Latest Developments

Europe
The Guardian

Judge extends White House access to banned media outlets CNN, MS Now and Politico

Katie Zacharia holds her first press briefing at the White House in Washington DC on Tuesday. Photograph: Kevin Lamarque/ReutersView image in fullscreenKatie Zacharia holds her first press briefing at the White House in Washington DC on Tuesday. Photograph: Kevin Lamarque/ReutersTrump administrationJudge extends White House access to banned media outlets CNN, MS Now and PoliticoDistrict court judge Timothy Kelly was ruling after Trump administration blocked access to three outlets last month A federal judge ordered the White House on Tuesday to continue allowing journalists from CNN, MS Now and Politico to access the building as the media coalition’s lawsuit against the Trump administration plays out. Timothy Kelly, a district court judge, had on 24 September granted a 14-day reprieve for the news organizations, which six days earlier had been banned by the president in an extraordinary move from entering the White House grounds “as a result of their constant ‘reporting’ FAKE NEWS”. “Defendants (except for President Trump) and their agents, representatives, and all persons or entities acting in concert with them, shall not execute, implement, or enforce the September 18, 2026, decision to revoke the White House ‘hard pass’ press credentials held by employees of CNN, MS NOW, and POLITICO, thereby maintaining the status quo since the Court’s entry of a temporary restraining order on September 24, 2026,” the judge wrote in granting a preliminary injunction requested by the plaintiffs. The organizations filed a lawsuit on 21 September seeking to overturn the ban as a violation of their rights under the US constitution. But that temporary restraining order expired on Tuesday, bringing the media companies into court late last week to ask for a preliminary injunction that would lift the ban during the duration of the lawsuit, which could take months. During arguments at the E Barrett Prettyman federal courthouse in Washington, Kelly seemed inclined to lift the ban indefinitely, telling a lawyer for the federal government that his side had “a notice problem” that was “probably the biggest hurdle” they had to overcome. The Trump White House gave no advance notice to the media companies affected to say that they were at risk of losing their press badges, which the news organizations have said are essential to their ability to cover the administration. While the White House sent letters to the media companies informing them of the ban, they did so post-hoc, after building access had already been cut off, in violation of binding court precedent. In his ruling on Tuesday, Judge Kelly wrote that the plaintiffs “are likely to succeed not only on their due process claim, but also on their two First Amendment claims”. While access to the White House is not guaranteed, court precedent dictates that once it is provided to journalists, it cannot be taken away for editorial or viewpoint-based reasons. During arguments for a preliminary injunction on 8 October, media lawyer Theodore J Boutrous told the judge that Trump had offered a “confession” – in a Time magazine interview last week – that he was banning the media companies explicitly because of the content of their reporting, not because of any other considerations, such as national security. “The case has gotten stronger for the plaintiffs thanks to President Trump,” Boutrous told the judge. The judge seemed to agree. “President Trump’s own comments suggest that he intended the revocation of Plaintiffs’ hard passes to alter their reporting on him, bolstering the case that his action here is sufficient to deter a reporter of ordinary firmness from reporting in the same way she had before,” he wrote. Although the White House has largely adhered to the judge’s prior ruling restoring access on a temporary basis, journalists for CNN and Politico have on occasion been prevented from performing “pool duty” – covering the daily activities of the president – because the administration has interpreted the judge’s temporary restraining order to solely require access to the White House complex, not smaller spaces like Air Force One or the Oval Office.

Judge extends White House access to banned media outlets CNN, MS Now and Politico
North America
CNBC Economy

Inflation fears on the rise as one-year outlook in Fed survey hits highest level since May 2023

Inflation fears intensified in September, pushing the near-term outlook in the New York Federal Reserve's monthly survey to its highest level in nearly 3½ years. The central bank's Survey of Consumer Expectations indicated that the median view for inflation over the next 12 months rose to 3.9%, up 0.3 percentage point from August and the highest level since May 2023, when the figure was at 4.1%. Similarly, the survey found that household spending growth is expected to hit 5.5%, also up 0.3 percentage point month over month and the highest since May 2023. The results come with Fed officials grappling over the proper setting of monetary policy as inflation holds well above the central bank's 2% target. Markets largely expect the Federal Open Market Committee to keep benchmark rates steady when it meets later in October. Inflation in August came in lower than expected, according to the Fed's preferred gauge. In recent days several key officials, including New York Fed President John Williams, have said policymakers can afford to take their time when evaluating where interest rates should be set. The survey did find that the outlook is better anchored further out on the timeline. The three-year expectation edged up 0.1 percentage point to 3.3%, while the five-year view was unchanged at 3%. One closely watched bond market indicator known as a breakeven shows the five-year outlook around its highest level of the year at 2.35%. Treasury yields have been soaring in recent weeks, hitting levels not seen since the early part of the century. Surging energy costs are at the core of the inflation problem. Gasoline prices rose nearly 4% in August alone, according to the Bureau of Labor Statistics, while fuel oil surged more than 10%. At the consumer level, utilities have filed for $23.1 billion in increases so far in 2026, according to PowerLines, a nonpartisan consumer advocacy group. The third quarter alone saw requests for $4.5 billion, the largest sum for the period on record. The New York Fed survey found consumers expect gas prices to rise by 4.8% over the next year, an increase of 0.2 percentage point from August. While looking for the Fed to stay put at its next meeting, markets are pricing in a much more aggressive central bank in the years ahead. Fed funds futures contracts are implying a rate of 5.58% in five years. The current funds rate is targeted between 3.75%-4%. Correction: PowerLines is a nonpartisan consumer advocacy group. An earlier version misspelled its name. Get this delivered to your inbox, and more info about our products and services.

Inflation fears on the rise as one-year outlook in Fed survey hits highest level since May 2023
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