing himself from Israel, what he described as showing “daylight” between Washington and Jerusalem.

Speaking to the Post, Gordon explained why he decided to enter the debate over one of the most contentious periods in recent Israeli-American relations.

“Everything’s charged and this is sensitive and important, which is why I thought it was important for me to weigh in with my perspective,” he said.

His account focuses particularly on the efforts to secure a hostage agreement during the summer of 2024, including a crucial phone conversation between Biden and Netanyahu that, Gordon says, revealed just how difficult reaching a deal would become.

The July 4 call: ‘We were not hearing a yes… but something closer to no’

On July 4, 2024, president Joe Biden called Netanyahu at what American officials believed could be a significant turning point in the negotiations to release Israeli hostages held in Gaza.

According to Gordon, Hamas had just indicated it was willing to abandon one of its central demands, creating what Washington saw as a genuine opportunity for progress.

To understand the significance of that moment, Gordon traced the negotiations back to the spring of 2024.

For months, Hamas had insisted that Israel commit to a permanent ceasefire before any hostages were released. Israel refused to make such a commitment.

That dispute remained the main obstacle throughout May.

But toward the end of that month, Gordon said Israel signaled it could accept a phased ceasefire arrangement in which a permanent ceasefire would remain the ultimate objective without requiring an immediate Israeli commitment.

“With clever drafting, we were able to put together the proposal that President Biden rolled out publicly on May 31,” Gordon said.

Under that framework, Israel would not have to commit to a permanent ceasefire during the first phase, but good-faith negotiations over the final arrangements would allow for what Gordon described as “sustainable calm.”

The proposal represented a breakthrough because it created a possible path toward a permanent ceasefire without requiring Israel to accept Hamas’s original condition upfront.

For weeks, however, Hamas did not respond.

Then, around July 2, Gordon said Hamas finally agreed in principle to the framework.

“Hamas finally came around and sort of agreed, in principle, with the framework, including dropping its demand that a permanent ceasefire be agreed up front,” he recalled.

“That felt to us like a significant step forward. Nobody was naive in thinking that this wouldn’t be difficult.”

With that development, Biden called Netanyahu on July 4 to urge him to move ahead.

“The plan was to really urge him to take the deal,” Gordon said.

“This has gone on far too long. The hostages had suffered far too long. There was far too much catastrophic damage, Palestinian lives lost. Humanitarian conditions were horrific.”

But Gordon said Netanyahu’s response quickly dampened American expectations.

“I think we, the American side, were pretty deflated to hear Netanyahu say, ‘Okay, you know, I hear you, Joe, but here are all the things that will have to happen for this to work,'” Gordon recalled.

Netanyahu then began listing those requirements during the call.

“I could tell in that moment that we were not hearing a yes or even a yes, I can work with this, but something closer to no.”

According to Gordon, Netanyahu subsequently began what he described as “clarifying” Israel’s position, clarifications that Washington regarded as effectively introducing additional conditions into the negotiations.

Philadelphi Corridor, Gallant, and the political question

One of the most consequential Israeli demands involved retaining military forces along the entire Philadelphi Corridor, the narrow strip of territory separating Gaza from Egypt.

Gordon emphasized that Israel had not even fully controlled the corridor when the original proposals were developed.

“In that sense, it really was a new condition,” he said.

Netanyahu continued insisting on that position throughout the fall of 2024, despite objections from senior Israeli officials.

Gordon specifically cited then-defense minister Yoav Gallant, who, he said, considered continued control of the entire corridor militarily unnecessary and an obstacle to reaching a deal.

Another disputed condition involved an Israeli screening mechanism for Palestinians returning to northern Gaza, which would have required Israeli forces to remain in central Gaza.

In his earlier X post, Gordon argued that these conditions made an agreement impossible for another six months.

During that period, he wrote, nearly 9,000 additional Palestinians were killed, while more Israeli hostages died, including the six hostages executed by Hamas in August 2024.

He noted that both Israeli conditions were ultimately dropped from the agreement reached in January 2025.

Asked directly whether Netanyahu deliberately delayed the agreement to preserve his governing coalition, Gordon declined to judge the prime minister’s motivations.

“I can’t speak to or speculate about his motives,” he said.

“I know there was a lot of talk that he feared that he would lose his coalition if he compromised on certain issues.”

Gordon acknowledged that Netanyahu might genuinely have believed that continued Israeli control of the Philadelphi Corridor was militarily necessary.

“He certainly articulated over and over again that total victory was the only option,” Gordon said.

But he added that the political implications were difficult to ignore.

“It also seemed to be the case that keeping his coalition together depended on rejecting that proposal, so yeah, you can draw your own conclusions.”

Gordon stressed that no one could know with certainty whether greater flexibility by Netanyahu would have produced an agreement during the summer of 2024.

Nevertheless, he argued that Netanyahu’s insistence on those conditions had a clear consequence.

“We do know that by digging in and taking the positions that he did, which seemed to align with his political interests, and certainly aligned with his emphasis on the need for total victory, that made any deal at that time impossible,” he said.

A warning for Israel: Arms conditionality is now mainstream among Democrats

For Gordon, one of the most significant consequences of the Israel-Hamas War in the Gaza Strip is not merely the deterioration in relations between Netanyahu and the Biden administration, but a broader transformation in American political attitudes toward Israel.

Positions once considered marginal in debates over US military assistance have increasingly moved into the Democratic mainstream.

“Arms conditionality has now gone from a kind of fringe view to a mainstream Democratic position,” Gordon said.

He pointed to the growing number of Democratic senators supporting measures that would condition American assistance to Israel, including legislation concerning Israel’s planned development in the E1 area east of Jerusalem in the West Bank.

Gordon cited a Senate proposal he said virtually all Democrats supported and that would withhold assistance over E1.

Although the shift has been particularly pronounced among Democrats, Gordon emphasized that declining support for Israel is not confined to one political party.

“I know people are mostly focused on Democrats, and it’s true there’s sharper criticism of Israel among Democrats, but it exists in both parties,” he said.

A future Israeli government adopting different policies could begin rebuilding the relationship, Gordon argued, but reversing the damage would require a sustained effort.

“I think with a new Israeli government and different policies, the relationship could improve, he said.

“With work on both sides, maybe it can be repaired, but I don’t think anybody should underestimate the challenge.”

Should Biden have withheld more weapons from Israel?

While sharply critical of Netanyahu, Gordon does not absolve the administration in which he served of responsibility.

Asked what concrete pressure Biden should have applied, he rejected the idea that Washington faced only two options: continuing military assistance without conditions or imposing a comprehensive arms embargo.

“We had great respect for Israel’s need to defend itself against Hezbollah, against Iran,” Gordon said.

He noted that the threat of Iranian military action was particularly real during that period, including the ballistic missile and drone attack Iran launched against Israel in April 2024.

He explained that this security threat was a major reason the Biden administration did not support broadly withholding weapons.

But Gordon argued that Washington had many other available tools.

“There’s an awful lot between doing nothing and withholding all weapons,” he said.

“It starts with diplomatic pressure. It starts with calling out Israel and pushing it to accept these agreements. You can take diplomatic measures at the United Nations and elsewhere, and then yes, you can also start conditioning weapons.”

He cited the administration’s decision to withhold certain 2,000-pound bombs as an example of using military assistance to signal serious disagreement with Israel’s conduct of the war and its handling of the humanitarian crisis.

One episode particularly demonstrated the potential effectiveness of American pressure, Gordon argued: Biden’s response to the Israeli strike that killed aid workers from World Central Kitchen.

According to Gordon, Biden called Netanyahu and delivered a direct warning.

“You will do these things on the humanitarian front, and I need to see them immediately, or US policy is going to change,” Gordon recalled Biden telling Netanyahu.

“Israel did, and opened up further crossings, and that was an example of how US pressure could work.”

Gordon also pointed to the pressure McGurk and Steve Witkoff applied during negotiations over the January 2025 agreement, during the presidential transition following Trump’s election victory.

“When Brett McGurk and Steve Witkoff were pressing the Israelis to accept the final deal in January, and Trump behind the scenes, I think that kind of pressure also worked,” he said.

Iran before the elections: ‘A volatile and dangerous stalemate’

Gordon also addressed another question now dominating discussions in Jerusalem and Washington: Could Israel or the United States resume major military operations against Iran before Israel’s elections and the US midterms?

He refused to offer a definitive prediction, warning instead that the current confrontation was unusually volatile.

“We’ve learned over the last two years and beyond not to exclude anything,” Gordon said.

“The situation is extremely volatile.”

One of his central concerns is that both Washington and Tehran believe time is working in their favor.

“I’m afraid that both the United States and Iran feel that time is on their side,” he said.

“The United States thinks that the blockade is working or squeezing Iran or the economy, but Iran feels like midterms looming and pressure on the US economy means it can resist and last longer.”

That competing assessment, Gordon argued, explains the current diplomatic and military impasse.

“That’s what explains this current stalemate. But it’s a volatile and dangerous stalemate.”

Gordon fears that the pressure campaign may produce further escalation before Tehran agrees to American demands.

“One is that before Iran collapses, which is sort of the goal, either capitulates or collapses, which is the goal of maximum pressure, it will lash out,” he said.

He cited recent Houthi attacks against Riyadh and the earlier attack on Saudi Arabia’s East-West pipeline as examples of how regional escalation can spiral, while noting that the Houthis, rather than Iran directly, were responsible for those attacks.

Gordon also offered a notable assessment of Trump’s military decision-making in recent months.

“I would say that over the past couple of months, every time Trump has threatened it and considered it, he’s backed off because he has realized that the consequences could be devastating,” he said.

“I don’t know if that will hold, but I do think it’s worth keeping in mind.”

Gordon argued that the war has already demonstrated the danger of unintended consequences.

“I think this war, after six months now, has proven to be catastrophic, with all sorts of unintended consequences,” he said.

“If Israel or the United States did decide to resume a major escalation, for reasons of Israel’s election or our elections, I fear that we would just see even more unintended consequences of the tragic sort that we’ve been seeing for the past six months.”

Gordon’s criticism of Trump: A year of missed opportunities in Gaza

Toward the end of the interview, Gordon turned his criticism toward Trump’s handling of Gaza during the first year of his administration.

The January 2025 hostage and ceasefire agreement, Gordon argued, had created an opportunity to put Gaza on a different trajectory: bring home the remaining hostages, preserve the ceasefire, establish a new governing arrangement, and begin reconstruction for Palestinians.

Instead, he said, that opportunity was squandered.

“Once we finally got the deal in January 2025, that was an opportunity to at least start putting it on the right path, get all the hostages out, have a ceasefire, a different government in Gaza, and rebuild for Palestinians,” Gordon said.

“But instead, Israel broke the ceasefire in March. Trump did nothing about that,” he argued.

According to Gordon, a complete blockade on food, water, and medicine followed for two months, dramatically worsening an already severe humanitarian crisis.

He contended that Trump did not begin applying serious pressure for a renewed ceasefire until after Israel struck Doha later that year.

“Trump sometimes gets credit for getting the ceasefire and the 20-point plan in place, and give him credit for that, fine,” Gordon said.

“I think it’s obviously a good thing that the ceasefire was achieved, and there’s a path forward in Gaza.”

But he argued that the administration’s earlier inaction should not be forgotten.

“People shouldn’t forget that it took a year, including turning a blind eye to a complete blockade of Gaza that severely deteriorated the humanitarian situation, and then the entire summer before he got motivated,” Gordon said.

“And that was again only after Israel struck in Doha.”

For Gordon, the criticism of Netanyahu, Biden and Trump is part of the same broader argument: The Gaza war presented extraordinarily difficult choices, but he believes opportunities to end the fighting and secure the release of hostages were repeatedly missed.

Now, he warns, Israel faces another formidable challenge: Rebuilding the trust and standing it has lost among the American public.

“With work on both sides, maybe it can be repaired,” Gordon said.

“But I don’t think anybody should underestimate the challenge.”

This post was originally published on here.

Microsoft chief executive Satya Nadella is urging businesses to build a human-controlled “emergency brake” into advanced artificial intelligence systems, allowing an authorized person to stop them while a task is underway.

His October 10 essay puts a practical question before companies adopting AI: when software has access to sensitive information and permission to act, who can stop it—and does that control work independently of the software?

Nadella argues that powerful models should be treated as potential insider risks because they can make mistakes or be compromised. He calls for permissions enforced outside the model, independently reviewable activity records, continuous testing and prompt disclosure when failures occur.

“An authorized person should always be able to pause or shut down a model mid-task,” he wrote.

The proposal concerns the systems surrounding AI as much as the model itself. Nadella says companies cannot hand responsibility to a provider simply because that provider offers assurances about safety.

For a business, the distinction becomes concrete when an AI system moves from drafting a recommendation to executing it. Preparing a supplier-payment proposal is one level of authority. Having permission to release the payment is another.

Consider a hypothetical purchasing agent instructed to reduce expenses. It might identify cheaper suppliers and prepare orders. A company could let it perform that research while requiring separate approval before signing a contract or committing money. If it begins placing unauthorized orders, an effective stop mechanism would need to interrupt those actions, not merely close the employee’s chat window.

That example illustrates the operational implication of Nadella’s proposal: the boundary between advice and authority must be enforced by the surrounding system.

It also changes how buyers can evaluate an AI service. Alongside accuracy and speed, they can ask whether administrators can suspend an agent, revoke its access and reconstruct what it did. A convincing demonstration of those controls would answer a different question from a successful demonstration of the model’s intelligence.

Stopping a task also has limits. An interruption may prevent further actions without reversing an email already sent, information already disclosed or a transaction already completed. Businesses therefore need to consider approval requirements before consequential actions as well as intervention afterward.

Independent records matter for the same reason. After an incident, managers need evidence showing which actions occurred and which permissions were used. Asking the model to explain itself is different from examining records maintained outside its control.

Nadella’s essay is a proposed approach to governance. It names no new Microsoft product, implementation deadline or industry standard. It also provides no cost estimate for adopting the controls.

That leaves an execution question for Microsoft and other providers: how will these principles appear in products businesses can purchase, configure and test?

For companies moving toward more autonomous AI, the purchasing decision now extends beyond what a system can accomplish. It includes how much authority the business will grant, what evidence it will retain and whether a human can reliably interrupt the work.

JBizNews Desk | Redmond

© JBizNews.com. All rights reserved. This article is original reporting by JBizNews Desk. Unauthorized reproduction or redistribution is strictly prohibited.

Repeated attacks on Riyadh’s international airport are disrupting flights and a major energy gathering while exposing a critical question: how are incoming weapons reaching civilian infrastructure despite Saudi Arabia’s sophisticated air defenses?

The kingdom is facing a broader campaign involving missiles and drones. Saudi Arabia has not been confirmed to have exhausted its interceptor missiles, but the Associated Press reports that supplies are running low and that Riyadh has requested additional air-defense support from allies.

The distinction matters. Saudi defenses are still intercepting weapons. They are also failing to prevent damaging airport impacts.

On Sunday, October 11, Saudi authorities reported an unidentified projectile striking Terminal 4 at King Khalid International Airport, causing a fire and injuries. The Saudi-led coalition separately announced that a cruise missile had been intercepted nearby.

Authorities have not publicly established whether the terminal was hit by an intact weapon or debris from an interception. Saturday’s deadly airport attack was reported as a missile strike. It killed 13 people and wounded more than 300.

The airport remained closed Sunday, complicating travel as the WPC Energy Congress began its October 11–15 gathering. Some international oil executives canceled attendance, while other participants switched to remote appearances.

The attacks illustrate why possessing advanced interceptors does not guarantee protection. A defense must detect a threat, identify it, track its flight and destroy it before it reaches a vulnerable target. A failure at any stage can allow damage.

Different weapons challenge different parts of that process. Ballistic missiles climb high before descending rapidly. Cruise missiles use powered flight and can approach at low altitude. Attack drones are unmanned aircraft carrying explosives, often presenting smaller targets.

Low altitude is especially difficult for ground-based radar. The curvature of the Earth and intervening terrain limit what a radar can see. A cruise missile can remain outside its line of sight until relatively close, shortening the time available for an interception.

CSIS research identifies elevated sensors—including aircraft and tethered radar platforms—as a way to extend detection range. Earlier warning gives defenders more time to engage and civilians more time to take protective action.

But an airport impact does not prove that the weapon flew entirely undetected. It could have been detected late, unsuccessfully engaged or intercepted without eliminating the danger below. Saudi authorities have not released enough technical evidence to determine which happened in the latest attacks.

Multiple simultaneous threats create another problem. Combined missile and drone attacks can strain radar tracking and interception capacity. That is a documented vulnerability of air defenses, rather than a verified explanation for Sunday’s strike.

Ammunition availability adds pressure during prolonged attacks. Interceptor stocks must be replenished while defenders protect airports, cities, military facilities and energy infrastructure. The reported Saudi shortage is therefore significant, but no verified public inventory establishes how many interceptors remain or whether a particular battery ran out.

Israel’s defenses differ in their architecture. Arrow forms the upper layer against ballistic missiles. David’s Sling covers threats including missiles, cruise missiles, aircraft and drones. Iron Dome provides another layer against shorter-range threats.

Saudi Arabia also possesses advanced capabilities. The U.S. Missile Defense Agency describes Patriot as capable of engaging short-range ballistic missiles and cruise missiles, while THAAD is designed for ballistic-missile interception. THAAD’s high-altitude role does not make it a substitute for protection against low-flying drones.

The comparison is therefore about the combination of sensors, weapons, command systems and coverage—not simply whether one country has an “Iron Dome.” Israel’s layered approach provides different interception options, but it does not establish that Saudi Arabia’s latest failures resulted from inferior equipment. Nor does any layered system guarantee that every threat will be stopped.

Strengthening airport protection requires earlier detection, overlapping defensive coverage, reliable interceptor replenishment and systems suited to the incoming weapons. Saudi requests for allied support address part of that need.

Civilian protection remains essential while those measures are assessed. Airport closures, timely warnings and sheltered areas reduce exposure. EASA also warns that interception activity and falling debris can endanger aircraft, meaning a successful shootdown does not automatically make operations safe.

The immediate task is to establish what struck the airport and where the defensive chain failed. Until that assessment is available, claims that Saudi Arabia has no ammunition left—or that a single additional weapon system would solve the problem—go beyond the evidence.

JBizNews Desk | Riyadh

© JBizNews.com. All rights reserved. This article is original reporting by JBizNews Desk. Unauthorized reproduction or redistribution is strictly prohibited.

About 100 passengers aboard the flydubai flight attacked by its copilot on September 30 are preparing a proposed class action seeking hundreds of millions of dollars from the airline and the transportation ministries of Israel and the United Arab Emirates, according to Calcalist, cited Sunday by The Times of Israel.

The effort would bring a financial claim alongside the criminal investigation into Flight FZ1073, turning questions about pilot screening and aviation oversight into a potential legal battle over responsibility and compensation.

The passengers have formed a committee led by Tzvika Manes, a banking executive who helped restrain the attacker. The committee is seeking legal representation. Approximately 100 of the flight’s 174 passengers have joined the effort, according to the report.

The legal action remains in preparation. The report does not identify a filed complaint, a court or a hearing date.

Earlier estimates cited by Israeli media suggested compensation of $200,000 to $250,000 per passenger. Across 174 passengers, that would amount to $34.8 million to $43.5 million. Those estimates are separate from the reported intention to seek hundreds of millions, and neither represents an award or settlement.

The distinction matters: a proposed demand establishes what claimants intend to seek, while the amount recoverable depends on the claims, evidence and applicable law.

The UAE’s attorney general provided a detailed account of the attack on October 9. Prosecutors said the Omani copilot intended to seize the aircraft and crash it into the passenger terminal at Ben Gurion Airport, aiming to cause mass casualties.

According to the official statement, the suspect used two earlier flights to familiarize himself with the route and airport before carrying out the attack during his third flight to Tel Aviv.

Prosecutors said he assaulted the captain with an emergency axe. Another pilot aboard the aircraft intervened with assistance from a cabin crew member and passengers. Reserve pilots regained control and landed the aircraft at Tabuk Airport in Saudi Arabia.

The investigation also examined his recruitment. UAE prosecutors said he had met flydubai’s professional and security requirements, including licensing, a good-conduct certificate and required checks. Those procedures, they said, had revealed no indication of extremist views or an intended attack.

That finding sets out the authorities’ account of the screening process. It does not resolve the passengers’ proposed civil claims.

International aviation rules provide a framework for certain passenger claims against airlines. The International Civil Aviation Organization explains that Article 17 of the Montreal Convention addresses carrier liability for death or bodily injury caused by an accident aboard an aircraft or during boarding or disembarkation.

That framework does not establish an automatic payment for everyone aboard this flight. Any eventual claim would require assessment of the injuries, evidence and legal requirements. The convention’s provisions on airline liability also do not, by themselves, establish government liability.

The potential dispute involves a substantial international carrier. Reuters reported that flydubai transported 15.7 million passengers in 2025, generating approximately $3.7 billion in revenue and $531 million in after-tax profit. Any eventual financial exposure remains uncertain until claims are filed and assessed.

The next steps are the appointment of lawyers and the submission of a complaint setting out the defendants, damages sought and legal basis. Separately, UAE prosecutors say they continue to examine evidence and possible accomplices, despite the suspect’s statement that he acted alone.

JBizNews Desk | Jerusalem

© JBizNews.com. All rights reserved. This article is original reporting by JBizNews Desk. Unauthorized reproduction or redistribution is strictly prohibited.

The U.S. Department of Justice is investigating whether the decision of the White House television press pool to halt coverage of President Donald Trump last month violated antitrust law, an agency spokesperson said Saturday.

Emily Covington, a spokesperson for the department, said group boycotts among business competitors might violate U.S. law. “The Antitrust Division is simply investigating to determine whether these news organizations have violated the antitrust laws,” she said.

The announcement came after the television pool of five broadcasters last month ceased presidential coverage after the administration barred CNN, MS NOW and Politico from the White House.

Messages were sent late Saturday to the five outlets seeking comment: ABC, CBS, CNN, FOX and NBC.

The White House press pool, which is a rotating cast of news outlets that covers the president, has become a proxy for the wider fight over whether the president, or anyone, can control the content of news reports — a type of free speech, pillar of American democracy.

Last month’s developments marked an extraordinary escalation in Trump’s efforts to restrict news reporters and outlets that he finds insufficiently supportive.

CNN, MS NOW and Politico sued over the days-long ban. It was lifted after a judge handed the three news organizations a reprieve, which is in place until Tuesday.

Television pool coverage of the White House has also resumed.

Jose Zamora, the Committee to Protect Journalists’ regional director of the Americas, on Saturday criticized the administration’s decision to investigate.

“The government should not use antitrust investigations to intimidate news outlets defending press access,” Zamora said on X. “The public’s right to know depends on that access.”

This story was originally featured on Fortune.com

Last week I met with a couple I’ll call Jeff and Julie, both age 62. Julie had purchased a Social Security claiming analysis for the two of them, and before we started, I asked: “Why did you decide to do this?” Her answer had almost nothing to do with maximizing benefits.

“Ray, I read. And everything I’ve been reading about what’s happening with Social Security makes me nervous. If we wait until we are 70 to file, will it even be there?”

Here is my advice: Don’t file at 62 because you’re afraid Social Security will disappear. A frightening headline is not a claiming strategy. I understand why Julie is nervous. I do not agree that claiming now is the answer.

Most of my clients are affluent and can afford to wait. Yet nearly every client I have met with this year has expressed anxiety about whether Social Security will be there. Many are considering claiming early, not because the math says to, but because they are afraid to wait. They are trying to protect themselves. My job is to challenge whether the decision actually does that.

Start with 2032. If that feels uncomfortably close, that’s because it is. In retirement-planning terms, it is practically next Tuesday. The Social Security Trustees project that the Old-Age and Survivors Insurance Trust Fund, which pays retirement and survivor benefits, will deplete its reserves in the fourth quarter of 2032 under current law. Continuing income would initially cover about 78% of scheduled benefits.

That is a financing shortfall, not an expiration date. Payroll taxes would keep coming in. Social Security would not disappear. But a potential 22% shortfall is real money, and for Jeff and Julie it arrives before their first retirement check at 70. Telling them not to worry is not an answer.

The administrative news doesn’t help. In a September audit examining fiscal 2023 cases, SSA’s Office of Inspector General found that 46% of the retirement, survivor and disability overpayment notices it reviewed failed to meet agency requirements. Some contained inaccurate amounts. Others omitted information about reconsideration and waiver rights. 

If SSA were playing baseball, a .540 batting average would get it into Cooperstown. But these are notices telling people they owe money back. So, being correct 54% of the time is truly abject failure.  

Julie concluded, “So, we need to file now and get our money now.” That is where I push back. Being right about the problem does not make you right about the solution. Filing early does not protect your future checks from a funding shortfall.

Here is how I explain it: “Julie, you’re worried about the possibility of a 22% cut. But under today’s rules, start your retirement benefit at 62 instead of 67 and you have a 100% chance of a 30% cut to your monthly benefit.” 

That 30% is not my forecast. It is SSA’s claiming formula. Congress doesn’t even have to hold a vote. You can arrange this particular cut in your pajamas.

You are trying to avoid a possible cut by signing up for a certain one. Before we call that playing it safe, let’s count what you’re buying and what you’re giving up.

Claiming at 62 buys five more years of checks than waiting until 67. The price is a monthly benefit that starts 30% smaller. I count those earlier checks, along with the savings spent while waiting. We are comparing retirement income over a lifetime, not just two percentages. The choice has to earn its place in the retirement plan.

And here is the part the “get it while you can” argument misses: There is no protection from future cuts attached to an early filing date. Under an across-the-board percentage cut, the early claimant takes another reduction from an already smaller check. The person who waited takes the reduction from a larger one. You collected sooner. You did not make yourself immune.

Waiting is not doing nothing. Under today’s rules, someone Jeff and Julie’s age receives 70% of their full-retirement-age benefit by starting at 62, compared with 124% at 70. That is more monthly income for the later years of retirement. I want clients to understand what they are surrendering before they surrender it.

Jeff asked, “What do you think Congress will do?” 

I let Jeff know that Congress has addressed financing problems before. In 1983, it increased revenue and changed benefit rules, including taxing some benefits and gradually raising full retirement age. That history belongs in the conversation. Predicting the next deal does not belong at the center of their retirement plan.

With Jeff and Julie, I have compared claiming at 62, full retirement age and 70. I have calculated lifetime income using their longevity estimates, modeled survivor benefits and shown them how Social Security interacts with their other retirement assets. That is what they hired me to do. They didn’t bring me on to nod sympathetically at the same headlines they have already read.

Here is what I recommend: Put your fear into the calculation. Test the claiming strategies with smaller future benefits. Count the earlier checks, the withdrawals from savings and the income left to the surviving spouse. When the numbers say wait, I tell them to wait. Fear does not get a veto over the result. Don’t throw away the stronger strategy because collecting now feels better this morning.

Social Security has a financing problem. Among the clients sitting across from me, it has become a trust problem, too. I take both seriously. But I am not asking them to trust Congress. I am telling them not to mistake an early check for protection from Congress.

Julie deserves an answer, not an echo of her anxiety. Mine is this: Claim because it strengthens your retirement, not because the news frightened you. Don’t let fear file your application.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune_._

This story was originally featured on Fortune.com

A Canadian cybersecurity executive who specializes in negotiating with ransomware hackers has reportedly been arrested on federal charges in Pennsylvania.

Edward Dubrovsky, 54, was arrested Thursday in the Philadelphia area, according to federal court documents cited by Reuters. The arrest comes as the FBI investigates ShinyHunters, a hacking group that recently claimed to have stolen information concerning nearly every FBI employee. Authorities have not publicly confirmed whether Dubrovsky’s arrest is connected to that investigation.

FBI Director Kash Patel announced Friday in a post on X that agents had arrested another suspected co-conspirator of ShinyHunters, the group believed to be responsible for a recent incident involving the FBI’s jobs website.

“Our agents in the field have arrested another suspected co-conspirator of the ShinyHunters group – the group believed to be responsible for the recent FBIjobs.gov incident, which occurred on a platform managed by a third-party vendor,” Patel wrote.

Patel said the arrest was the latest involving the network in a matter of days as the FBI works to dismantle the group and pursue additional leads. He did not identify the arrested suspect by name, and authorities have not publicly confirmed whether Dubrovsky is the individual referenced in his statement.

Federal court records filed in the Eastern District of Pennsylvania list charges involving conspiracy to threaten the confidentiality of information to extort money and interference with commerce, Reuters reported.

The specific conduct underlying the federal allegations remains unclear because the criminal case in the Eastern District of Texas is sealed.

A federal court order issued Thursday in Pennsylvania shows that prosecutors requested the defendant’s detention and that a judge ordered him held pending a detention hearing in the Eastern District of Texas.

A separate order issued Friday directed the U.S. Marshals Service to transport the defendant to Texas for further proceedings.

According to the Federal Bureau of Prisons’ online inmate locator, Dubrovsky is listed as being held at the Federal Detention Center in Philadelphia. His release date is listed as unknown.

Dubrovsky’s professional background includes negotiating with cybercriminals over ransom demands, according to his LinkedIn profile.

His profile identifies him as being affiliated with CyberSteward, a cybersecurity firm that advertises services involving negotiations with threat actors, cyber extortion and settlement facilitation.

Reuters contributed to this report.

Americans and businesses filed 469,719 bankruptcy cases in the first nine months of 2026, an 11% jump over the same stretch last year, according to bankruptcy data firm Epiq AACER and the American Bankruptcy Institute.

Put simply, for every 10 bankruptcy cases filed through September of last year, about 11 were filed this year. That works out to roughly 1,700 new cases every single day, including weekends.

Most of the pain is landing on households. Individuals filed 444,252 cases through September, nearly 45,000 more than the 399,379 a year earlier.

The fastest-growing type is the kind people use when they have nothing left to work with. Individual Chapter 7 filings, where a court wipes out most debts and a trustee can sell off assets to pay creditors, rose 13% to 282,413. Chapter 13 filings, where people keep their home or car and pay creditors back over three to five years under a court-approved plan, rose 8% to 160,817.

That split matters. More people choosing the wipe-it-out route over the payback route is a sign that more households have no realistic way to catch up on what they owe.

Michael Hunter, vice president of Epiq AACER, blamed the rise on “higher borrowing costs, rising household expenses, growing consumer delinquencies, and a softer job market.” In everyday terms, credit card and loan bills are costing more each month, groceries and fuel are eating more of the paycheck, more people are falling behind on payments, and new jobs are harder to find.

Small businesses are getting hit even harder by percentage. Filings under a streamlined small-business bankruptcy option, known as Subchapter V, jumped 46% to 2,442, up from 1,672 a year earlier. That is roughly three small businesses filing this year for every two that filed last year. The option lets a smaller company restructure its debts faster and more cheaply than a full corporate bankruptcy, so the owner can keep the doors open, keep workers on payroll and pay creditors over time instead of shutting down.

Overall commercial filings rose 7% to 25,467, and commercial Chapter 11 cases, the reorganization route used by larger companies, rose 11% to 6,560.

September alone showed the trend holding. Total filings for the month reached 52,299, up 6% from September 2025. Individual filings rose 7% to 49,672, and small-business Subchapter V filings rose 38% to 276. Commercial filings for the month fell 7% to 2,627, though the year-ago figure was inflated by 109 related filings from a single long-term care pharmacy company.

The climb is not new. Total bankruptcy filings in calendar year 2025 were 565,759, an 11% increase from 2024. Epiq expects filing volumes to keep rising into 2027.

There is a fix moving through Washington aimed at making relief easier to reach. The Senate passed the Bankruptcy Threshold Adjustment Act by unanimous consent in late September, and the bill now goes to the president for his signature. The measure, sponsored by Rep. Ben Cline of Virginia, permanently raises the debt limit for small businesses using the streamlined option to $7.5 million. It also raises the debt limit for individual Chapter 13 filings to $2.75 million and drops the old rule that counted secured and unsecured debt separately.

Here is what that means in plain terms. A small business owing more than about $3.4 million is currently shut out of the faster, cheaper small-business route. The bill would more than double that ceiling, letting more family-owned shops, restaurants and contractors restructure instead of liquidating. For households, the higher Chapter 13 limit would let more families with large mortgages or medical and business debts use a repayment plan to keep their homes rather than being pushed toward losing them.

The small-business limit had been set at $7.5 million during the pandemic before it lapsed, so the bill would restore that higher ceiling and make it permanent. ABI Executive Director Amy Quackenboss said the legislation would expand access for struggling businesses and families seeking relief.

The bill would apply to cases filed on or after the day it becomes law.

JBizNews Desk | New York

© JBizNews.com All Rights Reserved. Reproduction or distribution without written permission is prohibited.

An area of Pennsylvania once known for its anti-immigration crackdown is now resisting data centers, just one example of how the AI buildout has created a unified, bipartisan front in an increasingly splintered America.

About 20 years ago, Hazleton passed the controversial Illegal Immigration Relief Act, which withheld permits from businesses employing undocumented immigrants and fined landlords who rented to them. Capitalizing on a time of deindustrialization and demographic changes in a heavily Hispanic city, the law galvanized a base of white, working-class supporters. 

Fast forward to today, and Hazle Township, the area where Hazleton sits at the foot of the Poconos, is still making headlines. But this time, it’s the AI infrastructure boom. Data center opponents, diverse in both class and political party, have jumbled what was considered a left-versus-right issue and created a powerful united front pushing politicians to alter their platforms and policies in a consequential election year.

Over the summer, residents of Hazle Township received letters from NorthPoint Development, offering the township’s 4,500 residents each a potential $10,000 payday in exchange for permission to build a 1,300-acre data center in the area, part of the developer’s $165 million proposed investment into the township. At the same time, about 30 properties in nearby Sugarloaf Township faced eminent domain threats from the local utilities company over a proposed high-voltage power line that would run through the homes and power that same proposed data center, dubbed Project Hazelnut.

Locals formed the group Alliance to Stop the Line and filed 20 formal protests against the utilities company over the health and property-cost risks associated with the power line, while others filed right-to-know requests, demanding transparency on the end user of Project Hazelnut, which emails revealed to be Amazon. An Amazon spokesperson told Fortune it is “evaluating multiple sites across the Commonwealth” but does not have a definitive agreement in place with NorthPoint. 

What has stuck out to some locals is the demographics of those opposing the data center. Annie Vinatieri, a Sugarloaf Township protester, observed that the data center opponents are a combination of working, middle, and upper classes, mostly white, but definitely nonpartisan, including many who are new to environmental protests.

“It’s invigorating, in the sense that you’re meeting people who might not be like-minded on a lot of things, but it feels for so many people like this a righteous cause,” she told Fortune. “We can maybe disagree on the political finer points of things, but we can find this very real camaraderie in the midst of everything.”

Why data centers became a bipartisan enemy

Data centers have become the common enemy of Democrats and Republicans alike. About 70% of Americans oppose data center construction in their local areas, according to one Gallup poll, including 75% of Democrats and 63% of Republicans.

The backlash is beginning to have material impacts on the tempo of the AI boom. At least 75 data center projects worth more than $130 billion total were delayed or cancelled in the first three months of this year, according to a Data Center Watch report published in June. All the while, active opposition groups grew from 396 to 833 over the same period.

One significant reason behind the bipartisan dissent toward data centers is how tech companies have marketed them to the American people, Tatishe Nteta, a professor of political science at the University of Massachusetts Amherst and director of UMass Poll, told Fortune. 

“There has been little to no clear communication of the benefits, economic or otherwise, that are associated with data centers for everyday Americans,” he said. “And there has been extremely clear communication regarding the costs, whether those be environmental in terms of increased use of energy…but also the cost that’s associated more largely with artificial intelligence on the economic well-being of Americans.”

The universality of data center hate has allowed Democrats to make it a wedge issue, Nteta said.  But AI infrastructure and AI more broadly have also struck chords with ideologies held by both Republicans and Democrats, just in different flavors, according to Ben Green, assistant professor of public policy at the University of Michigan’s Ford School.

For example, environmental concerns around data center buildouts are bipartisan. The difference is that Democrats use words like “climate change” to define the issue, but Republicans focus more on the protection of land.

“Democrats and Republicans might talk about that differently, but massive corporations coming in and forcing a community to deal with some type of project and not really giving a community any voice and operating in secrecy—no one’s really a fan of that,” Green told Fortune.

Pennsylvania’s data center profile

Pennsylvania has established itself as a nexus of data center backlash. The commonwealth is home to only 174 data centers out of about 4,767 total projects in the U.S., but its position as a purple state with a governor widely expected to run for president in 2028, makes it a unique case study in the conversation around national data center opposition.

Gov. Josh Shapiro announced Project Hazelnut in November 2024 immediately following an executive order fast-tracking permitting for AI infrastructure. In July 2025, he announced a $20 billion investment from Amazon for data center buildout in the commonwealth, the largest capital investment in Pennsylvania’s history.

But following public pushback over data center projects in Hazle Township and surrounding areas, Shapiro walked back the permissive AI infrastructure policies. He signed another executive order in August eliminating fast-track permits and gave local agencies power to approve data center projects, rather than the state-level Department of Environmental Protection.

“What I was finding after listening to the neighbors about their concerns, and then talking with some of these developers, is those developers who were wreaking havoc on the communities, they actually didn’t have any access to power,” Shapiro told CBS News Philadelphia last month. 

The future of data center opposition

With Pennsylvania’s gubernatorial election coming up next month, candidates’ stances on data center development could further scramble traditional partisan divides. 

According to Vinatieri, Democrats are discouraged by Shapiro’s changing data center stance. Meanwhile, Republican candidate Stacy Garrity has largely not broken from Trump’s pro-data center position.

From Vinatieri’s vantage point, there are even enough disgruntled residents that a meaningful number of voters could write in Democratic Sen. Katie Muth, who has sponsored a statewide data center development moratorium.

“I’ve never seen anything quite like it before,” Vinatieri said. “It’s a powerful time and a lot is happening.”

The true test of a changing political tide around data centers on a national level will be whether candidates like Garrity change their stances around data centers, according to Green. 

He’s already seen Texas Gov. Greg Abbott, a Republican up for reelection, move from calling the Lone Star State the “epicenter of AI development” to implementing restrictions and halting pending approvals on 1,800 data center proposals. 

“Those are just signs of the strength of the backlash,” Green said. “It’s no longer possible to just push forward by making generic or super rosy statements about how great data centers are. People don’t believe it, and they will not support candidates who are trying to gaslight them with all of these hopeful claims about why data centers are great.”

This story was originally featured on Fortune.com

Halloween candy is getting more expensive this year, but Americans aren’t letting higher prices stop them from stocking up on treats.

Prices for candy and chewing gum rose 8.1% in August from a year earlier, according to the latest available data from the Bureau of Labor Statistics. That’s more than double the 3.4% increase in overall consumer prices during the same period.

Despite the higher costs, Americans are expected to spend $4.1 billion on Halloween candy this year, according to a survey released by the National Retail Federation (NRF).

The survey found that 96% of Halloween shoppers plan to purchase candy, making it the holiday’s most popular shopping category.

Total Halloween spending is expected to reach $13.5 billion this year, up from $13.1 billion in 2025, as consumers continue to prioritize the holiday despite pressure on household budgets.

“Consumers continue to make Halloween a spending priority, but they are also approaching the season with affordability in mind,” NRF Vice President of Industry and Consumer Insights Allison Zeller said in a statement.

Shoppers are expected to spend an average of $115.14 per person on Halloween purchases, little changed from last year’s $114.45.

Even as spending holds steady, many consumers are adjusting their shopping habits to manage higher costs.

The NRF survey found that more than a third of consumers plan to compare prices if Halloween merchandise costs more than expected, while just over a quarter intend to look for coupons or sales.

Some shoppers are also getting an earlier start to spread out their spending. Nearly half of consumers said they planned to begin Halloween shopping in September or earlier, with 23% of early shoppers saying they purchased items ahead of time to spread out their budgets.

Discount stores remain the most popular shopping destination for Halloween purchases, attracting 39% of shoppers, followed by specialty Halloween stores at 32% and online retailers at 27%.

The NRF survey, conducted by Prosper Insights & Analytics from Sept. 1 through Sept. 9, polled 7,889 consumers.

The findings underscore how Americans are continuing to make room for Halloween celebrations despite rising prices, while turning to discounts, comparison shopping and earlier purchases to help keep spending in check.

California has been shrinking for the past half-decade. The state’s population fell 0.5% between April 2020 and July 2025, according to the U.S. Census Bureau. It also posted the largest net loss of one-way U-Haul customers of any state for the sixth straight year in the company’s 2025 Growth Index. Yet the country’s youngest adults keep packing up and heading for the Golden State.

U-Haul’s 2026 Midyear Migration Trends National Report ranks states and metros by their net gain of one-way U-Haul trucks, trailers, and U-Box containers from July 2025 through June 2026. It puts California at No. 2 for Gen Z (born 1997–2012), behind only Texas. As Fortune previously reported, the state didn’t crack the top 10 for boomers or Gen X, whose moves skewed heavily toward the Southeast. San Diego, at No. 9 for Gen X, was the only California metro on either older generation’s list. Millennials ranked California No. 3, behind Florida and Texas.

Gen Z hasn’t given up on the Sun Belt. Texas tops its list, and Florida, Nevada, Austin, Charlotte, and Houston all make its top 10. But the generation’s picks look less like a hunt for warm weather and low costs and more like a hunt for people. After Texas and California, Gen Z’s top five states are New York, Illinois, and Colorado. Its top five metros are New York City, Dallas–Fort Worth, Chicago, the San Francisco Bay Area, and Los Angeles. U-Haul said Gen Z is gravitating to densely populated markets with lots of colleges, entry-level jobs, and apartments.

That’s a shift from recent trends that saw young workers leave San Francisco for more affordable cities like Nashville and Orlando, and from rankings that name cheaper Midwest and Texas cities as the best places for new grads.

The biggest job market in the country

California’s scale is hard to compete with. It has been the most populous state since 1962, when it passed New York. Even after five years of decline, it has about 39.4 million residents, roughly 11.5% of the U.S. population.

That population supports a huge job market, which matters for a generation just starting its careers. California had 18.2 million nonfarm payroll jobs in August, more than any other state. It also led the nation in monthly job gains, adding 39,400, according to the Bureau of Labor Statistics. The state’s Employment Development Department said it added 138,500 jobs over the past year.

The picture isn’t all rosy. California’s unemployment rate remains among the highest in the country, and the state’s Legislative Analyst’s Office has warned that early-2026 job growth may have been overstated. Still, few states offer early-career workers as many employers in as many industries, from Nvidia, Apple, and Google to Hollywood’s major studios.

Expensive, but so is everywhere else

California remains one of the country’s priciest places to live. The median value of an owner-occupied home is $734,700, and median gross rent is $2,036, according to Census Bureau data for 2020 to 2024.

Gen Z, though, is being squeezed almost everywhere. A record 1 in 3 adults under 35 lived with their parents in 2025, most of them employed. Because so many young Americans grew up in California, moving home often means moving back to the Golden State. One analysis cited by Fortune found that 20% of working adults in Greater Los Angeles live with their parents, compared with 6% in the Austin metro. Others are getting help from family to stay in expensive cities. A Bank of America study found that 54% of 18- to 27-year-olds pay nothing toward their housing costs.

California’s taxes are among the nation’s highest, but the state also offers a broader social safety net than many others, which can cushion young workers between jobs.

The lifestyle premium

Then there’s the pull that has drawn Americans west for generations. California has beaches, mountains, deserts, and forests, and in parts of the state you can ski in the morning and surf in the afternoon. Much of the coast enjoys a Mediterranean climate that keeps temperatures mild year-round. For many young movers, the high cost of living is a worthwhile premium.

U-Haul’s data has limits. Not every mover rents from U-Haul, and not every one-way rental is a permanent change of address. Each move is credited to the generation of whoever signs the contract, and customers must be 18 to rent a truck, so the youngest members of Gen Z aren’t captured. Millennials and Gen X together account for more than 60% of the company’s one-way rentals.

Still, the data suggests that California’s scale keeps pulling young Americans in, even as the state loses residents overall: its jobs, its people, and the family ties that bring them home.

This story was originally featured on Fortune.com

The US Army is recommending that American military medical teams study and adopt Israeli battlefield medicine techniques after the IDF reduced the mortality rate among combat casualties by more than half, Fox News reported, citing IDF data and an official US Army report.

Advances in combat medicine developed by the IDF in recent years have helped significantly reduce deaths among soldiers wounded in battle. The US military is now urging a closer examination of these Israeli methods ahead of future conflicts.

According to data presented to Fox News, the mortality rate among combat casualties stood at approximately 15% during the Second Lebanon War in 2006, compared with 7.1% during the Swords of Iron War.

The US report cited nearly identical figures, showing a decline from 14.8% in 2006 to 7.1% in 2024, despite a significant increase in the proportion of wounded soldiers suffering severe injuries.

One of the most important changes has been a dramatic reduction in the time required to deliver advanced medical treatment to wounded soldiers.

According to a senior IDF combat medicine expert, during the Second Lebanon War, it took between 15 and 20 minutes for advanced medical care to reach a wounded soldier. Currently, such treatment can be administered immediately or within just four minutes.

Positioning medical personnel closer to combat troops, rapidly evacuating casualties by helicopter, and making medical decisions directly on the battlefield are considered key factors behind the improvement.

IDF expands use of blood units on battlefield

The IDF has also expanded the use of blood products on the battlefield, according to the Fox News report. Since 2013, greater emphasis has been placed on rapidly treating hemorrhages, including administering plasma at the point of injury.

Blood units are transported to forward positions in refrigerated containers carried by medical teams, allowing treatment to begin before wounded soldiers are evacuated to a hospital.

In its 78-page report, titled “Israeli Defense Force Medical Lessons Learned,” the US Army warned that Israel had been forced to make painful adjustments during active combat, but that the American military now has an opportunity to learn from that experience in advance.

“The time to prepare is now,” the report stated, emphasizing that clinical and tactical knowledge alone is insufficient.

The authors recommended studying Israel’s medical evacuation systems, medical data collection, preventive medicine practices, and ability to continue providing advanced medical treatment under high-intensity combat conditions.

This post was originally published on here.

The Shin Bet (Israel Security Agency) is preparing to establish a new Islamic studies program as part of an initiative led by agency chief David Zini to address intelligence failures exposed by investigations into the October 7 massacre, particularly the failure to understand Hamas’s ideology and religious extremism.

The new program will operate alongside the Shin Bet’s long-established Arabic language institute, which provides language training for personnel across various positions within the organization. The institute is considered to maintain exceptionally high professional standards and periodically also trains IDF personnel.

Zini’s initiative will bring together lecturers, subject-matter experts, and senior current and former officials to provide comprehensive instruction on Islam.

He has also decided that the program will incorporate research into Islam, with curricula tailored to the Shin Bet’s operational challenges across different arenas. The goal is to strengthen and deepen understanding of the religion and its various interpretations among personnel working in different professional fields.

Lack of understanding of Islam deemed failure of Oct. 7

One of the central conclusions drawn by Israel’s intelligence community from the failures of October 7 was a fundamental lack of understanding of Islam, its various branches and interpretations, Palestinian culture, particularly in the Gaza Strip, and broader developments across the Middle East.

This failure was especially significant given the extraordinary volume of high-quality intelligence available regarding Hamas’s intentions to launch an incursion into Israeli territory.

The intelligence community’s findings also highlighted a failure to understand Hamas’s ideology, the growing radicalization of the organization following Yahya Sinwar’s release from prison, and the incorporation of Sheikh Ahmed Yassin’s vision into Hamas’s organizational strategy.

Another critical gap involved the failure to recognize the disconnect between the organization’s day-to-day conduct and the deeply held beliefs instilled in Hamas operatives from kindergarten onward.

According to intelligence community sources, as intelligence gathering became increasingly precise through advances in signals intelligence (SIGINT) and cyber capabilities, the perceived need for a fundamental understanding of Islam gradually diminished.

These technological capabilities enabled intelligence agencies to intercept telephone calls, radio communications, WhatsApp messages, and emails, providing increasingly detailed information about their targets.

However, the growing reliance on technological intelligence came at the expense of expertise in Islamic studies. The need for specialized centers dedicated to understanding radical Islam declined, and over time, the professional expertise of intelligence specialists, including their understanding of the enemy, deteriorated.

Against the backdrop of wartime investigations and intelligence gathered during the conflict, a senior intelligence official recently told Walla that Israel had fundamentally underestimated the depth of Hamas’s hatred and ideological extremism.

“We did not understand how much Hamas hates Israel. How unwilling it is to accept any compromise. How extreme it is, and how prepared it was before October 7 to justify atrocities such as rape and the kidnapping of children, even though the writing was on the wall. The legitimization of suicide bombings more than 40 years ago was a preview of what was to come,” the official said.

Effort to improve employment conditions

In parallel with the initiative to strengthen the Shin Bet’s professional expertise, Zini is undertaking a major effort to improve employment conditions for agency personnel.

Working conditions have deteriorated over the past decade despite the growing scale and complexity of the challenges facing the organization.

There is an expectation that progress will be made in negotiations with the Finance Ministry following the elections, particularly regarding salary levels and pay increases, to encourage a new generation of highly qualified recruits to join the Shin Bet.

This post was originally published on here.

President Donald Trump’s decision to reopen trade in Russian diesel has drawn opposition from Republicans and Democrats, leaving trucking companies, farmers and fuel buyers facing a new policy dispute without a clear timetable for cheaper fuel. Treasury issued the authorization on October 9, while lawmakers moved to challenge the agreement and Trump escalated his criticism of Ukrainian President Volodymyr Zelenskyy.

Republican Rep. Brian Fitzpatrick announced plans for legislation to block Russian oil purchases, using a discharge petition to seek a House vote. That is a proposed congressional response, not an enacted restriction.

The administration’s action is already concrete. The Treasury Department’s Office of Foreign Assets Control issued General License 135, authorizing covered transactions involving the sale, delivery, offloading and importation of Russian-origin diesel, including imports into the United States, through 12:01 a.m. Eastern time on April 7, 2027.

The published license contains no requirement that diesel must have been loaded onto a tanker by October 9. It also preserves a restriction on debiting U.S. financial accounts belonging to Russia’s central bank, National Wealth Fund or Finance Ministry. The authorization concerns diesel transactions; it does not remove every U.S. sanction against Russia.

Trump said the agreement followed a telephone conversation with Russian President Vladimir Putin. He announced more than 300,000 tons of diesel immediately, another 500,000 tons in November and 1 million tons afterward. A further 3 million tons would depend on the condition of Russian refineries.

Those are announced supply commitments, rather than verified deliveries. The White House had not immediately explained who would pay for the fuel or when it would reach buyers, according to Associated Press reporting.

For businesses, that distinction matters. Permission to trade fuel does not establish that cargoes are available, ships are booked or supplies will reach the places experiencing shortages. A fall in wholesale prices also does not guarantee an immediate reduction at a truck stop or farm fuel depot.

Diesel powers freight trucks and agricultural equipment, making it a cost embedded in food production and distribution. As an illustration, a 25-cent reduction per gallon would save a business $250 on a 1,000-gallon purchase. That is arithmetic, not a forecast of savings from this agreement.

Trump argues that additional Russian supply will bring relief to farmers, ranchers and truckers. Energy specialists quoted by the Associated Press questioned whether the arrangement would meaningfully lower prices, including whether it would chiefly redirect fuel from existing customers rather than add new supply.

The policy dispute centers on the other side of that transaction: revenue for Russia. Critics argue that easing restrictions on its energy sales weakens the financial pressure intended to constrain Moscow’s war against Ukraine.

Democratic Sen. Richard Blumenthal urged Trump to rescind the agreement. Sen. Elizabeth Warren argued that ending the war with Iran would address the fuel-price squeeze more directly. Rep. Madeleine Dean said the deal would help finance Russia’s war while leaving American allies to bear the consequences.

The disagreement widened Saturday when Trump called for Ukraine to replace Zelenskyy, accusing him of failing to reach a settlement and blaming Ukrainian attacks on Russian refineries for aggravating diesel shortages. Those are Trump’s assertions, not established findings that Ukraine alone caused higher American fuel costs.

On Sunday, Zelenskyy said Ukraine was prepared to halt refinery attacks if Russia stopped striking Ukrainian energy infrastructure, with real guarantees for a reciprocal arrangement. Reuters also reported Republican Rep. Don Bacon’s opposition to easing sanctions.

That leaves two unresolved questions for fuel buyers: whether Russia can deliver the promised additional supply and whether the resulting trade will produce sustained savings. The next policy decisions include Congress’s response to the proposed legislation and European discussions of further sanctions pressure on Russia.

JBizNews Desk | Washington, D.C.

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The Council for a Secure America (CSA) has ranked Kuwait as the Middle Eastern country most likely to join the Abraham Accords, followed by Lebanon and Syria, as changing political and security conditions reshape prospects for normalization with Israel. 

CSA released its “Abraham Accords Expansion Opportunities: Middle East Analysis” report on October 8, assessing nine Muslim-majority countries without formal diplomatic relations with Israel: Kuwait, Lebanon, Syria, Saudi Arabia, Oman, Qatar, Iraq, Yemen, and Iran.

More than 80% of Israelis surveyed by CSA in June 2026 support the Abraham Accords, which established relations between Israel and the United Arab Emirates, Bahrain, Morocco, and Sudan in 2020. 

CSA Executive Director Jennifer Sutton said recent events have “reinforced the need for America’s continued engagement in the region.” 

The rankings were based on expert analysis, primary and secondary sources, and CSA polling. Researchers examined domestic political power, government structures, public opinion, statements by political leaders, relations with Israel and the United States, regional alliances, economic and energy interests, and ongoing conflicts. CSA said the rankings measure both governments’ willingness and political ability to normalize relations and could change as regional conditions evolve. 

Kuwait thought to be closest to normalization with Israel, CSA survey shows

Kuwait ranked first despite its longstanding opposition to normalization and laws barring trade with Israel. CSA pointed to
Mishal Al-Ahmad Al-Jaber Al-Sabah’s growing authority since suspending parliament in May 2024, closer ties with the UAE, and strong security ties with Washington. Kuwait also came under Iranian attack during the 2026 Iran War. Israel’s ambassador to the UAE, Yossi Shelley, said in September that Kuwait could join the accords within six months. 

Lebanon placed second following significant diplomatic activity with Israel. The countries signed a US-brokered “Trilateral Framework” in June under which Lebanon recognized Israeli sovereignty for the first time, followed by additional talks. CSA polling found 41% of Lebanese believed peace with Israel was likely, although only 32% supported normalization. Hezbollah’s continued presence and failure to fully disarm remain major obstacles. 

Syria ranked third after talks with Israel accelerated following the fall of the Assad regime. President Ahmed al-Sharaa said in September that the countries had “almost reached agreements on 90%” of their outstanding issues, with a security agreement potentially preceding peace negotiations. CSA found 54% of Syrians believed peace was likely, 53% supported a security arrangement and 46% supported normalization. The dispute over the Golan Heights remains a key obstacle. 

Saudi Arabia, previously seen as a leading candidate for normalization, has moved further away since October 7, 2023, and the 2026 Iran War. Crown Prince Mohammed bin Salman said in November 2025 that he was prepared to work toward joining the accords, but CSA said the Iran war and concerns over Israel’s regional alliances have made Riyadh increasingly wary. 

Oman has also become less likely to normalize despite a history of contacts with Israel. Sultan Qaboos bin Said hosted several Israeli leaders, but under Sultan Haitham bin Tariq, Oman has repeatedly rejected normalization and strengthened its role as a mediator with Iran and other regional actors. 

Full normalization with Qatar dependent on peace agreement with Palestinians

Qatar maintains working contacts with Israel and serves as a mediator between Israel and Hamas, but says full diplomatic relations depend on an Israeli-Palestinian peace agreement. CSA said Doha’s ties with Iran and support for the Muslim Brotherhood make accession to the accords unlikely in the near term. 

Iraq remains an unlikely candidate because of Iranian influence and a 2022 law criminalizing normalization with Israel. CSA singled out Iraqi Kurdistan as an exception, citing its longstanding contacts with Israel and greater public openness toward diplomatic relations. 

Yemen’s continuing civil war makes normalization highly unlikely. The Iran-backed Houthis are actively hostile to Israel, while other Yemeni factions have previously expressed openness to relations. CSA said a future postwar government could reconsider the issue, but little movement is possible while the country remains divided. 

Iran ranked last. Relations with Israel ended after the 1979 Islamic Revolution, and decades of hostility have developed into direct warfare. CSA concluded that normalization is not possible under Iran’s current regime. 

This post was originally published on here.

Pakistan‘s president suspended the government in a province ruled by the party of jailed former prime minister Imran Khan after declaring a state of emergency on Sunday, his office said, stripping its elected administration of its powers.

The decision comes amid a confrontation between Prime Minister Shehbaz Sharif’s government and Khan’s Pakistan Tehreek-e-Insaf (PTI) party, which governs northwestern Khyber Pakhtunkhwa province.

Khan‘s party has been rallying for several days to pressure the government for his release, threatening to march on the capital Islamabad in the coming days.

President Asif Ali Zardari signed Sharif’s advice to declare a state of emergency following a federal cabinet decision, his office said in a statement.

The advice said the provincial government had failed to fight Islamist militancy, according to a statement from Sharif’s office.

President’s office does not specify how province is to be governed

The constitution allows the federal government to take over some or all provincial government functions during an emergency, but the president’s office did not specify how the province would be administered.

Zulfikar Bukhari, a close Khan aide and PTI spokesman, called it a “ridiculous decision”, saying Khyber Pakhtunkhwa had the country’s “only legitimately elected government”.

“This will only lead to further bloodshed, instability and collateral damage,” he said, adding that there had always been room for talks, but the decision showed negotiations were never the government’s intention.

This post was originally published on here.

While debates about AI’s impact on the workforce dominate headlines, the biggest challenge ahead will be helping workers find the most direct pathway into growing jobs.

Our new research finds that the U.S. economy will have more jobs by 2035 than today. But the mix will differ, requiring many workers to retrain or earn credentials.

Roughly 11 million Americans may need to leave a shrinking occupation for an entirely different one. Many will find work within the occupational group they already know, but an average of 770,000 workers a year will need to cross occupational lines over the next decade, 3.6 times the historical rate. COVID-19 produced a similar surge, but it lasted a year or two. This one will last at least a decade.

Consider an administrative assistant who has spent a decade keeping a department humming along. Our research finds that automation could take on 80 percent of the hours worked in office and administrative support, the occupational group facing the largest job losses by 2035.

Administrative assistants have a pathway to a growing job that offers more pay: project manager. Their skills match a project manager’s better than one might expect. They already plan, schedule, coordinate operations, document decisions, and manage stakeholders—tasks that occupy about 58 percent of what a project manager does. The gap is real but manageable: project-scheduling methods, process improvement, forecasting, quality management, and business development.

But one requirement is a high hurdle. Many project-manager postings require a bachelor’s degree and a professional certification. The transition offers a substantial wage gain—and demands large investments in schooling and credentialing to make it. The binding constraint isn’t whether they can do the job. It’s whether they’re willing to invest thousands of dollars and several years to prove it.

Other transitions are harder. A dishwasher seeking to become a home health aide, an occupation that will grow, has only about 20 percent of the required skills. They would need to learn patient assistance and vital-sign assessment and complete a month of instruction to be certified—and many employers prefer a nursing assistant credential that takes longer still. Additionally, 92 percent of healthcare support jobs are in the bottom two wage quintiles, offering little room to improve their lifestyle.

A packager moving into production fabrication, another occupation likely to grow, faces a different obstacle. About 52 percent of their skills, such as lifting, quality control, and operating equipment like forklifts, would transfer, and the move comes with a meaningful raise. Also, no credential requirement stands in their way. But fabrication requires mechanical assembly, drilling and fine motor skills, training on specific equipment, and advanced quality-control procedures.

Credentials, required in 85 percent of growing jobs, are the most common hurdle workers must overcome. About 38 percent are mandated by law, concentrated where safety and public trust are at stake. But another 47 percent reflect employer preferences for a degree, certificate, or job title. Nearly half the credential problem is a hiring convention rather than a safety rule—and conventions are easier to change.

Even short training programs can be unaffordable in the only currency that matters: forgone wages. A worker with modest savings or a child to care for can rationally decline a pathway that pays off handsomely over 10 years because it first requires months without pay.

Employers have the biggest interest in making pathways to growing jobs more direct, particularly given the country’s aging population. A company laying off administrative staff in one division while posting project-coordinator openings in another has created its own talent shortage. Hiring on demonstrated skills, dropping degree screens no law requires, using practical assessments and building apprenticeships for existing workers costs less than hiring a credentialed outsider.

States can help by pruning occupational licensing requirements and making credentials modular and stackable, so short qualifications add up into longer ones. Colleges and worker-training agencies can design programs “backward” from what growing occupations require, and publish what their graduates earn. Governments can offer incentives like subsidized education and tax incentives for retraining for individuals and tax breaks for companies that help workers attain new skills and credentials.

Workers have their own interest in building skills, and employers are signaling what they want. Since 2022, postings demanding AI fluency have risen elevenfold, those seeking adaptability fivefold, and those requiring resilience, curiosity and willingness to learn threefold. More than 70 percent of workers will need new skills even if they never change employers.

But none of these workers can shorten a licensing timeline, self-fund a year without pay, or buy time on a fabrication line. The administrative assistant already has more than half the skills a project manager needs. Whether they—and millions like them—acquire the rest depends largely on employers and institutions that set the terms of work. Making pathways to the jobs of the future easier to navigate is in the interest of companies and workers alike, and will pay off for households, communities and the economy at large.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune_._

This story was originally featured on Fortune.com

Internet-connected security cameras and webcams around the world are increasingly being hacked and turned into military intelligence tools, allowing countries including Israel, Iran, Russia, and Ukraine to monitor troop movements, track targets, and assess attacks, The Wall Street Journal reported on Sunday.

The growing threat has emerged across multiple conflicts, including those involving Israel and Iran and Russia and Ukraine, as governments and hackers exploit vulnerabilities in devices originally intended to protect homes, businesses, and public spaces.

According to the report, an estimated 1.2 billion internet-connected cameras operate worldwide, creating an enormous network of potential intelligence-gathering devices. Many are inadequately secured, making them attractive targets for cyber operations.

One incident highlighted in the investigation involved a poultry farmer in northern Israel who discovered that the language settings on a camera overlooking his chicken coop had unexpectedly changed to Arabic during the US-Israeli military campaign against Iran earlier this year.

The farmer contacted the Israel National Cyber Directorate, which determined that hackers had compromised the Chinese-made device. The camera’s position provided a view of Israeli security activity near the Lebanese border, giving the intruders potential access to military intelligence rather than simply images of the farm.

The directorate subsequently helped the farmer improve the camera’s security and change its viewing angle to prevent the surveillance of military operations, according to the WSJ.

Civilian surveillance becomes military intelligence

The incident illustrates a growing challenge for military and civilian cybersecurity authorities: Cameras installed for routine security purposes can become intelligence assets when hostile actors access them.

In Israel, the threat has already prompted warnings from the National Cyber Directorate about the vulnerability of residential and commercial surveillance equipment.

During the June 2025 Israel-Iran war, the directorate urged homeowners and businesses to secure their cameras, warning that hostile actors could exploit compromised devices to gather intelligence and identify security vulnerabilities.

The agency identified weak passwords, outdated software, and cameras directly exposed to the internet as common security weaknesses.

Israel National Cyber Directorate chief Yossi Karadi subsequently revealed that Iran had infiltrated parking and road cameras during the June conflict to monitor the movements of prominent Israelis.

Speaking at a cybersecurity conference in December 2025, Karadi said Iranian hackers had sought to track Israeli figures for potential attacks.

He also disclosed that Iranian operatives had accessed a street camera overlooking the Weizmann Institute of Science in Rehovot shortly before an Iranian ballistic missile struck the institute during the conflict.

The incident demonstrated how compromised surveillance systems could potentially contribute to both intelligence collection and the assessment of military strikes.

In March 2026, Karadi again warned about Iranian efforts to compromise Israeli surveillance cameras, describing the devices as a valuable intelligence-gathering resource. He said the directorate had blocked 50 camera-hacking attempts that could have enabled broader network intrusions.

Israel also exploited Iranian surveillance networks

The intelligence value of compromised cameras works both ways.

Israel reportedly infiltrated Tehran’s traffic camera network to monitor senior Iranian officials and collect information used in planning military operations against the Islamic Republic.

According to a Financial Times investigation published in March, Israeli intelligence agencies used hacked traffic cameras and artificial intelligence to establish patterns of movement among senior Iranian figures ahead of the operation that killed then-supreme leader Ali Khamenei.

The reported operation demonstrated the potential military value of combining widely available surveillance infrastructure with advanced data-processing capabilities.

Rather than relying exclusively on satellites, reconnaissance aircraft, or intelligence operatives, security services can potentially exploit networks that already monitor streets, intersections, and buildings.

Iranian officials have publicly acknowledged concerns about foreign access to the country’s surveillance infrastructure.

In November 2025, Gholamreza Jalali, then head of Iran’s Passive Defense Organization, alleged that Israel and the US were exploiting Tehran’s surveillance systems for intelligence operations.

Jalali claimed that foreign code had been discovered in Iranian systems that redirected camera footage to external servers. The allegations were not independently verified.

Russia, Ukraine exploit the same vulnerabilities

The WSJ investigation also described how Russia and Ukraine have used compromised surveillance systems to obtain battlefield intelligence.

According to the report, both sides have exploited cameras to monitor military activity and improve their understanding of enemy positions and operations.

The same vulnerabilities extend beyond active battlefields. Russian-linked cyber actors have reportedly targeted surveillance cameras in European countries to monitor military movements.

The widespread availability of internet-connected cameras creates opportunities for intelligence collection far from conventional military installations.

Artificial intelligence can increase the usefulness of compromised video networks by helping operators process large amounts of footage, identify relevant activity, and recognize patterns that would otherwise require extensive manual monitoring.

Security warnings for camera owners

Cybersecurity specialists warn that many connected cameras are installed without adequate safeguards or ongoing technical maintenance.

Unlike computers and smartphones, which often receive regular security attention, cameras may operate for years with outdated firmware, weak login credentials, or insufficient protection against unauthorized access.

The growing number of cameras connected to private and commercial networks also creates potential entry points for attacks extending beyond the devices themselves.

Israeli cyber authorities have recommended replacing default passwords with strong, unique credentials, enabling two-factor authentication where available, installing security updates, and monitoring devices for unauthorized access.

The risks are especially high near military facilities, transportation routes, government installations, and other sensitive locations, where a seemingly ordinary camera may capture operationally valuable information.

As warfare increasingly combines conventional military operations with cyberattacks and digital intelligence collection, the WSJ investigation underscores how civilian surveillance infrastructure has become another contested element of modern conflict.

This post was originally published on here.

Bond market turmoil and the simultaneous mass student protests at French schools are not a coincidence and point to the generational tradeoffs made in government spending, according to Nobel laureate Paul Krugman.

In a Substack post on Thursday, the economics professor at the City University of New York’s Graduate Center acknowledged that the high debt and deficits driving up French bond yields lately are not unique to the eurozone’s second largest economy.

In fact, the U.S. is guilty of the same fiscal sins, especially as aging demographics push entitlement spending up faster than revenue comes in.

“But France does stand out, even among fiscally troubled nations, in one main way: its persistent inability to get realistic about retirement,” Krugman added.

That’s as France’s official French retirement age, when workers can collect full benefits, was just 62 in 2023, while the average actual age of retirement was lower than anywhere else in Western Europe at only 60.4 years.

Meanwhile, French students are taking to the streets to protest missing teachers, run-down classrooms, and buildings that aren’t equipped for rising temperatures. Protestors blame years of underinvestment in public education.

Krugman drew a straight line from France’s retirement largesse to the student unrest, highlighting the generational tensions over how to allocate public resources to baby boomers versus the country’s youth.

“Thus the fiscal pressure caused largely by France’s very generous government pension plan has led to cutbacks in other spending, notably on education,” he wrote. “France is effectively handing over large subsidies to older French at the expense of everyone else. Mass national student demonstrations should come as no surprise.”

Of course, U.S. debt is also on an unsustainable trajectory as spending on seniors jumps amid more baby boomer retirements. But even some Republicans have expressed openness to tax hikes to keep Social Security’s trust fund solvent.

For his part, French President Emmanuel Macron attempted to raise the retirement age to 64, but intense political pushback has stalled those efforts.

And the front-runner in France’s presidential election next year, far-right leader Marine Le Pen, has vowed to roll back the official retirement age to 62 and even previously suggested dropping it to as low as 60.

“This would be extremely expensive and is symptomatic of a general unwillingness on the part of France’s rising right to face reality,” Krugman said. “Again, this is hardly unique to France — think of all the false promises and claims Donald Trump has made. But for now, at least, financial markets believe that fantasy economics is an even bigger problem for France than for the rest of us.”

Indeed, markets are pricing in growing odds of a French debt default. Earlier this month, French 10-year bond yields jumped to the highest since 2002, and the premium over equivalent German yields widened to the most since the eurozone debt crisis in 2011.

Those metrics later eased, but France’s fundamentals remain troubling, with anemic GDP growth, a budget deficit estimated at about 5.4% of GDP, and rising debt-service costs as yields jump.

France’s debt-to-GDP ratio is expected to climb to 122% next year from 119% this year, and the government’s latest plan failed to halt the surge in bond yields as investors doubted its credibility.

Thierry Wizman and Gareth Berry, global strategists at Macquarie, also drew a connection between the French debt crisis and the student protests.

In a note Wednesday, they warned that the longer the protest go on, the more likely it is that the government will cave and approve more spending, which would make the debt situation worse.

That would drive up yields on French bonds, making borrowing to fund that spending even more expensive—and thus worsen the problem that the rioters are complaining about.

“France is veering toward a full-blown civil crisis because of its political polarization, which heretofore had been manifested mainly in the political realm itself, and at the ballot box only,” they wrote. “And rather than being isolated events, we think a direct and self-reinforcing causal connection can be drawn between the rise in France’s debt yields and the street riots of the past few days.”

This story was originally featured on Fortune.com

The high-risk, high-reward business of moving oil through the Strait of Hormuz has gotten riskier and more rewarding.

Despite steady attacks from Iran, oil tankers and other commercial vessels have continued flowing through the narrow waterway. With protection from the U.S. military and help from pipelines bypassing the strait, Persian Gulf oil flows returned to prewar levels.

But seeking to reassert its leverage over the global oil chokepoint, Iran has stepped up drone and missile strikes on ships recently, including those outside the immediate vicinity of Hormuz.

While traffic has dipped in response, ships continue to cross, with many making shuttle runs in and out of the Gulf to unload oil cargoes via ship-to-ship transfers. Then other vessels deliver the barrels to customers.

For those onboard the ships willing to tolerate the risks in the Gulf, a hefty payday awaits. Tanker captains can earn $100,000 a month for transiting the strait, plus a $50,000 bonus for each trip, sources told the Financial Times.

That “danger money” is up from regular pay of about $15,000 a month, and is necessary for shipowners to keep their fleets crewed.

Meanwhile, sailors typically make at little as $1,500 a month. But trips through Hormuz can bump up earnings by at least four to six times their normal rates, the report said.

Other hot spots also offer hazard enhancements, albeit less than what’s available for Hormuz trips. According to the FT, captains and sailors get double pay in the southern Red Sea, where Houthis have been attacking Saudi ships, and in the Gulf of Oman, where many ship-to-ship transfers take place after Hormuz shuttle runs.

Because many ships and their crews are dedicated to the shuttle runs, they are in constant peril—allowing them to stack up all the bonuses and danger money for each trip.

A source told the FT that those brave enough to stomach the near-constant threat of attacks are “almost being viewed as mercenaries,” though some unwilling crew members are reportedly being pressured to stay onboard.

Since the Iran war started on Feb. 28, at least 93 ships have been hit, and 24 sailors have been killed, according to the International Maritime Organization.

In addition to the hazard pay for crews, shipowners are also paying for insurance, and the war risk can command 6%-10% of a ship’s value—translating to up to $20 million for a supertanker sailing through the Gulf.

All the added costs have made shipping expensive too. Freight rates for cargoes crossing the Strait of Hormuz hit a record high of $1.3 million per day, up from last year’s daily rate of $20,000-$50,000.

All the ships needed to get oil out of the Gulf have also contributed to a global tanker shortage that’s spiked freight rates around the world.

Shipbroker Gibson pointed out that hiring a tanker to travel from the U.S. to China costs about $80 million, more than the $74 million price tag for a standard SpaceX Falcon 9 launch. Brokerage SSY estimated that rates are now the highest since the advent of the supertanker in the 1960s, even after adjusting for inflation.

Shipping costs have become so extreme that oil producers and even commodities traders are looking to own their own tankers to control the expenses.

But if freight costs get too high, they could erase the margins that can be earned from oil and refined fuels. For instance, European refiner Repsol saw its margin drop from $36 per barrel in the third quarter to $15 in October, according to analysts at RBC. Further reduction in margins could eventually force refiners to reduce how much crude they process.

The hazard premium could get worse in the Persian Gulf. Analysts have warned the Iranian regime, facing an existential threat to its rule, could re-escalate the war and take back its grip on the oil trade.

Esfandyar Batmanghelidj, founder and CEO of the Bourse & Bazaar Foundation think tank, pointed out recently that Iran can still destroy regional oil infrastructure, such as drilling and refining capacity, and can escalate if President Donald Trump rejects diplomatic off-ramps.

“Iran did not wage a scorched earth campaign—but it may yet do so if the current situation persists for too long,” he posted on X late last month. “That is what everyone who actually follows this region and its dynamics is worried about.”

This story was originally featured on Fortune.com

Samsung Electronics’ forecast of record quarterly profit failed to stop a selloff in South Korean stocks on October 8, exposing a widening gap between booming chip earnings and investors’ confidence in the artificial intelligence trade. For businesses buying computers and phones, weaker semiconductor shares offer little assurance that component costs are about to fall.

Samsung estimated third-quarter operating profit at 107.4 trillion won on revenue of 195 trillion won. Those preliminary figures compare with profit of 12.17 trillion won and sales of 86.06 trillion won a year earlier.

That puts operating profit at about 8.8 times the year-earlier level, an increase of roughly 782.5%. Revenue more than doubled. Profit also increased about 20% from the second quarter’s 89.49 trillion won, according to the company’s earnings guidance.

Yet Samsung shares closed down 2.42% at 262,000 won. The benchmark Kospi fell 177.97 points, or 2.62%, to 6,625.93, while SK Hynix dropped 2.44%, according to NewsPim’s closing report citing Korea Exchange data.

Selling extended beyond the chipmakers. Including transactions on alternative exchange Nextrade, foreign investors sold a net 2.44 trillion won of shares in the main equity market, while institutions sold about 1.93 trillion won. Individual investors bought approximately 3.60 trillion won. These totals include alternative-exchange trading and should not be mixed with figures covering a narrower trading venue or session.

The retreat had been building before Samsung’s announcement. Foreign investors sold a net 20.305 trillion won of Kospi shares between September 1 and October 2, Asia Business Daily reported, citing Korea Exchange and Yonhap Infomax data. Its total includes after-market transactions from September 15.

SK Hynix accounted for 12.009 trillion won of that selling and Samsung for 5.186 trillion won. Together, the two companies represented about 85% of the net outflow. Foreign investors were net buyers on only seven of the period’s 22 trading days.

As of October 2, foreign ownership of SK Hynix stood at 49.76%, its lowest level since May 2023. These are dated measures of the September selloff, rather than evidence that foreign ownership continued falling every day afterward.

The earnings themselves are not the central dispute. Investors are weighing whether extraordinary growth can continue after a sharp rise in chip stocks. Reuters reported that analysts had also trimmed forecasts because appreciation of the won reduces the local-currency value of overseas sales denominated in dollars.

The supply outlook helps explain why falling shares and expensive electronics can coexist. TrendForce said on September 30 that manufacturers continued prioritizing advanced production capacity for high-performance server memory, leaving the broader market undersupplied.

The research firm projected fourth-quarter contract-price increases of 10% to 15% for conventional DRAM, the memory used for working data, and 15% to 20% for NAND flash, which stores files. Those are forecasts for components, not announced increases in every laptop or phone’s retail price.

The pressure is already affecting the computer business. IDC’s preliminary October 8 report estimated worldwide third-quarter PC shipments at 62.7 million units, down 20.1% from a year earlier.

IDC attributed the decline partly to manufacturers and distributors stocking up earlier in the year ahead of expected memory-driven price increases. Elevated prices, supply constraints and logistical disruption then weakened the usual third-quarter pickup.

For an employer replacing a fleet of laptops, the practical risk is paying more, accepting reduced specifications or postponing purchases. TrendForce said some PC brands were reducing storage capacity in mainstream models to contain manufacturing costs.

There may still be discounts. IDC said concern about excess channel inventory could bring promotions, although it expected prices to remain above year-earlier levels. A temporary retail offer would therefore not establish that the underlying memory shortage had ended.

Samsung’s next scheduled checkpoint is October 29, when it releases detailed quarterly results. Investors will get a clearer view of which divisions generated the profit and whether the outlook supports another earnings advance. Device makers and their customers will be watching a different test: whether more memory supply reaches everyday products.

JBizNews Desk | Seoul

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Congressional Budget Office Director Phillip Swagel said faster economic growth is unlikely to keep U.S. debt in check, even if GDP expands at more than double its current pace.

Gross debt is now $40 trillion, and publicly held debt is 100% of GDP. Just keeping that ratio flat, let alone bringing it down, would require a massive, sustained boom. For now, CBO see the debt-to-GDP ratio soaring to 120% by 2036.

During a Minneapolis Fed conference on Thursday, Swagel said stronger economic growth will help by bringing in more revenue for the federal government, but it’s not that simple.

Federal spending also boosts growth, which lifts wages that in turn affect outlays on Social Security benefits, he pointed out. A robust economy also tends to send interest rates higher, which adds to debt interest costs.

“So growth will help, but it’s probably not plausible that growth alone will stabilize our fiscal trajectory,” Swagel added. “So then we’re left with changes in revenues and changes in spending, and those are inherently political choices.”

Minneapolis Fed President Neel Kashkari asked if AI can help supercharge economic growth, and he replied that CBO has detected an increase in total factor productivity, which measures the efficiency of labor, capital, and other inputs.

The CBO’s next batch of economic forecasts due early next year will incorporate its views on AI, Swagel said, adding that future growth will be stronger. Still, the budget deficit is so deep that even the extra AI-powered growth won’t be enough, he warned.

Kashkari then asked how much faster growth would have to be in order to stabilize the debt. Swagel cautioned against doing arithmetic on the fly but offered some back-of-the-envelope numbers.

Assuming interest rates of 4%-5%, he estimated that nominal GDP growth would have to reach 7%-8% and real GDP growth would have to hit 5%-6%.

That’s more than double the latest real GDP pace of 2.2% in the second quarter. Meanwhile, even bullish Wall Street forecasts put full-year GDP growth at 2.5%.

The rough numbers from the CBO chief also far exceed what Treasury Secretary Scott Bessent said would be needed to overcome the debt.

“With 3% growth, we grow our way out of this,” he said at Southern Methodist University last month. “We’ll get to the other side of this Iran conflict, and the underlying economy is very, very strong, and I think reaccelerating.”

Meanwhile, other estimates fall somewhere in between. According to the Penn Wharton Budget Model, growth would have to average 3.5%-4% over a decade to maintain the debt-to-GDP ratio.

The current U.S. national debt on August 30, 2026 in Washington, DC.

Jemal Countess/Getty Images for the Peter G. Peterson Foundation

Swagel also noted that an economic shock that sends interest rates up suddenly would set off a vicious fiscal cycle.

“So there’s almost like a turbocharger,” he explained. “An interest rate shock feeds into the deficit, feeds into the debt, feeds back into interest rates.”

So far, the bond market is absorbing all the debt the U.S. Treasury is issuing to fund the budget deficit, but long-term yields have surged to the highest levels in 24 years.

Some of that is due to the strong economy, expectations for Fed rate hikes, high oil prices keeping inflation high, and the flood of AI hyperscaler debt competing for bond market demand.

But the enormous scale of U.S. debt is also a factor. Swagel said it’s small now, with a 1-percentage-point increase in the debt ratio leading to a 0.015-percentage-point hike on long-term interest rates.

“So it’s modest, but the fiscal trajectory is really quite challenging,” he added. “It adds up, and of course there’s that turbocharger type effect that I mentioned where it feeds back into deficits.”

This story was originally featured on Fortune.com

The National Park Service has begun a new round of tree-cutting at a historic golf course near the National Mall as the Trump administration proceeds with a plan to renovate the East Potomac Golf Links into a championship-level course.

More than 500 trees “that do not contribute to the historic landscape will be removed” as part of the rehabilitation project, the National Park Service said in a court filing Friday. “No healthy trees that are contributing features of the historical golf course” — including historic cherry trees — will be removed as part of the project, the park service said.

A total of 169 trees will be removed starting Saturday, with another 90 trees slated for removal later, the agency said.

The tree removals come as President Donald Trump has moved to turn the course into a world-class golf venue — part of his grand vision for Washington, D.C., where he has torn down storied structures, remade or renamed others and deployed the National Guard for more than a year.

Some residents fear the planned changes to the golf course — where Trump has visited with a cabinet member, a well-known golf course architect and blueprints — risk altering the character of a place that has served Washingtonians of all income levels for more than a century. Turning the park into an upscale golf course will mean costlier fees and a likely loss of public space.

“The National Park Service is finally implementing a 7-year-old plan to address tree overgrowth at East Potomac Golf Course,” the Interior Department said in a statement Saturday. The department oversees the park service and other agencies that manage federal lands.

The renovation work will include selective tree and vegetation work to restore the course, the Interior Department said, adding that the work is intended to “help restore the course’s historic character and reopen views toward landmarks, including the Washington Monument, National War College, Potomac River and Washington Channel.”

The park service “recognizes the importance of trees to the park and its visitors. This carefully planned work is part of our required stewardship of the park,” the statement said.

The golf course will remain open to the public throughout the renovation effort, although individual holes may temporarily close while work is underway, the agency said.

The 106-year-old public course has been embroiled in a lawsuit since February. Plaintiffs including the DC Preservation League say the Trump administration’s reconstruction would violate the congressional act that created the park in 1897. The group sought an emergency stop-work order this spring because of concerns that work was expected to begin immediately on the course.

Trump, an avid golfer, has posted about the course on social media, “When completed, this Course will have the ability to host Major Golf Tournaments, including The U.S. Open, The Ryder Cup, The PGA Championship, and other top PGA Tour events,” he wrote in late June.

It’s unclear when the course could host any major tournaments, as locations are chosen several years ahead of the events.

This story was originally featured on Fortune.com

A shopper’s allegation that artwork on a gymnastics-themed Barbie package resembles Nazi salutes has prompted online boycott calls, bringing scrutiny to Mattel’s packaging ahead of the holiday selling season. The dispute concerns how illustrated spectators are posed; the available reporting does not establish that Mattel deliberately included Nazi imagery.

Coverage published October 9 and 10 describes a TikTok video by Ana Elizabeth, who says she found the doll at CVS. The package includes a crowd behind the gymnast, with some figures shown raising their arms. Elizabeth interpreted the poses as Nazi salutes.

The reaction is divided. Some commenters called for a boycott or questioned the design-review process. Others said the figures were cheering sports spectators and that critics were misreading the illustration.

Those comments establish a dispute among viewers. They do not measure how broadly shoppers share the concern, whether an organized boycott has developed or whether purchases have changed.

The Mary Sue reported that Elizabeth posted the video in September. The renewed coverage therefore should not be confused with the date of the original discovery, which has not been independently established here.

TMZ reported seeking Mattel’s comment without receiving a response. No announcement confirming a withdrawal of this doll or a packaging change was located in the public sources reviewed for this article. That leaves the company’s interpretation of the artwork and any planned action unresolved.

The commercial concern is timing. Mattel’s 2025 annual report describes its business as highly seasonal, with substantial retailer purchasing in the third and fourth quarters ahead of holiday buying. Production increases before that peak, meaning products are manufactured and distributed before consumers make many of their purchasing decisions.

The filing also identifies reputational exposure from social media. Negative or inaccurate posts about Mattel or its brands can spread quickly and damage their standing, the company warns. That is a general business risk, not evidence that this particular dispute has caused financial harm.

Separately, Mattel’s official catalog confirms a Holiday Sweater Barbie wearing a Hanukkah-themed sweater with a menorah and a light-up candle. The product is distinct from the gymnastics doll. Its existence neither resolves the disputed artwork nor establishes what the designers intended.

For retailers, the immediate question is whether Mattel provides a product-specific explanation or guidance about the packaging. For shoppers, a disputed interpretation should remain clearly distinguished from a confirmed design error or an announced recall.

The next material development would be a response from Mattel or CVS addressing the specific package. Until then, boycott comments should not be presented as a demonstrated loss of customers, and possible packaging changes should not be reported as decisions already made.

JBizNews Desk | El Segundo, Calif.

© JBizNews.com. All rights reserved. This article is original reporting by JBizNews Desk. Unauthorized reproduction or redistribution is strictly prohibited.

Eighty-one aircraft in the US military have been destroyed or damaged during the war with Iran, a congressional Research Service report released this week said.

Among the aircraft lost are some of the most advanced weapons in the US arsenal, including the F-35A fighter jet and the E-3 Sentry, which has four jet engines and a radar dome on its fuselage used to track targets and manage airspace during engagements.

MQ-9 Reaper drones accounted for more than half of the losses found in the report. Reaper drones are used in the Iran war for gathering intelligence, surveillance, and reconnaissance.

The total cost of the aircraft lost since February is between $1.9 billion and $3.3 billion, according to the report, which cited figures from the congressional Budget Office.

US Central Command estimated that the ongoing war with Iran has cost the US roughly $44 billion total in September. However, that number does not include damage to infrastructure at US bases in the Middle East, according to reporting from the Washington Post.

CNN reported that some of the aircraft may have returned to service after being damaged, including eight F-15 Strike Eagle fighter jets after they were damaged during an Iranian strike on the Muwaffaq Salti Air Base in Jordan on the night of September 8.

The report examined statements and figures from the Department of Defense; its inspector general; CENTCOM; and external media reports reviewed by the CRS.

Senators accuse Pentagon of withholding information

Bipartisan criticism of the Pentagon has mounted over defense officials’ unwillingness to be transparent with Congress about the cost of the Iran war and the Trump administration’s National Defense Strategy.

Following a meeting with Defense Undersecretary Elbridge Colby and the Senate Armed Services Committee, Senator Jacky Rose of Nevada said Colby “was not forthcoming” and “did not really address our concerns or issues.”

In a separate instance this week, US Senator Chris Murphy said on Tuesday that the US Defense Department denied him access to a key military base in Qatar during a visit to the Middle East. He described it as part of a US government effort to conceal the impact of the Iran war.

“This trip confirmed for me that there is an active, unprecedented, unconstitutional effort underway to hide the costs of this war and the implications of this war from Congress and the American people,” Murphy told a group of journalists in Riyadh, the second stop on his trip.

Analysts cited by CNN said actions in the Middle East, including the Iran war and conflicts with Iran’s proxies, have taken a toll on the MQ-9 Reaper drones. Air Force Chief of Staff Gen. Kenneth Wilsbach told Congress that the MQ-9 was the “most valuable player” in the war with Iran 

The US military is believed to have roughly 135 MQ-9 drones in its arsenal, the Air Force Times reported in May, 2026.

The military lost 45 of the drones in the Middle East this year alone, in what the Atlantic Council describes as losses at an “alarming rate.”

The US military has not experienced loss of aircraft at such a rate since Operation Desert Storm in 1991.

This post was originally published on here.

US Central Command (CENTCOM) announced early on Sunday morning that it has disabled a commercial vessel in the Gulf of Oman after the crew ignored repeated warnings and attempted to bypass the US naval blockade on Iranian ports along the Strait of Hormuz.

The vessel, a Panama-flagged merchant vessel named Ocean Molica, left an Iranian port and attempted to traverse into the Arabian Sea before being struck in the stern by a precision munition launched by a fighter jet, according to CENTCOM. 

U.S. Forces Disable Cargo Vessel Attempting to Violate Blockade TAMPA, Fla. — U.S. Central Command (CENTCOM) forces disabled a commercial cargo vessel in the Gulf of Oman, Oct. 10, after the ship’s crew ignored repeated warnings and attempted to run the ongoing naval blockade against Iran. A U.S. military fighter jet struck the stern of Panama-flagged M/V Ocean Molica (also known as the “Arika Sun”) with a precision munition, fully disabling the ship’s propulsion without harming the crew. The large cargo vessel was attempting to transit regional waters after having previously departed an Iranian port. CENTCOM forces resumed America’s blockade against all ships entering or departing Iranian ports on July 14. Four commercial vessels have been disabled and 135 ships have been turned around during three months of strict enforcement. Additionally, U.S. forces have destroyed 10 tankers linked to the Islamic Revolutionary Guard Corps’ multibillion-dollar shadow network over the same period. All mariners are advised to heed blockade warnings from CENTCOM forces. Crews should also continue to monitor Notice to Mariners broadcasts and contact U.S. naval forces on bridge-to-bridge channel 16 when operating in the Gulf of Oman and Strait of Hormuz approaches.

— U.S. Central Command (@CENTCOM) October 11, 2026

The confirmation came shortly after the United Kingdom Maritime Trade Operations (UKMTO) said it received a report that an outbound tanker in the Strait of Hormuz was struck on the port side by an unknown projectile, causing a fire on board.

The crew was reported safe, UKMTO said, adding that damage assessment and environmental impact were unknown at the time of the report.

The blockade, which began on April 13, 2026, was temporarily ended on June 18 following a US-Iran agreement, before being reinstated a month later on July 14.

According to CENTCOM, “four commercial vessels have been disabled, and 135 ships have been turned around during three months of strict enforcement.” 10 tankers linked to the Islamic Revolutionary Guard Corps (IRGC) have been destroyed in that period of time.

Naval mine critically damages oil tanker in Strait of Hormuz

Additionally, the IRGC said on Saturday that an oil tanker had exploded and caught fire after hitting a naval mine while transiting the Strait of Hormuz, Iranian state media reported.

The Guards did not specify the tanker’s name or flag.

BREAKING: New onboard footage shows the oil tanker that hit an Iranian naval mine earlier today off the UAE coast during the fire. It’s a VLCC carrying 2 million barrels of Saudi crude oil. https://t.co/1DSc1lUueF

— The Hormuz Letter (@HormuzLetter) October 10, 2026

The IRGC Navy announced it was exercising control over the strait and would not allow “aggressor armies” in the area, saying it would counter attempts to disrupt management of the strait, according to the IRGC-linked Tasnim News Agency.

Tehran and Washington have been in diplomatic talks, exchanging and reviewing proposals under which the Strait of Hormuz could reopen “within seven days.”

Despite this, tankers are facing a higher risk of attacks and intimidation as they try to get critical shipments through the Strait of Hormuz after Iran issued new warnings that it would block routes that it has not authorized, sources said.

Last week already saw the biggest number of attacks on tankers in the key waterway since the Iran war began – cutting the number of vessels trying to get through to the lowest in more than two months.

Iran has warned regional countries that any attempt to open new oil export routes would be considered hostile, a senior regional official close to Tehran told Reuters.

The Strait of Hormuz has been a major black eye for the Trump administration. Whether or not current US operational control there succeeds going forward, the US and the world economy have been shaken by Iran’s closure of the strait for much of 2026.

Yonah Jeremy Bob and Reuters contributed to this report.

This post was originally published on here.

Britain’s National Cyber Security Centre warned on August 27 that increased attacks on internet-exposed operational systems had caused limited real-world disruption. Its alert adds urgency to a separate wartime threat documented this year: hackers targeting civilian security cameras. For businesses, equipment installed to protect premises can become an outsider’s view into operations.

Check Point Research reported on March 4 that targeting intensified from February 28, 2026. It identified activity involving Hikvision and Dahua systems in Israel, Qatar, Bahrain, Kuwait, the United Arab Emirates and Cyprus, with additional activity in Lebanon.

The researchers attributed the attack infrastructure to Iran-linked actors and assessed that camera access could support military operations, including checking damage after missile attacks. That is an assessment of the activity’s likely purpose, rather than proof that every attempted intrusion succeeded or guided a particular strike.

The campaign sought systems exposed to five known security vulnerabilities. Check Point said patches were available for all five. Some weaknesses affect camera-management software and related surveillance products, making the recording and management equipment part of the security problem.

These systems contain computers as well as lenses. A software flaw can let an unauthorized user bypass security or take control, while weak login credentials offer another route. Changing a password addresses one weakness; it does not repair vulnerable software.

The Russian campaign illustrates the scale. A joint advisory issued in May 2025 by the National Security Agency, FBI and international partners described targeting by Russian military intelligence unit 26165 against Western logistics and technology companies supporting Ukraine.

The agencies said the actors likely used private cameras near border crossings, military installations and rail stations to track supplies entering Ukraine. They also used legitimate municipal traffic-camera services.

In a sample of more than 10,000 targeted cameras, 81% of attempts were associated with Ukraine and 9.9% with Romania. Those figures describe targeting activity, not a verified total of successfully hijacked cameras.

The advisory documented attempts using publicly known factory credentials and password guessing. A camera overlooking a loading area could therefore have intelligence value even when its owner handles no classified information. The potential exposure is what moves through its field of view.

For American businesses, the broader concern extends beyond stolen footage. The National Institute of Standards and Technology describes how a compromised camera on an unrestricted small-business network can be used to attack other local devices or outside targets.

That does not mean accessing a camera automatically opens payroll or customer databases. The risk depends on the network’s layout, access controls and additional vulnerabilities. But treating surveillance equipment as separate from cybersecurity can leave a business overlooking a possible entry point.

NIST also warns that compromised connected devices can be assembled into networks used to overwhelm online services. The resulting outages can prevent customers from reaching a business, with potential losses in revenue, reputation and trust.

The practical defenses address several different failure points. Check Point recommends unique passwords, updated camera and recorder software, and removing direct internet exposure. Its guidance also calls for isolating surveillance equipment from corporate networks and monitoring unexpected connections.

Britain’s camera-security guidance recommends disabling remote viewing when it is unnecessary. Its August alert also urges organizations to inventory internet-facing equipment, retire unsupported devices and monitor unexpected connections. For owners who need remote viewing, the installation needs controlled access rather than an openly reachable management interface.

WIRED’s March reporting independently examined the Check Point findings. It said Hikvision and Dahua did not respond to its requests for comment about the campaign.

The next business decision is whether existing cameras remain supportable and properly isolated. A replacement budget may be necessary for obsolete equipment; supported devices still need ongoing updates and access reviews. The purchase price covers the hardware. Keeping it from becoming someone else’s surveillance system requires maintenance.

JBizNews Desk | Washington, D.C.

© JBizNews.com. All rights reserved. This article is original reporting by JBizNews Desk. Unauthorized reproduction or redistribution is strictly prohibited.

The IDF is investigating the possibility of a ground or air intrusion into northern Israel, Army Radio reported on Saturday, with the military’s Northern Command deploying several checkpoints in the area.

The report follows an earlier hostile aircraft infiltration alert in the area of Arab al-Aramshe, triggered by a suspected drone launch from Lebanon, with the IDF saying that the incident is under investigation.

According to the report, the IDF is conducting both ground and air searches, and reinforcements have been dispatched to the area.

The IDF reportedly informed residents that it is “doing everything necessary to rule out any hostile terrorist activity within our territory.”

This is a developing story.

This post was originally published on here.

FOX Business has exclusively obtained Treasury Secretary Scott Bessent’s response to Senator Elizabeth Warren’s latest letter about the rise in the 10-year treasury yield. 

“Happy Indigenous People’s Day in advance to you and your family,” Bessent handwrote at the end of his scathing letter, mocking her former claim of Native American heritage. 

The senator has sent more than 100 letters to the Treasury Department asking for information in the past 21 months.

Bessent’s Saturday letter, which was snarky at other points as well, accused Warren of having little knowledge about financial markets.

“Rather than take my suggestion of studying introductory economics, you have continued your letter-writing crusade and participation in tabloid fodder about the Treasury Department,” he wrote.

Warren sent a letter on Oct. 7 asking for more information about what the Trump Administration is doing to lower borrowing costs for average Americans.

Warren requested Bessent answer her questions by Oct. 21.

In the letter, the senator accuses the Treasury secretary of increasing costs, saying, “The surge in Treasury yields is self-inflicted and follows the Fed’s decision to raise the federal funds rate by a quarter of a percentage point, driven by concerns about inflation.”

Bessent refuted that characterization in his letter, adding, “It is difficult to treat your concern as sincere,” adding, “As the federal funds rate climbed from near zero to its highest level in 22 years, with inflation hitting a 40-year high, you were a cheerleader for the Biden Administration’s reckless spending.”

He claimed she blamed the economic consequences at the time on the Federal Reserve, rather than “your own irresponsible fiscal policies.”

“While you voted for a $5 trillion tax hike on every day Americans, the Working Families Tax Cuts continue to deliver for families and workers across the country,” he wrote.

Warren claimed in her letter that the tax cuts in the One Big Beautiful Bill will add $4.7 trillion to the national debt over a decade and only benefit the “ultra-wealthy and large corporations — while cutting health care and food assistance for families. Meanwhile, the Iran war has cost taxpayers an estimated $43.6 billion to date, according to the Pentagon.”

The secretary concluded his letter by jokingly offering “a Foreign Exchange for Dummies tutorial,” adding, “if you receive a passing grade to the Yale metric, not the Harvard curve, I would be happy to also include a Fixed Income for Dummies.”

Warren is a former Harvard Law professor and Bessent previously taught economic history at Yale.

Warren drew criticism from tribal leaders in 2018 when she took a DNA test to prove distant Indigenous heritage after President Donald Trump had repeatedly mocked her as “Pocahontas” for previously listing herself as an “American Indian” or a minority on professional documents before she was a senator. 

Warren said that her belief of her ancestry had been passed down to her through family stories, but later apologized to several tribes for taking the DNA test, which they said is not how Native American identity is decided.

A senior Israeli security official told Walla on Saturday that Hamas is showing signs of preparing for attacks against Israeli forces, amid growing tensions between the terrorist group’s leadership abroad, headed by Khalil al-Hayya, and its leadership in the Gaza Strip over its policy toward Israel.

The official said Israeli intelligence had identified indications that Hamas was planning to confront IDF troops along the Yellow Line, which separates areas of Israeli military control from the rest of Gaza, as well as local Palestinian clans that regularly clash with the terrorist group.

“We are identifying offensive intentions in general. To confront the IDF along the Yellow Line and to confront the clans,” the official said.

Addressing Hamas’s current situation, the official said the group was struggling to rebuild its military capabilities while facing continued Israeli operations and growing internal opposition.

“Hamas is paying the price of defeat every day. On average, three to four targeted eliminations occur every day. Hamas is very concerned about the clans and internal stability. They can’t build up their strength, only restore existing weapons. We are not seeing anything coming in from outside. There is very effective threat-removal activity.”

The official was referring to IAF operations aimed at disrupting Hamas’s efforts to organize attacks against Israel or confront IDF forces along the Yellow Line.

Capture of senior Hamas security official provides intelligence gains

The official also highlighted the September 1 capture of Muin al-Arabid, the head of Hamas’s internal security apparatus in Gaza, describing it as a particularly significant operation that has undermined Hamas’s confidence in its ability to protect itself against future Israeli operations.

According to the official, al-Arabid initially couldn’t speak because of his condition, but his health has since improved. The official also suggested that al-Arabid has begun providing information to Israeli interrogators.

The official said increased investment in intelligence resources, closer cooperation between security agencies, improved intelligence gathering, and the establishment of new operations centers had significantly strengthened Israel’s intelligence capabilities, allowing security forces to carry out more targeted killings.

Israeli official sees low likelihood of major Hamas confrontation before elections

Asked about the possibility of a large-scale confrontation with Hamas before Israel’s October 27 elections, the official assessed the likelihood as low.

However, he warned that Hamas’s apparent unwillingness to disarm could lead to renewed fighting in the foreseeable future.

“Hamas is supposed to hand over its weapons. I don’t see that happening. And there is no intention to do so. We need to apply more pressure. Either this will lead to a military campaign of various kinds, or it will lead to Hamas disarming,” the official said.

Before the October 7, 2023, attacks, the Shin Bet (Israel Security Agency) and the IDF’s Military Intelligence Directorate did not operate human intelligence sources inside the Gaza Strip, leaving them without sources on the ground who could have warned of developments during the night of October 6 and the early hours of October 7, according to the report.

Defense establishment and IDF officials have recently reported significant improvements in Israel’s human intelligence capabilities inside Gaza, saying the expanded networks have contributed to major operational successes.

This post was originally published on here.

Americans have more trust in science than most of the rest of the world, according to a new survey of people in 140 countries, a finding that may seem difficult to explain in a country deeply divided by issues such as the benefits and harms of vaccines. 

According to the newest edition of the Wellcome Global Monitor, 52 percent of Americans report having “a lot” of trust in science. Across the globe, that number is a mere 26 percent. 

Read the rest…

The airport in Saudi Arabia’s capital, Riyadh, was attacked again Saturday and evacuated, two regional officials said, just days after three Saudi citizens, including a pilot, were killed as the kingdom faces an extraordinary series of assaults in the new front in the Iran war.

President Donald Trump told reporters he was evaluating whether the U.S. should join Saudi strikes against the Iran-backed Houthi rebels in neighboring Yemen who have claimed this week’s attacks on King Khalid International Airport as well as other Saudi airports, military facilities and oil infrastructure.

“We may. We’re going to look at it,” Trump said. “We just found out about the recent attack. So we’ll make a decision. We move very quickly.”

In the latest attack, a missile struck a complex housing terminals 3 and 4 for domestic flights at the Riyadh airport and many people were wounded, one of the regional officials said. They spoke on condition of anonymity because they weren’t authorized to speak to the media. Ambulances were seen rushing there.

The surge in attacks has come in the week since a Saudi-led coalition launched a major military offensive against the Houthis. There was no immediate Houthi statement Saturday.

A resident said he heard explosions in Riyadh

Saudi civil aviation authorities said operations at the airport had been suspended and the number of wounded and damage were being assessed. The airport had a heavy police presence, with all entrances blocked, and lights around the complex were dimmed.

Flights diverted elsewhere, the Flightradar24 tracker said. Countries including the United States, Britain, Germany, Australia and Canada warned citizens to avoid the airport.

The attacks on airports, military facilities and oil infrastructure in Saudi Arabia, the world’s top oil exporter, has rattled markets and the region.

Fighting in Yemen between the Houthis and Saudi-backed Yemeni government forces has escalated, with the Saudi-led coalition providing air support for government forces in an attempt to reverse recent Houthi gains along the Red Sea.

The rebels’ gains gave them better surveillance of shipping on a corridor that’s a crucial alternative to the Strait of Hormuz, where Iran has been attacking ships.

Though the Houthis have told the AP and others they are only targeting Saudi shipping as part of a blockade in retaliation for one imposed on them, concerns about wider attacks persist. The Houthis previously attacked other ships after the war in Gaza began, calling it solidarity with Palestinians. A U.S. bombing campaign ended that.

Saudi Arabia has run low on interceptors, officials say

Saudi Arabia is running low on missile interceptors and has asked France, Britain, Pakistan and Egypt to deploy air defense support to the region, regional officials told the AP last month, with one noting that the U.S. has seen its own stock dwindle during the war with Iran.

Officials said U.S. assistance has included intelligence sharing, target identification and planning for the latest offensive.

The Saudi and Omani foreign ministers spoke by phone about the importance of “supporting diplomatic solutions to de-escalate tensions” in the region, the kingdom said Saturday. Oman, which lies across the Strait of Hormuz from Iran, has played a mediator role at times in the region.

Meanwhile, Saudi authorities warned the public this week that “filming, publishing or sharing information related to countering missiles and drones and their impact sites exposes you to legal liability.”

Flight disruptions are growing

This week, the Houthis warned global airlines “for the last time” about the potential consequences of operating in Saudi airspace, which they described as a theater for their military operations.

At least 225 flights at the Riyadh airport had been canceled over the past 24 hours, according to flight-tracking site FlightAware.

Air India, FlyDubai, Lufthansa Group and Pakistan International Airlines have been among the airlines suspending flights to and from Riyadh and other Saudi airports for the next few days.

The European Union Aviation Safety Agency has expanded its guidance on Saudi airspace, noting the Houthis’ ability to strike targets deeper inside the kingdom, including Riyadh, and a “greater focus on aviation infrastructure.”

The missile and drone attacks and interception efforts “create an increased risk of misidentification of civil aircraft,” it said.

In Thursday’s attack, the Saudi national carrier said one of its aircraft was damaged while it was on the ground, with no passengers on board.

This story was originally featured on Fortune.com

On September 29, New York City Mayor Zohran Mamdani unveiled his plan to combat antisemitism. He noted that Jews are about 12% of the city’s population but the victims of roughly half of its reported hate crimes. He promised a city where Jews would be “not only safe, but celebrated” and pledged more money for hate-crime prevention.

On October 7, the third anniversary of the worst single-day massacre of Jews since the Holocaust, he posted a statement that undid every word of it.

That post, viewed more than 13 million times, runs about 210 words. Roughly 50 concern October 7. Some 140 indict Israel: An “ongoing genocide in Gaza,” “occupation and apartheid,” food aid “turned away,” and “our tax dollars” funding “war crimes.” Hamas is named once and never again. By the end, Israel is the only perpetrator.

This is now how antisemites posing as mourners mark the date. Mamdani wrote that Hamas “killed more than 1,100 Israelis,” dropping the foreign workers from Thailand, Nepal, and elsewhere among the roughly 1,200 dead. His statement has no women raped at the Nova music festival, no children shot in front of their parents, no families burned alive in their safe rooms, no terrorist hacking the head off a body while another filmed it on a GoPro. It never mentions Kfir Bibas, abducted at nine months old and murdered in Gaza along with his four-year-old brother, Ariel, and their mother, Shiri. Hamas’s conduct over the next two years also goes unmentioned.

That conduct answers the question he dodges: who kept this war going? Brett McGurk, president Joe Biden’s lead hostage negotiator and no Benjamin Netanyahu partisan, served an administration that paused arms shipments to Israel. His new book describes Hamas lying about how many hostages it held, refusing to release the young women promised under the November 2023 deal, and sitting for weeks on an American offer that met most of its demands while six hostages – among them Hersh Goldberg-Polin, Carmel Gat, and Eden Yerushalmi – were murdered in a tunnel under Rafah. McGurk says the war would never have ended without the hostages coming home. Hamas spent two years bargaining over the living and the dead.

Mamdani’s numbers fare no better. His “more than 21,000 children” comes from Hamas’s health ministry, which in March 2025 quietly dropped some 3,400 “fully identified” deaths from its lists, 1,080 of them children. His “more than 1,400 Palestinians” killed since the ceasefire includes at least 420 Hamas and Palestinian Islamic Jihad terrorists and ignores the dozens of Gazans Hamas executed in the streets to reassert control. As for food aid “turned away,” a UNICEF-coordinated survey in July put acute malnutrition in Gaza at 0.2% to 0.8%, at or below prewar levels and far under the global child-wasting rate of nearly 7%. Gazans have described Hamas seizing aid in the war it started and reselling it to them at black-market prices.

Mamdani blames every destroyed building on Israel, too. Hamas dug some 600 kilometers of tunnels beneath Gaza’s homes, schools and hospitals and let no civilian shelter in them. Senior official Mousa Abu Marzouk said in October 2023 that the tunnels were for fighters and that protecting civilians was the UN’s and Israel’s job. When the IDF warned Gazans to leave combat zones, Hamas told them to stay. A mayor honoring the dead might have mentioned the terrorist army that used them as cover.

Mamadani right that the suffering did not begin on October 7, but the history undercuts his antisemitic fable. Arab mobs murdered Jews in Jerusalem in 1920, Jaffa in 1921, and Hebron in 1929, where in a single morning they slaughtered 67 Jews after the circle around Haj Amin al-Husseini, the Mufti of Jerusalem and the era’s dominant Palestinian Arab leader, spread the lie that Jews were plotting against al-Aqsa. There was no Jewish state then, and no “occupation” to blame.

Husseini’s leadership rejected a Palestinian Arab state in 1937, 1939, and 1947. He spent World War II in Berlin as Adolf Hitler’s honored guest, urging Arabs over Nazi radio to kill Jews wherever they found them. His successors were offered a Palestinian Arab state in 2000, 2001, and 2008 and refused each time. In 2005 Israel pulled every soldier and civilian out of Gaza; Hamas answered with terror, rockets, a violent takeover and, eventually, October 7. Hamas’s charter declares the land from the river to the sea an Islamic trust no one may surrender and quotes a hadith about Muslims killing Jews. Ninety-four years after Hebron, Hamas named its invasion and massacre “Al-Aqsa Flood.” From the mufti to Hamas, the throughline is a violent, fascist Islamist rejection of Jewish sovereignty anywhere in the land.

None of this is hidden. The mayor left it out on purpose.

The genocide-libel itself collapses against the record. Genocidal regimes do not warn civilians to evacuate, pause fighting to vaccinate children against polio, or truck food to the people they are supposedly exterminating. In every genocide on record, the killers controlled when the killing stopped. In Gaza, Hamas could have ended the war any day by freeing the hostages and surrendering. Spreading that libel as mayor of the largest Jewish city outside Israel is reckless at best.

Anti-Jewish hate crimes rise in New York

The results are measurable. NYPD data show anti-Jewish hate crimes up about 8% in the first eight months of his tenure, with Jews targeted in more than half of all confirmed hate crimes. When the plan was announced, Israel’s consul general in New York, Ofir Akunis, warned that antisemitism would keep rising until the mayor recognized his own anti-Israel language as its main driver. Nine days later, the mayor delivered that same language to an audience of millions.

Most Jewish New Yorkers have no use for grant programs from a mayor who marks one of the worst days in Jewish history by calling the Jewish state a “genocidal apartheid regime funded by their taxes.” They have seen where that rhetoric leads: to their campuses, their synagogues, their streets.

Mamdani’s plan was written to show he takes antisemitism seriously. His October 7 statement showed it was written to give him cover for the hatred he keeps feeding.

The writer is an attorney, former IDF soldier, and former NYPD officer. He writes widely on Israel, Zionism, antisemitism, and Jewish history. He serves on the board of Herut North America.

This post was originally published on here.

The latest attack on the international airport in Saudi Arabia’s capital of Riyadh killed 12 people and injured over 300 others, civil aviation authorities said early Sunday, with some in critical condition.

The attack was the deadliest in any Gulf Arab country since the start of the Iran war, whose fronts have expanded to include the recent surge in fighting between the Iran-backed Houthi rebels in Yemen and Saudi-backed government forces there.

The statement, which did not assign blame for the attack, said the dead included four Saudi citizens as well as two Bangladeshi nationals, a Palestinian, a U.S. citizen, an Egyptian, a Jordanian, a Syrian and a Sudanese. It said the injured were being treated at several hospitals.

The attack — the latest of several in the past week on King Khalid International Airport that killed four people — is expected to increase Saudi pressure on allies including the United States to provide military support for the kingdom.

Shortly after the attack on Saturday afternoon, President Donald Trump said he was evaluating whether the U.S. should join Saudi strikes against the Houthis. “We may. We’re going to look at it,” Trump said. “We just found out about the recent attack. So we’ll make a decision. We move very quickly.”

A missile struck an airport complex housing terminals 3 and 4 for domestic flights, a regional official said, speaking on condition of anonymity because they weren’t authorized to speak to the media.

The surge in attacks, including against other Saudi airports, military facilities and oil infrastructure, has come in the week since a Saudi-led coalition launched a major military offensive against the Houthis. There was no immediate statement from the rebels, who earlier Saturday accused Saudi Arabia of striking Sanaa International Airport in the Houthi-held Yemeni capital. The rebels at times take days to claim responsibility.

Riyadh airport operations were suspended

Saudi civil aviation authorities earlier said airport operations were suspended. An official notice to aviators said the suspension was through midnight. The airport had a heavy police presence, with all entrances blocked, and lights around the complex were dimmed.

Flights diverted elsewhere, the Flightradar24 tracker said. Countries including the United States, Britain, Germany, Australia and Canada warned citizens to avoid the airport. Statements later turned to condolences.

Later on Saturday, the Saudi-led coalition said a projectile had fallen near King Fahd International Airport in Dammam and a Houthi-launched ballistic missile had been intercepted in Al-Kharj governorate, southeast of Riyadh.

The attacks on Saudi Arabia, the world’s top oil exporter, have rattled markets and the region. And yet the Saudi energy ministry hours after the latest one was still promoting a major international energy conference set to begin in Riyadh on Sunday.

Fighting between the Houthis and Saudi-backed Yemeni government forces has escalated, with the Saudi-led coalition providing air support for government forces attempting to reverse recent Houthi gains along Yemen’s Red Sea coast. Those gains gave the rebels better surveillance of shipping on a corridor that is a crucial alternative to the Strait of Hormuz, where Iran has been attacking ships.

Though the Houthis have told the AP and others they are only targeting Saudi shipping as part of a blockade in retaliation for one imposed on them, concerns about wider attacks persist. The Houthis previously attacked other ships after the war in Gaza began, calling it solidarity with Palestinians. A U.S. bombing campaign sharply limited that.

Saudi Arabia has run low on interceptors, officials say

Saudi Arabia is running low on missile interceptors and has asked France, Britain, Pakistan and Egypt to deploy air defense support to the region, regional officials told the AP last month, with one noting that the U.S. has seen its own stock dwindle during the war with Iran.

Officials have said U.S. assistance has included intelligence sharing, target identification and planning for the latest offensive against the Houthis.

Earlier Saturday, Saudi Arabia said its foreign minister and Omani counterpart spoke by phone about the importance of “supporting diplomatic solutions to de-escalate tensions” in the region. Oman, which lies across the Strait of Hormuz from Iran, has played a mediator role at times in the region.

Flight disruptions are growing

The Houthis this week warned global airlines “for the last time” about the potential consequences of operating in Saudi airspace, which they described as a theater for their military operations.

Before the latest attack, Air India, FlyDubai, Lufthansa Group and Pakistan International Airlines were among airlines suspending flights to and from Riyadh and other Saudi airports for varying periods.

The European Union Aviation Safety Agency had expanded its guidance on Saudi airspace, noting the Houthis’ ability to strike targets deeper inside the kingdom, including Riyadh, and a “greater focus on aviation infrastructure.”

The missile and drone attacks and interception efforts “create an increased risk of misidentification of civil aircraft,” it said.

Two regional officials said Houthi attacks on the Riyadh airport on Thursday damaged three planes. The officials spoke on condition of anonymity because they weren’t authorized to brief the media. The Saudi national carrier said one of its aircraft was damaged while it was on the ground, with no passengers on board.

Meanwhile, Saudi authorities warned the public this week that “filming, publishing or sharing information related to countering missiles and drones and their impact sites exposes you to legal liability.”

This story was originally featured on Fortune.com

FOX Business has exclusively obtained Treasury Secretary Scott Bessent’s response to Senator Elizabeth Warren’s latest letter about the rise in the 10-year treasury yield.

The senator has sent more than 100 letters to the Treasury Department asking for information in the past 21 months.

Bessent’s Saturday letter, which was snarky at times, accused Warren of having little knowledge about financial markets.

“Rather than take my suggestion of studying introductory economics, you have continued your letter-writing crusade and participation in tabloid fodder about the Treasury Department,” he wrote.

Warren sent a letter on Oct. 7 asking for more information about what the Trump Administration is doing to lower borrowing costs for average Americans.

Warren requested Bessent answer her questions by Oct. 21.

In the letter, the senator accuses the Treasury secretary of increasing costs, saying, “The surge in Treasury yields is self-inflicted and follows the Fed’s decision to raise the federal funds rate by a quarter of a percentage point, driven by concerns about inflation.”

Bessent refuted that characterization in his letter, adding, “It is difficult to treat your concern as sincere,” adding, “As the federal funds rate climbed from near zero to its highest level in 22 years, with inflation hitting a 40-year high, you were a cheerleader for the Biden Administration’s reckless spending.”

He claimed she blamed the economic consequences at the time on the Federal Reserve, rather than “your own irresponsible fiscal policies.”

“While you voted for a $5 trillion tax hike on every day Americans, the Working Families Tax Cuts continue to deliver for families and workers across the country,” he wrote.

Warren claimed in her letter than the tax cuts in the One Big Beautiful Bill will add $4.7 trillion to the national debt over a decade and only benefit the “ultra-wealthy and large corporations — while cutting health care and food assistance for families. Meanwhile the Iran war has cost taxpayers an estimated $43.6 billion to date, according to the Pentagon.”

The secretary concluded his letter by jokingly offering “a Foreign Exchange for Dummies tutorial,” adding, “if you receive a passing grade to the Yale metric, not the Harvard curve, I would be happy to also include a Fixed Income for Dummies.”

Warren is a former Harvard Law professor and Bessent previously taught economic history at Yale.

Bessent signed it with a handwritten note wishing Senator Warren a Happy Indigenous Peoples’ Day.

An artificial intelligence-focused academy backed by venture capital giant Andreessen Horowitz is betting that a new generation of tech workers may be better served building products and companies than following a traditional four-year college path.

The Horowitz Andreessen Academy, a private, in-person program in San Francisco, is recruiting roughly 50 students for a tuition-free Founding Class Fellowship beginning in fall 2027. The academy was incubated by Andreessen Horowitz, also known as a16z, which is investing $35 million to launch it, according to the school. In 2028, pending regulatory approval, it will offer a two-year program and expects to charge a tuition similar to an “elite private university.”

Gagan Biyani, founder and CEO of the Horowitz Andreessen Academy and co-founder of online learning platform Udemy, told FOX Business the program reflects “a massive shift” in what modern companies need and what is possible in education.

The academy arrives as recent college graduates face a difficult labor market.

The unemployment rate among recent college graduates ages 22 to 27 was about 5.6% in the second quarter of 2026, while roughly 42% were underemployed, according to the Federal Reserve Bank of New York. The bank considers a college graduate underemployed when working in a job that typically does not require a bachelor’s degree.

Still, broader federal data show a college education continues to carry a significant economic advantage.

Workers ages 25 and older with bachelor’s degrees earned median weekly wages of $1,578 in 2025 and had an unemployment rate of 2.8%, according to the Bureau of Labor Statistics. Workers with only high school diplomas earned $966 per week and had an unemployment rate of 4.3%.

The academy’s alternative centers on what Biyani calls “proof of work.”

“We’re looking for students who have proof of work. So proof of work is a student who has spent time during their high school career actually building things and shipping them into the world,” he said.

Biyani said that could include building an app with hundreds of thousands or millions of users, starting a business that generates revenue or solving a difficult technical problem.

The school says its founding partners include Anduril, Anthropic, Coinbase, Google, Meta, Nvidia, OpenAI, Palantir, Replit and Stripe. Biyani told FOX Business the academy established partnerships with more than 50 companies before its launch.

“Before we even launched, we made partnerships with over 50 companies that are all name brands, some of the top tier companies in Silicon Valley and beyond. And they all didn’t hesitate, essentially, to say that they would hire academy graduates,” Biyani said.

Biyani argues that artificial intelligence is changing the attributes employers value. The academy will emphasize using AI to build products alongside human skills such as selling and public speaking, as well as what Biyani describes as ambition and “high agency.”

But Biyani said the model should not be interpreted as a rejection of traditional universities, which he described as some of the world’s most important institutions for research and human development.

Instead, he argues they can be overly structured for the particular students his academy is targeting.

“We believe that a lot of these institutions are too structured. And structured in the wrong direction. So, tests, grades, problems that feel like a solution to a problem that doesn’t exist anymore, knowing whether or not someone has the knowledge is no longer the biggest concern that an employer has in AI,” he said.

Biyani said employers are increasingly interested in whether applicants can build products, work effectively with others and deliver results.

The academy isn’t abandoning traditional academic measures entirely. Biyani said admissions officials will consider high school transcripts and SAT or ACT scores, although “proof of work” will receive greater emphasis.

Asked how an 18-year-old deciding between Stanford University and the academy should weigh the choice, Biyani said it depends on the student’s goals.

“I think if you want to go into academia, Stanford is maybe one of the best places on earth to go to. But if you want to go and get a job or start a company, we think the academy is a better fit,” he said.

Biyani stressed that the academy is intended for a narrow group of students rather than as a replacement for higher education.

“The academy is only built for a small, small segment of students. It is not designed to replace the entire system, right? We are pro the university system. We do think some updates need to be made, but our goal is just to serve 50 students for the first cohort, and then maybe we’ll serve a few 100,” he said.

The first class will provide an early test of whether a model emphasizing what students can build over the credential they earn translates into the employment outcomes its founders envision.

Stocks rallied Friday as investors positioned for a wave of company profit reports next week, lifting all three major indexes and sending each to a weekly gain.

The Dow Jones Industrial Average rose 423.31 points, or 0.83%, to 51,654.95. The S&P 500 gained 0.59% to 7,811.54, and the Nasdaq Composite added 0.64% to 27,366.17. Smaller companies joined in, with the Russell 2000 up 0.46% to 2,806.

The gains capped a bumpy week. On Thursday, technology shares slid after reports that OpenAI’s annual revenue was roughly $20 billion lower than previously estimated. Friday brought relief as oil prices eased and tech stocks bounced back.

For the week, the S&P 500 rose 1.15%, the Dow gained 0.93% and the Nasdaq climbed 0.64%. The S&P 500 now sits just below the record of 7,844.52 it set earlier in the week, a gap of less than half a percent.

The rally came despite two pressures that hit everyday budgets. Long-term borrowing costs jumped this week, with the 10-year Treasury yield reaching 5.3645%, its highest level since April 2002. Lenders use that rate as a guide for mortgages, so when it rises, home loans tend to follow. Oil is the other strain, with Brent crude settling at about $104 a barrel on Friday. That price runs through to gas stations, shipping costs and airline tickets.

Delta Air Lines gave investors a preview of what high fuel prices are doing to company profits. Delta reported adjusted earnings of $1.72 per share for the July-through-September quarter, nearly flat from $1.70 a year earlier. Its adjusted fuel bill jumped 62% to $4.14 billion, and the average price it paid per gallon of jet fuel rose from $2.25 to $3.61. In plain terms, Delta now pays about $1.60 for every $1 of fuel it bought a year ago.

Delta said revenue grew 16% in the quarter and pre-tax profit held at $1.5 billion, in line with last year, while absorbing $1.6 billion in higher fuel costs. Looking ahead, the airline expects about $1.2 billion in pre-tax profit for the final three months of the year, even as it projects fuel prices doubling from a year ago.

For travelers, that points to pricier tickets. Delta CEO Ed Bastian said demand remains strong and fares appear to be climbing further while fuel stays high.

Next week, the spotlight turns to the nation’s biggest banks. JPMorgan Chase, Citigroup, Goldman Sachs and Wells Fargo report Tuesday. Bank of America, BlackRock and Morgan Stanley follow Wednesday, with PNC, Charles Schwab and U.S. Bancorp on Thursday, and Citizens, M&T, Regions, Truist and Travelers on Friday.

Bank results matter to households because banks see how Americans are handling their money in real time. Their reports will show whether people are still borrowing, how much they are putting on credit cards and whether more borrowers are falling behind on payments. One market analyst said the bank numbers will offer an early read on how businesses and consumers are absorbing higher borrowing costs.

Inflation data arrives in the same week. The government’s consumer price report comes out Wednesday, followed by a wholesale price report. Those numbers will help decide whether the Federal Reserve holds interest rates steady after raising them in September. The Fed’s next meeting is set for Oct. 27-28.

The combination investors want is simple. If companies post strong profits while price increases cool, stocks have room to push to a new record. If inflation comes in hotter than expected, rates could stay high, keeping pressure on mortgages, car loans and credit card bills.

Not every corner of the market shared in Friday’s gains. Telecom stocks fell after SpaceX agreed to buy nationwide wireless airwaves to build out its Starlink Mobile phone service, raising worries about new competition for AT&T, Verizon and T-Mobile. Chipmakers also gave back an early advance.

Real estate and health care led the way, with those sectors up 1.85% and 1.48%, respectively.

JBizNews Desk | Wall Street

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Stocks climbed Friday, bringing the S&P 500 within less than half a percent of its record as investors prepared for a week that will test whether corporate profits can keep growing despite expensive borrowing and oil above $100 a barrel.

The advance lifted portfolios heading into major bank earnings and fresh inflation figures. For households, those reports will also offer clues about a less comfortable part of the economy: how long pressure on loan payments and everyday expenses could persist.

The S&P 500 rose 0.59% to 7,811.54. The Dow Jones Industrial Average gained 423.31 points, or 0.83%, to 51,654.95, while the Nasdaq Composite added 0.64% to 27,366.17.

The S&P finished roughly 33 points below the 7,844.52 record it reached earlier in the week. A rise of about 0.42% would bring it back to that level.

All three benchmarks gained for the week. The S&P advanced about 1.2%, the Dow rose 0.9% and the Nasdaq added 0.6%. Smaller companies had a weaker showing: the Russell 2000 finished the week down about 0.9%, despite gaining Friday.

The next question is whether company results justify the market’s confidence. Analysts expect third-quarter earnings for S&P 500 companies to rise 30.6% from a year earlier, according to LSEG data reported by Reuters. That is a forecast, and companies’ comments about demand and costs could matter as much as the profits they report.

Bank earnings will provide some of the first evidence. JPMorgan Chase releases its results Tuesday, Oct. 13, with an investor call scheduled for 8:30 a.m. Eastern. Bank of America follows Wednesday, Oct. 14, releasing results at approximately 6:45 a.m. before its own morning call.

Investors will look beyond the headline profit numbers to lending, deposits and credit losses. Together, those measures can help show whether businesses are still borrowing to expand and whether households are keeping up with their debts.

Higher rates can help banks earn more on loans, but they can also increase funding costs and make repayment harder for customers. The balance between those effects will be central to understanding the results.

Borrowing costs remain a concern outside the stock market. The benchmark 10-year Treasury yield traded around 5.25% Friday after reaching its highest level since 2002 earlier in the week. Brent crude settled about 0.4% higher, near $104 a barrel, reversing an earlier decline.

Treasury yields influence the pricing of mortgages and other long-term borrowing, although lenders also account for their own costs and risks. Higher oil prices can raise fuel and shipping expenses, squeezing household budgets and companies’ margins.

The Federal Reserve has already responded to inflation pressure. On Sept. 16, it raised its target interest-rate range by a quarter percentage point to 3.75%–4%, saying inflation remained elevated. Its next policy meeting is scheduled for Oct. 27–28.

Before that meeting, officials will receive two closely watched price reports. The Bureau of Labor Statistics will release September’s Consumer Price Index on Wednesday, Oct. 14, at 8:30 a.m. Eastern. The Producer Price Index, which measures prices received by domestic producers, follows Thursday at the same time.

Those reports will help establish whether price pressure is easing or spreading. One month’s figures will not settle the question, but an unexpectedly strong reading could complicate the case for holding rates steady.

Friday also showed how quickly a company’s competitive outlook can change. Telecom shares fell after SpaceX’s agreement to acquire nationwide low-band wireless spectrum raised concerns about future competition from its mobile service.

For investors, the approaching earnings reports will turn broad expectations into company-by-company evidence. Strong results could support another attempt at a record. Weak demand, rising costs or stubborn inflation could make that advance harder to sustain.

JBizNews Desk | Wall Street

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Zelenskyy calls US-Russia diesel deal ‘a weak decision’ and says negotiators are being ‘used as a smokescreen.’

THIS IS AN APNewsAlert. Check back for updates. AP’s earlier story is below.

President Donald Trump said that he has struck a deal to obtain diesel from Russia, a stunning reversal of years of U.S. pressure on Moscow over its war with Ukraine and an attempt to address high fuel prices ahead of the U.S. midterm elections.

Trump said on social media on Friday that he struck the deal with Russian President Vladimir Putin in a phone call in which he was expected to discuss a suspected case of plague in Russia. Instead, Trump announced that Russia will immediately supply more than 300,000 tons of diesel, followed by an additional 500,000 tons in November and 1 million tons “immediately thereafter.” Russia will deliver another 3 million tons “within a short period of time” after that, he wrote.

Trump’s shocking announcement comes after he signed a sweeping Russia sanctions law last month that aimed at clamping down on Russia’s energy economy, among other areas, that fuel its war against Ukraine.

Ukrainian President Volodymyr Zelenskyy reacted sharply in a social media post, saying that the Russian leader was trying to strike “backroom deals” to buy time in the war.

“Gifts to Putin will not bring peace or any benefit to the civilized world,” he said.

Trump’s move casts doubt on the likelihood of the White House imposing sanctions on Russia this month, given that a bipartisan law passed by Congress directs the administration to target the top importers of Russian oil and gas.

Trump, in his announcement, did not address the sanctions or Russia’s war but said, “Lower prices for Americans, especially our Great Farmers, Ranchers, and Truckers, is my Greatest Priority.”

Washington and Moscow offer few details on deal

The White House did not immediately respond to questions about who was paying for the diesel from Russia and when the fuel being supplied under the agreement would become available. It also did not clarify whether subsequent supplies of Russian diesel set to come next month would be supplied prior to Election Day on Nov. 3.

Gas prices globally have surged as the war in Iran upends the energy sector. While diesel futures prices dipped on Friday’s news, the national average price per gallon of diesel in the U.S. was still $6.23, according to AAA, after hitting a record $6.52 on Sept. 22.

A statement from Putin, released by the Kremlin on Friday, said that during his call with his U.S. counterpart, he and Trump dedicated “significant attention to the prospects of resolving the Ukrainian crisis” and also discussed “the situation around Iran and various aspects of bilateral relations.”

Russia “confirmed its readiness to supply oil and oil products to the American and global markets,” Putin said. “I am confident that this will have a positive impact on the entire global economy.”

The two leaders agreed to continue contacts, Putin said in the statement.

Trump and Putin’s deal draws immediate backlash

Zelenskyy, in his lengthy post online reacting to the deal, said Russia would repay it “with further terror and perfidy.” He cast it as an investment in the war, allowing it to be prolonged.

“It plays into Russia’s hands — allowing it to kill more, wage war for longer, have even less respect for America, and inflict even greater losses and damage on the world,” he said.

Rep. Don Beyer, the senior House Democrat on the Joint Economic Committee, called Trump’s announcement “infuriating.”

“This is what we warned anyone who would listen: Trump isn’t the slightest bit trustworthy when it comes to Russia,” Beyer said in a statement on X. “Giving him expanded tariff powers in hopes he would use them to help Ukraine was a mistake. Now he’s lifting sanctions on Russian fossil fuels.”

The law Trump signed last month envisions sanctions on Russian officials, banks and a shadow fleet of tankers and bans all new U.S. investment in Russia and the handling of sovereign debt.

It also directed Trump to impose tariffs of up to 100% on the top five importers of Russian oil or natural gas, with an exception for countries that import less than 15% of Russia’s natural gas exports and have taken significant steps to reduce those imports.

The U.S. has not imported Russian oil or gas since 2022, when the Biden administration banned them because of Moscow’s invasion of Ukraine, according to the U.S. Energy Information Administration.

Treasury Department moves to ease diesel sanctions for six months

Shortly after Trump made the announcement, the Treasury Department said it was immediately issuing a temporary license allowing Russian diesel to be supplied to the global market.

This is the latest in several licenses the U.S. Treasury has issued regarding Russian fuel shipments since the start of the Iran war earlier this year. But it is the first such license to ease sanctions on diesel for a period lasting longer than the standard 30-day window since the start of the Ukraine war.

The new so-called general license means U.S. sanctions will not apply until April 2027 on deliveries of Russian diesel that has been loaded onto tankers as of Friday. The department extended similar easing of sanctions in March and April even though Treasury Secretary Scott Bessent had ruled out such a move earlier in the year.

The extensions continue to underscore how the fallout from the Iran war has boosted Moscow’s ability to profit from its energy exports, which had been restrained by the U.S. and other allies since the invasion of Ukraine.

Russia, once a major exporter of diesel, has banned exports since July as it has struggled to meet demand inside the country because of Ukraine’s repeated attacks on Russian oil refineries. The International Energy Agency says Russian diesel output has fallen by about 30%.

___

Associated Press writers Will Weissert and Konstantin Toropin in Washington and Farnoush Amiri in New York contributed to this report.

This story was originally featured on Fortune.com

SpaceX has agreed to acquire Grain Management’s nationwide 800 MHz spectrum portfolio, adding airwaves that could help Starlink Mobile reach customers inside buildings and compete more directly with AT&T, Verizon and T-Mobile.

Grain announced the agreement Thursday, Oct. 8. The purchase remains subject to Federal Communications Commission approval and other closing conditions. It advances SpaceX’s plans for a mobile network using satellites and ground equipment, but does not establish when customers will receive the expanded service or what they will pay.

The companies did not disclose financial terms. Reuters reported a value of about $8 billion, citing a person familiar with the discussions.

Investors reacted sharply Friday. Reuters reported that T-Mobile shares were down 13.2% and Verizon approximately 10% in afternoon trading, while AT&T also fell. Those were intraday readings, not closing prices.

The business challenge extends beyond reaching remote places. A service that works outdoors but loses its signal in a home, office or store is difficult to sell as a replacement for an established mobile plan.

SpaceX’s proposed purchase covers up to 14 megahertz of paired spectrum in the 800 MHz band. Spectrum is the range of radio frequencies used to carry wireless communications. These lower-frequency airwaves offer long-range coverage and better penetration through buildings and other obstacles, according to the company’s regulatory filing.

Crucially, SpaceX’s plan includes ground infrastructure. Its public-interest statement describes radios connected to antennas on towers, rooftops and other structures. The proposal is a hybrid network, rather than a promise that satellites alone will deliver reliable service through every wall.

That gives the deal significance for tower landlords and equipment providers as well as mobile carriers. SpaceX’s terrestrial ambitions create a potential source of infrastructure demand even as established operators face the prospect of another competitor.

Device support is another practical consideration. SpaceX says most existing mobile devices already support the band, according to its announcement quoted by Light Reading. That could reduce the need for customers to replace their phones. It does not establish compatibility for every handset, software version or future service offering.

The licenses have moved quickly. T-Mobile announced Aug. 11 that it had completed their sale to Grain in exchange for $2.9 billion in cash and Grain’s 600 MHz licenses. The FCC approved that transaction July 1.

The cash component alone therefore does not represent Grain’s full acquisition cost. Comparing it directly with the reported $8 billion resale price would leave out the spectrum Grain surrendered.

SpaceX has already committed heavily to other wireless licenses. EchoStar announced a roughly $17 billion agreement in September 2025, comprising cash and SpaceX shares, followed by an amendment adding approximately $2.6 billion of spectrum consideration in stock.

Including the reported Grain price brings the headline value of those spectrum agreements to about $27.6 billion. That is a combination of announced and reported transaction values, not a measure of cash already spent or the total cost of building the network.

The FCC separately authorized a 15,000-satellite direct-to-device constellation earlier this week, according to Via Satellite. The approval deferred some requests and carried conditions. It should not be confused with approval of the Grain license transfer.

Industry analysts remain divided over how quickly SpaceX can challenge the largest carriers. Light Reading reported that MoffettNathanson analyst Craig Moffett believes SpaceX would still need an agreement to buy wholesale access to an established carrier’s network. Other analysts see the new spectrum primarily as a coverage improvement, rather than enough capacity to match incumbent networks.

The carriers are developing their own satellite strategy. AT&T, T-Mobile and Verizon have entered a joint venture intended to expand satellite connectivity in underserved areas while preserving existing carrier-satellite agreements.

For households and businesses, the potential benefit is another provider competing for their monthly phone spending. Lower bills and dependable indoor coverage remain possibilities, rather than established outcomes. The next step is the FCC’s review of the proposed transfer, followed by evidence of deployment, compatible devices and commercial pricing.

JBizNews Desk | Wall Street

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New York families could gain a new source of help with tuition, tutoring and other school expenses after Gov. Kathy Hochul announced Friday that the state will participate in a federal scholarship tax-credit program beginning Jan. 1, 2027.

The decision allows New York to prepare for a system that rewards individual donors for funding scholarships through qualifying nonprofits. Hochul said the program could bring millions of additional dollars to students and families, including children in public schools. The amount ultimately available will depend on donations and the scholarship organizations that qualify.

“I’m not going to leave money on the table when it could help our kids,” Hochul said in her Oct. 9 statement.

The Federal Scholarship Tax Credit was created by the federal tax-and-spending law signed July 4, 2025, commonly known as the One Big Beautiful Bill Act. It offers individual taxpayers a federal income-tax credit of up to $1,700 for qualifying cash contributions to scholarship-granting organizations.

Unlike a deduction, which reduces taxable income, a credit reduces the tax bill itself. A taxpayer who makes a qualifying $1,700 donation and has enough eligible federal tax liability could reduce that liability by $1,700.

There is an important limit: the credit is nonrefundable. It does not automatically produce a $1,700 cash payment for someone who owes little or no federal income tax. Unused eligible credit can be carried forward for up to five years, subject to the law’s limits.

Donors also cannot claim a federal charitable deduction for the same contribution used for the credit. Any state tax credit awarded for that contribution reduces the federal scholarship credit.

Treasury and IRS proposed regulations published Oct. 2 interpret the $1,700 cap as applying separately to each spouse. Under that approach, a married couple filing jointly could claim up to $3,400 if each spouse makes qualifying contributions of $1,700 and the couple has sufficient tax liability. That treatment is contained in proposed regulations, rather than a blanket guarantee for every joint filer.

For families receiving scholarships, eligibility extends beyond those traditionally described as low-income. The law sets an income ceiling of 300% of area median gross income. Students must also be eligible to enroll in a public elementary or secondary school. Meeting those conditions makes a student eligible for consideration; it does not guarantee an award.

Scholarships can cover qualifying expenses at public, private and religious schools, including tuition, books, supplies, academic tutoring and certain services for students with special needs. Catholic-school and yeshiva families could benefit from tuition assistance, while public-school families could receive help with qualifying educational costs outside ordinary classroom funding.

The organizations distributing the money face requirements of their own. They must qualify as eligible nonprofits, keep qualifying contributions separate from other funds, provide scholarships to at least 10 students who do not all attend the same school, and spend at least 90% of their income on scholarships for eligible students.

For schools and nonprofit operators, participation therefore requires more than a fundraising campaign. They must establish the financial controls, eligibility checks and records needed to qualify and remain compliant.

Hochul said she had secured commitments from business leaders to support public-school students through the program. Her announcement did not identify those donors or specify the value of their commitments. The federal credit is available to individuals, rather than corporations, making the distinction important for business owners considering how to contribute.

The decision comes despite opposition from New York State United Teachers and the United Federation of Teachers. In an Oct. 8 release, NYSUT warned that participation would leave New York with too little control over standards and accountability. Critics also worry about consequences for public-school enrollment and funding.

Hochul said the program could add resources without drawing money directly from state or local budgets. That does not make the federal tax subsidy cost-free: qualifying credits reduce federal tax revenue.

New York still must complete the federal participation process and certify qualifying scholarship organizations. Temporary Treasury regulations, effective Dec. 1, require a 2027 advance election by Jan. 1 and allow the organization list to follow by Feb. 15. Those filings, followed by donor contributions and scholarship applications, will determine when families can turn the announcement into actual assistance.

JBizNews Desk | Albany

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Masked thieves needed about three hours on a Saturday night to empty Marchesi Antinori’s warehouse in Cortona, Tuscany, of about 30,000 bottles of some of Italy’s most collected wine.

And they didn’t have to worry about tripping some alarms: they never went off. The day before the heist, the alarms had been switched off from inside the building, Lorenzo Vivoli, who works in Antinori’s communications office, told Fortune.

“It’s as if they already knew everything,” Vivoli said in Italian.

The thieves arrived with two trucks, and the bottles were ripe for the taking as they were already packed and waiting to get shipped to Antinori’s export markets. “It’s the biggest theft in the history of wine,” Vivoli said. “There’s never been anything this big.”

“This is a theft of unprecedented scale for the wine industry in Italy, carried out by a group that was clearly highly organized and well prepared,” Antinori CEO Renzo Cotarella said.

The crew took roughly 10,000 bottles each of Tignanello, Solaia and Guado al Tasso, all from the 2023 vintage, Vivoli said. At average U.S. retail prices of about $430 a bottle for Solaia, $200 for Tignanello and $190 for Guado al Tasso, the stolen wine is worth about $8.2 million. For European markets, Antinori put its loss at about €5 million.

Marchesi Antinori

Either figure would make it the most valuable single wine or spirits theft on record. The previous Italian record, according to Corriere della Sera, was a 2017 theft in Cervia worth €750,000. Meanwhile, the costliest case on a Drinks Business list of the most valuable heists was a $2.7 million scheme at Legend Cellars in Irvine, Calif., in 2015.

Antinori doesn’t know how the alarms were disabled, Vivoli said, and a police probe is ongoing. Investigators have not named any suspects, and no one has been arrested. Antinori has surveillance video, but police have asked the company not to release it while the investigation continues.

A well known grape dupe

Counterfeiters have targeted the same wines for years. In 2019, Italian police arrested three people in a scheme to sell at least 11,000 counterfeit bottles of Tignanello in Italy, Germany and Belgium, labeled as 2009, 2010 and 2011 vintages but filled with low-quality wine.

The case started when a print shop in Pistoia received an order for more than 4,000 Tignanello labels from a self-styled “Mr. Rossi,” who claimed to act for the company. The fake back labels misspelled “altitudine” as “altidudine.”

Separately, a ring sold more than 54,000 counterfeit bottles into Switzerland between 2016 and 2018 under the names of top Italian wineries, including Marchesi Antinori.

To combat this, Antinori has been marking its bottles against fakes for years. Starting with the 2013 vintage, it added an embossed logo, then an embossed Tignanello name, and since 2016, a small label on the bottles to defend against counterfeiting. Anyone can scan the stickers with a phone to check whether a bottle is real. But they don’t track where a bottle goes.

“They don’t help us find the stolen bottles,” Vivoli told Fortune when asked if the special marks will help with tracking the bottles.

How to move stolen goods

Antinori is counting instead on how hard the wine will be to sell.

“A quantity of around 30,000 bottles is difficult to move and put back on the market without leaving a trace,” Cotarella said. And because the three wines are sold in small allocations, Vivoli said, a large supply showing up would draw attention. “These 30,000 bottles won’t vanish into thin air,” he said. “It will be very hard for them.”

The company is warning partners and customers in the 170 countries it exports to about offers outside official channels. The U.S. is its largest market outside Italy, and Italian wine sales there were already under strain: exports to the U.S. fell 17% in value in the first year after the introduction of tariffs, a loss of more than €340 million, according to the trade group Unione Italiana Vini. Americans had stockpiled Italian wine before the tariffs took effect, while in Italy, buying stolen goods is itself a crime. Antinori’s insurance didn’t cover a loss this large, Corriere reported.

Stolen fine wine is also hard to sell at full price, because collectors pay for a bottle’s history. Last year, two people posing as event planners took six bottles of Domaine de la Romanée-Conti, valued at $38,000, from L’Auberge Provençale in Boyce, Virginia, The Washington Post reported. Then two bottles came back months later, including a $24,000 Romanée-Conti. “Nobody is going to pay $24,000 not knowing how the wine was kept,” co-owner Alain Borel said at the time.

The theft comes as winemakers struggle with falling demand among younger drinkers. For Antinori, the emotional damage outweighs the financial loss, Vivoli said, adding that some families have worked there for five generations. “It’s a blow to the heart.”

This story was originally featured on Fortune.com

An artificial intelligence (AI) model developed by Anthropic submitted a false tip about an unsolved murder through a Philadelphia police website during an automated test.

The Philadelphia Police Department said Anthropic notified authorities on Oct. 7 about the incident and explained that the submission resulted from an automated testing process.

“The tip was flagged as spam and was never forwarded to the Real-Time Crime Center for investigative vetting or dissemination,” police said.

The incident comes as other reports have emerged of AI agents hacking into commercial and government systems.

According to police, the false tip was submitted through PhillyUnsolvedMurders.com, a website dedicated to unsolved homicides. The tip, dated July 18, 2026, appeared to have come from someone who might have information about an unsolved murder.

Police said there was no evidence that the AI model gained unauthorized access to department systems or compromised police data.

In a report released Friday, Anthropic said its Claude Haiku 4.5 model had been tasked with completing activities on randomly selected webpages and ultimately landed on the homicide tip website.

Although Claude was instructed not to log in, create accounts, enter personal data, make purchases or “submit anything destructive,” its instructions did not explicitly prohibit it from submitting online forms, the company said.

According to Anthropic, Claude filled out the form, writing: “I may have information regarding this case. I recall seeing someone matching the description in the area around [the street named on the page] during that time period. Please contact me if this information is relevant.”

Anthropic noted that the website did not contain a description of the perpetrator, despite the model’s claim that it had seen someone matching one. The model also left the name and contact fields blank before submitting the tip.

The incident was included in Anthropic’s report examining instances in which its AI models interacted with real websites or systems in unintended ways.

Following the episode, Anthropic said it strengthened restrictions on its models’ internet access during testing, modified certain evaluations to prevent interactions with live websites and developed additional monitoring tools.

FOX Business has reached out to Anthropic for comment.

Reuters contributed to this report.

Millions of Walmart shoppers who purchased grill-cleaning brushes over the past five years are being urged to stop using them because tiny metal bristles could end up in their food and cause serious internal injuries.

Walmart has recalled nearly 4.5 million Expert Grill brushes over concerns their wire bristles can break loose during cleaning and become lodged on grills or in food, potentially leading to injuries that require surgery, according to the U.S. Consumer Product Safety Commission (CPSC).

The recall, announced Oct. 1, covers five products sold at Walmart stores and online, including Walmart.com, with prices ranging from just $1 to $28.

Although no injuries or incidents have been reported, the potential danger may not be immediately obvious to consumers. Small metal bristles can detach from the brushes and remain on cooking surfaces, where they could stick to food.

Some of the affected brushes have been distributed since January 2021, meaning consumers may have purchased them years before the recall.

The products were sold under Walmart’s Expert Grill brand and include handheld brushes, long-handled brushes with scrapers, a three-head stainless steel bristle brush and a 10-piece barbecue tool set.

The recalled brushes have black plastic or stainless steel handles, and some feature attached metal scrapers. Consumers can identify the affected products using model numbers listed in the CPSC recall notice.

Walmart is offering customers a full refund or credit for use at its stores or at Walmart.com. Customers will be asked to return the recalled brushes or throw them away.

A representative for Walmart did not immediately respond to FOX Business’ request for comment.

The products were manufactured in China and imported by Walmart, which is headquartered in Bentonville, Arkansas.

Consumers can contact Walmart at 800-925-6278 from 7 a.m. to 9 p.m. CT, Monday through Friday, or visit the company’s product recall website for more information.

U.S. banks, insurers and service providers face a new contract review after Washington sanctioned the International Criminal Court on Friday, Oct. 9. Treasury has given businesses until April 7, 2027, to conduct certain maintenance and wind-down transactions, while separately allowing broad categories of software and communications services to continue.

The combination turns a diplomatic dispute into decisions about payments, coverage and customer contracts. Suppliers must determine which activities remain authorized, which depend on the temporary license and which are prohibited.

The Treasury Department’s Office of Foreign Assets Control added the court itself to its blocked-persons list. Earlier measures targeted individual court officials; Friday’s designation brings the institution into the sanctions framework.

Under the governing executive order, the court’s property in the United States or held by U.S. persons is blocked, and transactions involving funds, goods or services are generally prohibited unless authorized. Moving a transaction overseas does not automatically remove those restrictions for a U.S. company.

However, Treasury’s licenses materially limit the immediate disruption. General License 13 permits transactions necessary to maintain or wind down operations, contracts and other agreements through 12:01 a.m. Eastern daylight time on April 7.

That permission includes salaries, health insurance, medical services, rent, utilities, taxes, insurance and routine commercial services. It also covers certain invoice payments and contributions from the court’s member countries. Blocked court accounts may be used for transactions the license authorizes.

For suppliers, this creates time to assess contracts and arrange transitions rather than requiring every service to stop immediately. It does not provide unrestricted permission for any new business a vendor might wish to undertake.

Technology companies have a separate authorization that could preserve substantial services beyond the temporary period.

General License 14 permits specified telecommunications and internet communications, including email, collaboration platforms, video conferencing and web hosting. It also authorizes enterprise software covering financial management, payroll, procurement, cybersecurity, data storage, backup and recovery, together with supporting cloud services.

Unlike the maintenance and wind-down license, that authorization contains no stated April expiration date. A claim that all American software or cloud providers must disconnect the court in six months would therefore overstate the restrictions.

The permission is nevertheless bounded: other applicable federal requirements still apply, and dealings involving separately sanctioned people require attention to the relevant authorizations. A permitted software service does not make every associated transaction permissible.

Treasury also issued licenses for pension processing and services connected to specified detainees. Pension payments to blocked recipients must go into blocked interest-bearing accounts in the United States. The detainee authorization covers health, safety, welfare and facility operations for individuals named in its annex.

For banks and payment providers, the operational challenge is distinguishing authorized transactions from prohibited ones. The licenses permit particular uses of blocked court accounts; they do not broadly release those accounts from sanctions.

For insurers and other vendors relying on the temporary authorization, April becomes a planning deadline. The commercial exposure includes potential contract interruptions and the expense of replacing providers, although the announcements do not quantify supplier revenue losses or transition costs.

The court has already taken steps to reduce dependence on American vendors. Reuters reported that officials moved office computers from Microsoft software to open-source alternatives and arranged different banking and health insurance services.

Europe presents another unresolved issue. The Associated Press reported that Dutch authorities have discussed preparing the EU’s blocking statute as a possible response.

That statute can prohibit European businesses from complying with specified foreign sanctions and allow recovery of certain damages. But the European Commission’s published guidance lists U.S. measures concerning Cuba and Iran in its current annex. Extending protection to the ICC would require an additional legal step; a conflicting European obligation should not be presented as already enacted.

Secretary of State Marco Rubio said the sanctions were structured to give the court and its member countries time to address U.S. concerns. Washington objects to the court’s actions involving American personnel and Israeli leaders.

The court rejected the measures and urged its member countries to ensure it retains the means to operate. It said its work would continue.

For affected companies, the next concrete milestone is April 7, when the broad maintenance and wind-down permission expires unless amended. The business outcome will depend on the service involved, the applicable license and any further U.S. or European action—not a single deadline forcing every American vendor out.

JBizNews Desk | Washington, D.C.

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President Donald Trump announced Friday that Russian President Vladimir Putin agreed to “immediately supply over 300,000 Tons of Diesel Fuel to the American and Global Marketplace, another 500,000 Tons during the month of November, and 1,000,000 Tons immediately thereafter.”

Trump said the agreement came after the two had a “highly successful discussion” with Putin. 

He added on Truth Social, “Additionally, based on the condition of their Diesel Refineries, Russia will then deliver, within a short period of time, 3,000,000 Tons of Diesel Fuel. Between our TOTAL CONTROL of the Strait of Hormuz, and this great announcement on Russian Energy, Diesel Prices for Americans and, indeed, the World, will be COMING DOWN, IN RECORD NUMBERS, AND FAST! Lower prices for Americans, especially our Great Farmers, Ranchers, and Truckers, is my Greatest Priority.”

Diesel prices have soared because of the wars in Iran and Ukraine, and Trump has been urged by Republicans to bring costs down before the midterms in November.

On Friday, Trump said at the White House: “The prices will come tumbling, and it’s all going to be over soon one way or the other,” referring to the war in Iran. 

“They have no military. They have no navy, they have no air force, they have no anti-aircraft,” he said. “We took out yesterday 28 million barrels. I think we took out more than we’ve ever taken out at any other time, including before the war. The Hormuz Strait. The Navy, we put a blockade up, nobody gets through.”

Last month, several trucking and freight businesses filed for bankruptcy as diesel reached an average of $6.26 per gallon across the country.

This week, Trump also signed an executive order to allow the continued tax and penalty-free use of normally restricted red-dyed diesel.

Starting Oct. 22, prescription drugs mailed to Americans from Canadian pharmacies will no longer slip through customs with little paperwork, and that change could cut off one of the cheapest ways millions of people buy their medicine.

The change comes from U.S. Customs and Border Protection. For years, packages worth under $800 could pass through customs more easily under what is known as the de minimis exemption. As of Oct. 22, that exemption will be indefinitely suspended, and medications mailed from outside the U.S. will require additional data and a bond guarantee.

In plain terms, a 90-day supply of pills mailed to someone’s home will now be treated like a commercial import. The paperwork calls for detailed information ordinarily handled by commercial importers and customs brokers, not a pharmacy mailing a prescription to a patient. Companies that move these packages through the mail are concluding they cannot meet the new requirements for ordinary personal orders.

The rule was not written with Canadian drugs in mind. It covers international mail of all kinds, from textiles to toys, and is meant to collect tariffs and keep illegal drugs out of the country. But the people likely to feel it most are those buying cheaper medicine across the border, who could face delays, refused packages or far more trouble getting their medications delivered.

The numbers are large. Roughly 2.3 million Americans buy their drugs abroad, according to a 2020 JAMA Network study, or about 1 in every 150 Americans. Ken Hunter, executive director of the Campaign for Personal Prescription Importation, puts the number of people affected closer to 4 million. Most are older: nearly 9 in 10 people who buy from Canadian pharmacies are 65 or older, according to his group.

The price gap is why they buy there. Hunter’s group studied 10 of the most commonly imported medications in August. One example is Eliquis, a blood thinner. A three-month supply of 180 5-mg pills costs $565 from a mail-order Canadian pharmacy, compared with roughly $1,017 from Amazon’s pharmacy arm or $1,029 through GoodRx. That means a patient switching to a U.S. source would pay nearly double, about $450 more every three months, or roughly $1,800 more a year for one drug.

For some patients the jump is even steeper. Herb Kolodny, a 79-year-old Connecticut resident who orders four heart and lung medications from Canada, said one drug that costs him about $17 a month would run about $500 to $600 in the U.S. That’s roughly 30 times the price.

Costs were already climbing before the rule. Susan Hooper, 75, of Toledo, Ohio, has been on oxygen for 14 years and buys two daily medications through a Canadian pharmacy that she says are not available in the U.S. After new tariffs on Canada in August, her airway medication theophylline went from $85 with shipping to $141, about two-thirds more. Her Foradil asthma inhaler went from $151 to $273, close to double. She said she has been rushing to stockpile before the deadline.

Pushback is coming from both parties. More than 70 Democrats, led by Reps. Mark Pocan and Jan Schakowsky, wrote to Health and Human Services Secretary Robert F. Kennedy Jr., Homeland Security Secretary Markwayne Mullin and the heads of the FDA and CBP, urging them to delay the new procedures for prescription medicines unless they can guarantee that genuine personal-use drugs will still get in.

Three Florida Republicans, Reps. Aaron Bean, Gus Bilirakis and Scott Franklin, also wrote to the administration. They noted that Floridians, unlike people in border states, cannot simply drive to Canada to buy their drugs. Florida built its own federally approved program to import Canadian drugs, but that effort has stalled.

The administration says it is working on prices from another direction. White House spokesperson Allison Schuster said President Donald Trump remains committed to lowering prescription drug costs, pointing to his most-favored-nation pricing deals with drug companies. The administration has also launched TrumpRx, a discounted-drug website. Federal data from this summer showed U.S. prescription drug prices down 3.1% from a year earlier, the steepest yearly drop since 1963. Hunter said those programs do not cover every drug for every patient, which is why many still rely on Canada.

The rule is not locked in. The administration could drop it, change it or choose not to enforce it before Oct. 22. CBP did not respond to requests for comment.

For now, patients who import their medicine have less than two weeks. Pharmacists are advising them to talk with their doctor or pharmacist before changing any medication, compare prices at U.S. discount programs, and contact their members of Congress if they want the rule paused.

JBizNews Desk | Washington, D.C.

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President Donald Trump has established a committee to investigate disputed mortgage allegations against Federal Reserve Governor Lisa Cook, renewing a removal effort that could change the membership of the central bank’s interest-rate-setting committee. A White House memorandum dated Oct. 7 and released Friday, Oct. 9, sets a hearing for Nov. 5.

Cook denies wrongdoing. The inquiry does not establish that she committed fraud, remove her from office or change interest rates.

The dispute centers on whether Cook identified two properties as her primary residence in 2021, before joining the Fed. Reuters’ examination of public records identified a $203,000 mortgage dated June 18 on an Ann Arbor, Michigan, property and a $540,000 mortgage dated July 2 on an Atlanta property.

Both documents contained occupancy provisions requiring the borrower to make the property a principal residence, subject to exceptions. Those exceptions included a lender’s written agreement or circumstances outside the borrower’s control. The Michigan transaction was a refinancing.

The distinction matters to lenders because loans for owner-occupied homes can receive more favorable terms than investment-property loans. But conflicting paperwork alone does not establish that a borrower intentionally deceived a lender or improperly obtained a financial benefit.

Cook’s attorneys, Abbe Lowell and Norm Eisen, said Friday they were assessing whether the proposed process would provide a meaningful opportunity to respond. They said an objective review would demonstrate that she had not committed mortgage fraud and that there was no legal basis for dismissal.

Her lawyers have previously described the disputed designation as an inadvertent error and said other paperwork identified the Georgia property as a vacation home. Cook has not been charged with a crime, according to Friday’s Associated Press reporting.

The panel consists of the White House assistant for economic policy, the Equal Employment Opportunity Commission chairman and the Office of Government Ethics director. It may seek assistance from other agencies, including the Justice Department, and must give Cook the evidence before the hearing.

The White House hearing will be closed, transcribed and limited to four hours. Cook may provide evidence and argument, submit an optional advance statement at least three days beforehand and file a post-hearing statement by Nov. 10. The panel will then recommend whether grounds for removal exist.

The legal hurdle extends beyond providing a hearing. Under the Federal Reserve Act, governors serve staggered 14-year terms and can be removed by the president only “for cause.” A replacement requires Senate confirmation.

Trump first sought to remove Cook in August 2025. She sued, and on June 29, 2026, the Supreme Court denied the administration’s request to suspend an injunction protecting her position while litigation continues.

The justices decided that application on the narrow ground that Cook had not received the procedural protections required by statute. They did not determine whether she committed mortgage fraud. The Court also emphasized that assessing cause involves the seriousness of alleged misconduct and its connection to a governor’s professional duties. Completing a hearing therefore would not automatically settle whether a dismissal is lawful.

For businesses and households, the connection is monetary policy. Each Fed governor has a continuing vote on the Federal Open Market Committee, alongside five voting regional bank presidents. A change in membership could affect policy deliberations, although one replacement would not determine the outcome alone.

Borrowing costs already illustrate the stakes. Freddie Mac’s latest survey put the average 30-year fixed mortgage rate at 7.40% on Oct. 8, compared with 6.30% a year earlier.

For an illustrative $400,000 loan repaid over 30 years, those rates produce monthly principal-and-interest payments of approximately $2,770 and $2,476. The difference is about $294 a month, excluding taxes, insurance and fees. This calculation describes the cost of financing; it does not measure any effect from the Cook dispute.

The Fed influences credit conditions, but its policy rate is not the rate lenders quote on every mortgage. Removing a governor would not itself guarantee cheaper home loans.

The next scheduled step is the Nov. 5 hearing, followed by Cook’s Nov. 10 submission deadline. The panel’s recommendation will inform Trump’s decision; the inquiry itself does not resolve the allegations or the legal limits on presidential removal.

JBizNews Desk | Washington, D.C.

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Anthropic is launching a long-term effort to help defend the power grids, water systems and transportation networks that Americans rely on every day from hackers using artificial intelligence. The San Francisco company, which makes the Claude AI models, calls the new effort the Anthropic Cyber Mission, and it starts with two targets: critical infrastructure and the free, shared software code that nearly every app and website depends on.

The company was blunt about why. Anthropic said that powerful AI models can be misused to find and exploit security holes, and that hackers backed by foreign governments have spent years quietly getting inside these systems across many industries so they can disrupt them later. The people defending those systems have decades of experience, the company said, but they’ve been short on resources, and the rise of AI has made that gap worse.

The first piece is the Critical Infrastructure Defense Program. It puts Anthropic’s most advanced Claude models, its own engineers working on site, and its threat research into the hands of the companies that utilities and plant operators already trust to keep their systems safe. The founding partners are Accenture, Booz Allen, CrowdStrike, Deloitte, Dragos, Hitachi, Insane Cyber, Nozomi Networks, Palo Alto Networks, PwC and Rockwell Automation.

Here’s why this kind of equipment is so hard to protect. The machines that run power plants, water utilities and factories are built to last for decades, and they often can’t be shut down for a security fix. That means a known weakness can sit unpatched for years. One wrong change on a running system can take down an entire plant. In some rare cases, Anthropic said, a fix might have to wait decades until it can be applied safely.

The work has already started. Several partners are using Claude right now to fix vulnerabilities and help their customers do the same. Anthropic said it’s beginning with a small group of providers to learn which approaches work best before bringing the program to more partners and more industries.

The partners see the threat as urgent. CrowdStrike’s Chief Business Officer Daniel Bernard said that at critical infrastructure, cyber risk turns into real-world risk, and that attackers using AI to move faster demand defenses that move just as fast.

This builds on earlier government work. In June, Anthropic launched a cyber defense program for state, local, tribal and territorial governments. Since then, the company has offered its models and technical support to more than half of all U.S. states and some of the country’s largest public utilities, helping them scan code, patch faster and respond to attacks.

The second piece targets open-source software, the free code written and shared by volunteers that sits underneath almost every program in use today. Much of it is kept up by tiny teams with little money. Anthropic is launching a free service called OSS Scanner that gives enrolled open-source projects regular security checks from its strongest models. Each report explains the bug, shows how it could be exploited and suggests a fix when one is available.

There’s a tradeoff built in. The reports are generated by AI and sent without a human reviewing them first, so they arrive faster but some will contain mistakes, like rating a bug as more serious than it is. Anthropic expects more than 90% of the flagged issues to be real problems. In plain terms, roughly 9 out of every 10 warnings should point to a genuine weakness. Projects without the staff to handle that volume will keep receiving human-checked reports instead.

Anthropic is also putting money behind the effort. The company has funded groups that maintain widely used open-source code, including the Python Software Foundation, the Apache Software Foundation, and the Alpha-Omega and OpenSSF projects through the Linux Foundation.

The company is upfront that this won’t be quick. Anthropic forecasts that within two years, AI will tilt the balance toward defenders, making it easier to catch bugs before software ships and to build secure systems from scratch. In the near term, though, the cost of attacking has fallen while fixing problems is still slow and depends on people. Through its earlier security work, the company often saw months pass between a weakness being found and being fixed.

For American families, the goal is simple. Anthropic said success means water, power, transportation and communications keep running even when skilled attackers come after them, with fewer ways in and faster recovery when something does get through. Companies that build security tools for critical infrastructure can apply to join the program as it expands over the coming months.

JBizNews Desk | San Francisco

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The federal government’s budget deficit totaled $2 trillion in fiscal year 2026 as the cost of servicing the nation’s more than $40 trillion national debt surged.

The nonpartisan Congressional Budget Office (CBO) released data on Thursday showing the federal budget deficit rose to $1.993 trillion in fiscal year 2026, which concluded at the end of September.

That figure represents a $218 billion increase from the $1.775 trillion deficit in fiscal year 2025, which amounts to an increase of 12%.

While federal tax receipts increased 3% to more than $5.4 trillion in fiscal year 2026, the growth in revenue was outpaced by the 6% rise in federal spending, which was nearly $7.4 trillion in the CBO’s preliminary data for fiscal year 2026.

The budget category which saw the largest spending increase in fiscal year 2026 was net interest expenses on the national debt, which rose by $115 billion, or 11%, from a year ago. The increase was due to the national debt being larger this past year than it was in fiscal year 2025, and because long-term interest rates were higher.

Spending on Social Security benefits also rose $86 billion, or 5%, due to increases in average benefits and in the number of beneficiaries. CBO noted the increase would’ve been larger but for a significant set of onetime retroactive payments under the Social Security Fairness Act.

Medicare spending rose by $77 billion, or 8%, because of increased enrollment and higher payment rates; while Medicaid spending also rose $55 billion, or 8%, due to rising costs per enrollee.

The Department of War’s spending on military activities was $48 billion, or 5%, more than in fiscal year 2025 – with the largest increases in spending on research and development and military personnel.

Department of Education spending rose $41 billion, or 117%, driven largely by differences in the amounts recorded for the estimated costs of outstanding student loans. A reduction of $131 billion was recorded in September 2025 because of program modifications in the One Big Beautiful Bill Act (OBBBA) – and the 2026 modification was significantly smaller, resulting in a year-over-year increase.

The largest increases in tax revenue came from individual income and payroll taxes, which rose by $255 billion, or 6%, from the prior year. Amounts withheld from workers’ paychecks rose by $168 billion, or 5%, while non-withheld payments rose $108 billion, or 9%.

That was partially offset by higher individual income tax refunds, which grew by $16 billion, or 5%, in the latest fiscal year due to provisions in the OBBBA.

Tax receipts from corporate income taxes decreased by $70 billion, or 16%, because of larger deductions for certain investments in the OBBBA which reduced some payments and offset the increases in receipts that otherwise would’ve been expected.

Collections of customs duties, including tariffs, fell by $22 billion, or 11%, in fiscal year 2026 compared with the prior year. CBO noted that larger amounts were collected early in fiscal year 2026, but started to decline in May when the Trump administration began issuing refunds after the Supreme Court struck down the IEEPA tariffs.

Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget, said in a statement that the fiscal year 2026 deficit “ranks among the highest deficits in our history – and the highest ever outside of a war or recession.”

“A new fiscal year means an opportunity for change, and though it is not always easy, it is necessary. Policymakers can start by adopting an attainable goal – such as bringing deficits down to 3% of the economy, or about half of where they are today – and commit to achieving it, which can be done through a bipartisan fiscal commission that examines all areas of the budget,” MacGuineas added.

Americans are paying more at the pump than the price of crude oil alone would explain, because the world has lost a big chunk of the refineries that turn oil into gasoline, diesel and jet fuel. That is the finding of an October 8 report from the Federal Reserve Bank of Dallas, which warns the extra cost will likely stick around even after oil tankers move freely through the Strait of Hormuz again.

Here is the plain mechanism. Crude oil is the raw material, but nobody puts crude in a car. Refineries have to process it into fuel first. When there are not enough working refineries, fuel gets scarce even if crude is available, and the price of finished fuel climbs faster than the price of oil. The gap between the two is called the crack spread. In simple terms, it is the markup the market pays for turning a barrel of oil into usable fuel.

That gap is now unusually wide. Dallas Fed economists Jesse Thompson and Garrett Golding wrote that the difference between oil prices and wholesale prices for diesel, gasoline and jet fuel has grown well beyond normal, topping levels last reached in 2022 after Russia invaded Ukraine.

The cause is a loss of refining muscle around the world. Middle East refinery outages, shipping limits, damaged Russian refineries and cutbacks in Chinese refining have taken as much as 6 million to 8 million barrels a day of refining capacity out of use since late spring, up to 10% of the world’s total. That is like shutting down 1 out of every 10 refineries on the planet.

The economists were clear on who is not to blame. They said the high prices reflect real supply shortages in the global fuel market, not gas stations or distributors padding their markups.

For drivers, the numbers are already showing up. The national average for regular gasoline was $4.36 a gallon on October 8, a record for this time of year, according to AAA. A year earlier, it was about $3.11. For truckers, farmers and anyone whose business runs on diesel, the squeeze is worse. The Dallas Fed noted that retail diesel prices have never run this far above gasoline prices before, and diesel feeds directly into the cost of shipping groceries and goods.

The world was short on refineries even before this year’s shocks. Global fuel use grew by 4 million barrels a day between 2019 and 2025, while refining capacity grew by only 2.3 million barrels a day. Put simply, demand grew almost twice as fast as the ability to make fuel. Europe and North America closed 2.1 million barrels a day of capacity over that stretch, as older plants shut down because of thin profits, regulatory costs and aging equipment. In the U.S., about half of that loss was made up by converting plants to renewable diesel and by new Gulf Coast equipment built to process light shale oil.

Washington’s main emergency cushion is running low. The Strategic Petroleum Reserve held 284 million barrels in September, its lowest level since 1982. At the current draw of 1.2 million barrels a day, it could last less than six months before hitting the 80 million barrels officials consider the minimum needed to keep it working. Some private analysts think the real floor is closer to 200 million barrels, which would leave far less time.

The U.S. has stepped up to fill some of the gap. American crude exports rose from 4 million barrels a day in February to an average of 5.2 million in May, helped in part by reserve releases, and U.S. exports of refined fuels also climbed. European buyers have increasingly turned to American refiners for diesel. But the economists warned these are stopgaps that cannot be kept up indefinitely if shipping through Hormuz stays restricted.

Inventories at home are thin as a result. U.S. stockpiles of crude oil and refined fuels are at multiyear lows, which leaves less room to absorb the next surprise.

The longer-term relief depends on repairing damaged plants. Middle East refineries hit during the conflict could take months to recover, and Russian outages may continue, which is why the Dallas Fed expects fuel to stay expensive relative to crude even after oil flows return to normal. Until that capacity comes back, the report warns, consumers will increasingly be forced to adjust through using less fuel, sharper price swings and possibly higher prices.

That also matters for inflation. The economists said headline inflation could stay above where oil prices alone would suggest for as long as a large share of the world’s refining capacity remains offline, which makes the Fed’s job of bringing prices down harder.

JBizNews Desk | Dallas

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Americans stepped up their participation in retirement plans and saw their savings grow in recent years, a new analysis from the Federal Reserve finds.

The Federal Reserve’s Survey of Consumer Finances released a report on Friday detailing changes in U.S. family finances from 2022 to 2025 found that enrollment in retirement plans ticked up to 54.9% of families in 2025 – an increase of 0.6 percentage points since 2022.

The conditional median value of retirement accounts rose 11% from 2022 to 2025, reaching $106,000; while the conditional mean or average value rose 23% to $451,100 as of last year.

Retirement accounts remained the second-most commonly held type of financial asset among American households, including individual retirement accounts and certain employer-sponsored plans, such as 401(k), 403(b) and thrift savings accounts.

Retirement savings balances increased for nearly all age groups from 2022 to 2025, the Fed’s survey of consumer finances showed.

The 55-64 age group saw average balances rise from $588,500 in 2022 to $670,200 in 2025; while the 45-54 age group’s retirement savings rose from $342,700 to $415,800 in that period.

The 35-44 cohort’s average retirement savings balances increased from $154,800 to $182,400. While the under 35 age group’s average savings fell from $53,800 to $48,400 from 2022 to 2025, they remained higher than the $43,800 average in 2016 and $38,300 in 2019.

The Federal Reserve’s analysis noted that defined contribution and individual retirement account (IRA) plans were much more common than defined benefit plans, with enrollment rising from around 50% among the youngest families to about 65% for the oldest families in 2025.

It found that while families in all parts of the age distribution experienced some gains in defined contribution and IRA plans over the last decade, the biggest increase came from the youngest age group, which had participation increase from 42% in 2016 to near 50% in 2025.

Nearly all families owned at least one type of financial asset, as 98.9% of families in 2025 owned at least one transaction account, certificate of deposit, savings bond, other bond, stock, pooled investment fund, retirement account, cash value life insurance or other managed asset.

That figure is little changed from 2022 and transaction accounts – including checking, savings, money market and call accounts, as well as prepaid debit cards – was the most commonly held category of financial asset in 2025, with an ownership rate of 98.7%.

Direct ownership of stocks declined from 2022 to 2025, falling from 21% of families to 19%. In 2022, the Fed’s survey of consumer finances saw direct ownership of stocks rise six percentage points from 2019, which was the largest change between surveys on record.

The latest findings suggest that while some of the 2022 increase in direct stock ownership was temporary, the 2025 reading was still well above the 2019 rate of 15.2%. Conditional median stock holdings also rebounded from $16,400 to $30,000, which almost erased the fall in median stock holdings from 2019 to 2022.

Porsche delivered 16% fewer cars worldwide in the first nine months of 2026 than a year earlier, and its biggest market, North America, was down 13%. The German sports car maker said Friday it handed over 178,532 vehicles from January through September, as sharply weaker demand in China, the end of an entry-level model and a deliberate choice to protect the brand over chasing sales all weighed on results.

North America remained Porsche’s largest region, with 56,088 deliveries. That means close to 1 out of every 3 Porsches sold anywhere in the world this year went to a buyer in the United States or Canada. When the American market slips, Porsche feels it immediately.

Part of the U.S. slowdown traces back to Washington. When Porsche reported first-half results in July, it pointed to the expiration of U.S. tax credits for electric vehicles as one reason North American deliveries fell. Without that credit, an electric car costs an American buyer noticeably more out of pocket, and Porsche’s electric Macan felt the hit. Macan deliveries fell 21% to 51,025 vehicles worldwide, with Porsche noting that strong electric Macan deliveries a year earlier made the comparison tougher.

The other drag is a car Porsche simply stopped building. The company ended production of its 718 line, the Boxster and Cayman, which were the least expensive ways into a Porsche sports car. With no 718s left to sell, shoppers looking for an entry-level Porsche have fewer options.

China was the steepest drop by far. Deliveries there plunged 33% to 21,493 vehicles. In plain terms, Porsche sold roughly 2 cars in China this year for every 3 it sold over the same stretch last year. Chinese buyers have been turning toward fast-improving local electric car brands, and other German luxury makers are feeling the same pressure. Mercedes-Benz reported an 8% drop in third-quarter car sales on Wednesday, also citing tough conditions in China.

Europe slipped too. Deliveries in Germany, Porsche’s home market, fell 7% to 20,954, and sales in the rest of Europe dropped 11% to 44,949.

One car went the other way. The iconic 911 posted a 12% rise in deliveries to 42,217 vehicles, as demand for its exclusive, high-performance versions stayed strong. The Cayenne SUV remained Porsche’s best-seller at 59,586 deliveries, down just 2%.

That split tells the whole story of Porsche’s strategy. Wealthy buyers are still paying up for the most exclusive models, while the cheaper end of the lineup and the electric cars are losing ground. Porsche says it is fine with that trade. The company described market conditions as challenging and said it is putting the brand’s long-term strength ahead of short-term sales targets.

The fix Porsche is pursuing is to sell fewer cars at higher value. Matthias Becker, the board member in charge of sales and marketing, said the company’s focus is on highly desirable sports cars, attractive variations of existing models, and expanding the options buyers can use to personalize their cars. Personalization is a profit engine for luxury carmakers, because buyers who custom-order paint, interiors and trim pay well above the base sticker price.

Porsche is also holding firm on profit targets. The company is aiming for an operating return on sales of 10% to 15% over the medium term, meaning it wants to keep $10 to $15 of every $100 in sales as operating profit. Selling fewer but pricier cars is how it plans to get there.

For American shoppers, the result is a narrower and more expensive lineup. With the 718 gone and electric models without a federal tax credit, the cheapest new Porsches have moved further out of reach, while dealers lean on the 911 and Cayenne, which still draw buyers willing to pay top dollar.

Porsche said third-quarter deliveries were in line with the trend from the first half of the year, which suggests the slowdown has leveled off rather than deepened.

JBizNews Desk | Wall Street

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Walmart is spending billions of dollars to have robots do the work of its warehouse employees, but the machines keep running into problems that people handle without thinking: cardboard boxes that are too big, bags of dog food that do not fit, and frozen turkeys. The decade-long push now covers roughly 200 U.S. supply-chain buildings, and the company is trying to rebuild them while they stay open.

Here is what the robots are supposed to do. Today, Walmart relies on more than 140,000 warehouse workers to unload trucks, drive pallets of merchandise into storage, sort and stack goods on towering racks, and then reverse the whole process to ship items out to stores and homes. The plan replaces much of that walking, lifting and sorting with automated systems that move goods from the truck dock to storage and back out again.

The robots are good at heavy lifting. They still struggle with one of the simplest jobs in a warehouse: picking up a single item, something a person does easily.

The problems have stacked up. The cardboard shipping boxes Walmart has used for years turned out to be too large for the automated systems. The small robots that shuttle goods through the buildings break down often enough to disrupt operations. And the systems cannot handle some oversized products, such as large bags of dog food, which means those items still need human hands.

The power bill is another surprise. At Walmart’s automated grocery warehouses, monthly utility costs can top $800,000 during peak periods, compared with about $250,000 when those buildings ran mostly by hand, according to people familiar with the figures. In plain terms, the electric bill can run more than three times higher once the robots take over.

Walmart’s main partner for non-perishable goods is Symbotic, a robotics company based in Wilmington, Massachusetts, in which Walmart owns a 12.6% stake. The Symbotic system is a floor-to-ceiling steel structure in which small robots shuttle cases to storage, while robotic arms build tall pallets for store trucks. Walmart aims to have all of its non-perishable warehouses automated with Symbotic by 2030.

The company has made real progress despite the setbacks. More than 65% of Walmart stores now receive at least some freight that has passed through an automated warehouse, close to 2 out of every 3 stores.

Walmart is also working through the fixes. After years of searching for a workable approach, the company and its robotics partners settled on small wheeled robots equipped with motion and obstacle sensors, and those machines are now being installed in more than a dozen warehouses. The company expects spending on supply-chain automation to peak this year and next, which means the heaviest bills should be behind it after 2027.

For warehouse workers, the shift is gradual rather than sudden. Walmart executives have said automation means the company will eventually need fewer warehouse workers, but that high turnover in those jobs means it does not expect layoffs, and that sales growth could keep headcount close to where it is today. Put simply, Walmart plans to shrink the workforce by not refilling some jobs as people leave, rather than by cutting existing workers.

For shoppers, the stakes are about price and speed. Walmart’s entire pitch rests on low prices, and every dollar it saves moving goods from a truck to a store shelf is a dollar it can use to keep prices down. Faster, more accurate warehouses also mean fewer empty shelves and quicker pickup and delivery orders. If the robots keep breaking down or the power bills keep climbing, those savings shrink.

Competition is raising the pressure. Amazon has a long head start in warehouse automation, and Walmart is racing to close that gap while still running one of the busiest supply chains in the world.

The lesson from Walmart’s experience is that automating a warehouse is not as simple as buying robots and switching them on. It means redesigning boxes, rebuilding buildings that were laid out decades ago, and keeping people on hand for the jobs machines still cannot do. Walmart is betting that once the hardest part of the work is finished over the next two years, the system will pay for itself.

JBizNews Desk | Bentonville, Ark.

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Starter homes have become increasingly scarce around the country relative to pre-pandemic inventory levels, though some metro areas around the country have a bigger supply for first-time home buyers.

A new analysis by Realtor.com found that the national share of starter homes fell from 38.1% of active inventory in August 2019 to 36.2% in August 2026, while starter home prices rose 30.8% in that period from about $260,000 to $340,000.

The report by Realtor.com senior economist Hannah Jones noted that the difference in inventory amounts to a gap of over 21,000 homes that would’ve been starter-priced today if that 2019 share held steady to date. Starter homes are defined in the report as being priced at about 80% of a metro’s median list price. They’re generally smaller and more accessible to first-time buyers or less affluent buyers.

Compared with the pre-pandemic housing market, condos have also taken on a larger role within the starter home segment relative to single-family homes.

In August 2019, condos comprised 18% of starter-price inventory around the country, with the rest being single-family homes. 

That figure rose to 20% by 2022 and continued to increase to 27.1% of starter homes being condos or town homes in August 2026.

The 100 largest metro areas in the country saw significant differences in terms of how the share of starter homes in their respective markets evolved from 2019 to 2026.

While the share of starter homes has declined in the housing market nationally since 2019, some metro areas have seen gains since then.

Boise, Idaho, saw the largest gain in the share of starter homes in the metro area’s housing market, with an increase of 4.7% from August 2019 to August 2026.

The second-largest gain among the top 100 metro areas was in Portland, Oregon, and Vancouver, Washington, with an increase of 4%.

Rounding out the top five largest gains in starter home share were Des Moines, Iowa, with 3.7%; San Jose, California, saw an increase of 2.9%; and Denver, Colorado, with a 2.5% gain.

Metros in the Sun Belt region haven’t seen starter home inventory recover to pre-pandemic levels, with several leading the list of biggest declines through 2026.

The Columbia, South Carolina, metro saw its share of starter homes decline by 8.3% from 2019 to 2026, marking the largest percentage decline in the country over that period.

Winston-Salem, North Carolina, saw a decline of 7.5%, while Cape Coral and Fort Myers, Florida, fell 6.9%; and Augusta and Richmond County in Georgia and South Carolina fell 6.5%.

The only metro outside the South that ranked in the top five largest declines in starter home inventory was Fresno, Caliornia, where it declined 6% – equaling the decline in Greensboro and High Point, North Carolina.

PepsiCo borrowed €1 billion from European bond investors on Friday, about $1.12 billion, one day after the company cut its 2026 profit forecast because of rising costs in its North American business. The deal is split into two equal pieces of €500 million each, one paid back in three years and the other in nine years.

In plain terms, PepsiCo is taking out a large loan by selling IOUs to investors in Europe. Buyers hand over cash today, and PepsiCo promises to pay them interest every year and return the full amount when each bond comes due. Borrowing in euros lets the company tap a different pool of lenders than it reaches at home. The shorter bond was being offered at an interest rate about 0.6 percentage point above a standard European borrowing benchmark, and the longer bond about 1.05 points above it, a gap investors demand for lending money over the longer stretch.

This is not PepsiCo’s first trip to that market this year. When the company sold euro bonds in February, it said the money would go toward general corporate needs, including paying off short-term commercial paper, which is the very short-term borrowing big companies use to cover day-to-day cash needs.

The timing is what caught Wall Street’s attention. On Thursday, PepsiCo lowered its full-year forecast for core earnings per share, which strips out one-time items, to growth of 2.5% to 3.5%. It had previously guided to the low end of 5% to 7% growth. On a constant-currency basis, which removes the effect of exchange rates, the company now expects earnings growth of just 1% to 2%, down from the low end of 4% to 6%. Put simply, PepsiCo now expects to grow profit at roughly half the pace it promised earlier.

The problem sits in North America, and especially in snacks. PepsiCo Foods North America, the unit behind brands like Lay’s, Doritos and Cheetos, saw its core operating profit fall 12% in the third quarter compared with a year earlier. Revenue in that unit was flat, as a small gain in the number of bags sold was offset by lower prices.

That price drop is the consumer story here. PepsiCo has been cutting into what shoppers pay for its North American snacks, with effective pricing in that business down about 1 point in the quarter. The company credited innovation and affordability efforts for helping it win back sales volume and market share in snacks this year, after shoppers pushed back against years of steep price increases on chips and dips.

At the same time, PepsiCo’s own costs keep climbing. Chairman and CEO Ramon Laguarta pointed to rising input cost inflation, meaning the price of ingredients, packaging, transportation and labor that go into every bag and bottle. When a company is charging customers less while paying more to make its products, profit gets squeezed from both sides.

The company as a whole still grew. Third-quarter net revenue rose 5.6% to $25.3 billion, and organic revenue, which strips out currency swings and acquisitions, rose 3.1%. Reported earnings were $2.23 per share, up 17%, while core earnings were $2.34 per share, up 2%. Most of the strength came from overseas, where every international segment posted strong revenue growth. Revenue rose 10% in Asia Pacific Foods and 14% in Latin America Foods on a reported basis.

PepsiCo’s North American beverage business was steadier. Its net revenue grew 5%, mainly because of companies it bought in 2025, while drink volumes in the region slipped 2%.

The fix PepsiCo laid out centers on cutting costs and spending more to win shoppers. Laguarta said the company is identifying additional structural cost reductions that it will put in place over the coming months. The savings are meant to pay for more product innovation, stronger brand marketing and better execution in stores, aimed at speeding up sales growth and offsetting rising costs.

Shareholders are not taking a hit on payouts. PepsiCo kept its plan to return $8.9 billion to investors this year, made up of $7.9 billion in dividends and $1 billion in stock buybacks.

The company carries a meaningful debt load. As of September 5, PepsiCo had $9.2 billion in short-term debt and $42.7 billion in long-term debt on its books, against $10.7 billion in cash. Swapping short-term borrowing for longer-term bonds locks in funding for years, which gives the company more breathing room while it works through the North American slowdown.

For shoppers, the takeaway is that the price war in the snack aisle is not over. PepsiCo is betting that keeping chips more affordable will bring buyers back, and it is borrowing and cutting costs elsewhere to cover the gap in the meantime.

JBizNews Desk | Wall Street

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Canada lost 68,000 jobs in September, its second straight monthly drop, Statistics Canada reported Friday, as government-linked work kept shrinking and young workers took the biggest hit. The unemployment rate rose to 6.5% from 6.4% in August.

The losses split almost evenly between full-time jobs, down 35,000, and part-time jobs, down 33,000. Combined with August’s loss of 42,000, the past two months have wiped out more than half of the 181,000 jobs Canada added from April through July. Economists had expected a small gain of about 7,000 jobs.

The public sector shrank for a fourth straight month. Education lost 35,000 jobs and health care and social assistance lost 23,000, two areas heavily tied to government payrolls. Manufacturing shed 13,000 jobs. Private-sector employment was flat for a second month, though it remains up 163,000 from a year earlier.

Young Canadians absorbed most of the damage. Workers aged 15 to 24 lost 48,000 jobs, a 1.8% drop, which means roughly 7 out of every 10 jobs lost in September belonged to someone under 25. Employment among women aged 25 to 54 fell by 28,000.

Fewer Canadians are even looking for work. The share of people 15 and older who are working or job hunting fell to 64.8%, the lowest since December 1997 outside the pandemic year of 2020. Statistics Canada tied much of that drop to an aging population: people 65 and older now make up 23.2% of the working-age population, close to 1 in 4, up from 20.5% in 2019.

There is still a cushion. Even after two down months, Canada has 95,000 more people working than it did a year earlier, a gain of 0.5%.

The reason this matters on the U.S. side of the border is trade. Canada is one of America’s biggest customers, and a Canadian worker who loses a paycheck buys fewer American-made cars, appliances and farm goods, and takes fewer trips south. U.S. tariffs are already showing up in Canada’s job numbers. In Statistics Canada’s August release, companies that depend on U.S. demand for their exports had an average layoff rate of 0.9% over the prior 12 months, compared with 0.7% at other companies. Put simply, firms selling into the U.S. were laying off workers at a rate about one-third higher than everyone else.

That cuts both ways for American businesses. U.S. factories that buy Canadian parts and materials depend on those supply chains staying healthy, and U.S. exporters depend on Canadian households having money to spend.

The slowdown on the Canadian side lines up with a cooling job market at home. The U.S. economy added just 29,000 jobs in September, far below the roughly 90,000 economists expected, and the U.S. unemployment rate rose to 4.2% from 4.1%. Government payrolls fell by 17,000. In both countries, public-sector hiring is pulling back and private employers are adding few new positions.

Pay is barely moving for workers in either country. U.S. average hourly earnings rose 3.0% over the past year, while in Canada, wage growth for permanent employees slowed to 2% year over year in August, the weakest reading in more than seven years outside the pandemic.

The main tool for a response sits with the Bank of Canada. The central bank has held its benchmark rate at 2.25% for seven straight meetings, and its next decision comes October 28. Two weak jobs reports in a row give it more reason to stay steady or consider relief for borrowers, while tariff-driven price pressures pull the other way. A cheaper Canadian dollar and lower borrowing costs would help Canadian companies hold onto workers and keep buying from U.S. suppliers.

Washington is moving in the opposite direction on rates. The Federal Reserve raised its benchmark rate in September to fight inflation tied to high energy prices, which widens the gap between the two countries’ borrowing costs.

The next Canadian jobs report, covering October, is due November 6, the same day the U.S. releases its own October numbers. That pairing will show whether the cooling on both sides of the border is deepening or leveling off.

JBizNews Desk | Ottawa

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In the span of just three days, SpaceX founder Elon Musk ascended to trillionaire status before crashing out of the club in a billion-dollar downturn. And while he remains the richest person in the world by a $600-billion longshot, the entrepreneur says his wealth is always at the whim of his companies’ success.

“Trillionaire represents some percentage ownership in companies that I built, and it’s not sitting in a bank account,” Musk said in an interview with entrepreneur Peter Diamandis earlier this year, about three months before he first became a trillionaire following  SpaceX’s IPO in June. 

Musk’s net worth started to fall from its recent high of $1.05 trillion on Tuesday, dropping down to $987 billion on Thursday, according to the Bloomberg Billionaire Index.

His aerospace company’s shares were down 3.5% and trading under $162 yesterday, just as his EV car business Tesla was also down over 2%. Forbes estimates that Musk lost $21 billion Wednesday morning when SpaceX shares fell following a report that the company plans to raise $40 billion to buy Nvidia chips. The strategy could have impacted shares due to potential concerns about the company’s spending needs and debt load, even as it invests heavily in AI infrastructure.

It’s a steep $63 billion loss after he regained his trillionaire status this Monday; SpaceX shares rose nearly 8% at the start of the week, as Morgan Stanley analysts even called the stock “cheap” at the day’s prices. And as Musk owns around 4.76 billion shares of SpaceX—including another 1.3 billion shares of unvested restricted stock—his net worth shot up from $976.9 billion to $1.04 trillion afterward. 

Very few people—if any others at all—will ever reach a 13-figure net worth in their lifetimes. But the jaw-dropping number isn’t actually what it seems, Musk has said. And in 10 years, he’s predicted his fortune may mean nothing at all. 

“I own a percentage of the companies. The companies are doing lots of useful things, the value of the company grows,” the tech entrepreneur continued. “I own a percentage of the companies, and that sums up to that number, which seems high.”

Musk and other billionaire fortunes are at the whim of the stock market

Musk is just one of the world’s richest entrepreneurs who have watched their net worths dramatically rise and fall with the motions of the stock market.

Oracle founder Larry Ellison dethroned Musk as the richest person in the world briefly last year after his company’s breakout earnings report sent shares soaring by 36%. The now-82-year-old entrepreneur, who owns 40% of Oracle, experienced an eye-watering $101 billion wealth surge. But Ellison’s net worth fell by an estimated $34 billion just two days following Oracle’s stock surge, while Musk enjoyed a $35 billion gain, putting him back on top. 

And on the flipside, Michael Dell, who owns 40% of his namesake tech company, gained around $122 billion between September of this year and the same time in 2025—nearly doubling his wealth within the span of that year. Larry Page’s net worth had grown $16.3 billion in the same period, while Jeff Bezos watched his wealth surge $24.5 billion.

But despite the massive wealth surge, Ray Dalio, the billionaire founder of Bridgewater Associates, has also echoed Musk in arguing that paper wealth and spendable money are two different things. Rising asset values can make people wealthier on paper, but they must sell those assets to turn that wealth into money they can actually spend.

“Wealth is not the same as money,” Dalio said on Steven Bartlett’s The Diary of a CEO podcast earlier this year. “You see a lot of people getting wealthy but you can’t spend the wealth. You have to sell the wealth to get money because you can only spend money.”

Musk says money won’t matter in the next decade anyway

As billionaires’ fortunes balloon while many workers struggle to keep up with their paychecks, Musk, the richest person on earth—and occasionally, the only trillionaire—believes that monetary wealth will be less meaningful thanks to gains from AI.

In response to how companies would earn returns in the era of AI, Musk told The Economist that “Money won’t matter in 2036.” 

The reason, he said, is that AI would take over so much human work that jobs will be voluntary, and cash itself would become irrelevant. Back in 2024, Musk also proposed the idea of “universal high income” to distribute money in a non-working world. The 55-year-old entrepreneur took inspiration from Iain M. Banks’ Culture sci-fi novels, which feature a world filled with intelligent robotic beings and no traditional jobs.

“In those books, money doesn’t exist. It’s kind of interesting,” Musk said in an episode of the Moonshots with Peter Diamandis podcast earlier this year. “And my guess is, if you go out long enough—assuming there’s a continued improvement in AI and robotics, which seems likely—money will stop being relevant.”

This story was originally featured on Fortune.com

Delta Air Lines cut its 2026 profit forecast on Friday because jet fuel has become far more expensive, even though travelers kept filling its planes and paying higher fares. The airline now expects full-year adjusted earnings of $5.10 to $5.60 per share, down from the $6.50 to $7.50 range it affirmed in July, and said its fuel bill for the year will run about $6 billion higher than last year.

The fuel math is simple and brutal. Delta paid an adjusted average of $3.61 per gallon of jet fuel in the third quarter, up from $2.25 a year earlier. That is about 1.6 times last year’s price, a 60% jump. Its adjusted fuel bill for the quarter came to $4.1 billion, up 62%. Fuel alone came in more than $500 million above what Delta had planned for when it gave guidance in early July.

Asked where the forecast cut came from, Chief Financial Officer Erik Snell said it was all fuel. Oil prices have been pushed up this year by the war with Iran and disruption to shipping through the Strait of Hormuz, and airlines feel that almost immediately because fuel is one of their biggest costs.

Demand, meanwhile, held up. Chief Executive Ed Bastian said demand remains strong, with consumers continuing to favor spending on experiences and travel, and he called air travel one of the best values in the economy. Delta reported record September-quarter revenue of $17.6 billion on an adjusted basis, which strips out sales from its oil refinery, up 16% from a year ago. Including the refinery, reported revenue rose 21% to $20.2 billion.

Profit stayed roughly level on an adjusted basis. Delta earned $1.72 per share adjusted, compared with $1.70 a year earlier, and adjusted pre-tax profit was $1.5 billion, matching last year. On a reported basis, which includes swings in the value of investments and fuel hedges, earnings fell 47% to $1.15 per share from $2.17.

For travelers, the cost is showing up in ticket prices. The average fare Delta collected per mile flown rose 14% from a year earlier. In plain terms, a trip that cost $500 last year would run about $570 at that rate. Bastian said fares look to be rising further as fuel prices stay high.

Delta is also squeezing the number of seats it sells, which helps keep prices up. Capacity was flat in the third quarter, and the airline plans to grow seats by less than 2% in the fourth quarter, including a cut in Main Cabin seats. Fewer economy seats on the market leaves budget travelers with fewer cheap options.

The money is increasingly coming from the front of the plane. Premium ticket revenue rose 18% to $6.82 billion, while Main Cabin revenue rose 12% to $6.8 billion. Premium sales now bring in about as much as economy does. Loyalty revenue grew 18%, and payments from American Express tied to Delta’s co-branded credit cards rose 15%, putting them on track to top $9 billion for the year.

Delta’s own refinery in Trainer, Pennsylvania, is part of its defense against high fuel costs. Because the airline turns crude oil into jet fuel itself, it saved about 13 cents per gallon in the quarter and expects a benefit of about 40 cents per gallon in the fourth quarter, an advantage most rival airlines do not have.

The rest of the fix is a mix of higher fares, tighter seat counts and a stronger balance sheet. Delta plans to pay down more than $2 billion of debt this year and expects about $2.5 billion in free cash flow. Its adjusted net debt has already fallen $950 million since the end of 2025, to $13.4 billion.

The near-term outlook still carries the fuel weight. Delta expects fourth-quarter revenue to grow about 20% from last year, faster than the third quarter’s 16% adjusted gain, but its forecast of $1.15 to $1.65 in earnings per share came in below analyst estimates. That forecast assumes jet fuel at about $4.25 per gallon, higher still than the third quarter’s price. For the full year, Delta expects pre-tax profit of roughly $4.5 billion after absorbing the $6 billion fuel hit.

Delta is the most profitable U.S. airline and the first to report results covering the busy summer season, so its numbers often signal what the rest of the industry will show. The message for flyers heading into the holidays is clear: people are still traveling, and they are paying more to do it.

JBizNews Desk | Wall Street

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Wall Street’s biggest banks are expected to report almost $19 billion in combined stock-trading revenue for the third quarter when they post earnings next week, and Goldman Sachs is projected to bring in the largest share. Analyst estimates put Goldman’s stock-trading revenue at $5.1 billion, followed by Morgan Stanley at $4.9 billion, JPMorgan Chase at $4.5 billion and Bank of America at $2.6 billion. These are forecasts, not reported results.

In plain terms, stock-trading revenue is the money a bank makes by handling buy and sell orders for big investors such as pension funds, mutual funds and hedge funds. Every time those clients move large blocks of shares, the bank earns a cut for finding the other side of the trade, lending money to make the trade possible or carrying the risk until it is done. Busy, jumpy markets mean more trades, and more trades mean more fees.

Goldman, which reports Tuesday, sits at the front of the line. Of every $4 the five biggest banks are expected to earn from stock trading this quarter, roughly $1 is projected to go to Goldman alone.

The bigger story is that not every bank is enjoying the same ride anymore. In the first half of 2026, nearly all five of the largest U.S. banks benefited from a trading boom, with both their stock desks and their bond desks staying busy. Now that capital markets are cooling, gaps are opening between the winners and the rest.

Bond trading is where the slowdown shows most clearly. The fixed-income trading businesses at the five biggest banks, which handle bonds, currencies and commodities, are expected to bring in a little over $19 billion this quarter, down from more than $21 billion in the second quarter. That is a drop of about $2 billion, or roughly 1 dollar out of every 10.

Bank of America already gave investors a preview of the cooler mood. At a Barclays conference in mid-September, CEO Brian Moynihan said the bank expected investment banking fees to fall at least 10% in the third quarter, to between $1.6 billion and $1.8 billion, down from $2 billion a year earlier. He said sales and trading revenue would be roughly flat compared with $5.4 billion in the same quarter last year. Bank of America shares fell about 5.1% that day, their worst drop since April 2025. Moynihan also said that if interest rates rise, some demand for financing would slow.

Rates are rising. The Federal Reserve raised its benchmark rate on September 16 by a quarter point to a range of 3.75% to 4%, its first increase since July 2023, and officials signaled about one more hike before year-end. Higher borrowing costs tend to cool the deal-making and financing activity that feeds Wall Street’s trading and banking desks.

The worries have already shown up in bank stocks. A widely followed index of bank shares had its worst quarter in the third quarter since early 2023, when the country was dealing with a regional banking crisis. Part of that selling came from fears that artificial intelligence could eat into banks’ businesses.

Some analysts see a buying opportunity in that pullback. Analysts including Mike Mayo argue the AI-driven selloff in bank shares looks overdone, and that with Wall Street set to deliver another strong quarter, the lower stock prices could end up rewarding investors. Mayo has warned, though, that while almost everyone was a winner in the first half, the gap between winners and losers could widen this quarter.

For everyday Americans, these results matter more than they might seem. Most people do not own bank shares directly, but millions hold them through pension funds, workplace 401(k) plans and index funds, where giants like JPMorgan are among the largest single holdings. How well banks manage the shift from a boom to a slower market shows up in those retirement balances.

Strong stock-trading desks are acting as the cushion. As bond trading and deal fees slow, banks with the busiest stock desks are leaning on that business to carry their results, which is why Goldman and Morgan Stanley are drawing the most attention heading into next week.

The results start Tuesday, when Goldman Sachs and JPMorgan Chase are both scheduled to report before the market opens. Investors will be watching whether the actual numbers match the roughly $19 billion forecast for stock trading, and how much the bond-trading slowdown bites.

JBizNews Desk | Wall Street

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SpaceX has agreed to buy a nationwide set of airwave licenses that would let its Starlink service act like a full cellphone company, and shares of America’s three biggest wireless carriers dropped hard on the news. Before the opening bell Friday, T-Mobile was down about 7%, AT&T nearly 6% and Verizon more than 5%, as investors priced in the risk of a serious new rival for customers’ monthly phone bills.

Here is what actually happened. SpaceX announced Thursday that it is buying a spectrum portfolio from Grain Management, a digital infrastructure firm, covering up to 14 megahertz of paired airwaves in the 800 MHz band. Spectrum is simply the invisible radio lanes that phones use to send and receive calls and data. Whoever holds the license to a lane gets to run traffic on it. The deal still needs approval from the Federal Communications Commission.

The type of airwaves matters as much as the amount. Low-band signals like 800 MHz travel farther and push through walls and buildings better than the higher-frequency signals Starlink uses today. That has been Starlink’s weak spot: satellites work well under open sky but struggle to reach a phone sitting inside a house or office. SpaceX said this purchase fills one of the last major technical gaps standing between Starlink Mobile and becoming a major U.S. mobile carrier. Elon Musk, SpaceX’s CEO, called it the last critical piece needed to provide complete phone coverage in America.

There is a practical bonus for consumers. SpaceX says most phones already on the market support the 800 MHz band, which could let people switch to Starlink Mobile without buying a new device. It is not yet clear whether recent iPhones will work with the service when it launches.

The money at stake explains the selloff. On SpaceX’s second-quarter earnings call in August, President Gwynne Shotwell said AT&T, Verizon and T-Mobile together take in roughly $600 billion a year, and she said she expects SpaceX to win quite a few of their customers because she believes Starlink’s service will be better. Starlink already had 12 million subscribers as of June 30, adding 1.7 million in the second quarter alone, with the average customer paying $66 a month.

SpaceX’s own stock moved the other way. Shares rose about 4% in premarket trading Friday. The company, which trades under the ticker SPCX, began trading publicly in June.

The deal also landed alongside a second piece of good news for SpaceX. The FCC approved its next-generation Starlink Mobile network, authorizing 15,000 satellites built to connect directly to ordinary smartphones.

Timing is the key detail for anyone thinking about switching. Starlink Mobile as a full phone carrier is not available yet. Shotwell has said the next-generation satellites start flying in 2027 and the upgraded service goes live at the end of that year. SpaceX has not announced pricing, plans or service tiers. Neither SpaceX nor Grain disclosed what SpaceX is paying for the licenses.

There are real limits to how fast SpaceX can catch up. Industry analyst Tim Farrar notes the amount of spectrum is still small, and SpaceX would need ground-based equipment to deliver reliable coverage inside city buildings. SpaceX’s plan for that is unusual: instead of building traditional cell towers, Shotwell has described placing small, low-cost cellular stations on the same mounts that hold Starlink dishes, adding them only where demand calls for more capacity.

The big carriers are not standing still. On October 1, AT&T, T-Mobile and Verizon formally launched a joint venture to pool their airwaves and expand satellite coverage, aiming to nearly wipe out dead zones across the country. The venture named industry veteran Paul Roth as interim CEO, and the three companies said it will deliver more consistent satellite service across all their networks while leaving existing satellite partnerships in place. That move is the carriers’ direct answer to the same coverage gap Starlink is targeting.

For households, a fourth nationwide competitor is the part to watch. The U.S. wireless market has been dominated by three companies for years, and more competition has historically pushed carriers to cut prices, sweeten plans or throw in perks to keep customers from leaving. Whether that happens here depends on how quickly SpaceX can turn airwave licenses into working service that customers trust.

For now, the stock market has delivered its verdict on the threat. The next steps to watch are the FCC’s review of the Grain deal and any word from SpaceX on what Starlink Mobile will actually cost each month.

JBizNews Desk | Wall Street

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American Express shares are set to climb back as more customers sign up for its pricey premium cards, according to BMO Capital Markets, which began covering the stock on Friday with an outperform rating. That is Wall Street’s way of saying the stock should do better than the broader market. BMO put a $380 price target on the shares, about 24% above Thursday’s close.

The call comes after a rough year. American Express stock has dropped roughly 17% in 2026, pulled down by worries over the company’s rising costs and fears that economic and global uncertainty could cut into how much its cardholders spend.

BMO analyst Andrew Bauch argued in a Friday note that investors are looking at the wrong problem. In his view, worries about competition in premium cards and heavy reinvestment miss the bigger picture: Amex’s premium customer base is still growing, younger customers are signing up for fee-paying cards, those card fees keep stacking up, and the company’s spending is paying off. He called American Express one of the steadiest long-term growers among the companies he covers.

The company’s own numbers back up the demand side of that argument. In its second-quarter report released July 24, American Express said revenue rose 10% to $19.6 billion and earnings per share climbed 11% to $4.53. Cardholders charged $455.8 billion on their cards in the quarter, up 9% from a year earlier.

The standout was annual card fees, the money customers pay just to carry the card. That line jumped 15% to $2.862 billion, up from $2.48 billion a year earlier, and the company said growth came mainly from its premium card lineup. Put simply, for every $100 in card fees Amex collected a year ago, it now collects about $115.

That growth is happening even as the cards get more expensive. American Express raised the annual fee on its flagship Platinum Card from $695 to $895, a $200 jump, and customers have largely stuck with it. Management said the Platinum group is now its fastest-growing set of U.S. consumer customers.

Younger shoppers are driving much of the demand. Millennial and Gen Z customers made up 65% of new consumer accounts worldwide, close to 2 out of every 3, while 75% of all new accounts, or 3 out of 4, were on cards that charge an annual fee. Spending by U.S. consumer cardholders grew 11%, with travel and entertainment spending up 13%.

The cost worries are real, and they show up in the same report. The money Amex spends on cardholder perks, such as lounge access, travel credits and other services, rose 50% to $1.949 billion in the quarter, from $1.301 billion a year earlier. Rewards costs climbed 9% to $5.051 billion. For every $2 the company spent on those perks a year ago, it now spends about $3.

That is the tension investors have been weighing. Amex is paying much more to make its cards worth their higher fees. BMO’s argument is that the spending is working, because it pulls in more fee-paying customers who stay loyal and spend more on their cards. The company has been leaning into that approach, and it raised its full-year 2026 revenue growth forecast to 10% in July.

For everyday cardholders, the trend cuts both ways. Premium cards keep adding perks to justify their price, but the bill to carry one keeps rising. Someone holding a Platinum Card now pays $895 a year before earning a single point, which means the perks have to deliver at least that much value for the card to make sense. Many younger customers are clearly deciding the trade is worth it.

Not every analyst is as upbeat as BMO. Of the 32 analysts covering American Express, 17 rate it a buy or strong buy and 15 rate it a hold, according to LSEG data. That is roughly an even split between those who expect the stock to climb and those waiting on the sidelines.

The next test comes soon. American Express is scheduled to release its third-quarter results on Friday, October 23, at about 7 a.m. Eastern time, followed by a call with investors at 8:30 a.m. That report will show whether card fees kept growing at a strong clip through the summer and whether the company’s higher spending on perks is starting to pay for itself.

JBizNews Desk | Wall Street

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Treasury Secretary Scott Bessent has brought in Judy Shelton, the economist President Trump once picked for the Federal Reserve Board, as a top adviser. The Treasury announced Friday that she will serve as a Counselor in the Office of the Secretary, advising Bessent on currency policy, with a particular focus on evaluating financial conditions in China.

The job does not need a vote. Counselor positions like this one do not require Senate approval, which matters because the Senate is exactly where Shelton’s last try at a top economic post ended. Trump nominated her to the Fed board during his first term, and on November 17, 2020, a key procedural vote on her nomination failed 47 to 50. Every Democrat and Republican Senators Mitt Romney and Susan Collins voted against moving her forward, while two Republicans who supported her were absent after exposure to COVID-19.

The opposition back then centered on her views about Fed independence, her support for a gold standard and her questioning of whether the United States needs a central bank at all. A gold standard would tie the dollar to physical gold, which would sharply limit how much money can be in circulation. In plain terms, every dollar printed would have to be backed by gold sitting in a vault, rather than by the Fed’s judgment about how much money the economy needs.

Her new assignment is narrower than a seat setting interest rates. Shelton is an economist and author who specializes in international finance and currency issues. She previously served as U.S. Director of the European Bank for Reconstruction and Development and as Chairman of the National Endowment for Democracy. Before joining Treasury, she was a Senior Fellow at the Independent Institute and earlier a senior research fellow at Stanford’s Hoover Institution, and she holds a Ph.D. in business administration from the University of Utah. She is not generally known as a China specialist.

The China focus is where this hire reaches American wallets. A country’s currency value decides how cheap its exports look overseas. When China’s yuan is held low against the dollar, Chinese-made goods land on American shelves at lower prices, while American-made goods cost more for buyers in China. That helps shoppers at the register but squeezes U.S. factories and farmers trying to compete.

Washington has argued for months that the yuan is priced too low. In January, Treasury called the yuan “substantially undervalued” and urged China to let it strengthen in a timely and orderly way. Goldman Sachs estimated in December that the currency was 25% undervalued, which works out to roughly 1 dollar of value missing for every 4 a fair price would carry. The International Monetary Fund has also tied China’s booming exports and record trade surplus partly to a weaker currency after adjusting for inflation.

In its most recent currency report in July, Treasury again said China stands out among U.S. trading partners for how little it discloses about managing its currency. That report kept 10 countries on its monitoring list, including China, Japan, South Korea, Taiwan, Singapore, Thailand, Vietnam, Germany, Ireland and Switzerland, and stopped short of labeling any major partner a currency manipulator. The last time Treasury put that label on any country was 2019, when it named China.

That is the fix Treasury is pressing: steady pressure on Beijing to let its currency rise, backed by the threat of a formal manipulator finding. Treasury has warned China could be designated a manipulator if evidence shows it is stepping in to stop the yuan from gaining value. Adding a dedicated adviser to watch China’s financial conditions gives Bessent more firepower on that front.

The timing lines up with a strong dollar. The dollar index hit its highest level since March 2025 this week, and a stronger dollar makes the yuan look even cheaper by comparison. That widens the price gap American producers already face against Chinese goods.

Shelton’s arrival also comes amid other high-level personnel changes at Treasury. Bessent recently named David Zervos, former chief market strategist at Jefferies, to the same counselor title, and that appointment also did not need Senate approval.

For now, Shelton’s role is advisory. She does not set interest rates or sign currency agreements. What she will shape is the advice Bessent gets on one of the biggest questions in American trade: how cheaply Chinese goods can be sold here, and how fairly American goods can compete there.

JBizNews Desk | Washington, D.C.

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NEW YORK — U.S. stocks opened higher Friday as falling oil prices eased inflation concerns and technology shares recovered from Thursday’s selloff. However, a major wireless spectrum deal involving SpaceX sent telecommunications stocks sharply lower, while investors assessed the impact of expensive borrowing and fuel costs on American businesses.

The Dow Jones Industrial Average opened at 51,298.96, gaining 67.32 points, or 0.13%. The S&P 500 rose 22.35 points, or 0.29%, to 7,787.71, while the Nasdaq Composite advanced 149.59 points, or 0.55%, to 27,342.93.

The gains followed a volatile session Thursday, when technology stocks declined amid renewed questions about artificial intelligence valuations and the enormous spending commitments supporting the industry.

Friday’s rebound reflected growing optimism that easing tensions in the Middle East could reduce pressure on global energy supplies. Still, oil prices remained elevated, and Treasury yields continued to create challenges for businesses and households.

SpaceX Expansion Sends Telecom Stocks Tumbling

One of Friday’s biggest developments came from SpaceX, which announced an agreement to acquire low-band wireless spectrum from investment firm Grain Management to expand its Starlink Mobile business.

The acquisition could strengthen SpaceX’s ability to provide mobile connectivity directly to smartphones, potentially challenging traditional wireless carriers.

Shares of AT&T, Verizon and T-Mobile fell roughly 6% to 7% in premarket trading as investors considered the prospect of a new competitor entering the national wireless market.

The transaction remains subject to Federal Communications Commission approval.

For consumers, the development could eventually mean expanded cellular coverage, particularly in rural areas where traditional wireless networks remain limited. Greater competition could also put pressure on service prices, although those benefits are not guaranteed.

Humana Surges as Delta Cuts Earnings Forecast

Healthcare insurer Humana emerged as one of Friday’s biggest stock-market winners.

Its shares surged approximately 15% in premarket trading after improved Medicare Advantage quality ratings increased expectations for future government bonus payments.

The development could strengthen Humana’s financial position and its ability to compete for Medicare customers.

Airlines faced a different challenge.

Delta Air Lines declined after reporting quarterly earnings below expectations and reducing its annual profit outlook because of rising fuel expenses.

The airline faces approximately $6 billion in additional fuel costs this year, demonstrating how higher energy prices can undermine profitability even when passenger demand remains strong.

For travelers, continued pressure on airline operating costs could lead to higher ticket prices and fewer discounted fares.

Oil Retreats, but Borrowing Costs Remain High

Crude oil prices declined Friday as investors reacted to signs of reduced immediate supply risks in the Middle East.

West Texas Intermediate traded near $90.40 a barrel in early market reporting, offering some relief after recent increases.

Meanwhile, the benchmark 10-year Treasury yield remained near 5.24% to 5.25%, keeping borrowing costs elevated across the economy.

Higher Treasury yields influence mortgage rates, corporate loans and financing costs for businesses purchasing equipment or expanding operations.

For American households, the combination of expensive borrowing and elevated energy prices continues to limit purchasing power.

Consumer Confidence Weakens as Inflation Concerns Persist

Friday’s most closely watched economic release was the University of Michigan’s preliminary October consumer sentiment survey.

The supplied market report states that consumer sentiment fell to 46.3 from 48.1 in September, while year-ahead inflation expectations increased to 4.7% from 4.6%.

However, independent verification of the October results was incomplete. The university’s publicly accessible data still showed September’s figures, and some financial calendars had not yet updated their October readings. The October numbers should therefore be treated as provisional rather than publication-confirmed.

September’s verified reading of 48.1 already reflected widespread dissatisfaction with household finances, rising prices and economic conditions.

Weak consumer sentiment creates concerns for retailers, restaurants, automobile dealers and other businesses dependent on discretionary spending. If consumers become increasingly cautious, companies could face slower sales growth even as operating expenses remain elevated.

Technology Stocks Attempt to Recover

Technology shares also attracted renewed buying interest Friday following Thursday’s selloff.

Nvidia and other artificial intelligence-related companies benefited from investors reassessing concerns about OpenAI’s revenue expectations and the sustainability of massive AI infrastructure investments.

Meanwhile, Apple faced pressure following reports that it had reduced component orders for certain iPhone models amid concerns about consumer demand.

The contrasting movements highlight an increasingly selective technology market, with investors scrutinizing company earnings, capital expenditures and growth forecasts rather than buying the entire sector.

What to Watch

The direction of Treasury yields remains critical. Any further increase could place renewed pressure on technology stocks, mortgage borrowers and businesses relying on financing.

Oil prices will also remain in focus as investors monitor Middle East developments and possible disruptions to energy supplies.

Telecommunications stocks face continued uncertainty as investors assess SpaceX’s potential entry into the broader wireless market.

Attention is also shifting toward next week’s third-quarter earnings reports from major U.S. banks, which should provide fresh evidence about lending conditions, consumer finances and corporate borrowing.

Friday’s opening reflects a market balancing optimism about easing energy costs against concerns about inflation, expensive borrowing and corporate profitability.

Stocks began the session higher, but the strength of that advance will depend on whether falling oil prices and improving technology sentiment can outweigh the financial pressures facing American households and businesses.

JBizNews Desk | Trenton, N.J.

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A string of trucking and freight companies filed for Chapter 11 bankruptcy protection in September.

At least eight transportation-related companies sought Chapter 11 protection during the month, according to bankruptcy documents reviewed by FOX Business.

Globemaster Incorporated filed Sept. 15 in U.S. Bankruptcy Court for the Northern District of Illinois under Subchapter V, a reorganization process available to qualifying small businesses. The trucking company reported approximately $1.1 million in assets and $3.26 million in liabilities.

CLJ Transporting Inc., a freight trucking company, also filed Sept. 15 under Subchapter V in U.S. Bankruptcy Court for the Middle District of Florida. A July balance sheet included with the filing showed approximately $483,205 in assets and $823,161 in liabilities.

Pacer Transport Inc. filed Sept. 4 in U.S. Bankruptcy Court for the Western District of Louisiana, estimating less than $50,000 in assets and between $1 million and $10 million in liabilities.

Texas-based Jett Transport & Materials LLC filed Sept. 14 in U.S. Bankruptcy Court for the Western District of Texas. The company estimated assets between $100,001 and $500,000 and liabilities between $500,001 and $1 million.

Mill Creek Logistics–Illinois Inc. filed the same day in U.S. Bankruptcy Court for the District of Kansas. It listed approximately $885,500 in assets, including $808,000 in trucks and equipment, and roughly $1.83 million in liabilities.

Arizona-based RP Hay Hauling LLC filed Sept. 10 in U.S. Bankruptcy Court for the District of Arizona, reporting approximately $1.32 million in assets and $1.53 million in liabilities.

Xoco Transport LLC filed Sept. 16 in U.S. Bankruptcy Court for the Southern District of Texas, estimating both assets and liabilities between $1 million and $10 million.

Truckload LLC filed Sept. 9 in U.S. Bankruptcy Court for the Middle District of Florida. The company estimated assets between $100,001 and $500,000 and liabilities of less than $50,000.

The filings come as the trucking industry faces mounting costs, including higher fuel and insurance expenses.

Truckload LLC owner Marcus Overcast told FOX Business in a phone call that diesel and insurance costs contributed to his company’s bankruptcy filing, with insurance representing the biggest pressure.

Diesel was selling for about $6.26 a gallon Thursday at a Flying J truck stop in Orange, Texas, according to The Wall Street Journal.

President Donald Trump moved this week to provide truckers with relief from higher diesel costs, signing an executive order temporarily allowing red-dyed diesel normally reserved for off-road use to be used on highways.

The administration cited tight global diesel supplies and limited refining capacity as reasons for the move, pointing to the Russia-Ukraine war and blaming refinery closures in Democrat-led states on green energy policies.

Automotive expert Lauren Fix told FOX Business that allowing red-dyed diesel to be used on highways could make a “huge difference,” estimating a potential savings of 50 cents to $1 per gallon.

The White House also said Trump reached an agreement with Europe to release 100 million barrels of refined diesel and crude oil from strategic reserves over the next four months.

Fix said higher diesel prices could ripple through the broader economy.

“When gas prices go up or diesel prices go up, everything that goes from point A to point B is affected,” according to Fix.

She pointed to agricultural equipment and goods moving from ports to warehouses or farms to markets, as well as package and food deliveries.

“Everything has to get somewhere somehow, and so everything gets more expensive,” Fix said.

FOX Business reached out to Globemaster Incorporated, CLJ Transporting, Pacer Transport, Jett Transport & Materials, Mill Creek Logistics–Illinois, RP Hay Hauling and Xoco Transport for comment.

FOX Business’ Stepheny Price contributed to this report.

The U.S. dollar eased Friday as oil prices retreated, giving other currencies some breathing room after a period of energy-driven market pressure. For American businesses, the shift leaves a mixed picture: the dollar’s recent strength can reduce the cost of purchases priced in foreign currencies, while expensive energy continues to threaten transportation and production budgets.

The latest move interrupted the dollar’s advance rather than establishing a clear reversal. In its Friday currency outlook, ING said it still favored a slightly stronger dollar in the near term, citing fragile bond markets and expectations of further Federal Reserve tightening.

Sterling rose about 0.1% to $1.324 in European trading Friday, according to Reuters. Brent crude was down about 1% at $103.30 a barrel in the same report. Those were intraday prices, not closing figures.

Oil declined after President Donald Trump said the United States would not attack Iran before next month’s elections and described talks with Tehran as productive, Reuters reported. ING cautioned that oil markets were still pricing in geopolitical risk despite improved Gulf supply.

That matters because energy prices affect more than fuel bills. Higher oil costs can raise freight expenses and the cost of making and delivering goods. They also complicate the Fed’s effort to control inflation, potentially supporting higher U.S. interest rates and demand for dollar assets.

The policy backdrop remains firm. The Federal Reserve’s September 16 statement confirms that officials voted 12–0 to raise the benchmark federal funds rate by a quarter percentage point, to a range of 3.75% to 4%. The central bank cited elevated inflation and said the increase would help return inflation to its 2% target sooner.

Minutes released October 7 show that most participants considered another increase likely to be appropriate by year-end. They also stressed that future decisions would depend on incoming information. Another increase is therefore an expectation among officials, rather than a decision already made.

Higher U.S. interest rates can support the dollar by making dollar-denominated investments more attractive relative to alternatives. The exchange rate also depends on interest rates abroad, economic conditions and investors’ appetite for risk.

Europe presents a separate source of support for the dollar. Reuters reported Friday that concerns about France’s budget deficit had weighed on the euro. ING’s analysis likewise identified French fiscal risk as an obstacle to a sustained euro recovery, even as the currency regained some ground against the dollar.

For U.S. importers, currency strength can create savings when suppliers charge in euros or other foreign currencies. The benefit depends on the contract: a purchase already priced in dollars does not automatically become cheaper because the dollar rises. Currency hedges and advance orders can also delay the effect.

American exporters face the opposite pressure. A stronger dollar can make their products more expensive for overseas customers or reduce the dollar value of sales earned abroad. Companies must decide whether to absorb that effect in profit margins or adjust prices.

Households may gain purchasing power on overseas travel and foreign-currency purchases. Lower store prices are less certain, because retailers also face shipping costs, existing inventory and other expenses. A currency gain alone does not establish how much a particular shopper will save.

The next scheduled Fed decision comes October 27–28. Until then, inflation data, energy prices and conditions in global bond markets will help determine whether Friday’s dollar pullback grows into a broader retreat or proves temporary.

JBizNews Desk | Wall Street

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The US Embassy in Jordan issued a travel advisory on Friday to Americans in the Middle East in light of current hostilities in the region, specifically pointing to the recent Houthi attack on Saudi Arabia’s Riyadh airport. 

“Iranian-supported Houthis have engaged in hostilities against Saudi Arabia, including attacks on civilian airports and other critical infrastructure resulting in civilian casualties,” the embassy wrote, adding that “the hostilities have the potential to escalate rapidly” and Americans should monitor the situation closely, particularly if they are planning travel to or from the region. 

Also on Friday, the European Union Aviation Safety Agency EASA recommended airlines not to operate within additional portions of Saudi airspace after Yemen’s Iran-aligned Houthis attacked Riyadh airport.

In an updated conflict zone information bulletin for Saudi Arabia airspace, which was initially issued on September 30, the EU regulator said recent attacks had demonstrated the ability and intent of the Houthis to strike targets deeper inside Saudi territory, including the capital.

Three killed, several wounded following two attacks on Saudi Arabia’s King Khalid airport

The situation escalated after Saudi Arabia’s General Authority of Civil Aviation said on Friday that three Saudi nationals were killed and several people were wounded following two attacks on King Khalid International Airport in Riyadh on Thursday.

In a statement on X/Twitter, the General Authority of Civil Aviation said the first attack targeted airport facilities, while the second struck an aircraft belonging to Saudi state carrier Saudia.

Yemen‘s Iran-aligned Houthis said on Thursday they had attacked the airport with two cruise missiles.

The group also said it had targeted an airport in the southwestern city of Najran, a claim Saudi authorities have not confirmed, and an airbase in Khamis Mushait with ballistic missiles.

The Houthis say they are targeting the kingdom over its support for government forces in Yemen’s reignited civil war. Saudi Arabia says it is backing an offensive by Yemen’s UN-recognized government to take back territory from the Houthis.

This post was originally published on here.

Somewhere today, someone will call a corporate help desk and say they are locked out. The voice will sound right. The employee ID will match. The caller will know the answer to security questions. Within minutes, they may have access to systems worth hundreds of millions of dollars. Increasingly, the person on that call will not be who they claim to be.

Documents and credentials have long served as proof that you are you. Driver’s licenses were created to show you can drive and Social Security numbers were created to track wages. Neither was built to prove who you are and what you should have access to. Yet, over time these credentials became stand-ins for proving identity and online verification has exacerbated the problem. Data breaches hand attackers the right facts, and generative AI can now supply a matching face and voice. Someone can know what you know, look like you and sound like you, and still be someone else.

In a short time, we’ve moved from AI writing content to taking action on our behalf. AI agents can buy products, move money and open sensitive systems for us. That’s an enormous opportunity for efficiency, speed, and innovation, and it raises the stakes to get true and trusted identity right.

Payments, as just one example, show why this moment matters. Google, Visa, and Mastercard are building systems enabling AI agents to make payments and access credentials like credit cards. Innovation is what makes digital agents enormously useful in everyday life, and it shows how quickly our capabilities are moving. 

We need to make sure all of this sits on a strong foundation, otherwise we’re building a skyscraper on sand. A fraudster impersonates an executive on an account-recovery call, takes over her account and registers an agent, and fraudulent transactions ensue. The company’s security controls technically worked, as the agent faithfully carried out the fraudster’s instructions. If true identity were confirmed, we could have stopped the damage that followed. 

Everything rides on that first identity decision. Today, that decision often comes down to a password, a security question and a phone call. None of those methods prove it’s the right person. That’s why proof of identity is the foundation of agent security, not a separate compliance exercise.

CLEAR is a certified, Qualified Anti-Terrorism Technology under the Department of Homeland Security. Over 16 years we’ve learned that true and trusted identity can strengthen security and deliver faster travel, safer experiences, less friction, and better days. 

AI is where we are going, and the potential is massive. Prioritizing identity infrastructure is what unleashes this technology safely. The debate around AI often gets framed as speed versus safety. In our experience, you can have both – it’s the AND. Slowing down AI isn’t the answer, and neither is letting agents run on weak credentials. When trusted identity is embedded, you get both. 

When an AI agent acts, the system needs to answer two questions: Did a human authorize this? And was that human strongly verified? Many enterprises struggle to answer the second question, but that’s the biggest opportunity to move both quickly and safely. 

Conventional evidence cannot count as proof alone. If information can be researched, bought on the dark web or generated by a model, it is not proof of identity. Traditional evidence, like passwords or ID numbers, create new vulnerabilities, and this is where true identity matters most.

Proof of identity should travel with the person. Building an immutable link between the person and identity and then seamless, continuous and rigorous confirmation everywhere they go. Today’s technology makes that possible while keeping the experience frictionless.

None of this means slowing AI down. I’m very optimistic about what AI will unlock. Trusted identity is how we get there faster, with the safety and simplicity we all want.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune_._

This story was originally featured on Fortune.com

At the time, artificial intelligence anxieties were running high.

The latest frontier model, with apparent human-level faculties, had gone rogue – displaying dangerous, even devious online behaviors. Leading AI researchers and executives warned of the “profound risks to society and humanity” that could radically alter “the history of life on Earth.” Absent any government regulation and amidst an “out-of-control” corporate rush into the unknown, they called for an immediate moratorium on developing more powerful AI systems.

This was, of course, three-and-half years ago.

Perhaps more relevant, these concerns arrived hundreds of billions of investment dollars prior to the latest AI-extinction panic.

Last month, Jacob Coxon, the Anthropic researcher whose resignation post went viral and made headlines, issued pleas not unlike those of the “Pause Giant AI Experiments” open letter signed by Elon Musk, Steve Wozniak, and others in March 2023. Coxon admonished the wild-eyed pursuit of superintelligence that’s “gambling with our lives.”

“Do not underestimate the power of this technology,” he wrote on X. “The people building AI earnestly believe that it could kill us all by the end of the decade. This is not a marketing stunt.”

And, yet, the two are not mutually exclusive: The risks can be real, as can the rewards that come with a trillion-dollar I.P.O., which both OpenAI and Anthropic are eyeing. It can be both alarmist and advertising.

After all, the most valuable companies in history surely need to be selling the most powerful technologies in history. What else would all that capital be paying for? And what could be more powerful than an extinction-level technology?

If AI can wipe out civilization, it can surely handle some work emails on your behalf.

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As it’s spread relentlessly in the years since that open letter, artificial intelligence has been called many things: “an idea, an infrastructure, an industry.” But because it’s a giant market wager on life in the future, it must also be a massive, ongoing sales pitch.

That sales pitch has only grown more frenzied as the economics of AI have gotten more precarious. It is an unfathomably expensive technology, with an (as-yet) speculative business model, simultaneously propping up the U.S. economy and also torchingtech company cash by the bushel.

Those bets only pay out if we, as humans, agree to adopt AI into every aspect of our thinking lives, both professionally and personally. And we’ll only agree to that if the technology is good enough – and not just “doesn’t hallucinate” good enough.

Like, “kill us all” good enough.

Hence, the doomsday handwringing of Coxon, Dario Amodei, and others in Silicon Valley is part of that sell, intentional or not.

As a professor who studies media and culture, the commercial narratives around our technologies are as consequential as the technologies themselves. In my most recent book, I focused on the notion of “authenticity” as pivotal to social media’s ascendence and ubiquity over the past two decades.

YouTube and Instagram would never have amassed fortunes for their parent companies if they couldn’t be framed as platforms of genuine self-performance: As we produced content for them, they hoped to induce authenticity from us. Similarly, other research showed how marketing to the millennial generation meant conceptualizing that cohort as being eager to divulge their lives online.

In short, you can’t sell a technology – and, in particular, a deeply unpopular one like AI – unless you authenticate it into people’s lives.

Of late, the ads on TV are doing that ideological work. Mountains of money are being plowed into 30-spots that tell us to let AI organize our book clubs, write our children’s fan letters, and handle our eulogies. Because artificial intelligence is, by definition, artificial (i.e., “fake”), it must be sold as acceptably “authentic” for all those purposes.

Studying more than seventy such commercials that have aired in recent years, I found themes of entrepreneurialempowerment and efficiencyfetish; bodily enhancement and social companion.

Most emblematic (and presumptuous), though, is messaging that sells AI as inevitable, because only a stick-in-the-mud Luddite would foolishly inveigh against inevitability.

Hence, to take one example, OpenAI’s Super Bowl spot, which shuffles through pixelated representations of inventions throughout human history and places AI explicitly in lineage with the spear, fire, railroad, flight, DNA, and space travel – though not (apparently!) the atom bomb. “All progress has a starting point,” the ad concludes.

Anthropic’s Coxon wrote something similar in his resignation, “We have all witnessed the progress in each of these domains, and progress is not slowing.”

That’s the fundamental faith one must abide in Silicon Valley: a belief in the inexorability of the project.

How else to explain the fact that these latest calls of AI danger and panic – calls coming from “inside the house,” in the horror film sense – will almost surely stop nothing? After all, they stopped nothing three years ago when 1,000 intellectual luminaries and corporate oligarchs put their name to paper demanding much the same.

For those oligarchs, the money to be made must surely be the compensation – financial, if not moral – for making the thing that could kill us all. And that alleged risk, again, helps seal the deal, if you’re investing in (and therefore betting on) the power of such tools.

But that’s not the only rhetorical benefit.

Extinction by way of HAL 9000 or Skynet – a dramatic, cinematic evocation – obscures the actual, slower-moving environmental devastation of AI when it comes to electricity, water, and other resources. It also misdirects our attention from the (equally slow-moving) cognitive devastation that’s happening in education as students outsource habits and muscles of thought, as AI asks of them.

Ironically, as AI tantalizes with the prospect of doing more, it will also leave us able to do less: a deskilling inherent to any act of outsourcing. If we accept the synthetic product generated – where AI thinks, expresses, and feels on our behalf – we’ll have abandoned something more fundamentally human than automation ever took from us before.

For now – in an era of unregulated free-for-all where tech companies do what they want, because “can” is the only policy verb that matters – _norms_are all that we have to guard against that substitution. Advertising and public relations are attempting to shape those norms, as they have for more than a century on many a product before.

Sometimes that effort is successful; other times, Mark Zuckerberg has to write off an estimated $80 billion loss on a Metaverse party that no one wanted to show up for.

And if the AI endgame, indeed, rolls the dice on a 10% chance of annihilation, well, the United States can’t let China get there first, can we? Even as Anthropic ostensibly pleads for guardrails because of AI’s peril, national security anxieties will override any caution – _because_of that same potential power.

Turns out that “if anyone builds it, everyone dies” also functions as a savvy sales pitch necessitating precisely the action that’s cautioned against.

---

Over the decades, there is a literal seasonality to AI discourse: “springs” are those years full of hype and investment; “winters,” by contrast, when momentum and money withdraw. Likewise, many a technology before – from electricity and the telegraph to phone and radio – have been heralded as sublime, magical, revolutionary, and terrifying.

That’s not to say this time isn’t different – that this technology is, finally, sufficiently advanced to truly spook the technical geniuses close to the problem.

But we have heard the story before. And there’s still untold riches that await those who tell it convincingly.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune_._

This story was originally featured on Fortune.com

Thomas Barrack, a top US diplomat in the Middle East, advocated for a firm run by his business partner to take part in the development of an oil pipeline from Iraq to Syria, three people said, activities which appear to violate federal ethics rules.

In July, Iraq and Syria signed memorandums of understanding with a consortium made up of the company, Californian investment group TI Capital, along with Chevron and Qatar’s UCC Holding, to carry out technical and financial studies in preparation for rehabilitating the pipeline, which would skirt the Strait of Hormuz chokepoint.

Barrack, US presidential special envoy to both Iraq and Syria as well as Ambassador to Turkey, has a longstanding business relationship with TI Capital and its founder Ziad Ghandour. At the time of his confirmation hearings in 2025 he had a financial interest entitling him to as much as a fifth of the profits from a real-estate venture near San Francisco, California and managed by TI Capital – with Ghandour as chief executive – that he said he intended to retain, public records show.

During engagements with Syrian and Iraqi officials after the start of the war in Iran, Barrack pressed for Ghandour’s firm to be included in the project, according to two of the people, who have direct knowledge of the discussions.

On June 16, a month before the consortium agreement was signed, Barrack and Iraqi Prime Minister Ali al-Zaidi issued a joint statement that commended Iraq’s decision “to advance a memorandum of understanding with TI Capital to rehabilitate the Kirkuk-Baniyas Pipeline.” The statement made no mention of Chevron or UCC in connection with the pipeline.

Reuters found no evidence that Barrack stands to profit from the pipeline or other projects. His ties to Ghandour would not constitute a criminal conflict of interest unless he stood to directly profit from the pipeline itself, two ethics lawyers told Reuters.

However, Barrack’s relationship with Ghandour makes such advocacy “a serious problem” under the regulation that prohibits officials from participating in matters that call into question their impartiality because of a personal or business relationship, said Richard Painter, a former chief White House ethics lawyer and a professor at the University of Minnesota Law School.

The impartiality rule, which is not a criminal statute, can be triggered by the involvement of a business associate in a project, regardless of whether the official has a financial interest of his own.

“The ethical concern is the appearance of a conflict of interest,” said Ann Skeet, interim executive director at the Markkula Center for Applied Ethics in Santa Clara University.

Asked what Barrack would have needed to do to comply, Painter said: “Have nothing to do with this pipeline. Completely recuse. Say this is not a matter I participate in.”

Don Fox, a former general counsel and acting director of the US Office of Government Ethics, said that promotion of TI Capital by Barrack would additionally violate a regulation prohibiting officials from using their office to endorse any enterprise or for the private gain of people they are affiliated with.

Barrack has not filed a conflict-of-interest waiver with the US Office of Government Ethics regarding his ties to the company as it participates in the project, according to a Reuters records request. Waivers allow officials with potential conflicts of interest to participate in matters that would otherwise require the employee be recused.

In a signed ethics agreement before his confirmation hearings last year, he committed to recusing himself from matters directly affecting the financial interests of the real-estate venture unless he first obtained such a waiver.

Barrack’s office and Chevron declined to comment. TI Capital, Ghandour and UCC did not respond to requests for comment.

In a July 17 post on X, Barrack said the involvement of US companies in Iraq and Syria was “a new paradigm” aimed at bringing clarity and opportunity to the region.

A fourth ethics lawyer said it was up to the State Department to decide whether its employee’s financial holdings create a potential conflict of interest.

“Ambassador Barrack has no affiliation with, role in, or financial interest in the Kirkuk-Baniyas pipeline project,” a State Department spokesperson told Reuters, while acknowledging Barrack’s relationship with the TI Capital real-estate venture.

His public comments on the pipeline reflect “long-standing, publicly stated US policy interest in regional energy integration,” the spokesperson said, adding that Barrack was certified to be in compliance with ethics rules.

The disclosed interest: Barrack declared an equity stake in ACD-TI Oakley Investment 

In a financial disclosure filed with the US Office of Government Ethics in March 2025, before assuming his diplomatic roles, Barrack declared an equity stake in ACD-TI Oakley Investment LLC, a venture building a large housing project near San Francisco. The filing did not disclose the size of the stake, but said he was entitled to 20% of the company’s profits when the earnings reach an established minimum.

ACD-TI is managed by TI Capital and headed by Ghandour, California state corporate records show. Reuters was unable to find contact details for a company representative and did not get a response to questions sent to its postal correspondence address.

The filing said the profit-sharing arrangement was in return for services he provided to the company. Barrack also disclosed to the OGE a paid consulting role with the venture in 2024. The filing does not say whether or how much he was paid.

In a separate signed ethics agreement dated March 7, 2025, three weeks before his Senate confirmation hearing, Barrack listed ACD-TI Oakley among assets he would retain rather than sell.

Bypassing Hormuz via the Kirkuk-Baniyas pipeline

The historic Kirkuk-Baniyas pipeline, which for decades moved Iraqi crude to Syria’s Mediterranean coast, faced sporadic shutdowns from the early 1980s and has been out of action since the US invasion of Iraq in 2003. Mothballed plans to revive it received new impetus this year when, under US attack, Iran restricted traffic through Hormuz, pushing oil prices higher.

Several people told Reuters in August the pipeline would take at least four years and cost $15 billion to build.

The idea of bringing TI Capital into the regional project was raised by Barrack in May at the Milken Institute Global Conference in Los Angeles, a third person with direct knowledge of the conversation told Reuters. The discussion, they added, took place on the sidelines of the event.

With the US war on Iran raging, Barrack and Ghandour also participated in an invite-only panel at the conference, where they discussed in more general terms the need for new energy supply lines in the Middle East, the person said.

A Milken Institute spokesperson declined to provide details of the panel discussion, saying it was closed to the media.

Barrack has engaged in business with Ghandour since at least 2020, when the two men created a $250 million blank-check SPAC that was dissolved after Barrack was arrested in 2021 on charges of acting as an unregistered agent of the United Arab Emirates. He was acquitted in 2022.

The Iraqi cabinet named TI Capital later in July as part of another consortium with UCC Holding and ConocoPhillips to assess the Akkas gas field, one of Iraq’s largest undeveloped reserves. On its website, the firm claims involvement in projects at Syria’s Tartous port, without providing details. Syria’s port authority did not reply to questions about TI Capital, and Reuters could not verify its role in Tartous. ConocoPhillips did not reply to a request for comment.

A person close to Barrack said the ambassador trusted Ghandour to help implement US President Donald Trump’s regional strategy of bringing Iraq and Syria closer to the US. “Ziad is the chosen man. Hand-picked by Barrack,” the person said.

The White House referred Reuters questions to the State Department.

This post was originally published on here.

The Hershey Co. has added a new disclaimer to Reese’s Peanut Butter Pumpkins following a legal battle over claims that images on the packaging did not match the actual candy.

Packages of the seasonal treat now feature the words “Carving not on actual product” next to an image of the pumpkin-shaped Reese’s with jack-o’-lantern-style eyes and a mouth, according to product images on the official Hersheyland website.

The disclaimer appears in small text on the front and back of the packaging.

It replaces previous language that read, “Decorating Suggestion,” according to court documents.

FOX Business reached out to The Hershey Co. for comment.

The change comes after Hershey won the dismissal of a proposed class-action lawsuit brought by two Florida consumers. They alleged they were misled because the Reese’s pumpkins they bought did not include the decorative carvings pictured on the packaging, Reuters reported last month.

U.S. District Judge Melissa Damian in Miami ruled that plaintiffs Nathan Vidal and Eduardo Granados lacked legal standing to claim they overpaid for the candy.

The plaintiffs said they bought the Reese’s candy for the “novelty” of its “cool and beautiful carved-out designs.”

“Accepting plaintiffs’ allegations as true, it is clear that their only injury is their subjective disappointment,” Damian wrote. “Plaintiffs do not allege that the Hershey’s Reese’s Peanut Butter Pumpkins that they purchased were defective or worthless or that they lost all economic value because of the absence of the decorative carvings.”

Damian also rejected their argument that they paid as much as 25% more for the products.

Hershey had argued in court filings that its packaging described the pictured carvings as a “decorating suggestion,” Reuters reported.

James Kelly, an attorney for the plaintiffs, said his clients were disappointed with the ruling and planned to appeal.

“Consumers in Florida deserve to get what they pay for, and it is troubling to see them left without protection,” he said.

Damian also dismissed an earlier version of the lawsuit last September, according to Reuters.

Hershey recently rolled out more than 20 Halloween-themed products ahead of the holiday.

Reuters contributed to this report.

Finance editor Jeff John Roberts here. The explosive growth of the robotics industry in recent years is reflected in new technology feats, but also by the proliferation of new business and distribution models. Ultra, a startup that leases its devices to warehouses under a monthly “robots as a service” model, is a case in point. On Friday, the Brooklyn-based company announced it had raised $62 million, while also deepening a partnership with the buzzy “robot brains” AI firm Physical Intelligence.

Ultra’s funding came in two rounds: a $50 million Series A led by Framework Ventures with participation from Y Combinator, and an earlier $12 million seed round led by the latter and Next View.

In an interview with Term Sheet, Ultra CEO and co-founder Jon Miller Schwartz made a point we’re hearing a lot these days: Namely, he says humanoid robots get the lion’s share of attention, but that it is other forms of robots that are having the most impact in the real world. This phenomenon is hardly a new one: Recall how, in the 1980s, fictional robots like C3PO and Terminator’s T-800 captured the popular imagination, even as people gave little notice to new robotic arms doing actual work in auto factories.

Today, humanoid robots have made their way from the movie screen into real life, but they are prone to falling over, and their makers are struggling to deploy them in everyday situations. Ultra’s robots, on the other hand, can be found in warehouses across the country and according to the company, the devices have packed more than half a million orders for shipping.

Unlike many Silicon Valley engineers, Schwartz studied mechanical engineering, which means he and his team spend their days doing hands-on stuff with metal parts, cables and motors. That includes going to so-called 3PL (third party logistics) sites, and installing Ultra’s robots that specialize in packing goods for transit.

Ultra’s contraptions are part of a growing robot empire taking over the country’s warehouse and logistics operations. Notable players in the space include France-based Exotec, whose robots specialize in climbing vertical racks to retrieve things and, of course, Amazon and its fleet of devices working alongside humans in hubs across the U.S. There is also Uber founder Travis Kalanick, who is also firmly in the non-humanoid robot, and who recently stepped back into the public eye with a plan to complete what he started at the ride-sharing firm. Kalanick’s new company, Atoms, is a massive logistics and AI play that he says will one day use one robot to cook your burrito and another to bring it to your door.

While Ultra is riding a wave, its early success has come in part from its shrewd as-a-service business model. Schwartz says the company has booked significant revenue (he didn’t disclose how much) because Ultra doesn’t require customers to lay out large amounts of capital to use its robots. Instead, clients pay an up-front integration fee for Ultra to install the robots, and then an ongoing monthly fee for ongoing hardware and software support. The model has gotten so much traction that Schwartz says Ultra has been able to raise prices.

There is a second intriguing part of Ultra’s business model, which is its decision to employ what some call the “body and brains” approach to robots. That means Ultra builds and installs the robots, but relies on Physical Intelligence to supply the AI that allows them to learn and improve rapidly in response to any given customer’s set-up. Numerous other robot makers are also using software from PI, which is valued at $5.6 billion, and was founded by a team from Google DeepMind who published a landmark paper on robotic intelligence.

The tie-up between Ultra and Physical Intelligence thus reflects a clever division of labor and distribution play—one that lets the former focus on its core robot-building competency, while PI gets out-of-the-lab data to better train its models. As for when we’ll see this sort of scaling on the humanoid robot side of things? Schwartz says give it five years. 

See you Monday,

Jeff John Roberts
[email protected]
@jeffjohnroberts

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Joey Abrams curated the deals section of today’s newsletter.

This story was originally featured on Fortune.com

At 6:45 a.m. Eastern Time today, oil was priced at $105.72 per barrel with Brent serving as the benchmark (we’ll explain different benchmarks later in this article). That’s a drop of $2.61 compared with yesterday morning and around $40 higher than the price one year ago.

Oil price per barrel

% Change

Price of oil yesterday

$108.33

-2.40%

Price of oil 1 month ago

$101.01

+4.66%

Price of oil 1 year ago

$65.58

+61.20%

Will oil prices go up?

It’s impossible to forecast oil prices with detailed precision. Many different elements affect the market, but ultimately it boils down to supply and demand. When worries about economic recession, war, and other large-scale disruptions increase, oil’s path can shift fast.

How oil prices translate to gas pump prices

Gas prices at the pump don’t only track crude oil. They also include what it takes to refine and move that fuel, the taxes layered on top, and the extra markup your local station adds to stay in business.

Since crude oil generally makes up a majority of the per-gallon cost, changes in its price have an outsized impact. When oil surges, gas prices typically rise in tandem. But when oil retreats, gas prices often lag on the way down, a trend sometimes described as “rockets and feathers.”

The role of the U.S. Strategic Petroleum Reserve

In case of emergency, the U.S. has a store of crude oil known as the Strategic Petroleum Reserve. Its primary purpose is energy security in case of disaster (think sanctions, severe storm damage, even war). But it can also go a long way toward softening crippling price hikes during supply shocks.

It’s not a long-term answer and is more meant to provide temporary relief, assisting consumers and keeping critical parts of the economy running, like key industries, emergency services, public transportation, etc.

How oil and natural gas prices are linked

Both oil and natural gas are key sources of the energy we use every day. Because of this, a big change in oil prices can affect natural gas. For example, if oil prices increase, some industries may swap natural gas for some segments of their operations where possible, which increases demand for natural gas.

Historical performance of oil

To gauge oil’s performance, we often turn to two benchmarks:

• Brent crude oil, the main global oil benchmark.
• West Texas Intermediate (WTI), the main benchmark of North America

Between these two, Brent better represents global oil performance because it prices much of the world’s traded crude. And, it’s often the best way to track historical oil performance. In fact, even the U.S. Energy Information Administration now uses Brent as its primary reference in its Annual Energy Outlook.

Looking at the Brent benchmark across several decades, oil has been anything but steady. It’s seen spikes due to factors such as wars and supply cuts, and it’s also seen crashes from global recessions and an oversupply (called a “glut”). For example:

• The early 1970s brought the first big oil shock when the Middle East cut exports and imposed an embargo on the U.S. and others during the Yom Kippur War.
• Prices dropped in the mid-1980s for reasons such as lower demand and more non-OPEC oil producers entering the industry.
• Prices spiked again in 2008 with increased global demand, but it soon plummeted alongside the global financial crisis.
• During the 2020 COVID lockdown, oil demand collapsed like never before—bringing prices below $20 per barrel.

All to say, oil’s historical performance has been anything but smooth. Again, it’s hugely affected by wars, recessions, OPEC whims, evolving energy initiatives and policies, and much more.

Energy coverage from Fortune

Looking to stay up-to-date regarding the latest energy developments? Check out our recent coverage:

• Trump’s red-dyed diesel plan is more midterms appeal than gas price solution
• Economists say Trump’s red-dyed diesel order could raise prices for farmers
• Iraq devalued its currency as the Iran war squeezes its oil exports

Frequently asked questions

How is the current price of oil per barrel actually determined?

The current price of oil per barrel depends largely on supply and demand, including news about potential future supply and demand (geopolitics, decisions made by OPEC+, etc.). In the U.S., prices also move based on how friendly an administration is to drilling, as it can affect future supply. For example, 2025 saw the Trump administration move to reopen more than 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing, reversing the Biden administration’s policy of limiting oil drilling in the Arctic.

How often does the price of oil change during the day?

The price of oil updates constantly when the “futures” markets are open. A futures market is effectively an auction where people agree to buy or sell oil in the future. As long as people and companies are trading contracts, the oil price is changing.

How does U.S. shale oil production affect the current price of oil?

In short, shale is rock that contains oil and natural gas. Think of shale as energy yet to be tapped. The more shale the U.S. accesses, the more energy we’ll have—and the more easily oil prices can keep from spiking as much thanks to a greater supply.

How does the current price of oil impact inflation and the broader economy?

When oil is expensive, it tends to make everyday items cost more. This can be related to energy (your heating, gas utilities, etc.), but it’s also due to the logistics involved with making those items accessible to you. Shipping, for example, can affect the price of things at the grocery store, as it’s more expensive to get those products from warehouses and farms onto the shelf.

This story was originally featured on Fortune.com