News from October 8, 2025
595 articles found
Technology
Why CarMax Plunged in September
Shares of used car giant CarMax (KMX -1.05%) plunged 26.9% in September, according to data from S&P Global Market Intelligence, drastically underperforming an otherwise positive month for the markets. Not only is CarMax not a part of the AI tech stock cohort that saw massive interest in September, but the company also reported earnings during the month, which fell well short of expectations. CarMax reports declines and announces cost cuts In its second quarter, CarMax reported revenue declines of 6% to $6.59 billion, and an earnings per share decline of 24.7% to $0.64. Both figures missed analysts' expectations. Management acknowledged the challenges of the current quarter, but pointed to new initiatives it anticipates will turn things around. The first is a cost-cutting initiative, by which management is seeking $150 million in selling, general, and administrative cost cuts over the next 18 months. The second is on the marketing front, where CarMax unveiled its new "Wanna Drive?" campaign in August. The "Wanna Drive?" campaign highlights CarMax's new omnichannel capabilities, a competitive reaction to online-first competitors such as Carvana (CVNA -2.22%) and others. But while that all may sound promising, CarMax is fighting against an unfavorable macroeconomic environment. Late in September, the Conference Board reported a worse-than-expected decline in consumer confidence, with a reading of 94.2, down from 97.8 in the prior month and well below the 96.0 reading expected by economists. Automobile purchases are big-ticket items, so consumers may hold off purchases if their confidence in the economy and their future prospects darkens. While the Federal Reserve did commence cutting interest rates in September for the first time in nine months, it likely did so in reaction to a weakening job market and economic outlook, even as inflation remains above its target. Can CarMax turn it around? After the September decline, CarMax looks somewhat cheap on the surface, now trading at 14 times this year's earnings estimates and just 11.8 times next year's earnings expectations. It therefore appears CarMax may be a value stock that could be appealing to investors shying away from the high valuations of the AI and technology sector. Of note, CarMax does have over $16.4 billion in debt, but that debt is backed up by roughly the equivalent amount of CarMax auto finance loans, which CarMax holds on its balance sheet, and from which it generates a positive interest rate spread. So while CarMax shouldn't be considered "heavily indebted," its business is very economically sensitive, in that used cars are big-ticket items, while the auto loan financing business essentially functions like a bank. Overall, CarMax is also a low-margin business, with a net profit margin of just 1.4% last quarter. So CarMax looks like a cheap stock at the moment, but investors need to bank on a cyclical recovery or stabilization in consumer spending for the stock to deliver on that promise.
Technology
April trapped in a bedroom with a man in disturbing Emmerdale scenes
Things escalate even further (Picture: ITV) April Windsor’s (Amelia Flanagan) danger level is extortionate, and yet somehow, Ray Walters’ (Joe Absolom) expert manipulation has led her to believe he’s keeping her safe. April owes drug king-pin Ray a load of dosh after costing him money in a drug deal gone wrong, a fact which he’s been cleverly lauding over her so that she remains trapped in his game. Ray convinced her to start dealing, much to Dylan Penders’ (Fred Kettle) disgust, but with the teens so desperate to pay off their debt, it felt like they had no other choice. Dylan even learned to drive so that he could do more drug drops for Ray, although Ray cleverly added the cost of the lessons to their debt after promising them as a gift. Ray managed to convince April that it would be best if she moved out of Smithy Cottage (Picture: ITV) While Dylan is pleased that he’s passed his test and scores a driving gig with the depot, April learns she is being sent to Liverpool. She tries to refuse the job, but Ray is quick to threaten her that he’ll sell her debt if she doesn’t go. Backed into a corner, April tries to steal Rhona’s (Zoe Henry) jewellery to pay off the debt instead, but she’s caught before she can make her getaway. With no choice, April takes the job. But Ray tells her she’s been too slow, he’s given it to someone else. And what a shame it is as she could have earned a packet. Instead, he gives her another job with a ‘valuable client’. He takes her to a hotel to deal cocaine directly to the client, with instructions to have a drink with him to keep him sweet. April recently learnt that Celia is in charge of the entire operation, not Ray (Picture: ITV) April’s nervous but ballsy, and heads into the hotel. She finds the client, Tim, who invites her in and accepts the cocaine. He offers her a drink as Ray says he would, but to April’s surprise, it’s not a San Pellegrino. It’s vodka. Before she knows what’s happened, she realises she can’t leave as Tim traps her in the room. No one knows she’s there, and he’s high on class A drugs. Will the unthinkable happen to April? Or is this another sick test from Ray?
Technology
‘Chilling’ rise in UK prison drone incursions – bringing in contraband
The number of illegal drone incursions into prisons in England and Wales is soaring amid warnings it has “never been easier” to get drugs and banned items inside. Data examined by this programme shows reported incidents involving drones have risen by more than 1,000% in the last five years. The cargo they carry: drugs, phones and even allegedly weapons. The impact: violence, chaos and more crime – on a system meant to deliver rehabilitation. A prison service source confirmed to us that in one recent incident a drone crashed and intelligence was received that weapons had got inside the jail. Lockdown cell searches discovered a spent shotgun cartridge and sketches of a gun. The Ministry of Justice say they have no record of this. And after another drone sighting, we understand, prisoners barricaded the cell so staff couldn’t get in to retrieve the package. Now the Prison Governors’ Association is warning that organised crime gangs controlling the drones are out-running the authorities. ‘It’s never been easier to get drugs into prison’ Andy Laidlaw has quit a job he loved. He was deputy governor at HMP Garth in Lancashire. But he left in June last year because he felt he could no longer work to rehabilitate prisoners amid the perfect storm of issues battering the system. Resources were tight, there were not enough staff and many officers lacked vital experience. And then there were the drones. “Drugs and other illicit items in prisons, it’s never been easier to get them in, and it means organised crime are making hay. It makes it incredibly difficult when drugs are freely available – and because of the drones they are freely available.” Andy said it has always been like cat and mouse trying to keep up with organised crime’s activities inside prison but, on the whole, managers like him could keep a lid on things. But drones make that harder and harder, with some prisons seeing drone drops every day. “It’s a bit chilling because you can see the drone and its cargo,” he said. “You don’t know where it’s going and you don’t know how to stop it. So you’re literally just trying to see which side it goes.” In January 2024, 400-metre Drone Restricted Fly Zones were introduced around all closed prisons and young offender institutions in England and Wales, making it an offence to pilot a drone in the restricted areas without authorisation. Andy said a drone can be flown to one area of a prison as a decoy. Staff go running in that direction – and then another one is flown in while no one is looking. Channel 4 News has examined Ministry of Justice data on drone incidents in prisons in England and Wales going back to 2021 when there were 138 in the year to March. That figure has shot up to 1,712 in 2025 – an increase of more than 1,000%. And the lack of resources combined with the dangers posed by organised crime means, Andy said, the safety of prisoners and staff becomes an almost daily worry. He said: “When you literally can’t keep people safe, that’s quite a heavy burden to drive home with.” “When you literally can’t keep people safe, that’s quite a heavy burden to drive home with.” – Andy Laidlaw The bottom line, he warned, was that spending money on prisons wasn’t a vote-winner. Successive governments have been aware of the problems “but it’s almost like they listen and then cross their fingers”. It will take two to five years to make a meaningful difference to the staffing crisis, he said. Andy added: “People don’t realise that communities would be safer, better places to live if the people put in prison came out and they were able to become stable citizens and contribute to society rather than creating victims.” ‘Gang culture is growing in jails’ Chris Buckland is a recovering drug user who said he committed crime to support his addiction. He now volunteers with the rehabilitation charity Forward Trust. “The gang culture is just growing and growing and growing, which in turn is causing more violence,” he told Channel 4 News. He has had two periods in prison – a decade apart. By the second spell, he said criminal gangs had intensified their grip on life inside – offering a menu of illegal items. Everything from phones to drugs like spice, to whoever could pay. “5, 10, 15 quid worth of spice. Ring up telephone banking, transfer X amount of money into the dealer’s account or their friend’s or their family’s account. As soon as they get the message ‘has that money gone into the account?’ ‘Yes it has.’ The spice would just come under the door. Like a Deliveroo system inside a prison.” “The spice would just come under the door. Like a Deliveroo system inside a prison.” – Chris Buckland Chris said the gangs were determined to continue operating their market inside jails because it’s so lucrative – and they recruit prisoners to take drones through their windows any way they can. “If these gangs get hold of someone who is potentially vulnerable, they will squeeze and squeeze and squeeze,” he said. “You have to do this for me or we’ll stab you, we’ll beat you, we’ll kill you, the threats are endless. They can get hold of their family, their loved ones, Facebook, Tik-Tok social media – they’ll use that.” Chris now creates videos documenting his recovery journey to encourage others. ‘Lethal’ 3D-printed machetes among items Brenda’s son Ian is serving time in one of the UK’s high security prisons. We’ve changed their names to protect him. One day he called her. “He said: ‘Mum, you should have seen it last night…I was looking out the window and it was like Blackpool. All the lights’.” But there’s a dark side to the night-time light show. She told us: “It’s the drones. Drones coming into the prisons. It’s how they get all the goods in, all the drugs, the phones and he said you name it, you can get anything you want in this prison. Iphones, chargers, sim cards, 3D-printed machetes, they’re plastic but they’re lethal. He said it’s ruthless.” Drones are a crucial tool used by the criminal gangs running swathes of the country’s prisons. But they also need a steady stream of prisoners to take the risk of bringing the deliveries through their cell window – whether they volunteer or not. Brenda said her son was put under pressure to take a drone in through his window. “He said he didn’t want to do it and they said no, we’re not asking you, we’re telling you it’s coming, it’ll be there at 10.30 tonight,” she said. “You make sure you get it. Of course, he didn’t do it. He said he switched his light off, he put himself in bed and he was having nothing to do with it.” The consequences were swift and horrific. “He was burnt. They burnt him with melted down sugar and boiling water. His face, his hands and his arm.” Brenda says her son was then attacked twice more – and left in no doubt why. “He’s been told: ‘we will go and we will get your family’,” she said. “We can find them quicker than you would ever imagine. My son will either take his own life or he will be killed because he won’t conform. He’ll be coming out in a body bag. I don’t want him to die.” “My son will either take his own life or he will be killed because he won’t conform. He’ll be coming out in a body bag. I don’t want him to die.” A Ministry of Justice Spokesperson said: “This government inherited a prison system in crisis. “Drones pose a serious risk to prison security. That is why we are investing £40 million in new security measures to clamp down on the contraband that fuels violence behind bars – including £10 million on anti-drone measures such as exterior netting and reinforced windows.” Watch more here
Technology
KISS rocker Gene Simmons hospitalised after ‘passing out and crashing car’
Gene Simmons was involved in a car crash on Tuesday (Picture: Michael Tullberg/Getty Images) Gene Simmons is recovering in hospital after a car crash in Malibu saw his Lincoln Navigator career across several lanes on the Pacific Coast Highway. The crash was reported just before 1pm in the 25000 block of Pacific Coast Highway on Tuesday afternoon, NBC Los Angeles reports. The Los Angeles Sheriff’s Department told NBC4 Investigates that the 76-year-old KISS bassist’s car crashed into a parked vehicle, before a witness called 911. Simmons told deputies and first responders he passed out or fainted at the wheel of his SUV and hit the car, the sheriff’s department told the outlet, and he was hospitalised for checks. Simmons’ Canadian actress wife Shannon Tweed told the outlet the rockstar is now recovering at home. She explained that doctors recently changed his medication and told him to drink more water, something which Simmons apparently isn’t a fan of. Simmons is recovering at home, according to his wife (Picture: Adrian Monroy/Medios y Media/Getty Images) Simmons has recently changed medication, according to his wife (Picture: Elsie Roymans/Getty Images) The musician co-founded Kiss with Paul Stanley, Ace Frehley, and Peter Criss in 1973, and the band – known for their dramatic face paint – went on to sell some 100 million records over the past 50 years. The rockers – known for hits including Rock and Roll All Nite, Detroit Rock City and Beth – were in the news recently for sharing their excitement by being summoned by Donald Trump to the Kennedy Center Honours. This is the first Kennedy Center Honours since President Trump took over as chairman of the arts and culture center in Washington DC earlier this year, a move which was criticised as a sign of encroaching authoritarianism in the US. Named alongside soul singer Gloria Gaynor, country star George Strait, and actors Sylvester Stallone and Michael Crawford, KISS’s Simmons told TMZ in response to the announcement: ‘Kiss is the embodiment of the American dream. We are deeply honoured to receive the Kennedy Center Honour.’ He is apparently not one to drink his daily water intake (Picture: Jesse Grant/Variety via Getty Images) ‘From our earliest days, Kiss has embodied the American ideal that all things are possible and that hard work pays off,’ adds Paul Stanley. ‘The prestige of the Kennedy Center Honours cannot be overstated, and I accept this on behalf of the long legacy of Kiss and all of the band members who helped create our iconic band.’ Simmons also recently caused backlash after charging fans $12,000 to be his personal assistant. As part of his US solo tour, the I Was Made For Lovin’ You hitmaker gave one fan per show extensive behind-the-scenes access. That solo tour then axed 17 of the 26 dates with little explanation offered except for reassurances that it’s not connected to his health. It seems it had nothing to do with the roadie VIP backlash as Gene later explained it’s ‘better to be rich than poor’. ‘I developed a harder skin and for myself, realised that everything was about the search for power and money, which is not a very romantic notion,’ he told Ultimate Classic Rock in an upcoming podcast. Gene continued: ‘But I didn’t want to be poor, because I know what that felt like. All I ever did was try to figure out how to become powerful and make lots of money, for survival.’ After surviving Nazi concentration camps, the rocker’s mother worked six days a week in a ‘sweat factory’ to make ends meet. ‘The only thing money ever does, really, is give you the freedom to do stuff you actually like doing,’ he added. Metro has contacted representatives for Gene Simmons for comment.
Technology
Who is Amanda Rodrigues? The widow and mother present during two mysterious deaths in the Gatti family
Arturo Gatt's wife, Amanda Rodrigues, was initially detained on suspicion of murder. (Image: X/jeffreyboxe) Arturo Gatti Jr., the 17-year-old son of late boxing legend Arturo Gatti, was found dead on Monday, October 6, in Mexico, according to The Ring Magazine. Gatti Jr., who lived with his mother, Amanda Rodrigues, was pursuing a professional boxing career and had been training actively in recent months.Authorities in Mexico have not yet determined the cause of death. Initial reports suggest that he was discovered by a neighbor, though further details remain unclear. Rodrigues, the widow of the former world champion, was in Mexico with her son at the time. Coincidentally, she was also present when her husband, Arturo Gatti Sr., died in 2009.Amanda Rodrigues’s pastFollowing Gatti Jr.’s death, online discussions have resurfaced around Amanda Rodrigues, who was previously the focus of intense public scrutiny after her husband’s mysterious death.One X user, responding to speculation that Gatti Jr. may have taken his own life, wrote, “Suicide? HELL NO. Do your research and type Amanda Rodrigues”! , reflecting renewed public suspicion and debate.— PSSpecial01 (@PSSpecial01) Rodrigues, a Brazilian native, was married to Gatti Sr. and is the mother of their only son. After Gatti Sr.’s death, she largely withdrew from the spotlight, focusing on raising her son and supporting his interest in boxing. She reportedly ensured he trained with reputable coaches and stayed close to the sport that defined his father’s life.Live EventsThe 2009 death of Arturo Gatti Sr. and Amanda’s roleArturo Gatti Sr. was found dead on July 11, 2009, at a luxury resort in Porto de Galinhas, Brazil. At the time, police suspected that Rodrigues had strangled her husband with her purse strap while he was asleep. A blood-stained purse strap was recovered from the scene, and investigators also noted a knife wound on the back of Gatti’s head.Rodrigues was arrested after giving conflicting accounts of the night’s events and was detained for nearly three weeks. However, after a partial autopsy suggested that Gatti’s death might have been a suicide, she was released and later cleared of all charges.In a 2012 interview with CBS’s 48 Hours Mystery, Rodrigues spoke about her late husband and their son, saying that Gatti Jr. “makes me complete” and that his smile “is the same” as his father’s. She expressed deep affection for both and reflected on how much she missed Gatti Sr., describing their family bond as strong despite past tensions.Reports at the time noted that the couple’s relationship had been tumultuous, often marked by jealousy and frequent arguments. According to a 2009 CBS News report, Gatti had met Rodrigues while she was working as an exotic dancer in a Brazilian strip club, and friends said their relationship was often volatile.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onAmanda RodriguesArturo Gatti Jr.Arturo Gatti Sr.Arturo Gatti wifeboxingBrazilCBS48 Hours Mysterygattirodrigues (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onAmanda RodriguesArturo Gatti Jr.Arturo Gatti Sr.Arturo Gatti wifeboxingBrazilCBS48 Hours Mysterygattirodrigues(Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless Explore More Stories123
Technology
What China’s landmark climate pledge means for the fight against global warming
China is now the dominant force both causing and restraining global warming. Over the past decade, China has been responsible for 90% of the growth in the carbon dioxide emissions that are raising world temperatures, research shows. Yet China is also at the forefront of the world’s green energy transition, and is filling a leadership void left by the United States as Washington has withdrawn from international climate agreements. For this reason, all eyes were on Beijing’s new climate pledge unveiled at the United Nations last month. On one hand, the pledge marks a step forward. For the first time, China has set an absolute target for cutting emissions, rather than limiting future growth. In another first, its pledge covers all greenhouse gas emissions and economic sectors. Nevertheless, experts say China’s commitment falls far short of the robust targets needed to fulfill the Paris Agreement imperative to limit the rise in global temperatures to less than 1.5 degrees Celsius. What are China’s new goals? In a video address to the United Nations climate summit in New York on Sept. 24, Chinese leader Xi Jinping said his country would cut greenhouse gas emissions across its economy by 7% to 10% from the peak level by 2035. China’s reduction should be closer to 30%, experts say, to be on track to meet Paris Agreement goals. “The level of ambition … is quite low,” considering China’s responsibilities under the Paris accord, and is “especially low, compared to what they can deliver, given the astonishing clean energy boom happening in the country,” says Lauri Myllyvirta, a senior fellow at the Asia Society Policy Institute's China Climate Hub. Moreover, by linking the cuts to an as yet undefined “peak” rather than a specific year, Beijing “risks creating an incentive for emissions increases” by localities and firms that seek to lock in fossil fuel capacity at a higher base, says Mr. Myllyvirta. Mr. Xi also pledged that, by 2035, China will boost the share of nonfossil fuels in total domestic energy consumption to more than 30%, and will increase the installed capacity of wind and solar power to 3.6 billion kilowatts, or more than six times the 2020 amount. Both targets are conservative, experts say. Can China meet these targets? China’s track record tells us it has the ability and willingness to meet these goals. In fact, it has the capacity to make even bolder emissions cuts, but leaders are proceeding with caution. “The pledge is a bit modest,” says Yanzhong Huang, a professor at Seton Hall University’s School of Diplomacy and International Relations. “They seem to frame it as a floor rather than as a ceiling. … They certainly don’t want to overpromise.” China’s rapid progress in expanding solar, wind, and other renewable sources of energy in recent years is the most important indicator that the country could cut emissions at a faster pace. For instance, China in 2020 vowed to more than double its renewable energy capacity to 1,200 gigawatts by 2030, but ended up reaching the goal more than five years early. “Wind and solar installation hit record highs,” Dr. Huang says. “In green technology, they have evolved from copycat to innovator. They are essentially dominating 80% of global solar cells. The progress has indeed been remarkable.” Given these modest goals, can China lead the climate effort? In the past, U.S.-China competition has been a significant motivator for Beijing’s climate commitments. Today, the lack of U.S. pressure makes it easier for China to set a low bar on targets, while still sounding the rallying cry to reduce emissions. At the U.N., Mr. Xi made an oblique reference to Washington’s withdrawal from the Paris accord, saying “some individual countries are moving against the tide.” In contrast, he called on assembled leaders to “strengthen our resolve,” calling the green transition “the trend of our times.” When it comes to addressing climate change, “The U.S. is doing a lot more than abdicating. It’s ceding leadership to China,” says Gary Yohe, a professor of economics and environmental studies at Wesleyan University. Yet whether China can truly emerge as a leader in combating global warming remains to be seen, experts say. Overall, domestic priorities such as Mr. Xi’s focus on energy security appear to be driving Beijing’s climate pledge decisions. To hedge its bets, China has built up renewable energy while also scaling up the coal industry and producing more oil and gas – giving the country more energy than it needs. To experts, Beijing’s climate pledge suggests that, so far, the leadership has not decided to strongly prioritize renewables or fossil fuels. But as the green energy expansion continues, that could change, putting China on track for “a much larger emission reduction by 2035,” says Mr. Myllyvirta.
Technology
Man arrested as suspect in setting California's deadly Palisades fire, says official
A Florida man has been arrested on charges that he intentionally ignited the Pacific Palisades Fire in Los Angeles that killed 12 people, a law enforcement official familiar with the case said on Wednesday. The man is facing three federal criminal charges related to the fire, following an extensive investigation by the Los Angeles field division of the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF); the Los Angeles Fire Department; and the Los Angeles Police Department, the official said.
Morning Mail: new AFP powers to target sex offenders, blueberry farming blues, Australia’s Nobel winner
Police will be given licence to possess illegal images to help investigate criminal gangs; explosion in production causes unease in NSW
Technology
WTA Wuhan Day 4 Predictions Including Coco Gauff vs Zhang Shuai
Eight interesting WTA Wuhan round of 16 matches will be played on Thursday with a number of star names set to be in action in China. As always, we here at LWOT predict every match on the slate, including Iga Swiatek vs Belinda Bencic, but who will book their spot in the last eight?. WTA Wuhan Day 4 Predictions Aryna Sabalenka vs Liudmila Samsonova Head-to-head: Sabalenka 3-2 Samsonova Liudmila Samsonova has caused Aryna Sabalenka some issues in their previous meetings, but she was comprehensively beaten by the world #1 earlier this season. That may well have dented her confidence, and her pre-match hopes won’t be helpd by the knowledge that Sabalenka has also never lost a match in Wuhan, where she is the three-time defending champion. Although the Belarusian started slowly in her opening match before recovering, expect her to improve in this match. Jasmine Paolini vs Clara Tauson Head-to-head: Paolini 1-0 Tauson Both women can still qualify for the WTA Finals, although Jasmine Paolini’s chances are much better than Clara Tauson’s. The Dane almost certainly needs to go deep at the WTA Wuhan Open to have any chance – and quite possibly win the title. Although the conditions suit Tauson well, Paolini’s more complete game will probably give her the edge. If the Italian gets enough balls into play, particularly in the critical moments., Tauson’s game could unravel quickly. Prediction: Paolini in 3 Elena Rybakina vs Linda Noskova Head-to-head: Rybakina 2-0 Noskova Linda Noskova’s two victories against Naomi Osaka and Yulia Putintseva were very impressive after such a quick turnaround from her China Open final loss. However, it will be hard for the Czech to keep battling through quality opponents. This will be her sixth match in seven days, and Elena Rybakina can take advantage of that if she performs well. Coco Gauff vs Zhang Shuai Head-to-head: Gauff 3-0 Zhang Coco Gauff has not dropped a set against Zhang in three previous meetings, but most of those sets were close. The home favourite has no chance of changing that record if Gauff plays as well as the previous round. She landed 85% of first serves in her 6-1 6-0 thrashing of Moyuka Uchijima. Such is her quality off the ground, opponents often rely on Gauff’s serve being weak to beat her, and Zhang will need that to falter again for any hope of an upset. Prediction: Gauff in 2
Technology
The best check on cocaine trafficking
The global use of cocaine has hit record levels, with much of it produced in South America and smuggled abroad by Albanian crime networks. Yet in addition, the world has recently seen two very different approaches to curbing this drug flow as well as the corruption that drives it. This year, President Donald Trump unleashed the United States military to kill alleged drug traffickers on small boats in the Caribbean, offering no evidence of a crime. The new tactic has partially shifted U.S. policy away from criminal prosecution and safe interdiction to one of warfare with no due process. It relies on a questionable legal rationale that drug smugglers are terrorists who pose an immediate threat. The other approach relies less on force and more on rule of law and the integrity of law enforcement – in a country long viewed as one of the world’s most corrupt, Albania. This small nation on the Adriatic Sea, eager to join the European Union, has not only made dramatic strides to fight corruption among its top officials, but also has busted international drug-trafficking rings. A good example is raids in June and August by a specialized anti-corruption unit, known as SPAK (Special Structure Against Corruption and Organized Crime), that arrested members of a cocaine and money-laundering network. One raid seized 17 tons of cocaine. The network, stated SPAK prosecutors Altin Dumani and Vladimir Mara, is “one of the most powerful Albanian organizations in the international cocaine trafficking.” Set up in 2019, SPAK has prosecuted dozens of officials and politicians for corruption and put more than a thousand other Albanians on trial. Its approach on drug policy is centered on legal rights and evidence. Most of all, according to Mr. Dumani, SPAK’s work is fulfilling the wishes of Albanians to overthrow “a mindset that tolerates corruption.” “It is not our aim and mission to condemn anyone,” he said. Rather, SPAK is showing that “organized crime can be brought before responsibility, that today there cannot be high public officials immune from justice, that the law works, and that young people can strongly hope for a state of law.” “More than anyone, we owe it to future generations and we hope that our efforts today serve to provide them with a society where accountability, integrity, honesty are the foundation of Albanian institutions.” This approach, based on enduring qualities that are universal, is also the right foundation for ending the global flow of narcotics like cocaine.
Technology
Harvard economist's dire warning: Without data centers, US GDP grew only 0.1% in H1 2025
TIL CreativesUS economy 2025 US GDP growth 2025: The US economy may not be as strong as it looks, warns Harvard economist Jason Furman. According to his latest analysis, almost all of America’s economic growth in the first half of 2025 came from one source, data centers and information processing technology, as per a report.Jason Furman Says US GDP Would Be Flat Without AI InvestmentFurman shared his findings in a post on social media platform X (formerly Twitter), revealing that if investment in data centers and related technology were excluded, US GDP growth would have been just 0.1% on an annualized basis, as per a Fortune report. His findings were supported by financial analysts, including Robert Armstrong of the Financial Times’ Unhedged, who have noted the sharp rise in data center construction. In August, Renaissance Macro Research estimated that the contribution of AI data center buildouts to GDP growth in 2025 had, for the first time, surpassed US consumer spending, which usually makes up two-thirds of GDP, as per the report.ALSO READ: Who is Jonathan Rinderknecht? Here's all details about the man arrested for starting Palisades fireData Center Investments Account for 92% of US GDP Expansion in 2025Furman pointed out that investment in information-processing equipment and software made up only 4% of total US GDP in the first half of 2025 but accounted for 92% of the country’s GDP growth during that period, according to Fortune. He said it’s unlikely the economy would have completely stalled without this boom, saying that “absent the AI boom we would probably have lower interest rates [and] electricity prices, thus some additional growth in other sectors. In very rough terms that could maybe make up about half of what we got from the AI boom," as quoted by Fortune.Live EventsBig Tech Companies Like Microsoft, Amazon, and Nvidia Drive the AI BoomMajor tech companies, including Microsoft, Google, Amazon, Meta, and Nvidia, have invested tens of billions of dollars to expand and upgrade data centers to meet the growing demand for artificial intelligence and large language models that need vast computing power, according to the report.ALSO READ: These are the major US airports facing delays due to the government shutdown — avoid at any costHyperscaler Capital Spending Nears $400 Billion a YearLisa Shallet, Chief Investment Officer at Morgan Stanley Wealth Management, said that spending among these “hyperscalers” has risen sharply, as per Fortune. She said that, “In recent years, hyperscaler capex on data center and related items has risen fourfold and is nearing $400 billion annually,” adding, “The speed of growth and size of the investment are skewing its aggregate economic impact, with the top 10 spenders accounting for nearly a third of all spending … For perspective, it’s estimated that data center-linked spending is adding roughly 100 basis points to U.S. real GDP growth,” as quoted by Fortune.Non-Tech Sectors Like Manufacturing and Real Estate Are Losing SteamThe tech-driven expansion comes as other parts of the economy struggle, as per the report. Job creation has slowed, and sectors such as manufacturing, real estate, retail, and services have contributed little or even detracted from total output in early 2025, as per the Fortune report.Economists Puzzled as Growth Remains Strong Despite Slowing JobsDespite that, GDP data still shows strong overall growth. Apollo Global Management Chief Economist Torsten Sløk noted in early October that economists have repeatedly expected a slowdown that hasn’t happened. Sløk said, “The consensus has been wrong since January,” adding that the average of economists’ forecasts has said the U.S. economy would slow down for nine months consecutively, “But the reality is that it has simply not happened … We in the economics profession need to look ourselves in the mirror,” as quoted in the Fortune report.FAQsWhat did Jason Furman say about US GDP growth?He warned that almost all US economic growth in the first half of 2025 came from data centers and tech investment, as per the Fortune report.Which companies are driving this data center boom?Major tech firms like Microsoft, Google, Amazon, Meta, and Nvidia are leading the investment surge, as per the Fortune report.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onHow AI data centers are driving US GDP growthUS GDP growth 2025Harvard economist Jason FurmanUS GDP slowdownAI data center boomUS economic outlook 2025US economy 2025AI spending GDP impactAI boom latest news (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onHow AI data centers are driving US GDP growthUS GDP growth 2025Harvard economist Jason FurmanUS GDP slowdownAI data center boomUS economic outlook 2025US economy 2025AI spending GDP impactAI boom latest news(Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless
Technology
Jacob Fearnley replaces injured Tommy Paul at Stockholm Open after recovery from rib issue
Defending champion Tommy Paul has decided to withdraw from the 2025 Stockholm Open, still struggling to get over a series of injuries. Paul first picked up an abdominal injury in the French Open second round, before later damaging a tendon in his foot at Wimbledon. He came back for the Cincinnati Open, but then had another setback during his third-round match against Alexander Bublik at the US Open. The American also pulled out of the Shanghai Masters, and there’s no clear timeline yet for when he might return. Jacob Fearnley to feature at the Stockholm Open Since his second-round exit to Alexander Zverev at the US Open, Jacob Fearnley has been sidelined with a rib injury. This setback kept him out of Great Britain’s Davis Cup tie against Poland and also ruled him out of the Masters 1000 event in Shanghai. However, he seems to have put those issues behind him and is currently back on court, playing in a Challenger tournament in Roanne, France.
Business
Pubs to stay open until early hours in push for UK growth
Exclusive: Plans for England and Wales would help the ailing hospitality sector but have attracted criticism from health experts
Politics
Badenoch sets out her vision to redefine Tory party – but few are listening
Rivals lurk in the aisles at sparsely attended conference at which the party leader ignores the threat from Reform
Technology
Beloved chef Sergio Garcia deported after 36 years in US — came here before ICE even existed
Image Credit: The Texas Tribune For more than three decades, Sergio Garcia served as one of Waco’s most beloved chefs, known for his warm hospitality and authentic regional Mexican cuisine. From feeding presidents to locals, his story was a testament to hard work and hope. But in March, everything changed. ICE came knocking and Garcia’s American dream was abruptly torn apart.How did a beloved Waco Chef end up deported?Sergio Garcia’s story is one of perseverance, community, and heartbreak. The Veracruz-born chef came to Waco in 1989 with dreams of opening his own restaurant. He started from humble beginnings, selling ceviche in Styrofoam cups to soccer players and working long shifts in restaurant kitchens before building a food empire beloved by locals, as per a report by The Texas Tribune.On March 25, his dream came crashing down. ICE agents approached him outside his Austin Avenue restaurant and food truck, asking, “Are you Sergio?” Within 24 hours, he was deported to Mexico separated from his wife, Sandra, and four U.S.-born children. “They said, ‘You gotta come with us,’” Garcia recalled from Monterrey, as per a report by The Texas Tribune.ALSO READ: 3I/ATLAS updates: What the interstellar object is made of and its exact current location What did Sergio Garcia mean to Waco?Live EventsTo Waco, Sergio Garcia wasn’t just a chef, he was a cornerstone of the community. His seafood restaurant, El Siete Mares, became a local favorite, even drawing national attention during George W. Bush’s presidency. He catered events for the White House press corps in Crawford and earned glowing write-ups in Texas Monthly.Customers and business leaders were left reeling. “If they’re deporting him, it could be anybody,” said retired Waco attorney Stuart Smith, as per a report by The Texas Tribune.ALSO READ: Who was Joan Kennedy? The first wife of Senator Ted Kennedy and icon of Camelot, passes away at 89- here's an insight into her lifeMito Diaz-Espinoza, president of the Cen-Tex Hispanic Chamber of Commerce, added, “Deportations like Sergio’s, to fixtures of the community, are making people think, ‘This could be me next.’”How did he build his dream from nothing?Garcia arrived in the U.S. before ICE even existed. Visa overstays at that time were considered minor violations. Working multiple jobs, he slowly built his reputation through dedication and flavor. Along with his wife, Sandra, he opened El Siete Mares in 1995, a modest spot that grew into a Waco institution, as per a report by The Texas Tribune.His dishes, from pescado a la Veracruzano to his signature ceviche, earned him a loyal fan base. “I thought El Siete Mares was the greatest restaurant in Waco,” said retired Baylor professor Blake Burleson, as per a report by The Texas Tribune.What happened after his deportation?After his deportation, Garcia’s family faced turmoil. His daughter Esmeralda said he was held captive in Nuevo Laredo by a group demanding money. “These people barely fed us and wanted money to take us back across the border,” Garcia said. His story reflects the dangers many deportees face upon removal.ICE, however, painted a harsher picture, calling Garcia a “twice-deported criminal alien” and claiming he had reentered illegally. Despite the statement, those who know Garcia see a man defined by kindness and contribution, not crime.ALSO READ: Here are the lyrics of Zach Bryan song that irked Trump and Kristi Noem as Democrats come out in full support Now in Monterrey, Garcia and his wife are rebuilding their lives from scratch. “I’m making some ceviche and cocktails, cooking some salmon, chicken. The people ask me for it and we make deliveries,” he said.Back in Waco, his absence has left a void. The family closed Sergio’s Food Truck in September, prompting an outpouring of grief online. “I had a lot of friends, my family, my business, my church in Waco,” Garcia said. “Truly, I miss everything.”Even in exile, the Garcias continue to pursue legal avenues for a possible return to the U.S. Their story, rooted in faith, food, and resilience, remains a poignant reminder of the human cost behind immigration enforcement, as per a report by The Texas Tribune.FAQsWhy was chef Sergio Garcia deported?He was deported due to an old, decades-old deportation order despite having no criminal record.How long had Sergio Garcia lived in the U.S.?He had lived and worked in Waco, Texas, for 36 years before being deported in March.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onSergio Garcia deportationSergio Garcia chefSergio Garcia ICESergio Garcia deportation reasonSergio Garcia WacoICESergio arrived in U.S. before ICE existedSergio Garcia (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onSergio Garcia deportationSergio Garcia chefSergio Garcia ICESergio Garcia deportation reasonSergio Garcia WacoICESergio arrived in U.S. before ICE existedSergio Garcia(Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless Explore More Stories123
Technology
Bluestem Financial Loads Up on Vanguard’s Total Bond Market ETF in $7.7 Million Buy
On Tuesday, Bluestem Financial Advisors disclosed buying 105,000 shares of the Vanguard Total Bond Market ETF (BND) in an estimated $7.7 million transaction during the third quarter. What Happened Bluestem Financial Advisors reported purchasing 105,000 shares of the Vanguard Total Bond Market ETF in its Form 13F for the third quarter, filed with the U.S. Securities and Exchange Commission on Tuesday. The estimated value of the trade, calculated using the average closing price for the quarter, is approximately $7.7 million. The position now totals 738,811 shares, making the Vanguard ETF the fund’s largest holding by value. What Else to Know This buy brings the ETF holding to 21.5% of Bluestem’s 13F reportable assets under management as of September 30. Top five holdings post-filing: BND: $54.95 million (21.5% of AUM)IVV: $54.12 million (21.2% of AUM)VB: $30.78 million (12% of AUM)VEU: $30.60 million (12% of AUM)VNQ: $14.22 million (5.6% of AUM) As of Tuesday, shares were priced at $74.28, up 0.3% year-over-year and trailing the S&P 500's 17% gain. Company Overview Company Snapshot BND seeks to track the performance of a broad, investment-grade U.S. bond index using a representative sampling strategy.Its portfolio consists of U.S. government, corporate, international dollar-denominated, mortgage-backed, and asset-backed bonds with maturities greater than one year.It is structured as a passively managed ETF with a focus on broad diversification. This Vanguard ETF offers exposure to the entire U.S. investment-grade bond universe, providing investors with broad diversification across multiple fixed income sectors. Its competitive advantage is its extensive coverage. Foolish Take Bluestem Financial Advisors’ $7.7 million purchase of the Vanguard Total Bond Market ETF (BND) highlights how many fiduciary, long-term-focused firms are rebalancing toward fixed income after two volatile years in the bond market. The fund—Vanguard’s largest fixed-income ETF—offers exposure to some 10,000 investment-grade U.S. bonds, including Treasurys, mortgage-backed securities, and high-quality corporate debt.BND’s 4.15% SEC yield and 0.03% expense ratio make it one of the most cost-efficient and diversified ways to capture steady income and offset equity risk. Bluestem’s move aligns with its fee-only, fiduciary model, which emphasizes client-centered, goal-based financial planning over short-term speculation. Bonds like those in BND can help stabilize client portfolios amid lingering uncertainty in equities and geopolitics.For investors seeking broad diversification and reliable income in a single fund, BND remains a cornerstone holding, and Bluestem’s top position underscores the continued appeal of high-quality fixed income as a stabilizer in a balanced strategy. ETF (Exchange-traded fund): An investment fund traded on stock exchanges, holding assets like stocks or bonds. Assets under management (AUM): The total market value of assets that a fund or investment manager oversees. 13F reportable assets: Securities that institutional investment managers must disclose in quarterly SEC Form 13F filings. Dividend yield: Annual dividends paid by an investment, expressed as a percentage of its current price. Passively managed: An investment strategy aiming to replicate a market index rather than outperform it through active selection. Representative sampling strategy: A method where a fund holds a sample of securities that closely matches the characteristics of an index. Investment-grade bond: A bond rated as relatively low risk of default by credit rating agencies. Mortgage-backed bond: A bond secured by a pool of mortgage loans, with payments passed through to investors. Asset-backed bond: A bond backed by financial assets such as loans, leases, or receivables. Total return: The investment's price change plus all dividends and distributions, assuming those payouts are reinvested. Trailing: Refers to a measurement or comparison based on past performance, usually over a specified period. TTM: The 12-month period ending with the most recent quarterly report.
World
Drone incidents in prisons up 1,000% in five years
They’re carrying drugs, phones and even weapons into prisons, and the problem is getting worse. Data examined by this programme shows the number of reported drone incursions into prisons in England and Wales has risen by more than 1000% in the last five years. The impact – violence, chaos and more crime – on a system meant to deliver rehabilitation. Tonight, the Prison Governors’ Association warns that organised crime gangs controlling the drones are out-running the authorities.
Health
‘We need infrastructure, people and peace in Gaza’ says returned trauma surgeon
In his role at one of the busiest trauma centres in Europe, Professor Martin Griffiths has spent years operating on the victims of gun and knife injuries in London. His efforts led to him being named NHS England’s first clinical director for violence reduction and receiving a CBE. But nothing prepared him for what he saw when he travelled last month to work at the Al Mawasi Hospital in Gaza. He arrived back in London last week.
Politics
Why Macron’s political legacy hangs in the balance
France’s outgoing Prime Minister Sébastien Lecornu resigned on Monday, just hours after naming his new cabinet. He has spent much of the day locked in talks with opposition parties. President Macron gave him a deadline of tonight to come up with a plan to resolve the worst political crisis in the country for decades.