*** Ross Rant ***
On writing
Recently, a client said to me, "Writing is thinking."
Brilliant.
Writing is thinking.
Writing is clarification.
Writing is action.
And few documents are more potent than a well-crafted and well-executed shareholder letter.
Lawrence Cunningham has long recognized the value of a shareholder letter. Cunningham is an authority on corporate governance, corporate culture, and corporate law, and teaches business-related courses at George Washington University that span these fields.
He has written dozens of books and scores of articles on a wide range of subjects in law and business. These include the leading textbook on accounting used in law schools, a popular narrative on contracts, and best-selling books on Berkshire Hathaway and Warren Buffett (The Essays of Warren Buffett: Lessons for Corporate America and Berkshire Beyond Buffett: The Enduring Value of Values).
When individual investors ask what resources to consult when searching for great companies, Cunningham advises them to read the shareholder letter that the company sends out annually.
Next to the financial figures, it is probably the most important and most accessible source of valuable information. These communications reveal a lot about a company and its CEO. In a well-written and purposeful shareholder letter, the CEO's commitment, desires, goals, and long-term visions are all visible.
Some CEOs use their shareholder to obfuscate, others patronize, and many appear to be ghostwritten, but the best ones share business insights that help readers understand a company.
Use these clues as filters, just as you would the company's financial statements. Many companies post such letters on their websites, typically as part of their annual reports.
The gold standard of the genre is Warren Buffett, whose pithy statement from his 1997 letter to shareholders of Berkshire Hathaway sums it up:
"When you receive a communication from us, it will come from the fellow you are paying to run the business. Your Chairman firmly believes that owners are entitled to hear directly from the CEO regarding the current state of the business and its prospective outlook. You would demand that in a private company; you should expect no less in a public company."
In "Dear Shareholder," Cunningham's latest book features letters from more than 20 different leaders from 16 companies - several of my favorite companies, including Amazon, Google, Coca-Cola, and Pepsi.
This book is a powerful go-to for inspiration, creativity, and patience. Written to be consumed more like an encyclopedia, you can quickly jump to topics, companies, and leaders, and read for 30 minutes or three minutes.
Cunningham's collection of the best-in-class shareholder letters provides valuable insights, whether it be better company management or improved communication.
-Marc
*** A11. ***
Can the UN save itself from irrelevance? As the organisation turns 80, wars are raging in Ukraine, Gaza, and Sudan, its core ideas are in tatters, and the world no longer seems to be listening. FT
Trump blasts the UN for not ‘living up’ to its potential: Politico reports the president, in an address to the General Assembly, says the US is doing the work the global body should be doing.
‘Your countries are going to hell’: Trump airs his grievances at the UN: NYT reports in a meandering address, President Trump rebuked global institutions and complained about immigration, environmentalists, windmills, and more.
Trump upbraids UN in speech, claiming ‘your countries are going to hell’: WP reports the president blasted the United Nations for its focus on migration and climate change, calling global warming a “con job.”
Trump attacks UN, Europe, and climate change in fiery UN return: Le Monde reports the United States president slammed the West over migration and called climate change a 'con job' in his first United Nations speech since 2018.
AFP: 'Greatest con job ever': Trump trashes climate science at UN
Bloomberg: Trump blasts UN over immigration, climate in combative speech
BBC: Trump criticises countries' migration and climate policies in scathing UN speech
Forget the polite Trump, this was a gloves-off Europe mauling: After a restrained state visit, the US president used his UN speech to attack the continent over migration, energy, and free speech — and he won’t stop soon. Katy Balls
The US assault on the UN rests on a tragic misunderstanding: The Trump administration views the United Nations as a useless, woke cesspool. Instead, the UN reflects the world as it is, assembled to “save humanity from hell.” Andreas Kluth
AFP: Trump can only win Nobel if Gaza conflict stopped: Macron
No one is laughing at Trump now: US president’s protracted and scornful UN address is in marked contrast to his humiliation in 2018. Telegraph
AFP: Escalatorgate: White House urges probe into Trump UN malfunctions
+ @ishaantharoor: A senior foreign diplomat posted at the UN texts me: "This man is stark, raving mad. Do Americans not see how embarrassing this is?"
+ @JohnJHarwood: as any sane person can see, he's a raving lunatic
+ @McFaul: Trumps UN speech will appeal to his MAGA base, but no one else. Missed opportunity.
+ @jimsciutto: This has become more a MAGA stump speech than a UN address with favorite targets - immigration, renewable energy especially windmills and climate science - and claims of successes, such as ending seven wars, not backed by facts.
+ A new Washington Post-Ipsos poll finds 76% of Americans say President Trump doesn’t deserve to win the Nobel Peace Prize, compared with 22% who say he does.
US bans Iran diplomats from $1.50 Costco hotdogs, Hermes handbags: WP reports the Trump administration officially banned Iranian officials in New York from visiting popular US wholesale shopping outlets and purchasing luxury goods.
AP: A massive telecom threat was stopped right as world leaders gathered at UN headquarters in New York
Secret Service agents dismantle network that could shut down New York cellphone system: NBC News reports agents discovered electronic devices in five locations in and around the city that could be used to disable cellphone towers. The system could also be used for criminal activities.
Russia is working to build a Starlink alternative.
NYT: After meeting with Zelensky at UN, Trump shifts stance on Russia
WP: Trump says Ukraine could win back all land it lost to Russia
Trump says Ukraine can take back all lost territory: WSJ reports Trump’s sudden shift is a big swipe at Russia and follows months of fruitless efforts to broker a cease-fire.
Trump says Ukraine is in a position to win back all of its territory: FT reports US president also said Russian fighter jets crossing into NATO airspace should be shot down.
‘My relationship with Putin didn’t mean anything, ’ laments Trump: The Times reports President Trump met with Zelensky, Macron, and other world leaders after addressing the UN General Assembly.
Bloomberg: Trump says NATO should down Russian jets breaching airspace
AFP: Zelensky says China could force Russia to stop Ukraine war
Ukraine faces deepening military, political, and economic problems: A report card on Ukraine 2.0. Economist
Malaysia is gunning to become the first Association of Southeast Asian Nations member with a launch pad.
New Philippines shipyard poised to benefit from US-China maritime rivalry: Nikkei reports HD Hyundai sees growth opportunity as Manila, Washington both seek to revive industry.
In rare visit to China, US lawmakers push for more military dialogue: Bipartisan House delegation met with China’s No. 2 leader and its defense minister. WSJ
A Made-in-China plan for world domination: Donald Trump is failing to stop China’s rise as a manufacturing superpower. Economist
India is embracing AI tools. Will that spur job growth -- or sap it? ChatGPT and other apps let companies do more with less, but the economic impact is unclear. Nikkei
How fortress Israel can survive global isolation: As support from friends bleeds away, Benjamin Netanyahu urges his people to embrace a new reality. Telegraph
Why African countries keep making deals to accept US deportees: As the Trump administration exerts pressure on countries to aid in its mass deportation efforts, some nations in Africa have agreed, prompting legal battles. NYT
60%: The share of Colombian workers in the informal economy.
Bloomberg: Brazil’s Lula kicks off UN General Assembly with jab at Trump
Trump vs. Lula was a window into MAGA at the UN: Most countries in the world want the United Nations to work as intended. Not Trump and his allies. WP
AP: With smiles and daggers at UN, Lula and Trump agree to meet
Argentina is losing faith in Milei’s free-market revolution: The Argentine leader faces shrinking public support as factories close and the economy falters before a pivotal midterm election. WSJ
How Argentina’s Javier Milei lost the markets and turned to Donald Trump: Libertarian president’s tight grip on inflation cost him dollars and slowed growth. FT
Donald Trump just saved Javier Milei: The US announced it is ready to provide dollar liquidity to Argentina, halting the beginnings of a financial panic. This alliance between radical right-wing leaders is a far cry from free-market doctrine. Eric Albert
Bloomberg: Canada looks to ease tensions with India and China as foreign minister plans visit
Tariff uncertainty expected to slow global economic growth this year: President Trump’s trade war is still playing out, and the full effect will be felt heading into next year, the latest projections show. NYT
Trump's policies create a lopsided American economy: While stock markets reached euphoric highs and the tech sector funneled in billions, worrying warning signs have emerged for an American economy hit by tariffs: persistent inflation, stagnant employment, and sluggish consumer spending. Le Monde
What Trump’s H-1B crackdown means for Big Tech workers: Companies like Amazon, Google, and Microsoft rely on skilled foreign workers. Experts say they’ll pay for the best — but the policy could redirect top talent elsewhere. ROW
A $100,000 per worker visa fee tips the balance to Big Tech: Silicon Valley start-ups said they were concerned they would be disproportionately hurt by the new visa fee for skilled foreign workers, given their limited resources. NYT
Trump wants piece of company in charge of America’s biggest lithium mine: Reuters reports the Trump administration is seeking an equity stake of as much as 10% in Lithium Americas as it renegotiates terms of the company's $2.26 billion Energy Department loan for its Thacker Pass lithium project with General Motors.
Two speeches, endless amounts of cringe: Between President Trump’s scientifically dubious “autism announcement” and his teleprompter-less UN speech, mortification abounds. Jessica Karl
How Trump blew up his administration’s carefully laid autism announcement plans CNN
The president is wrong on Tylenol: Scientists studying any link between the painkiller and autism have reached no firm conclusions. Economist
Autism has no easy answers: Donald Trump’s promotion of an unproven link between Tylenol and neurological disorders does not help pregnant women. Anjana Ahuja
QOTD: “At the heart of this is people trying to look for simple answers to complex problems.” -- James Cusack, chief executive of an autism charity called Autistica, tells Nature what he thinks is driving Trump and others to incorrectly link the condition with Tylenol use during pregnancy.
AP: Trump cancels White House meeting with Schumer and Jeffries despite shutdown risk
A shutdown would give Trump more power over federal spending: Congress is racing toward a government shutdown deadline, and Democrats worry the White House could have more control over spending either way. WP
DeSantis offers Miami land for Trump’s presidential library: Politico reports the site at Miami Dade College takes Florida one step closer to its first presidential library.
AP: DeSantis eyes land in downtown Miami for Trump presidential library
Kamala Harris is done being a scapegoat: The former Vice President’s memoir, 107 Days, challenges the Democratic Party to accept that its mistakes, not just hers, resulted in the losses of 2024. Nia-Malika Henderson
Ted Cruz plays the long game by defending Jimmy Kimmel: By calling out Trump’s FCC for intimidation, the Texas senator broke with his party’s silence and made a rare stand for free speech. Politico
US-SEN: At this point, eight Senators have announced they will not seek re-election in 2026.
MA-SEN: Rep. Seth Moulton (D-MA), “who has long pushed for a new generation of leaders in his party, is seriously considering a challenge to Sen. Ed Markey (D-MA) in the 2026 primary election,” the Boston Globe reports.
AOC makes appeal for Democrats' California gerrymander: Politico reports the New York Democrat is the latest figure to back a November redistricting ballot measure that proponents are framing as a referendum against Donald Trump.
The Hill: Ocasio-Cortez eyeing Senate or White House bid
Benson warns of Trump 'power grab' ahead of 2026 midterm elections: Detroit Free Press reports Michigan Secretary of State Jocelyn Benson says the Trump administration's demands for voter files, including personal data in them, from states across the United States amounts to a "power grab" ahead of the 2026 midterm elections.
Snyder pours cold water on Duggan's independent bid for governor Detroit News
America’s accelerating exit from itself: After the Kirk murder, Trump is pulverising the country’s founding principles with astonishing ease. Edward Luce
Inside Disney’s decision to bring back Jimmy Kimmel: Bob Iger’s media group was pilloried for dropping the comedian after Trump administration criticism. FT
The Catholic Church has a manpower problem: Fewer priests every year: Seminaries are closing or merging. Priests are doing more with less. Some parishes have no leader. Fixing an accelerating clergy crisis won’t be easy, but ‘God continues to call.’ WSJ
America’s top companies keep talking about AI — but can’t explain the upsides: FT analysis of hundreds of filings suggest the S&P 500 businesses are clearer about the risks than benefits. FT
Record labels claim AI generator Suno illegally ripped their songs from YouTube: The updated complaint alleges that Suno knowingly circumvented YouTube’s protections against unauthorized copying. Verge
The United States, an AI-doped economy: The mixed outlook for the American economy, eight months after Donald Trump's return to power, is largely overshadowed by the artificial intelligence boom. Yet the real impact of this technology on jobs and productivity remains uncertain. Le Monde-Editorial
How Nvidia is backstopping America’s AI boom: The chipmaker’s partnership with OpenAI has helped reset market expectations about the startup’s finances. WSJ
OpenAI unveils plans for seemingly limitless expansion of computing power: WSJ reports the startup plans to shepherd at least $1 trillion in infrastructure spending for its computing needs.
OpenAI expands Stargate AI project with five US sites: The agreements will take the cost of the high-profile data centre initiative to $400bn. FT
OpenAI to join tech giants in building 5 new data centers in US: NYT reports working with the Japanese conglomerate SoftBank and the cloud company Oracle, the AI start-up will spend $400 billion over the next five years.
OpenAI plans to invest roughly $400 billion to develop five new US data center sites in partnership with Oracle Corp. and SoftBank Group Corp., marking the biggest push yet to fulfill an earlier pledge to spend a half-trillion dollars on artificial intelligence infrastructure in the country.
The AI kids take San Francisco: Brilliant, workaholic teenagers are flooding the city — and reshaping our future in their image. NY Mag
How to spot a genius: In an age of artificial intelligence, the human kind is increasingly important. Economist
Larry Ellison, a media mogul like no other: The database billionaire and his son, David, are Trump favorites. The family could soon control an empire that includes CBS, Paramount, Warner, CNN, and a piece of TikTok. NYT
Apple CEO Cook visits Japan as country prepares new smartphone law: Nikkei reports renovated Ginza flagship store to reopen amid Japanese market's fading importance.
Jaguar Land Rover said its factories in Britain would remain closed until October 1st after a cyber attack in August forced it to shut down its IT systems.
Jeep has canceled plans to build a plug-in hybrid version of its Gladiator midsize truck, a move that comes shortly after parent Stellantis NV also halted plans for an all-electric Ram pickup.
Car buyers clamor for EVs as the clock ticks down to get the federal tax credit Detroit Free Press
Rail travel is booming in America: More trains mean more riders. Economist
Why have a regular chatbot boyfriend when you can have a celebrity one? AI is remaking fan culture — one Pedro Pascal–voiced audio erotica at a time. NY Mag
Sorority girls are cashing in big for their viral rush videos: Like college athletes earning brand endorsements, sororities are now the target of companies looking to advertise products on social media. WSJ
Oklahoma State has fired Mike Gundy.
ESPN: MLB approves robot umpires for 2026 as part of challenge system
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal
A11. | September 23
*** Ross Rant ***
Is Wall Street ignoring the next recession?
Wall Street’s calm is striking. Investors keep betting the US will dodge a recession, but the signals tell a different story. Warnings are everywhere, yet hope is the primary strategy in play. If leaders in Washington keep brushing off these signs, voters will certainly remind them in the next mid-term election.
Let’s talk labor. Unemployment is low, but job growth has slowed to a crawl. The Bureau of Labor Statistics said there were only 150,000 new jobs in July. For months, payroll gains have lagged. That’s not the kind of trend you want when trying to avoid a downturn. Worse, the government recently admitted it overstated job growth by almost a million last year. When numbers get revised down, it means the ground is shakier than we thought.
The leading economic indicators back this up. The Conference Board’s Leading Economic Index, which tracks things like new orders, jobless claims, and what people expect, dropped 0.5% in August. Over the last half year, it fell even faster. The index’s “recession signal” is now flashing red, warning that a downturn could be near. Stock prices and easy credit have kept the index from dropping further, but those can turn fast.
Why does this matter? These indicators have a strong track record. When the labor market cools, job openings shrink, and wage growth slows, a slump often follows. The Kansas City Fed and other regional banks see the same pattern: hiring continues, but more slowly, and layoffs are creeping up. These are not the marks of a healthy, growing economy.
So what’s fueling the risk?
Tariffs and trade fights have already trimmed growth this year. Businesses face higher costs and more doubt about where to invest. The Conference Board names tariffs as a significant drag, and the International Monetary Fund warns that trade fights and policy swings could tip us into recession. When companies can’t plan, they stop hiring and spending.
Regulatory confusion adds another layer. When rules and taxes change without warning, businesses freeze. Both Brookings and Harvard Business Review find that policy swings are a top worry for CEOs. If Washington keeps sending mixed signals, companies will keep their wallets closed and hiring plans on hold.
Market power is part of the problem. As a handful of big firms dominate key sectors, the economy grows more fragile. The Financial Times notes that this can exacerbate shocks and prolong recovery. When fewer players control the market, one misstep can ripple through the whole system.
Some on Wall Street claim recession odds have dropped. Recent surveys put the risk at about one in three for the next year, down from almost half earlier this spring. But one-in-three is not a reason to relax. The Conference Board points out that the depth and spread of weakness across key indicators now meet recession warning criteria.
Hope is not a plan.
Leaders in Congress, the White House, and business must face the facts. The risks are real, and the signals are clear. Tariffs, policy swings, and market power add fuel to the fire. Ignoring these signals means sleepwalking into a downturn that could have been avoided—with more realistic moves.
It’s time to stop betting on luck and start planning for what’s next. The US has weathered storms before, but only when leaders paid attention to the signs and acted before it was too late.
-Marc
*** A11. ***
AP: As the world convulses in war and contentiousness, its leaders convene at the UN to figure it out
Americans view United Nations as necessary, but ineffective, poll finds: A new Gallup poll released Monday found that 63 percent of respondents say the UN is doing a poor job. Politico
Amid global turmoil, 80-year-old UN struggles for relevance: World leaders are meeting in New York to commemorate the 80th anniversary of the United Nations' establishment following World War II. However, the ongoing wars in Gaza and Ukraine, recent Russian violations of NATO airspace, and US funding cuts are calling its future into question. AFP
It’s gridlock week in Manhattan as UN General Assembly starts: With the United Nations session kicking off Monday, the city is closing some streets and stepping up police presence. It is usually one of the slowest weeks for traffic in Midtown. NYT
Bloomberg: Trump heads to UN gathering facing billions in unpaid dues
Europe, Canada, Saudi Arabia poke at Trump with Palestinian statehood: Politico reports France and others frustrated with US inaction on Israel have few options to reorient the conflict between Israel and the Palestinians.
France recognizes state of Palestine, Macron declares at UN: AFP reports the French president, during a United Nations speech on Monday, recognized a Palestinian state, saying he would continue to fight against antisemitism, after criticism from Israel and the United States.
France defies Trump administration, recognizes Palestinian statehood: WP reports Secretary of State Marco Rubio tried to kill France’s recognition of Palestinian statehood, publicly lambasting it as a “gift to Hamas” in advance of the UN summit in New York.
The Times: Recognising Palestine ‘is a reward for Hamas’, says Trump
Macron's slow shift toward recognizing the State of Palestine: After expressing unwavering support for Israel, the French president gradually shifted his stance on the two-state solution following October 7, 2023, and the conflict in Gaza. This reversal will culminate in France's official recognition of the State of Palestine at the UN on September 22. Le Monde
How Macron and Saudi Arabia turned the tide on Western support for a Palestinian state: France’s recognition caps French President Emmanuel Macron’s monthslong effort to persuade other countries to follow suit. WSJ
A Palestinian state for Hamas: After Oct. 7, nations grant recognition even without reconciliation. WSJ-Editorial
How Israel tried to halt the wave of recognition of the state of Palestine: Emmanuel Macron is set to deliver his speech recognizing Palestine on September 22 at the UN headquarters in New York. In retaliation, Israel is considering closing the French consulate in Jerusalem and annexing part of the West Bank. Le Monde
Bloomberg: Israel’s war costs seen rising $7.5 billion on Gaza City assault
Putin proposes one more year of nuclear caps with US: NYT reports Putin said Russia didn’t want to provoke a strategic arms race with the United States, but his offer is limited in scope.
Russian warplanes breach NATO airspace in ‘dangerous provocation’ over Estonia: Politico reports Russian MiG-31s flew into Estonian airspace before Italian jets were scrambled to intercept them.
Russia escalates military tensions with European countries: Le Monde reports the incursion of three Russian aircraft into Estonian airspace is 'yet another example of reckless Russian behavior,' NATO said. This incident between the allies and Moscow comes as major military exercises are taking place on both sides.
Poland will shoot down encroaching Russian aircraft, warns PM Tusk: Politoco reports the Polish prime minister is responding to the growing number of Russian incursions into NATO airspace.
Copenhagen Airport halts air traffic after drone sightings: DW reports that, according to FlightRadar, some 35 flights were diverted from Denmark's principal airport. Security concerns in northern Europe have increased in recent weeks after Russian fighter jet incursions into NATO airspace.
Putin is playing a dangerous game with NATO: All is far from quiet on the alliance’s eastern front. Gideon Rachman
When it comes to tech, Britain must avoid becoming Nebraska: Silicon Valley’s investment may be welcome, but the UK should not allow itself to be a data-centre farm. Tim Wu
Africa’s forgotten battleground in the US-China tech war Semafor
Bloomberg: Trump’s visa shock strains India-US ties, clouds trade talks
Trump’s $100,000 visa fee knocks down bridge between India and the US: NYT reports the H-1B visa lured a generation of Indian professionals to take part in the American dream. A $100,000 fee has forced a rethink of the route.
+ Shares in Indian IT companies fell by nearly 3% on Monday after Trump announced an increase in H1B visa fees from around $1,500 to $100,000.
+ Out of nearly 400,000 such visas issued to skilled foreign workers in 2024, 71% were for Indian nationals.
The perverse consequence of America’s $100,000 visa fees: Offshoring to India and other countries could accelerate. Economist
White House ‘100 percent’ sure TikTok deal with China will close: Politico reports Trump to give 120 more days to finalize terms, as his administration details the plan for an American-owned app.
White House promises US-controlled TikTok algorithm: AFP reports the White House on Monday said a US version of TikTok would feature a homegrown model of the app's prized algorithm, potentially clearing one of the main obstacles to keeping the Chinese-owned platform online in the United States.
TikTok algorithm to be overseen by Oracle in Trump deal: FT reports White House says US owners of app will lease and rebuild ByteDance’s recommendation software.
TikTok US operations to move to joint venture backed by Oracle, Silver Lake: Nikkei reports the algorithm to be retrained, operated, and monitored by a US entity, White House says.
Bloomberg: Murdochs, burned on MySpace, seek return to social with TikTok
China’s edge over US biotech was never scientific: Lower the costs of development for American scientists, too. Scott Gottlieb
China may strengthen climate role amid US fossil fuel push: AFP reports all eyes are on China this week, as the world's biggest polluter readies a new emissions-cutting plan -- reinforcing its role as a steadfast defender of global climate diplomacy while Europe stalls and the United States doubles down on fossil fuels.
China floods the world with cheap exports after Trump's tariffs: Shipments have soared outside the US this year, but countries dealing with the glut appear reluctant to take on another trade war — for now. Bloomberg
The Waldorf’s makeover went a billion over budget—and China is footing the bill: The storied New York hotel fully reopens next month after an eight-year saga in which the buyer went to prison and the Chinese government took over. WSJ
Kim Jong Un’s proposition to Trump: Let’s talk—but not about nukes: North Korean leader’s offer challenges long-held US denuclearization policy of no dialogue unless disarmament is on the table. WSJ
Dominican Republic says it recovered cocaine from suspected drug-boat strike: WSJ reports announcement sheds light on a shadowy US campaign to launch airstrikes against drug trafficking in the Caribbean.
Canada wildlife decline 'most severe' in decades: WWF: AFP reports biodiversity in Canada has plunged 10 percent over the last half century, with hundreds of species facing extinction, the World Wildlife Fund said in a report Monday.
Bloomberg: Bessent backs Argentina fully as Milei hunts down more dollars
US pledges support for Argentina’s economy and a Trump ally in crisis: NYT reports Treasury Secretary Scott Bessent said “all options” are under consideration to help President Javier Milei.
US Treasury chief hints at Argentina financial rescue: WSJ reports Treasury Secretary Scott Bessent said the Trump administration is looking at options as Argentina struggles to overhaul its economy.
Argentina’s finances just got even more surreal: Scott Bessent says Uncle Sam is underwriting Mr Milei’s laboratory. Economist
How Trump can help Argentina’s Javier Milei: The South American friend of the US needs a stable currency, which probably requires dollarization. WSJ-Editorial
US sanctions wife of Brazilian judge who oversaw Bolsonaro prosecution: Politico reports the new sanctions are a part of an ongoing pressure campaign to undermine the prosecution of former Brazilian President Jair Bolsonaro.
US military buildup in Caribbean signals broader campaign against Venezuela: NYT reports Trump officials say the mission aims to disrupt the drug trade. But military officials and analysts say the real goal might be driving Venezuela’s president from power.
Reuters: Trump's new visa policy inspires mostly sour response from tech firms
Bloomberg: ‘Patients will wait longer:’ $100,000 visa fee risks worsening doctor shortage
American colleges are going all out to hold on to international students: International students contributed $43.8 billion to the US economy in a recent year. WSJ
Trump’s tariffs are damaging America’s biggest foreign source of screws: Taiwan has long been the top provider of screws to the United States. But its factories are struggling to survive under tariffs on steel and aluminum. NYT
Trump’s team explores government-backed manufacturing boost: Discussions center on how to use money from a $550 billion fund to spur construction of factories and other infrastructure. WSJ
NYT: President promotes unproven ties to autism with a common painkiller and vaccines
AP: Trump makes unfounded claims about Tylenol and repeats discredited link between vaccines and autism
Trump warns pregnant women to avoid Tylenol: WSJ reports the president said acetaminophen, the active ingredient in Tylenol, is a potential cause of autism, as his administration touted a little-known drug as treatment for autism symptoms.
As Trump ties Tylenol to autism, doctors raise alarms and urge more research: WP reports US officials will issue a warning label on Tylenol for those who are pregnant, a move that contradicts the guidance from the major medical societies.
Bloomberg: Trump cancels trail, bike-lane grants deemed ‘hostile’ to cars
Pentagon to limit journalists’ access unless they agree not to publish certain information: Politico reports the unprecedented move is the strongest action yet in restricting how reporters cover the country’s largest federal agency.
Top goon: Kristi Noem is the face of Trump’s police state. Corey Lewandowski is the muscle. Who really runs DHS? Ben Terris
Lutnick wants a tax that would kill innovation: All of us benefit when universities earn royalties on inventions resulting from subsidized research. Joe Allen
White House denies Homan took bag of cash in FBI inquiry: NYT reports people familiar with an undercover FBI investigation say Trump’s border czar was recorded on audio tape accepting a Cava bag with $50,000 in it last year.
AP: Supreme Court will weigh expanding Trump’s power to shape independent agencies
Supreme Court allows Trump to fire FTC commissioner: NYT reports the justices said they will consider whether to overrule a landmark Supreme Court precedent that has limited the president’s ability to fire top officials at the agency.
Why Democrats are holding firm on conditions ahead of shutdown: Democrats are using their limited leverage ahead of a potential government shutdown, hoping to convince Americans that GOP spending priorities are the real danger. WP
White House frenemies: Biden-Harris rift reflects long pattern of history: Many presidents and vice presidents fall out by the end of their tenures, a fraught dynamic that goes back to the early days of the republic. NYT
Trump looms over New Jersey's race for governor as candidates clash in their first debate: NBC reports Republican Jack Ciattarelli and Democratic Rep. Mikie Sherrill sparred over their approaches to the Trump administration, the cost of living, education, taxes, and more.
The wary, warming, wildly consequential alliance of Ocasio-Cortez and Mamdani: She was the ‘big sister’ he hoped to impress. He seemed inexperienced to her. Now, they’re the faces of a political movement — and New York is its test case. NYT
John James’s run for Michigan governor frustrates House GOP leadership: ‘It stings’ Wash Ex
Could 2028 be the 'YouTube election’? Amid the rapid decline of cable news, potential candidates and other elected officials are locked in a digital arms race to draw subscribers, boost their reach, and build what amounts to their own broadcast networks. Politico
‘Look at the charts’: Democrats desert legacy media for new outlets Semafor
CNBC: Disney says ‘Jimmy Kimmel Live’ will return to ABC on Tuesday
Kimmel’s late-night show to return to ABC Tuesday: WSJ reports ‘Jimmy Kimmel Live!’ had been suspended indefinitely last Wednesday, after controversy erupted over his remarks regarding the killing of Charlie Kirk
+ Sinclair will not air ‘Jimmy Kimmel Live!’ upon its ABC return Tuesday: "Discussions with ABC are ongoing as we evaluate the show’s potential return.”
Arguments against digital ID are paper thin: The world has moved on: most voters now support compulsory identification to simplify government and tackle illegal migration. William Hague
‘ChatGPT told me I was a prophet. ’ How chatbots fuel AI psychosis: The Human Line Project is aimed at people who believe chatbots are conscious or that they have gained superhuman abilities by using one. The Times
Why AI systems might never be secure: A “lethal trifecta” of conditions opens them to abuse. Economist
Reddit wants a lot more money from AI companies John Herrman
Nvidia to invest up to $100 billion in OpenAI: WSJ reports the companies outlined an expansive partnership that includes plans for an enormous AI data-center buildout.
Nvidia’s $100bn bet on OpenAI raises more questions than it answers: What if OpenAI hits a roadblock? Economist
Nasdaq rises to record: WSJ reports US stocks ended higher after Nvidia said it would invest up to $100 billion in OpenAI.
Solar-powered cars and trucks are almost here: New, power-sipping EVs due next year are efficient enough to gain 10 to 40 miles of daily charge from the sun alone. Christopher Mims
Kubota unveils 'world's first' driverless fuel cell tractor: Nikkei reports autonomous farming machine showcased at World Expo in Osaka.
THR: Christopher Nolan elected president of Directors Guild of America
Robert Redford: A classic American ideal who escaped the mold: Though he got his start under the old studio system, he remained a natural in the New Hollywood and beyond. NYT
The disappointment of downtown Brooklyn: Twenty years after it was upzoned, it’s become a showcase of millennial architectural mediocrity. Justin Davidson
Paris’s Pompidou Centre will close for a five-year renovation costing nearly €500 million.
ESPN: Bruce Pearl steps down as Auburn hoops coach after 11 seasons
‘Indiana Jones’ and the stunning rise of the Indianapolis Colts: A presumed NFL afterthought is 3-0 and off to a perfect start. A rejected New York quarterback is helping to lead the way. Jason Gay
Ousmane Dembele and Aitana Bonmati win top 2025 Ballon d’Or awards: Paris Saint-Germain’s Ousmane Dembele and Barcelona’s Aitana Bonmati have won the top prizes at the 2025 Ballon d’Or awards ceremony in Paris, France.
Mexican football aims for better investment deal with Apollo: Clubs failed to agree to the terms of a $1.3bn capital injection by the US asset management giant last year. FT
Detroit Tigers AL Central collapse hits epic level, but is it worst in MLB history? Ryan Ford
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal
A11. | September 19
*** Ross Rant ***
Carr speaks. Jimmy sits.
A comedian makes social commentary. A government official threatens action. A network pulls the plug. This isn’t a story from Moscow or Beijing—it’s what just happened to Jimmy Kimmel, right here in the United States.
ABC took Kimmel off the air after Brendan Carr, chair of the Federal Communications Commission (FCC), floated the idea that the network could be punished for Kimmel’s remarks. Carr, on a conservative podcast, said Kimmel’s comments were part of a “concerted effort to lie to the American people.” Hours later, ABC folded. The Walt Disney Company, which owns ABC, put keeping a regulator happy ahead of protecting free speech.
This kind of quick surrender should set off alarms for anyone who cares about open debate and free speech.
When government threats can silence comedians, we cross a line that the First Amendment was built to stop. The First Amendment, which protects free speech, exists to keep government intimidation out of the public square.
But the story doesn’t stop there.
Nexstar, which owns local TV stations across the country, joined in. Nexstar announced it would drop Kimmel’s show from its ABC-affiliated stations. Why would Nexstar back government censorship? The answer is simple: money.
Nexstar wants to merge with Tegna, another big media company. That deal needs the FCC’s sign-off. By pulling Kimmel, Nexstar sent a clear signal to Carr: We’ll play ball if you approve our merger. This is what happens when regulatory power warps the market for ideas.
Let’s break this down.
A comedian is commenting on the state of affairs. A government official doesn’t like them. Companies that need government approval silence the comedian. This chain of events would fit right in with strongman politics overseas. It should outrage Americans.
The danger here is bigger than any one show.
If the FCC can shut down speech it doesn’t like, who draws the line? Today it’s Kimmel. Tomorrow it could be any journalist, commentator, or critic. When we let government officials punish speech they dislike, we lose what makes America different from less free countries.
Business leaders should take note. Companies that bow to pressure on speech turn into tools for censorship. They trade their backbone for a shot at regulatory favors—this kind of deal poisons both business and democracy.
Look at the timing. Carr speaks. Companies scramble. Shows vanish. This isn’t how free markets or free speech work. This is fear in action. When business decisions hinge on regulatory threats, rather than audience choice or company values, the market breaks down.
We’ve seen this before in other countries. Officials target critics. Businesses fall in line to protect deals or licenses. Independent voices go quiet. Democracy weakens. America is supposed to be different. The Constitution is supposed to stop this. Yet we’re watching it play out.
The answer is simple, but not easy: courage.
Media companies must stand up to regulatory threats. Business leaders must call out government censorship, even if it’s risky. Citizens must demand that regulators focus on their real jobs, not policing late-night jokes. Most of all, we must protect the speech we dislike, not just the speech we agree with.
Once the government gets to decide which jokes are allowed, we’ve already lost the bigger fight for freedom.
-Marc
*** A11. ***
The unlikely personal friendship between Trump and Starmer: The British prime minister has gone out of his way to make the US president feel heard. Politico
Trump affirms ‘immortal bonds’ after royal treatment in UK: WP reports the trip, filled with pomp and pageantry, began with a parade on the grounds of Windsor Castle and concluded with business deals and talk of trade.
Trump and Starmer, skirting differences, praise each other in UK: The Republican US president and the Labour British prime minister appear to have formed a friendship, however unlikely. NYT
Trump, Starmer paper over cracks amid royal pageantry: WSJ reports the two leaders projected unity despite differences over Palestinian statehood, immigration, and energy policy.
Politico: Starmer and Trump's united front cracks on subject of Russia-Ukraine war
Where has the state visit left the US-UK relationship? President Trump and the prime minister were not aligned on all issues, but Starmer will be relieved to have avoided public humiliation at Chequers. The Times
The UK must stand up to Trump’s tech regulation pressure: Caving in to US demands on digital tax and content moderation would be an economic and political mistake. José Ignacio Torreblanca
Trump says US ‘trying’ to get Bagram airbase back: Politico reports the first Trump administration negotiated an American withdrawal from the country by 2021 and didn’t mention keeping the base.
Donald Trump says Afghanistan’s Bagram air base should be returned to US control: FT reports president says site is strategic due to its proximity to China.
Today: Trump has a phone call with Xi Jinping this morning at 9:00 am ET.
Trump nixed $400 million in Taiwan military aid, pushing future arms sales: WP reports the president declined to approve a package of weapons to Taiwan this summer, as he tries to negotiate a trade deal and a potential summit with Chinese leader Xi Jinping.
‘Russian spies’ arrested in Essex suspected of tracking dissidents: The Times reports the Met Police confirmed three suspects were held on suspicion of assisting the Kremlin’s intelligence service.
UK urged to do more to protect undersea cables from attack: The Times reports security committee of MPs and peers says government is ‘too timid’ about risk of ‘catastrophic disruption’ caused by hostile powers such as Russia.
Thailand-Cambodia ceasefire is ‘fragile bandage over a long-festering wound’: The Times reports that the war in Southeast Asia stopped seven weeks ago, tensions are still simmering, and it appears to be a matter of when, not if, full-scale violence erupts again.
How Israel is dismantling the dream of a Palestinian state: While attention has been focused on Gaza, Israel has undermined the delicate architecture of governance in the West Bank built up over three decades. FT
How Israel is losing America: Public opinion is souring even in Israel’s strongest ally. Israelis should worry. Economist
Reuters: UAE could downgrade diplomatic ties if Israel annexes West Bank, sources say
Saudi Arabia seeks new security alliances as trust in US erodes: WSJ reports the kingdom signed a new defense pact with Pakistan a week after Israel carried out a missile attack targeting Hamas political officials in Qatar, another key US Arab Gulf partner.
Giorgia Meloni to bring back holiday honouring ‘the first Italian’: The Times reports an extra day off to celebrate St Francis of Assisi would ‘complete Italy’s identity’, says the prime minister’s party, but it will cost the country millions.
The Argentine Church ramps up criticism of President Javier Milei's austerity measures: Le Monde reports that, from priests working in shantytowns to bishops, representatives of the institution have condemned the government's budget cuts.
Trump’s trade war split Canada and Mexico. Now they want a united front. WSJ reports America’s top two trading partners are seeking a strategic partnership ahead of negotiations with the US over tariffs.
Gatekeepers and national traumas: In 1963, hardly anyone saw the Zapruder film. It was kept from the public by the media’s responsible men. Peggy Noonan
Trump administration wields its full toolbox to bring media to heel: ABC’s decision to “indefinitely” suspend Jimmy Kimmel’s late-night talk show illuminates the administration’s efficacy so far. NYT
NYT: President says broadcasters risk losing licenses when hosts criticize him
Bloomberg: Kimmel’s suspension is latest victory in Trump war on media
Canceling Jimmy Kimmel: FCC Chairman Brendan Carr thinks he’s a showrunner for late-night comedy. He used to know better. WP-Editorial
When free speech evangelists lose the plot: Charlie Kirk’s deplorable murder has sent Republican hypocrisy on the subject rocketing. Robert Shrimsley
Jimmy Kimmel’s suspension raises fears of a new censorship era: WP reports critics accused ABC of bowing to President Donald Trump after it suspended Kimmel’s show over his remarks about the suspect in the Charlie Kirk killing.
Inside Disney’s abrupt decision to suspend Jimmy Kimmel’s show: The late-night host wanted to address the firestorm over his remarks about Charlie Kirk’s killing on Wednesday’s show. Company leaders worried it would make matters worse. WSJ
The FCC threatened to punish Kimmel ‘the hard way.’ ABC made it easy. Another media company caved after pressure from a Trump official, and the chilling effect got a few degrees colder. NYT
What is Disney thinking? By pulling Jimmy Kimmel off the air, Bob Iger risks tarnishing his legacy in Hollywood. Josef Adalian
Disney capitulation over Jimmy Kimmel sparks fears for US media under Donald Trump: Bob Iger’s suspension of comedian’s show over Charlie Kirk comments fuels free speech controversy. FT
The clear and present danger to the First Amendment: America's commitment to free speech depends on an understanding of the constitutional provision that protects it. Jessica Karl
David Letterman says Kimmel’s suspension is ‘just not how this works’: NYT reports: “We all see where this is going,” the longtime late-night host said of ABC’s move to suspend Jimmy Kimmel’s talk show after pressure from the Trump administration.
Inside the room where CEOs say what they really think of Trump’s policies: America’s top executives are expressing worry about moves that many see as state capitalism and pressure on the Fed. WSJ
American farmers are feeling the pain of Trump’s policies: US agricultural communities that had expected Trump to have their backs have found themselves flung into a second trade war. If the situation continues, it could put loyalties at risk. Bloomberg
CNN: Former Biden chief of staff Jeff Zients testifies in probe of Biden mental decline
Harris' score-settling, elbow-throwing, bridge-burning memoir: The former vice president’s reflection on the 2024 campaign includes pointed anecdotes about likely 2028 contenders. Politico
In ‘107 Days,’ Kamala Harris lays out her regrets: In her book, coming out next week, she revisited her breakneck campaign, explaining her choices and outlining missteps — of hers and others. She hinted at a return to politics. NYT
Harris book draws blowback from Shapiro, Buttigieg. Here’s what’s in it. The same people criticizing what she said about them in her new book about the 2024 campaign could be among those she faces in 2028 if she runs again. WP
ICE seeks hundreds of new offices to house 10,000 additional staffers: WP reports officials are looking for roughly 300 new sites to support plans to hire thousands of new deportation officers and lawyers.
21%: The approximate share of FBI agents that Donald Trump has diverted to do the work of ICE.
FTC sues Ticketmaster alleging illegal Tticket resale tactics: WSJ reports Ticketmaster is accused of illegal tactics that cost consumers billions of dollars.
Nvidia to invest $5 billion in Intel, furthering Trump’s turnaround plan: WSJ reports the investment pairs the world’s most valuable company, which has been a darling of the AI boom, with a chip maker that has fallen behind rivals.
DeepMind hails ‘Kasparov moment’ as AI beats best human coders: The Times reports Google beat 135 human teams at the ‘coding Olympics’, marking a profound leap for AI comparable to chess grandmaster’s defeat to a computer.
AI models must adapt or die: The technology has already consumed almost all high-quality data — experience is now the dominant medium of improvement. John Thornhill
Since leaving Washington, Elon Musk has been all in on his AI company: NYT reports Musk spent the summer at his artificial intelligence start-up xAI, trying to match the runaway success of OpenAI. The result was chaos.
The $4trn accounting puzzle at the heart of the AI cloud: A bean counter’s look at the hyperscalers’ balance sheets.Economist
Antarctica's tourism boom accelerates melting of 'white continent': While the number of tourists has skyrocketed over the past decade, the pristine continent, which is attracting growing interest among researchers, is gradually deteriorating. Le Monde
Stone-skimming championship in Scotland gets rocked by cheating scandal: CBC reports organizers say the stones in question were 'suspiciously round'
TA: Clayton Kershaw, Dodgers icon, is retiring after 18 seasons
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal