The oil price has jumped after Donald Trump announced new sanctions on Russia’s biggest producers, as the US president ramps up pressure on Vladimir Putin to end the war in Ukraine.Brent crude increased by 4.9% to $65.65 a barrel – a two-week high – on the news of the fresh restrictions on Moscow’s two biggest oil companies, Rosneft and Lukoil.All assets in the US belonging to the two fossil fuel firms have been frozen, and American companies and individuals will be barred from doing business with them.The ...

Despite record vehicle sales, Tesla saw a precipitous drop in profit in its most recent quarter.A rush to buy electric vehicles before a US tax credit for them disappears had boosted Tesla’s flagging sales, leading to the automaker exceeding some of Wall Street’s projections in its most recent financial quarter. Yet the company failed to meet earnings expectations and its stock fell in after hours trading.Tesla reported third-quarter earnings of 50 cents a share on Wednesday after market close, less than th ...

Google has claimed a breakthrough in quantum computing after developing an algorithm that performed a task beyond the capabilities of conventional computers.The algorithm, a set of instructions guiding the operation of a quantum computer, was able to compute the structure of a molecule – which paves the way for major discoveries in areas such as medicine and materials science.Google acknowledged, however, that real-world use of quantum computers remained years away.“This is the first time in history that an ...

Amazon chief executive Andy Jassy beamed as he met Keir Starmer in Downing Street’s garden to announce £40bn of UK investments in June. Starmer was equally effusive, gushing: “This deal shows that our plan for change is working –bringing in investment, driving growth, and putting more money in people’s pockets.”Four months later, and the tech company was left scrambling to fix a devastating global outage on Monday that left thousands of businesses in limbo – and shed light on the UK government’s reliance on ...

Warner Bros Discovery is considering an outright sale following interest from several potential buyers, the company said Tuesday, in what would be the latest shakeup across legacy media.Shares of the company rose 10.5% in morning trading. Netflix and Comcast are among the potential bidders, CNBC reported Tuesday, citing sources, following earlier reports that Paramount Skydance CEO David Ellison was also in talks to acquire the combined company.Warner Bros Discovery – home to CNN, HBO Max and the “Harry Pot ...

Core Viewpoint - General Motors has raised its financial outlook for the year while slightly reducing the expected impact from tariffs, amidst a challenging electric vehicle market [1][2]. Financial Outlook - The company now anticipates its annual adjusted core profit to be between $12 billion and $13 billion, an increase from the previous estimate of $10 billion to $12.5 billion [2]. - The updated impact of tariffs on the bottom line is now projected to be between $3.5 billion and $4.5 billion, down from the earlier estimate of $4 billion to $5 billion [2]. Electric Vehicle Strategy - General Motors incurred a $1.6 billion charge due to changes in its electric vehicle strategy, with the removal of a $7,500 tax credit for battery-powered models at the end of September [3]. - CEO Mary Barra indicated that future charges related to electric vehicles are expected, but the company aims to reduce EV losses by addressing overcapacity [3]. Revenue and Sales Performance - Revenue for the quarter ending in September slightly decreased to $48.6 billion compared to the previous year [4]. - Despite tariff uncertainties, US car sales increased by 6% in the third quarter, with consumers opting for more expensive models and features [4]. Tariff Mitigation Efforts - General Motors plans to mitigate 35% of its anticipated tariff impact, aided by a new program allowing credits for US-assembled vehicles [5][6]. - The MSRP offset program is expected to enhance the competitiveness of US-produced vehicles over the next five years [6]. Investment and Market Dynamics - The company is increasing investments in the US to counteract tariffs, with a $4 billion investment announced for three facilities in Michigan, Kansas, and Tennessee [7]. - Other automakers, such as Stellantis, are also planning significant investments in the US, with Stellantis announcing a $13 billion investment over the next four years [8]. Electric Vehicle Market Challenges - Although electric vehicle sales were strong in the third quarter, they still represented less than 10% of General Motors' overall sales [8]. - The company initially planned to offer a program to allow dealers to continue providing tax credits on EV leases but has since retracted this initiative due to political backlash [9].

Core Points - A significant internet outage affected numerous websites and applications globally, primarily due to issues at Amazon's cloud computing service, AWS [1][4][5] - The outage impacted major platforms including Snapchat, Roblox, Signal, Duolingo, and various Amazon-owned services [1][3] - In the UK, Lloyds Bank and its subsidiaries, as well as the HM Revenue and Customs website, experienced disruptions [2][3] Summary by Sections Outage Details - The problems began around 8am BST, with Amazon reporting increased error rates and latencies in its AWS services [4][5] - By 10:30am UK time, Amazon indicated that recovery was underway, confirming that services relying on the US-EAST-1 region were recovering [4] Affected Services - Reports indicated tens of thousands of issues across various platforms in the UK, including Wordle, Coinbase, Slack, and PlayStation Network [3] - The outage had a global ripple effect, with Downdetector reporting problems across multiple continents [5] Technical Insights - Cisco's Thousand Eyes noted a surge in outage reports, particularly in Virginia, where AWS's US-East-1 region is located [6] - Experts suggested that the outage was likely an IT issue rather than a cyber-attack, specifically related to AWS's DynamoDB database system [6][7] Industry Implications - The incident highlighted concerns about the concentration of digital infrastructure within a few companies, emphasizing the need for diversification in cloud computing [7][8] - The UK government is in contact with Amazon regarding the outage, indicating the potential implications for critical services [9]

Core Insights - US regional banking stocks experienced a significant decline due to concerns over bad and fraudulent loans disclosed by Zions Bancorp and Western Alliance [1][2] - The regional banking industry is under scrutiny following the bankruptcy of First Brands, which raised alarms about potential risky lending practices [2][4] Banking Sector Performance - Zions Bancorp's stock fell over 11%, while Western Alliance's shares dropped over 10% [2] - Jefferies Financial Group's shares decreased by 9% on the same day, contributing to a broader market decline with the S&P 500 down 0.7% and the Dow Jones down 0.6% [2] Bankruptcy Case of First Brands - First Brands filed for chapter 11 bankruptcy, reporting liabilities between $10 billion to $50 billion against assets of $1 billion to $10 billion, indicating risky off-balance-sheet financing [3] - Creditors of First Brands claimed that $2.3 billion of the company's assets had "simply vanished" [3] Investigations and Scrutiny - The Justice Department is investigating the bankruptcy of First Brands, raising concerns about questionable lending practices among regional banks [4] - Jefferies and UBS reported significant exposure to First Brands, with Jefferies' shares falling 25% over the past month [4] Shadow Banking Concerns - Experts highlighted that the bankruptcy of First Brands reveals vulnerabilities in the shadow banking system, where borrowers seek financing outside traditional banks [5] - JP Morgan's CEO expressed concerns about the implications of such events, suggesting that they may indicate broader issues within the banking system [6]

Economic Sentiment - More than half of Americans, specifically 53%, believe the economy is worsening, a slight improvement from 58% in late April [2] - About 60% of respondents feel the cost of living has increased since the start of the year, and 47% perceive the job market as worse [2] Partisan Perspectives - There is a significant partisan divide, with only 24% of Republicans believing the economy is deteriorating, compared to 60% of independents and 67% of Democrats [3] - Among rural Americans, who previously supported Trump by a margin of 69% to 29%, half have become more pessimistic about the economy since summer [3] Aspirations and Optimism - 38% of rural Americans report increased pessimism about achieving the American dream, while only 25% feel more optimistic [4] - Urban Americans show a contrasting trend, with 41% feeling more optimistic compared to 28% who are pessimistic [4] Educational Divide - Among Americans with less than a four-year college degree, pessimism outweighs optimism by 38% to 26% [5] - Conversely, those with at least a bachelor's degree report more optimism, with 43% feeling positive compared to 26% who are pessimistic [5] Economic Performance vs. Sentiment - The US economy is growing steadily, with the unemployment rate slightly over 4%, near historical lows [7] - Despite a 13% increase in the S&P 500 driven by AI investments, 37% of respondents feel their financial security is worsening [8] Disconnect in Perception - The disparity between a booming stock market and general financial gloom may stem from the nature of technology, with fears that AI could threaten jobs [9] - Economic prosperity is concentrated among a narrow set of companies focused on AI, while overall business investment remains weak [10] Policy Impact - Trump's tariffs have negatively impacted key sectors, with China limiting access to rare earth minerals and reducing soybean purchases, affecting Midwest farmers [12] - The crackdown on immigration is creating a labor shortage in agriculture, threatening food supply [12] Political Climate - Trump's rhetoric contributes to a negative economic outlook, as he emphasizes threats from foreign countries and crime in Democratic cities [13] - Despite a reduction in immigration, only 11% of Americans view it as the biggest risk to the economy, indicating a disconnect between policy and public perception [14]

Core Insights - A significant majority of Americans report an increase in monthly household costs, with 74% indicating rises of at least $100 compared to the previous year [2][5] - Despite claims from the Trump administration that inflation is under control, the public sentiment reflects ongoing economic concerns, with 54% believing the economy is in a recession [7][8] - The inflation rate has decreased from over 9% in 2022 to 2.9% in August, yet it remains above the Federal Reserve's target of 2% [4] Economic Sentiment - The Harris poll indicates that inflation is perceived as the biggest risk to the US economy, with 31% of Republicans and 33% of independents identifying it as such [8][10] - Pessimism about the economy has increased among independents, with 41% expressing negative views about the Democratic party and 43% about the Republican party [19] Policy Perspectives - Economic policies proposed by Democrats, such as a federal ban on price gouging and expanding the child tax credit, are more popular among voters compared to Trump's policies [16][17] - Trump's most supported policy, eliminating taxes on social security, has 43% approval, while other policies like mass deportation and tax cuts are less favored [17] Voter Dynamics - The 2024 presidential election is seen as a referendum on Biden's economic policies, with many voters dissatisfied with the economic situation post-COVID [6][15] - The shift in independent voters' sentiments may have contributed to Trump's electoral success, as they were previously more aligned with Democrats [14]