90%: The share of the world’s young people who live in developing countries.
AI + Ukraine: Volodymyr Zelensky warned that the use of artificial intelligence in the fighting in Ukraine was advancing “the most destructive arms race in human history.”
With his pivot on Ukraine, Trump may be washing his hands of the war: President Trump has shown dwindling interest in mediating a peace accord, joining European “security guarantees” for Ukraine or providing aid and intelligence to the Ukrainians. NYT
European officials fear Trump is preparing to blame them for Ukraine failure: FT reports Poland’s Tusk warns new US posture conceals a ‘shift of responsibility.’
Trump says Ukraine can win back all its land. It’s not that simple. While Ukrainian officials say a massive influx of arms and technology is crucial to a major offensive to retake territory, analysts do not foresee that happening. WP
Trump gives Russia a dotted red line: Will a tougher message to Putin on Ukraine and flights over NATO territory be backed up with action? David Ignatius
Trump’s blast toward Russia is a ‘negotiating tactic,’ White House says: WP reports the president’s escalation in rhetoric is a marker of Trump’s frustration toward Russian President Vladimir Putin, according to a senior White House official.
Russia hits back at Trump after his abrupt swing toward Ukraine: WP reports Trump’s statement that Ukraine could retake all of its territory lost to Russia with NATO’s help was a dramatic change in US rhetoric on the war.
Denmark says new drone flights over military base, airports are ‘hybrid attack’: WSJ reports drones were spotted over at least four airports, including a military air base housing most of Denmark’s F-16 and F-35 jet fighters.
The NATO dilemma: when is it right to shoot down a Russian drone? As aircraft encroach into allied airspace, frontline states call for tougher action, while others fear that one wrong move could trigger World War III. The Times
Alexus Grynkewich, top NATO commander in Europe: 'Russia has always tried to maneuver for advantage over the alliance': As the repercussions of the war in Ukraine increasingly impact Europe, NATO's new supreme allied commander Europe explains the measures aimed at countering any actions that target NATO member states. Le Monce
Yulia Navalnaya on why Europe needs a better Russia strategy: Despite all the sanctions and strong words, thinking has been lamentably short-term, writes Alexei Navalny’s widow. Economist
Starmer can’t afford to wait for reckless Reform to implode: Farage’s path to power is strewn with landmines planted by his own side. Robert Shrimsley
Britain is slowly going bust: Even with a huge majority and plenty of time, Labour is drifting towards a fiscal crisis. Economist
Reuters: Former French President Sarkozy handed 5-year jail term in stunning downfall
Sarkozy gets five-year prison sentence in Gadhafi funding case: WSJ reports trial examined whether former French leader’s 2007 presidential campaign received money from the regime of Libya’s Moammar Gadhafi.
Nicolas Sarkozy to be jailed for five years over Gaddafi election money: The Times reports the ex-French president criticised the judiciary, which he accused of hatred towards him, after he was found guilty of criminal conspiracy.
Sarkozy given five-year sentence in Libya case, will be incarcerated even if he appeals: Le Monde reports Nicolas Sarkozy was found guilty of criminal conspiracy at his trial over the alleged financing of his 2007 presidential campaign with money from the government of Muammar Gaddafi. He was acquitted of other charges, including corruption.
The billionaire politician making a Trump-like comeback in the Czech Republic: Former prime minister Andrej Babiš is seeking a second tilt at power, with potentially serious ramifications for Europe. FT
Bloomberg: Trump’s steel tariffs are triggering counterstrikes from US neighbors against China
There are more robots working in China than the rest of the world combined: China has embarked on a campaign to use more robots in its factories, transforming its manufacturing industries and becoming the dominant maker. NYT
China wants a ‘super-embassy’ in London — sparking anger and spying fears: China’s proposal for a large embassy by the Tower of London, near critical communications cables, has led to espionage concerns. China describes the claims as “slander.” WP
Every nation wants to copy Iran’s deadly Shahed Drone: Militaries around the world are seeking low-cost, easy-to-make ways to exhaust an enemy’s air defenses. WSJ
Displaced residents in southern Lebanon fear return of large-scale war: Le Monde reports tens of thousands of Lebanese people are still displaced after two months of conflict in the autumn of 2024 between Israel and Hezbollah. Israel launched the offensive on September 23, 2024.
Netanyahu’s plane avoids France in flight to meet Trump in US: FT reports Israeli prime minister, who is subject to an international arrest warrant, bypasses European allies following rupture over Gaza.
Can Israel go it alone? The secular Zionists who founded the state were desperate for allies. No longer. Simon Kuper
Syria’s new leader makes a star turn in New York: But his problems at home may undermine his relations with America. Economist
AP: Trump hosts Turkey's Erdogan at the White House as the US considers lifting a ban on F-35 sales
Mali suspended its counter-terrorism cooperation with France, days after its former colonial ruler said it would do the same following the arrest of a French envoy in Bamako.
Milei fixed half of Argentina’s inflation problem. He needs help with the rest. The country’s central bank no longer prints money to finance deficits, but a run on the currency could still cause prices to surge. Greg Ip
Can a US bailout save Argentina’s Javier Milei? Markets have calmed for now, but the libertarian leader faces deep political problems, say observers. FT
Washington’s quest for allies: Andrew O’Shaughnessy, a professor of history at the University of Virginia, is co-author of “Republic and Empire: Crisis, Revolution, and America’s Early Independence.” WP
MSNBC: Former FBI Director James Comey expected to be indicted soon
Justice Department officials race to charge James Comey as deadline looms: WSJ reports prosecutors are moving forward days after President Trump ousted the US attorney who voiced doubts about charging former FBI director.
US attorney races to present case against James Comey: NYT reports it remains to be seen whether a career prosecutor would be willing to present a case to a grand jury or whether jurors would bring an indictment.
+ “Even by Trump’s standards, it’s a stunning breach of presidential protocol and legal norms.”
For Trump, data is often ‘phony,’ unless it supports his views NYT
Inside the White House struggle to tame the Epstein crisis: Finger-pointing, disorganization, and unforced errors by Trump advisers made the problem worse; ‘Are you still talking about Jeffrey Epstein?’ WSJ
Park Service removes statue of Trump and Epstein from National Mall: WP reports the statue, the latest installation by an anonymous group of artists critical of the president, was supposed to be on display until 8 pm Sunday.
RFK Jr.’s team wanted to tout an autism therapy. He went after Tylenol instead. A meeting with Tylenol’s maker convinced Kennedy to put the emphasis on acetaminophen. WSJ
A judge blasted the work of this researcher on autism, Tylenol. Trump elevated it. WP reports the company behind Tylenol had gained the upper hand in litigation alleging its use during pregnancy can cause autism. Now the Trump administration has breathed new life into research rejected by a federal judge.
White House to pursue mass firings if government shuts down: WSJ reports Office of Management and Budget director says reductions in employee counts will be permanent if a deal isn’t reached.
Bloomberg: White House tells agencies to prepare for job cuts in shutdown
White House directs mass firings if there is a government shutdown: WP reports the memo instructs agencies to consider firing employees working on any program that is not funded by another law, such as Republicans’ One Big Beautiful Bill Act, and that does not align with the president’s priorities.
Senators seek answers from Big Tech on H-1B workers, layoffs: Top lawmakers on the Judiciary Committee have sent letters to Amazon, Apple, and other major companies. WSJ
Schumer becomes a campaign trail punching bag for some Democrats: WP reports across the country, Senate candidates have distanced themselves from their Senate leader amid a growing appetite for newer leaders waging aggressive fights against Trump.
Tensions are high in a Utah redistricting fight that didn't start with Trump: NPR reports Utah is getting closer to redrawing its congressional boundaries in an unusual mid-decade redistricting process, but it's not yet clear what that map will look like. Unlike other Republican-led states redistricting this year, Utah's new map is expected to give Democrats more of a chance at winning at least one of the state's four congressional districts, which could help Democrats in the race to control the US House.
NJ-GOV: A new Emerson College Poll of New Jersey voters finds 43% of voters support Mikie Sherrill (D) and Jack Ciatarelli (R), with 11% of voters undecided.
Government shutdown will boost Mike Duggan's campaign: If Michigan voters wake up next Wednesday to find their state government shut down, expect Mike Duggan to be knocking down the doors of the recording studio to cut more campaign ads about the destructiveness of political dysfunction. Nolan Finley
MI-GOV: Rep. John James, a GOP candidate to be Michigan's next governor, told a group Monday that he "was screwed" in his 2020 US Senate race and suggested he'll pursue "consequences" for those who had wronged Republicans five years ago.
Bill de Blasio thinks Mamdani is like a natural athlete NY Mag
Kimmel draws more than six million viewers for his ABC return: WSJ reports the comedian’s monologue also drew more than 15 million views on the “Jimmy Kimmel Live!” YouTube channel.
CNBC: Starbucks to close stores, lay off workers in $1 billion restructuring plan
HSBC says quantum computing trial helps bond trading: Reuters reports that HSBC said on Thursday a trial using quantum computers to aid bond trading had produced promising results, marking a rare example of a major financial company finding early benefits from the emerging technology.
HSBC claimed it had achieved a “Sputnik moment” for quantum computing. The British bank stated that a pilot using a quantum processor built by IBM yielded a 34% improvement in calculating the likelihood of a bond trading at a given price.
+ The bank applied quantum processing to an anonymized set of European bond trading data and found it could significantly enhance the efficiency of the market, with a 34% improvement in predicting how likely a bond will trade at a given price.
Nuclear fusion: The race among start-ups to harness limitless, clean energy: Who will be the first to feed fusion power into the grid? From Germany to China, the United States to France, more than 50 start-ups are locked in a fierce race to control this long-sought energy source. Le Monde
How Intel’s $28 billion pledge left an Ohio town in limbo: New Albany was supposed to be the site of the chip maker’s most advanced semiconductor factory, but progress on the facility is slow. WSJ
Bloomberg: Alphabet is ‘most valuable company’ on AI atrength, Moffett says
AI just created a working virus. The US isn’t prepared for that. A stunning scientific accomplishment brings both great promise and great risk. WP
AI data centres will take 10% of power demand increase, says BP: The Times reports the oil giant’s World Energy Outlook report says the figure for the US could be 40% by 2035.
Artists are leaving Spotify to protest CEO’s military AI investments: WP reports several acclaimed groups have said they don’t want their music funding defense technology. The next step is less clear.
Zuckerberg and Altman move closer to Trump since Musk rift: White House officials remain sceptical of Meta and OpenAI chiefs as they seek to embrace US president. FT
Brunello Cucinelli shares suspended as short seller makes new Russia claims: FT reports Morpheus Research alleges luxury brand continues to trade in Russia and misled investors over its operations.
One nation under Tuckernuck: Who’s winning the culture war? A preppy clothing brand wooing women on both sides of the aisle. NY Mag
Relationship sex: Why many women still feel pressure to say yes: Many women have sex with their partners even when they do not want to, out of reluctance to say no, uncertainty about desire, or fear of offending. Together, these reasons sketch the contours of a gray zone of consent. Le Monde
WP: ‘One Battle After Another’: Paul Thomas Anderson’s timely masterpiece
'One Battle After Another' review: Dynamite with a lit fuse: Writer-director Paul Thomas Anderson's masterwork lets an amazing ensemble, led by Leo DiCaprio and Sean Penn, shine brightly. Adam Graham
15 years into the boom, Iceland asks if it’s had enough of mass tourism: A volcanic eruption in 2010 put the island nation on millions of travelers’ maps. But is the country’s culture now at risk? NYT
The US has a Ryder Cup disadvantage: Their opponents are basically American, too: Europe’s recent domination of golf’s biennial showdown is best explained by the fact that most of their players are as familiar with American courses as the guys wearing red, white, and blue. WSJ
UEFA members in favour of banning Israel from European football next week: The Times reports pressure has ramped up on European football’s governing body after protests and the UN Commission’s declaration of genocide in Gaza.
A 58-year-old powerlifter is giving his college football dream one more try TA
Detroit News: Sinking Tigers fall out of first place with eighth straight loss
Detroit Free Press: Tigers' epic collapse occurs against mirror-image Guardians
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal
A11. | September 24
*** 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