An organised network recruited men for sex with Abercrombie & Fitch’s then-CEO - BBC investigation. Continue Reading »

The Californian Mike Jeffries had a clear vision when he took over - "We go after the cool kids." Continue Reading »

Downing Street continues to insist no final decision on the high-speed rail link to Manchester has been made. Continue Reading »

The new space observatory sees pairs of Jupiter-sized objects floating free between the stars. Continue Reading »

Deals are in place to make 100 million doses of the vaccine each year to fight the complex disease. Continue Reading »

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• Fox-Dominion trial delay 'is not unusual,' judge says • Fox News' defamation battle isn't stopping Trump's election lies Continue Reading »

The judge just announced in court that a settlement has been reached in the historic defamation case between Fox News and Dominion Voting Systems. Continue Reading »

A settlement has been reached in Dominion Voting Systems' defamation case against Fox News, the judge for the case announced. The network will pay more than $787 million to Dominion, a lawyer for the company said. Continue Reading »

Flexport founder Ryan Petersen claimed in public that Dave Clark's tenure as CEO featured too much spending, but internal documents tell a different story Continue Reading »

New York Attorney General Letitia James accuses Donald Trump, the Trump Organization and others in engaging in business fraud for years. Continue Reading »

The index fell into the red for the year, in stark comparison to the large-cap focused S&P 500. Continue Reading »

Late night hosts return to TV on Monday, as striking Hollywood actors resume talks with major studios. Continue Reading »

Pershing Square's Bill Ackman on Monday sounded alarms on the economy, which he believes has begun to decelerate on the back of aggressive rate hikes. Continue Reading »

Les ministres des Affaires étrangères de l'Union européenne se sont retrouvés lundi à Kiev pour une "réunion historique" visant à tracer les lignes d… Continue Reading »

Au moins treize personnes sont mortes dimanche matin à Murcie, dans le sud-est de l'Espagne, dans l'incendie d'une discothèque d'une violence "… Continue Reading »

Une mission de l'ONU est arrivée dimanche au Nagorny Karabakh, pour la première fois en trois décennies, a annoncé l'Azerbaïdjan, au moment où la… Continue Reading »

Le parti populiste slovaque Smer-SD opposé à l'aide à l'Ukraine, a remporté le scrutin législatif en Slovaquie, selon le décompte de la quasi-… Continue Reading »

Le parti centriste Slovakie Progressiste (PS) devrait remporter les élections slovaques de samedi, selon deux sondages de sortie des urnes, devant le… Continue Reading »

Georgia has complained about three US-funded Serbian activists possibly preparing a “color revolution” in Tbilisi in a repeat of 2003 Read Full Article at RT.com Continue Reading »

The recent Washington-Tehran prisoner swap and unfreezing of assets is likely linked to the coveted Saudi-Israeli normalization Read Full Article at RT.com Continue Reading »

Russell Brand is the subject of a new investigation into alleged “harassment and stalking,” according to UK media reports Read Full Article at RT.com Continue Reading »

The US government has reportedly demanded that Kiev clean up the Ukrainian economy in order to keep receiving aid Read Full Article at RT.com Continue Reading »

Branding any politician who focuses on their nation’s sovereignty as “pro-Russian” is “absurd,” the Kremlin has said Read Full Article at RT.com Continue Reading »

Кроме того, немецкая сторона передала один мостоукладчик BIBER, а также два танка-тральщика WISENT 1 Continue Reading »

Он представит серию документальных портретов актеров Московского театра Олега Табакова под руководством народного артиста России Continue Reading »

По мнению и. о. главы ведомства Хосе Мануэля Альбареса, Россия может остановить конфликт Continue Reading »

Кайл Шостак отметил, что факт возможной приостановки работы федерального правительства "обострил наличие системных противоречий самого процесса принятия важнейших фискальных и экономических решений" Continue Reading »

Они пройдут в октябре Continue Reading »

McCarthy braces for new Republican rebellion... (Top headline, 1st story, link) Related stories:Gaetz threatens to oust. Won't be easy...DEMS TO THE RESCUE... Drudge Report Feed needs your support!   Become a Patron Continue Reading »

Gaetz threatens to oust. Won't be easy... (Top headline, 2nd story, link) Related stories:McCarthy braces for new Republican rebellion...DEMS TO THE RESCUE... Continue Reading »

DEMS TO THE RESCUE... (Top headline, 3rd story, link) Related stories:McCarthy braces for new Republican rebellion...Gaetz threatens to oust. Won't be easy... Continue Reading »

RUSSIA WARNS WWIII OVER UK TROOP PLAN (Main headline, 1st story, link) Related stories:PLANNING NUKE TEST?HACKERS ATTACK ROYALS Drudge Report Feed needs your support!   Become a Patron Continue Reading »

PLANNING NUKE TEST? (Main headline, 2nd story, link) Related stories:RUSSIA WARNS WWIII OVER UK TROOP PLANHACKERS ATTACK ROYALS Continue Reading »

While Western assistance for Ukraine remains robust, critics of that support have become increasingly vocal in EU, US. Continue Reading »

Hardline Republicans are threatening to oust their own party's speaker — using a rule McCarthy himself introduced. Continue Reading »

Row centres on remarks by Russia's foreign intelligence service director about US 'interference' in the country. Continue Reading »

Nobel Peace Prize-winning doctor worked with victims of rape and brought attention to sexual violence during conflicts. Continue Reading »

R21/Matrix-M vaccine, made by Serum Institute of India, is approved already for use in Burkina Faso, Ghana and Nigeria. Continue Reading »

An organised network recruited men for sex with Abercrombie & Fitch’s then-CEO - BBC investigation. Continue Reading »

The Californian Mike Jeffries had a clear vision when he took over - "We go after the cool kids." Continue Reading »

Downing Street continues to insist no final decision on the high-speed rail link to Manchester has been made. Continue Reading »

The new space observatory sees pairs of Jupiter-sized objects floating free between the stars. Continue Reading »

Deals are in place to make 100 million doses of the vaccine each year to fight the complex disease. Continue Reading »

The former president is making the case to his supporters that he is being wrongfully targeted. And it might bring him more support. Continue Reading »

Speaker Kevin McCarthy faces a major test of his leadership in the days ahead, after one of his loudest Republican critics in the House reiterated a promise to try to remove him from his post. Continue Reading »

Satya Nadella, the chief executive of Microsoft, is the government’s biggest-name witness in its landmark antitrust case against Google. Continue Reading »

Russian spy agencies and new technologies could be used to push conspiracy theories, U.S. officials say. Continue Reading »

Visual evidence from a remote base in the Arctic shows launch preparations mirroring those that preceded earlier tests. Continue Reading »

China’s foreign ministry has confirmed Reuters exclusive report that Premier Li Qiang will lead the country’s delegation at this week’s […] The post Xi to skip G20 summit in India, China to send Li instead  appeared first on Reuters News Agency. Continue Reading »

Reuters was first to report U.S. Commerce Secretary Gina Raimondo discussed concerns about restrictions on chipmakers Intel and Micron with […] The post US raises concerns by Micron, Intel with China as export control meeting set to launch appeared first on Reuters News Agency. Continue Reading »

China’s blue-chip CSI 300 Index jumped roughly 3% on Monday after the country confirmed a Reuters scoop on slashing stamp […] The post China plans to cut stamp duty on stocks by up to 50% to revive confidence appeared first on Reuters News Agency. Continue Reading »

Reuters was first to report that Hostess Brands, the maker of Twinkies snack cakes, is exploring a sale after fielding […] The post Twinkies maker Hostess Brands explores sale amid takeover interest  appeared first on Reuters News Agency. Continue Reading »

Reuters exclusively reported that Novo Nordisk has hired Thermo Fisher as its second contract manufacturer for its hugely popular weight-loss […] The post Catalent’s Indiana plant to make Novo’s Wegovy weight-loss drug  appeared first on Reuters News Agency. Continue Reading »

Satya Nadella said at the antitrust trial against Google that it will take more than AI to check Google’s advantage in internet search. Continue Reading »

In certain cases, screens can be cumbersome or even dangerous. Continue Reading »

The prolific social-media user says he would consider a deal with Elon Musk’s company, now known as X, for his new vehicle. Continue Reading »

The company says the new titanium design has no impact on heat and attributes the issue to bugs. Continue Reading »

The issue threatens Apple’s premium phones, a cash cow essential to its growth and profits. Continue Reading »

The tooth-alignment company is searching for a buyer in bankruptcy to continue as a going concern. Continue Reading »

Satya Nadella said at the antitrust trial against Google that it will take more than AI to check Google’s advantage in internet search. Continue Reading »

The ‘Clerks’ director bought the house from Ben Affleck Continue Reading »

For the first time in more than a year, the electric-vehicle maker’s global deliveries to customers fell quarter over quarter, by 6.7%. Continue Reading »

The West Coast dockworker union’s bankruptcy filing puts a dent in the armor of one of the country’s most powerful labor groups, an organization with 22,000 members that handles virtually all U.S. seaborne trade from Seattle to San Diego. Continue Reading »

The GOP confrontation last week over continued aid was a rude awakening for Mitch McConnell and other senators who back Ukraine funding. Continue Reading »

"If Putin thinks he can outlast us, he's wrong," Karine Jean-Pierre said. Continue Reading »

A report obtained by POLITICO details specific plans to reform Ukrainian institutions and warns Western support may hinge on cutting corruption. Continue Reading »

The New York attorney general has accused Trump, his adult sons and his business empire of widespread fraud. Continue Reading »

In three cases the justices will take up in coming months, they have the opportunity to seize more power for themselves. Continue Reading »

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An industry preaching stability in tumultuous times has refined its pitch around the troubles of a U.S. Senator. Continue Reading »

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The Supreme Court begins a new term on Monday, and its first week includes some important repair work on the Constitution’s separation of powers. On Tuesday the Justices will hear a challenge to the unconstitutional design of the Consumer Financial Protection Bureau (CFPB v. Community Financial Services Association). Democrats in Congress constructed the CFPB to be insulated from accountability by the political branches. This fits the progressive vision of an administrative state run by... Continue Reading »

Gail Collins: I didn’t think I’d be saying this, Bret, but we’ve dodged a shutdown. It’s a stupendous moment for Kevin McCarthy. Now if he gets tossed out as House speaker by the right wing, he’ll go down in history as the guy who sacrificed his career for the common good. As opposed to the best-possible previous scenario: the boring career pol who was too scared to keep the government running. What’s your reaction? Bret Stephens: Cutting billions in funding for Ukraine was... Continue Reading »

Donald Trump said he intends to attend at least the opening day of his civil fraud trial in relation to New York Attorney General Letitia James' $250 million lawsuit, a move the former president may regret. Trump said he will be at the Manhattan Supreme Court on Monday to hear opening statements as part of the trial in which the former president, his sons Eric and Donald Trump Jr, and the family real estate company, The Trump Organization, are accused of fraudulently... Continue Reading »

Former President Donald Trump denounced the civil fraud case over his business practices as a politically motivated "scam" as he arrived defiantly for a trial in the lawsuit, which could cost him control of Trump Tower and other prized properties. "This is a continuation of the single greatest witch hunt of all time," he said as he made a voluntary trip to a New York court for a trial that has high stakes for him. "It's a scam. It's a sham," the Republican said, reiterating claims that... Continue Reading »

For eight months, there were no adults working in the House Republican day-care center. Day after day, the toddlers of the far right threw tantrum after tantrum. But instead of giving the brats in his caucus a timeout, House Speaker Kevin McCarthy tried to quiet them with all the lollipops, ice cream and sugary drinks they could consume. Finally on Saturday, with just 12 hours to go before the federal government would shut down, McCarthy declared himself a grown-up. “We’re going to be... Continue Reading »

U.S. House of Representatives Speaker Kevin McCarthy is staring down a threat to his leadership, which could plunge the Republican Party back into a crisis this week, days after dodging a federal government shutdown. Rebellious Republican Representative Matt Gaetz on Sunday pledged to launch a bid to oust McCarthy as House speaker, just nine months after he struggled to win the job amid challenges from Gaetz and other hardline conservative Republicans. "I am relentless and I will continue... Continue Reading »

During his visit to a Detroit suburb, Trump criticized Biden on a range of issues from China to NAFTA to electric vehicles (EVs). “A vote for Crooked Joe means the future of the auto industry will be ‘Made in China,’” Trump asserted. He also broadly said that he would “unleash a thing called American energy,” adding, “We will drill, baby, drill.” Biden’s campaign hit back, calling Trump’s speech “incoherent” and “low-energy.” Biden campaign spokesman Kevin Munoz also... Continue Reading »

The title on the cover of Cass R. Sunstein’s 2021 book, “This is not normal,” is printed upside down. If it were a US flag, the inverted positioning would signal “distress or great danger.” The legal scholar and behavioral economics pioneer starts his book with the idea that what is considered normal can shift with the political and cultural context of the times. But he argues that however threatened it is right now, “democracy is the best form of government” given its emphasis on... Continue Reading »

The civil trial stemming from New York Attorney General Letitia James’ lawsuit against former President Trump and the Trump Organization is set to begin in New York City. The non-jury trial, presided over by Judge Arthur Engoron, will begin Monday in Manhattan and comes after a New York State Appeals Court rejected the 2024 GOP primary frontrunner's request to delay the civil trial. The former president is listed among dozens of possible witnesses.  Engoron... Continue Reading »

Rep. Matt Gaetz (R-Fla.) announced over the weekend that he will force a vote on ousting Speaker Kevin McCarthy (R-Calif.) from his post this week, following through on threats Gaetz has levied in recent weeks and answering a dare McCarthy himself made recently. Gaetz announced his plans to bring a motion to vacate against McCarthy one day after the Speaker worked with Democrats to pass a continuing resolution and keep the government open, a reality the Florida Republican... Continue Reading »

Matt Gaetz is so upset that Kevin McCarthy cooperated with Democrats on passing a temporary spending measure to forestall a government shutdown that he wants to work with Democrats to topple McCarthy as speaker. Gaetz is vowing to offer his long-threatened motion to vacate against McCarthy this week. Since the motion requires a majority to succeed and only a small fraction of Republicans will support it, Gaetz needs a huge proportion of the Democratic caucus to come along. Gaetz the... Continue Reading »

Two scientists have been awarded the 2023 Nobel prize in physiology or medicine for their contributions to RNA biology that contributed to the unprecedented rate of vaccine development during the Covid pandemic. Prof Katalin Karikó and Prof Drew Weissman share the 11m Swedish kronor (£823,000) prize announced on Monday by the Royal Swedish Academy of Sciences in Stockholm. The Nobel committee awarded the prize for their discoveries concerning “nucleoside base modifications that enabled... Continue Reading »

Former US President Donald Trump is expected to appear in a New York court on Monday at the opening of a civil fraud trial which leaves his business empire in jeopardy. Mr Trump, his two adult sons, and the Trump Organization, are accused of inflating the value of their properties by more than $2bn (£1.65bn). Last week, a New York judge ruled Mr Trump was liable for business fraud. Mr Trump's legal team had tried and failed to delay the case. Last Tuesday, Judge Arthur Engoron ruled... Continue Reading »

It goes without saying that last week's GOP presidential primary debate was a bit of a debacle. I want to provide my assessment of the debate as one who has been on stage as a candidate and moderator.  The viewership numbers objectively reflect this, with ratings going from 13.5 million in the first debate, to 9.5 million for the second. There were times when it was rather difficult to endure the often immature and even imbecilic... Continue Reading »

The Pentagon must immediately revoke the security clearance of a senior official alleged this week to be part of a secret Iranian government-run propaganda network, a coalition of Republican senators said in a Friday letter to the Department of Defense as they launched an investigation into the matter. Republican lawmakers on the Senate Armed Services Committee have initiated an official probe into the Biden administration's hiring of Ariane Tabatabai, a senior Pentagon official with top-... Continue Reading »

American scientists Katalin Karikó (a Hungarian-born biochemist) and Drew Weissman (an immunologist and professor of vaccine research) have been awarded the Nobel Prize in Physiology or Medicine for their research on messenger ribonucleic acid (mRNA), which contributed towards the development of effective covid-19 vaccines (seen via The New York Times). mRNA vaccines have an advantage over traditional vaccines in that they can be quickly designed and safely manufactured at scale... Continue Reading »

NASA’s James Webb Space Telescope (JWST) has made a groundbreaking discovery on Jupiter’s moon Europa, unveiling the presence of a significant carbon source on its icy surface. According to NASA, the discovery of carbon dioxide holds significant implications for the search for life beyond Earth and our understanding of Europa’s complex geology. “On Earth, life likes chemical diversity – the more diversity, the better,” said Geronimo Villanueva of NASA’s Goddard Space Flight Center. “... Continue Reading »

California Gov. Gavin Newsom will appoint EMILY’s List President Laphonza Butler to fill the seat of the late Sen. Dianne Feinstein, elevating the head of a fundraising juggernaut that works to elect Democratic women who support abortion rights, according to a person familiar with the decision. Newsom is moving swiftly to name the next senator, two days after Feinstein’s death and just as a perilously split Congress narrowly averted a government shutdown. Senate Democrats are in... Continue Reading »

Laphonza Butler, a former adviser to Vice President Harris who currently serves as president of EMILY’s List, was named to fill the vacant U.S. Senate seat in California that was held by the late Sen. Dianne Feinstein (D-Calif.), who died at the age of 90 on Friday.  California Gov. Gavin Newsom (D) made the announcement late Sunday evening, after a weekend full of anticipation ahead of the decision. Newsom had pledged previously to select a Black woman to fill... Continue Reading »

The appointment of Laphonza Butler to become California's newest senator is already raising some eyebrows as she appears to be registered to vote in Maryland with an address in that state. Registration records indicate that Butler lives in Silver Spring, Maryland, with her mailing address the same as her residential. She registered as a Democrat as of Sept. 12, 2022. Butler is the president of EMILYs List, the self-described "nation's largest resource... Continue Reading »

Supreme Court Case About Financial Regulator Sparks Industry Anxiety Authored by Matthew Vadum via The Epoch Times, Some in the financial services industry are nervous about how the Supreme Court will rule in a payday lending industry challenge to the constitutionality of the Consumer Financial Protection Bureau (CFPB) that is being heard this week. A ruling against the powerful regulator in CFPB v. Community Financial Services Association of America (CSFA) (court file 22-448), which will be heard Oct. 3, could cause vast economic upheaval, an attorney representing big players in the financial sector said. At the same time, another attorney rejected these apocalyptic warnings, saying that even if the court rules against the agency it probably wouldn’t prevent the CFPB from operating and would give Congress an opportunity to pass new legislation to fix any constitutional infirmities it may find. The federal agency, which regulates consumer financial products such as credit cards, mortgages, and car loans, was the brainchild of Sen. Elizabeth Warren (D-Mass.). Democrats fiercely defend the CFPB, formed in the wake of the 2008 financial crash, saying it serves a useful function as a check on corporate power. Legislation creating it ... Continue Reading »

Are Small Nuclear Reactors The Answer To Big-Tech's Energy Crisis? Authored by Felicity Bradstock via OilPrice.com, Microsoft hints at its nuclear plans by posting a job for a "Principal Program Manager Nuclear Technology" to explore integrating SMRs into its operations. Small Nuclear Reactors offer quick deployment, reduced costs, and enhanced safety features, with over 80 designs under global development. Challenges like sourcing materials for SMR development, particularly from politically complex regions, may delay their commercial rollout. Microsoft could be the first of several companies to prepare to use small nuclear reactor (SMR) technology for its high energy consumption, as AI and other technologies become more widely used. There has been great enthusiasm around the potential of SMRs, which could be built faster and at a much lower cost than a traditional nuclear reactor. This month, Microsoft posted a job opportunity for a “Principal Program Manager Nuclear Technology,” suggesting its interest in using SMRs in the future, to support its energy-intensive operations. As companies begin to use a vast range of digital technologies in their day-to-day operations, their energy consumption could increase substantially, making the use of low-carbon nuclear power increasingly attractive.  SMRs are advanced ... Continue Reading »

EU Pledges Lasting Support At 'Historic' Kiev Meeting As America Steps Back After President Joe Biden over the weekend signed a stopgap funding bill that did not include aid for Ukraine, given Congressional Republicans are blocking it, European leaders have vowed Monday to commit to lasting support for Kiev. EU foreign ministers are taking part in a "historic" meeting in the Ukrainian capital, even as the war grinds on into its 20th month. "We are convening in a historic meeting of the EU foreign ministers here in Ukraine, candidate country and future member of the EU," the bloc's foreign policy chief Josep Borrell announced. He said it is to "express our solidarity and support to the Ukrainian people," but also cautioned that the meeting "does not have the aim of reaching concrete conclusions and decisions." Ukraine's Foreign Minister Dmytro Kuleba praised the EU at a moment of simultaneous disappointment with Washington as billions in US aid hangs in the balance. "For the first time ever the foreign affairs council is going to sit down outside of its current borders — outside the borders of the European Union — but within future borders of the European Union," ... Continue Reading »

US Supreme Court Rejects Challenge To Block Trump In 2024 Authored by Jack Phillips via The Epoch Times (emphasis ours) The U.S. Supreme Court on Monday declined to take a longshot challenge to former President Donald Trump's eligibility on New Hampshire's ballots during the 2024 election. The U.S. Supreme Court in Washington on Sept. 18, 2023. (Madalina Vasiliu/The Epoch Times) John Anthony Castro filed an appeal with the Supreme Court several weeks ago and claimed that the former president should be disqualified under a reading of a section of the U.S. Constitution's 14th Amendment. Mr. Castro, a Texas lawyer who is running for president, claimed President Trump partook in an insurrection against the federal government due to the Jan. 6, 2021, Capitol breach. “The decision by the United States District Court for the Southern District of Florida dismissing Petitioner John Anthony Castro’s civil action on the grounds that he lacks constitutional standing to sue another candidate who is allegedly unqualified to hold public office in the United States pursuant to Section 3 of the 14th Amendment to the United States Constitution,” Mr. Castro wrote in a petition for a writ of certiorari (pdf). At ... Continue Reading »

Is Dark Money 'Anti-Hate' Group CCDH Run By An Intelligence Operative? A UK dark money nonprofit with outsized influence over the digital advertising space and political sphere, which popped up seemingly out of nowhere, is run by a British operative who reportedly had dreams of being a spook in his younger years - only to surround himself with spook-adjacents in his quest to deplatform opinions that diverge from establishment orthodoxy. Imran Ahmed As Paul Thacker writes in Tablet, Former British Labour party operative Imran Ahmed heads up the Center for Countering Digital Hate (CCDH), which in March of 2021 released a report about online misinformation that quickly reached the pre-Musk Twitter regime, and was used to silence Robert F. Kennedy Jr., who the report named as one of "The Disinformation Dozen." The report was then cited by by the Biden administration. "There’s about 12 people who are producing 65% of anti-vaccine misinformation on social media platforms," claimed former White House spox-turned-MSM gaslighter Jen Psaki in July 2021. After Robert F. Kennedy Jr. announced he was running against Biden for the Democratic nomination and appeared on Joe Rogan, Ahmed told the BBC, “He’s working ... Continue Reading »

Watch: Trump Calls For "Radical Left Lunatic" Democrat Who Pulled Fire Alarm To Be Prosecuted Authored by Steve Watson via Summit News, President Trump has called for New York Democrat Rep. Jamaal Bowman, the Democrat who pulled the fire alarm in the Cannon Congressional Office Building in order to shut down Congress during a last ditch spending vote Saturday, to be prosecuted in the same fashion as January 6th prisoners. Speaking after a rally, Trump stated “This is the crap, and then they’ll let him out because he’s a Democrat radical left lunatic, and he should be prosecuted the same exact way as the J6 people were prosecuted.” Trump continued, “many of them have been treated more unfairly than anybody in the history of our country. And I don’t know if I should be saying that because I don’t know what these people behind me say, but I’ll bet they agree with me. There’s never been anybody treated so unfairly, just about.” “What they’ve done to the J6ers is terrible, and Bowman went, and he pulled an alarm, and you could add riots, you could add everything else, and he did it during a vote! And ... Continue Reading »

The USA vs. SBF: Jury Selection In Sam Bankman-Fried Trial To Begin Tuesday Jury selection in the Sam Bankman-Fried trial begins on Tuesday this week, kicking off a trial that is expected to last about six weeks following the crypto firm's historic $40 billion bankruptcy.  US prosecutors have labeled FTX “one of the biggest financial frauds in American history," Financial Times noted in their trial preview this weekend. SBF stands accused not only to defrauding "dozens" of the world's top investors, but also his millions of customers. The report also noted the trial will likely include "millions of pages of evidence" and testimony from SBF's friends and romantic partners.  Prosecution is going to be tasked with trying to get seven different charges, including conspiracy to commit money laundering and fraud against lenders, investors and customers, to stick, the report notes. They will try to show that Bankman-Fried collaborated covertly to channel billions from FTX customers to his cryptocurrency trading company, Alameda Research. Funds were then spent on luxury property, political contributions and high-profile advertising. As the report notes, four people who used to work under Bankman-Fried have already admitted guilt. Caroline Ellison, who was previously the CEO ... Continue Reading »

UPS Offers Rebates To Win Back Diverted Volumes By Mark Solomon of FreightWaves In an effort to recapture volumes diverted to rivals ahead of a five-year contract with the Teamsters union, UPS will offer rebates to offset early-termination penalties should customers break their new contracts to return their traffic to the carrier. UPS CEO Carol B. Tomé affirmed the policy at an analyst breakfast this week, according to those in attendance. According to Ken Hoexter, analyst at Bank of America, Tomé said the costs of the rebates would be minor and would not impact the company’s or the industry’s yield focus. There were no specifics about how widespread the rebate program would be. UPS lost about 1.2 million daily parcels as shippers concerned about service disruptions shifted traffic to other carriers. Rival FedEx Corp. received about 400,000 of the diverted parcels. The rest was split between the U.S. Postal Service and an array of regional delivery carriers. UPS has said it hopes to win back most, if not all, of the diverted volumes by the end of 2023 and expects year-on-year domestic parcel volume growth to return to flat by year’s end, compared ... Continue Reading »

'Ukraine Fatigue Will Grow': Kremlin Reacts To Congress Dropping Aid Just as Congress over the weekend passed its short-term funding package which narrowly avoided a government shutdown by dropping assistance for Ukraine, President Biden has warned that time is running out on available aid. He told Congress to "stop playing games" with urgently needed funds and weapons.  "We cannot under any circumstances allow America’s support for Ukraine to be interrupted" the president had said, and added, "We have time, not much time, and there’s an overwhelming sense of urgency." Biden vowed he will "not walk away" from supporting Kiev. Just before those late Saturday remarks, CNN reported the following words of a top US defense official as follows:  A top official from the Pentagon told lawmakers on Friday the Department of Defense "has exhausted nearly all available security assistance funding for Ukraine," offering stark warnings about the battlefield effects of failing to pass new assistance.  Getty Images Under Secretary of Defense Michael McCord has also warned in a letter to Congress that "Without additional funding now, we would have to delay or curtail assistance to meet Ukraine’s urgent requirements, including for air defense and ammunition ... Continue Reading »

Shutdown Averted For 45 Days By Philip Marey, senior US strategist at Rabobank Summary The government shutdown has been averted, as House Speaker Kevin McCarthy decided to defy the Freedom Caucus on Saturday and pass a stopgap measure (continuing resolution) to keep the government funded through November 17 with bipartisan support. The Senate adopted the same measure and President Biden signed it into law on Saturday night. This week we are likely to see a challenge to McCarthy’s speakership from members of the Freedom Caucus. Before November 17, the House still has to adopt 8 appropriations bills for fiscal year 2024, and then reconciliation of the House and Senate versions of the 12 appropriations bills has to take place. Meanwhile, there is still no agreement about the level of total federal spending for FY2024. What’s more, border security and additional funding for Ukraine are still unresolved. This means that we could still be looking at a government shutdown after November 17, unless a new stopgap measure is approved. Introduction On Saturday, in an unexpected and courageous move, House Speaker Kevin McCarthy defied the hardliners in his own Republican party and proposed a stopgap ... Continue Reading »

"Renewed Upward Pressure On Inflation" - US Manufacturing Surveys Signal Stagflation Despite disappointing macro data (and tightening financial conditions), US manufacturing survey data was expected to rise in final September data released this morning and S&P Global's PMI Manufacturing jumped from 47.9 in August to 49.8 in September (and up from 48.9 in the flash September print). That is the highest print for US manufacturing since April but remains in contraction (below 5). That is the 5th straight month in contraction and 10th month in the last 11 in contraction (sub 50). The ISM Manufacturing print also rose (to 49.0), up from 47.6 and better than the 47.9 exp (but still below 50 for the 10th straight month). Quite a decoupling from the 'hard' data's decline... Source: Bloomberg While the two surveys show the same headline (just sub-50 - contraction) headline prints, below the surface they could not be more different... Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said: "September saw a welcome near-stabilization of business conditions in manufacturing, but a further increase in price pressures is a concern on the inflation front. “Output reversed some of the loss seen in August ... Continue Reading »

Key Events This Busy Week: Payrolls, Jolts, ADP, ISM And Tons of Fed Speakers As we start October, DB's Jim Reid asks whether we can power out of the gravitational pull of bad September seasonals. He notes that September 2023 was the 4th year in a row that the S&P 500 and the STOXX 600 were down for the month, as well as the 7th year in a row that Bloomberg’s global bond aggregate was down for the month. The damage in bonds has been more severe and more sustained than for equities and you can’t help wondering where the real damage is. The bottom line as the strategist puts it, is that "you can’t have this much value destruction in bonds without there being some stress somewhere. However, it’s near impossible to work out where exactly it might come to the surface." One thing that is certain is that it will, just give it time. The good news as we start the week and the new business month is that the US averted a shutdown just before the deadline on Saturday night which will keep the government running until November ... Continue Reading »

Tesla Delivers 435,059 Vehicles In Q3, Missing Estimates, Blames "Planned Downtime" This morning Tesla released its production and delivery numbers for Q3, stating it delivered 435,059 vehicles and produced 430,488 vehicles, missing consensus delivery estimates of 456,722, according to Bloomberg. Shares were down as much as 3.5% in pre-market trading on Monday before slightly paring losses. The market had expected lackluster numbers for the quarter, but Tesla's report still missed the street's most modest of estimates.  A consensus of analysts polled by StreetAccount and cited by CNBC had even higher estimates for the quarter of 461,640 deliveries. The company appears to have sent out a consensus of 455,000 for the quarter, per social media posts last week.  The quarter marked the first sequential drop in total deliveries since Q2 2022. Prior to that, the last sequential drop in total deliveries occurred in early 2020, as the chart below shows.  The company acknowledged the miss and chalked it up to downtime, stating in its press release the "sequential decline in volumes was caused by planned downtimes for factory upgrades, as discussed on the most recent earnings call." CEO Elon Musk had said on the company's ... Continue Reading »

Peter Schiff: A Fork In The Road Via SchiffGold.com, The markets seem to think that everything is fine. They believe the Fed has effectively beat price inflation and it can mop it up without crashing the economy. In his podcast, Peter Schiff said in reality the Fed is at a fork in the road, and there is an imminent disaster waiting no matter which way it goes. He also warned that the biggest crisis is the one nobody sees coming. The bond selloff continued last week. With yields rising coupled with dollar strength, gold got clobbered, closing the week below $1,850. That represented about a 4% drop in the price last week. Gold stocks fared even worse with the GDX dropping about 8%. Peter said that it wasn’t the move he would expect given what’s going on. Although I understand it because you have so many people that don’t get what’s going on. They look at this rise in interest rates, and they look at persistent inflation, and I’m going to get to the economic news in a bit, but the news that came out again was consistent with more inflation and the Fed being higher for ... Continue Reading »

Newsom Fills Feinstein's Empty Senate Seat With Wealthy Black Lesbian From Maryland In 2021, California Governor Gavin Newsom (D) vowed to replace any Senate vacancies with a black woman. On Sunday, he did just that following the death of Sen. Dianne Feinstein (D), appointing the first black lesbian to ever openly serve in Congress. Laphonza Butler, president of of pro-abortion organization EMILY's List who served as a senior adviser to Kamala Harris' very failed 2020 presidential campaign, and currently a resident of Maryland, was announced as Feinstein's replacement in a Sunday night announcement by Newsom. Butler will finish Feinstein's term, which runs until 2024, after which she may face off with Rep. Adam Schiff (D-CA), who had been hoping Feinstein would live till the election so he could slide into the Senate. "As we mourn the enormous loss of Senator Feinstein, the very freedoms she fought for — reproductive freedom, equal protection, and safety from gun violence — have never been under greater assault," said Newsom, adding "Laphonza will carry the baton left by Senator Feinstein, continue to break glass ceilings, and fight for all Californians in Washington D.C." I'm proud to announce California's ... Continue Reading »

Student Loan Payments Officially Resume After Three-Year Pause On Sunday the Trump administration's pandemic-era student loan pause officially ended, re-saddling more than 28 million borrowers with the consequences of their own actions (granted, colleges virtually assured 18-year-olds six-figure salaries amid ridiculous tuition hikes before 'bidenomics' and the Ukraine war resulted in scorching inflation). Despite pleadings from advocates, the Biden administration has reactivated payment requirements, The Hill reports. "It’s a sad day for student loan borrowers and for the country that student loans have to come back on, especially with the threat of a looming government shutdown, potentially on the same day. It’s just wild," said the president and founder of the Student Debt Crisis Center, Natalia Abrams, apparently unaware that nobody forced anyone to take on all that debt. According to a July survey by Life and My Finances, half of borrowers don't make enough to afford their student loan payments, while 22% had a plan on how they would make ends meet once payments resume. Some borrowers are going on a “student debt strike” and refusing to make payments as a way to show their discontent with the system.  Meanwhile, President Biden, who ... Continue Reading »

Stocks' Reaction To September's ISM Will Be Telling Authored by Simon White, Bloomberg macro strategist, An inability to rally on a stronger ISM number today would indicate the US stock market remains at a vulnerable juncture. This would raise the risk of a deeper selloff prompted by the gamma-related selling of option dealers. Both the September ISM and S&P PMI manufacturing indices will be released today. Each is expected to remain basically unchanged from last month (the ISM slightly stronger, the PMI exactly the same), and both remaining under the 50 demarcation level between expansion and contraction. The new orders-to-inventories ratio gives a short-term (~3m) lead on the headline index. The ratio is turning up for the ISM and the PMI. It is a different story for the services ISM and PMI released on October 4 (Wednesday). The two surveys are diverging, with the ISM turning up and the PMI turning down. As I showed in a recent column, global manufacturing, and especially US manufacturing, has an undue influence on the global economy and equity markets given its small size of the economy. That’s why it would be revealing if the manufacturing ISM or PMI surprised to the upside ... Continue Reading »

Futures Slide, Losing Early Gains As Attention Turns From Govt Shutdown To Rising Rates Stocks tried to stage a modest rally overnight after the US government shutdown was postponed by 45 days, but failed after the global bond selloff resumed on Monday, with 10-year Treasury yields back to the highest since 2007, as investors waited for another speech by Fed chair Jerome Powell to provide clues on the direction of interest rates. As of 7:30am ET, S&P futures traded unchanged from Friday's close after earlier gaining as much as 0.6% and following a September to forget in which they lost 4.7%; Nasdaq futures were 0.2% higher and continue to be disconnected with tighter financial conditions in rates as Treasury 10-year yields rose five basis points to 4.62% and back to the 16-year highs seen on Friday. The US dollar rose against most Group-of-10 currencies. Brent edged higher and traded around $92 buoyed by widespread bets that global demand will continue to run ahead of supply. Gold fell and Bitcoin gained for a third-straight day, surging above $28K. This week, we will have a busy calendar for macro data with ISMs ... Continue Reading »

Apple Blames "Bug" For iPhone 15 Overheating, Plans To Issue Software Update  Apple is preparing to release a new iOS 17 update to address "a few conditions" it has "identified" that can cause the new iPhone 15 models with a titanium frame to run warmer than expected. Days after the new iPhone release on Sept. 22, customers who stood in line at Apple stores complained their new phones were overheating to the point of being too hot to hold and even shutting down on their own, with some folks recording temperatures above 120 degrees.  The complaints are mainly about the iPhone 15 Pro and Pro Max. Apple told CNET on Saturday that it's working on a new iOS 17 system to prevent overheating when the phone runs certain apps.  "We have identified a few conditions which can cause iPhone to run warmer than expected.  "The device may feel warmer during the first few days after setting up or restoring the device because of increased background activity. We have also found a bug in iOS 17 that is impacting some users and will be addressed in a software update. Another issue involves some recent updates to third-party apps ... Continue Reading »

Almost Half Of All Young Adults In The US Are Living With Their Parents Authored by Michael Snyder via The Economic Collapse blog, When are we going to wake up and admit that our system is failing?  If close to half of our young adults find themselves needing to live with their parents, we have a major crisis on our hands.  Yes, there are some young people that are simply lazy and don’t want to work hard enough.  I definitely understand that.  But most young adults in America today don’t actually want to live with their parents.  Given the opportunity, they would love to have their own homes.  Unfortunately, home prices have risen to absolutely absurd levels and housing in America is now more unaffordable than it has ever been before. I feel so badly for the millions upon millions of young people that are struggling so much right now. We encourage them to pile up giant mountains of student loan debt without ever considering the consequences, and then once they get out into the real world they quickly discover that the cost of living has become extremely suffocating. As a result, vast ... Continue Reading »