Viral Denim Ads and Gen Z Influence Boost Fashion Brand Revenue

Gap’s viral summer denim campaign has sparked a cultural moment and significant sales growth, showcasing the power of nostalgia and influencer marketing in the fashion industry.

Gap Inc. is experiencing a surge in momentum following the success of its viral summer denim campaign, “Better in Denim.” This campaign not only ignited a cultural moment but also translated into impressive sales growth for the brand.

Similar to American Eagle’s successful campaign featuring actress Sydney Sweeney, Gap’s ad has effectively turned social media buzz into substantial revenue. Richard Dickson, CEO of Gap Inc., highlighted the campaign’s impact during the company’s third-quarter earnings call, noting that it garnered over 8 billion impressions and 500 million views. He described it as a global cultural takeover, marking it as one of the brand’s most successful campaigns to date, which resulted in significant traffic and double-digit growth in denim sales.

Following the campaign’s success, Gap Inc., which also owns brands such as Old Navy and Banana Republic, reported quarterly results that exceeded expectations and raised its full-year outlook. The positive news led to a 5% increase in the company’s shares during after-hours trading.

The “Better in Denim” campaign, launched over the summer, resonated with audiences by featuring the global girl group Katseye performing to Kelis’ hit song “Milkshake.” The ad quickly dominated social media feeds and contributed to a broader resurgence of denim across the fashion industry. This campaign coincided with an unofficial “denim ad showdown,” as other brands like American Eagle and Lucky Brand released their own eye-catching campaigns, all vying for cultural relevance and consumer attention.

According to Dickson, influencer content has become a primary method for product discovery among Gen Z and millennials, and Gap has been performing exceptionally well in this area. He emphasized that collaborations continue to enhance the brand’s relevance and revenue, citing a recent partnership with designer Sandy Liang that attracted a wave of younger shoppers. This strategy not only appeals to younger consumers but also resonates with higher-income customers, positioning Gap effectively between premium and value markets.

Gap Inc. reported a 5% increase in comparable sales compared to the previous year, with the Gap brand itself seeing a 7% rise, as noted by Chief Financial Officer Katrina O’Connell. Dickson attributed the strong quarterly performance to “broad-based strength in denim,” repeatedly acknowledging the Katseye campaign’s role in driving momentum across the company’s portfolio.

The resurgence of denim in the fashion world is not merely about the fabric; it encompasses faces, culture, and timing. Fashion brands are increasingly leveraging the power of viral collaborations, enlisting rising stars and culturally relevant personalities who resonate with Gen Z’s preferences.

These campaigns transcend traditional advertising; they are designed as shareable moments optimized for platforms like Instagram and TikTok. When a video captures the right emotional and cultural elements—such as nostalgic music, authentic dance moments, or beloved influencers—it transforms into social currency. This momentum often translates directly into sales. Brands like Gap and American Eagle have demonstrated that when the right talent leads a campaign, it not only builds awareness but also fosters a sense of community among Gen Z consumers.

As the fashion industry continues to evolve, the successful integration of viral marketing strategies and influencer partnerships will likely remain crucial for brands seeking to capture the attention and loyalty of younger audiences.

Source: Original article

Modi Ally Fuels Investment Surge in Andhra Pradesh’s Economy

A rising political figure in Andhra Pradesh, Nara Lokesh, is spearheading a significant investment wave, securing over $120 billion in commitments from global corporations in just 16 months.

AMARAVATI, India, Nov 19 — Nara Lokesh, a 42-year-old Stanford MBA and influential political figure, is rapidly becoming the go-to contact for global corporations looking to invest in India. By leveraging his party’s strong ties to Prime Minister Narendra Modi, Lokesh has established a reputation for expediting billion-dollar projects, effectively navigating through India’s notorious bureaucratic challenges.

In just 16 months, Lokesh claims to have secured $120 billion in confirmed investment commitments for Andhra Pradesh, surpassing any other Indian state or union territory.

Among the notable investments are:

Google’s commitment to building a $15 billion data center, marking the company’s largest investment in India to date.

ArcelorMittal–Nippon Steel’s pledge of nearly $17 billion towards a 17.8-million-tonne steel plant, with the joint venture affirming its commitment to the multi-phase project.

“We no longer hold meetings just to exchange MoUs and pose for photos,” Lokesh stated. “Every meeting must produce outcomes.” His party, the Telugu Desam Party (TDP), governs Andhra Pradesh and plays a crucial role in supporting Modi’s national coalition.

“I want the state to move from ‘ease of doing business’ to the speed of doing business,” he added, emphasizing the need for swift action in securing investments.

As a key power broker in a coalition era, Lokesh’s influence is significant. Although Modi has been at the helm of India since 2014, his Bharatiya Janata Party (BJP) secured only 240 seats in the 543-member parliament during the last general election. This has made the ruling coalition heavily reliant on partners like the TDP.

For years, foreign investors have expressed frustration over India’s sluggish bureaucracy, complex tax structures, and rigid regulatory frameworks. Lokesh and his father, Chief Minister Chandrababu Naidu, are striving to present a new model of governance that addresses these concerns.

Their efforts have garnered high-profile endorsements. At a recent conference, Karan Adani of the Adani Group remarked, “Your ‘Speed of Doing Business’ mantra is not a slogan — we’ve experienced it firsthand.” Adani has committed an additional $12 billion in investment over the next decade, building on the $5 billion already invested in Andhra Pradesh.

Lokesh attributes the coalition partnership with providing Andhra “a voice at the table,” but he emphasizes that national support is only effective if states can execute swiftly. His ambitious goal is to secure $1 trillion in firm commitments before the 2029 national and state elections.

One of Lokesh’s significant achievements is the breakthrough with Google. As the state minister for human resources development and electronics, he learned in late 2024 that Google was seeking a location in India for a massive AI-focused data center. The tech giant required assurances on two critical issues: no retrospective taxation, which had previously troubled companies like Vodafone and Cairn Energy, and clarity on data interception rules, particularly concerning third-country AI data.

India currently permits interception for national security purposes. Lokesh quickly mobilized a team of young officials who coordinated directly with senior ministers in New Delhi. Within months, Google announced its landmark investment, scheduled to take place between 2026 and 2030.

While Lokesh declined to disclose specifics about the concessions made, he insisted that nothing illegal or improper was involved. “The goal is speed, not shortcuts,” stated Saikanth Varma, CEO of the Andhra Pradesh Economic Development Board.

Andhra Pradesh’s “spicy” investment formula has proven effective. ArcelorMittal–Nippon Steel considered several states, including those governed by the BJP, before ultimately selecting Andhra for its mega steel plant. Lokesh noted that Modi approved a crucial 200-kilometer slurry pipeline “within seconds,” which played a pivotal role in securing the deal.

Consultant Sanjeev Singh remarked that Andhra’s aggressive approach fosters healthy competition among states. However, he cautioned that it could lead to uneven industrial growth, labor shortages, and infrastructure strain in other regions.

Neighboring Karnataka, governed by the Congress party, acknowledged that it lost the Google data center opportunity because Andhra offered concessions on power, land, water, and taxes that Karnataka deemed too costly for its public.

As Nara Lokesh continues to drive investment in Andhra Pradesh, his efforts may reshape the state’s economic landscape and set a precedent for governance in India.

Source: Original article

Balbir Singh Celebrates 40 Years with McDonald’s Franchise

Balbir Singh, a dedicated McDonald’s employee for 40 years, was celebrated with a special ceremony in Saugus, MA, highlighting his remarkable journey from kitchen crew member to manager.

SAUGUS, MA – In the fast-paced world of fast food, where orders come in rapid succession and employee turnover is high, Balbir Singh stands out as a beacon of consistency. An immigrant who arrived in the United States in the early 1980s, Singh recently marked an impressive milestone: 40 years of service with McDonald’s.

This significant achievement was celebrated with a grand ceremony that included a red carpet and heartfelt tributes, as reported by local media. Singh’s journey began in 1985 at the McDonald’s outlet in Saugus, where he started as a kitchen crew member. His early days were filled with the essential tasks that keep a bustling restaurant operational, from food preparation to cleaning and managing back-of-house operations.

Singh’s commitment to mastering every aspect of the restaurant laid the groundwork for his long tenure. In an industry often characterized by high employee turnover, his steady presence has been a model of unwavering dedication.

Over the years, Singh’s hard work and determination did not go unnoticed. He transitioned from kitchen duties to management roles, and today, he oversees four of the nine McDonald’s outlets operated by franchise owner Lindsay Wallin’s family. His leadership style has earned him deep respect from his team, who affectionately refer to him as “Papa Bear.” This nickname reflects his role as a patient and reliable mentor within the restaurant family.

The celebration on November 17 was a testament to Singh’s impact on the community and his colleagues. Arriving at the restaurant in a limousine, courtesy of the Wallin family, he was greeted by employees who lined up to cheer and wave pom poms in a spirited welcome. The event culminated in the presentation of a commemorative “One in Eight” jacket, along with a symbolic check for $40,000, representing his four decades of dedicated service.

Singh’s story is not just about personal achievement; it reflects the values of hard work, commitment, and community that are at the heart of the McDonald’s brand. His journey from a kitchen crew member to a respected manager serves as an inspiration to both current and future employees in the fast food industry.

As Singh continues to lead and mentor his team, his legacy at McDonald’s will undoubtedly inspire others to strive for excellence in their own careers.

Source: Original article

Eli Lilly Achieves Milestone as First Healthcare Company Worth $1 Trillion

Eli Lilly has made history as the first healthcare company to achieve a $1 trillion market value, joining an elite group of companies primarily composed of tech giants.

Eli Lilly has become the first healthcare company to reach a market value of $1 trillion, marking a significant milestone in the pharmaceutical industry. This achievement places Lilly in an exclusive club that has been predominantly occupied by technology companies.

The company briefly surpassed the $1 trillion mark during morning trading before experiencing a slight retreat, with shares last trading around $1,048. Eli Lilly is only the second non-technology company in the United States to reach this coveted valuation, following Warren Buffett’s Berkshire Hathaway.

A remarkable rally of over 35% in Eli Lilly’s stock this year has been largely driven by the explosive growth of the weight loss market. The introduction of highly effective obesity treatments over the past two years has transformed this sector into one of the most lucrative areas within healthcare.

Sales of Lilly’s tirzepatide, marketed as Mounjaro for Type 2 diabetes and Zepbound for obesity, have now surpassed Merck’s Keytruda, making it the world’s best-selling drug. Although Novo Nordisk initially led the market, Mounjaro and Zepbound have since gained significant popularity.

In its latest quarterly report, Eli Lilly announced combined revenue exceeding $10.09 billion from its obesity and diabetes portfolio, which accounted for more than half of its total revenue of $17.6 billion.

“The current valuation points to investor confidence in the longer-term durability of the company’s metabolic health franchise. It also suggests that investors prefer Lilly over Novo in the obesity arms race,” stated Evan Seigerman, an analyst at BMO Capital Markets.

In October, Eli Lilly raised its annual revenue forecast by more than $2 billion at the midpoint, driven by surging global demand for its obesity and diabetes drugs. According to Wall Street estimates, the weight loss drug market is projected to reach a value of $150 billion by 2030, with Lilly and Novo together expected to control a significant portion of global sales.

Investors are now closely monitoring Lilly’s oral obesity drug, orforglipron, which is anticipated to receive approval early next year. Analysts at Citi noted that the latest generation of GLP-1 drugs has already proven to be a “sales phenomenon,” and orforglipron is well-positioned to capitalize on the groundwork laid by its injectable predecessors.

Eli Lilly is also set to benefit from a partnership with the Trump administration, which includes planned investments to enhance U.S. production capabilities. Analysts have suggested that while the pricing agreement with the White House may impact near-term revenue, it significantly broadens access to treatment, potentially adding as many as 40 million candidates for obesity treatment in the U.S.

In September, Eli Lilly announced a major investment in Houston, with CEO David Ricks joining Texas Governor Greg Abbott to reveal plans for a $6.5 billion manufacturing plant in the Generation Park development.

This historic achievement underscores Eli Lilly’s pivotal role in the healthcare sector and its potential for continued growth as it navigates the evolving landscape of obesity and diabetes treatments.

Source: Original article

Bitcoin Market Crash Triggers Billions in Liquidations Worldwide

Bitcoin’s recent plunge below $81,000 triggered $2 billion in liquidations, highlighting the volatility and risks associated with leveraged trading in the cryptocurrency market.

Bitcoin experienced a significant drop, falling below $81,000 on the Hyperliquid exchange. The cryptocurrency plummeted from approximately $83,307 to $80,255 in less than a minute before making a partial recovery. This sudden flash crash resulted in $2 billion in liquidations across various leveraged accounts, with the largest single liquidation amounting to $36.78 million, intensifying short-term market volatility.

The rapid decline erased recent highs near $92,500, but Bitcoin rebounded slightly to around $83,000 by mid-morning UTC. Analysts have pointed out that this event follows a broader $19 billion liquidation that occurred in October 2025, which had already placed stress on the market. While the crash highlights the risks associated with highly leveraged trading in cryptocurrencies, it does not necessarily indicate a long-term decline in Bitcoin’s value, as prices quickly recovered on many exchanges.

Market observers have noted that such rapid price swings underscore the fragility of liquidity and the cascading effects that leveraged positions can have within the cryptocurrency ecosystem. The notion that this flash crash signals a systemic breakdown in Bitcoin or the broader crypto markets is more interpretive than factual, as the volatility was largely confined to a single platform, and the overall market fundamentals remain in flux.

Fundstrat’s Tom Lee has pointed to an earlier flash crash in October that negatively impacted market makers’ balance sheets, resulting in reduced liquidity and triggering auto-deleveraging on exchanges such as Bybit, Binance, and OKX. Additionally, a significant sell-off by a Satoshi-era whale, who offloaded 11,000 BTC valued at $1.3 billion, coincided with $903 million in outflows from U.S. spot Bitcoin ETFs on November 20, further contributing to the downturn.

Bitcoin is a decentralized digital currency that facilitates peer-to-peer transactions without the need for a central authority, such as a bank or government. Transactions are recorded on a public ledger known as the blockchain, which ensures transparency and prevents double-spending. Bitcoin operates on a proof-of-work system, where miners utilize computational power to solve complex mathematical problems, thereby validating transactions and earning new bitcoins as rewards.

The total supply of Bitcoin is capped at 21 million coins, which helps maintain its scarcity and can influence its value. Bitcoin can be used for various purposes, including purchases, investment, and as a store of value, and it is actively traded on numerous cryptocurrency exchanges. Its value is highly volatile, influenced by factors such as supply and demand dynamics, investor sentiment, regulatory developments, and macroeconomic trends. The decentralized nature and cryptographic security of Bitcoin make it resistant to censorship and fraud, although users must take precautions to safeguard their private keys and wallets.

Bitcoin’s recent flash crash serves as a reminder of the vulnerabilities present in crypto markets, particularly during periods of high leverage. Despite these challenges, Bitcoin continues to attract interest as a decentralized digital asset, offering unique advantages such as peer-to-peer transactions, scarcity through its capped supply, and resistance to censorship. Investors are advised to approach the market with caution, carefully weighing potential opportunities against the inherent risks associated with volatility, leverage, and shifting liquidity dynamics.

The resilience of Bitcoin as an asset class relies not only on its decentralized design and limited supply but also on the broader ecosystem of exchanges, wallets, and market participants that support its use and trading.

Source: Original article

Crypto Prices Decline: Factors Contributing to the Recent Drop

Bitcoin and other cryptocurrencies are experiencing significant volatility, prompting investors to brace for potential further declines in the market.

Bitcoin and other cryptocurrencies are facing a period of intense volatility, leading many investors to speculate that more turbulence may lie ahead. The current market conditions suggest that the cryptocurrency landscape could be shifting.

“Bitcoin’s pullback is part of a broader shift in risk sentiment,” stated Haider Rafique, global managing partner at OKX, a prominent crypto exchange. This sentiment reflects a larger trend observed in financial markets, where Bitcoin has entered a bear market. This classification occurs when the price of an asset falls more than 20% from its recent peak, and Bitcoin has seen a staggering loss of over $600 billion in market value during its recent downturn, according to data from CoinMarketCap.

Rafique noted that the market’s behavior in the coming days will be crucial in determining whether this situation represents a deeper reset or merely a sharp, temporary dip within an ongoing cycle. “Bitcoin has struggled as a result of selling pressure from long-term holders taking profits but also uncertainty around Fed policy, the liquidity environment, and other macro conditions,” explained Gerry O’Shea, head of global market insights at Hashdex Asset Management.

The market dynamics have shifted, with some buyers and sellers withdrawing from the cryptocurrency space. This withdrawal has resulted in fewer orders for Bitcoin, making its price more vulnerable to fluctuations. Peter Chung, head of Presto Research, remarked, “Bitcoin is under pressure in line with other risk assets, but its downside is amplified due to a crypto-specific factor — namely, the order books have gotten thinner in the aftermath of the October 10 liquidations, which hurt many market makers in the space.”

Ryan Rasmussen, head of research at Bitwise Asset Management, observed that the current market conditions have led some investors to feel uneasy. “Right now, some investors see sideways churn and get spooked,” he said. “But in our view, it’s the perfect opportunity for investors to build on existing Bitcoin positions, and for those who have been sidelined to enter the market.”

The cryptocurrency market, particularly Bitcoin, has faced significant challenges following the October 2025 liquidation event, which eliminated over $19 billion in leveraged positions. This event has resulted in thinner order books, contributing to increased volatility. Market participants are currently adjusting to these new conditions, with some short-term holders opting to sell while others seek to capitalize on price fluctuations.

The future trajectory of Bitcoin is likely to depend on the speed at which liquidity providers return to the market and whether macroeconomic pressures begin to ease. However, these factors remain uncertain. Despite the ongoing turbulence, cryptocurrency continues to attract attention as a speculative asset class. Yet, its stability and long-term growth prospects are still subjects of debate, making it crucial for investors to approach the market with caution and stay informed about ongoing developments.

Reduced liquidity and thinner order books have led to more pronounced price swings, impacting both short-term and long-term market participants. Despite these fluctuations, the cryptocurrency market remains appealing to investors, reflecting its ongoing significance in the financial landscape.

The future of cryptocurrency remains uncertain, yet it continues to draw considerable interest from investors, regulators, and financial institutions. Technological advancements, increased adoption by mainstream financial platforms, and evolving regulatory frameworks could significantly influence market stability and growth. At the same time, digital assets remain sensitive to macroeconomic conditions, liquidity fluctuations, and investor sentiment, making price movements potentially volatile.

Source: Original article

Craigslist Scam Targets Vehicle Sellers with Fake Car Reports

Fake vehicle report scams are targeting car sellers on platforms like Craigslist, leading to potential credit card fraud. Awareness of warning signs can help protect sellers from these schemes.

Selling a car online is often seen as a straightforward process. However, many sellers are increasingly encountering scams that involve fake demands for vehicle reports from unknown websites. These scams typically begin with a seemingly routine inquiry from a potential buyer, but they quickly lead to a payment page designed to steal credit card information.

Nick K., a resident of Washington, recently experienced this scam while attempting to sell his vehicle. He shared his observations in an email, noting, “In trying to sell a car, it has become apparent that there is a scam related to CarFax-type reports.” He described how the scam unfolds: a person expresses interest in the car but insists on obtaining a report from a specific service. Initially, Nick thought this might be a tactic to sell more reports, but he soon realized it was a method for harvesting credit card numbers and personal data.

Nick identified several warning signs that can indicate a scam. These include inquiries about accepting cash, questions that suggest the buyer has not read the advertisement, offers that exceed the listed price, and vague initial contact. “These are just the usual signs I am looking for when I am trying to decide if someone responding to a Craigslist or Facebook ad is legit,” he explained.

This scam has been proliferating across various online platforms, including Craigslist and Facebook Marketplace. It often begins with a message that appears entirely normal. For instance, a supposed buyer may text, “Is the 1985 F150 available?” followed by friendly but vague questions like, “OK, I’m interested in seeing it. When and where would be good for you?”

Once the seller responds, the scammer establishes just enough rapport to seem credible. The next step involves the scammer claiming they are serious about purchasing the vehicle but require a detailed report from a service that most sellers have never heard of.

In Nick’s case, after he provided the Craigslist link and vehicle details, the scammer replied with a suggestion to obtain an “Auto Smart Report,” complete with a link to the site. The message continued with, “Oh, I forgot to ask for your name? I’m Richard. Will you accept a cash payment? Let me know.” While this may sound harmless, the scam relies on enticing the seller to click the link.

The website linked in the message appears professional, promising a “Complete Vehicle History at Your Fingertips.” However, once the seller enters their information, they are not purchasing a report; instead, they are unwittingly providing their credit card details and personal data to criminals.

When Nick pushed back against the request for the report, the scammer intensified their pressure tactics, stating, “If you can show me the Auto Smart Report, that would be great, as it’s the most reliable and complete report. My offer to you is $7,000. I have no issue with that.” This tactic included increasing the offer by $500 to keep Nick engaged.

Scammers often employ various strategies to maintain the illusion of a legitimate transaction. However, once the seller pays for the fake report, the scammer typically disappears, having achieved their goal of harvesting financial information rather than purchasing the vehicle.

To protect oneself from such scams, it is crucial to remain vigilant. If you notice two or more suspicious signs, treat the inquiry as potentially fraudulent. Even the most convincing buyer could be a scammer, so taking proactive measures can safeguard your finances and personal data.

One of the most effective ways to avoid falling victim to these scams is to refrain from clicking on any links sent via text, email, or messaging apps. Such links often lead to phishing sites or malware downloads. Keeping devices protected with strong antivirus software and running regular scans can help block new threats.

Additionally, if a buyer insists on using an unfamiliar website, it is essential to stop immediately and verify the site’s legitimacy before sharing any financial or personal details. Considering a data removal service can also be beneficial, as it limits the availability of personal information that scammers might exploit.

When selling a vehicle, stick to reputable services like Carfax, AutoCheck, or NMVTIS. Including your vehicle’s VIN allows genuine buyers to run their own reports safely without needing your involvement.

It is also advisable to report suspicious messages directly to the platform and to the Federal Trade Commission (FTC) at reportfraud.ftc.gov. Sharing details of these scams can help protect others from falling victim. If you suspect you have been scammed, contact your bank immediately, cancel your card, and monitor your account for unauthorized charges.

When meeting a buyer, choose a public place with security cameras, bring a friend, keep your phone charged, and document all communication. This scam thrives on the perception that a vehicle report is a routine request. Scammers apply pressure to act quickly, but it is crucial to slow down, verify, and stick to well-known services. Genuine buyers will accept a report you provide or will run one themselves.

Thanks to individuals like Nick K., more sellers can recognize these traps and protect themselves from potential financial loss and data theft.

Have you encountered buyers pushing for unusual report sites when selling online? What were your first clues that something was off? Share your experiences with us at Cyberguy.com.

Source: Original article

Synergy 2025 Conference Unites Global Leaders in Technology and Business

Synergy 2025, the flagship conference of ITServe Alliance, will convene over 2,000 global leaders in technology and business at the Puerto Rico Convention Center on December 4–5, 2025.

Synergy 2025, the premier annual conference hosted by ITServe Alliance, is set to take place at the Puerto Rico Convention Center on December 4–5, 2025. This highly anticipated event will bring together more than 2,000 CEOs and executives from around the world, offering a platform for unparalleled insights, dynamic discussions, and invaluable networking opportunities aimed at empowering leaders in the IT services sector.

With a strong reputation for uniting influential voices in technology, business, and leadership, this year’s conference promises an exceptional lineup of keynote speakers, interactive panels, and hands-on sessions. These elements are designed to inspire and educate attendees, according to Manish Mehra, Director of Synergy 2025.

“Synergy 2025 builds on our tradition of excellence and furthers ITServe’s commitment to advancing the IT services industry through knowledge sharing, collaboration, and advocacy,” said Suresh Kandala, Associate Director of Synergy 2025.

Babu Gurram, Associate Director for Synergy 2025, added, “Our sessions are crafted to deliver actionable strategies and real-world solutions for today’s IT leaders, giving participants the chance to interact directly with experts and peers in a dynamic, engaging environment.”

Since its inception in 2015, Synergy has transformed from a single-day event in Dallas to a cornerstone conference held in major U.S. cities, including Atlantic City and Las Vegas. The conference reflects ITServe Alliance’s dedication to advancing the IT services sector through knowledge sharing, advocacy, and collaboration. With 24 chapters nationwide, ITServe is now recognized as the largest association of IT services organizations in the United States, continually striving to enhance the industry’s interests and foster growth among its members.

Central to Synergy 2025 is its impressive speaker lineup, which includes notable figures from various fields, offering insights at the intersection of technology, leadership, and sports.

Among the featured speakers is Vivek Ramaswamy, an influential entrepreneur and author known for his contributions to business and social policy. Daniel Ives, Global Head of Tech Research at Wedbush Securities, will provide his perspectives on emerging technology trends and financial markets. Sandeep Kalra, CEO of Persistent Systems, will discuss digital transformation and sustainable growth strategies.

Additionally, attendees will hear from tennis legends Leander Paes and Sania Mirza, who will share lessons in leadership and resilience. Diana Hayden, crowned Miss World in 1997, will bring her unique perspective on global representation and women’s leadership.

Synergy 2025 will also feature a robust agenda filled with interactive panels and breakout sessions tailored to address the pressing challenges facing IT leaders today. Key topics will include innovation and entrepreneurship, technology leadership, financial planning, talent management, legal frameworks, and growth strategies.

Beyond professional development, Synergy 2025 offers ample networking opportunities for participants to connect, share ideas, and forge lasting business relationships. Each evening will conclude with a Gala Dinner and entertainment, creating a vibrant atmosphere for relaxation and celebration. A special highlight will be the exclusive Premier Gala Night, featuring a performance by Remee Nique, a renowned Thai Indian artist known for her multilingual singing and dynamic stage presence.

Attendees can also enjoy an extended stay experience at Caesars Palace, Las Vegas, adding a touch of leisure to an already enriching conference.

“Synergy consistently attracts top-tier speakers and valuable sponsors, strengthening our nationwide network of industry professionals,” noted Raghu Chittimalla, Chair of the Governing Board.

Anju Vallabhaneni, President of ITServe, commented, “At Synergy 2025, attendees will be able to hear from leading industry voices, connect with policymakers, and engage in conversations about the latest developments, challenges, and opportunities in IT staffing and technology.”

Siva Moopanar, President-Elect of ITServe, emphasized the mission of ITServe Alliance and the Synergy conference: “Our goal is to build understanding and collaboration throughout the industry.”

The legacy of Synergy is underscored by its history of distinguished guests, including former U.S. Presidents and prominent business leaders. As the 2025 conference approaches, it aims to deliver transformative insights and foster an environment where technological innovation and leadership can thrive.

For leaders, entrepreneurs, and professionals eager to shape the future of technology and business, Synergy 2025 is an event not to be missed. It promises two days of inspiration, knowledge-sharing, and connection in the stunning setting of Puerto Rico. For more details and to register, visit www.itserve.org.

Source: Original article

Tesla Announces Plans for First Center in India Amid Profit Decline

Tesla is set to open its first full-fledged center in Gurugram, India, this month as it seeks to strengthen its presence in a market where it faces increasing competition.

NEW DELHI – Electric car manufacturer Tesla is preparing to enhance its presence in India with the opening of its first full-fledged center in Gurugram this month. This strategic move comes at a time when the U.S. automaker is grappling with significant challenges in global markets, prompting a renewed focus on India.

The Gurugram center follows the earlier launch of experience centers in Mumbai and Delhi, which were introduced earlier this year. These centers are part of Tesla’s broader strategy to establish a foothold in India, which became the company’s 50th global market when it introduced two variants of the fully imported Model Y, starting at Rs 59.89 lakh.

Despite facing a steep 70 percent import duty, making the Model Y one of the most expensive electric vehicles in the world, early sales data indicates a positive reception. According to the Federation of Automobile Dealers Association, Tesla registered 104 units in retail during September and October, as recorded on the Vahan portal.

To drive further growth in the Indian market, Tesla is relying on the leadership of Sharad Agarwal, who took charge as the company’s India head last November. Agarwal brings nearly a decade of experience in the luxury automotive sector, having previously led Lamborghini India and served as head of sales at Audi India. His appointment underscores Tesla’s commitment to expanding its market share in a region where German competitors, such as Mercedes-Benz and BMW, currently dominate nearly 80 percent of luxury electric vehicle sales.

The timing of this expansion is critical for Tesla. The company’s global sales saw only a 7 percent year-on-year increase, totaling 497,100 units in the September quarter. Additionally, Tesla’s deliveries in China fell to a three-year low of 26,006 units in October, amid intensifying competition and a cooling demand for electric vehicles.

The premium electric vehicle market in India is becoming increasingly competitive, with Tesla’s main rivals including the BMW iX1, Mercedes-Benz EQA, Volvo EC40, Kia EV6, and BYD Sealion 7. This segment recorded sales of between 460 and 480 units in October alone, highlighting the growing interest in electric vehicles among Indian consumers.

As Tesla prepares to launch its Gurugram center, it remains to be seen how effectively the company can navigate the challenges of the Indian market and compete against established luxury brands.

Source: Original article

Inclusivity Highlighted at Bengaluru Skill Summit 2025 for Indian Professionals

The Bengaluru Skill Summit 2025 highlighted the critical need for inclusivity in skill development, emphasizing that it should be integral to organizational systems rather than a mere checkbox exercise.

The Bengaluru Skill Summit 2025, held from November 4 to 6 at the Lalit Ashok, brought together key figures from various sectors to discuss the importance of inclusivity in skill development. Hosted by the Department of Skill Development, Entrepreneurship and Livelihood, the summit featured prominent ministers, entrepreneurs, and industry leaders.

During his keynote address, Dr. Sharanaprakash R. Patil, Karnataka’s minister for skill development, entrepreneurship, livelihood, and medical education, underscored the significance of inclusive skill development. “True progress is inclusive,” he stated, emphasizing the need for initiatives that reach rural youth, women, self-help groups, marginalized communities, persons with disabilities, and traditional artisans and craftsmen.

The following day, a panel discussion titled “Inclusive Skilling as the Next Growth Multiplier” featured experts including Dr. Gayathri Vasudevan, chief impact officer at the Sambhav Foundation; Giorgia A. Varisco, chief of YuWaah (Generation Unlimited India) at UNICEF India; Prateek Madhav, CEO and co-founder of AssisTech Foundation (ATF); and Veenu Jaichand, partner at EY. The panelists explored the dual nature of inclusivity as both a moral and economic imperative.

The discussion highlighted that increasing women’s participation in India’s workforce from 37% to 50% could significantly enhance economic growth. The panelists also addressed the exclusion of individuals with disabilities from formal employment sectors. “If we take a step to include people with disabilities, skill them, and give them an equal opportunity for employment, we are talking about a contribution of 5–7% of GDP as well,” Madhav noted.

Another panel, “Ecosystem Synergy — Driving Skills Innovation Through Collaboration,” focused on how partnerships among government, industry, academia, and social enterprises can advance skilling initiatives. Dr. Abhilasha Gaur, CEO of NASSCOM IT-ITeS SSC, spoke on the necessity of including women workers in efforts to future-proof the workforce. She also highlighted the importance of diversity, equity, and inclusion (DEI) initiatives.

The theme of inclusivity resurfaced during a subsequent panel discussion titled “Industry Voices: How Inclusion Matters for Business,” featuring Saraswathi Ramachandra, managing director of Lightcast India, and Dr. Padmini Ram, founding director of Urban Ethnographers. The panelists stressed that inclusivity should not be viewed as a checkbox exercise but rather as a fundamental aspect of organizational systems.

They argued that one-day workshops and token hiring measures are insufficient; instead, inclusion must be deeply embedded in workplace policies and culture to be effective.

The Bengaluru Skill Summit 2025 served as a vital platform for discussing the multifaceted benefits of inclusivity in skill development, reinforcing the idea that true progress requires comprehensive and sustained efforts.

Source: Original article

Google CEO Warns No Company Is Immune to AI Bubble

Sundar Pichai, CEO of Alphabet, warns that no company will be immune to the potential collapse of the AI boom, citing both excitement and irrationality in the current market.

Sundar Pichai, the CEO of Google-parent Alphabet, has stated that no company will remain unscathed if the current boom in artificial intelligence (AI) firms collapses. His comments come amid rising valuations and significant investments that have sparked concerns of a potential bubble in the market.

In an interview with the BBC, Pichai described the ongoing wave of AI investment as an “extraordinary moment.” However, he also pointed out the presence of “elements of irrationality” in the market, drawing parallels to the warnings of “irrational exuberance” that characterized the dotcom era.

“We can look back at the internet right now. There was clearly a lot of excess investment, but none of us would question whether the internet was profound,” Pichai noted. “I expect AI to be the same. So I think it’s both rational and there are elements of irrationality through a moment like this.”

Pichai emphasized that no company, including Google, would be immune to the risks associated with the AI market. Nevertheless, he expressed confidence in Alphabet’s unique position, citing the company’s ownership of a comprehensive “full stack” of technologies—from chips to YouTube data, models, and frontier science. This, he believes, will help the company navigate any potential turbulence in the AI sector.

During the interview, which took place at Google’s headquarters in California, Pichai also discussed Alphabet’s plans for AI development in the UK. He mentioned that the company will invest in “state of the art” research, particularly at its key AI unit, DeepMind, located in London. In September, Alphabet committed £5 billion (approximately $6.58 billion) over two years to enhance UK AI infrastructure and research, which includes establishing a new data center and further investment in DeepMind.

Pichai addressed various topics during the interview, including energy requirements, the slowing of climate targets, and the accuracy of AI models. He noted that Google plans to begin training AI models in Britain, a move that UK Prime Minister Keir Starmer hopes will help position the country as the world’s third AI “superpower,” following the United States and China.

He also warned about the “immense” energy demands associated with AI development, acknowledging that Alphabet’s net-zero targets would be delayed as the company scales up its computing power. While he recognized that the energy needs of its expanding AI operations would impact the pace of progress toward climate goals, he reiterated Alphabet’s commitment to achieving net zero by 2030 through investments in new energy technologies. “The rate at which we were hoping to make progress will be impacted,” he said.

Pichai characterized AI as “the most profound technology” humanity has worked on, stating that society will need to navigate the disruptions it brings while also recognizing the new opportunities it creates.

As discussions around the sustainability of AI valuations continue, broader markets in the U.S. have already felt the effects of inflated AI valuations. British policymakers have also raised concerns about the risks of a bubble in the AI sector.

Other executives have echoed Pichai’s concerns regarding the AI bubble. Jarek Kutylowski, CEO of German AI firm DeepL, and Hovhannes Avoyan, CEO of Picsart, recently expressed similar apprehensions in an interview with CNBC.

Source: Original article

Honda Resumes Regular Production at North American Plants After Chip Shortages

Honda Motor plans to gradually resume normal operations at its North American assembly plants, signaling an easing of production disruptions caused by a chip shortage.

Honda Motor Co. announced that it will begin gradually resuming normal operations at its North American assembly plants starting Monday. This decision comes as production disruptions linked to a shortage of Nexperia chips appear to be easing, according to a report by Reuters.

The company had previously halted output at its plant in Mexico and adjusted production schedules at its facilities in the United States and Canada due to the ongoing chip shortage. A spokesperson for Honda indicated on Tuesday that the company has secured a certain level of chip supply, including sourcing alternative components. However, the spokesperson cautioned that the planned return to regular operations could change, as the situation remains fluid.

The automotive industry has been grappling with supply chain challenges since 2020, but the latest shortage has been exacerbated by geopolitical tensions between the U.S. and China. Nexperia, a chip manufacturer, is owned by the Chinese company Wingtech Technology Co. but was taken over by the Dutch government amid rising pressure from the U.S. government. On October 4, the Chinese commerce ministry issued an export control notice that prohibited Nexperia China and its subcontractors from exporting specific finished components and sub-assemblies produced in China.

Honda was notably the first automaker to reduce its supply in response to this issue. In a significant development, China has since lifted its export controls on computer chips that are essential for automobile production. The Chinese commerce ministry announced that it has granted exemptions for exports made by Chinese-owned Nexperia for civilian use.

Additionally, China has paused an export ban on certain materials critical to the semiconductor industry destined for the U.S. and has suspended port fees for American ships. These actions represent a thawing of trade tensions between the U.S. and China, following an agreement in October between President Xi Jinping and U.S. President Donald Trump to reduce tariffs and pause other trade measures for one year.

Volkswagen’s chief in China, Ralf Brandstaetter, confirmed that the supply of Nexperia chips has resumed, stating, “There have already been initial exports.” He noted that following the agreement with the United States, the Chinese Ministry of Commerce reacted quickly, announcing that it would grant short-term special permits for exports.

Brandstaetter also highlighted that the sustainability of this supply chain will depend largely on the ongoing relations between the United States and China. While production in China remains unaffected, the overall situation continues to be uncertain.

As Honda prepares to ramp up production, the automotive industry watches closely to see how these developments will impact supply chains and production capabilities in the coming months.

Source: Original article

DECLINE IN CRYPRO MARKET PRICES

The global cryptocurrency market capitalization currently stands at $3.32 trillion, representing about 1% decline over the past 24 hours.
Over the last month, long-term investors have sold approximately 815,000 Bitcoins, marking the highest transaction volume since January 2024.
Cryptocurrencies are digital or virtual currencies created through blockchain technology and computer programming. It is estimated that more than a thousand cryptocurrencies exist worldwide, with Bitcoin being the most widely accepted and valued.
Several countries have recognized cryptocurrencies as legal tender; however, most individuals regard them primarily as investment assets. A significant challenge facing the sector is the absence of comprehensive regulatory oversight. Unlike traditional fiat currencies regulated by authorities such as the Reserve Bank of India, cryptocurrencies lack a centralized regulatory body.
Currently, cryptocurrencies, including Bitcoin, are experiencing an extraordinary crisis. The value of Bitcoin, the leading cryptocurrency, has decreased by approximately 25-30% within the past month. Its price has fallen from an all-time high of $126,000 to approximately $91,040. Investors have incurred losses amounting to roughly 1.2 trillion units during this period.
While the decline is evident across the cryptocurrency market, Bitcoin has experienced the most significant downturn. Experts suggest that this decline does not indicate a complete collapse but rather a market adjustment. Conversely, some analysts interpret this as further evidence of the inherent volatility characteristic of cryptocurrencies.
According to a report by Reuters, many long-term investors have opted for profit-taking amid prevailing uncertainty, which could exacerbate the downward trend.
In the past 30 days, the sale of 815,000 Bitcoins by long-term investors has been recorded—a transaction volume not seen since January 2024. Critics of cryptocurrencies argue that the sector is currently engulfed in a climate of heightened fear and that more substantial evidence is required to substantiate claims of stability.
When it comes to the future of money, there is a growing consensus that cryptocurrencies are set to play a major role. One cryptocurrency, in particular, has entered the public lexicon as the go-to digital asset: Bitcoin! Invest responsibly.

Synergy 2025: ITServe Alliance’s Premier Conference Gathers Global Leaders in Technology, Business, and Sports

Puerto Rico Convention Center to Host Influential CEOs, Visionaries, and Champions of Innovation on December 4–5, 2025

Synergy speakersSynergy 2025, the flagship annual conference of ITServe Alliance, is set to convene more than 2,000 CEOs and executives from across the globe at the Puerto Rico Convention Center from December 4–5, 2025. Building on a legacy of excellence, this year’s event promises to deliver unparalleled insights from world-renowned speakers, dynamic panel discussions, and networking opportunities designed to inspire, educate, and empower leaders in the IT services industry.

With a longstanding reputation for bringing together leading voices in technology, business, and leadership, this year’s event features an exceptional lineup of keynote speakers, interactive panels, and hands-on sessions—all carefully curated to empower and unite more than 2,000 CEOs and executives from around the world, according to Manish Mehra, Director of Synergy 2025.

“Synergy 2025 builds on our tradition of excellence and furthers ITServe’s commitment to advancing the IT services industry through knowledge sharing, collaboration, and advocacy,” said Suresh Kandala, Associate Director of Synergy 2025.

“Our sessions are crafted to deliver actionable strategies and real-world solutions for today’s IT leaders, giving participants the chance to interact directly with experts and peers in a dynamic, engaging environment,” added Babu Gurram, Associate Director for Synergy 2025.

Uniting Visionaries: ITServe’s Mission at Synergy 2025

Since its inception in 2015, Synergy has evolved from a single-day event in Dallas to a cornerstone conference in major U.S. cities, including Atlantic City and Las Vegas. The conference reflects ITServe Alliance’s commitment to advancing the IT services sector through knowledge-sharing, advocacy, and collaboration. With 24 chapters nationwide, ITServe is now recognized as the largest association of IT services organizations in the United States, continually striving to enhance the industry’s interests and foster growth among its members.

World-Class Keynote Speakers: A Blend of Excellence

Central to Synergy 2025 is its impressive speaker lineup, offering insights at the intersection of technology, leadership, and sports:

  • Vivek Ramaswamy – An influential entrepreneur, author, and political activist, Ramaswamy brings a wealth of experience in business, politics, and social policy. A Harvard and Yale Law graduate, he has been a significant voice in shaping national debates and inspiring professionals across various sectors.
  • Daniel Ives – As Global Head of Tech Research & Managing Director at Wedbush Securities, Ives is celebrated for his in-depth market analyses. He will share his perspectives on emerging technology trends, financial markets, and the future of investment in the innovation economy.
  • Sandeep Kalra – CEO & Executive Director of Persistent Systems, Kalra is recognized for his leadership in expanding digital transformation across industries. His keynote will focus on the latest trends in digital engineering and sustainable business growth strategies.
  • Leander Paes – One of India’s most decorated tennis legends, with 18 Grand Slam titles and seven Olympic appearances. Paes will discuss lessons in leadership, resilience, and the parallels between sports and business excellence.
  • Sania Mirza – India’s most accomplished female tennis player, Mirza is a six-time Grand Slam champion and a four-time Olympian. Her session will highlight her journey, focusing on empowerment, overcoming adversity, and striving for excellence.
  • Diana Hayden – Crowned Miss World 1997 and celebrated for her achievements in modeling and acting, Hayden brings a unique perspective on global representation and women’s leadership.

Dynamic Panels and Hands-On Sessions

Synergy 2025 will feature a robust agenda packed with interactive panels and breakout sessions, tailored to address the most pressing challenges facing IT leaders today. Key topics include:

  • Innovation and entrepreneurship through the Startup Cube Panel
  • Technology leadership with the CIO/CTO Panel
  • Financial planning and market analysis in the Financial Panel
  • Talent management and staffing solutions in the Workforce & Contingency Panel
  • Legal frameworks and compliance in the Contracts & Litigations Panel
  • Growth strategies and due diligence in the Mergers & Acquisitions (M&A) Panel
  • Regulatory navigation in the Immigration & Federal Contracting session

These sessions are designed to deliver practical strategies and real-world solutions, allowing attendees to engage directly with industry experts and peers.

Networking, Entertainment, and Community Building

Beyond professional development, Synergy 2025 offers abundant networking opportunities for participants to connect, share ideas, and forge lasting business relationships. Each evening concludes with a Gala Dinner and entertainment, providing a vibrant atmosphere for relaxation and celebration. A special highlight is the exclusive Premier Gala Night, featuring a performance by Remee Nique, a renowned Thai Indian artist known for her multilingual singing and dynamic stage presence.

Attendees can also enjoy an extended stay experience at Caesars Palace, Las Vegas, adding a touch of leisure to an already enriching conference.

Building a Stronger IT Community

“Synergy consistently attracts top-tier speakers and valuable sponsors, strengthening our nationwide network of industry professionals,” noted Raghu Chittimalla, Chair of the Governing Board.

“At Synergy 2025, attendees will be able to hear from leading industry voices, connect with policymakers, and engage in conversations about the latest developments, challenges, and opportunities in IT staffing and technology,” commented Anju Vallabhaneni, President of ITServe.

“The mission of ITServe Alliance and the Synergy conference is unwavering: to foster strategic partnerships, champion a thriving technology landscape, and represent the collective interests of IT companies nationwide,” shared Siva Moopanar, President-Elect of ITServe. “Our goal is to build understanding and collaboration throughout the industry.”

The Legacy and Future of Synergy

Synergy’s tradition of excellence is underscored by its history of distinguished guests, including former U.S. Presidents Bill Clinton and George W. Bush, former Secretary of State Hillary Clinton, PepsiCo’s Indra Nooyi, and prominent Indian government officials. This legacy continues as the 2025 conference aims to deliver transformative insights and foster an environment where technological innovation and leadership thrive.

Join the Movement in Puerto Rico

For leaders, entrepreneurs, and professionals eager to shape the future of technology and business, Synergy 2025 is a not-to-be-missed event. It promises two days of inspiration, knowledge-sharing, and connection in the stunning setting of Puerto Rico. Don’t miss this chance to learn, network, and grow as we shape the future of technology together in an uplifting and collaborative atmosphere. For more details and to register, visit www.itserve.org.

Ajay Ghosh

Media Coordinator, AAPI

Phone # 203.583.6750

What Predictions About the ACA Reveal About Its Flaws

Sixteen years after the Affordable Care Act was enacted, the promise of affordable healthcare remains unfulfilled, as rising costs and structural flaws continue to challenge the system.

When the Affordable Care Act (ACA) was signed into law in 2010, it was heralded for its dual promises: expanding healthcare coverage and making it more affordable. However, sixteen years later, only one of those promises has been realized. While coverage has indeed expanded, affordability has not followed suit. This outcome is not unexpected; it aligns with warnings I issued back in 2009 regarding the flawed mathematical foundation of the ACA’s subsidy structure, risk assumptions, and pricing incentives.

At the time, I argued that while the goal of expanding coverage was commendable, the financial framework supporting it was unsustainable. In a commentary for Fox News in 2009 titled “The Truth About Obama’s Health Care Plan,” I highlighted that the subsidies were based on unrealistic funding projections. The risk profile of new enrollees did not align with the actuarial forecasts that justified the law. Furthermore, the ACA inadvertently granted insurance companies increased control over the financial float—essentially the investment income generated from premium dollars collected before claims are paid—ensuring that insurers, rather than consumers, would benefit from the ACA’s design.

Regrettably, my concerns have materialized as predicted. The ACA successfully expanded insurance coverage, enrolling approximately 21 million Americans in marketplace plans while millions more gained Medicaid coverage. Yet, around 25 million individuals remain uninsured, and national health spending has surged to nearly $4.9 trillion in 2023, nearing one-fifth of the nation’s GDP. This situation reflects a transfer of financial burden rather than genuine progress, shifting costs from families to employers, from employers to government, and ultimately from government to taxpayers.

The core issue was evident from the outset. Premium tax credits were linked to income but were also contingent on the price of premiums themselves. As premiums have risen—an unrelenting trend—federal subsidy spending has increased correspondingly. This is a mathematical certainty, not merely a political talking point. The ACA also relied on the assumption that a significant influx of healthy, younger consumers would offset the costs associated with older, sicker individuals. Unfortunately, that influx never materialized. As I noted in a 2013 Fox column titled “How ObamaCare Is Dividing the U.S.,” the anticipated wave of low-cost enrollees failed to appear, resulting in marketplaces dominated by individuals with higher healthcare utilization and chronic conditions. The resulting cycle of rising premiums, insurer exits, and narrower networks was predictable for anyone willing to examine the data honestly.

This dilemma has been further complicated by employer behavior. Approximately two-thirds of Americans with private coverage are enrolled in self-funded employer plans. These employers could have served as a counterbalance to escalating prices. Instead, many have outsourced their purchasing power to the same insurers, third-party administrators, and pharmacy benefit managers whose profits are driven by the volume of premiums and the surplus generated by float. As I discussed in “Transparency Issues Under ObamaCare,” employers would not effectively curb costs unless they demanded genuine transparency and exercised real control over spending. Sixteen years later, most have yet to do so.

The outcome is a system where insurers wield more power than ever before. According to the National Association of Insurance Commissioners, insurers reported nearly $25 billion in net income in 2023, followed by approximately $9 billion in 2024, despite inflationary pressures on medical costs. Their financial model, which relies on premium reserves, investment income, and consolidated control of networks, has strengthened under the ACA rather than weakened. Meanwhile, employer-sponsored plans are facing increases exceeding 5 percent in 2025, with projections suggesting they could surpass 6.5 percent in 2026. Some employers may encounter hikes approaching 9 percent if they do not take decisive action. The average cost to insure a single worker now exceeds $16,500 annually.

The ongoing affordability crisis has once again triggered a familiar policy pendulum swing. In the 1990s, managed care was touted as the solution until rising resentment and hidden costs led to its collapse. The early years of the ACA brought optimism and expanded access, but the underlying flaws became apparent only after the system was fully tested at scale. The pendulum is now swinging once more toward new structural reforms.

As reported by The Washington Post, lawmakers are now proposing to redirect ACA subsidies directly to consumers through personal health accounts, rather than channeling them through insurers. This proposal marks a significant departure from the ACA’s original framework and aligns with the solution I advocated over fifteen years ago: empowering individuals, rather than intermediaries, to control healthcare dollars. However, the Post cautions that without proper safeguards, insurers may respond by selectively enrolling healthier individuals, leaving those with chronic illnesses facing soaring premiums. This scenario is precisely the danger I warned about from the outset. Simply shifting funds without restructuring incentives will only shuffle costs without addressing the root issues.

Recent commentary from Newt Gingrich echoes this sentiment. His assertion that achieving affordability necessitates transferring financial control from insurers to individuals aligns with the central thesis I articulated in 2009: genuine reform can only occur when consumers have control over their healthcare dollars and access to transparent information about their purchases. While Gingrich’s remarks addressed broader affordability issues across American life, his focus on consumer financial empowerment reflects the very principle that the ACA failed to incorporate.

The convergence of these ideas—consumer-directed subsidies, transparency mandates, employer empowerment, and restrictions on insurer manipulation—signals the precise moment I anticipated. The structural flaws that were mathematically inevitable in 2010 have now become national priorities in 2025. Policymakers are finally confronting what the data has been indicating for sixteen years: healthcare cannot be made affordable until the pricing system itself is restructured.

However, none of the emerging proposals will succeed unless we address the fundamental economic flaw of the ACA: the system still permits insurers to dominate pricing, control the float, and manipulate risk pools. Redirecting subsidies to consumers is insufficient unless it is accompanied by mandatory transparency, strict prohibitions on cherry-picking, and real incentives for employers to regain control over purchasing. Without these essential elements, we risk repeating the cyclical failures of managed care and the ACA, with the next collapse potentially being even more costly.

We have reached a moment of reckoning. The ACA achieved something valuable in expanding coverage, but it failed to ensure affordability because it overlooked the fundamental mathematics of rising costs. Healthcare has never been merely a political issue; it has always been a mathematical one.

Fifteen years ago, I predicted this moment would arrive. Now that it is here, the pressing question remains: will policymakers finally confront the underlying economics, or will they continue to shift costs around while pretending the existing structure is sound?

Source: Original article

Walmart CEO to Depart in January After 12 Years of Leadership

Walmart CEO Doug McMillon will retire in January 2026 after 12 years in the role, with John Furner set to succeed him as the company navigates new challenges and opportunities.

Walmart CEO Doug McMillon is set to retire on January 1, 2026, after leading the retail giant for 12 years. His successor will be John Furner, currently the CEO of Walmart U.S., who will officially take over on February 1, 2026.

This leadership transition comes as Walmart prepares to report its quarterly earnings in the coming months. McMillon has been at the helm since 2014, during which time he has guided the company through significant transformations, including its rise as a formidable e-commerce player.

Under McMillon’s leadership, Walmart has faced numerous challenges, including the COVID-19 pandemic, supply chain disruptions, rising inflation, and changes in tariffs. Despite these hurdles, the company has seen its stock price increase by more than 300% during his tenure, closing at $102.48 on the last trading day before the announcement.

Following his retirement, McMillon will continue to serve as an executive officer and advisor to Walmart until January 31, 2027. Furner, who has been with Walmart since 1993, has extensive experience in various leadership roles across the company, overseeing over 4,600 stores in his current position.

Walmart chairman Greg Penner expressed confidence in Furner’s ability to lead the company into its next phase of growth and transformation. “John understands every dimension of our business – from the sales floor to global strategy,” Penner stated. He emphasized Furner’s deep commitment to Walmart’s people and culture as key attributes for his new role.

In a statement regarding his retirement, McMillon reflected on his time at Walmart, saying, “Serving as Walmart’s CEO has been a great honor, and I’m thankful to our Board and the Walton family for the opportunity.” He also highlighted Furner’s “curiosity and digital acumen,” suggesting that these qualities will enable him to elevate the company further.

During his time as CEO, McMillon played a pivotal role in Walmart’s evolution into an e-commerce powerhouse. He was instrumental in the acquisition of Jet.com in 2016 for $3.3 billion, a move that sparked debate over its necessity and cost. However, this acquisition brought valuable digital expertise to Walmart, particularly through Jet.com founder Marc Lore, who had previously worked at Amazon.

In addition to focusing on e-commerce, McMillon also made significant changes to Walmart’s pay structure. In 2015, he announced a wage increase for half a million hourly employees, raising their minimum pay to $9 an hour. While this decision was met with criticism from Wall Street, Walmart has continued to raise wages in recent years, although it still faces scrutiny over its compensation practices for hourly workers.

As the retail landscape continues to evolve, McMillon has acknowledged the impact of artificial intelligence (AI) on the industry. He noted that AI will “literally change every job,” presenting new challenges for his successor. McMillon believes that Furner is “uniquely capable of leading the company through this next AI-driven transformation.”

Walmart is not the only major retailer undergoing leadership changes. Target’s current CEO, Brian Cornell, has announced plans to step down in early 2026 after a decade in the role. Michael Fiddelke, the company’s chief operating officer, will take over as CEO on February 1, 2026, while Cornell will remain with Target as executive chair of the board of directors.

As Walmart prepares for this significant transition, all eyes will be on Furner as he takes the reins and steers the company into its next chapter.

Source: Original article

Trump Purchases $82 Million in Bonds Since Taking Office

President Donald Trump has reportedly invested at least $82 million in corporate and municipal bonds since taking office, raising questions about potential conflicts of interest.

President Donald Trump has made a series of notable financial investments during his time in office, with recent disclosures revealing that he purchased at least $82 million in corporate and municipal bonds between late August and early October 2025. These investments include sectors that may directly benefit from his administration’s policies.

The information was released by the U.S. Office of Government Ethics, detailing over 175 financial transactions conducted by Trump from August 28 to October 2. The disclosures, mandated by the Ethics in Government Act of 1978, do not specify the exact amounts for each transaction but provide broad ranges. This lack of specificity means that the total value of his bond purchases could potentially reach as high as $337 million.

Among the bonds purchased are municipal securities issued by various state and local governments, including those from counties, school districts, and public utilities. These bonds are typically considered lower-risk investments, as they are used to fund local projects and are often tax-exempt at the federal level, and sometimes at the state and local levels if purchased in the investor’s home state. However, certain municipal bonds, such as private activity bonds, are taxable, and the tax-exempt status of these bonds has been a topic of political debate in 2025.

In contrast, corporate bonds, which are also part of Trump’s portfolio, are issued by companies to raise capital for various purposes, including expansion and operations. These bonds generally offer higher interest rates compared to municipal bonds, compensating for the increased credit risk associated with corporate debt. Interest income from corporate bonds is subject to taxation at both federal and state levels.

Notably, some of the corporate bonds acquired by Trump include offerings from well-known companies such as Broadcom and Qualcomm in the technology sector, as well as Meta Platforms, Home Depot, CVS Health, and major Wall Street banks like Goldman Sachs and Morgan Stanley. The selection of these investments has raised eyebrows among analysts and ethics observers, as some of these companies could potentially benefit from federal policies enacted during Trump’s presidency.

The scale and timing of these transactions have attracted scrutiny, as they are unusual for a sitting president. Observers have expressed concerns regarding the implications of such a significant fixed-income portfolio, which combines both municipal and corporate holdings. The potential for conflicts of interest, given the nature of the investments and their alignment with Trump’s policy initiatives, has become a focal point of discussion.

As the details of these financial activities continue to unfold, the intersection of Trump’s investments and his presidential duties remains a subject of interest and concern among the public and ethics watchdogs alike.

Source: Original article

Digital Domain Names Sudhir Reddy as Head of Global VFX Operations

Digital Domain has appointed Sudhir Reddy as President of its Global VFX Business, succeeding Lala Gavgavian, who served the company for 18 years.

LOS ANGELES, CA – Digital Domain, the acclaimed visual effects studio known for its work on some of Hollywood’s most celebrated films, has announced the appointment of Sudhir Reddy as President of its Global VFX Business, effective immediately.

Reddy takes over from Lala Gavgavian, who dedicated 18 years to the company, including the last four years as President and COO. Gavgavian’s tenure was marked by significant growth and innovation within the studio.

With 27 years of experience in the visual effects industry, Reddy has played a crucial role in expanding Digital Domain’s international presence over the past 15 years. His leadership has been instrumental in the launch of the Hyderabad studio, as well as the management of the Vancouver and Montreal locations.

Reddy’s extensive experience includes overseeing global productions across feature films, episodic content, and emerging media. He has earned a reputation for successfully delivering ambitious projects on a worldwide scale.

Before rejoining Digital Domain, Reddy held various creative roles at prominent studios in India and at Flux Animation Studios in New Zealand. He later transitioned into senior production and management roles at Reliance MediaWorks in both India and Los Angeles, where he managed large-scale VFX pipelines and cross-border teams.

Digital Domain is recognized for its innovative artistry, contributing to several Academy Award-winning films, including ‘Titanic,’ ‘What Dreams May Come,’ and ‘The Curious Case of Benjamin Button.’ Reddy’s appointment is expected to further enhance the studio’s creative capabilities and global reach.

According to India West, Reddy’s leadership is anticipated to drive the company into new realms of creativity and technological advancement in the visual effects industry.

Source: Original article

Pennsylvania Legislation Aims to Legalize Flying Cars for Future Use

Pennsylvania’s Jetsons Act aims to establish regulations for flying cars, positioning the state as a leader in advanced air mobility technology.

Pennsylvania is taking steps to potentially welcome flying cars with the reintroduction of Senate Bill 1077, known as the Jetsons Act. State Senator Marty Flynn from the 22nd District has proposed this legislation during the 2025-2026 Regular Session.

The Jetsons Act seeks to amend Title 75 of the Pennsylvania Consolidated Statutes to create a new legal category for hybrid ground-air vehicles. These innovative vehicles would be capable of operating both on public roads as motor vehicles and in the air as aircraft.

The bill was referred to the Senate Transportation Committee on November 5, 2025. Although a similar version of the bill did not pass in the previous session, Flynn remains dedicated to making Pennsylvania a leader in advanced transportation technology. He believes that establishing a regulatory framework now will enable the state to adapt swiftly when flying cars become commercially viable.

As technology progresses, the gap between existing laws and emerging innovations continues to widen. The rise of advanced air mobility is redefining the boundaries between cars and aircraft. Several companies, including Alef Aeronautics, Samson Sky, and CycloTech, are actively developing vehicles that can take off vertically or transition from cars to small aircraft in a matter of minutes.

Other states are already paving the way for this new era. Minnesota and New Hampshire have passed legislation that formally recognizes “roadable aircraft,” marking them as the first states to classify flying cars as both vehicles and aircraft under state law. Pennsylvania aims to follow suit with its own version through Senator Flynn’s Jetsons Act.

In addition, the Federal Aviation Administration (FAA) has started approving real-world tests for flying cars. In 2023, the FAA granted a special airworthiness certificate to Alef Aeronautics for its Model A prototype, allowing it to operate on both roads and in the air for research and development purposes. This marked a significant milestone, as it was the first time a flying car received official clearance for combined ground and flight testing in the United States.

Senator Flynn is eager for Pennsylvania to be part of the national dialogue surrounding this emerging technology. In his co-sponsorship memo, he emphasized that proactive legislation will better prepare the state for the next wave of innovation.

Under Senate Bill 1077, Pennsylvania would officially define a “roadable aircraft” as a hybrid vehicle capable of both driving and flying. These vehicles would be required to register with the state, display a unique registration plate, and meet standard inspection requirements. When operated on highways or city streets, they would be subject to the same rules as other vehicles. In flight, they would remain under federal aviation oversight.

The bill also outlines how drivers and pilots must safely transition between ground and air operations. Take-offs and landings would only be permitted in approved areas, except during emergencies. Flynn believes that clear definitions and consistent oversight will help prevent confusion for both motorists and law enforcement. He hopes this clarity will also encourage manufacturers to view Pennsylvania as a viable test site for future flying car technologies.

For residents of Pennsylvania, this bill could fundamentally change perceptions of personal transportation. While flying cars are still in development, legislation like the Jetsons Act sets the groundwork for their eventual arrival. In the future, drivers may register, inspect, and insure flying cars just as they do with conventional vehicles. Pilots could utilize the same roadways to access take-off zones before transitioning to flight mode.

Even for those who may never own a flying car, the implications of this legislation could be significant. New regulations may influence local zoning laws, airspace management, and infrastructure planning. Communities might see the introduction of new vertiports or designated landing pads as part of urban development. Insurance companies and safety regulators will need to rethink their approaches to accommodate this new class of hybrid travel.

The Jetsons Act also signals a broader shift in how states are approaching innovation. Rather than waiting for federal action, Pennsylvania aims to establish a framework that welcomes new technologies while ensuring public safety.

Senator Flynn’s Jetsons Act may sound futuristic, but it reflects a growing reality in transportation. As autonomous vehicles, drones, and hybrid aircraft continue to evolve, state governments must adapt to keep pace. This legislation demonstrates Pennsylvania’s willingness to lead rather than follow. While it may take years before flying cars become commonplace, the groundwork is already being laid. Lawmakers are proactively considering licensing, safety, and the integration of flying cars into existing traffic systems. This forward-thinking approach could position Pennsylvania as one of the first states to see cars take to the skies.

Source: Original article

Top Tech Executives Express Concerns Over Potential AI Bubble

Top tech executives express concerns about an impending bubble in the artificial intelligence sector, highlighting exaggerated valuations and unsustainable business models.

Leading figures in the technology industry have voiced their apprehensions regarding a potential bubble in the artificial intelligence (AI) sector. During a recent Web Summit in Lisbon, Jarek Kutylowski, CEO of the German AI company DeepL, shared his belief that “the evaluations are pretty exaggerated here and there,” indicating that “there are signs of a bubble on the horizon.”

This sentiment was echoed by Hovhannes Avoyan, CEO of Picsart, who noted that many AI companies are securing “tremendous valuations” despite lacking substantial revenue. He expressed concern over the market’s tendency to value smaller startups based on what he termed “vibe revenue,” a concept that refers to companies generating interest without significant sales. This term plays on the notion of “vibe coding,” which allows individuals to use AI for coding without requiring extensive technical knowledge.

Mozilla CEO Laura Chambers also weighed in on the issue, stating, “Yes. It’s really easy to build a whole bunch of stuff, and so people are building a whole bunch of stuff, but not all of that will have traction.” She emphasized that the volume of new products being developed far exceeds the number that will ultimately prove sustainable. Chambers pointed out that advancements in technology have drastically reduced the time needed to create applications, leading to an influx of subpar offerings. “I mean, I can build an app in four hours now. That would have taken me six months to do before,” she remarked, highlighting the rapid pace of development in the sector.

Chambers further noted the critical issue of monetization, stating that many AI companies, including various AI browsers, are operating at significant losses. “At some point that isn’t sustainable, and so they’re going to have to figure out how to monetize,” she added, underscoring the challenges that lie ahead for these businesses.

Babak Hodjat, chief AI officer at Cognizant, expressed similar concerns, suggesting that diminishing returns are beginning to affect large language models. This perspective aligns with previous warnings from financial leaders about inflated valuations in the tech sector. Notably, David Solomon of Goldman Sachs and Ted Pick of Morgan Stanley have cautioned about potential market corrections as the valuations of major tech firms reach historic highs.

Adding to the discourse, renowned investor Michael Burry, known for his role in the “Big Short,” has accused major AI infrastructure and cloud providers, referred to as “hyperscalers,” of understating depreciation expenses on chips. Burry warned that profits reported by companies like Oracle and Meta may be significantly overstated, and he has disclosed put options that bet against firms such as Nvidia and Palantir.

Despite these rising concerns, the technology industry maintains a generally optimistic outlook on AI. Lyft CEO David Risher acknowledged the transformative potential of AI while also recognizing the associated risks. “Let’s be clear, we are absolutely in a financial bubble. There is no question, right? Because this is incredible, transformational technology. No one wants to be left behind,” Risher stated.

He further differentiated between the financial bubble and the industrial outlook, asserting that the underlying infrastructure and model creation associated with AI will have a long-lasting impact. “The data centers and all the model creation, all of that is going to have a long, long life, because it’s transformational. It makes people’s lives easier. It makes people’s lives better… On the other hand, you know, the financial side, it’s a little risky right now,” Risher concluded.

As the debate continues, the tech industry remains at a crossroads, grappling with the dual realities of innovation and valuation. The future of AI may hinge on how effectively companies can navigate these challenges while delivering sustainable growth.

Source: Original article

US Eases Tariff Restrictions for Select Countries, Impacting Trade Relations

The U.S. is set to ease tariffs on select imports from Latin American countries, aiming to lower consumer prices and enhance regional trade partnerships.

The United States has announced plans to ease tariff restrictions on certain imports from Latin America, specifically targeting Argentina, Ecuador, Guatemala, and El Salvador. This decision, revealed on Thursday, is part of a broader strategy to lower consumer prices and strengthen trade relationships in the region.

Under the new framework agreements, the U.S. will eliminate or reduce tariffs on specific qualifying exports from these four countries. The focus is primarily on goods that the U.S. cannot produce in sufficient quantities. Notably, Ecuadorian products such as bananas, coffee, and cocoa are expected to benefit immediately from these changes.

In addition to Ecuador, Argentina, Guatemala, and El Salvador are anticipated to gain expanded access for their agricultural and food products. However, the complete list of products affected by these tariff reductions has not yet been made public. It is important to note that these reductions apply only to select categories; baseline tariffs of 10% for Argentina, Guatemala, and El Salvador, and 15% for Ecuador will remain in place for most goods.

In exchange for these tariff reductions, the partner countries have agreed to lower regulatory barriers for U.S. exports. This includes expediting product approvals and eliminating restrictions such as digital service taxes and import licensing rules. For instance, Argentina has committed to improving market access for U.S. medicines, chemicals, machinery, and agricultural products. These provisions aim to create a more predictable and transparent regulatory environment that is favorable to U.S. interests.

U.S. Treasury Secretary Scott Bessent indicated on Wednesday that substantial announcements would be forthcoming, which are expected to lead to lower prices on essential items like coffee, bananas, and other fruits. This initiative is part of the Trump administration’s broader effort to reduce the cost of living for American consumers.

The timing of these agreements comes amid rising consumer prices in the U.S., particularly for imported food staples. By reducing costs on high-demand items, the administration seeks to alleviate inflationary pressures while simultaneously integrating regional supply chains and strengthening political alliances. This strategic move is also seen as a counterbalance to global competitors.

As these are framework agreements, final details, including comprehensive product lists and implementation timelines, are still pending. The overall impact of these agreements will largely depend on how effectively they are executed and the extent of the finalized tariff exemptions.

In related discussions, Secretary of State Marco Rubio met with Brazil’s Foreign Minister Mauro Vieira this week to explore a framework for a U.S.-Brazil trade relationship. This meeting suggests that the U.S. may be laying the groundwork for a more extensive regional trade strategy aimed at enhancing economic integration and bolstering U.S. influence in Latin America.

While the tariff relief is currently limited to specific categories, the agreements signal a stronger push for regulatory alignment and deeper cooperation among the nations involved. By balancing the reduction of costs on key imported goods with expanded U.S. access to regional markets, the agreements aim to address domestic economic pressures while advancing broader geopolitical interests.

As the U.S. moves forward with these initiatives, the focus remains on creating a stable and cooperative trade environment that benefits both American consumers and its Latin American partners.

Source: Original article

Trump Proposes $2,000 Tariff Dividends for American Families

President Trump is committed to distributing $2,000 dividend checks to Americans funded by tariff revenue, although the proposal faces significant legislative and economic hurdles.

President Donald Trump has expressed a strong commitment to distributing $2,000 dividend checks to every American, a plan he intends to fund through tariff revenue. White House Press Secretary Karoline Leavitt confirmed this initiative during a press briefing on Wednesday.

Leavitt stated, “The president made it clear he wants to make it happen. So his team of economic advisers are looking into it.” This announcement has sparked discussions about the potential implications and logistics of such a proposal.

During an appearance on ABC News’ “This Week,” Treasury Secretary Scott Bessent noted that the tariff dividend could take various forms. He emphasized that he had not yet discussed the specifics of the proposal with Trump. Bessent mentioned that the dividend could align with the tax reductions included in the president’s agenda, which aim to eliminate taxes on tips, overtime, and Social Security, as well as provide deductions for auto loans.

Trump initially shared his proposal via social media on Sunday morning, highlighting the benefits of tariffs. He stated, “People that are against Tariffs are FOOLS! We are now the Richest, Most Respected Country In the World, With Almost No Inflation, and A Record Stock Market Price. 401k’s are Highest EVER.” He further asserted that a dividend of at least $2,000 would be paid to every individual, excluding high-income earners.

If the dividend were to be made available to individuals earning $100,000 or less, it could potentially reach around 150 million Americans, resulting in an estimated total cost of $300 billion in dividends, according to Erica York, a policy expert at the Tax Foundation.

As of now, no legislation has been enacted to authorize this program, and specific eligibility criteria, such as income thresholds or dependent status, have yet to be defined. Experts have raised concerns regarding the sustainability of funding such payments solely through tariff revenue, as tariffs represent only a minor portion of federal income and are subject to fluctuations based on trade activities.

The proposal reflects a policy approach that seeks to utilize revenue generated from trade for direct benefits to citizens. However, significant uncertainties remain regarding its implementation. Factors such as budgetary constraints, legislative approval, and economic conditions could all influence the feasibility of the plan.

As it stands, the tariff dividend should be viewed as a proposed policy rather than a definitive program. It underscores the ongoing interest in direct financial measures as a means of economic stimulus, while also highlighting the challenges associated with ensuring such measures are fiscally sustainable, legally authorized, and administratively practical within the framework of U.S. governance.

Source: Original article

Spain Imposes $5.8 Million Fine on Elon Musk’s X for Unauthorized Crypto Ads

Spain has fined Elon Musk’s social media platform X approximately $5.8 million for failing to verify the authorization of a crypto advertiser.

Spain is taking a firm stance against tech billionaire Elon Musk. The country’s stock market supervisor has imposed a fine of approximately $5.8 million (€5 million) on Musk-owned social media platform X for neglecting to ensure that a cryptoasset company, which advertised on the platform, had the necessary authorization to provide investment services.

According to the Comisión Nacional del Mercado de Valores (CNMV), the fine was levied against Twitter International Unlimited Company, the entity behind X, for not fulfilling its obligations to verify whether Quantum AI was authorized to offer investment services. The CNMV also noted that X failed to check if Quantum AI was listed among entities that had been warned about by the CNMV or foreign supervisory bodies.

This penalty, dated November 3, was officially published in Spain’s bulletin on Thursday. It stems from X’s failure to ensure that Quantum AI was properly authorized to provide investment services and was not included on any warning lists issued by Spanish or international regulators. In recent years, Spain has tightened its regulations to prevent misleading crypto promotions and to ensure that online platforms verify advertisers while clearly communicating investment risks to the public.

The fine underscores the increasing regulatory scrutiny faced by social media platforms as they serve as channels for financial advertising. While X has the right to appeal the decision in Spain’s high court, this case highlights the legal responsibilities that platforms now encounter under global digital, financial, and advertising regulations. It also signals to investors and tech companies that regulators are intensifying their enforcement of compliance measures to protect consumers in emerging, high-risk markets such as cryptocurrency.

X, formerly known as Twitter, is the social media platform owned by Musk. He rebranded it as X following his acquisition in 2022 and later integrated it with his AI firm, xAI, in an all-stock deal in March 2025. This transaction valued X at approximately $33 billion, excluding about $12 billion in debt.

In 2025, X has experienced a modest rebound in advertising revenue, with U.S. ad sales increasing around 17.5% year-on-year and global ad revenue rising approximately 16.5%. The platform continues to serve as a central hub for news, public commentary, and AI-driven features, reflecting Musk’s ambition to integrate advanced AI tools into social media.

Despite this growth, X faces ongoing regulatory challenges. European authorities are scrutinizing its operations, including the recent fine in Spain for violations related to crypto-asset advertising and an ongoing investigation in Ireland under the EU Digital Services Act. User metrics and financial disclosures remain somewhat opaque, suggesting that reported valuations and revenue figures should be interpreted with caution. These uncertainties highlight the challenges in assessing X’s long-term stability and profitability.

Musk’s dual role as the owner of both X and xAI draws additional attention, as regulators and the public closely monitor the intersection of AI tools and advertising practices with financial markets.

Source: Original article

IBM Unveils New Quantum Computing Chip Named Loon

IBM has unveiled its new experimental quantum computing chip, Loon, marking a significant step toward practical quantum computing solutions by the end of the decade.

IBM announced on Wednesday the development of a new experimental quantum computing chip named Loon. This innovative chip signifies a crucial milestone in the company’s efforts to create functional quantum computers before the decade concludes.

Quantum computing, which leverages the principles of quantum mechanics, has the potential to revolutionize computing by performing calculations in ways that classical computers cannot. Unlike classical bits, which can only represent a state of 0 or 1, qubits can exist in multiple states simultaneously due to superposition. Additionally, qubits can be interconnected through entanglement, enabling highly coordinated computations.

Despite their promise, quantum computers face significant challenges, particularly regarding error rates. Due to the unpredictable nature of quantum mechanics, these chips are susceptible to errors. In response to this issue, IBM proposed a novel approach to error correction in 2021. The strategy involves adapting an algorithm designed for enhancing cellphone signals for use in quantum computing, executed on a combination of quantum and classical chips.

Mark Horvath, a vice president and analyst at research firm Gartner, commented on IBM’s approach, noting that while the concept is innovative, it complicates the manufacturing of quantum chips. These chips must incorporate not only the fundamental building blocks known as qubits but also new quantum connections between them. “It’s very, very clever,” Horvath remarked. “Now, they’re actually putting it in chips, so that’s super exciting.”

Quantum computers are capable of exploring numerous possibilities at once and utilizing quantum interference to enhance the probability of correct solutions. This capability makes them potentially much faster at solving complex problems, such as simulating molecular structures, optimizing large systems, and breaking certain types of encryption. However, they remain largely experimental, hindered by issues related to qubit instability, noise, and scalability, and are not universally superior to classical computers for every task.

While Loon is still in its early stages, IBM has not yet specified when external parties will be able to test the chip. Alongside Loon, the company also announced a chip named Nighthawk, which is expected to be available by the end of this year.

These advancements reflect IBM’s commitment to transitioning quantum systems from theoretical concepts into practical infrastructure. The company aims to leverage advanced error-correction techniques, enhance qubit connectivity, and achieve large-scale manufacturing. However, the announcement also highlights that the technology is still in its nascent phase, with chip prototypes not yet widely available and significant challenges related to decoherence, scaling, and integration remaining unresolved.

Jay Gambetta, director of IBM Research and an IBM fellow, emphasized the importance of utilizing the Albany NanoTech Complex in New York, which features chipmaking tools comparable to those found in the world’s most advanced factories. “We’re confident there’ll be many examples of quantum advantage,” Gambetta stated. “But let’s take it out of headlines and papers and actually make a community where you submit your code, and the community tests things, and they select out which ones are the right ones.”

If IBM successfully follows its roadmap, the implications of its quantum computing advancements could extend across various industries, including drug discovery, logistics, cryptography, and materials science. However, the timeline for these developments and their commercial impact remains uncertain, contingent on successful engineering, ecosystem development, and market readiness.

Source: Original article

High HB1 visa fees and some impacts

For decades, America’s technological lead depended on attracting the world’s top talent. That allure is diminishing. The recent hike in H-1B visa fees alone is projected to cost U.S. companies $14 billion annually, leading many to prefer hiring abroad to avoid these costs.
For instance, Zhou Ming, who played a key role in developing software ensuring the safe flight of Boeing 787s and Airbus A380s, has stepped down from a leadership position at a major U.S. firm. His departure wasn’t driven by financial or prestige reasons, but by a more compelling opportunity—he became the founding dean of an engineering college in Ningbo, China. Zhou is not an exception but a sign: top Chinese scientists, engineers, and entrepreneurs who historically contributed to American innovation are returning home, drawn by opportunities to build, lead, and succeed.
Meanwhile, U.S. policies are quietly driving them away. Over the past year, several Chinese-born academics and tech experts have left elite U.S. institutions for influential roles in China’s innovation scene. In the U.S., foreign researchers now face rising visa costs, increased political scrutiny, and shrinking research funding. Conversely, China offers these researchers million-dollar grants, state-backed laboratories, housing stipends, and startup capital.
This shift is driven by a clear national strategy: China prioritizes science and technology, supporting it with policies designed to attract top global talent. In 2024, China streamlined its visa system, and in October 2025, launched the “K visa,” enabling young STEM professionals to live, work, and seek employment in China without a job offer.
This wasn’t coincidental, as it coincided with the U.S. imposing a $100,000 fee for H-1B visas, which drove away thousands of skilled workers overnight. In India, the Indian tech sector faces immediate impacts due to heavy reliance on the H-1B visa program for U.S. operations. The high application fees could reduce H-1B approvals by thousands monthly, affecting Indian workers and remittances. The policy may also promote “reverse brain drain,” encouraging highly skilled Indian professionals to stay in India or explore other countries. Additionally, with U.S. restrictions, Indian tech firms might expand their markets through diversification and local employment. The landscape continues to evolve—let indian government also align  strategies with these shifting global trends.

President Donald Trump proposed $2000 checks to US Citizens

President Donald Trump shared exciting news on Nov. 9 about plans to give Americans outside the “high income” groups $2,000 each, funded from tariffs collected by his administration.

He expressed optimism on social media, saying, “We are taking in Trillions of Dollars and will soon begin paying down our ENORMOUS DEBT, $37 trillion. There’s been a record investment boom in the USA, with new plants and factories popping up everywhere. A bonus of at least $2000 per person (excluding those with high incomes!) will be paid to everyone.”

For this plan to move forward, it will need support from Congress. Back in July, Senator Josh Hawley introduced the American Worker Rebate Act, aiming to use tariff revenue to provide tax rebates of at least $600 for each adult and child, based on income.

According to the Treasury Department, in the first three quarters of 2025, the government collected $195 billion in customs duties — enough to give 97.5 million people a $2,000 check.

There were about 267 million adults living in the U.S. in 2024, according to 2020 Census estimates. Data from YouGov Profiles shows that roughly 18% of these adults earned more than $100,000 a year, which would mean they are not eligible for the dividend.

Currently, the average tariff rate for goods entering the U.S. stands at 18%, the highest since 1934, according to Yale’s Budget Lab. There’s ongoing debate about how much of these tariffs are passed on to consumers.

Indian-American Rajat Singhania Discusses Evolution of yunify.ai from HyLyt

Rajat Singhania is set to revolutionize digital information management with yunify.ai, an integrated platform designed to consolidate notes, files, and communications into one secure space.

Rajat Singhania, a seasoned entrepreneur, is on a mission to reshape the landscape of digital information management. After experiencing a personal data-loss incident that highlighted significant gaps in how organized information is handled in business, he founded HyLyt. With over three decades of entrepreneurial experience, Singhania is now preparing to launch yunify.ai, a platform that aims to bring together scattered notes, messages, files, and media into one secure and integrated space.

Singhania’s impressive accolades include being recognized in the “Greatest Business Minds of the Decade” by Firdouz Hameed, receiving the NASSCOM SME Inspire Award in 2023, and being named one of the Top Influential Business Leaders of 2024 by The Times of India. In 2025, he graced the cover of The Enterprise World magazine as a Visionary Leader.

yunify.ai is gearing up for its launch, promising to simplify how users manage their digital lives. The platform consolidates notes, files, tasks, and conversations into one organized space, ensuring that nothing gets overlooked and productivity flows naturally. In an exclusive interview with The American Bazaar, Singhania elaborated on his vision for this innovative AI model.

Singhania, originally from New Delhi, India, is currently based in Baroda, Gujarat. He completed his schooling at St. Columba’s in New Delhi and graduated from Shri Ram College of Commerce (SRCC) in Delhi. After finishing his education, he moved to Gujarat about 33 years ago, where he has spent the majority of his professional life.

As a first-generation entrepreneur, Singhania has been in business for over 35 years. He has established six businesses, sold two, closed one, and currently owns three. His oldest venture is a 29-year-old cement distribution business, which has maintained a top-three position in the region for over a decade. He also runs a 25-year-old IT services company that caters to U.S. clients. His latest endeavor, HyLyt, is set to evolve into yunify.ai, marking his entry into the tech startup arena.

When asked about the motivation behind creating HyLyt 3.0, which will be launched as yunify.ai, Singhania explained that the previous versions did not incorporate AI. The upcoming iteration will feature enhanced security, a modern interface, and a robust AI layer, making it competitive in global markets such as the U.S., Singapore, and the UAE.

Singhania detailed the evolution of the product from HyLyt to yunify.ai. HyLyt 1.0 was initially a B2C product focused on communication and information management. The second version transitioned to a B2B model, emphasizing security as a critical business need. The latest version, yunify.ai, will introduce an AI layer along with improved security features.

Regarding funding, Singhania shared that the company has been bootstrapped thus far, with a small round of investment from friends and family. They are currently raising $1.5 million in their first seed round and have already secured commitments totaling about $500,000. Once this funding round is closed, they plan to accelerate their growth.

Singhania outlined how the raised capital will be allocated. Approximately 25-30% will be dedicated to product enhancement, while 5-10% will go toward intellectual property development. The company already holds two granted U.S. patents and two in India, with a patent pending in Singapore. The remaining 60% will focus on customer acquisition and market penetration, starting with the U.S. and expanding to Singapore and the UAE.

yunify.ai’s mission is clear: to become the default platform for information management. Singhania envisions a future where, just as WhatsApp is synonymous with communication and Zoom is recognized for meetings, yunify.ai will be the go-to solution for managing information. He noted that information is often scattered across various emails, devices, and platforms, and yunify.ai aims to consolidate everything into one accessible location.

The journey of yunify.ai unfolds in three parts: yuniTALK, a secure all-in-one suite for business communication and collaboration; yuniVAULT, which redefines institutional memory by allowing admins to retrieve everything done through a corporate account on any device or cloud; and yunify.ai itself, which features an AI intelligence layer for smart categorization, tagging, and management.

Initially, yunify.ai will utilize existing pre-trained large language model (LLM) modules to manage costs. Once customer needs are validated, the company plans to develop its own AI modules in a subsequent funding round, aiming to raise between $8 million and $10 million.

While there will not be a free version of yunify.ai, individual users can expect a 15 to 30-day free trial. Organizations can also reach out for custom trials tailored to their specific size and needs.

When discussing competition, Singhania emphasized that achieving what yunify.ai offers would require six different products, including note-taking apps, file management systems, calendars, to-do tools, video conferencing solutions, and collaboration platforms. He believes that while products like Notion or ClickUp address parts of these functionalities, none achieve complete integration, which is where yunify.ai’s patented technology provides a distinct advantage.

Singhania highlighted the key features covered under their patents, which include simplified saving of information, meta-tag connectivity for interlinked data, advanced filtering for intuitive information retrieval, and leakage control to restrict recipients from resharing sensitive information.

Looking ahead, Singhania envisions yunify.ai becoming the WhatsApp of information management. He expressed confidence that, similar to how Zoom has become the standard for video calls, yunify.ai will emerge as the leading platform for managing and accessing information.

As for the U.S. market, Singhania confirmed that they have begun building partnerships and are engaged in discussions across multiple markets. The team includes advisors based in the U.S. and Singapore, in addition to India. While he could not disclose specific names, he indicated that success stories will be shared once yunify.ai goes live in January.

Source: Original article

Billionaire Investor Warren Buffett Plans Departure from Berkshire Hathaway

Billionaire investor Warren Buffett, at 95, is preparing to step down as CEO of Berkshire Hathaway, acknowledging the realities of aging while reflecting on his legacy in the investment world.

Warren Buffett, the 95-year-old chairman and CEO of Berkshire Hathaway, announced on Monday that he is preparing to step down from his role at the renowned investment firm. In a candid reflection on aging, Buffett stated that “becoming old” is “not to be denied.”

Despite his age, Buffett expressed that he generally feels good, although he acknowledges some physical limitations. “Though I move slowly and read with increasing difficulty, I am at the office five days a week, where I work with wonderful people,” he wrote. He humorously noted, “I was late in becoming old … but once it appears, it is not to be denied.”

Buffett, often referred to as the Oracle of Omaha for his remarkable track record in stock picking, provided a rare update on his health as he prepares for his hand-picked successor, Greg Abel, to take over leadership at the end of this year.

Born on August 30, 1930, in Omaha, Nebraska, Buffett displayed an early aptitude for business and investing, purchasing his first stock at the age of 11. He furthered his education at the University of Nebraska and later studied under Benjamin Graham at Columbia University, where he learned the principles of value investing. This approach emphasizes buying undervalued companies with strong fundamentals and holding them for the long term.

Buffett began his investment career through partnerships, gradually building his expertise and reputation for disciplined investing. In the early 1960s, Berkshire Hathaway, originally a struggling textile manufacturer, caught his attention. Buffett began acquiring shares in 1962, initially attracted by the company’s liquidation value. By 1965, he had taken majority control and shifted the company’s focus from textiles to investments and acquisitions.

Under Buffett’s leadership, Berkshire Hathaway transformed into a diversified holding company, acquiring various businesses, including insurance firms like GEICO, railroads such as BNSF Railway, utilities, and consumer brands. His disciplined approach to capital allocation has been a hallmark of the company’s success.

Buffett’s investment philosophy centers on acquiring companies with durable competitive advantages, competent management, and clear intrinsic value. Over the decades, this strategy has turned Berkshire Hathaway into a multibillion-dollar conglomerate, showcasing the effectiveness of long-term value investing.

As of 2025, Berkshire Hathaway remains a benchmark for investors globally. Buffett’s careful stewardship has left a legacy characterized by disciplined investing, strategic acquisitions, and the importance of patience, integrity, and vision in business.

The company is well-known for its disciplined acquisition strategy, focusing on businesses that generate consistent cash flow. Among its most notable acquisitions is Precision Castparts, purchased for approximately $37.2 billion in 2016. The acquisition of BNSF Railway in 2010, valued at around $34 billion including debt, marked a significant move into the transportation sector.

Other major acquisitions include Heinz/Kraft Heinz for $28 billion in 2013, General Re for $22 billion in 1998, and Alleghany Corporation for $11.6 billion in 2022. These transactions highlight Berkshire’s ongoing focus on insurance and reinsurance.

Berkshire has also made substantial investments in utilities and energy, with purchases such as Dominion Energy’s gas transmission assets for $10 billion in 2020 and Pacificorp for $9.4 billion in 2005. These acquisitions reflect Buffett’s preference for stable, regulated industries that provide predictable cash flow and long-term stability, aligning with the company’s conservative investment philosophy.

In the chemicals and manufacturing sectors, the $9.7 billion acquisition of Lubrizol in 2011 expanded Berkshire’s exposure to specialty chemicals, complementing its industrial and consumer businesses. These acquisitions underscore Buffett’s focus on companies with strong competitive advantages and predictable earnings.

Berkshire Hathaway’s investment strategy is not limited to wholly-owned acquisitions. The company is renowned for its strategic minority equity stakes, particularly in Coca-Cola since 1988 and Apple since 2016. These long-term investments allow Berkshire to benefit from high-performing companies while maintaining a diversified portfolio.

Buffett’s philosophy emphasizes acquiring businesses with strong cash flow and durable competitive advantages. He favors companies with consistent earnings, capable management, and straightforward business models. This strategy has guided Berkshire in blending wholly-owned companies with minority stakes to create a diversified and resilient investment portfolio.

Even with large-scale acquisitions, Berkshire maintains a conservative financial structure. Some figures related to acquisitions may not reflect the most recent adjustments, such as impairments or changes in stake values, particularly for Kraft Heinz. This transparency ensures the company’s financial stability while pursuing long-term growth opportunities.

As Buffett prepares to step down, his legacy as one of the most successful investors in history is firmly established, leaving an indelible mark on the investment landscape.

Source: Original article

Intel Enhances AI Strategy Under CEO Lip-Bu Tan Following CTO Departure

Intel’s CEO Lip-Bu Tan will oversee the company’s artificial intelligence initiatives following the departure of CTO Sachin Katti to OpenAI, marking a significant leadership transition.

Intel announced on Monday that CEO Lip-Bu Tan will directly oversee the company’s artificial intelligence initiatives. This change comes in the wake of the departure of Sachin Katti, the former chief technology officer, who has joined OpenAI, the organization behind ChatGPT.

Katti revealed his move to OpenAI in a post on X, signaling a major leadership shift at the semiconductor giant. He had been instrumental in shaping Intel’s AI strategy since a management overhaul earlier this year. His efforts focused on aligning the company’s chip development with the growing demands of artificial intelligence.

In a statement, Intel expressed gratitude for Katti’s contributions, stating, “We thank Sachin for his contributions and wish him all the best. Lip-Bu will lead the AI and Advanced Technologies Groups, working closely with the team.” The company emphasized that AI remains a top strategic priority, with a commitment to executing its technology and product roadmap across emerging AI workloads.

OpenAI President Greg Brockman also commented on Katti’s new role, stating on X that he would be “designing and building our compute infrastructure, which will power our artificial general intelligence research and scale its applications to benefit everyone.”

Since taking the helm as Intel’s CEO in March, Lip-Bu Tan has faced the challenge of stabilizing a company in transition. His tenure has seen several senior executives depart, underscoring the significant changes underway as Intel seeks to regain its competitive edge in the chip industry.

Tan, who has extensive experience in semiconductors and venture capital, was brought in to revitalize a brand that once led global chipmaking but has recently struggled to keep pace with rivals like TSMC and Nvidia. His turnaround strategy focuses on restoring Intel’s reputation as a technology leader and a dependable manufacturing partner.

One of Tan’s primary challenges is the company’s foundry business, which was established to produce chips for external clients. Despite substantial investments and support from U.S. policymakers, Intel has yet to secure a high-profile customer that would demonstrate confidence in its manufacturing capabilities.

Sources close to the company indicate that Tan is working to streamline decision-making processes and attract new partnerships, although tangible results may take time. The recent leadership changes reflect Intel’s ongoing efforts to reinvent itself while balancing the need for fresh direction with the urgency to deliver results in a rapidly evolving landscape dominated by AI and advanced chip design.

Intel’s traditional strength in central processing units (CPUs) has allowed it to maintain relevance in AI infrastructure, where its chips continue to power many server systems. However, these processors are increasingly overshadowed by high-performance AI accelerators that dominate the market. The company has yet to introduce a data center AI chip that can compete with the powerful silicon developed by Nvidia and manufactured by TSMC in Taiwan.

Despite ongoing development efforts, Intel’s AI chips have struggled to match the efficiency and scalability of Nvidia’s graphics processing units (GPUs), which have become the industry standard for training and deploying large-scale AI models.

Sachin Katti spent approximately four years at Intel, beginning in the company’s networking division before eventually leading it under former CEO Pat Gelsinger. Following Tan’s restructuring of Intel’s management earlier this year, Katti was promoted to the dual roles of chief technology officer and chief AI officer, a move seen as part of Tan’s strategy to centralize decision-making around innovation.

Under Lip-Bu Tan’s leadership, Intel has undergone a significant internal reshuffle aimed at tightening operations and invigorating its turnaround plan. Several long-time executives have had their responsibilities expanded, while new talent from outside the company has been recruited to strengthen key divisions.

Naga Chandrasekaran, who previously led Intel’s manufacturing division, has taken on a broader role that now includes managing relationships with external foundry clients. Additionally, Tan has sought to bring in new expertise, notably hiring Kevork Kechichian, a former executive at Arm, to lead Intel’s data center group, a critical unit as the company races to develop hardware capable of meeting the surging demand for artificial intelligence workloads.

Source: Original article

Restaurants Reassess Service Tax on Large Groups Following ‘No Tax on Tips’ Law

Restaurants are reassessing their mandatory gratuity policies following new tax laws that affect how tips are classified and deducted.

Restaurants across the United States may need to reevaluate their mandatory gratuity policies in light of recent tax legislation that impacts how tips are classified for workers. The new “no tax on tips” provision, part of President Donald Trump’s One Big Beautiful Bill act, allows certain employees to deduct up to $25,000 in “qualified tips” annually from 2025 through 2028.

However, the law specifies that mandatory gratuities—typically the 15% to 20% service charges imposed on parties of six or more—do not qualify for this deduction. This has left many in the restaurant and food service industry disappointed, as they had hoped for a more favorable outcome regarding the treatment of automatic gratuities.

Advocates for the restaurant industry are actively lobbying for a change to this policy. The Culinary Union in Nevada has submitted formal recommendations to the U.S. Department of the Treasury and the IRS, arguing that both automatic gratuities and suggested tips should be recognized as eligible tip income. Additionally, several members of Congress from Nevada have reached out to Treasury Secretary Scott Bessent, urging him to ensure that automatic gratuities are classified as deductible tips.

In a letter dated August 12, lawmakers emphasized that there is no functional difference between auto-gratuities and voluntary tips for employees. They argued that including this income as eligible would prevent arbitrary distinctions that could disadvantage workers based solely on their employer’s business model.

Despite these efforts, it appears unlikely that the IRS will alter the distinction between service fees and tips. In September, the IRS proposed rules regarding the “no tax on tips” deduction, and while these rules are not yet finalized, the language suggests that tips must be voluntary to qualify.

“Congressional intent is pretty clear,” stated Andrew Lautz, director of tax policy for the Bipartisan Policy Center. “What’s unclear is how restaurants will respond to that.”

Many restaurant operators are taking a cautious approach, opting to wait for the final IRS rules on the “No Tax on Tips” policy before making any changes to their current tipping practices. Sean Kennedy, executive vice president of public affairs for the National Restaurant Association, noted in an email that restaurant operators are closely monitoring the situation to determine how best to align their policies with the desires of their tipped employees.

“These employees have chosen a restaurant job because of the income potential they get from tipping, so operators want to ensure they can fully benefit from the tax credit while it is available,” Kennedy added.

A spokesperson for the Texas Restaurant Association indicated that some establishments are consulting with accountants and point-of-sale providers to identify the most effective strategies for their businesses and employees.

Additionally, competitive pressures may drive some business owners to adjust their policies. A representative from The Florida Restaurant and Lodging Association highlighted that servers at restaurants using commission-based models or service charges might view it as a disadvantage to miss out on the opportunity for $25,000 in tax-free income. This could lead them to seek employment at establishments that do not impose service charges and thus allow for tax-free tips.

As the restaurant industry navigates these changes, the impact of the “no tax on tips” law will likely continue to shape tipping practices and policies across the country.

Source: Original article

BRICS Nation Faces Urgent Need for One Trillion Dollars in GDP

Mobilizing millions of small and medium-sized enterprises (SMEs) could unlock a trillion-dollar GDP transformation for a BRICS nation, emphasizing the importance of targeted national programs.

In the quest for economic growth, the focus on mobilizing small and medium-sized enterprises (SMEs) rather than large-scale megaprojects is gaining traction. This approach is seen as pivotal for achieving rapid, trillion-dollar economic transformation, particularly within BRICS nations.

The methodology for this transformation involves a step-by-step process aimed at uplifting between one to ten million SMEs within a span of 1,000 days. By leveraging unique national SME mobilization programs, countries can unlock unprecedented GDP growth potential and significant economic impacts.

Countries with a robust base of SMEs engaged in micro-trading, micro-exports, and micro-manufacturing possess an untapped resource. These SMEs often start small but have the potential to grow into major players on the global stage, similar to the trajectories of China and India, as well as the historical successes of the United States.

Recognizing the contributions of these SMEs and their risk-taking founders is essential. These entrepreneurs are often in search of innovative solutions to complex problems, and their efforts can lead to exceptional opportunities for national GDP growth that have remained dormant for years.

As nations grapple with economic stagnation, the urgency to mobilize one to ten million SMEs through targeted programs, such as the National Administration and Mobilization of Entrepreneurialism (NAME), becomes increasingly clear. This initiative offers a pathway to unlock a trillion-dollar surge in GDP within a relatively short timeframe.

To tackle the trillion-dollar GDP challenge, five key questions should be addressed at the Cabinet level:

First, how can a nation quickly identify and qualify high-potential SMEs without creating bureaucratic bottlenecks? A proposed solution is to launch a digital census that integrates existing tax and registry data to automatically qualify SMEs based on revenue thresholds and growth indicators.

Second, what policy mandates are necessary to align government agencies for SME digitization and export enhancement? Appointing a Cabinet SME Czar could help streamline efforts by designating a cross-ministry coordinator with the authority to resolve conflicting regulations.

Third, how can frontline teams and incubators be upskilled to support SME growth from micro to large-scale enterprises? Implementing boot camps led by experts can provide essential training in export coaching and digital tools.

Fourth, what risks threaten the 1,000-day timeline, and how can they be mitigated? Establishing a political buy-in lock through bipartisan commitments and public progress tracking can enhance accountability and voter support.

Finally, why is it crucial to prioritize women and youth in SME mobilization? Establishing participation quotas can tap into underutilized talent pools, driving innovation and contributing to national GDP transformation.

The qualification criteria for the NAME initiative include assessing the presence of one to ten million high-potential SMEs, the readiness of vertical sectors for digital mobilization, and the capability of local chambers and associations to assist in these efforts. Moreover, it is vital to ensure that women entrepreneurs are uplifted on the national stage and that economic development teams are adequately skilled.

Transforming the economy requires a strategic approach that includes establishing policies for SME digitization, mobilizing SMEs onto digital platforms, and achieving robust economic development within a set timeframe. Expothon Worldwide is positioned as an authority in national mobilization of entrepreneurialism, offering tailored solutions for various countries.

As the world grapples with economic challenges, the need for a paradigm shift in how economies are managed has never been more pressing. The focus must shift from traditional economic models to innovative strategies that prioritize the growth of SMEs, which are the backbone of any thriving economy.

In conclusion, the potential for a BRICS nation to achieve a trillion-dollar GDP transformation lies in the effective mobilization of its SMEs. By addressing the outlined questions and implementing targeted strategies, nations can unlock the vast economic potential that resides within their entrepreneurial ecosystems.

Source: Original article

Mark Zuckerberg’s Meta Accused of Profiting from Fraudulent Practices

Meta, the parent company of Facebook, has reportedly earned a significant portion of its revenue from fraudulent advertising, raising concerns about user safety and regulatory scrutiny.

Meta, the parent company of Facebook, has come under fire for allegedly profiting from fraudulent advertising. Internal documents reviewed by Reuters indicate that the company projected it would generate approximately 10% of its overall annual revenue—around $16 billion—from running ads for scams and banned products.

For at least three years, Meta has struggled to identify and eliminate a surge of advertisements that have exposed its vast user base across Facebook, Instagram, and WhatsApp to fraudulent e-commerce schemes, illegal online casinos, and the sale of prohibited medical products.

In response to these revelations, Meta spokesman Andy Stone stated that the documents present a “selective view” that misrepresents the company’s approach to combating fraud and scams. He emphasized that the assessment was intended to validate Meta’s planned investments in integrity and fraud prevention.

Stone asserted, “We aggressively fight fraud and scams because people on our platforms don’t want this content, legitimate advertisers don’t want it, and we don’t want it either.” He noted that over the past 18 months, Meta has reduced user reports of scam ads globally by 58 percent and has removed more than 134 million pieces of scam ad content in 2025 alone.

However, the internal documents reveal a troubling reality: Meta’s own research suggests that its platforms have become integral to the global fraud economy. A presentation by the company’s safety staff in May 2025 estimated that Meta’s platforms were involved in a third of all successful scams in the United States.

An internal review conducted in April 2025 concluded that it is easier to advertise scams on Meta platforms than on Google. The documents indicate that, on average, Meta displays an estimated 15 billion “higher-risk” scam advertisements—those clearly indicative of fraud—each day. This category of scam ads reportedly generates about $7 billion in annualized revenue for the company.

The findings highlight the complex tension between platform growth, monetization, and user safety. While Meta emphasizes its ongoing investments in fraud prevention and reports measurable reductions in scam content, the scale of the problem underscores the significant challenges of enforcement and oversight.

These revelations illustrate a broader challenge faced by social media companies: balancing profit motives with the responsibility to protect users and maintain trust. As regulators increasingly scrutinize how platforms manage high-risk content, public awareness of the dangers posed by deceptive online practices continues to grow.

As Meta races to compete with other tech giants, the regulatory pressure to enhance its efforts against scams intensifies. The company is reportedly investing heavily in artificial intelligence, with plans for up to $72 billion in overall capital expenditures this year.

Ultimately, the situation surrounding Meta serves as a cautionary tale about the consequences of rapid platform growth without robust safeguards. It emphasizes the urgent need for transparency, accountability, and ongoing technological and policy interventions to protect users from fraudulent activities.

Source: Original article

Pharmaceutical Companies Shift to Direct Sales of Medicines to Patients

Several pharmaceutical companies are set to sell drugs directly to patients in the U.S., offering significant discounts as part of a shift in the industry aimed at reducing drug prices.

U.S. pharmaceutical companies are increasingly cutting out the middleman by selling drugs directly to patients. This shift comes in response to calls from former President Donald Trump to lower drug prices and eliminate intermediaries such as pharmacies, insurers, and pharmacy benefit managers.

Major drug manufacturers are embracing direct-to-consumer sales and substantial discounts, driven by regulatory pressures and a focus on reducing costs. AstraZeneca has announced it will sell certain medications at discounts of up to 70-80% off the list price through a direct purchase site. This initiative is part of a deal that grants the company three years of tariff relief in exchange for these price reductions.

Bristol-Myers Squibb is also participating in this trend, offering significant discounts for U.S. patients on drugs like Eliquis and Sotyktu, with the latter being available at more than an 80% discount.

Eli Lilly is moving its top-dose weight-loss drug, Zepbound, to an online platform for cash-pay customers. In collaboration with Novo Nordisk, Eli Lilly has also agreed to reduce prices for GLP-1 weight-loss drugs for both cash and public payers. Novo Nordisk has set the price of its diabetes medication Ozempic at $499 per month for eligible cash-pay patients through its own pharmacy and telehealth partnerships.

In a significant move, Pfizer has reached an agreement with the U.S. government to lower its Medicaid drug prices to align with those in other developed nations. The company is also launching direct-to-consumer channels through the forthcoming TrumpRx website. Roche is contemplating full direct-to-patient sales in the U.S. to cut costs by bypassing insurers and pharmacy benefit managers.

Sanofi has committed to providing a month’s supply of any of its insulin products for $35 to U.S. patients, regardless of their insurance status. Additionally, emerging players like Zealand Pharma and telehealth provider Wisp are entering the direct-to-consumer market for weight management and telemedicine delivery of key therapies.

This shift in the U.S. pharmaceutical industry in 2025 indicates a significant transformation. Many large firms are launching discounted, direct-to-consumer offerings as the government tightens pricing and tariff regulations, creating a new dynamic in drug manufacturing, distribution, and access.

The move toward direct-to-consumer sales and substantial drug discounts reflects a broader strategic recalibration within the pharmaceutical sector. Companies are increasingly recognizing that these approaches can enhance brand loyalty, improve patient adherence, and provide valuable data on usage patterns, all while navigating regulatory and pricing pressures.

For patients, these changes promise greater transparency, reduced out-of-pocket expenses, and more convenient access to essential medications, particularly for chronic conditions and weight-management therapies. However, the shift also introduces operational and regulatory challenges for the industry, including compliance, logistics management, and balancing profitability with public expectations.

As the industry evolves, questions about equity and access arise. Patients with limited digital literacy or without internet access may find themselves at a disadvantage. Policymakers and regulators will need to monitor these new models closely to ensure that lower prices do not compromise patient safety or oversight.

Ultimately, the move toward direct-to-consumer sales in 2025 represents both an opportunity and a challenge for the pharmaceutical industry. It promises more affordable and transparent healthcare delivery but requires careful balancing of commercial incentives, government objectives, and patient needs to achieve sustainable and equitable outcomes.

Source: Original article

Connecticut Man Loses Life Savings in Cryptocurrency Scam

Joe A. from Shelton, Connecticut, lost $228,000 to a cryptocurrency investment scam, illustrating the growing threat of online fraud targeting vulnerable individuals.

Joe A., a resident of Shelton, Connecticut, recently fell victim to a cryptocurrency investment scam that cost him his life savings of $228,000. After experiencing a divorce, Joe received a text message about an investment opportunity that he believed could help him rebuild his finances. Unfortunately, this decision led him down a path of deception and loss.

The message came from a company calling itself “ZAP Solutions,” which promised astonishing returns on investment. Joe was enticed by the prospect of turning a $30,000 investment into $368,000. The offer seemed legitimate and professional, which is a common tactic used by scammers to gain the trust of their victims.

As Joe engaged further with the scammers, he was lured into a web of deceit. Each “short-term investment” required additional wire transfers, leading him to deplete his entire savings, including his 401(k) and IRA. The moment he was locked out of his account, panic set in. The scammers demanded more money to “reactivate” it, and by the end of the ordeal, Joe had lost everything.

His mother, Carol, expressed her devastation upon learning of her son’s loss. “I was shocked,” she said. “He showed us the screenshots, the messages. He emptied everything.” In the aftermath, Joe and his family filed a police report and contacted the FBI, but local authorities informed them that recovery of the lost funds was highly unlikely. “They told us there’s no way to get it back,” Carol recounted. “These cyberstalkers move the money too fast.”

Joe’s experience is not an isolated incident. According to the FBI, cybercriminals have stolen over $50 billion from Americans in the past five years. Scammers often target individuals who are hopeful, lonely, or undergoing significant life changes, exploiting their vulnerabilities.

“If it seems too good to be true, it probably is,” Joe advised, a lesson that resonates with many who have fallen prey to similar scams. Awareness and vigilance are crucial in protecting oneself from these fraudulent schemes.

To safeguard against such scams, individuals should take proactive measures. It is essential to verify any investment opportunity before transferring money. This can be done by researching the company through official government or financial websites, such as the SEC’s Investment Adviser Public Disclosure database or FINRA’s BrokerCheck. Reading reviews, confirming licenses, and searching for scam alerts online can also provide valuable insights.

When receiving unsolicited messages promising high returns, it is vital to pause and evaluate the situation. Legitimate firms do not cold-contact individuals with investment offers. Deleting suspicious messages and avoiding clicking on links from unknown sources can help prevent falling victim to scams.

Installing and regularly updating strong antivirus software on all devices is another critical step in protecting personal information. This software can block phishing attempts, malicious downloads, and fake investment platforms designed to steal sensitive data.

Scammers often use domains that closely resemble legitimate ones. Therefore, it is important to double-check for misspellings, extra letters, or unusual web extensions. If there is any doubt, searching for the official company site separately in a browser is advisable.

Once money is wired to a scammer, recovery is nearly impossible. Individuals should never send money to someone they have only met online, even if the person claims to represent a reputable company. Confirming payment details through verified sources is crucial.

Before making significant investments, seeking a second opinion from a licensed financial advisor can help identify red flags and unrealistic promises that may be overlooked. Additionally, protecting personal information through data removal or privacy services can reduce the likelihood of being targeted by scammers.

Identity theft protection services can further enhance security by monitoring personal information and alerting individuals to suspicious activity. These services can help prevent unauthorized use of personal data, such as Social Security numbers and bank account information.

If someone believes they have been targeted or scammed, it is important to act quickly. Contacting local law enforcement, notifying banks, and filing a report with the FBI’s Internet Crime Complaint Center (IC3) can help limit further losses and assist investigators in tracing the fraud.

Joe’s story serves as a painful yet powerful reminder of the risks associated with online investments. By sharing his experience, he hopes to prevent others from suffering similar losses. Online scams thrive in silence, but by raising awareness and encouraging vigilance, individuals can protect themselves from becoming victims.

Have you ever received an investment offer that seemed too good to be true? Share your experiences with us at Cyberguy.com.

Source: Original article

SNAP Food Aid Program Faces Cuts: Key Information for Recipients

The Trump administration’s changes to the Supplemental Nutrition Assistance Program (SNAP) are set to impact millions, strain state budgets, and challenge the nation’s food supply chain.

The Trump administration’s overhaul of the Supplemental Nutrition Assistance Program (SNAP), the largest food assistance initiative in the United States, is poised to result in significant cuts that could affect millions of beneficiaries. These changes are expected to strain state budgets and pressure the nation’s food supply chain, all while potentially undermining the administration’s health initiatives, according to researchers and former federal officials.

Permanent modifications to SNAP are anticipated regardless of the outcomes of ongoing federal lawsuits aimed at preventing the government from terminating benefits scheduled for November. These lawsuits challenge the administration’s refusal to release emergency funds necessary for the program’s continued operation during the government shutdown.

A federal judge in Rhode Island has mandated that the government utilize these funds to sustain SNAP, while a Massachusetts judge has similarly ruled that the administration must tap into its food aid contingency funds to support the program, giving officials until November 3 to devise a plan.

In light of this uncertainty, food banks across the country are preparing for a surge in demand, anticipating that millions may soon be cut off from the vital food assistance that helps them purchase groceries.

On October 28, a delivery of groceries, including SpaghettiOs and tuna, arrived at the Gateway Food Pantry in Arnold, Missouri. This may be one of the pantry’s last shipments for the foreseeable future. Executive Director Patrick McKelvey noted that the pantry primarily serves families with school-age children and has already exhausted its annual food budget due to increased demand.

In response to the looming cuts, New Disabled South, a Georgia-based nonprofit that advocates for individuals with disabilities, announced it would provide one-time payments ranging from $100 to $250 to families and individuals expected to lose SNAP benefits in the 14 states it serves. Within 48 hours, the organization received over 16,000 requests totaling $3.6 million, predominantly from families, far exceeding its available funding.

The impending SNAP funding lapse serves as a precursor to the changes outlined in the One Big Beautiful Bill Act, signed by President Trump in July. This legislation is set to cut $187 billion from SNAP over the next decade, representing nearly a 20% reduction in current funding levels, according to the Congressional Budget Office (CBO).

These new regulations will shift many food and administrative costs to the states, potentially leading some to consider withdrawing from the program that assisted approximately 42 million individuals in purchasing groceries last year. Additionally, the administration is advocating for states to impose restrictions on SNAP purchases, such as banning items like candy and soda.

Cindy Long, a former deputy undersecretary at the Department of Agriculture and now a national adviser at the law firm Manatt, Phelps & Phillips, remarked that these developments place SNAP in “uncharted territory.”

SNAP, which originated during the Great Depression to help impoverished populations afford food, has evolved from food stamps to a modern debit card system. The program continues to support farmers and food retailers while combating hunger during economic downturns.

The CBO estimates that approximately 3 million individuals will lose food assistance due to several provisions in the budget law, including expanded work requirements and increased costs shifted to states. Administration leaders have justified these changes as a means to reduce waste, encourage employment, and promote health.

This represents the most significant cut to SNAP in its history, coinciding with rising food prices and a fragile labor market. The precise impact of these cuts remains difficult to gauge, especially following the administration’s termination of an annual report that tracked food insecurity.

Several major changes are on the horizon for SNAP, each with implications for the health and wellbeing of Americans.

First, accessing food benefits will become more challenging. The new law requires recipients to complete additional paperwork to obtain SNAP benefits. Many recipients are already obligated to work, volunteer, or engage in other qualifying activities for 80 hours per month to receive assistance. The new regulations will extend these requirements to previously exempt groups, including homeless individuals, veterans, and young adults who aged out of foster care. Parents with children aged 14 and older, as well as adults aged 55 to 64, will also be subject to these expanded work requirements. Starting November 1, recipients who fail to document compliance will be limited to just three months of benefits within a three-year period.

Second, states will be required to contribute more funds and resources to maintain the program. Previously, states were responsible for only half of the administrative costs and none of the food costs. Under the new law, states will be liable for 75% of administrative costs and a portion of food costs, potentially leading to a median cost increase of over 200%, according to a report by the Georgetown Center on Poverty and Inequality. A KFF Health News analysis suggests that one funding shift related to food costs could place an additional $11 billion burden on states.

While all states participate in SNAP, some may opt out due to financial constraints. In June, nearly two dozen Democratic governors warned congressional leaders that some states might not be able to sustain their SNAP programs. They cautioned that ending these programs would exacerbate hunger and poverty, negatively impacting health, grocery stores in rural areas, and jobs in agriculture and the food industry.

Third, the administration’s health initiatives may not yield the intended results. Secretary of Health and Human Services Robert F. Kennedy Jr. has promoted restrictions on the purchase of soda and candy through SNAP. Currently, 12 states have received approval to limit eligible purchases. However, previous federal officials had blocked such restrictions due to implementation challenges and the stigma they create around SNAP. Research indicates that individuals receiving SNAP benefits are not more likely to purchase sweets or salty snacks compared to those without benefits. Encouraging healthy food choices has proven to be a more effective strategy than imposing purchase restrictions.

Fourth, the health implications of SNAP cuts could be severe. Advocacy organizations highlight that food insecurity is linked to various health issues, including mental disorders in children and chronic diseases in working-age adults. Low-income adults not on SNAP typically incur higher healthcare costs compared to those who receive benefits.

Lastly, the cuts to SNAP will have repercussions for the nation’s food supply chain. SNAP spending directly supports grocery stores, suppliers, and the transportation and farming sectors. When low-income households receive assistance, they are more likely to allocate funds to other essential needs. Each dollar spent through SNAP generates at least $1.50 in economic activity, according to the USDA. However, compliance with the new SNAP restrictions could cost grocers an estimated $1.6 billion, potentially leading to increased prices for consumers or store closures.

As the nation braces for these significant changes to SNAP, the implications for food security, health, and the economy remain a pressing concern.

Source: Original article

Dem Lawmakers Explain Stock Market Boom Amid Trump Tariffs

The stock market’s continued success under President Trump has prompted Democratic lawmakers to question its relevance to the broader economy, particularly in light of ongoing tariffs.

Democratic lawmakers have been grappling with the apparent contradiction of a thriving stock market amid President Donald Trump’s administration, particularly as they have expressed concerns over the impact of his tariffs on the economy. During a recent conversation with Fox News Digital on Capitol Hill, several Democrats attempted to explain this phenomenon while downplaying the significance of the stock market’s performance.

Senator Catherine Cortez Masto of Nevada emphasized that “the stock market is not the economy.” She pointed out that while the market may be doing well, many Americans are feeling the financial strain at the grocery store due to rising prices. “The tariffs are a cause of that,” she stated, adding that they effectively act as taxes on consumers, which has led to higher costs for everyday goods.

Progressive Representative Pramila Jayapal from Washington echoed this sentiment, asserting that the stock market’s success is primarily benefiting the wealthiest Americans. “Corporations got massive tax breaks, $7 billion in tax breaks in the big, bad betrayal bill,” she explained. Jayapal argued that the stock market’s performance reflects the health of large corporations rather than the economic reality faced by average citizens.

Senator Angela Alsobrooks of Maryland also weighed in, noting that regardless of stock market trends, many Americans are struggling with high grocery and healthcare costs. “They can’t afford the cost of goods,” she remarked, highlighting the disconnect between market performance and everyday financial challenges faced by constituents.

Senator Chris Murphy of Connecticut added that while the stock market is important, the rising prices of goods directly impact people’s lives. “The stock market matters to a lot of folks, but prices matter the most to people,” he stated. Murphy pointed out that Trump’s economic policies, including tariffs, are contributing to increased costs for consumers, which he believes is a significant concern that Democrats are addressing.

In contrast, the Trump administration has shifted the blame for high prices onto the Biden administration, arguing that current inflation issues stem from policies enacted after Trump left office. White House Press Secretary Karoline Leavitt recently took to social media to advocate for Trump’s economic policies, claiming they are a “proven formula” for making America affordable again. She asserted that prices for various essential goods are beginning to fall, suggesting that the administration is working diligently to address affordability issues.

On Capitol Hill, Senator John Hoeven of North Dakota defended Trump’s approach to tariffs, arguing that the president is negotiating better trade terms for American exporters. “You have to separate the short term from what’s going to happen over time,” he explained, suggesting that the benefits of these negotiations may not be immediately apparent but will ultimately strengthen the economy.

Interestingly, not all Democrats are opposed to tariffs. Senator John Fetterman of Pennsylvania expressed support for some tariffs, particularly those targeting China, while criticizing the approach taken against Canada and other allies. He acknowledged the complexities of the issue, noting that the Supreme Court’s decisions on tariffs will carry significant weight moving forward.

As the discussion continues, Senator Richard Blumenthal of Connecticut offered a more cautious perspective, stating, “One thing I’ve learned is not to try to predict or analyze the stock market.” His comment reflects the uncertainty surrounding the relationship between stock market performance and the broader economic landscape.

In summary, Democratic lawmakers are navigating a complex economic narrative as they address the disconnect between a booming stock market and the financial struggles faced by many Americans. Their focus remains on the tangible effects of tariffs and economic policies on everyday life, even as the stock market continues to thrive.

Source: Original article

Snap and Perplexity AI Announce $400 Million Partnership Deal

Snap has announced a $400 million partnership with Perplexity AI, aiming to enhance user engagement through advanced search technology while exceeding third-quarter revenue expectations.

Snap Inc. has reported third-quarter revenue that surpassed Wall Street expectations, driven by robust advertising demand and the introduction of new AI-powered features. In a significant move, the company has partnered with Perplexity AI to integrate the startup’s advanced search technology into Snapchat, resulting in a 16% surge in Snap’s shares during after-hours trading.

As part of the agreement, Perplexity AI will invest $400 million in Snap over the next year, utilizing a combination of cash and equity. The partnership is anticipated to start contributing to Snap’s revenue in 2026, with plans to deliver verified, AI-generated answers directly within the Snapchat app.

“Perplexity will control the responses from their chatbot inside of Snapchat. So, we won’t be selling advertising against the Perplexity responses,” said Snap CEO Evan Spiegel.

This collaboration with Perplexity represents a strategic initiative for Snap as it seeks to solidify its position in a social media landscape increasingly dominated by major players like TikTok and Meta’s Facebook and Instagram. By incorporating advanced AI-driven search capabilities, Snap aims to enhance user engagement and attract more advertisers, an area where its competitors have traditionally excelled due to their extensive global reach and sophisticated advertising systems.

“Perplexity needs a way to build its profile among young consumers, and Snap needs an AI chat partner that will allow its users to stay engaged without leaving its app,” noted Max Willens, principal analyst at eMarketer.

In addition to its partnership with Perplexity, Snap has been intensifying its focus on direct-response advertising, which targets measurable user actions such as app installations, online purchases, or website visits. This strategy has become integral to Snap’s efforts to enhance its digital advertising business and provide clearer returns on investment for advertisers, especially as competition for ad dollars intensifies across major social media platforms.

Snap’s commitment to performance-driven advertising is yielding results. The company reported an 8% increase in direct-response ad revenue for the quarter, fueled by heightened demand for its “Pixel Purchase” and “App Purchase” optimization tools. These features are designed to help advertisers connect with users most likely to make a purchase, whether through a website or within an app, emphasizing Snap’s dedication to delivering more efficient and data-driven advertising solutions for businesses.

During the third quarter, Snap recorded a 10% year-over-year revenue increase, reaching $1.51 billion, which exceeded the analyst consensus estimate of $1.49 billion, according to LSEG data. The company also made strides in profitability, narrowing its net loss to $104 million compared to $153 million during the same period last year.

Snapchat’s global daily active users rose by 8% in the third quarter, reaching 477 million. However, the company has cautioned that user growth may decelerate in the upcoming quarter, attributing this to shifts in investment priorities, the implementation of age-verification measures, and potential challenges from evolving regulatory requirements that could impact engagement in certain markets.

Looking ahead, Snap has projected its fourth-quarter revenue to fall between $1.68 billion and $1.71 billion, a forecast that aligns closely with analyst expectations, which average around $1.69 billion, according to Reuters.

Source: Original article

Supreme Court Reviews Legality of Trump’s Tariffs and Economic Effects

As the Supreme Court reviews the legality of President Trump’s tariffs, the economic implications of these import taxes continue to unfold, affecting consumers and businesses alike.

President Trump’s tariffs, among the highest imposed since the Great Depression, have had a profound impact on the U.S. economy. These import taxes have generated billions in revenue for the federal government but have also incurred significant costs for consumers and businesses. Currently, average tariffs have surged to nearly 18%, a stark increase from just 2.4% prior to Trump’s re-election. The Treasury Department is now collecting close to four times the tariff revenue compared to the previous year, with nearly half of this revenue—amounting to billions of dollars—under scrutiny by the Supreme Court.

The tariffs form a central part of Trump’s trade strategy, aimed at bolstering domestic manufacturing, addressing trade deficits, and applying political pressure on international trading partners. However, the economic ramifications are multifaceted. While these tariffs have contributed approximately $224 billion to government revenue, they have simultaneously led to increased prices for everyday goods, including apparel, furniture, and electronics. Retailers have expressed concerns that ongoing tariffs could further elevate consumer prices, contributing to rising inflation, which reached 3% annually in September 2025, up from 2.3% earlier that year.

The economic burden extends beyond consumers. Numerous businesses, particularly those reliant on imported electronics, automotive parts, and other components, are struggling with unpredictable tariff fluctuations, complicating their supply chain management. Although it is often claimed that foreign suppliers bear the brunt of these costs, the reality is that U.S. importers and manufacturers typically absorb the tariffs, resulting in higher costs that are frequently passed on to consumers. The financial impact is significant, with households facing an estimated additional monthly expense exceeding $1,300. Many businesses are either absorbing these costs or raising prices in response to the tariffs.

Legal challenges surrounding Trump’s tariffs center on their extensive application and whether the president exceeded his authority under the International Emergency Economic Powers Act of the 1970s. This law grants the president emergency powers to regulate trade but does not explicitly mention tariffs. Legal experts and business groups argue that utilizing this law to impose broad tariffs infringes upon constitutional limits on presidential power, leading to high-stakes deliberations at the Supreme Court.

A ruling against the administration could result in the dismantling of current tariff policies, potential refunds for duties paid, and broader implications for international trade relations. Conversely, if the Supreme Court upholds the tariffs, they may continue to serve as a significant tool in U.S. trade strategy, albeit at a cost to consumers and business profitability. Meanwhile, President Trump and his supporters maintain that these tariffs are essential for national strength, while critics caution about the long-term effects on economic stability and global relations.

As the Supreme Court deliberates, the outcome could reshape the landscape of U.S. trade policy and its economic repercussions for years to come, highlighting the delicate balance between national interests and global economic dynamics.

Source: Original article

Nearly Half of 2025 Fortune 500 Companies Founded by Immigrants or Their Children

Nearly half of the Fortune 500 companies in 2025 were founded by immigrants or their children, generating $8.6 trillion in revenue and employing over 15 million people worldwide.

WASHINGTON, DC, August 21, 2025 — A recent analysis of the 2025 Fortune 500 list reveals that 46.2 percent of America’s largest companies—231 out of 500—were founded by immigrants or their children. These companies collectively generated an impressive $8.6 trillion in revenue during the fiscal year 2024 and employed more than 15.4 million people globally. This data underscores the vital role that immigrants play in fostering innovation, driving economic growth, and creating jobs in the United States.

This marks the highest percentage recorded since the American Immigration Council began tracking immigrant entrepreneurs in its annual reviews of the Fortune 500 list in 2011.

“Immigrants are a driving force behind America’s prosperity. We need immigration policies that reflect that, instead of investing billions of dollars into detention, deportation, and making it incredibly difficult for foreign workers to come here or even renew their visas. These reckless policies undermine America’s greatest competitive advantage: the talent and drive of immigrants,” stated Nan Wu, director of research at the American Immigration Council.

Companies founded by immigrants or their children are transforming various industries, including technology, retail, and media. Notable names on the list include Amazon, Apple, NVIDIA, Levi Strauss & Co., Ace Hardware, and Sirius XM Holdings.

Key findings from the analysis highlight the significant impact of these immigrant-founded companies:

In fiscal year 2024, the Fortune 500 companies established by immigrants or their children generated $8.6 trillion in revenue, which, if compared to national GDPs, would rank as the third-largest economy in the world.

These companies employ over 15.4 million people, a workforce comparable to the population of the fifth-largest U.S. state.

Immigrants and their children founded 80 percent of the Fortune 500 companies in professional and other services, 65.6 percent in manufacturing, and 57.5 percent in information technology.

Among the 14 companies appearing on the Fortune 500 list for the first time this year, 10 were founded by immigrants or their children.

“Immigrants built nearly half of our Fortune 500 companies, created millions of jobs, and keep our economy competitive. And yet U.S. political leaders are making it increasingly difficult for foreign talent to come here or stay. It’s economic self-sabotage. If we want to stay the world’s innovation leader, we should be welcoming immigrants, not attacking them,” remarked Steve Hubbard, senior data scientist at the American Immigration Council.

The American Immigration Council has experts available to discuss further the benefits that immigrants bring to the U.S. economy at both national and state levels.

Source: Original article

Milma Signs MoU for Dairy Exports to Australia and New Zealand

Kerala Cooperative Milk Marketing Federation (KCMMF), known as Milma, has signed a Memorandum of Understanding to export dairy products to Australia and New Zealand, marking a significant expansion in its global operations.

The Kerala Cooperative Milk Marketing Federation (KCMMF), widely recognized as Milma, is making strides in its international presence by signing a tripartite Memorandum of Understanding (MoU) aimed at exporting dairy products to Australia and New Zealand. This initiative represents Milma’s first major foray beyond the Gulf countries, where its products have already gained popularity, particularly among the non-resident Keralite (NRK) community.

The MoU was formalized by KCMMF Managing Director Asif K. Yusuf, RG Foods Executive Director Vishnu G, and Midnightsun Global proprietor Bindu Ganesh Kumar, with Milma Chairman K. S. Mani present at the signing ceremony. Under the terms of the agreement, RG Foods will manage the entire logistics chain, which includes product pick-up from Milma’s facilities, transportation, customs clearance, and freight forwarding. This ensures compliance with the import regulations of both Australia and New Zealand. Meanwhile, Midnightsun Global will serve as a coordinating partner, facilitating operations without holding ownership of the products.

K. S. Mani, the Chairman of Milma, characterized the agreement as a significant milestone in the cooperative’s efforts to reach international markets. He emphasized the brand’s commitment to high quality and health benefits, noting the substantial NRK populations in Australia and New Zealand, which present promising opportunities for Milma’s offerings.

The initial phase of exports will include products such as paneer, payasam mix, and dairy whitener. There are plans to expand the product range further to cater to other countries with notable Kerala diaspora communities. Asif K. Yusuf highlighted that Milma is committed to manufacturing and packaging these products in strict accordance with international quality standards.

Milma’s expanding global footprint not only enhances its market reach but also provides direct benefits to its member dairy farmers. Staying true to its cooperative principles, Milma distributed 92.5% of its profits to farmers in the previous fiscal year. The cooperative reported a consolidated turnover of Rs 4,327 crore for the fiscal year 2024–25.

This strategic move underscores Milma’s dedication to both quality and community, as it seeks to establish a strong presence in new international markets while supporting its local farmers.

Source: Original article

Scientists Develop Brain-Like Living Computers Using Shiitake Mushrooms

Researchers at Ohio State University have transformed shiitake mushrooms into living computer components, creating sustainable memristors that mimic brain function.

Scientists at Ohio State University have made a significant advancement by converting ordinary shiitake mushrooms into living computer components known as memristors. These innovative devices utilize mycelium—the threadlike root networks of fungi—to develop circuits that can store and process information similarly to traditional semiconductor chips.

Remarkably, these fungal memristors emulate the functionality of neurons in the human brain, managing electrical signals while consuming minimal power. This unique approach could revolutionize the field of computing by offering a more sustainable alternative to conventional technology.

The research team cultivated shiitake mycelium in petri dishes, allowing the fungal networks to grow into dense mats. Once fully matured, the mycelium was dried and integrated into custom electronic circuits. When electrical currents were applied, the mushroom-based components exhibited the ability to switch between different electrical states thousands of times per second with impressive accuracy, demonstrating performance that rivals silicon-based memory devices.

In contrast to traditional computer chips that depend on rare minerals and energy-intensive manufacturing processes, these bio-based circuits are low-cost, biodegradable, and environmentally friendly. Their neural-like functionality holds the potential to usher in a new generation of brain-inspired, energy-efficient computing devices that merge sustainability with cutting-edge innovation.

Lead researcher John LaRocco emphasized that these fungal memristors offer significant computational and economic advantages. They require minimal power during both operation and standby, making them a promising option for future applications. The self-organizing, flexible, and scalable nature of the mushrooms’ mycelial networks opens up exciting possibilities for advancements in bioelectronics and neuromorphic computing technologies.

This breakthrough underscores the emerging field that blends biology and technology, with fungi providing novel materials for sustainable computing solutions. The implications for the electronics industry are profound, as this research could lead to transformative changes in how we approach computing and technology.

Source: Original article

Japanese SoftBank PayPay Encounters Challenges Due to US Government Shutdown

SoftBank’s PayPay faces a setback in its U.S. IPO plans due to the ongoing government shutdown, highlighting the challenges of global expansion for the Japanese mobile payment app.

Japan’s SoftBank Corp President Jun Miyakawa announced on Wednesday that the U.S. government shutdown has stalled the regulatory review process for PayPay, the company’s mobile payment app operator, which is seeking to list in the United States.

Last month, investors anticipated that PayPay’s valuation could exceed 3 trillion yen (approximately $20 billion) in an initial public offering (IPO) that might occur as early as December. However, the current political climate has put those plans on hold.

PayPay, developed by SoftBank in partnership with Yahoo Japan, was launched in 2018 to encourage cashless transactions in a market that has traditionally favored cash. The app allows users to make in-store payments using QR codes or barcodes and has expanded its functionality to include peer-to-peer (P2P) transfers, enabling users to send and receive money easily. However, some P2P features require identity verification and may be limited based on the type of account.

Over the years, PayPay has transformed from a straightforward payment tool into a multifunctional “super-app” for financial and digital services. The app has been rolling out new features, including payroll and asset management services, although some of these offerings are still region-specific or in phased implementation.

As of 2025, PayPay has introduced several significant enhancements. One of the most notable is the PayPay Payroll mini-app, which supports digital salary payments. This feature provides businesses and employees with a streamlined way to manage salaries electronically, contingent on employer participation and user verification.

Additionally, the app has launched an “Overseas Payment Mode,” initially available in South Korea, which allows Japanese users to make purchases abroad under specific conditions, including verified identity. This feature is currently limited to select merchants. Strategic partnerships, such as with Sumitomo Mitsui Card Company, further integrate PayPay into banking and credit services, although the full functionality and global reach of these services are still being developed.

PayPay has emerged as a major player in Japan’s cashless payment market, boasting tens of millions of users primarily within the country. However, its international adoption remains limited. The app’s growth reflects a broader trend of payment platforms evolving into multifunctional ecosystems that combine convenience with a range of financial services.

As PayPay continues to integrate more services, regulatory, privacy, and security considerations are becoming increasingly important. The ongoing U.S. government shutdown serves as a reminder of the complexities involved in global expansion and financial compliance for companies like PayPay.

SoftBank’s PayPay exemplifies the rapid evolution of mobile payment platforms into comprehensive financial ecosystems. Initially designed to promote cashless transactions in Japan, the app has expanded its offerings to include P2P transfers, payroll services, and overseas payment capabilities. Strategic partnerships with banks and financial institutions further solidify its status as a “super-app” that integrates a wide array of digital financial services.

Despite the challenges posed by the U.S. government shutdown, which has delayed PayPay’s IPO plans, the app’s innovations reflect broader trends in digital finance, emphasizing the convergence of technology and financial services. While most of PayPay’s growth and adoption remain domestic, its international use is currently limited, primarily to South Korea for overseas payments.

As PayPay continues to expand regionally and develop new offerings, it illustrates both the opportunities and challenges of transforming traditional payment systems into comprehensive, technology-driven financial platforms. While valuation estimates for a U.S. IPO exceed 3 trillion yen (around $20 billion), these figures remain speculative and dependent on market conditions.

Source: Original article

Layoffs Indicate Potential Economic Challenges for Indian-American Workforce

Recent corporate layoffs have raised concerns about the future of the U.S. job market, with nearly 950,000 job cuts reported this year alone.

Corporations are increasingly implementing layoffs, leaving thousands of workers without jobs. This trend has sparked discussions among economists about the potential implications for the U.S. economy.

Notable companies such as Amazon, which cut 14,000 corporate positions, and Paramount, which laid off 1,000 workers following a merger, have contributed to a growing list of layoffs. Molson Coors also announced a reduction of 400 jobs, citing a decline in beer consumption among health-conscious consumers. These developments suggest that the frequency and scale of layoffs could indicate challenging times ahead.

Dan North, a senior economist at Allianz Trade Americas, remarked on the significance of these layoffs, stating, “You’ve got a substantial number of well-established companies making pretty big head cuts.” He noted that the pattern of layoffs might not be random, raising questions about the stability of the job market.

According to a report from outplacement firm Challenger, Gray & Christmas, nearly 950,000 job cuts were recorded in the U.S. through September 2025, marking the highest year-to-date total since 2020. This figure does not account for the additional layoffs announced in October, suggesting that the total could rise significantly. Excluding the initial year of the COVID-19 pandemic, job cuts in the first nine months of 2025 have already surpassed the total layoffs for each year since 2009.

Despite the alarming statistics, many economists are not sounding the alarm just yet. Federal Reserve Chair Jerome Powell noted a “very gradual cooling” in the labor market but emphasized that it does not indicate a collapse.

The surge in corporate layoffs throughout 2025 reflects ongoing adjustments within the U.S. economy. Many established companies are responding to new market conditions characterized by slower growth, rising costs, and rapid technological advancements. While some firms cite restructuring, mergers, or efficiency improvements as reasons for job cuts, others point to automation and changing consumer demands. The specific causes and figures associated with layoffs can vary widely among companies.

While large-scale layoffs raise concerns, overall employment data suggests that the labor market is cooling gradually rather than facing an outright crisis. Many of the announced layoffs may unfold over time, and some workers are finding new opportunities in sectors such as technology, healthcare, and renewable energy. However, the scale of job reductions and the slowdown in hiring—now at its lowest level since 2009—indicate that companies are adopting a more cautious approach to expansion.

The layoff trend in 2025 highlights the need for adaptability among both businesses and workers. The challenge lies in ensuring that technological advancements and corporate restructuring lead to a more robust and sustainable economy rather than prolonged instability. Continued monitoring of employment trends and investment in retraining programs will be crucial for navigating this transitional period.

As artificial intelligence and automation continue to reshape various industries, some job roles are being redefined or eliminated, prompting companies to seek greater efficiency. While these technological shifts contribute to layoffs in certain sectors, not all job reductions can be directly attributed to AI or automation. Economic pressures, including inflation, changes in consumer spending, and adjustments following the pandemic, are also influencing corporate decisions, resulting in restructuring and mergers.

Although these changes pose challenges for workers, they may also create new opportunities in emerging fields such as technology, healthcare, and renewable energy. Governments and businesses are increasingly focusing on workforce support, including retraining programs, digital literacy initiatives, and job transition assistance, to help displaced workers re-enter the labor market.

It is essential to recognize that much of the current data on layoffs in 2025 is based on announced job cuts, which may not occur immediately, and the causes can vary across different companies. Overall, the wave of layoffs underscores that long-term resilience in the labor market depends on flexibility, education, and proactive planning, though the pace and scale of changes will differ by industry and region.

Source: Original article

Morgan Stanley Expands Private Market Presence with EquityZen Acquisition

Morgan Stanley plans to acquire EquityZen, a platform for trading private company shares, reflecting the growing interest in private markets and pre-IPO investment opportunities.

Morgan Stanley has announced its intention to acquire EquityZen, a New York-based platform that facilitates trading in private company shares. This strategic move underscores Wall Street’s increasing focus on private markets and the rising demand among investors to engage with promising startups before they go public.

The acquisition represents the first significant deal under the leadership of CEO Ted Pick and is expected to be finalized in early 2026, pending regulatory approval. Financial details of the transaction have not been disclosed.

By integrating EquityZen’s platform and technology into its operations, Morgan Stanley aims to enhance its ability to provide clients with broader access and services in the private equity and pre-IPO market sectors.

Founded in 2013, EquityZen has successfully completed over 49,000 transactions involving more than 450 private companies. The platform serves a community of over 800,000 registered users, connecting shareholders of private firms with accredited investors eager to gain exposure to pre-IPO opportunities. This market segment has experienced rapid growth as many startups opt to delay their public listings.

Jed Finn, head of Morgan Stanley Wealth Management, emphasized that the acquisition will “uniquely address client needs as companies stay private longer, such as delivering liquidity solutions for their employees and early investors in a seamless yet controlled process of their own design.”

Finn further noted that this collaboration will provide “institutional-grade infrastructure to a marketplace that hasn’t always been easy to navigate for buyers or sellers and certainly not for the issuers.”

The acquisition comes amid a surge in investor interest in pre-IPO shares, particularly within fast-growing technology and AI-driven sectors. High-profile listings from companies like CoreWeave and Figma have heightened demand for access to private firms, resulting in a significant increase in trading activity on platforms like EquityZen. Data from the company indicates that EquityZen’s secondary market trading volume more than doubled in the third quarter compared to the same period last year.

Michael Gaviser, head of private markets at Morgan Stanley Wealth Management, stated, “We are seeing rising interest in private markets exposure across our 20 million clients. EquityZen is the link that connects supply and demand through a seamless, technology-driven solution, broadening the toolset we provide Workplace clients while expanding opportunities for advisors and their clients.”

The deal is also poised to benefit private companies and their employees by simplifying the management of equity and liquidity events. EquityZen’s issuer-centric approach will allow firms to maintain control over the timing and structure of share transactions, integrating smoothly with Morgan Stanley’s existing cap table management tools.

For Morgan Stanley, this acquisition reinforces its broader strategy to strengthen relationships with private market participants. This initiative follows previous efforts, including a collaboration with equity management firm Carta and the establishment of a Founders Specialist designation aimed at better serving entrepreneurs and executives in the private sector.

A Morgan Stanley spokesperson informed Bloomberg that the firm anticipates approximately $100 million in integration expenses related to the EquityZen acquisition over the next two years.

Source: Original article

Enforcement Directorate Seizes Anil Ambani Group Properties Worth Over Rs 3,000 Crore

The Enforcement Directorate has provisionally attached over 40 properties linked to the Anil Ambani-led Reliance Group, with a total value exceeding Rs 3,000 crore.

The Enforcement Directorate (ED) has taken significant action against the Anil Ambani-led Reliance Group by provisionally attaching more than 40 properties, including the well-known Pali Hill residence in Mumbai. The total estimated value of these assets exceeds Rs 3,000 crore.

These properties are located in several major cities across India, including Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai, Kancheepuram, and East Godavari. The attached assets comprise a diverse mix of office spaces, residential units, and land parcels, amounting to approximately Rs 3,084 crore.

This enforcement action is part of a broader investigation into allegations of money laundering and the diversion of public funds raised by Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). Between 2017 and 2019, Yes Bank invested nearly Rs 5,000 crore into these companies, which subsequently became non-performing assets, resulting in dues exceeding Rs 3,300 crore.

The investigation has unveiled a complex mechanism allegedly designed to bypass regulatory norms. It was discovered that public funds invested in the former Reliance Nippon Mutual Fund were funneled through Yes Bank to various Anil Ambani Group firms. This maneuver sidestepped the Securities and Exchange Board of India’s (SEBI) conflict-of-interest regulations, which prohibit mutual funds from investing directly in affiliated companies.

As part of its financial investigation, the ED has identified serious lapses in the loan processing procedures of these companies. Findings indicate that loans were processed rapidly without adhering to standard checks, with disbursements occurring before formal approvals. Additionally, many loan applications were found to be incomplete, with critical fields left blank, overwritten, or undated, highlighting systematic failures in control mechanisms.

The ED has also intensified its scrutiny of the Reliance Communications Ltd (RCOM) loan fraud case, where it is alleged that over Rs 13,600 crore have been diverted. The agency continues to trace the proceeds of these crimes and is actively pursuing asset recovery efforts aimed at benefiting the public.

According to Global Net News, the ED’s actions reflect a significant escalation in its efforts to address financial irregularities associated with the Reliance Group.

Source: Original article

Tesla Announces $2 Billion Purchase of ESS Batteries from Samsung SDI

Tesla has reached a tentative agreement with Samsung SDI to purchase over $2 billion worth of energy storage system batteries, enhancing its capacity for utility-scale energy solutions.

Samsung SDI, a South Korean battery manufacturer, has reportedly struck a deal with Tesla to supply more than 3 trillion won, equivalent to approximately $2.11 billion, in energy storage system (ESS) batteries. This information was first reported by the Korea Economic Daily, although Samsung SDI has yet to confirm the agreement.

The batteries are intended for use in Tesla’s large-scale energy storage products, including the Megapack and Powerwall. If finalized, this deal could significantly bolster Tesla’s ability to meet the growing global demand for utility-scale energy storage solutions.

This potential contract would mark one of Samsung SDI’s largest ESS agreements to date, positioning the company as a leading global battery supplier alongside competitors such as LG Energy Solution and CATL. Samsung SDI has been expanding its focus beyond electric vehicles, previously supplying batteries to manufacturers like BMW and Rivian, and is now increasingly targeting the renewable energy sector.

The agreement aligns with Tesla’s strategy to diversify its supply chain and reduce its dependence on Chinese suppliers. Earlier this year, Tesla entered into a reported $4.3 billion agreement with LG Energy Solutions for lithium iron phosphate (LFP) batteries. Partnering with Samsung, a major player in South Korea’s battery market, would further advance Tesla’s objectives in this area.

This development comes at a critical time as battery storage is becoming an essential component of the global transition to clean energy. The increasing emphasis on renewable energy sources has heightened the demand for efficient and reliable energy storage solutions.

In related news, the U.S. National Highway Traffic Safety Administration (NHTSA) recently announced that Tesla is recalling 12,963 vehicles in the United States due to a defect in a battery pack component that could lead to a sudden loss of drive power. The recall specifically affects certain 2025 Model 3 and 2026 Model Y vehicles.

The issue involves a potential failure in the battery connection, which could result in a sudden loss of drive power, increasing the risk of a crash. To address this safety concern, Tesla will replace the faulty battery pack contactor free of charge for all affected vehicles.

As of October 7, Tesla had received 36 warranty claims and 26 field reports related to this defect. Importantly, the company has stated that it is not aware of any accidents, injuries, or fatalities resulting from this issue. Tesla is actively notifying owners of the affected vehicles to arrange for necessary repairs, and customers can also contact Tesla’s customer service for further information regarding the recall process.

A sudden loss of drive power can disrupt the connection between the battery and the vehicle’s motors, preventing proper acceleration or movement. This could lead to a sudden decrease in speed or even cause the vehicle to stall.

The anticipated agreement with Samsung SDI underscores Tesla’s commitment to enhancing its energy storage capabilities while addressing supply chain challenges in the evolving clean energy landscape.

Source: Original article

Nvidia’s Valuation Compared to India’s Market Sparks Debate on AI Hype

Indian American investor Kanwal Rekhi warns that the soaring valuations in artificial intelligence could lead to a market correction, drawing parallels to past financial crashes.

Indian American entrepreneur and investor Kanwal Rekhi has issued a stark warning regarding the state of the global technology market, suggesting that the current boom in artificial intelligence (AI) may be nearing a critical turning point.

In a recent Facebook post, Rekhi highlighted a striking comparison: Nvidia’s market capitalization is now roughly equivalent to the total market capitalization of all publicly traded companies in India. He described this disparity as indicative of a significant imbalance, stating, “Either Nvidia is overvalued or Indian stocks are an attractive buy. Both can’t be true.”

Rekhi characterized the situation as a full-blown AI bubble, noting that nearly 40 percent of all investments today are directed towards AI-related activities. However, he expressed skepticism about the returns on these substantial investments, saying, “I am not able to see the commensurate return on these investments.” He pointed to Nvidia’s price-to-earnings ratio, which is approaching 60, and described the expectations surrounding these valuations as “too high to be realistic.”

Concerns about the broader macroeconomic environment were also raised by Rekhi, who warned that “any hiccup in economic numbers is likely to cascade very rapidly,” attributing this instability to what he referred to as the “unstable policies” of President Donald Trump.

As a veteran of multiple market cycles, Rekhi drew parallels between the current enthusiasm for AI and previous speculative manias. He recalled the crash of 1987 and the dot-com crash, asking rhetorically, “Is an AI crash coming, soon?” His insights resonate within the technology and venture capital ecosystem, where he is recognized as a pioneer of Silicon Valley’s Indian diaspora network and co-founder of the Indus Entrepreneurs (TiE). Over the past three decades, Rekhi has supported numerous startups, making his perspective particularly relevant amid growing concerns among seasoned investors.

In recent weeks, several experts have echoed Rekhi’s warnings about a potential AI bubble. Last month, the Bank of England cautioned that global markets are facing an increasing risk of a “sudden correction” due to soaring valuations of leading AI companies. The Bank’s financial policy committee (FPC) stated, “The risk of a sharp market correction has increased. On a number of measures, equity market valuations appear stretched, particularly for technology companies focused on artificial intelligence. This leaves equity markets particularly exposed should expectations around the impact of AI become less optimistic.”

A report from Stanford University’s Human-Centered Artificial Intelligence (HAI) further underscores the rapid financial growth within the AI sector. The report revealed that corporate investment in AI surged to $252.3 billion in 2024, with private funding increasing by 44.5% and mergers and acquisitions rising by 12.1% compared to the previous year. Over the past decade, total investment in AI has grown more than thirteenfold since 2014, highlighting both the scale and potential fragility of the current AI gold rush.

Rekhi’s cautionary stance reflects a growing unease among investors who fear that the current AI frenzy, driven by companies like Nvidia and OpenAI, may not be sustainable without tangible, near-term returns to justify such high valuations. As the technology landscape continues to evolve, the implications of these soaring valuations remain a topic of significant concern for market watchers.

Source: Original article

Little Jaffna: The Intersection of Immigration and Memory in Europe

In *Little Jaffna*, Lawrence Valin’s debut film explores the complexities of Tamil-French identity through a gripping crime thriller set in Paris’s immigrant heart.

In *Little Jaffna* (2024), writer-director-actor Lawrence Valin delivers more than just a debut feature; he crafts a defiant act of representation. Set against the backdrop of the immigrant heart of Paris’s La Chapelle district, the film intricately weaves personal trauma, diasporic displacement, and systemic marginalization into the framework of a crime thriller. Beneath its gangster genre exterior, however, lies the pulse of a political film—one that interrogates the meaning of living between worlds that refuse to fully embrace you.

*Little Jaffna* served as the opening film at the recently concluded 3rd i’s 23rd Annual San Francisco International South Asian Film Festival. The crime thriller premiered at the Venice Film Festival 2024 and received a nomination for Best International Feature Film at the Zurich Film Festival.

The narrative follows Michael (Valin), a French police officer of Tamil origin, who is ordered to infiltrate a Tamil gang accused of funding Sri Lankan militants. What begins as a procedural mission evolves into an existential exploration of identity and loyalty—a metaphor for every child of migration tasked with policing their own heritage to find a sense of belonging.

Valin’s decision to center Tamil-French identity within the language of the thriller represents a radical cinematic gesture. This choice subverts the Euro-centric crime genre, redirecting its focus toward the racialized spaces that France often prefers to overlook. The vibrant neon glow of Paris is replaced with dimly lit curry shops, cramped apartments, and Tamil grocery aisles—not as exotic backdrops, but as sites of resistance and community.

The film’s bilingual script, featuring both Tamil and French, resists assimilation. By choosing not to translate everything, Valin makes a political statement: the viewer must engage actively, as the characters do not reach out to explain themselves. This approach reverses decades of colonial cinematic hierarchy, where non-white cultures were often required to justify their existence to white audiences.

*Little Jaffna* situates its moral conflict within the context of post-colonial policing. Michael’s dual role—as both an officer of the French Republic and a son of a colonized diaspora—captures the psychological violence inherent in the process of assimilation. Each undercover scene serves as an allegory for systemic surveillance, with the state’s gaze intruding into the immigrant home.

In one standout moment, Michael watches a Tamil news broadcast about the Sri Lankan war while his French colleagues joke about “foreign conflicts.” This juxtaposition is not subtle; it is a deliberate choice by Valin to emphasize that the empire never truly ended—it simply learned to disguise itself within multicultural rhetoric.

The women in *Little Jaffna* are not merely emotional anchors; they embody generational memory. Radhika Sarathkumar’s portrayal of Michael’s grandmother—a survivor of war—represents the matrilineal burden of exile. Her quiet resilience stands in stark contrast to the performative masculinity exhibited by both the police and the gang, suggesting that true endurance in diaspora spaces has always been feminine, communal, and care-oriented.

Meanwhile, Puviraj Raveendran’s character, Puvi, a charismatic gang member, critiques how marginalized men are often criminalized for seeking agency that society denies them. The film does not excuse violence; instead, it contextualizes it, compelling audiences to recognize the socio-economic roots of rebellion.

Cinematographer Maxence Lemonnier employs a dense and unglamorous palette—warm earth tones, fluorescent blues, and smoke from kitchen vents—to signal that beauty in *Little Jaffna* arises from visibility rather than polish. The community’s sights and sounds are not filtered for palatability; they demand recognition. The sound design, which mixes temple chants with sirens and news static, reflects the collision of cultures.

For audiences from marginalized backgrounds, *Little Jaffna* is not merely a representation; it is a reclamation. For everyone else, it offers an opportunity to confront how systems of race, migration, and memory intertwine, even in so-called “post-colonial” Europe.

Source: Original article

Indian-American CEO Bankim Brahmbhatt Faces $500 Million Loan Fraud Charges

Bankim Brahmbhatt, an Indian American CEO, faces allegations of a $500 million fraud involving fabricated invoices and customer accounts linked to his telecom companies.

Bankim Brahmbhatt, the Indian American CEO of U.S.-based telecom firms Broadband Telecom and Bridgevoice, is embroiled in a significant fraud case that has reportedly drawn the attention of investment giant BlackRock. According to The Wall Street Journal, lenders, including HPS Investment Partners, the private credit arm of BlackRock, have accused Brahmbhatt’s companies of using fake invoices and customer accounts to secure substantial loans, totaling over $500 million.

Brahmbhatt’s attorney has stated that his client disputes the allegations of fraud. As the founder, president, and CEO of Bankai Group, a telecommunications and fintech enterprise with operations across multiple continents, Brahmbhatt has built a reputation in the industry. He began his career in 1989 by establishing a push-button telephone manufacturing unit in India and later expanded into satellite technology, telecom billing, and digital financial services.

Bankai Group’s flagship product, MobiFin Elite, offers digital financial solutions that cater to clients in various countries, particularly in Africa. Brahmbhatt has often articulated his vision of creating a self-sustaining ecosystem for carriers, operators, and financial institutions, blending technical expertise with strong interpersonal skills.

However, the recent allegations have cast a shadow over his career. HPS Investment Partners reportedly began lending to a financing arm associated with Brahmbhatt’s companies in September 2020, increasing its exposure to approximately $430 million by August 2024. BNP Paribas also participated in this financing arrangement.

The alleged fraud came to light in July 2024, when an employee from HPS discovered that several customer emails appeared to originate from fake domains designed to imitate legitimate telecom companies. When confronted, Brahmbhatt allegedly reassured HPS officials that there was no cause for concern but subsequently ceased all communication.

Investigations conducted by accounting firm CBIZ and law firm Quinn Emanuel, which were hired by the lenders, uncovered that the emails and invoices presented as proof of receivables had been falsified. A Belgian telecom company, BICS, confirmed to investigators that it had no affiliation with the emails used by Brahmbhatt’s firms, labeling the situation as a confirmed fraud attempt.

Further court filings allege that fraudulent customer contracts date back to 2018 and that assets pledged as collateral were transferred to offshore accounts in India and Mauritius. By August 2024, Brahmbhatt’s companies—Broadband Telecom, Bridgevoice, Carriox Capital II, and BB Capital SPV—filed for bankruptcy, coinciding with lawsuits initiated by the lenders. Around this time, BNP Paribas disclosed adding €190 million (approximately $220 million) in loan-loss provisions related to a “specific credit situation,” although it did not specify the borrower.

Reports indicate that HPS has informed its clients that Brahmbhatt is believed to be in India. A visitor to his New York offices in July found them closed and vacant, according to The Wall Street Journal.

In a further development, Brahmbhatt filed for personal bankruptcy on August 12, the same day his companies sought Chapter 11 protection. Despite the scale of the alleged fraud, sources cited by the Journal noted that the incident represents only a small fraction of HPS’s $179 billion in assets under management and is unlikely to materially impact BlackRock’s overall performance.

As U.S. courts oversee bankruptcy proceedings and civil litigation, Brahmbhatt has denied all allegations but remains untraceable as the investigation continues to unfold.

Source: Original article

AI Job Losses Impact Workforce Amid Growing Automation Concerns

Recent developments in artificial intelligence (AI) highlight both the potential benefits and significant challenges, including job losses and safety concerns, as companies and lawmakers grapple with the technology’s rapid evolution.

As artificial intelligence (AI) technology continues to advance, it brings both opportunities and challenges that are reshaping various sectors. Recent news has highlighted significant corporate cutbacks, legal battles, and safety evaluations related to AI, underscoring the complex landscape that businesses and consumers must navigate.

In a notable move, Amazon announced plans to cut approximately 14,000 corporate jobs as part of an internal restructuring effort. This decision reflects broader trends in the tech industry, where companies are reassessing their workforce in light of evolving technologies and economic pressures.

Meanwhile, a Senate Republican has called for Google to shut down its AI model after alleging that it has been used to disseminate false information, including a fabricated sexual assault allegation. This accusation raises questions about the accountability of AI systems and their potential to spread misinformation.

In response to growing concerns over the safety of children online, Character.ai, a popular AI chatbot platform, declared that users under the age of 18 will no longer be able to engage in open-ended conversations with its virtual companions starting November 24. This decision follows a lawsuit that claimed an AI app contributed to a child’s tragic death, prompting a broader discussion about the ethical implications of AI interactions with minors.

As AI technology permeates various industries, many workers fear they may be replaced by automation. However, experts from the World Economic Forum suggest that the impact of AI will not be uniform across all sectors. They liken the technology’s integration into the workforce to a college student with access to past exams, indicating that while some jobs may be at risk, others may evolve or be created as a result of AI advancements.

In the realm of autonomous vehicles, Kodiak AI’s driverless system received a top safety score in a recent evaluation conducted by Nauto, Inc. This assessment, which analyzed over 1,000 commercial fleets operated by human drivers, highlights the potential for AI to enhance safety in transportation.

Tragic incidents involving AI chatbots have sparked bipartisan outrage in Congress, as parents demand accountability for the role these technologies may have played in encouraging harmful behavior among children. Lawmakers are now considering new legislation aimed at holding tech companies responsible for ensuring the safety of minors on their platforms.

In a bid to strengthen its position in the AI landscape, chip manufacturer Nvidia announced new partnerships with tech and telecommunications firms to enhance AI infrastructure and operational capabilities. This move reflects the growing importance of AI in driving innovation across various sectors.

PayPal made headlines by becoming the first payments platform to integrate its digital wallet into OpenAI’s ChatGPT. This development allows users to make instant purchases within the chatbot, marking a significant step in the intersection of AI and e-commerce.

In a legal context, conservative activist Robby Starbuck is suing Google, alleging that the tech giant’s AI tools wrongfully linked him to serious accusations, including sexual assault and financial exploitation. This case underscores the potential for AI-generated misinformation to have real-world consequences.

Concerns about digital deception have also emerged, with reports indicating that AI is being used to create fake expense receipts. This trend poses challenges for employers and raises questions about the integrity of financial reporting in an increasingly digital world.

In the education sector, Chegg Inc. announced it would reduce its workforce by approximately 45%, citing the “new realities of AI” and decreased traffic from Google to content publishers. This decision reflects the broader impact of AI on traditional business models and the need for companies to adapt to changing market conditions.

Elon Musk’s AI company, xAI, recently launched Grokipedia, an AI-generated encyclopedia intended to compete with Wikipedia. Musk has criticized Wikipedia for perceived editorial bias and claims that Grokipedia will offer a more “truthful and independent alternative.”

AI is also making strides in healthcare, with experts like Dr. Marc Siegel suggesting that it could revolutionize cancer detection and treatment. According to Siegel, AI’s potential to transform medical practices could lead to significant advancements in patient care within the next decade.

As the U.S. seeks to maintain its competitive edge in the global AI landscape, experts emphasize the need for robust investment and innovation. Additionally, improving internet infrastructure is deemed essential for sustaining leadership in AI technology against rising competition from countries like China.

In a concerning incident, a 16-year-old high school student was mistakenly flagged by an AI gun detection system, leading to a police response that left students and officials shaken. This incident highlights the potential risks associated with relying on AI for security measures in schools.

As AI technology continues to evolve, it presents both significant opportunities and challenges that society must address. The ongoing discussions surrounding job displacement, safety, and ethical considerations will play a crucial role in shaping the future of AI.

Source: Original article

Samsung Set to Supply Nvidia with High-Bandwidth Memory Chips

Samsung Electronics is reportedly in discussions to supply Nvidia with its next-generation HBM4 chips, which could significantly enhance its market position in the competitive AI chip landscape.

Samsung Electronics appears to be on the verge of a significant partnership with Nvidia. The South Korean tech giant announced on Friday that it is engaged in “close discussions” to supply its next-generation high-bandwidth memory (HBM) chips, known as HBM4, to Nvidia. This move comes as Samsung strives to catch up with its competitors in the rapidly evolving AI chip market.

High Bandwidth Memory (HBM) chips are a specialized type of high-performance RAM designed to deliver exceptionally fast data transfer rates while consuming less power and occupying less physical space compared to traditional memory types like DDR. Unlike standard DRAM modules, which are typically laid out horizontally, HBM chips are stacked vertically in multiple layers and interconnected with through-silicon vias (TSVs). This unique architecture allows for rapid data transfer between layers and to the processor, making HBM an attractive option for high-performance applications.

HBM is widely utilized in graphics cards, AI accelerators, supercomputers, and data centers, where high bandwidth is essential for demanding tasks such as machine learning, 3D rendering, and scientific simulations. For instance, HBM2 and HBM3 can provide hundreds of gigabytes per second of bandwidth per stack, a significant improvement over the tens of gigabytes offered by conventional GDDR memory.

Samsung’s potential partnership with Nvidia comes at a time when local rival SK Hynix, currently Nvidia’s primary HBM supplier, has announced plans to begin shipping its latest HBM4 chips in the fourth quarter of this year, with an expansion of sales anticipated in 2026.

Nvidia’s reliance on High-Bandwidth Memory (HBM) is particularly pronounced for its high-end GPUs, which are predominantly used in AI and data-center workloads. HBM provides a much higher memory bandwidth per pin compared to traditional GDDR memory, allowing Nvidia GPUs to efficiently process large AI models while minimizing latency and power consumption. However, Nvidia does not manufacture HBM chips in-house; instead, it sources these critical components from suppliers like SK Hynix and Micron. This dependency on external suppliers gives them considerable influence over Nvidia’s operations, although the company is actively working to regain some control by planning to influence the logic-die design of HBM starting around 2027.

While Samsung has not disclosed a specific timeline for shipping its new HBM4 chips, it plans to market them next year. To mitigate potential supply risks, Nvidia has urged its suppliers to expedite the delivery of next-generation HBM4 chips, underscoring the urgency of securing high-bandwidth memory for AI advancements. As of 2025, HBM4 is in the sampling or early production stages, with mass production anticipated later in the year. Although HBM significantly enhances performance, its production is both costly and complex. Some industry analysts speculate that Nvidia may consider hybrid memory solutions that combine HBM with more affordable memory types like GDDR7, although this has yet to be officially confirmed.

Jeff Kim, head of research at KB Securities, noted that while HBM4 may require further testing, Samsung is generally viewed as being in a favorable position due to its production capabilities. “If Samsung supplies HBM4 chips to Nvidia, it could secure a significant market share that it was unable to achieve with previous HBM series products,” Kim stated.

The ongoing developments surrounding HBM4 supply for Nvidia highlight the increasing strategic importance of high-bandwidth memory in the AI and data-center GPU markets. As Nvidia continues to rely heavily on HBM for efficiently processing large AI models, securing a stable supply of next-generation memory is critical for maintaining its competitive edge. While SK Hynix remains a key supplier, a potential partnership with Samsung could introduce greater supply diversity, mitigate risks, and intensify competition among memory vendors.

In summary, while HBM offers substantial performance advantages, its production complexities and costs make supply management a vital aspect of Nvidia’s strategy. The involvement of multiple suppliers may also impact pricing, delivery schedules, and the broader AI chip ecosystem. Ultimately, the push for HBM4 underscores the pivotal role that high-performance memory plays in advancing AI hardware, shaping market dynamics, and determining which companies can sustain leadership in this fast-evolving sector.

Source: Original article

2025 Layoffs: Major U.S. Companies Impacting the Workforce

In 2025, major U.S. companies are implementing significant layoffs, reflecting shifts in corporate strategies and economic uncertainties across various sectors.

The year 2025 has proven to be a challenging time for job security, even within well-established companies. As organizations pivot towards artificial intelligence, automation, and leaner operational models, thousands of positions are being eliminated across the United States. This trend spans various industries, including technology, retail, and professional services, with layoffs often tied to strategic restructuring rather than mere cost-cutting measures.

Among the most notable layoffs is Microsoft, which is reportedly cutting around 9,100 jobs in the U.S. The company is focusing on enhancing its capabilities in AI, cloud services, and gaming, leading to reductions primarily in middle management and traditional divisions. While the total number of layoffs is confirmed globally, the specific impact on U.S. employees remains somewhat uncertain.

Intel is also making significant cuts, with over 4,000 positions affected in the U.S. The company is reorganizing its manufacturing and corporate operations, particularly in Oregon, where 2,392 jobs will be eliminated. This reduction is part of a broader global plan that aims to cut between 21,000 and 25,000 roles, indicating that the U.S. share represents only a fraction of the total.

Starbucks is set to reduce approximately 1,100 corporate roles as it streamlines operations. Importantly, these layoffs will not impact baristas or store-level staff, meaning the cuts will primarily affect administrative and corporate functions.

In the professional services sector, PwC U.S. is laying off around 1,500 employees, primarily from its audit and tax teams. This move is a response to slower client demand, although other areas of the firm remain largely unaffected. The U.S. layoffs represent only a portion of the firm’s overall workforce, as global figures vary.

Procter & Gamble is restructuring its non-manufacturing roles, targeting approximately 7,000 positions in marketing, finance, and research and development. These cuts are planned over two fiscal years, indicating that not all positions will be eliminated in 2025 alone.

Amazon is also making headlines with over 10,000 job cuts, focusing on corporate and support staff as it streamlines middle management and non-core operations. While the total number of layoffs is reported globally, a significant portion will affect U.S. employees, although precise figures have not been disclosed.

Meta is reducing its workforce by around 3,600 jobs, shifting its focus toward AI and core products while leaving less-essential teams behind. Similar to other companies, the U.S. portion of these layoffs is substantial, even if exact numbers are not publicly available.

Salesforce is cutting about 2,000 jobs, primarily in non-sales departments, to better align with its AI-driven product lines and cloud services. The layoffs will predominantly affect internal support functions, as client-facing staff are largely retained.

Saks Global is trimming roughly 150 positions, which accounts for around 5% of its corporate staff, following its acquisition of Neiman Marcus. The cuts will impact finance, operations, and technology teams, while store-level employees remain largely unaffected.

Finally, IBM is eliminating approximately 3,900 roles in legacy IT services to invest more heavily in AI and hybrid cloud initiatives. Although many of these layoffs occur globally, a significant number will impact U.S. employees, even if precise figures are not available.

The layoffs occurring in 2025 highlight a broader trend across multiple sectors, indicating that adaptability and continuous skill development are more critical than ever for employees. As companies restructure to remain competitive, the message is clear: workers must stay flexible, keep their skills sharp, and be prepared to pivot in response to emerging opportunities or challenges.

While the job market may appear daunting, these layoffs can also create openings in new roles and industries. For those willing to adapt, 2025 presents an opportunity to embrace change and position themselves for the careers of the future.

Source: Original article

Federal Reserve Lowers Interest Rates Again Amid Slowing Labor Market

The Federal Reserve has cut interest rates by 25 basis points in October 2025, marking a significant shift in monetary policy to address a slowing labor market.

The Federal Reserve made a pivotal decision during its October 2025 meeting, reducing interest rates by 25 basis points. This adjustment brings the benchmark federal funds rate down to a range of 3.75% to 4.0%. This move marks the second consecutive rate cut this year, indicating a clear shift in monetary policy aimed at bolstering the slowing U.S. labor market.

Despite inflation remaining above the Federal Reserve’s target of 2%, recent economic data reveals a trend of softer job growth and increasing unemployment pressures. The unemployment rate reached 4.3% in August, the highest level since late 2021. Additionally, nonfarm payroll additions have significantly slowed, raising concerns about the sustainability of wage growth and overall economic momentum. Compounding these issues, an ongoing government shutdown has limited access to key economic data that typically informs policy decisions, adding further uncertainty to the economic landscape.

The Federal Reserve’s decision to cut rates was supported by 10 out of 12 members of the Federal Open Market Committee (FOMC). However, there were dissenting voices among the committee, with some members advocating for a larger half-point cut or suggesting that rates should remain unchanged. In conjunction with the rate cut, the Fed announced it would conclude its balance sheet reduction program by December 1, effectively halting its Quantitative Tightening efforts after reducing its portfolio by $2.5 trillion since 2022.

Federal Reserve Chair Jerome Powell expressed cautious optimism but recognized the delicate balance the central bank must maintain between combating inflation and supporting employment. While inflation has shown some signs of moderation, Powell noted that it still presents risks, particularly in light of recent price increases linked to tariffs.

Looking ahead, any further adjustments to interest rates will heavily depend on evolving data trends related to inflation and labor market conditions. Although some FOMC members anticipate additional cuts before the year concludes, the path forward remains uncertain amid conflicting economic signals.

Source: Original article

The Decline of Globalization and Potential Risks of Financial Crisis

Globalization is facing significant challenges that threaten its foundation, with the risk of a severe economic crisis heightened by the United States’ retreat from its role as a global leader.

Globalization, once celebrated as the driving force behind unprecedented economic growth and international cooperation, is now confronting formidable challenges that jeopardize its very existence. As global trade experiences a slowdown and financial interdependence becomes increasingly fragile, the specter of a severe economic crisis looms large, particularly as the United States steps back from its traditional role as a global economic leader.

Over the past few decades, globalization has facilitated market expansion, the integration of supply chains, and the emergence of new economies. However, recent years have seen a rise in protectionism, escalating trade tensions, and a fragmentation of international cooperation. These trends undermine the mutual trust and interconnectedness that are vital for economic stability.

The United States, which has historically served as the backbone of a rules-based global economic order, is now adopting more unilateral policies and increasingly disengaging from multilateral institutions. This shift amplifies uncertainties in global markets, complicates coordinated responses to financial shocks, and weakens the safety nets that previously helped contain crises.

Experts caution that without cohesive leadership and international collaboration, the next financial meltdown could be deeper and more prolonged than previous crises. Emerging markets, which lack the economic buffers that advanced economies possess, are particularly vulnerable to these shifts. The contraction of global trade and investment flows further dampens growth prospects across the globe.

Moreover, geopolitical rivalries and technological decoupling among major powers contribute to an increasingly fragmented and volatile economic landscape. Supply chain disruptions, protectionist policies, and restricted capital mobility elevate the risks of systemic failure.

To mitigate these threats, a renewed commitment to cooperation, transparency, and shared economic governance is essential. Investment in inclusive growth strategies, the strengthening of financial institutions, and enhanced policy coordination can help build resilience against future economic shocks.

The global economy stands at a critical juncture. The choices made in the coming years regarding openness, collaboration, and leadership will determine whether the promise of globalization endures or if the world faces more severe economic downturns.

Source: Original article

Grammarly Rebrands as Superhuman, Unveils New AI Assistant

Grammarly has rebranded itself as Superhuman following its acquisition of the AI-native email app, while launching a new AI assistant integrated into its existing extension.

Grammarly, a well-known writing assistant, has announced a significant rebranding initiative, changing its name to Superhuman. This change follows the company’s acquisition of Superhuman, an AI-native email application, in July. Despite the new branding, the core product will continue to be recognized as Grammarly, although there are plans to eventually rebrand other products, such as Coda, a productivity platform acquired last year.

In conjunction with the rebranding, Superhuman has introduced an AI assistant named Superhuman Go, which is integrated into the existing Grammarly extension. This innovative assistant offers writing suggestions and feedback for emails, enhancing the user experience. It can also connect with various applications, including Jira, Gmail, Google Drive, and Google Calendar, to provide more contextual assistance.

Superhuman has ambitious plans for its AI assistant, aiming to incorporate functionality that allows it to retrieve data from customer relationship management (CRM) systems and internal databases. This capability will enable the assistant to suggest modifications to emails based on relevant information.

Users interested in trying out Superhuman Go can easily activate it through a toggle in the Grammarly extension. Currently, Grammarly users can access the new features, and the company is also offering product bundles. The Pro subscription plan is priced at $12 per month (billed annually) and includes grammar and tone support in multiple languages. For businesses, the Business plan is available at $33 per month (billed annually) and provides access to Superhuman Mail.

Furthermore, Superhuman aims to enhance the Coda document suite and its email clients with additional AI features. These improvements will include the ability to pull information from both external and internal sources, automatically generating more detailed documents and email drafts.

Grammarly has previously emphasized the potential of artificial intelligence to transform work processes and boost productivity. However, the company has criticized the common practice among technology providers of merely adding AI to existing tools, which can complicate the user experience. Instead, Grammarly is pursuing a more integrated approach by developing what it describes as an “AI superhighway.” This initiative aims to deliver writing agents to users across over 500,000 applications and websites, effectively creating a comprehensive productivity platform.

With its recent acquisitions of Coda and Superhuman, Grammarly is positioning itself as a formidable competitor in the productivity suite market. The introduction of the AI assistant is a strategic move to rival established players such as Notion, ClickUp, and Google Workspace, all of which have rolled out various AI-powered features in recent years.

Superhuman was co-founded by Rahul Vohra, Vivek Sodera, and Conrad Irwin. The company has successfully raised over $114 million in funding from notable investors, including a16z, IVP, and Tiger Global, achieving a valuation of $825 million, according to data from venture analytics firm Traxcn.

Source: Original article

Saudi Arabia to Refocus $925 Billion Fund for Improved Returns

Saudi Arabia is set to refocus its $925 billion sovereign wealth fund, shifting away from real estate projects to enhance returns through investments in logistics, mining, and religious tourism.

Saudi Arabia is preparing to realign its $925 billion sovereign wealth fund, known as the Public Investment Fund (PIF), away from its previous emphasis on large-scale real estate projects. This strategic shift comes as part of Crown Prince Mohammed bin Salman’s broader “Vision 2030” initiative, which was launched in 2016 to transform the Kingdom’s economy.

Initially, the PIF’s strategy heavily concentrated on ambitious real estate developments, including NEOM, a futuristic city envisioned to rise in the desert along the Red Sea. This project, along with plans to host international winter sports in the northern mountains, has faced significant delays and challenges.

Earlier this year, Bin Salman also introduced Humain, a new company aimed at developing and managing artificial intelligence technologies, further diversifying the Kingdom’s economic pursuits under Vision 2030. The PIF has played a crucial role in financing these initiatives.

Despite the grand ambitions, analysts have noted that many of the planned gigaprojects have yet to deliver the anticipated returns, raising concerns about their financial viability. As several projects remain incomplete, the PIF’s investment record has shown a mixed performance, prompting a reassessment of its strategies.

In light of these challenges, the PIF is now focusing on securing more sustainable and immediate returns. The new strategy will prioritize investments in logistics, mineral exploitation, and religious tourism, as reported by Reuters. This pivot aims to leverage the Kingdom’s vast energy resources to support advancements in artificial intelligence and data centers.

Yasir Al-Rumayyan, the Governor of the PIF, indicated during the annual Future Investment Initiative (FII) summit in Riyadh that an updated strategy would be announced soon. This announcement is anticipated to outline the fund’s new priorities following the conclusion of its current five-year investment strategy this year.

According to sources familiar with the matter, the revised plans will position Saudi Arabia as a major logistics hub. Recent disruptions in shipping routes through the Red Sea have highlighted the necessity for resilient supply chains, making this focus increasingly relevant.

Additionally, the Kingdom is expected to tap into its undisclosed reserves of rare earth minerals, which will play a significant role in its mining sector expansion. The plan also includes enhancing religious tourism, particularly in Mecca and Medina. A recent initiative announced by Bin Salman aims to add approximately 900,000 indoor and outdoor praying spaces at Mecca’s Grand Mosque, further supporting the influx of pilgrims.

This strategic refocus reflects Saudi Arabia’s commitment to diversifying its economy and ensuring that its investments yield more immediate and sustainable benefits.

Source: Original article

Khazana Offers Modern Takes on Traditional Indian-American Cuisine

Chef Sanjeev Kapoor’s Khazana restaurant in Palo Alto offers a modern take on traditional Indian cuisine, blending authentic flavors with contemporary presentation in a sophisticated setting.

For millions across the Indian subcontinent, Chef Sanjeev Kapoor is more than just a culinary icon; he is a beloved household name and a mentor in the kitchen. Kapoor has been a trailblazer in bringing Indian cooking to television, long before food became a form of entertainment. His warm smile and effortless command over spices revolutionized home cooking through “Khana Khazana,” Asia’s longest-running cooking show, which aired an impressive 649 episodes. He further solidified his influence as a media pioneer by launching “FoodFood,” India’s first 24/7 food and lifestyle channel.

In recognition of his contributions, the Indian government awarded him the Best Chef of India title and the prestigious Padma Shri, the nation’s fourth-highest civilian honor. These accolades reflect his significant cultural impact both in India and around the world.

Kapoor’s ambitions have always extended beyond television. In 1998, he opened the first Khazana restaurant in Dubai, aiming to present Indian cuisine on the global stage with the finesse and elegance it deserves. Today, that vision has expanded into a global empire of 81 restaurants across 10 countries, under eight distinct culinary brands. Last year, he introduced his flagship concept—Khazana—to Palo Alto, marking the brand’s debut in the United States.

Khazana Palo Alto represents decades of culinary storytelling by a chef who has elevated Indian food to the global gourmet spotlight. This restaurant is Kapoor’s second establishment on the Peninsula, following The Yellow Chilli in Santa Clara, but Khazana is considered the crown jewel. His philosophy centers on authenticity, innovation, and accessibility, as he believes Indian cuisine should be as revered internationally as French or Japanese food—elegant, expressive, and deserving of fine-dining acclaim. At Khazana, Kapoor successfully bridges tradition and modernity, crafting each dish using time-honored techniques while presenting them with contemporary flair.

The restaurant’s interior reflects a seamless blend of modern elegance and Indian artistry. Designed to evoke a sense of understated luxury, the space features warm, earthy tones, hand-carved wood accents, and custom lighting that casts a golden glow across the dining area. Contemporary furniture is paired with subtle nods to Indian design, including jaali-inspired patterns, traditional textiles, and curated art pieces that celebrate India’s rich cultural heritage. An open kitchen concept allows diners to catch glimpses of the culinary craftsmanship, enhancing the overall dining experience. The ambiance is refined yet welcoming, making Khazana feel both globally sophisticated and deeply rooted in tradition.

Chef Kapoor personally curated the menu, ensuring that each dish reflects his culinary vision. For starters, guests can enjoy Shimeji Pepper Fry, featuring mushrooms with a black pepper kick served alongside paratha. The menu also includes Jackfruit and Avocado Tacos made with millet tortillas and spiced jackfruit, as well as Ancho Chili Paneer Tikka and Edamame Panipuri, which combines crispy puris with spiced edamame.

For meat and seafood enthusiasts, Khazana offers Kashmiri-style lamb chops infused with saffron and fennel, along with a fiery Bedgi Chilli Chicken. The tandoori seabass, marinated Chilean seabass cooked in a clay oven, and Argentinean shrimp presented with a spicy batter cater to those seeking bold flavors.

Main courses feature classic vegetarian options such as baingan bharta and sarson da saag, a leafy green puree with a truffle twist, alongside dal tadka. Non-vegetarian selections include fish tikka masala, creamy kali mirch chicken with black pepper, and Mango Butter Chicken. Diners can also savor the Malabari Prawn in Sourdough Bowl, rich with coconut milk, and Laal Maas Keema Bati, a goat dish with red chili.

Khazana’s Signature selection showcases dishes like Lalla Mussa Dal, which is simmered overnight, and Rogan Josh Nalli, lamb shanks in a Kashmiri spiced curd sauce. The menu also features Chicken Tariwala, a spicy chicken curry inspired by the famous Puran Singh da dhaba on the Delhi-Ambala Highway, and Shaam Savera, soft cottage cheese stuffed spinach dumplings in a perfectly spiced tomato sauce.

No Indian meal would be complete without biryani, and Khazana offers chicken, vegetarian, lamb, and prawn versions, all cooked with aromatic rice and spices, sealed with dough and served with gravy.

For dessert, guests can indulge in Baked Mishti Doi, a Kolkata-style treat with apricot, or try the vegan Badam Kheer. The menu also features a twist on gajar ka halwa with their Carrot Pudding Puff Tart, Motichoor Ladoo-inspired cheesecake, and the classic gulab jamun. Complementing the cuisine, Khazana boasts a full bar serving a variety of classic drinks, special house cocktails, and many Indian-inspired seasonal creations.

The word “Khazana” translates to treasure, and this culinary treasure is now just around the corner for those in Palo Alto.

Source: Original article

Novartis to Acquire Avidity Biosciences for $12 Billion in Cash

Swiss pharmaceutical giant Novartis has announced its agreement to acquire U.S. biotech firm Avidity Biosciences for approximately $12 billion in cash, enhancing its portfolio in rare muscle disorder treatments.

In a significant move to expand its portfolio, Novartis, the Swiss drugmaker, announced on Sunday that it has reached an agreement to acquire Avidity Biosciences, a U.S.-based biotech firm, for about $12 billion in cash. This acquisition is part of Novartis’ strategy to strengthen its offerings in the treatment of rare muscle disorders.

Under the terms of the deal, Avidity stockholders will receive $72 per share in cash, which represents a 46% premium over the company’s closing stock price on Friday. Bloomberg News reported the details of the transaction, citing an anonymous source familiar with the negotiations.

In addition to the acquisition, Novartis has also entered into a $5.7 billion licensing agreement with Monte Rosa Therapeutics. This agreement aims to develop small molecule degraders for immune-mediated diseases, further underscoring Novartis’ commitment to innovative research and long-term growth in high-potential therapeutic areas.

Headquartered in Basel, Switzerland, Novartis AG is a leading global pharmaceutical company that focuses on innovative medicines across various fields, including oncology, cardiology, immunology, and neuroscience. The company has reported robust financial results for 2024, with net sales increasing by 12% and core operating income rising by 22% on a constant currency basis. Additionally, Novartis achieved FDA approval for Rhapsido (remibrutinib), an oral treatment for chronic spontaneous urticaria.

The acquisition of Avidity Biosciences is expected to enhance Novartis’ neuroscience and rare disease portfolio by integrating Avidity’s late-stage programs and its proprietary Antibody Oligonucleotide Conjugates (AOCs) technology. Following the acquisition, Avidity will spin off its early-stage cardiology programs into a new publicly traded entity named SpinCo. The deal is anticipated to close in the first half of 2026, pending customary regulatory approvals.

Avidity Biosciences, based in San Diego, is recognized for its pioneering work in developing RNA-based therapies for genetic neuromuscular diseases. The company’s proprietary AOCs platform combines the targeting capabilities of monoclonal antibodies with the precision of RNA therapeutics, allowing for direct delivery of treatments to muscle tissues.

Avidity’s therapeutic programs focus on conditions such as Duchenne muscular dystrophy (DMD), myotonic dystrophy type 1 (DM1), and facioscapulohumeral muscular dystrophy (FSHD). This innovative approach positions Avidity as a leader in the emerging field of precision medicine, thanks to its unique delivery platform and promising clinical pipeline.

This acquisition follows Novartis’ earlier strategic moves, including a $3.1 billion acquisition of Anthos Therapeutics in February to enhance its cardiovascular offerings, and a $1.7 billion deal with Regulus Therapeutics in April for a kidney disorder therapy.

By integrating Avidity’s late-stage programs and proprietary AOCs technology, Novartis is poised to accelerate its presence in innovative RNA-based treatments, thereby reinforcing its commitment to targeted growth through strategic mergers and acquisitions, innovation, and global market expansion.

Source: Original article

JP Morgan Selects Perpetua Resources for $1.5 Trillion Fund Investment

JP Morgan Chase has selected Perpetua Resources for its inaugural investment from a $1.5 trillion fund aimed at enhancing U.S. national security.

JP Morgan Chase has made a significant move by selecting Perpetua Resources, an antimony and gold mining company, for its first investment from a newly established $1.5 trillion fund dedicated to U.S. national security. The announcement, which details the agreement, was made public on Monday.

Under the terms of the agreement, JP Morgan will invest $75 million to acquire nearly a 3% stake in Perpetua Resources. This investment is particularly noteworthy as the company is in the process of developing the largest antimony mine in the United States, located approximately 138 miles (222 kilometers) north of Boise, Idaho. The agreement was finalized on Sunday.

Currently, JP Morgan holds around 20,000 shares of Perpetua, according to data from LSEG. Additionally, the bank has the option to exercise $42 million in warrants within the next three years, further solidifying its commitment to the venture.

Antimony, a critical mineral used in various applications including solar panels, lubricants, and flame retardants, currently has no domestic sources in the U.S. The situation has become more pressing since China, the world’s leading antimony miner and processor, imposed export restrictions in 2024. This development has prompted Western manufacturers to seek alternative sources for this essential mineral.

Doug Petno, co-CEO of JP Morgan’s commercial and investment bank division, emphasized the importance of this investment, stating, “With this investment, we are supporting a company in an industry critical to national security and American resiliency, precisely the focus of our new initiative.”

Perpetua’s mine, which is backed by billionaire investor John Paulson, is projected to supply over 35% of the United States’ annual antimony requirements once it becomes operational in 2028. In addition to antimony, the mine is expected to produce approximately 450,000 ounces of gold each year.

As of last week, construction at the site was underway, with estimated reserves of 148 million pounds of antimony and six million ounces of gold. Jon Cherry, CEO of Perpetua Resources, remarked, “This is all about putting America first again relative to the supply chain, in this case for critical minerals.”

This investment aligns with JP Morgan’s recently announced Security and Resiliency Initiative, which aims to address what CEO Jamie Dimon described as the “painfully clear” reality of the United States’ over-reliance on unstable sources for critical minerals.

In its announcement, the bank outlined plans to invest up to $10 billion across four key sectors: defense and aerospace, frontier technologies such as artificial intelligence and quantum computing, energy technologies including batteries and supply chains, and advanced manufacturing. Within these sectors, JP Morgan identified 27 specific industries where it intends to provide support through advice, financing, and investments.

Furthermore, the bank plans to expand its workforce by hiring an unspecified number of bankers and establishing an external advisory council to bolster its initiative.

This strategic investment in Perpetua Resources marks a pivotal step for JP Morgan as it seeks to enhance U.S. national security through the development of domestic sources of critical minerals.

Source: Original article

Saudi Arabia Aims to Become a Leader in Global AI and Data Export

Saudi Arabia is positioning itself as a key player in the global artificial intelligence landscape, leveraging its energy resources to become a leading exporter of data.

Saudi Arabia is rapidly emerging as a significant hub for artificial intelligence (AI) infrastructure, driven by its vast energy reserves. This development positions the kingdom as a crucial player in the global AI race, according to Groq CEO Jonathan Ross.

The kingdom’s abundant energy resources have attracted major tech companies, many of which are launching large-scale infrastructure projects in the region. These initiatives are part of Saudi Arabia’s Vision 2030, an ambitious plan aimed at transforming its oil-dependent economy into a diversified, innovation-driven powerhouse.

In an interview with CNBC’s Dan Murphy at the Future Investment Initiative (FII) conference in Riyadh, Ross emphasized that Saudi Arabia’s energy advantage could facilitate its evolution into a global data exporter. This would place the kingdom at the forefront of the next wave of AI infrastructure development.

“One of the things that’s hard to export is energy. You have to move it; it’s physical, and it costs money. Electricity, transporting it over transmission lines is very expensive,” Ross explained. He highlighted that data, in contrast, is inexpensive to move. “Since there’s plenty of excess energy in the Kingdom, the idea is to move the data here, put the compute here, do the computation for AI here, and send the results.”

Ross further noted the importance of strategically locating data centers. “What you don’t want to do is build a data center right next to people, where it’s expensive for the land, or where the energy is already being used. You want to build it where there aren’t too many people, where the energy is underutilized. And that’s the Middle East, so this is the ideal place to build out.”

According to PwC, artificial intelligence could contribute as much as $320 billion to the Middle East’s economy, and Saudi Arabia is keen to capitalize on this opportunity by making AI a core component of its long-term growth and modernization strategies.

The CEO of Humain, a state-backed AI and data center company collaborating with Groq, expressed ambitions for the firm to become the “third-largest AI provider in the world, behind the United States and China.”

However, Saudi Arabia’s AI aspirations face stiff competition, particularly from the United Arab Emirates (UAE), which has been at the forefront of AI adoption in the region. PwC projects that by 2030, AI could contribute approximately $96 billion to the UAE’s economy, representing 13.6% of its GDP, while it could add about $135 billion to Saudi Arabia’s economy, or 12.4% of its GDP. If these forecasts materialize, the UAE may outpace its larger neighbor, potentially leaving Saudi Arabia in fourth place on the global AI stage.

Despite these challenges, Saudi Arabia’s climate and talent landscape present significant hurdles for its AI ambitions. Data centers require substantial cooling and water resources, which can be difficult to manage in one of the hottest and driest regions of the world. Additionally, the kingdom continues to face a shortage of tech and AI specialists, although government initiatives aimed at upskilling the local workforce are gaining traction.

Nevertheless, Saudi Arabia’s momentum in AI remains strong. Groq has partnered with Aramco Digital, the technology division of Saudi Aramco, to develop what is being termed the “world’s largest inferencing data center.” Ross noted that the chips used in this endeavor, manufactured in upstate New York, are specifically designed for AI inference, the process of deploying trained models into real-world applications.

Earlier this year, Groq secured $1.5 billion in funding from Saudi Arabia to expand its operations and enhance its presence in the region. The company is also contributing to the Saudi Data and AI Authority’s efforts to build its own large language model, further solidifying the kingdom’s growing footprint in the global AI ecosystem.

“It’s optimized for interfacing with the kingdom, so if you need to be able to ask about something here, it has all the data that you need to get the appropriate answers. Whereas other LLMs haven’t been tuned; they don’t have access to a database that’s as rich with information about the local region,” Ross stated.

As nations increasingly harness AI, the demand for localized data has become paramount. Many countries are recognizing that models trained primarily on English-language datasets from industrialized economies often fail to reflect their own cultural, linguistic, and social contexts. This underscores the growing importance of developing region-specific AI systems.

Source: Original article

Major leap in Indian crypto market – Madras high court verdict

In a significant advancement for India’s cryptocurrency sector, the Madras High Court acknowledged cryptocurrency as a “property” under Indian law while dismissing a plea filed by a crypto investor whose holdings on the WazirX exchange were frozen following a cyberattack in 2024.
The recent judgment delivered by the Madras High Court in Rhutikumari v. Zanmai Labs marks a pivotal judicial intervention and provides an important pronouncement on the nature of cryptocurrencies and the rights of Indian investors. It influences the ongoing discourse in a domain where legislative measures have been notably absent. Although the decision primarily aims to provide interim relief to a single investor, its implications extend to the millions of Indian Virtual Digital Asset (VDA) users operating within a market that the government taxes but does not formally regulate. Beyond its immediate scope, the judgment exemplifies the judiciary’s role as a constitutional check in shaping rights within the digital age. It exemplifies a scenario where persistent legislative inertia has compelled the courts to step in to uphold constitutional balance.

Proposed legislations, including the ‘Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019’ and the ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021,’ have not advanced beyond the draft stage. Conversely, the government has enacted a rigorous tax regime, imposing a 30% tax on gains and a 1% tax deducted at source on all trades. This creates a paradoxical situation wherein the industry bears a substantial tax burden while lacking formal legal protections. Such legislative inaction exposes millions of Indian users to risks including fraud, cyberattacks, and insolvency of international exchanges.

What precisely constitutes a cryptocurrency? Mirroring the Supreme Court’s observation in Internet and Mobile Association of India v. Reserve Bank of India, the High Court referenced the Vedic concept of “neti, neti” (“not this, not that”) to illustrate the challenge of defining this modern digital phenomenon. The court recognized that the term “currency” is misleading, as its valuation is not determined by a sovereign authority but by the consensus between willing buyers and sellers. Equally, categorizing it as a digital “asset’ remains complex. The High Court’s ruling carefully differentiated crypto as property, not currency, thereby resolving an interpretive deadlock faced by regulators and courts worldwide.

Key conclusions of the judgment includes Recognition of Cryptocurrency as “Property”. The court, for purposes of granting interim relief, classified the user’s holdings as an “asset.” This approach aligns with the perspectives adopted by courts in the United Kingdom, Singapore, and New Zealand, which have acknowledged cryptocurrencies as a form of intangible property capable of ownership and trust. This judicial recognition constitutes a crucial initial step towards establishing a legal framework for remedies. Furthermore, the court endorsed the legitimacy of cryptocurrencies by noting that, under Indian law, they are treated as VDA and not as speculative transactions as delineated and recognized by statutes.

Trump Administration Aims to Dismantle China’s Control Over Africa’s Rare Earth Minerals

The Trump administration is working to reduce China’s dominance in the rare earth minerals market by forming new partnerships with African nations, particularly Tanzania and Angola.

The Trump administration is actively seeking to counter China’s significant control over the rare earth minerals market through strategic partnerships with African nations. The U.S. State Department has indicated that it is focused on mitigating the “national security” risks posed by China’s dominance in this critical sector.

Rare earth elements (REE), which include 17 distinct metals, are essential for both human and national security, according to a 2022 report by the Brookings Institution. These elements are integral to a wide range of technologies, including electronics such as computers and smartphones, renewable energy solutions like wind turbines and solar panels, and national defense systems including jet engines and missile guidance technologies. Notably, China is responsible for approximately 60% of global rare earth extraction and 85% of processing capacity.

While China has secured contracts in various African nations, including the Democratic Republic of the Congo (DRC) for cobalt shipments, the continent is rich in untapped resources. The African Union’s Minerals Development Center recently announced that new specialist rare earth mines are expected to come online by 2029 in countries such as Tanzania, Angola, Malawi, and South Africa, potentially contributing nearly 10% of the world’s supply.

In response to these developments, the Trump administration is making concerted efforts to enhance U.S. involvement in Africa’s mining sector. A State Department spokesperson stated, “The administration’s approach prioritizes partnerships with African nations to ensure their minerals flow west, not east to China.” This shift is part of a broader strategy to address concerns over China’s influence in global mineral supply chains, which the spokesperson described as a threat to both U.S. and African interests.

The spokesperson further elaborated that China’s state-directed strategies exploit Africa’s natural resources, consolidate control over upstream mining assets, and create economic dependencies that undermine regional stability. Currently, the U.S. imports around 70% of its rare earth elements from China, raising alarms about national security risks associated with this reliance.

Senator Jim Risch, the Chairman of the Senate Foreign Relations Committee, emphasized the urgency of addressing this issue. He stated, “Relying on China for critical minerals needed for a modern economy is a top national security risk that President Biden left unaddressed for four years. Under President Trump’s leadership, we can secure new sources in Africa, strengthen our partnerships there, and ensure America’s defense is never dependent on our adversaries.”

The administration is also looking to invest in infrastructure to facilitate the export of minerals from Africa to global markets. A key project in this initiative is the Lobito Corridor, an 800-mile railway designed to connect mineral-rich regions in the DRC and Zambia with Angola’s Atlantic coast, providing easier shipping access to the U.S. The U.S. has pledged a $550 million loan for the development of this corridor.

Additionally, the recent peace agreement between the DRC and Rwanda, facilitated in the Oval Office in June, is expected to enhance access to minerals. The State Department spokesperson noted that this bilateral agreement is intended to pave the way for new U.S. and U.S.-aligned investments in strategic mining projects across the DRC.

Analysts, including Dr. Gracelin Baskaran from the Center for Strategic and International Studies, view these developments as a significant opportunity for the U.S. in Africa. Baskaran remarked, “Africa is the last great frontier of mineral discovery. It has long been undervalued in global mineral exploration, even though it delivers some of the highest returns per dollar invested.”

Baskaran pointed out that Africa’s share of global exploration spending has declined from 16% in 2004 to only 10.4% in 2024. This is particularly concerning given that Sub-Saharan Africa is the most cost-efficient region for mineral exploration, boasting a mineral-value-to-exploration-spending ratio of 0.8, which surpasses that of Australia, Canada, and Latin America.

Despite its vast geological potential, Africa has not captured a significant share of global exploration spending, with countries like Australia and Canada receiving far more investment. Baskaran noted that even nations with established mining industries, such as Zambia and the DRC, have barely begun to explore their mineral wealth, with less than half of their land mapped.

Furthermore, Baskaran highlighted that the U.S. has a unique opportunity to engage in geological mapping and early-stage project development, as China typically focuses on acquiring projects that are already in development or nearing production. This presents a chance for the U.S. and its allies to establish a stronger presence in Africa’s mineral sector.

In terms of specific opportunities, analyst C. Géraud Neema Byamungu from the independent China-Global South Project identified Namibia as a promising alternative to China for heavy rare earth minerals. He pointed to Namibia’s Lofdal project as a significant development in this regard.

The Trump administration’s efforts to forge partnerships with African nations could reshape the landscape of the rare earth minerals market, reducing reliance on China and bolstering U.S. national security interests.

Source: Original article

US Home Sales Reach Seven-Month High Despite Economic Challenges

The U.S. housing market is showing signs of recovery, with existing home sales reaching a seven-month high in September, driven by falling mortgage rates and increased inventory.

The U.S. housing market may be on the path to recovery as existing home sales surged to a seven-month high in September. However, economists caution that ongoing economic uncertainties and a sluggish labor market could dampen the anticipated benefits from declining mortgage rates.

The National Association of Realtors (NAR) reported that home resales rose 1.5% last month, reaching a seasonally adjusted annual rate of 4.06 million units, the highest level since February. This increase was particularly pronounced in the upper segment of the housing market, where higher-income households have benefited from significant wealth gains attributed to a strong stock market.

“We expect existing home sales to move sideways through the end of this year and into early next before improving over the course of 2026 as mortgage rates fall further and the economy and labor market get back on firmer footing,” said Nancy Vanden Houten, lead U.S. economist at Oxford Economics.

The rise in home sales was largely driven by a decrease in mortgage rates, with the average 30-year fixed mortgage rate dropping to 6.27%, down from over 7% earlier this year. This reduction in borrowing costs has improved housing affordability, encouraging a wider range of buyers, including first-time homeowners, to enter the market.

Regional trends in home sales varied across the country. The Northeast, South, and West experienced stronger sales, while the Midwest saw a slight decline. Year-over-year, total home sales rose 4.1%, indicating steady recovery momentum, while the median home price increased by 2.1% to $415,200, marking a new record for September dating back to 1999.

“Affordability has improved from its worst levels but remains close to the unfavorable readings that have prevailed for the past few years,” noted Stephen Stanley, chief U.S. economist at Santander.

In addition to rising sales, housing inventory also showed positive signs, with the number of homes for sale increasing by 14% to 1.55 million units, the highest level since 2020. Despite this growth, inventory levels remain below pre-pandemic norms. Homes stayed on the market for an average of 33 days, and first-time buyers accounted for approximately 30% of purchases, slightly below the historical target of 40%.

Despite these positive developments, challenges persist. An uneven labor market, economic uncertainty related to import tariffs, and concerns over potential government shutdowns may temper future growth. Nevertheless, the combination of falling mortgage rates, increased inventory, and strong buyer demand suggests that the U.S. housing market is gradually stabilizing.

This rebound reflects a market that is adapting to changing economic conditions, where improvements in affordability are playing a crucial role in rekindling buyer interest and sustaining sales momentum as 2025 comes to a close.

Looking ahead, the trajectory of the housing market will likely hinge on the interplay between interest rates, inventory levels, and overall economic stability. Continued enhancements in affordability could further stimulate buyer participation, while any disruptions in employment or financial markets might hinder momentum.

Source: Original article

Silicon Valley’s Silence on H-1B Visas: Indian-American Perspectives

Silicon Valley leaders have largely refrained from commenting on the recent increase in H-1B visa fees, raising concerns about its impact on the tech industry.

Silicon Valley executives have remained notably silent regarding the recent hike in H-1B visa fees, a policy change that directly affects the tech industry, one of the most vulnerable sectors. As both startups and major tech firms grapple with increased costs associated with hiring international talent, the lack of public response from these influential leaders has raised eyebrows.

In stark contrast, smaller startups have been vocal about the ramifications of the H-1B fee increase, openly discussing how it has strained their already limited budgets. Many founders express that the heightened costs are forcing them to slow down hiring, rethink planned expansions, and in some cases, even consider relocating operations to countries with more favorable immigration policies. For these young companies, which heavily rely on skilled international talent, the fee increase poses a significant threat to their growth and innovation, making their concerns both immediate and urgent.

While the U.S. Chamber of Commerce has filed a legal challenge against the administration’s $100,000 fee on H-1B visa petitions, some Silicon Valley leaders have surprisingly welcomed the fee hike. Figures such as Netflix co-founder Reed Hastings, Nvidia CEO Jensen Huang, and OpenAI’s Sam Altman have expressed support, while others have chosen to remain silent. Tesla CEO Elon Musk, a long-time advocate for the H-1B program, has not publicly commented on the fee increase, leading to speculation about his silence, particularly following his recent fallout with former President Trump.

Atal Agarwal, founder and CEO of OpenSphere and LegalBridge, noted, “After the U.S. Chamber of Commerce lawsuit, I feel there is going to be more statement overall around this. The U.S. Chamber of Commerce usually consists of many different companies, so a joint lawsuit addresses that. Another point is – we all know the way Trump works. He is not happy with people or companies that retaliate. So, the real problem here is that companies do not want to go against him in isolation. But yes, everyone was expecting that the corporates would be more active and would issue more statements.”

In 2025, major tech companies such as Amazon, Microsoft, Apple, and Meta have significantly increased their reliance on H-1B visas, making them some of the largest sponsors of skilled foreign workers. Among these big players, JP Morgan has been one of the few to comment on the issue, while most others have opted for silence despite their growing dependence on the program. Agarwal added, “First of all, we have to realize that Silicon Valley consists broadly of two types of sectors – one, the really big tech companies that have a lot of money and often pay upwards of $300k per year to many H-1B employees. So, a $100k fee, while it bothers them, they know that they can absorb it. The other sector of Silicon Valley consists of founders who have raised VC capital or are in the early stages. These founders usually end up hiring their early employees, and often the founders themselves are immigrants who often end up using the O-1A pathway, so for them, the fee hike does not take any impact.”

JP Morgan CEO Jamie Dimon has been among the few industry leaders to directly address the H-1B fee hike, calling Trump’s $100,000 charge “something that came out of the blue.” He stated that the bank would be “engaging with stakeholders and policymakers” regarding the issue. In an interview with The Times of India, Dimon emphasized the importance of visas for a global firm like JP Morgan, saying, “For us, visas matter because we move people around globally – experts who get promoted to new jobs in different markets.” He also highlighted the broader implications, noting, “The challenge is that the US still needs to remain an attractive destination. My grandparents were Greek immigrants who never finished high school. America is an immigrant nation, and that’s part of its core strength.”

The approval figures underscore just how heavily these companies depend on international talent to fuel their growth. Data shared by Amanda Goodall on X indicates that Amazon Web Services led the way in 2025 with 10,044 H-1B approvals, nearly 800 more than the previous year. Microsoft and Meta followed closely with 5,189 and 5,123 approvals, both showing solid year-over-year gains. Apple also experienced an increase with 4,202 approvals, while JP Morgan Chase saw a sharp rise to 2,440, an increase of more than 700. Together, these numbers highlight a growing reliance on skilled workers from abroad, even as policy costs escalate.

Given these soaring approval numbers, the silence of most tech leaders is even more pronounced. Their companies are among the heaviest users of the H-1B program, yet they appear hesitant to speak out, possibly fearing political backlash or the risk of being blacklisted at a time when federal contracts and regulatory goodwill are crucial to their operations. For firms that depend heavily on Washington’s support—whether through infrastructure partnerships, AI research grants, or defense-related deals—the calculation may be that remaining quiet protects their interests, even if the policy directly undermines their hiring pipelines.

At the same time, if Silicon Valley giants choose to quietly accept the fee hike, they risk slowing down their hiring processes and narrowing their intake to only those skilled workers who can absorb the added costs. This selective hiring could disrupt revenue growth, stifle innovation, and ultimately harm competitiveness. Yet, despite these significant stakes, the industry’s most influential voices remain silent.

Are they working behind the scenes on a larger strategy? Will they press the Trump administration to reconsider, or simply move forward by absorbing the blow? If pressure mounts, could they follow the lead of smaller startups by relocating operations or relying more on remote talent, ironically at a time when many insist on returning to physical offices?

Source: Original article

Elon Musk Predicts AI Revolution Will Make Work Optional

Elon Musk envisions a future where advancements in artificial intelligence and robotics make traditional employment optional, allowing individuals to focus on personal growth and creative pursuits.

Elon Musk has reignited discussions about the future of work, proposing that advancements in artificial intelligence (AI) and robotics could render traditional employment optional. In a recent statement, Musk asserted that “AI and robots will replace all jobs,” painting a picture of a society where individuals are liberated from routine labor.

He compared this potential shift to the choice of growing one’s own vegetables instead of purchasing them from a store, highlighting the autonomy and freedom that such a future could provide. Musk’s vision suggests a world where technology not only enhances productivity but also enriches personal lives.

According to Musk, as machines take over repetitive tasks, people will have more opportunities to engage in creative endeavors, spend quality time with family and friends, and focus on personal development. He believes this transformation could lead to a “universal high income,” where financial security is decoupled from traditional employment and instead tied to the abundance generated by automation.

While Musk’s outlook is undeniably optimistic, it also prompts critical questions regarding the societal implications of such a dramatic shift. Transitioning to an AI-driven economy necessitates careful consideration of ethical AI development, equitable wealth distribution, and the preservation of human purpose and motivation.

As AI technology continues to advance, the dialogue surrounding its role in our lives and work becomes increasingly relevant. The potential for a future where work is optional raises important discussions about how society will adapt to these changes and what new structures will be necessary to support individuals in a world where traditional jobs may no longer exist.

In summary, Musk’s vision challenges us to rethink the relationship between work and personal fulfillment, suggesting that the future could be one where individuals are free to pursue their passions without the constraints of a conventional job.

Source: Original article

Elon Musk Defends $1 Trillion Pay Package Amid Advisory Firm Criticism

Elon Musk defended his proposed $1 trillion compensation package during a recent earnings call, criticizing advisory firms that oppose it and raising questions about corporate governance.

Tesla CEO Elon Musk recently faced backlash regarding his proposed $1 trillion compensation package, which he defended during an earnings call on Wednesday. Musk referred to two shareholder advisory firms that opposed the package as “corporate terrorists,” highlighting the contentious nature of the discussion.

According to reports from Bloomberg, Musk addressed the compensation proposal at the conclusion of Tesla’s earnings call. He emphasized the need for sufficient voting control to exert influence while also acknowledging the necessity for accountability, stating, “But not so much that I can’t be fired if I go insane.” His remarks came in response to one advisory firm’s “unmitigated concerns” about the pay plan.

The controversy surrounding Musk’s compensation began following a landmark 2024 ruling by a Delaware court that invalidated his original $56 billion pay package. The court determined that Tesla’s board of directors had failed to demonstrate the fairness of the plan, raising issues regarding the board’s independence and the approval process. Although shareholders initially approved the compensation, the court found that the board had not adequately negotiated or justified the package, leading to significant questions about corporate governance.

In light of the court’s decision, Tesla’s board awarded Musk an interim pay package valued at approximately $29 billion, which consists of 96 million shares. This interim package is contingent upon Musk maintaining a key executive role within the company, such as CEO. However, the situation escalated when, by late 2025, proxy advisory firms like Institutional Shareholder Services (ISS) and Glass Lewis recommended that shareholders vote against Musk’s proposed new $1 trillion pay package. Their objections were primarily based on the unprecedented size and structure of the compensation, which many perceived as excessive and misaligned with shareholder interests.

Tesla’s board has publicly disagreed with these advisory firms, urging shareholders to support Musk’s compensation plan. They argue that the package is designed to incentivize Musk to continue leading Tesla’s ambitious growth and innovation initiatives, underscoring the CEO’s critical role in maintaining the company’s market position.

This ongoing debate over Musk’s compensation has broader implications for corporate governance, executive pay standards, and investor confidence. It raises essential questions about the limits of executive rewards, the role of independent boards in negotiating compensation, and the influence of proxy advisory firms in corporate decision-making.

As of late 2025, Tesla’s stock price remains sensitive to these governance issues, reflecting the investor community’s close scrutiny of executive compensation practices. The controversy surrounding Musk’s pay package serves as a high-profile example of the challenges in balancing executive incentives with shareholder interests in today’s corporate landscape.

For Musk, this issue transcends mere financial compensation; it touches upon his leadership role and the broader question of the extent of power a CEO should wield. The legal challenges and shareholder opposition highlight the difficulties he faces in reconciling his ambitions with governance standards and investor expectations. Ultimately, the outcome of this controversy could significantly impact Musk’s future with Tesla, influencing his ability to lead and innovate. Furthermore, this debate may set a precedent for other high-profile CEOs navigating similar compensation disputes in the future.

Source: Original article

Meta Cuts 600 Jobs in AI Unit, Memo from Caio Alexandr Wang

Meta has announced the layoff of 600 employees from its artificial intelligence unit, as part of a restructuring effort aimed at optimizing resources and enhancing its AI strategy.

Meta is set to lay off 600 employees from its artificial intelligence (AI) unit, according to a report by CNBC. This decision was communicated in a memo from Chief AI Officer Alexandr Wang, who joined the company in June as part of Meta’s significant $14.3 billion investment in Scale AI.

The layoffs will affect employees across various segments of Meta’s AI infrastructure, including the Fundamental Artificial Intelligence Research (FAIR) unit and other product-related roles. Notably, employees within TBD Labs, which includes many of the top-tier AI hires brought on board this summer, will not be impacted by these cuts.

Sources indicate that the AI unit had become “bloated,” with different teams, such as FAIR and product-oriented groups, often competing for computing resources. Following the arrival of new hires tasked with establishing Superintelligence Labs, the existing oversized AI unit was inherited, prompting the need for these layoffs. This move is seen as a strategy to streamline operations and solidify Wang’s leadership in guiding Meta’s AI initiatives.

After the layoffs, the workforce at Meta’s Superintelligence Labs will be just under 3,000 employees. The company has informed some employees that their termination date will be November 21, and until that time, they will enter a “non-working notice period.” In a message viewed by CNBC, Meta stated, “During this time, your internal access will be removed and you do not need to do any additional work for Meta. You may use this time to search for another role at Meta.”

In addition to the layoffs in the AI unit, Meta has also reduced staff in its risk division due to advancements in the company’s internal technology. Michel Protti, Meta’s chief compliance and privacy officer of product, notified employees in the risk organization that the company has been transitioning from manual reviews to more automated processes. He noted that this shift has reduced the need for as many roles in certain areas, although he did not disclose the specific number of affected positions.

Protti emphasized that these changes are part of Meta’s broader strategy to invest in “building more global technical controls” over recent years, highlighting the significant progress made in risk management and compliance.

In recent months, Meta has made substantial investments in AI infrastructure and recruitment. The company recently entered into a $27 billion agreement with Blue Owl Capital to fund the Hyperion data center in Louisiana, further underscoring its commitment to advancing its AI capabilities.

As the tech landscape continues to evolve, Meta’s restructuring efforts reflect an ongoing focus on optimizing resources and enhancing its competitive edge in the AI sector.

Source: Original article

Google Streamlines Advertising Team Management to Enhance Efficiency

Google is restructuring its advertising team by flattening management layers to enhance efficiency and decision-making amid slowing growth and increased competition.

Google is taking significant steps to streamline its management structure within its U.S. advertising division, specifically the Google Customer Solutions (GCS) team. This decision, reported by Business Insider, was communicated to employees through a memo from Vice President John Nicoletti last month.

This restructuring is particularly noteworthy given that Google’s advertising business remains a critical source of revenue for the company. The move appears aimed at accelerating decision-making processes and reducing bureaucratic hurdles as the company faces intensified competition from AI-driven rivals. In an all-hands meeting held in August, Google leadership revealed that the number of managers overseeing small teams had been reduced by 35% compared to the previous year.

In his memo, Nicoletti outlined a key change: the elimination of the “Managers of Managers” (MoMs) layer across various teams. While the memo did not mention any layoffs, it indicated that affected employees would transition into other roles. The specific number of managerial positions being cut has not been disclosed.

“Unlocking our next stage of growth means building our team strategy and structure for the long term,” Nicoletti stated. A Google spokesperson confirmed the restructuring, emphasizing that the company is continually making adjustments to enhance efficiency, reduce layers, and better serve its customers.

Nicoletti elaborated that the changes in ad sales, set to take effect in January, are designed to empower teams by fostering agility in decision-making and ensuring that leadership remains closely connected to the work being done. This will involve a direct reporting structure where managers from select teams will become “heads of business,” reporting directly to directors without an intermediary management layer.

One specific area of change will occur within the mid-market sales group, where the role of account strategy management will be removed. This role previously acted as a barrier between account executives and managers, as well as the heads of business.

Additionally, Nicoletti announced plans to reopen account executive positions to bolster capacity for fostering deep customer partnerships. “One of the reasons that we’ve been so successful is that we’re outstanding at driving momentum through continuous change,” he noted. “This will be no different.”

Google’s decision to flatten its management structure mirrors similar moves made by other major companies, including Intel, Amazon, and Microsoft, all of which have sought to improve operational efficiency by reducing management layers.

While the GCS division is the primary focus of the memo, it is important to note that it is not the only team involved in ad sales. Google also operates teams dedicated to Large Customer Sales (LCS), which cater to the company’s largest and most complex clients.

As Google navigates these changes, the emphasis on agility and efficiency in its advertising division reflects broader trends in the tech industry, where companies are increasingly prioritizing streamlined operations to maintain competitiveness.

Source: Original article

Target Announces Major Layoff, Cutting Over 1,500 Jobs

Target has announced plans to eliminate 1,800 corporate jobs as part of a strategy to simplify operations and address declining sales amid increased competition.

Retail giant Target is facing significant challenges as it announced on Thursday that it will cut 1,800 corporate jobs. This decision, revealed by incoming CEO Michael Fiddelke, aims to reignite growth after nearly four years of stagnant sales.

The layoffs will affect approximately 1,000 current employees and involve the closure of 800 vacant positions, representing about 8% of the company’s global corporate workforce. This restructuring is part of a broader strategy to simplify operations, accelerate growth, and tackle ongoing issues such as declining sales, inventory challenges, and heightened competition from rivals like Walmart and Amazon.

In a memo sent to employees at Target’s headquarters, Fiddelke emphasized the need for urgent changes, stating, “The truth is, the complexity we’ve created over time has been holding us back. Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.”

According to a company spokesman, affected employees will receive pay and benefits until January 3, 2026, along with severance packages. The layoffs will focus solely on corporate positions, leaving store-level employees and supply chain staff unaffected. Target has assured that this restructuring is intended to reduce organizational complexity, eliminate overlapping responsibilities, and enhance decision-making and innovation.

This announcement comes on the heels of 11 consecutive quarters of weak or declining comparable sales. The slowdown has been attributed to soft demand for discretionary goods, including apparel and electronics. Despite these challenges, the company has maintained its annual forecasts after previously issuing a downgrade in May.

Following the news of the layoffs, Target’s stock saw a modest increase, reflecting investor optimism that the operational streamlining will help the company regain efficiency, competitiveness, and long-term profitability.

This development underscores the increasing pressure on major retailers to adapt swiftly to changing consumer behavior, economic uncertainty, and global market competition. It highlights the role of corporate restructuring as a vital tool for sustaining business performance in a challenging retail landscape.

Moreover, this move illustrates the broader challenges within the retail industry, such as weak demand for discretionary items, evolving consumer preferences, and intensified competition from rivals like Walmart and Amazon. Maintaining annual forecasts despite consecutive quarters of weak sales indicates that Target is striving to balance operational restructuring with ongoing business performance, aiming to reassure investors and the market about its long-term prospects.

Source: Original article

Alaska Airlines Grounds Flights Nationwide Following Major Technical Outage

Alaska Airlines has resumed operations following a nationwide IT outage that caused significant flight cancellations and disruptions, showcasing the airline’s resilience and commitment to customer service.

Alaska Airlines is back in operation after a significant technical issue prompted a nationwide ground stop. The Seattle-based airline, which also operates Horizon Air and Hawaiian Airlines, announced via social media at 3:24 a.m. ET on Friday that it had restored operations following the outage.

Founded in 1932 as McGee Airways, Alaska Airlines is headquartered in SeaTac, Washington, and has grown to become the fifth-largest airline in North America. The airline operates a fleet of 328 aircraft, including Boeing 737s and Embraer 175s, and serves 128 destinations across the U.S., Canada, Mexico, and Costa Rica. Major hubs include Seattle/Tacoma, Los Angeles, San Francisco, Portland, San Diego, and Anchorage. Alaska Airlines also offers the Atmos Rewards loyalty program, which allows frequent flyers to earn miles efficiently.

In 2024, Alaska Airlines expanded its operations by acquiring Hawaiian Airlines, further enhancing its reach across the Pacific. Despite recent operational challenges, including the October IT outage that temporarily grounded all flights, the airline has been recognized for its exceptional service. It earned the 2026 APEX Five Star Major Airline award for cabin comfort, service, and inflight amenities.

The ground stop was lifted at 11:30 p.m. Pacific time, with the airline stating that it was working diligently to restore operations as quickly and safely as possible. Alaska Airlines reported over 229 flight cancellations due to the outage and warned that additional disruptions were likely as the airline repositioned aircraft and crews throughout its network.

“We appreciate the patience of our guests whose travel plans have been disrupted,” the airline stated. “We’re working to get them to their destinations as quickly as we can. Before heading to the airport, we encourage flyers to check their flight status. A flexible travel policy is in place to support guests as operations return to normal following the IT outage.”

This incident underscores the heavy reliance of modern airlines on technology to manage complex operations. Even a brief system outage can lead to widespread disruptions, affecting passengers, crew schedules, and overall airport logistics. It highlights the importance of preparedness, quick response, and clear communication in minimizing the impact of unforeseen events.

Alaska Airlines’ efforts to restore operations and support affected travelers demonstrate its resilience and adaptability. Maintaining safety, service quality, and customer trust during unexpected challenges is a core priority for any major carrier. Events like this serve as a reminder to travelers and the industry of the critical role technology plays in aviation and the necessity for robust contingency planning.

The outage also illustrates the broader ripple effects such disruptions can have on the aviation industry. Delays and cancellations at a major carrier like Alaska Airlines can impact connecting flights, airport operations, and even other airlines that share codeshare agreements or utilize the same hubs. While technology enables efficiency and convenience, it also introduces vulnerabilities that necessitate constant monitoring, robust backup systems, and coordinated responses across the network to minimize passenger inconvenience and maintain overall operational stability.

Such incidents highlight the need for airlines to maintain strong contingency plans, effective communication strategies, and rapid response capabilities to ensure safety, minimize delays, and protect customer trust. They serve as a reminder that while technology facilitates efficiency and convenience, it also requires ongoing investment in resilience and adaptability.

Source: Original article

Sandesh Sharda Mentors Indian Entrepreneurs on Zee TV’s Ideabaaz

Indian American entrepreneur Sandesh Sharda joins the startup reality show Ideabaaz as a judge, mentoring aspiring entrepreneurs and spotlighting innovative solutions to everyday problems.

Indian American entrepreneur and philanthropist Sandesh Sharda is set to make his mark on the startup reality show Ideabaaz, which premieres on October 25. Sharda, known for his focus on startups that address real-world challenges with practical solutions, joins the show as a judge.

Viewers in India can catch the show on Zee TV, while audiences in the United States can tune in via the streaming platform Zee5. Ideabaaz aims to provide a platform for innovative ideas and constructive feedback, helping budding entrepreneurs refine and scale their ventures. The show will be available in eight Indian languages, making it accessible to a diverse audience. More information about the show can be found at ideabaaz.co.in.

In an exclusive interview with The American Bazaar, Sharda expressed his enthusiasm for Ideabaaz and its potential to connect the Indian and American startup ecosystems. Based in the Washington, DC area, Sharda is the founder and CEO of Miracle Systems, a federal government contracting firm he sold to Renovus in the spring of 2023. Under his leadership, Miracle Systems secured over $2.6 billion in government contracts.

“Indian entrepreneurs today are highly innovative and eager to scale ideas that solve real-world problems,” Sharda noted, highlighting the booming startup ecosystem in India. He pointed out that founders are exploring opportunities across various sectors, including technology, fintech, health, logistics, and the gig economy.

Sharda believes his experience as an Indian American entrepreneur allows him to offer a unique perspective to these startups. “Having worked across markets in India and the U.S., I can guide founders on global best practices, investor expectations, and how to refine their ideas for broader impact,” he explained.

As a co-founder of the Indian American Business Impact Group (IAMBIG), a platform for business owners and C-suite leaders, Sharda emphasized how Ideabaaz distinguishes itself within India’s rapidly evolving startup culture. In the interview, he shared insights into his involvement with the show and his vision for supporting young entrepreneurs.

“I love Shark Tank in the U.S.,” Sharda said, reflecting on his inspiration for joining Ideabaaz. “When I watched Shark Tank India, I felt that the startups were not treated fairly. They were ridiculed, and I felt sad for them. The purpose of these shows should be to provide guidance and support.”

Sharda reached out to Dr. Subhash Chandra, Chairman Emeritus of Zee, proposing a collaboration that would focus on encouraging startups rather than discouraging them. “We are giving them guidance, funding, and mentorship,” he stated. “Even if a startup does not have potential, we can provide valid reasons for our decisions and advice on how to attract investments.”

Reflecting on his professional journey, Sharda noted the significant talent present in India, with many Indian Americans leading major corporations globally. He believes that if these individuals can excel in large companies, they can also build their own successful ventures. “India has the talent and innovation,” he said. “The ecosystem is now more supportive of startups than it was 30 years ago, and I want to help nurture that.”

Sharda described his experience on the show as overwhelmingly positive. He met passionate entrepreneurs eager to succeed and found that the judges collaborated effectively. “We were not fighting with each other; we were encouraging and guiding each other,” he said. “If a startup wins, the nation wins. One startup can create hundreds or thousands of jobs.”

Without revealing too much about the upcoming episodes, Sharda mentioned several startups he found particularly interesting. One such venture involves installing printing kiosks, which he believes addresses a significant need in India, where many essential documents still require physical copies. “These kiosks can be placed in universities, courts, and other locations,” he explained. “You just scan a QR code, pay, and print.”

Another startup he invested in is Timbuktu, a Bangalore-based company that assists gig workers, particularly college students, in finding part-time jobs in logistics and delivery. Sharda also backed Blip, an app designed to simplify valet parking in busy urban areas.

Sharda emphasized that Ideabaaz is a unique platform that fosters positivity and encouragement. “Unlike Shark Tank, which has a negative connotation, our show is about ideas,” he said. “No idea is inherently good or bad until it is pitched. We provide constructive feedback, ensuring that every entrepreneur leaves with guidance and motivation.”

He noted a significant trend among the startups featured on the show, with many focusing on wellness products, including chemical-free cosmetics and healthier food alternatives. “Wellness-based products were strong themes among the founders who came to the show,” he observed.

As the premiere of Ideabaaz approaches, Sharda’s commitment to mentoring the next generation of entrepreneurs is evident. He is excited about the potential impact of the show and looks forward to its future seasons.

Source: Original article

Double Play Highlights Indian-American Community Along the Red Line

Rajesh C. Oza’s debut novel, ‘Double Play on the Red Line,’ explores themes of racial injustice and friendship against the backdrop of baseball and immigration experiences.

Authors, particularly those embarking on their first literary journey, often draw inspiration from their own lives, resulting in works that reflect autobiographical elements. Rajesh C. Oza, whose debut novel, ‘Double Play on the Red Line,’ was released this month, embodies this trend. Born in Mumbai in 1960, Oza’s life has spanned multiple cultures, having moved to Canada at the age of six, then to Evanston, a suburb of Chicago, at nine, and finally settling in California in the 1980s.

‘Double Play on the Red Line’ is a work of historical fiction that tells the poignant story of Ernie, a Black man wrongfully convicted of murder, and his friend Ratan, an Indian immigrant professor determined to uncover the truth behind the crime.

The title of the novel references both baseball, a central theme in the narrative, and Chicago’s public transportation system. Published by Third World Press, a Chicago-based publisher known for its focus on Black and African-centered literature since 1967, the book delves into the complexities of race, identity, and belonging.

As the plot unfolds, readers are confronted with various anthropological realities that bridge the East and West, including issues of racism, colorism, caste, immigration, and misplaced nationalism. Oza views both India and America, represented through his protagonists, as flawed yet endearing nations. “They’re forever projects,” he remarked in an interview.

The friendship between Ernie and Ratan prompts reflection on racial harmony, particularly the dynamics of mixed-race friendships, which remain relatively uncommon, especially between Black and brown men. The novel’s epicenter, Wrigley Field, a renowned baseball stadium in Chicago, serves as the backdrop for the crime that derails Ernie’s promising baseball career.

For Oza, Wrigley Field symbolizes the duality of the American experience—its pastoral beauty and community spirit juxtaposed with the harsh realities of racism. “It represents all that is great about America,” he stated, “and, in equal measure, that which is toxic about America.”

Oza’s early experiences with immigration have significantly shaped his writing. He recalls his initial move to Canada, where he was one of the few people of color in his classroom. “When we moved to Evanston, the classroom was 60% white, 39% Black, one Hispanic guy, and one Indian (Raj himself); that really informed my sense of what this character (Ratan) is about,” he explained. “He’s trying to make sense of this American world… since I was nine years old, I’ve been trying to make sense of this.”

At 65, Oza continues to grapple with issues of racial inequity and social justice, viewing his novel as a significant part of his ongoing quest for understanding. The inspiration for the plot emerged from ‘The Innocence Project,’ a journalism initiative his daughter Anupama participated in during her undergraduate studies at Northwestern University 18 years ago.

Oza also draws inspiration from the works of Satyajit Ray, who famously asserted that his films feature no villains, only complex human characters. “I’ve tried to carry that spirit in my novel,” he noted. Outside of the American social justice system, which serves as the primary antagonist in his narrative, Oza emphasizes that there are no clear heroes or villains in the story.

Among the authors who have influenced Oza are Saul Bellow, with whom he shares connections to Canada and Chicago, as well as R.K. Narayan and contemporary writers like Salman Rushdie and Jhumpa Lahiri, who articulate the Indian experience beyond India. The interplay of these influences enriches the narrative of ‘Double Play on the Red Line,’ making it a compelling exploration of identity and justice.

Source: Original article

India and US Trade Deal Approaches Finalization with Tariff Reductions

India and the United States are nearing a significant trade agreement that promises to drastically reduce tariffs and enhance energy cooperation between the two nations.

India and the United States are on the brink of finalizing a landmark trade agreement that could significantly reshape their bilateral economic relations. This deal is anticipated to result in a substantial reduction in import tariffs on Indian goods, potentially lowering rates to approximately 15–16%, a dramatic decrease from the current average of around 50%.

Central to the ongoing negotiations are energy and agricultural trade, which have emerged as key components of the agreement. India is reportedly considering scaling back its imports of discounted Russian crude oil in exchange for improved access to U.S. agricultural products, including non-genetically modified corn and soymeal. Currently, nearly one-third of India’s crude oil is sourced from Russia, making this potential shift a noteworthy change in its energy strategy.

Both nations are working towards establishing a dynamic framework that would allow for regular reviews of tariff structures and market access terms. The agreement is expected to be officially announced during a high-level summit between India’s Prime Minister and the U.S. President in the coming weeks.

Analysts suggest that the renewed U.S. interest in strengthening trade ties with India is largely driven by increasing competition with China, particularly within agricultural and manufacturing supply chains. However, despite the optimism surrounding the negotiations, discussions regarding sensitive sectors such as dairy, digital commerce, and intellectual property continue to pose challenges.

Experts indicate that domestic political considerations in both countries could play a significant role in shaping the final agreement. Nevertheless, the trade deal is widely regarded as a crucial step toward reinforcing strategic and economic cooperation between the two largest democracies in the world.

Source: Original article

Fed Rate Decisions Face Challenges Amid Government Shutdown and Economic Uncertainty

The ongoing U.S. government shutdown is complicating the Federal Reserve’s monetary policy decisions, creating significant economic uncertainty as key data becomes unavailable.

The ongoing U.S. government shutdown has created substantial challenges for the Federal Reserve as it navigates one of its most difficult monetary policy environments in years. With federal agencies either closed or operating at reduced capacity, crucial data on employment and inflation—typically relied upon by the Fed to guide interest-rate decisions—has been delayed.

Economists are warning that the absence of this “gold-standard” data may force the Fed to reconsider or postpone any further rate cuts, even as signs of a weakening labor market indicate increasing economic vulnerability. A prolonged shutdown could further exacerbate risks to economic growth, with slower hiring, diminished investor confidence, and reduced fiscal visibility all weighing heavily on the Fed’s policy calculations.

In the past, the Federal Reserve could depend on official statistics to inform its decisions. However, the current shutdown has left the central bank navigating through a fog of uncertainty. While private data sources are available, they are often less comprehensive and considered less reliable than government statistics. This combination of data gaps and economic fragility places the Fed under pressure to find a delicate balance between fostering growth and controlling inflation.

Analysts caution that if the shutdown continues, the already complex task faced by the Federal Reserve will become even more challenging. This situation could limit the Fed’s flexibility in responding to emerging economic threats and render its forward guidance more opaque for market participants.

As the shutdown persists, the implications for monetary policy and economic stability remain uncertain, highlighting the interconnectedness of government operations and economic health.

Source: Original article

Challenges of Home Ownership for Hayward Residents, Including Indian-Americans

Home ownership in Hayward is increasingly challenging due to high costs, limited supply, and rising expenses, leaving many residents struggling to maintain their homes and achieve the American dream.

Home ownership has long been regarded as a cornerstone of the American dream, yet in cities like Hayward, California, this aspiration is becoming increasingly difficult to achieve. High mortgage rates, escalating homeowners association (HOA) fees, rising utility costs, and stagnant incomes are severely hampering residents’ ability to purchase and retain homes in the Bay Area, often referred to as the “Heart of the Bay.”

On October 14, American Community Media convened a briefing that brought together housing advocacy groups, local government officials, and industry experts to address the myriad challenges faced by small property owners in securing and maintaining their properties.

California State Senator Aisha Wahab, a Hayward resident, highlighted the stark disparity between housing demand and supply. “In 2023, we developed a little over 100,000 units in California. The need is close to 2.5 million units,” she stated. This significant shortfall places Bay Area residents at a disadvantage, particularly those aspiring to become homeowners in a region where the cost of living is notably high.

Property owners are experiencing varying degrees of difficulty in this challenging market. Larger corporate landlords and leasing companies wield considerable bargaining power, which often results in smaller “mom-and-pop” property owners being priced out. These smaller owners, who typically manage fewer than four properties, find it increasingly challenging to compete with the lower rents offered by corporate entities, leading many to relinquish their properties.

Derek Barnes, CEO of the East Bay Rental Housing Association (EBRHA), a nonprofit organization that advocates for rental property owners and managers in the East Bay, echoed Wahab’s concerns. “The sentiment from about 34% of our smaller owner-operators — who own four or fewer units — was that they are looking to leave the business over the next 24 months,” he noted.

Compounding the issue is the lack of a clear classification system that distinguishes smaller property owners from larger ones. This absence of transparency makes it difficult for lawmakers to develop policies aimed at protecting smaller property owners from the predatory practices of corporate landlords. “Every single effort [to legislate for this issue] at the state level has been killed by the special interest groups,” Wahab asserted. “I want to be very clear about transparency and accountability: there is none!”

The hidden costs associated with home ownership further complicate the situation. Mizgon Zahir, a second-generation Afghan-American who grew up in Hayward, shared her personal experience. After living in a rented home as a single mother of two, she and her partner combined their resources to purchase a home. However, she continues to feel anxious about their financial stability. “We’re constantly under pressure if, for example, my health fails, or he loses his job, or something happens to my job, what will happen to the family dynamic, and will we have to go back to renting?” Zahir expressed. “It won’t just be myself and my partner who will be displaced, but it will be the children who also rely on us because they can’t afford to rent either.”

Many homeowners in Hayward share Zahir’s fears, as they face the threat of losing the homes they have worked hard to acquire. Gina Di Giusto, a Senior Attorney at Housing and Economic Rights Advocates (HERA), a nonprofit organization that provides legal support to vulnerable homeowners, pointed out that many prospective homeowners are unaware of the full scope of costs associated with home ownership. Beyond down payments and mortgage payments, homeowners must also navigate unpredictable increases in HOA dues and sudden hikes in property taxes due to home improvements or local measures.

“Utilities are expensive, homeowners’ insurance is increasingly unaffordable… and then you have all sorts of unpredictable things that happen day-to-day,” Di Giusto warned.

Di Giusto believes that the current struggles surrounding home ownership and the rising cost of living will have lasting implications for younger generations. “I think that a lot of young people feel like their incomes will never be able to support being able to be a homeowner themselves,” she said. Many young individuals are still living at home, witnessing the financial burdens their parents and grandparents face in order to maintain their family homes, which may dampen their desire to pursue home ownership.

Nancy Rivera, co-founder and Executive Director of A1 Community Housing Services (CHS), an organization dedicated to providing counseling services to prospective homebuyers and homeowners, noted that the high costs of home ownership have led to a growing trend of multiple families pooling their resources to qualify for mortgages. She observed that many Hayward residents are relocating to more affordable cities like Modesto and Stockton, as Hayward is increasingly viewed as an unaffordable option.

Rivera encourages prospective homebuyers to seek housing counseling through organizations like A1 CHS or HERA to make informed decisions before investing in the housing market. A1 CHS, for instance, offers an intensive eight-hour workshop on the home purchasing process and strategies for preserving ownership. “You want to take the course today, because you want to understand if home ownership is right for you, not when you’re closing [on the deal],” she advised. “It’s always a first step to really understand whether home ownership is right for someone, because home ownership is not for everyone.”

This article was written with support from the American Community Media Fellowship Program.

Source: Original article

Letter AI Raises Over $10 Million Amid Rapid Customer Growth

Letter AI has raised $10.6 million in Series A funding to enhance its AI-driven platform, which has seen its customer base grow fifteenfold over the past year.

Letter AI has successfully secured $10.6 million in Series A funding aimed at expanding its innovative AI-driven platform. This platform is designed to assist revenue teams in improving their performance through smarter content, personalized training, and real-time coaching tools.

The funding round was spearheaded by Stage 2 Capital, with additional support from Lightbank, Y Combinator, Formus, Northwestern Mutual Future Ventures, Mangusta, and several other investors.

As part of this investment deal, Mark Roberge, co-founder and managing director at Stage 2 Capital and the founding Chief Revenue Officer of HubSpot, will join Letter AI’s board of directors.

In a blog post announcing the funding, Letter AI revealed that its customer base has expanded an impressive fifteenfold over the past year. Major clients such as Lenovo, Adobe, Novo Nordisk, Plaid, Zip, Kong, and SolarWinds have adopted the platform to enhance their sales enablement strategies.

Reflecting on the past year, the company emphasized its mission to help go-to-market teams accelerate their processes and close deals more effectively. Two years ago, Letter AI launched its AI-native sales training and coaching platform, which features advanced roleplays and tailored learning paths. This offering quickly gained traction among customers.

Building on this success, the startup has introduced an AI-powered content hub that allows revenue teams to create, manage, and share materials more efficiently. The platform now includes features such as automated tagging, metadata management, translations, and content generation, all enhanced by personalized AI agents that can surface information instantly across platforms like Slack, Microsoft Teams, and the app itself.

Additionally, Letter AI has rolled out interactive sales rooms equipped with embedded AI agents to maintain buyer engagement throughout the deal process. The company has also implemented RFP automation capable of responding to over 80% of inquiries, saving teams hundreds of hours in the process. Currently, its tools support more than 20 languages, highlighting its commitment to global scalability.

Looking to the future, Letter AI aims to redefine sales enablement by transforming it from a passive process into one that is proactive, personalized, and fast-moving, all powered by a single, AI-native platform.

“When we speak with enablement leaders and CROs about their biggest pain points before using Letter AI, we consistently hear the same challenges: enablement is reactive, generic, and slow. To put it more simply, enablement is passive. We are on a mission to make enablement active—that is, proactive, personalized, and high velocity. All delivered in a unified, deeply integrated platform—not dozens of point solutions that fail to communicate with each other,” the company stated in their blog post.

Letter AI was founded by Ali Akhtar and Armen Forget, who bring extensive experience from leading roles in product and engineering at companies such as Samsara, McKinsey, and project44.

Source: Original article

Blackstone and TPG to Acquire Hologic for Over $18 Billion

Private equity firms Blackstone and TPG have announced their acquisition of medical diagnostics company Hologic for $18.3 billion, marking a significant milestone in the healthcare sector.

Medical diagnostics firm Hologic is poised for a major transition as private equity giants Blackstone and TPG have announced their intention to acquire the company for $18.3 billion, including debt. This deal represents the largest acquisition in the medical device sector in nearly two decades.

The agreement stipulates that Blackstone and TPG will pay $76 per share in cash for all outstanding shares of Hologic, reflecting a nearly 6% premium over the stock’s last closing price.

Headquartered in Marlborough, Massachusetts, Hologic, Inc. is a prominent American medical technology company established in 1985. The firm specializes in developing advanced diagnostic products, medical imaging systems, and surgical instruments, with a particular focus on women’s health.

Hologic is especially recognized for its innovations in breast cancer detection, utilizing cutting-edge imaging technology and artificial intelligence to enhance patient outcomes.

Blackstone Inc. and TPG Inc. are among the largest and most influential private equity and investment firms globally. Founded in 1985 and based in New York City, Blackstone specializes in alternative asset management, encompassing private equity, real estate, credit, and hedge funds. With billions of dollars under management, Blackstone invests across a diverse array of industries worldwide, concentrating on value creation and long-term growth.

TPG, established in 1992 and headquartered in Fort Worth, Texas, is a leading global alternative asset manager with a varied portfolio that includes private equity, growth capital, real estate, and credit. The firm emphasizes partnerships with companies to foster operational improvements and innovation.

Both Blackstone and TPG possess extensive experience in investing within the healthcare, technology, and industrial sectors. Their collaboration to acquire Hologic underscores their commitment to supporting innovative firms that are well-positioned for growth and industry leadership.

In addition to the cash offer, shareholders will receive a non-tradable contingent value right of up to $3 per share, contingent upon Hologic achieving revenue targets in its Breast Health business for fiscal years 2026 and 2027. This provision brings the total potential payout to $79 per share.

BTIG analyst Ryan Zimmerman commented on the deal, stating that the offer appears “fair for all parties.” He added, “We view this as generally positive for the medtech sector as it adds to the pool of acquirers but also will result in stronger businesses if/when they re-emerge as public assets.”

The acquisition of Hologic by Blackstone and TPG marks a pivotal moment in the medical technology landscape, reflecting a growing investor confidence in healthcare innovation and diagnostic advancements.

For Hologic, being acquired by two of the world’s leading private equity firms presents an opportunity to accelerate growth and innovation away from the pressures of public markets. The substantial experience and resources that Blackstone and TPG bring could facilitate Hologic’s expansion of product offerings and global reach. The inclusion of contingent value rights tied to future revenue targets indicates a shared commitment to the company’s long-term success.

From a broader industry perspective, this transaction highlights the increasing interest of private equity in the healthcare sector, driven by its resilience and potential for transformative innovation. For investors and stakeholders, this deal presents a positive outlook, suggesting that stronger, more focused companies will emerge in the aftermath of the acquisition.

Source: Original article

Google and Anthropic Discuss Multibillion-Dollar Cloud Partnership

Anthropic is negotiating a multibillion-dollar cloud computing deal with Google, potentially enhancing its AI capabilities significantly.

Anthropic is currently in discussions with Google regarding a substantial deal that would provide the artificial intelligence company with additional computing power valued in the high tens of billions of dollars. This agreement, which remains in the preliminary stages, would see Google supplying Anthropic with cloud computing services.

As part of the arrangement, Anthropic would gain access to Google’s tensor processing units (TPUs), specialized chips designed to accelerate machine learning workloads. This information comes from a Bloomberg report citing sources familiar with the negotiations. Notably, Google has previously invested in Anthropic and has served as a cloud provider for the company.

The talks are still in their early phases, and the specifics of the deal may evolve as discussions progress. Following the news, Google’s shares saw an increase of up to 2.3% after the market opened in New York on Wednesday. In contrast, Amazon.com, another investor and cloud provider for Anthropic, experienced a decline of approximately 1.5%.

Founded in 2021 by former OpenAI employees, Anthropic is recognized for its Claude family of large language models, which compete directly with OpenAI’s GPT models. Recently, the company engaged in early funding discussions with Abu Dhabi-based investment firm MGX, shortly after completing a significant $13 billion funding round.

This funding round was co-led by prominent firms including Iconiq, Fidelity Management & Research Company, and Lightspeed Venture Partners. Other notable investors included Altimeter, Baillie Gifford, BlackRock, Blackstone, Coatue, D1 Capital Partners, Insight Partners, and the Ontario Teachers’ Pension Plan, as well as the Qatar Investment Authority.

Google has previously invested around $3 billion in Anthropic, which the company indicated would be used to enhance its capacity to meet growing enterprise demand and support its international expansion efforts.

Anthropic is projecting significant growth, with expectations to more than double, and potentially nearly triple, its annualized revenue run rate in the coming year. This growth is driven by the rapid adoption of its enterprise products. According to a report by Reuters, the company is on track to achieve an internal goal of reaching a $9 billion annual revenue run rate by the end of 2025.

Amazon, which competes with Google in the cloud services sector, has also invested billions in Anthropic and has provided computing resources to the company. However, Amazon’s cloud division, AWS, recently experienced a significant outage lasting 15 hours, which affected over 1,000 customers. This incident caused errors and latency across various cloud service endpoints, disrupting operations for companies such as Snapchat, United Airlines, and the cryptocurrency exchange Coinbase.

In response to the potential Anthropic-Google Cloud deal, Amazon’s stock fell by 1.6% in after-hours trading.

Source: Original article

BIGGEST SDB CORPORATE COMPLEX STRUGGLING!

India is proud about its Surat Diamond Bourse (SDB) a diamond trade centre located in DREAM City, Surat, Gujarat, India, designed by the architecture firm Morphogenesis. It is the world’s largest office complex, spanning 660,000 square metres (7,100,000 sq ft), and also the world’s largest office building.

With over 4,500 networked offices and more than 67 lakh square feet of floor area, the Surat Diamond Bourse (SDB) is the largest interconnected building in the world, located in Khajod village near Surat city. The office block is the largest customs clearing house in the nation and is even larger than the US Pentagon.

The SDB was planned with the intention of expanding the diamond-trading activities from Mumbai to Surat. Designed by the Delhi-based architecture firm Morphogenesis, SDB has been built on an area of 66 lakh square feet at DREAM (Diamond Research and Mercantile) city. Morphogenesis has claimed it to be “bigger than the biggest office space in the world, The Pentagon in the US”.
SDB was inaugurated by Prime Minister Narendra Modi last year in December. It has a capacity of about 4,200 offices ranging from 300 square feet to 7,500 square feet each. The bourse has nine towers — each with ground plus 15 floors.The SDB aims to offer a one-stop shop starting from rough and polished diamonds, certification laboratories, retail outlets covering a comprehensive ecosystem of all aspects of the diamond trader.
The SDB also hosts 27 retail outlets of diamond jewellery who are nationally and internationally renowned. Apart from this, importance has been given in safety and security aspects.
The SDB already has permission to open customs houses and some banks have also shown interest in opening their branches to ensure better facilities.
Meanwhile, DREAM City, a greenfield project by the Gujarat Infrastructure Development Board (GIDB), is spread on 700 hectares at Khajod on Surat’s outskirts. Once complete, it will have all the social infrastructure like schools, hospitals, hotels, dining spaces, entertainment zones, Information Technology offices!
The latest blow has come in the form of unprecedented tariffs imposed by the Donald Trump-led US administration. Experts say that the tariff hike is reported to be hurting not just Surat’s famed diamond industry but India’s overall $32-billion gems and jewellery export market.
Hope SDB with Government initiatives will fetch innovative offers to attract more business, toake SDB great as envisioned!

India and U.S. Seek Trade Breakthrough Amid Tariff Disputes

India and the United States must navigate their trade relationship to avoid unnecessary tariffs and foster a mutually beneficial partnership, especially in light of recent economic developments.

In the evolving landscape of international trade, the relationship between India and the United States is at a critical juncture. As both nations seek to bolster their economies, the need for a fair and balanced trade agreement has never been more pressing.

Reflecting on my personal experience from 25 years ago, I recall attempting to send my seven-year-old used car to India as a gift for my parents. Upon learning that the customs duty would amount to approximately 100%, I quickly abandoned the idea. At that time, such protective measures were understandable, given India’s economic climate. However, the situation has changed dramatically, as India is now recognized as the fastest-growing major economy, expanding at a remarkable rate of 6.5%.

In this context, it is essential to consider the fairness of trade practices. I find myself in agreement with former President Trump’s assertion that trade should not be a one-sided affair. His efforts to level the playing field are commendable, and it is crucial for India to respond appropriately.

Countries such as the European Union, Japan, and South Korea have successfully negotiated compromise tariff rates around 15%. It raises the question: why can’t India, under the leadership of Piyush Goyal, achieve similar results? India had the opportunity to be among the first nations to sign a comprehensive trade deal, yet it appears that Goyal’s team may have missed a significant opportunity by rejecting a deal that was reportedly on the table. This decision could prove to be a costly mistake.

In light of these developments, it may be time for a change in leadership regarding trade negotiations. Prime Minister Modi’s direct involvement could provide the necessary clarity and urgency to rectify the current situation. Modi has established a strong rapport with President Trump over the past eight to nine years, highlighted by memorable moments such as their joint appearance at the “Howdy Modi” rally in Houston and Trump’s warm reception in Ahmedabad in 2020.

The strategic partnerships that have developed between the two nations in defense, space, and other sectors should not be jeopardized over a few percentage points in a trade deal. Such a stance would be short-sighted and detrimental to both countries’ interests.

The recent imposition of tariffs on Russian oil can be viewed as a consequence of the dissatisfaction stemming from the stalled trade negotiations. Had a deal been finalized earlier, it is likely that such measures would not have been enacted so overtly. Additionally, the apparent warming of relations between India and Pakistan could complicate matters further.

India, under Prime Minister Modi’s leadership, has made significant strides and is well-positioned to enhance its global standing. The United States, particularly under Trump’s administration, has also shown resilience and strength. This moment presents an opportunity to restore and even strengthen the bilateral relationship. It is crucial not to squander this chance. If the U.S. were to finalize a trade agreement with China before India, it would leave a lasting impression and be viewed as a missed opportunity.

To those in the Indian American community, such as Shashi Tharoor, it is important to recognize that while we are part of the Indian diaspora, our primary identity is as Americans. We must advocate for our interests and encourage India to take the necessary steps to facilitate a successful trade agreement. Placing the burden solely on the shoulders of the diaspora is not a prudent approach.

This issue transcends individual interests; it is fundamentally about fairness in trade. As we look to the future, it is imperative that both India and the United States work together to create a balanced and equitable trade framework that benefits both nations and their citizens.

Source: Original article

Department of Energy Cancels $700 Million Manufacturing Grant Program

The Department of Energy has announced the cancellation of $720 million in manufacturing grants aimed at supporting battery material production and recycling efforts.

The Department of Energy (DOE) has confirmed the cancellation of $720 million in manufacturing grants, a decision that impacts companies involved in producing battery materials, recycling lithium-ion batteries, and manufacturing super-insulating windows.

The funding for these grants was authorized by Congress as part of the Bipartisan Infrastructure Law, which was enacted in 2021. Most of the grants were awarded in 2023 and 2024. The Trump administration previously used grants awarded between Election Day and Inauguration Day as a basis for canceling certain awards.

Energy Secretary Chris Wright has been reviewing contracts established during the Biden administration. The DOE has stated that the projects associated with these grants “missed milestones” and “did not adequately advance the nation’s energy needs.”

According to the DOE, the $720 million in grants includes funding awarded to several battery companies, including Ascend Elements, American Battery Technology Co., Anovion, and ICL Specialty Products, as well as the glass manufacturer LuxWall.

Ascend Elements has been developing a recycling technology designed to convert manufacturing waste and end-of-life batteries into materials necessary for domestic lithium-ion battery production. In October 2022, the company was awarded $316 million toward a $1 billion facility in Kentucky. Federal records indicate that $206 million has already been disbursed to Ascend Elements. The company has stated it will continue with its plans using alternative funding sources to cover any financial shortfall.

Another recipient, Anovion, received $117 million to reshore technology for producing synthetic graphite used in lithium-ion battery anodes. Currently, Chinese suppliers dominate the supply chain for synthetic graphite, controlling 75% of the market and producing 97% of all synthetic graphite anodes, according to Benchmark Mineral Intelligence. Anovion’s plant is expected to be constructed in Alabama, with only $13.8 million disbursed to date, as per federal database records.

LuxWall, which manufactures windows designed to insulate buildings, was awarded $31.7 million to establish a factory on the site of a former coal plant near Detroit. This grant was issued in November 2023, but only $1 million has been allocated to the company thus far. LuxWall opened the first phase of its factory in August 2024.

It remains uncertain whether the DOE plans to proceed with additional cancellations from the $20 billion list of grants. Following the announcement of $7.56 billion in funding cuts, Secretary Wright indicated to CNN that “many more” cancellations would occur this fall. These cuts have drawn criticism from Democrats, while some Republicans have urged the DOE to preserve projects in their states. For example, Senator Shelley Moore Capito has advocated against eliminating funding for a “blue” hydrogen project in Appalachia that would utilize natural gas and carbon capture technology.

As the situation develops, the implications of these cancellations on the energy sector and related industries will continue to unfold.

Source: Original article

ITServe Alliance Atlanta Chapter Shares Insights on AI-Driven Cybersecurity

ITServe Alliance’s Atlanta Chapter hosted a successful meeting focused on the transformative role of Artificial Intelligence in cybersecurity, attracting over 100 members and industry professionals.

Cumming, GA – On October 16, 2025, ITServe Alliance’s Atlanta Chapter held its Members-Only Monthly Meeting at Celebrations Banquet Hall in Cumming, Georgia. The event attracted more than 100 enthusiastic members and industry professionals, all eager to explore the transformative role of Artificial Intelligence (AI) in cybersecurity and its implications for businesses and technology professionals.

The evening featured a keynote presentation by Dr. Bryson Payne, Ph.D., GREM, GPEN, GRID, CEH, CISSP, who is a Professor of Cybersecurity and the Director of the Cyber Institute at the University of North Georgia. His talk, titled “Cyber + AI: Opportunities and Obstacles,” provided attendees with valuable insights into how AI is reshaping the landscape of cyber threats and defenses.

Dr. Payne’s presentation highlighted several key takeaways regarding the dual role of AI in cybersecurity. He discussed how AI not only enables advanced cyber threats—such as deepfakes and large language model (LLM)-powered phishing—but also serves as a powerful tool for defense against these threats. The growing risks associated with AI-generated social engineering attacks were emphasized, particularly their potential financial and reputational impacts on organizations.

Furthermore, Dr. Payne elaborated on the advantages of AI-powered detection and response systems, which can significantly accelerate incident resolution when implemented strategically. He stressed the critical importance of the human factor in cybersecurity, noting that AI should enhance, rather than replace, skilled cybersecurity professionals. Continuous learning and adaptation were also underscored as essential components in keeping pace with the rapid evolution of cyber and AI technologies.

The event included an interactive Q&A session, allowing members to engage in discussions about real-world challenges and best practices for strengthening organizational cyber resilience. This exchange of ideas fostered a collaborative environment, enabling attendees to share their experiences and insights.

Following the keynote session, participants enjoyed an evening of networking and dinner, which facilitated connections among business leaders, entrepreneurs, and innovators. The event exemplified ITServe Alliance’s ongoing mission to educate, empower, and connect technology professionals and corporate leaders across the region.

ITServe Atlanta extends its heartfelt thanks to Dr. Payne for his valuable insights and to all members who participated in making this event a success.

About ITServe Alliance: ITServe Alliance is the largest association of IT services organizations in the U.S., dedicated to promoting collaboration, knowledge sharing, and advocacy to strengthen the technology ecosystem and empower local employment.

Source: Original article

AI Jobs Offering Salaries of $200K or More in High Demand

AI-related jobs are on the rise, offering salaries of $200,000 or more, and many do not require a computer science degree.

As artificial intelligence continues to evolve, many individuals express concern that it may threaten their job security. However, a recent report, the 2025 Global State of AI at Work, suggests that AI is not a distant future but a present reality. Instead of fearing the changes that AI brings, it may be beneficial to consider the opportunities it creates.

Nearly three out of five companies are actively hiring for AI-related roles this year, and many of these positions do not necessitate a computer science degree or coding skills. Employers are increasingly seeking candidates with practical experience, critical thinking abilities, problem-solving skills, and effective communication. This means that individuals from diverse backgrounds may find themselves well-suited for these emerging roles.

Among the highest-paying and fastest-growing AI positions, several stand out for their lucrative salaries and accessibility to non-technical candidates. For instance, “AI whisperers” earn between $175,000 and $250,000 annually. These professionals specialize in crafting effective prompts that enable AI tools like ChatGPT to generate accurate and insightful responses. While coding knowledge is not required, strong communication skills and logical thinking are essential. Notably, individuals with backgrounds in English, writing, and marketing often transition into this role.

Another promising position is that of an AI trainer, which offers salaries ranging from $90,000 to $150,000. Trainers are responsible for teaching chatbots to communicate in a polite and helpful manner. They evaluate AI responses, adjust tone and accuracy, and refine the AI’s knowledge base. This role is particularly well-suited for detail-oriented individuals, including part-time and remote workers.

For those with a technical inclination, roles that involve coding and problem-solving can be quite rewarding, with salaries between $150,000 and $210,000. These positions are in high demand, as they involve building the underlying systems that power AI technologies.

If technical skills are not your forte, consider a position as an AI project manager, which typically pays between $140,000 and $200,000. AI PMs act as a liaison between engineering teams and business stakeholders, ensuring that projects are completed on time and within budget. This role requires strong communication skills, curiosity, and a solid understanding of business operations.

Freelancers and small business owners can also capitalize on the growing need for AI expertise. Companies are eager to learn how to implement AI solutions, and they are willing to pay between $125,000 and $185,000 for consultants who can guide them. These professionals may assist in automating processes, training teams, or implementing tools such as ChatGPT, Jasper, or Midjourney.

For those feeling uncertain about transitioning into an AI-related career or unsure where to begin, support is available. Whether you aspire to become a prompt engineer, a consultant, or simply want to leverage AI to enhance your current role, resources and guidance are accessible to help you navigate this evolving landscape.

The future of work is changing, and with it comes a wealth of opportunities for those willing to adapt and learn. Embracing these changes can lead to fulfilling and lucrative careers in the field of artificial intelligence.

Source: Original article

Local Protests Disrupt Google’s $1 Billion Data Centre Project in US

Google has canceled its $1 billion data centre project in the U.S. due to local protests, while India’s data centre industry is projected to grow to $25 billion by 2030.

Google has officially canceled its $1 billion data centre project in the United States, a decision influenced by ongoing opposition from local communities. Residents expressed significant concerns regarding the environmental impact, land use, and potential disruptions associated with the proposed facility.

The tech giant had intended to establish this data centre to expand its cloud services footprint in the region, but the sustained protests ultimately led to the project’s halt. Community members voiced their apprehensions about how the facility could affect their environment and quality of life, prompting Google to reassess its plans.

In stark contrast to the situation in the U.S., India’s data centre industry is poised for substantial growth. Industry analysts predict that the sector could reach an impressive $25 billion by the year 2030. This anticipated expansion is driven by a combination of rising demand for cloud services, government incentives, and strategic investments from both domestic and international players.

The growth of India’s data centre ecosystem underscores the country’s emerging status as a hub for digital infrastructure. As global demand for cloud computing and data storage continues to rise, India is positioning itself as a key player in the digital landscape.

The contrasting scenarios highlight a significant shift in the global approach to digital infrastructure development. While Google faces setbacks in the U.S., the flourishing data centre market in India illustrates the potential for emerging markets to attract investment and drive innovation in the tech sector.

As the digital landscape evolves, the implications of these developments will be closely monitored by industry stakeholders and analysts alike. The situation serves as a reminder of the complexities involved in balancing technological advancement with community concerns.

According to Global Net News, the future of data centres will likely see a continued focus on sustainability and community engagement, especially as companies navigate the challenges of local opposition and environmental considerations.

Source: Original article

Nvidia Introduces First U.S.-Made Blackwell Chip Wafer in Partnership with TSMC

Nvidia has unveiled its first Blackwell chip wafer produced in the U.S. at TSMC’s Phoenix facility, marking a significant advancement in American semiconductor manufacturing and AI technology.

Nvidia has announced the production of its first Blackwell chip made in the United States at TSMC’s semiconductor manufacturing facility in Phoenix, Arizona. This event signifies a pivotal moment in the evolution of American semiconductor manufacturing and the advancement of artificial intelligence technology.

The Phoenix facility is TSMC’s first manufacturing site in the U.S. and currently operates using a four-nanometer process technology. This process is two generations behind the latest two-nanometer node, which is expected to begin mass production later this year. Nvidia’s CEO, Jensen Huang, visited the facility to sign the inaugural Blackwell wafer, symbolizing the commencement of production for what Nvidia envisions as a cornerstone for the next generation of AI systems.

Before the wafer can be delivered to customers, it must undergo a series of intricate manufacturing processes, including layering, patterning, etching, and dicing. Analyst Ming-Chi Kuo noted in a post on X that the production process remains unfinished until the wafer is sent to Taiwan for TSMC’s advanced packaging technology known as CoWoS (Chip-on-Wafer-on-Substrate). “Only then would production of the Blackwell chip be considered complete,” Kuo explained.

Although TSMC has not yet disclosed plans to establish a CoWoS packaging facility in the U.S., the company signed a Memorandum of Understanding with Amkor in October 2024. This agreement will allow Amkor to provide TSMC with comprehensive advanced packaging and testing services at its upcoming OSAT plant, which is expected to commence operations in 2026.

Huang emphasized the historical significance of this achievement, stating, “This is a historic moment for several reasons. It’s the very first time in recent American history that the single most important chip is being manufactured here in the United States by the most advanced fab, by TSMC.” He further remarked that this development aligns with the vision of reindustrialization, aimed at revitalizing American manufacturing and creating jobs. Huang described the semiconductor industry as the most vital manufacturing sector and technology industry in the world.

Ray Chuang, CEO of TSMC Arizona, echoed Huang’s sentiments, noting, “To go from arriving in Arizona to delivering the first US-made Nvidia Blackwell chip in just a few short years represents the very best of TSMC. This milestone is built on three decades of partnership with Nvidia — pushing the boundaries of technology together — and on the unwavering dedication of our employees and the local partners who helped to make TSMC Arizona possible.”

In addition to Nvidia’s Blackwell chip, TSMC has also announced plans to produce AMD’s 6th-generation Epyc processor, codenamed Venice, at its U.S. facility. This will be the first high-performance computing CPU to be taped out using TSMC’s two-nanometer (N2) process technology. AMD CEO Lisa Su indicated that chips manufactured at TSMC’s Arizona facility would incur costs that are “more than five percent but less than 20 percent” higher than those produced at AMD’s facilities in Taiwan. However, she emphasized that this investment is crucial for ensuring American manufacturing capabilities and resilience.

This milestone in semiconductor manufacturing not only highlights the collaboration between Nvidia and TSMC but also underscores the broader implications for the U.S. technology landscape, as the nation seeks to bolster its position in the global semiconductor market.

Source: Original article

ITServe Alliance Atlanta Chapter Empowers Members with Insights on AI-Driven Cybersecurity

Cumming, GA – ITServe Alliance’s Atlanta Chapter successfully hosted its Members-Only Monthly Meeting at Celebrations Banquet Hall in Cumming, GA, drawing more than 100 enthusiastic members and industry professionals on October 16, 2025. The event focused on the transformative role of Artificial Intelligence in Cybersecurity and its growing implications for businesses, corporate leaders, and technology professionals.

The evening featured an engaging keynote session by Dr. Bryson Payne, Ph.D., GREM, GPEN, GRID, CEH, CISSP, Professor of Cybersecurity and Director of the Cyber Institute at the University of North Georgia. His presentation, “Cyber + AI: Opportunities and Obstacles,” provided deep insights into how AI is reshaping both cyber threats and defenses.

Key takeaways included:

  • AI’s dual role in enabling both advanced cyber threats (like deepfakes and LLM-powered phishing) and powerful defensive tools.
  • The growing risks of AI-generated social engineering attacks leading to financial and reputational impacts.
  • How AI-powered detection and response systems can accelerate incident resolution — when implemented strategically.
  • The critical importance of the human factor, as AI serves to enhance, not replace, skilled cybersecurity professionals.
  • The need for continuous learning and adaptation as cyber and AI technologies evolve rapidly.

The interactive Q&A session allowed members to discuss real-world challenges and best practices in strengthening organizational cyber resilience.

Following the session, attendees enjoyed an evening of networking and dinner, fostering connections among business leaders, entrepreneurs, and innovators. The event exemplified ITServe Alliance’s ongoing mission to educate, empower, and connect technology professionals and corporate leaders across the region.

ITServe Atlanta extends heartfelt thanks to Dr. Payne for his valuable insights and to all members who participated in making this event a success.

About ITServe Alliance:
ITServe Alliance is the largest association of IT services organizations in the U.S., dedicated to promoting collaboration, knowledge sharing, and advocacy to strengthen the technology ecosystem and empower local employment.

Ajay Ghosh

Media Coordinator, American Association of Physicians of Indian Origin
PR Consultant, ITServe Alliance

Fed Chair Jerome Powell Indicates Possible Rate Cuts Due to Hiring Slowdown

Federal Reserve Chair Jerome Powell has signaled potential interest rate cuts in response to a slowdown in U.S. hiring, despite a low unemployment rate.

Federal Reserve Chair Jerome Powell has indicated that the central bank may implement additional interest rate cuts, citing a notable slowdown in U.S. hiring as a key factor. While the unemployment rate currently stands at a low 4.3%, the recent deceleration in job growth suggests that the economy may still require stimulus to maintain its momentum.

In a recent speech, Powell acknowledged that inflation remains a concern; however, the diminished pace of hiring has shifted the Fed’s focus towards supporting employment. He emphasized that without a robust labor market, the broader economy could face significant challenges.

Economists interpret Powell’s remarks as a strong indication that the Federal Reserve is leaning towards further rate cuts, potentially starting at its next meeting. These anticipated cuts aim to reduce borrowing costs, thereby encouraging investment and consumption to bolster economic activity.

The Fed’s decision-making process will also take into account other economic indicators, including inflation trends and global economic conditions, to determine the most appropriate course of action.

Source: Original article

Bitcoin Struggles to Recover After $600 Billion Market Decline

Bitcoin is struggling to recover after a significant market decline that erased over $600 billion in digital-asset value, raising doubts about its status as a safe-haven asset.

Bitcoin is grappling to regain momentum following a substantial market downturn that resulted in the loss of over $600 billion in digital-asset value. The cryptocurrency’s price has fallen to $106,322, reflecting a 4% decline from its previous close. This downturn has intensified skepticism regarding Bitcoin’s role as a “safe-haven” asset.

The recent sell-off was triggered by escalating trade tensions between the United States and China, culminating in a 100% tariff on Chinese imports announced by President Trump. This unexpected move ignited panic selling across global markets, including cryptocurrencies. In the week leading up to October 12, Bitcoin’s price plummeted by as much as 6.3%, marking its most significant decline since early March.

Despite efforts by major cryptocurrency platforms such as Kraken, Circle, BitGo, and Ripple to enhance their involvement in regulated finance, the market has struggled to achieve a sustained recovery. Analysts suggest that the crash has purged excess leverage from the market, yet Bitcoin faces considerable challenges in reclaiming its previous highs.

Currently, Bitcoin’s price remains below its all-time high of $126,251, which was reached on October 6, 2025. The market’s cautious sentiment continues, with investors seeking stability amid ongoing geopolitical uncertainties. The combination of regulatory pressures and market volatility has left many wondering about the future trajectory of Bitcoin and its viability as a long-term investment.

As the cryptocurrency landscape evolves, the ability of Bitcoin to navigate these turbulent waters will be critical. Investors are closely monitoring developments, particularly in relation to regulatory changes and market dynamics, which could significantly impact Bitcoin’s recovery prospects.

In summary, while Bitcoin has faced a significant setback, the ongoing efforts by key players in the cryptocurrency space may provide a foundation for future growth. However, the path to recovery remains uncertain as market conditions continue to fluctuate.

Source: Original article

AI Vulnerability Exposed Gmail Data Prior to OpenAI’s Patch

Cybersecurity experts have issued a warning about a vulnerability in ChatGPT’s Deep Research tool that allowed hackers to steal Gmail data through hidden commands.

Cybersecurity experts are sounding the alarm over a recently discovered vulnerability known as ShadowLeak, which exploited ChatGPT’s Deep Research tool to steal personal data from Gmail accounts using hidden commands.

The ShadowLeak attack was identified by researchers at Radware in June 2025 and involved a zero-click vulnerability that allowed hackers to extract sensitive information without any user interaction. OpenAI responded by patching the flaw in early August after being notified, but experts caution that similar vulnerabilities could emerge as artificial intelligence (AI) integrations become more prevalent across platforms like Gmail, Dropbox, and SharePoint.

Attackers utilized clever techniques to embed hidden instructions within emails, employing white-on-white text, tiny fonts, or CSS layout tricks to disguise their malicious intent. As a result, the emails appeared harmless to users. However, when a user later instructed ChatGPT’s Deep Research agent to analyze their Gmail inbox, the AI inadvertently executed the attacker’s hidden commands.

This exploitation allowed the agent to leverage its built-in browser tools to exfiltrate sensitive data to an external server, all while operating within OpenAI’s cloud environment, effectively bypassing traditional antivirus and enterprise firewalls.

Unlike previous prompt-injection attacks that occurred on the user’s device, the ShadowLeak attack unfolded entirely in the cloud, rendering it invisible to local defenses. The Deep Research agent, designed for multistep research and summarizing online data, had extensive access to third-party applications like Gmail and Google Drive, which inadvertently opened the door for abuse.

According to Radware researchers, the attack involved encoding personal data in Base64 format and appending it to a malicious URL, disguised as a “security measure.” Once the email was sent, the agent operated under the assumption that it was functioning normally.

The researchers emphasized the inherent danger of this vulnerability, noting that any connector could be exploited similarly if attackers successfully hide prompts within the analyzed content. “The user never sees the prompt. The email looks normal, but the agent follows the hidden commands without question,” they explained.

In a related experiment, security firm SPLX demonstrated another vulnerability: ChatGPT agents could be manipulated into solving CAPTCHAs by inheriting a modified conversation history. Researcher Dorian Schultz noted that the model even mimicked human cursor movements, successfully bypassing tests designed to thwart bots. These incidents underscore how context poisoning and prompt manipulation can silently undermine AI safeguards.

While OpenAI has addressed the ShadowLeak flaw, experts recommend that users remain vigilant. Cybercriminals are continuously seeking new methods to exploit AI agents and their integrations. Taking proactive measures can help protect accounts and personal data.

Every connection to third-party applications presents a potential entry point for attackers. Users are advised to disable any integrations they are not actively using, such as Gmail, Google Drive, or Dropbox. Reducing the number of linked applications minimizes the chances of hidden prompts or malicious scripts gaining access to personal information.

Additionally, limiting the amount of personal data available online is crucial. Data removal services can assist in removing private details from people search sites and data broker databases, thereby reducing the information that attackers can leverage. While no service can guarantee complete removal of data from the internet, utilizing a data removal service can be a wise investment in privacy.

Users should treat every email, attachment, or document with caution. It is advisable not to request AI tools to analyze content from unverified or suspicious sources, as hidden text, invisible code, or layout tricks could trigger silent actions that compromise private data.

Staying informed about updates from OpenAI, Google, Microsoft, and other platforms is essential. Security patches are designed to close newly discovered vulnerabilities before they can be exploited by hackers. Enabling automatic updates ensures that users remain protected without needing to think about it actively.

A robust antivirus program adds another layer of defense, detecting phishing links, hidden scripts, and AI-driven exploits before they can cause harm. Regular scans and up-to-date protection are vital for safeguarding personal information and digital assets.

As AI technology evolves rapidly, security systems often struggle to keep pace. Even when companies quickly address vulnerabilities, clever attackers continually find new ways to exploit integrations and context memory. Remaining alert and limiting the access of AI agents is the best defense against potential threats.

In light of these developments, users may reconsider their trust in AI assistants with access to personal email accounts, especially after learning how easily they can be manipulated.

Source: Original article

Matwaala’s Mehfilm 2025 Showcases South Asian Poetry Films

Matwaala launched its inaugural South Asian Poetry Film Fest, MATWAALA MEHFILM 2025, on October 4th in Chicago, showcasing the intersection of poetry and visual storytelling.

Matwaala, a South Asian Diaspora Poets’ Collective, celebrated the launch of its inaugural South Asian Poetry Film Festival, MATWAALA MEHFILM 2025, on October 4th at the South Asia Institute in Chicago. This festival aims to amplify the visibility of South Asian poetry while promoting it within the American literary landscape. The event, affectionately branded as MEHFILM, was a significant highlight among the 18 events commemorating Matwaala’s tenth anniversary in 2025.

This festival marked the first occasion where poetry films, also known as film poems, created by South Asian diaspora poets were showcased collectively. Poetry films are short visual interpretations of poems, employing a variety of artistic styles, including photojournalistic, expressionist, illustrative, and animated techniques. Notably, four of the featured films were produced using AI software.

“The collaboration between Matwaala, the South Asian Diaspora Poetry Collective, and the South Asia Institute underscored their shared mission to foster cross-cultural dialogue, artistic exchange, and representation of underrepresented voices in the arts,” said Kashiana Singh, Managing Editor for Poets Reading the News. “The Mehfilm event brought together poets, filmmakers, and audiences for an afternoon filled with 29 poetry films, readings, and reflections, highlighting the transformative power of creative collaboration.”

Festival director Usha Akella noted that Mehfilm was inspired by the Reel Poetry Fest in Houston. “Poetry film represents an osmosis between two genres, transforming the written word into a holistic sensory experience. This reverse ekphrasis, where poems inspire visual media, creates a magical alchemy that allows poetry to be rediscovered in innovative ways,” she explained.

The Matwaala team, including Pramila Venkateswaran, Kashiana Singh, and Usha Akella, curated the films over the course of a year. The festival featured their own poetry films alongside works by other South Asian poets, including pieces from Matwaala’s poets-of-color series, which highlighted the contributions of African American poet Keisha-Gaye Anderson and Palestinian poet Yahya Ashour. SAI’s Haoshu Sascha Deng presented her poetry film based on Kirun Kapur’s poem “From the Afterlife.” Additionally, emerging filmmakers such as Sharanya Banerjee, Anannya Akella, and Anjali Pulim showcased their talents.

Founders Shireen and Afzal Ahmad of the South Asia Institute, the only independent South Asian arts institute in Chicago, expressed that their collaboration with Matwaala exemplified their mission to support innovative platforms and foster cross-disciplinary artistic exchange. They emphasized that Mehfilm merges poetry and visual storytelling to “inspire dialogue, deepen cultural understanding, and celebrate the richness of contemporary South Asian expression.”

Among the standout works, Pramila Venkateswaran’s poetry film “Satyagraha” delves into the resilience of the late John Lewis and the African-American civil rights struggle, drawing inspiration from Gandhi’s principles of non-violence. She stated, “The moving image of film capturing a poetic line is not merely mimesis; it is a creative interpretation that complements the poem, allowing for a unique visual representation.” Venkateswaran further highlighted the festival’s role in establishing filmpoems as a recognized genre while showcasing the diversity of South Asian culture through various themes.

The festival also featured a panel discussion with poets and filmmakers, along with poetry readings from notable figures such as Zilka Joseph, Kirun Kapur, Ignatius Aloysius, Kashiana Singh, Lopamudra Banerjee, Nina Sudhakar, Pramila Venkateswaran, Vivek Sharma, Meena Chopra, Meenakshi Mohan, and Preeti Parikh.

A reception followed the readings, spotlighting young baker Anagha Pashilkar, whose creations delighted attendees. Matwaala recognized SAI founders Shireen and Afzal Ahmad with the Monsoon Maker Award for their vital support of the South Asian literary community, while Usha Akella received the Matwaala Founder Award.

Looking ahead, a selection of poetry films from the festival is scheduled to be screened at the Indo-American Arts Council (IAAC) in New York City and at the Indie Meme Film Festival in Austin next year.

As the festival continues to resonate within the artistic community, it stands as a testament to the power of poetry and film in bridging cultural gaps and fostering understanding among diverse audiences.

Source: Original article

Knowlify Secures $3 Million to Transform Information Consumption for Users

Knowlify, a Y Combinator S25 startup, has secured $3 million to revolutionize content consumption through innovative video technology.

Knowlify, a startup from Y Combinator’s Summer 2025 batch, has successfully raised $3 million in funding aimed at transforming how individuals understand and engage with various forms of content.

The concept for Knowlify originated during a statistics class at the University of Florida, where founders Ritam Rana, Ritvik Varada, Arjun Talati, and Jonathan Maynard faced the daunting task of navigating through 30 pages of dense textbook material. “We then thought, what if we could convert this boring PDF into a video?” the team recalls, highlighting the moment that sparked their entrepreneurial journey.

Today, Knowlify has evolved into a platform that has generated over 200,000 videos, collaborating with major global organizations to convert complex documents, such as white papers, into accessible and engaging video formats. The company is also set to launch a new video engine soon, which promises to enhance its offerings further.

Knowlify’s mission is to establish a future where video becomes the primary medium for learning and comprehension. “Everyone loves the way 3Blue1Brown explains complex ideas. Now imagine having that same level of clarity for any topic, tailored to each learner’s needs,” the founders expressed, emphasizing their commitment to personalized education.

The platform currently serves a variety of use cases, including helping researchers simplify dense academic papers, assisting textbook publishers in making challenging concepts more digestible for students, enabling universities to reduce production costs by up to 90%, and allowing corporations to keep their teams informed about emerging technologies.

The founders’ inspiration stems from their own frustrations with traditional learning methods. “We spent way too many nights stuck on confusing textbooks, wishing there was a way to actually see what was going on instead of reading walls of text,” they admitted, underscoring the need for a more effective approach to learning.

Knowlify addresses a significant challenge in education: research indicates that humans retain only about 10% of what they read, compared to 95% of what they learn through video. Traditional video creation can be both costly and time-consuming, but Knowlify’s AI-driven solution instantly transforms written content into clear, personalized explainer videos featuring adaptive visuals, pacing, and narration.

According to the team, “The beautiful part of this is that it can be applied to any industry.” From education to enterprise, Knowlify is committed to building the tool they always wished they had, aiming to redefine how information is consumed across various sectors.

Source: Original article

Apple Signs Five-Year Exclusive Streaming Deal for Formula 1 on Apple TV

Apple has secured a five-year exclusive deal to stream all Formula 1 races in the United States on Apple TV, beginning in 2026, marking a significant expansion into live sports streaming.

Apple and Formula 1 have announced a five-year media rights agreement that will make Apple TV the exclusive platform for streaming every F1 race in the United States, starting in 2026. This deal, revealed on Friday, represents a notable advancement in Apple’s efforts to expand its presence in live sports streaming.

Under the terms of the agreement, subscribers to Apple TV, who pay the standard monthly fee of $12.99, will have access to comprehensive coverage of all Formula 1 events. This includes practice sessions, qualifying rounds, and Sprint races, all without advertisements. Additionally, select races and all practice sessions will be available for free streaming through the Apple TV app during the season, as confirmed in a joint statement from both companies.

This new structure differs from Apple’s existing partnership with Major League Soccer, which requires an additional purchase of the MLS Season Pass. Reports indicate that Apple is paying approximately $140 million annually for the Formula 1 rights, a significant increase compared to Disney’s ESPN, which previously paid around $85 million per year for the same rights.

The agreement further solidifies Apple’s growing relationship with Formula 1, following the success of “F1: The Movie,” starring Brad Pitt, which has become the highest-grossing sports film of all time.

In a statement, ESPN expressed pride in its collaboration with Formula 1 in the United States, stating, “We are incredibly proud of what we and Formula 1 accomplished together in the United States and look forward to a strong finish in this final season. We wish F1 well in the future.”

F1’s own streaming service, F1 TV Premium, will continue to be available in the U.S. but will now be integrated into Apple’s ecosystem. Subscribers will need an Apple TV subscription to access F1 TV Premium content, which will be included as part of the package rather than offered as a standalone service. The coverage will feature commentary from both F1 TV and Sky Sports announcers, enhancing the viewing experience for fans.

Eddy Cue, Apple’s Senior Vice President of Services, emphasized the company’s selective approach to live sports, focusing on opportunities where it can “control the user experience.” Speaking at the Motorsport Network’s Autosport Business Exchange NYC, Cue stated, “We don’t have to do sports the way that they are. There’s plenty of people doing that, so the world doesn’t need us to do that. And so our view around it is, if we can do something unique, then we’ll do it.”

Stefano Domenicali, President and CEO of Formula 1, expressed enthusiasm for the partnership, stating, “This is an incredibly exciting partnership for Apple and the whole of Formula 1 that will ensure we can continue to maximize our growth potential in the U.S.”

This exclusive deal positions Apple as a significant player in the sports streaming market, reflecting its commitment to providing unique and engaging content for its subscribers.

Source: Original article

TiECON East 2025: A Platform for Indian-American Entrepreneurs to Thrive

TiECON East 2025 gathered over 450 entrepreneurs in Boston, exploring the emotional and innovative aspects of entrepreneurship under the theme “The Heart of Entrepreneurship.”

BOSTON, October 16, 2025 – The Sheraton Boston Hotel served as the epicenter of innovation as TiECON East 2025 brought together more than 450 attendees, including seasoned billion-dollar founders and first-time entrepreneurs. Organized by TiE Boston and co-hosted by TiE New York, this premier conference focused on the deeply human side of entrepreneurship, centered around the theme, “The Heart of Entrepreneurship.”

Purnanand Sarma, President of TiE Boston, highlighted the event’s unique approach, stating, “This conference delved into what truly drives people to build, take risks, and overcome challenges. The energy was remarkable, and our goal is to continue providing something truly distinctive every year.”

The conference commenced with a compelling dialogue featuring Nitin Nohria, former Dean of Harvard Business School and current Partner and Chairman at Thrive Capital, alongside Steve Papa, founder of Parallel Wireless and Endeca. Dr. Atul Dhir, Co-Chair of TiECON East 2025, remarked, “Hearing these two industry leaders discuss leadership, innovation, and global impact was an invaluable experience for entrepreneurs at every stage.”

Throughout the event, breakthrough technologies were highlighted, including advancements in mRNA and artificial intelligence. Massachusetts Secretary of Economic Development Eric Paley delivered an afternoon keynote, sharing strategies to expand the state’s innovation ecosystem while emphasizing the crucial role entrepreneurs play in driving large-scale impact.

“Entrepreneurship requires both intellectual depth and emotional resilience,” said Satish Bhat, Co-Chair of TiECON East 2025. “From networking lounges to breakout sessions and the Innovation Showcase, the conference buzzed with collaboration and creative energy.”

During the Innovation Spotlight, over 20 early-stage startups presented their pioneering solutions in areas such as AI, digital health, robotics, and cross-border ventures. The event attracted participants from across the United States and India, blending global perspectives with local impact.

Jignesh Patel, President of TiE New York, praised the collaboration between the Boston and New York chapters, stating, “This partnership has energized TiECON East, creating a model for other chapters to emulate.”

Panels and discussions covered a wide range of topics, from creative leadership to the social impact of technology, reinforcing TiECON East’s mission of empowering founders to build ventures with meaning, clarity, and purpose.

Dr. Dhir concluded, “This year, we focused on the mindset, courage, and grit required to truly innovate—beyond just capital strategy or product-market fit.”

As the conference came to a close, attendees left with a clear takeaway: entrepreneurship thrives not only through what we create but also through how and why we pursue it. TiECON East 2025 set a new benchmark for entrepreneurial events, seamlessly blending inspiration, insight, and innovation.

About TiECON East: TiECON East is TiE Boston’s flagship entrepreneurship conference, designed to connect founders with mentors, investors, and executives. It fosters innovation through networking, education, and funding opportunities.

About TiE Boston: Founded in 1997, TiE Boston is one of the oldest TiE chapters, dedicated to mentoring and supporting emerging entrepreneurs. Its network of seasoned entrepreneurs provides guidance, mentorship, and resources to drive the next generation of business leaders.

Source: Original article

China Expands Influence in Africa to Secure Rare Earth Supplies

China is deepening its engagement in Africa to secure a dominant position in the global rare earth elements market, raising concerns about labor practices and geopolitical influence.

NEW DELHI – China is intensifying its efforts to solidify its dominance in the rare earth elements sector by expanding its presence in African nations rich in critical minerals such as cobalt, lithium, and nickel. These minerals are essential for the production of batteries, electric vehicles, and renewable energy technologies.

However, Chinese investment projects in Africa have drawn criticism for issues related to worker exploitation, a lack of transparency, and the preference for employing Chinese labor over local workers.

The primary goal of China’s investments is to bolster its geopolitical influence and enhance its high-tech manufacturing sector. Beijing has been employing an infrastructure model that involves constructing roads and railways to secure long-term mining rights. Additionally, finance serves as a powerful tool for establishing a foothold in African countries, with Chinese loans to African governments and state-owned enterprises exceeding $152 billion. Notably, Angola accounts for nearly 30 percent of this total, according to media reports.

Chinese companies have reportedly invested close to $8 billion in mining projects across Africa. These investments are driven by the demand from China’s own economy and the global shift towards clean energy, as China seeks to secure a steady supply for its high-tech industries through direct investments in mines and financing. Africa is increasingly becoming a vital source of raw materials, with countries like Tanzania set to emerge as significant exporters to Chinese processors.

To ensure a stable and long-term supply of rare earth elements (REEs) and other critical minerals necessary for modern technology, Chinese firms are heavily investing in African mines and processing facilities. Many of these projects are at various stages of development, with some expected to commence production in the coming years, significantly boosting the continent’s output. Examples of these projects can be found in Namibia, Malawi, Angola, Tanzania, and South Africa.

While Africa’s mining output is on the rise, China’s dominance is particularly pronounced in the processing and refining stages of the rare earth value chain, where it controls a substantial majority of global supply. Chinese firms have also faced allegations of corrupt practices. A notable case is in Namibia, where Xinfeng Investments, a company linked to Chinese interests, is accused of acquiring its Uis lithium mine through corrupt means, utilizing permits intended for small-scale miners.

Africa is emerging as a significant new source of raw rare-earth ores for both China and Western processors. The continent has the potential to leverage these resources for its own development; however, challenges such as increasing Chinese influence remain a concern as it seeks to move up the value chain beyond merely exporting raw materials.

Source: Original article

Oracle’s Business Expected to Reach $166 Billion by 2030

Oracle anticipates its cloud infrastructure revenue will soar to $166 billion by 2030, fueled by diverse enterprise demand beyond its collaboration with OpenAI.

Oracle Corporation is poised for significant growth, projecting that its cloud infrastructure revenue will reach $166 billion by fiscal 2030. This figure is expected to account for nearly 75% of the company’s total sales, as announced by Chief Executive Officer Clay Magouyrk during a recent meeting with financial analysts.

The forecast underscores Oracle’s position as a major player in the enterprise technology sector, with revenue streams that extend well beyond its high-profile partnership with OpenAI. While this collaboration has garnered considerable attention, Oracle’s core business remains robust, relying on established areas such as cloud infrastructure, enterprise software, and database services.

A key driver of Oracle’s revenue is its cloud services and license support division, which recently reported over $10 billion in revenue within a single quarter. Notably, the fourth quarter of fiscal 2025 saw this division generate $11.7 billion, bolstered by subscriptions to Oracle Cloud Infrastructure (OCI). OCI experienced approximately 14% year-over-year growth during the same quarter, reflecting increased demand for storage, compute, and networking solutions.

In addition to its cloud services, Oracle’s software segment, which includes enterprise applications like NetSuite, Fusion ERP, and human capital management systems, continues to contribute billions in revenue each quarter. Despite a gradual decline in revenue from on-premises licensing and support as clients shift to cloud-based solutions, Oracle’s database services have adapted to this transition. The launch of cloud products such as the Autonomous Database has resulted in a notable growth rate of around 26% in recent periods.

Oracle also generates income from professional services, consulting, and customer support, which remain steady contributors to its overall revenue. The company reported a substantial backlog of $138 billion in remaining performance obligations for 2025, indicating strong future revenue from long-term contracts already established.

During a recent 30-day period, Magouyrk revealed that Oracle Cloud Infrastructure secured $65 billion in new commitments. This included a significant $20 billion deal with Meta Platforms. Importantly, he emphasized that this latest round of bookings came from a diverse range of customers, not solely from OpenAI.

“I know some people are questioning, ‘Hey, is it just OpenAI?’ The reality is, we think OpenAI is a great customer, but we have many customers,” Magouyrk stated. “This is literally seven deals, four customers, all of them other than OpenAI.”

While the partnership with OpenAI has enhanced Oracle’s visibility and momentum, the company’s growth trajectory is supported by a broad customer base across various industries. This diversified approach not only stabilizes Oracle’s revenue streams but also positions the company to compete effectively in the increasingly competitive cloud and AI markets.

Source: Original article

Meta Nears Completion of $30 Billion Financing for Louisiana Data Center

Meta is finalizing a record $30 billion financing deal with Blue Owl Capital to construct its Hyperion AI data center in rural Louisiana, set to be completed by 2029.

Meta is on the verge of finalizing a historic $30 billion financing deal for its Hyperion data center in Richland Parish, Louisiana, according to a report by Bloomberg. This agreement marks the largest private capital deal on record.

The ownership of the Hyperion data center will be divided between Meta and Blue Owl Capital, an alternative asset manager, with Meta retaining only 20% of the ownership stake. Morgan Stanley has played a pivotal role in arranging over $27 billion in debt and approximately $2.5 billion in equity through a special purpose vehicle (SPV) to finance the construction of the facility.

It is important to note that Meta is not directly borrowing the capital. Instead, the financing entity will take on the debt under the SPV structure. Meta will serve as the developer, operator, and tenant of the data center, which is expected to be completed by 2029. Earlier reports from Reuters indicated that Meta had engaged U.S. bond company PIMCO and Blue Owl Capital for $29 billion in financing for its data centers.

On October 16, the involved parties took the final step to price the bonds, with PIMCO acting as the anchor lender. A few other investors are also receiving allocations of the debt, which is set to mature in 2049.

Previously, President Donald Trump announced that Meta would invest $50 billion in the Hyperion data center project. During the announcement, he displayed a graphic—reportedly provided by Mark Zuckerberg—showing the proposed data center superimposed over Manhattan to emphasize its immense scale.

A Louisiana state regulator has also approved Meta’s agreement with Entergy for the power supply to the data center. Three large power plants, expected to come online in 2028 and 2029, will generate 2.25 gigawatts of electricity to support the facility. At full capacity, the AI data center could consume up to five gigawatts as it expands.

In July, Meta CEO Mark Zuckerberg revealed that the company is constructing several large AI compute clusters, each with an energy footprint comparable to that of a small city. One of these facilities, known as Prometheus, will be Meta’s first multi-gigawatt data center, while Hyperion is designed to scale up to five gigawatts over time. These investments are aimed at advancing the development of “superintelligent AI systems.”

Additionally, Meta announced on Wednesday that it would invest $1.5 billion in a new data center in El Paso, Texas. This facility, which will be Meta’s third in Texas, is anticipated to become operational by 2028.

According to Bloomberg, the Hyperion data center represents a significant step in Meta’s ongoing commitment to expanding its infrastructure to support advanced AI technologies.

Source: Original article

Lyft Expands Internationally with New Tech Hub in Toronto

Lyft is set to enhance its global presence with a new tech hub in Toronto, alongside European acquisitions and plans for integrating autonomous vehicles into its operations.

Ride-hailing company Lyft is planning to establish a new technology hub in downtown Toronto, slated to open in the second half of 2026. This new office will become Lyft’s second-largest tech center, following its headquarters in San Francisco.

Located in Toronto’s financial district, the hub is expected to accommodate several hundred employees across various departments, including engineering, product development, operations, and marketing. This expansion is part of Lyft’s broader strategy to diversify its growth beyond the core U.S. market.

Lyft’s sales in Canada have seen significant growth, with a reported increase of over 20% in the first half of 2025 compared to the same period last year. This trend underscores the importance of the Canadian market to Lyft’s overall business strategy. Since launching ride-sharing services in Toronto in 2017, the city has emerged as a key international market for the company. Additionally, Lyft operates bikeshare services in both Ontario and Quebec.

The new Toronto tech hub aims to tap into the vast talent pool available in the Greater Toronto Area’s technology sector, further solidifying Lyft’s presence in Canada.

In a significant move to expand its international footprint, Lyft recently completed its $197 million acquisition of the European ride-hailing service Freenow. This acquisition marks Lyft’s first expansion outside North America. Following this deal, Freenow users will be encouraged to download the Lyft app when traveling in the U.S. or Canada, and Lyft riders will have access to Freenow’s services across nine countries and 180 European cities.

Eventually, the integration will allow users to book rides on either app seamlessly, without the need to switch platforms. Lyft has also announced the opening of a global tech hub in Barcelona under the Freenow brand, which already employs several hundred workers and plans to expand further. Following the acquisition, Freenow has indicated that riders can expect improvements such as more consistent pricing, faster ride matching, and new features.

As of the end of last year, Lyft’s global workforce stood at 2,934 employees, according to an annual filing with the U.S. Securities and Exchange Commission.

In addition to its European expansion, Lyft has acquired Glasgow-based TBR Global Chauffeuring for $110.8 million in cash. This acquisition enhances Lyft’s offerings in the luxury ride-sharing segment, as TBR Global Chauffeuring operates across six continents, in 120 countries, and over 3,000 cities. Through this acquisition, Lyft aims to strengthen its position in the high-value premium chauffeur market by leveraging a network of independent fleet partners.

As the second-largest ride-hailing company in the U.S., Lyft is also looking to integrate more autonomous vehicles into its network starting in 2025. This initiative follows partnerships with Mobileye and several other technology firms established last year.

With these strategic moves, Lyft is poised to enhance its global presence and adapt to the evolving landscape of the ride-hailing industry.

Source: Original article

Major Companies Including Google and Dior Affected by Salesforce Data Breach

Major companies, including Google and Dior, have suffered significant data breaches linked to Salesforce, affecting millions of customer records across various sectors.

In recent months, a wave of data breaches has impacted numerous high-profile companies, including Google, Dior, and Allianz. Central to many of these incidents is Salesforce, a leading customer relationship management (CRM) platform. However, the breaches did not occur through direct attacks on Salesforce’s core software or its networks. Instead, hackers exploited human vulnerabilities and third-party applications to gain unauthorized access to sensitive data.

Cybercriminals employed various tactics to manipulate employees into granting access to Salesforce environments. This included voice-phishing calls and the use of deceptive applications that tricked Salesforce administrators into installing malicious software. Once inside, attackers were able to siphon off sensitive information on an unprecedented scale, resulting in the theft of nearly a billion records across multiple organizations.

The scale of these breaches is alarming, as they provide cybercriminals with a window into a company’s customer base, business strategies, and internal processes. The potential payoff for hackers is substantial, making Salesforce a prime target. The recent incidents have demonstrated the extensive damage that can occur without breaching a company’s primary network.

Companies across various sectors have been affected, including Adidas, Qantas, and Pandora Jewelry. One of the most damaging breaches involved a chatbot tool called Drift, which allowed attackers to access Salesforce instances at hundreds of companies by stealing OAuth tokens. The fallout has been significant, with Coca-Cola’s European division reporting the loss of over 23 million CRM records, while Farmers Insurance and Allianz Life each faced breaches affecting more than a million customers. Even Google acknowledged that attackers accessed a Salesforce database used for advertising leads.

As cybercriminals increasingly target human behavior rather than technical vulnerabilities, the risks associated with these breaches extend beyond individual companies. When attackers gain access to platforms like Salesforce, the data they seek often belongs to customers. This includes personal details such as contact information, purchase histories, and support tickets, which can end up in the wrong hands.

In response to the breaches, a loosely organized cybercrime group, known by names such as Lapsus$, Scattered Spider, and ShinyHunters, has launched a dedicated data leak site on the dark web. This site threatens to publish sensitive information unless victims pay a ransom. The site includes messages urging companies to “regain control of your data governance” and warning them against becoming the next headline.

Salesforce has acknowledged the recent extortion attempts by threat actors, stating that it will not engage with or pay any extortion demands. A spokesperson for the company emphasized that there is no indication that the Salesforce platform itself has been compromised and that the company is working with affected customers to provide support.

While data breaches may seem like a corporate issue, the reality is that they can have far-reaching implications for individuals. If you have interacted with any of the companies involved in these breaches or suspect your data may be at risk, it is crucial to take proactive measures. Start by changing your passwords for those services immediately. Utilizing a password manager can help generate strong, unique passwords for each site, and alert you if your credentials appear in future data leaks.

Additionally, check if your email has been exposed in past breaches. Many password managers include built-in breach scanners that can notify you of any compromised accounts. If you find a match, promptly change any reused passwords and secure those accounts with new, unique credentials.

Implementing two-factor authentication (2FA) is another effective way to enhance your security. Enabling 2FA for your email, banking apps, and cloud storage can provide an additional layer of protection against unauthorized access.

To further safeguard your personal information, consider using personal data removal services that can help delete your information from data broker websites. These services can make it more challenging for scammers and identity thieves to misuse your data. While no service can guarantee complete removal, they can significantly reduce the amount of personal information available online.

It is essential to remain vigilant, as attackers who possess CRM data often have detailed knowledge about you, making their phishing attempts more convincing. Treat unexpected communications with caution, especially if they involve links or requests for payment. Strong antivirus software can help protect your devices from phishing emails and ransomware attacks.

Data breaches do not always result in immediate consequences; criminals may hold onto stolen data for months before using it. Continuous monitoring of the dark web for your personal information can provide early warnings if your data appears in new leaks, allowing you to take action before problems escalate.

If you believe your data has been compromised, do not hesitate to contact the affected companies for details on what information was stolen and what steps they are taking to protect customers. Increased pressure from users can encourage companies to strengthen their security practices.

As the landscape of cyber threats evolves, it is crucial for individuals to stay informed and proactive in protecting their personal information. The risks associated with data breaches extend beyond the companies involved, affecting customers and their sensitive data.

Source: Original article

Crypto Firm Kraken Acquires Small Exchange in $100 Million Deal

Crypto firm Kraken has acquired the Small Exchange from IG Group for $100 million, aiming to enhance its U.S.-based derivatives offerings.

Crypto company Kraken has announced its acquisition of the futures exchange Small Exchange from IG Group for $100 million. This strategic move positions Kraken to launch a comprehensive U.S.-based derivatives suite, further expanding its offerings in the cryptocurrency market.

Small Exchange is recognized as a designated contract market licensed by the U.S. Commodity Futures Trading Commission (CFTC). This acquisition provides Kraken with a regulated platform to offer futures and options to both retail and institutional clients.

“Under CFTC oversight, Kraken can now integrate clearing, risk, and matching into one environment that meets the same standards as the largest exchanges in the world,” stated Arjun Sethi, co-CEO of Kraken.

Kraken emphasized that by securing the necessary licensing and infrastructure, it is laying the groundwork for institutional-grade markets as the cryptocurrency sector matures. This acquisition comes at a time when the regulatory environment for cryptocurrencies in the U.S. appears to be becoming more favorable. President Donald Trump has been vocal in encouraging digital asset firms to expand within the country, promising clearer regulatory guidelines.

Earlier this year, Trump appointed a group to recommend policies for crypto markets, urging federal regulators to clarify rules surrounding the trading of digital assets and to facilitate the adoption of new financial products. On January 23, he signed Executive Order 14178, titled “Strengthening American Leadership in Digital Financial Technology.” This order halted previous initiatives aimed at developing a central bank digital currency (CBDC) and established the president’s “Working Group on Digital Asset Markets,” tasked with creating a comprehensive federal regulatory framework for digital assets.

The derivatives market is increasingly attracting digital asset firms that seek liquidity and risk management solutions. As the trillion-dollar cryptocurrency market evolves, it has moved beyond mere spot trading, with exchanges and investors now looking for institutional-grade tools such as futures, options, and tokenized assets.

This acquisition follows Kraken’s recent closure of a $500 million funding round. Founded in 2011, Kraken has gained significant attention for its high-profile acquisitions, including the U.S. futures platform NinjaTrader, and for launching new products in anticipation of an initial public offering (IPO) planned for next year. The latest funding round valued the company at $15 billion, with participation from investment managers, venture capitalists, and co-CEO Arjun Sethi through his Tribe Capital investment firm.

However, Kraken has also faced challenges, including a wave of executive turnover, with four senior executives departing the company as it streamlined operations in preparation for its IPO.

This acquisition of Small Exchange marks a significant step for Kraken as it seeks to solidify its presence in the evolving landscape of cryptocurrency derivatives.

Source: Original article

Canada Warns Stellantis Against Shifting Production to the U.S.

Canada has threatened legal action against Stellantis NV over plans to shift production of a model to a U.S. plant, citing unmet commitments tied to financial support.

Canada is taking a firm stance against automaker Stellantis NV, threatening legal action over what it deems an unacceptable plan to relocate production of one of its models to a facility in the United States. This move has raised concerns about the commitments made by Stellantis in exchange for substantial financial support from the Canadian government.

Stellantis, formed in 2021 through the merger of Fiat Chrysler Automobiles and PSA Group, is recognized as the world’s fourth-largest automaker by volume. The company boasts a diverse portfolio of well-known brands, including Jeep, Ram, Dodge, Peugeot, and Citroën. Stellantis operates extensively across North America, Europe, and other significant markets, offering a wide range of vehicles from passenger cars to trucks and commercial vehicles.

On Wednesday, Canadian Minister of Industry Melanie Joly addressed Stellantis CEO Antonio Filosa in a letter, emphasizing the company’s prior agreement to maintain its Canadian operations. Joly stated, “Anything short of fulfilling that commitment will be considered a default under our agreement.” She further warned that if Stellantis fails to uphold its commitments, Canada would “exercise all options, including legal.”

As of 2025, Stellantis is heavily investing in electrification and innovation, committing billions to develop electric vehicles and battery technologies. The company aims to lead in sustainable mobility by launching new electric platforms and expanding its lineup of hybrid and fully electric models. Stellantis is also adapting to global market challenges, such as supply chain disruptions and shifting consumer preferences.

Recently, Stellantis announced a $13 billion investment in the U.S., which the company claims will introduce five new models to the market. As part of this initiative, production of the Jeep Compass is set to move from a facility in Brampton, Ontario, to a plant in Illinois.

This controversy underscores the challenges Canada faces in securing long-term commitments from global automotive firms in a competitive and evolving industry. As nations vie for electric vehicle investments, Canada is asserting that public funding should translate into stable, local jobs. The resolution of this dispute could influence future investment policies and serve as a critical test case for balancing industrial support with accountability from private-sector partners.

Ontario Premier Doug Ford expressed his disappointment regarding Stellantis’s decision, stating in a social media post that he has communicated directly with the company about the matter.

For Stellantis, this situation presents both opportunities and risks. The company is strategically positioning itself to expand its U.S. operations and cater to the increasing demand for electric and hybrid vehicles. However, it also risks straining its long-standing relationships with Canadian authorities and labor forces, which could complicate future investments and operations in Canada.

Stellantis spokesperson LouAnn Gosselin reassured that the company remains committed to investing in Canada, highlighting plans to add a third shift at a plant in Windsor, Ontario. “Canada is very important to us. We have plans for Brampton and will share them upon further discussions with the Canadian government,” she stated in an email.

This situation also reflects the growing geopolitical and economic pressures on automakers to localize production amid rising protectionism and trade tensions. As countries like the U.S. and Canada compete for electric vehicle manufacturing and related supply chains, companies such as Stellantis must navigate not only market dynamics but also evolving government expectations tied to subsidies and job creation.

For Stellantis, effectively balancing cost-efficiency with political goodwill will be critical in maintaining access to incentives and avoiding reputational damage. For Canada, this dispute highlights the urgent need to establish more binding industrial agreements that ensure long-term economic returns on public investments.

Source: Original article

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