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Europe
BBC Business

Toilet paper and secret recorders: What we know about the arrest of the Saudi OpenAI engineer

A Saudi national who worked for OpenAI appeared in court this week for allegedly planting a secret recording device behind a TV in one of the tech giant's meeting rooms. Abdulrahman Alfozan, a 35-year-old engineer, was arrested by the FBI and charged with using or attempting to use a device "to intercept oral communications". The engineer asked AI to help him listen in to discussions about AI, according to an official complaint (the document filed in court). Between 17 August and 16 September, Alfozan had reportedly asked a productivity AI assistant several questions about meeting rooms and their availability. Some detailed in the complaint include "how about external partners, where would they usually meet with OpenAI at" and "can you list today's meeting in this room". The complaint also claimed that in September, Alfozan used a chatbot associated with his spouse to ask how to build and install a recording device and how to access it remotely. Alfozan had worked at the firm for around a year before he allegedly made his attempt to plant a recorder. The room where the device was found was regularly used to hold meetings to discuss "highly confidential technical, commercial and strategic information" as well as OpenAI's "government engagements and commercial relationships", the complaint stated. Alfozan had no authority to access or be involved with meetings in the room, the complaint states. But CCTV footage recorded him near the conference room on eight separate occasions in September. On 30 September, OpenAI staff discovered a "surreptitious audio recording device" behind a television - which had been wrapped in toilet paper. A camera was placed in the conference room and on 5 October, Alfozan was filmed entering the room and appeared to look behind the television where the device had been inserted.

Toilet paper and secret recorders: What we know about the arrest of the Saudi OpenAI engineer
Asia-Pacific
The Straits Times

SM Lee calls for renewed tripartite ties to safeguard port jobs amid AI, trade headwinds

Senior Minister Lee Hsien Loong called on unions and leaders at the PSA to work with the Government to help workers adapt through continuous reskilling just like in the past. SINGAPORE – Protecting port workers from being left behind by technological disruption and shifting global trade patterns requires a strong, forward-thinking partnership between unions, port management and the Government. Making this comment at the Singapore Port Workers Union’s (SPWU’s) 80th anniversary dinner on Oct 17, Senior Minister Lee Hsien Loong called on unions and leaders at the PSA to work with the Government to help workers adapt through continuous reskilling, just like in the past. Only with upskilling will workers be able to take on higher-value, technology-driven roles and safeguard their long-term livelihoods. “As in past waves of transformation, we must not leave workers to face these changes alone. More than ever, we will need a strong and well-led SPWU, working closely with a competent and innovative PSA management team, to secure PSA’s success, and workers’ livelihoods,” said SM Lee. “This is the way to build a disciplined and skilled workforce with a strong Singapore core, and secure for them a fair share of the fruits of their labours.” The port industry in the past has undergone several rounds of transformation as technology advanced, with the change from manual stevedoring and operators controlling yard cranes, to remotely operated automated guided vehicles. Each time the jobs changed, the PSA retrained workers to take up new roles, while the union leaders persuaded workers to adopt a flexible mindset and upgrade themselves, said SM Lee. He was speaking to over 600 attendees that included union leaders, members and management representatives at The Ritz-Carlton, where he was also conferred the SPWU Honorary Membership for his longstanding support and commitment to the industry, union and tripartism. The union, which was first established in 1946, currently represents over 10,000 members from various organisations such as PSA Corporation, PSA International and several port logistics companies. Senior Minister Lee Hsien Loong speaking at the Singapore Port Workers Union’s 80th anniversary dinner on Oct 17. Apart from competition from other ports that are catching up quickly with digitalisation and automation, SM Lee warned that the industry itself currently faces supply chain disruptions, climate change, and geopolitical tensions that affect all shippers and port operators.

SM Lee calls for renewed tripartite ties to safeguard port jobs amid AI, trade headwinds
Asia
The Hindu BusinessLine

Trump says Iran war will end ‘very quickly’, predicts lower US gas prices

US President Donald Trump on Saturday (local time) expressed confidence that the ongoing war with Iran would end “very quickly”, claiming that the conclusion of hostilities would bring down energy costs for American consumers. Addressing a crowd of supporters during a campaign rally in Kentucky, Trump linked the outcome of the Middle East conflict directly to domestic gas prices, promising that fuel costs would plummet once operations conclude. “It’s going to end very quickly. When it ends, your gas prices are going to be lower than what they were before,” Trump said. During his speech, the President revisited previous military strikes against Iranian targets, framing the operations as a necessary preemptive action to neutralise Tehran’s nuclear ambitions. Trump defended the decisions made during what he described as an “excursion,” asserting that the strikes successfully crippled Iran’s nuclear development capabilities. “You know, when I did the little excursion to the Islamic, the beautiful Islamic Republic of Iran, we beat the shit out of them. But when I did that excursion, we knocked out their nuclear capacity,” Trump told the rally. Addressing lingering debates over the strategic cost of the strikes, Trump insisted that preventing a nuclear-armed Iran was the paramount priority for national security. “Somebody said, ‘Oh, well, was it worth it?’ I said, ‘They cannot have a nuclear weapon; they can’t, because they’ll use it,’” Trump added. Meanwhile, Iran’s Deputy Foreign Minister Saeed Khatibzadeh stressed that ending hostilities across all fronts was essential to achieving lasting peace in the region, warning that continued fighting in any area would prolong the wider conflict. According to the state-run IRNA news agency, citing Lebanon’s Al Mayadeen television network, Khatibzadeh said Iran remained committed to ending the Israeli war on Lebanon and had secured this objective in the Islamabad memorandum of understanding, which Iran and the United States signed in mid-June this year. He said Lebanon was among the key issues discussed between Iran and the US, adding that he sought to bring the two sides closer during his visit to Beirut. The senior Iranian official, who reached the Lebanese capital on Wednesday for talks with local leaders, described the exchanges as “good” and confirmed meetings with Parliament Speaker Nabih Berri, Prime Minister Nawaf Salam and Foreign Ministry representatives. He insisted that Israel must stop its war in Lebanon and the Levant, pointing out that events in the two areas remain closely linked. Khatibzadeh also charged that Washington and Tel Aviv had breached the Islamabad memorandum of understanding by launching strikes on Iran and Lebanon. He observed that American attempts to arrange a ceasefire and end Israel’s war on Lebanon had stalled, declaring that Israel could not be relied upon to keep its word and that the United States bore responsibility for reining in its ally.

Trump says Iran war will end ‘very quickly’, predicts lower US gas prices
Asia
The Hindu BusinessLine

US says 97% of ships transit Strait of Hormuz safely despite Iranian attacks

FILE PHOTO: The Strait of Hormuz, a strategic shipping route at the centre of the ongoing Iran-US conflict, has witnessed attacks on commercial vessels. | Photo Credit: Amr Alfiky The US military has claimed that 97 per cent of vessels seeking to transit the Strait of Hormuz have passed through safely without being hit by Iranian projectiles, asserting that the strategic shipping route remains open despite attacks on commercial vessels. US Central Command (CENTCOM) Spokesperson Navy Captain Tim Hawkins told Fox News Digital that coordinated naval protection efforts had helped thousands of commercial ships safely navigate the vital maritime corridor, even following the recent loss of a container ship in the regional waterway. The official comments follow confirmation from CENTCOM that the GFS Pride, a Singapore-flagged container ship owned by a Cyprus-based entity, was struck by an Iranian projectile on Wednesday while transiting the Strait of Hormuz. The vessel caught fire and subsequently sank while being towed ashore. Despite the incident, Hawkins maintained that most Iranian attacks on commercial vessels had been unsuccessful and that maritime traffic through the strategic waterway was continuing. “The vast majority of Iran’s attempted attacks on innocent civilian mariners transiting an international waterway, being the Strait of Hormuz, are unsuccessful. As a matter of fact, the U.S. military has assisted in providing coordinated protection for thousands of ships that have safely transited,” Hawkins said. “That translates to about 97% of the ships that have sought to transit the Strait of Hormuz have done so successfully without being hit by an Iranian projectile. It is open, it is available for transit, and we’ve seen that transit continue this very day,” he added. US forces and regional partner navies continue to provide maritime security across the Strait of Hormuz to sustain the uninterrupted flow of international commerce. Earlier on Friday, United States Admiral Brad Cooper claimed that Iran was facing a financial crunch and was unable to finance its proxy militia as Washington blocked its trade via sea. “Iran has no exports or imports by sea. The sum total of these actions has imposed a devastating cost on Iran’s security apparatus and IRGC specifically. In recent months, CENTCOM in close coordination with US agency partners has delivered severe blows to the Islamic regime and the IRGC in three important areas,” Adm Cooper said. CENTCOM claimed that Iran has lost USD 25 billion as its oil exports were affected, while USD 350 million in cryptocurrency had been frozen. The CENTCOM Commander also said that Iran is experiencing shortfalls in multiple sectors including energy and oil, steel and heavy industry, manufacturing, automotive, aviation, construction, security and military.

US says 97% of ships transit Strait of Hormuz safely despite Iranian attacks
Asia
The Hindu BusinessLine

President wants 60 days to assess impact of Russia sanctions law: Rubio

US President Donald Trump wants to take a 60-day period to analyse what imposing sanctions on Russia and tariffs on other countries would mean for the global economy, Secretary of State Marco Rubio said here. Rubio was responding to questions on Saturday evening ahead of his departure for a week-long tour of Uzbekistan and India. “I think the president wants to take the 60-day period of time to sort of analyse what imposing both sanctions and tariffs will mean to the global economy, and even to the US economy,” Rubio said in response to a question on the waivers granted by Trump under the Sanctioning Russia and Iran Act or the Graham Act. On Friday, Trump waived key provisions of the Graham Act that authorised punitive tariffs on countries purchasing Russian oil, offering relief to India. The executive order signed by Trump on Friday states that the waivers shall remain in effect until such time as the President or the Secretary of State, in consultation with the Secretary of the Treasury and the Trade Representative, as appropriate, determine that further action is appropriate. He said when the Graham Act was passed, the waivers were put in to study the different things going around the world such as the pressure on global energy supplies due to the Iran war, the attack of Houthis in Saudi Arabia and the Ukraine-Russia war. “So I think you have to take all of that into account and weigh it against each other,” Rubio said. “Then you’ve got countries like India, for example, that have voluntarily diversified their energy portfolio, but are still getting a substantial amount of energy from Russia because it’s hard to pivot from one day to the next,” said the Secretary of State, who is scheduled to be in India on Monday. Rubio said India is an important ally and partner of the United States, and the president needs that period of time to sort of study all this and figure out what the right combination is. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

President wants 60 days to assess impact of Russia sanctions law: Rubio
North America
CNBC Finance

From BJ’s to Lululemon, retailers are trimming assortments to boost business

Retailers are trimming assortments in an effort to clean up their balance sheets. As shoppers cut spending in the face of high gas and food prices, businesses have pulled more levers to boost profitability and appease investors. During earnings calls this year, a range of retailers have highlighted efforts to reduce the number of items they sell, commonly tracked as stock keeping units, or SKUs. In March, Dollar General said it trimmed 1,500 SKUs. In August, Under Armour said it shrunk SKUs by 25% over the past few years and plans to cut another 25%, while BJ's Wholesale Club said it plans to reduce roughly 20% of SKUs. In September, Lululemon said it cut North America SKUs by 15%. Trimming inventory can help a business stabilize its sales or even get back to growth, and can reduce the chances a company gets stuck with unwanted inventory. But the move can also leave consumers with less choice — a trade-off many retailers have been willing to make. When a brand struggles to sell certain products, it can lead to discounting, which hurts profitability. Some markdowns are expected when businesses roll the dice on new products that don't end up selling well, but too many promotions can cause problems. "If you have zero discounting, you're not taking enough fashion risk," said Guggenheim Securities senior retail analyst Simeon Siegel. "But discounting needs to be fixing mistakes. It needs to be done quickly." Under Armour and Lululemon are both facing repercussions from what investors see as too many markdowns. Under Armour's operating income, which illustrates its underlying profitability, turned negative in fiscal 2025 and 2026. The company said its problems would not be solved by chasing unhealthy sales volume or short-term revenue. "Today, we're managing for quality. Fewer products with greater purpose, tighter execution and a clear reason to buy," said Under Armour CEO Kevin Plank on the company's fiscal first-quarter earnings call in August. "We will sell so much more of so many less products at a much higher full retail price." Siegel said that when a retailer acknowledges it wants to shrink revenue, the goal is to regain pricing power. Lululemon grew its sales by more than $500 million from fiscal 2024 to 2025. Yet its operating profit fell by about $300 million in the same time span. Shares are down around 65% over the past two years. "Selling fewer options is not the same as selling fewer things," said Siegel. "Lulu has a long way to go, and simply cutting SKUs, simply saying we need to have better product is not the answer."

From BJ’s to Lululemon, retailers are trimming assortments to boost business
Europe
BBC Business

Civil servant wore make up so he could juggle five jobs from home, court hears

A civil servant is accused of earning almost £350,000 by juggling five full-time public sector roles - using sick notes and working from home to cope with the workload. Kashim Chowdhury allegedly held multiple government jobs between February 2020 and September 2023, earning £350,000 overall. The jury at Southwark Crown Court has been told he wore white make up during a video call with his boss to try to look ill, but the makeup began peeling off his skin. Chowdury, a 55-year-old from east London, is on trial accused of nine counts of fraud, which he denies. He denies acting dishonestly or intending to make a dishonest gain. The jury was told that Chowdhury got jobs by making ''false representations'' about his employment status whilst applying. Over three years he held overlapping jobs at Tower Hamlets Council in east London, the Home Office, the Department for Environment, Food and Rural Affairs (Defra), the UK Health Security Agency and the Department of Health and Social Care. The jury was told that in 2023 his manager at the Health Security Agency, Aleesha Adams, organised a video call with him to discuss his sick leave. Ms Adams claims Chowdhury was wearing make-up on his face to appear ill - and that during the meeting the make up started to separate on his forehead showing his real skin underneath. At the time of the call he is alleged to have been paid for five full time jobs. Lucy Organ, for the prosecution, told the court: "There could be no doubt about it, the defendant had applied make up to his face for this Teams meeting to try and pretend to his line manager that he was unwell. "This almost laughable incident demonstrates, we say, quite how far the defendant was willing to go in his deceit." Prosecutors say Chowdhury "exploited" the work from home culture that began during the Covid pandemic. The court was told that Chowdhury had told his employers that he had to work from home to care for his "unwell" mother. But the prosecutor, Ms Organ, said his workload eventually became "too much to cope with" and his performance suffered. The court heard that he was signed off work from some jobs due to "mixed anxiety and a depressive disorder", but he did not hand his sick note to all his employers.

Civil servant wore make up so he could juggle five jobs from home, court hears
Europe
BBC Business

Wayfair among firms fined millions for misleading sales tactics

Image source, Getty ImagesByMitchell LabiakBusiness reporterPublished14 October 2026, 10:24 BSTUpdated 52 minutes agoWayfair is among three firms which have been fined £6m in total by the competition watchdog for illegally using misleading sales tactics – with some customers set to receive refunds. The online furniture retailer was fined £4.8m for misleading customers with time-limited offers, while online electronics seller Appliances Direct was fined £1.2m for the same practice, the Competition Markets Authority (CMA) said. Meanwhile, Gold's Gym has been fined £48,000 for not telling customers the total price of its memberships. It and Appliances Direct have been ordered to refund customers a total of £440,000. Wayfair and Appliances Direct said the CMA's fines were disproportionate. Thousands of Appliances Direct customers will receive refunds of £25 each on average while 726 Gold's Gym customers will get refunds of up to £50, according to the CMA. The watchdog said customers do not need to take any action and both companies will contact those affected customers about refunds. Appliances Direct has been told to pay refunds by 11 March, while Gold's Gym has been given a deadline of 29 March. The CMA said Wayfair, Appliances Direct, and Gold's Gym had "engaged constructively" with its investigation. They all admitted to breaking the law and agreed to settle the case early, it added. The CMA's fines are the result of an investigation it launched last November into online pricing. A Wayfair spokeswoman said the penalty was "excessive" but that "we take the CMA's findings seriously and we chose to settle so we can continue to focus on serving our customers". Nick Glynne, chief executive of Buy it Direct, which owns Appliances Direct and several other online retailers, accepted that its practices were wrong, but said the firm should have simply been given "a rap on the knuckles" instead. Glynne said the CMA's process for calculating the fine was a "black box" and that it only settled because appealing was too expensive, accusing the watchdog of pressure tactics.

Wayfair among firms fined millions for misleading sales tactics
North America
CNBC Economy

India’s central bank hikes rates for the first time since 2023 as inflation risks build

The Reserve Bank of India on Wednesday raised interest rates for the first time since 2023, joining several major central banks in tightening monetary policy to arrest accelerating inflation. The central bank increased the benchmark repo rate by 25 basis points to a 1-year high of 5.50%, in line with expectations of economists polled by Reuters. India's economic growth has been strong despite global challenges, Sanjay Malhotra, RBI governor, said in his address on Wednesday, while adding that "inflation and its outlook are not benign, as they were last year." The monetary policy committee decided to change the policy stance "to calibrated tightening," Malhotra said. The hike comes as retail inflation in India has been on the rise for 10 straight months, touching 4.8% in August, higher than the RBI's medium-term target of 4%. The central bank expects India's core inflation to be at 4.4% for the financial year ending March 2027 and headline inflation at 5.2%. "Given the current conditions, rate cuts are off the table in the near term, and policy action ahead can only be a rate hike or a pause," Malhotra said. HSBC and Goldman Sachs expect the RBI to raise interest rates in December as well. The markets need to see a "credible" hike from India's central bank that shows its ability to raise rates again to contain inflation, HSBC said in a report on Monday. If the RBI's rate hike is "perceived as dovish at a time" when inflation is rising and likely to persist, it would hurt India's appeal among global investors, the report said. The RBI raised India's economic growth estimated by 40 basis points to at 7.1% on the back of resilient economic activity even as it flagged that protracted geopolitical tensions, trade frictions, tightening of financial conditions and elevated international commodity prices would likely to weigh on growth. India, which remains the world's fastest-growing major economy, is among the countries most vulnerable to the supply disruptions caused by the Iran war. The South Asian country meets nearly 85% of its fuel needs via imports, with the Strait of Hormuz being a key supply route before the war. India is also facing the risk of El Niño this year. As per the World Bank, India had its fourth-driest June-August period since 1960, and it could lead to higher food prices. The World Bank expects India's economic growth to slow to 7.1% in the financial year ending March 2027 as compared to 7.8% in the previous year, it said in a report on Tuesday. The report said the country's economic growth held up "better than expected despite trade and geopolitical uncertainties," but will moderate over the next few quarters. During the June quarter, India reported a better-than-expected economic expansion of 7.8%, even as growth cooled for many major economies such as the U.S., China and Japan due to adverse trade conditions, geopolitical uncertainties and high energy prices.

India’s central bank hikes rates for the first time since 2023 as inflation risks build