When Jerome Powell speaks, markets listen. As well they should. Powell serves as the chair of the Federal Reserve Board. As part of this role, he also leads the Federal Reserve Open Market Committee (FOMC), which sets the monetary policy of the U.S.

Powell recently hinted at a monetary policy change that seems positive for the stock market. But should investors actually be worried?

Federal Reserve Chair Jerome Powell answers reporters’ questions at the FOMC press conference on Sept.17, 2025. Official Federal Reserve Photo.

Good news for investors?

Powell spoke last week at the National Association for Business Economics conference held in Philadelphia, Pennsylvania. One of his key points in his address was an update on the status of the Fed’s “quantitative tightening” approach.

Quantitative tightening is the term used to describe when the Federal Reserve reduces the size of its balance sheet. To accomplish this goal, the Fed allows assets such as government-issued bonds to mature, or it actively sells those assets. This usually results in higher long-term interest rates, lower inflation, and a cooling down of an overheated economy.

The opposite of quantitative tightening is quantitative easing. With this approach, the Fed increases the size of its balance sheet. Quantitative easing is an expansionary policy that’s usually associated with a rising stock market.

In his recent remarks, Powell hinted that the Fed is close to ending its program of quantitative tightening. He said:

Our long-stated plan is to stop balance sheet runoff when reserves are somewhat above the level we judge consistent with ample reserve conditions. We may approach that point in coming months, and we are closely monitoring a wide range of indicators to inform this decision.

Powell always chooses his words deliberately and can often be somewhat ambiguous. However, the takeaway from his comments is that the Fed’s quantitative tightening policies could be almost over. This would seem to be good news for investors.

A more complicated picture

I chose those words deliberately and left room for ambiguity just as Powell likes to do. Why? Because there’s a more complicated picture if the Fed stops its quantitative tightening policies.

For one thing, the end of quantitative tightening doesn’t necessarily mean a return of robust quantitative easing. Some saw quantitative easing as something akin to steroids for the economy and stock market, while quantitative tightening was like a depressant. Using that analogy, discontinuing taking a depressant doesn’t boost strength in the same way as frequently taking a steroid might.

It’s also important to understand that the end of quantitative tightening could be a warning sign about the economy, and by extension, corporate earnings. The Fed doesn’t reduce the size of its balance sheet when the economy is weak. Powell’s remarks, indicating that quantitative tightening could soon taper off, might reflect significant underlying concerns by the Fed about the health of the U.S. economy, despite his seemingly positive statement last week that the economy “may be on a somewhat firmer trajectory than expected.” As the economy goes, so goes the stock market — usually.

Finally, there is a real risk that ending quantitative tightening could backfire. One of the main goals of the policy is to fight inflation. If the Fed returns to expanding its balance sheet, inflation could roar back. The effects of the Trump administration’s tariffs could add fuel to the fire, at least initially. Powell acknowledged in his speech at the National Association for Business Economics conference, “There is no risk-free path for policy as we navigate the tension between our employment and inflation goals.”

The Fed could find itself in a situation where it has to reverse tactics, which would likely create significant uncertainty for the stock market. If there’s anything investors hate, it’s uncertainty.

Should investors worry?

I think celebrating the Fed bringing its quantitative tightening policies to a halt is premature. However, it’s also too soon to worry about the potential impact on stocks from the decision.

We don’t know yet how quickly the Fed will begin increasing the size of its balance sheet. We don’t know how aggressively it will move if and when quantitative tightening comes to an end. We don’t know what else will be happening with the economy or the stock market.

What we do know, though, is that the stock market rises over the long term. Anyone with an investing time horizon measured in decades shouldn’t have anything to worry about, regardless of what the Fed does or doesn’t do in the near term.

FANCY a cheeky city break but worried about blowing the Christmas budget?

Fear not, because we’ve rounded up nine of the best bucket-list weekenders, where you can find bargain flights, as well as cheap eats and drinks during the winter months.

Bilbao, Spain

For easily accessible winter warmth on a shoestring budget, Bilbao is a good bet. 

This is the Spanish city that is the fastest to reach from the UK, with flights from Bristol taking approximately 1 hour and 45 minutes (and under two hours from London).

It’s also super affordable to reach – one-way Gatwick fares with Vueling Airlines start at just £23 this autumn. 

Step off the plane and into double-digit temperatures – the city has highs of 17C in November, ideal for exploring the lush green landscape and Casco Viejo, the picturesque old town with its cobblestone streets and medieval architecture.

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You can’t visit without indulging in pintxos – the Basque version of tapas – paired with the local tipple Kalimotxo (red wine and cola). 

Cheap but highly-rated pintxos bars include local hangout Bar Bacaicoa, known for its griddled mushrooms, £1.13 (€1.30), cod croquettes, £1.50 (€1.70), and spicy chorizo. £1.65 (€1.90).

Beer at a restaurant or pub is also cheaper than in the UK, with a “zurrito” (small glass) of local beer like San Miguel costing around £3.50 (€4).  

The world-famous Guggenheim art museum is the city’s main attraction, home to popular works by artists such as Richard Serra, Robert Rauschenberg and Yayoi Kusama.

Although you need a ticket to enter, it’s completely free to admire the outdoor art installations, such as Jeff Koons’s Instagrammable Puppy sculpture guarding the entrance.

Dublin, Ireland

Close to home, Dublin offers a quick city getaway with affordable prices if you know where to look. 

Flights from most UK airports are very short, taking just an hour from Manchester and 1 hour 20 minutes from London.

November is the cheapest month to travel to Ireland – return fares to Dublin cost around £36 with Ryanair from the East Midlands and £72 from Heathrow with British Airways.

This leaves extra spending money for its lively pub culture.

The typical price range for a pint of Guinness in city boozers – like O’Donoghue’s, Doheny & Nesbitt’s, Toners and The Baggot Inn – is similar to the UK’s national average of £5.15 (€5.80-€7.00), depending on location. 

Tourist hotspots like Temple Bar push prices to £9 (€10.45) for a pint of the black stuff. 

Avoid this by heading to a local boozer like The Auld Triangle, where a pint will set you back less than a fiver (€4.95).  

You’ll still get traditional live music at a slice of the price.

But there’s much more to Dublin than a giddy Guinness binge. 

Take in the city sights, including Phoenix Park and the grounds of Trinity College, both free to explore. 

If you’ve got a spare £16 (€18), the Little Museum of Dublin is also well worth a visit.

Set in a cute Georgian townhouse, it’s a quirky one-stop shop for history fans.

Peckish? Wood-fired pizza costs less than £6 (€6.50) from Sano Pizza, while other cheap eats include Brother Hubbard (mezze plates from €7.50) and street food at EatYard, which is open Thursday-Sunday. 

Brussels, Belgium

The capital of Belgium is within striking distance of the UK – super affordable flights take just over an hour.

One-way fares this November cost from as little as £33 from Luton with easyJet, with a flight time of 1 hour 20 minutes. 

You can find even cheaper flights to the city’s second airport, Charleroi, which is around an hour from the city centre by bus. 

The city’s main highlights – including the magnificent Grand Place, Sablon’s Gothic church and the famed Manneken Pis statue – are walkable and free to see. 

You can keep costs down by visiting museums on reduced admission days.

For instance, the Royal Museums of Fine Arts of Belgium (normally €10) are free on the first Wednesday of each month from 1pm.

Sample gaufres de Liège (waffles), frites (fries) and Belgian chocolate – but find them at street food stalls, trucks and small cafés for the best price.

Maison Antoine sells a small cone of fries for around £3 (€3.50), while many good chocolate shops give out free samples.

When it comes to beer, avoid tourist trap bars around Grand Place and head to local boozers instead. 

Beer Capital has beers from £2.87 (€3.30), and happy hour from noon until midnight, while Cafe Belga is a firm favourite with students. 

Amsterdam, The Netherlands

With its quaint canals, treasure-packed museums and vibrant dining scene, Amsterdam is perfect for a European city break. 

You can reach this Dutch metropolis in 1 hour and 20 minutes, with easyJet flights from Manchester costing as little as £67 return this winter.

Walking is the best way to see the city’s gorgeous neighbourhoods of Prinsengracht, Herengracht and Keizersgracht, and the trendy Nine Streets area with its independent boutiques.

Planning to see as much as possible? You could save money with the I Amsterdam card, which allows free entry to some museums, including the Van Gogh Museum (but not the Anne Frank House, which you need to book in advance), travel discounts and bicycle rent. A 48-hour card costs £78 (€90).

Grab a £2.61 (€3) beef croquette straight from the wall at FEBO, automated snack machines dotted around the city.

Or head to a street stall to sample Dutch herring with onions and pickles for around €3, or stop by a Stroopwafels stand for freshly made caramel-filled wafers.

Fancy a drink? De Pilsener Club is a cosy, wood-panelled pub and one of the best spots for a cheap beer in the city centre.

Meanwhile, Kriterion is a trendy arthouse cinema with a student bar offering cheap beer (around £4.54 a pint), while Waterhole has happy hour every day (noon-9pm) with beers from £3.48 (€4).  

Paris, France

Just 1 hour and 15 minutes from the UK by plane, Paris should make your budget-break bucket list. 

While the City of Love has its fair share of overpriced tourist traps, there are ways you can shave euros off the prices you pay.

Avoid eating and drinking around the city’s main attractions, like the Eiffel Tower, Louvre and Arc de Triomphe, where restaurants charge a premium.

Instead, head to neighbourhoods just outside the most central zones (like the 11th, 19th and 20th arrondissements) for cheaper bars and restaurants.

With the average Parisian pint, or ‘pinte’, costing £5.22-£6.96 (€6-8), your best bet for finding budget beer in Paris is to avoid tourist zones and look for happy hour. 

The cheapest pint in Paris is reportedly at Chez Marie in the 10th arrondissement – where you can enjoy a pint for £2.18 (€2.50) at happy hour (6-9pm).  

When it comes to top-notch food, the French do it well – and crêpes (pancakes) are both filling and good value. 

You can find street-side stands selling crêpes or eat them “à emporter” (to go) from around £3.48 (€4). 

For lunch on the run, locals grab sandwiches and quiches from boulangeries (bakeries).

Other cheap eats include croque monsieur (ham and cheese toastie), which costs around £6-£8 (€7-9). 

Other money-saving tips for Paris include taking the Metro instead of expensive taxis and visiting big museums like the Louvre and Musee d’Orsay on the first Sunday of the month, when they offer free admission.

You can also bag a bargain with flights – easyJet and Vueling offer one-way prices from as little as £24, with Fridays in November and March often offering the best results. 

San Sebastian, Spain

In the heart of Spain’s Basque Country, San Sebastian is a foodie’s delight that won’t break the bank.  

This city in the north of the country is home to amazing pintxos – tapas-style snacks that are small in price but huge in flavour.

Think olive and pepper skewers, chistorra (AKA smoky sausage), and traditional tortillas – with each dish typically costing less than £4 (around €2-€5).

A pint of beer typically costs around £5 (€5-7) in San Sebastian bars – but you can save money by ordering a smaller ‘caña’ (200ml draft beer), which is usually priced around £2.60 (€3). 

British Airways flies direct to San Sebastian from London City, with one-way fares from £120 this autumn.

And with a flight time of 1 hour 55 minutes, you’ll be exploring its golden beaches, lush hillsides and cobbled lanes before you know it. 

Even in winter, the weather can be pretty mild, with daytime temperatures rising to around 15 °C in November. 

Some of the cheapest pintxos are in the Gros District, a surfing neighbourhood that’s a 10-minute walk from the old town.

The best way to burn the pintxos-hopping calories is to explore on foot.  

Walk the scenic promenade along La Concha Bay or hike up Monte Urgull for epic city views that won’t cost you a penny.  

Prague, Czech Republic

A couple of hours from the UK by plane, Prague is a firm favourite as a European city break, with cheap food and pints costing a couple of quid.

Even in the centre of the Czech capital, a pint will only set you back around £1.70-2.50 (50-70CZK).

Head further out, and you can expect to pay just £1-1.78 (30-50CZK) for similar drinks. 

Hany Bany, a boozer in the city’s old town, sells a small draft beer for just 78p (22CZK) and a pint for £1.25 (35CZK).

Working up an appetite? Grab a plate of hearty goulash and dumplings for £4.20 (119CZK) at Havelská Koruna, which opened as the country’s first fast-food restaurant in 1931. 

Located in the old town, it’s a thriving and affordable diner, so arrive by 11.30am to beat the lunchtime crowds.

Save even more on your trip by sampling cheap street food at Havel Market and exploring the grounds of Prague Castle for free. 

For a culture fix, some museums have free or cheap entry days, like the National Gallery Prague, which is free to enter on the first Wednesday of the month after 3pm. 

In the Old Town Square, you can also watch the Astronomical Clock’s hourly dancing figurine show without spending a single koruna.

Return flights from London to Prague this winter cost from £34 with Ryanair, from £44 with Wizz Air and from £57 with easyJet. 

Bordeaux, France

Also under two hours from the UK, the French city of Bordeaux offers cheap wine, local markets and a UNESCO area to discover. 

It’s also affordable to reach, with easyJet offering return Bristol flights from £44 this winter.

While a pint of beer will set you back around £6 (€7) in most central bars in Bordeaux, wine is inexpensive. 

In Le Bar à Vin Bordeaux, located opposite the tourism office, you can get glasses of decent wine for less than £3 – like a 15cl glass of Bordeaux rose for €2.50.

Meanwhile, you can keep costs low by chowing down street food near Place de la Victoire, or indulging in “canelés”.

These sweet, cylindrical pastries are typically priced less than a euro – La Toque Cuivrée sells them for a mere 60p (€0.70).

When you’ve eaten and drunk your fill, take in the historic centre and 18th-century architecture – a UNESCO World Heritage site.

It won’t cost you a penny to see sights like Place de la Bourse with its beautiful reflecting pool of water. 

Later, find souvenirs at the Grands Hommes market or on the rue Sainte Catherine, one of the longest streets in Bordeaux.

If you’re on a tight budget, pick up a steal in Mad Vintage, a second-hand shop, or head to the southern end of the street, which has cheaper, more student-oriented boutiques compared to the higher-end shops of the north. 

Munich, Germany

The Bavarian capital is under two hours away, with return Gatwick flights costing from just £59 with easyJet this winter. 

Which leaves plenty of spending money once you touch down in this edgy metropolis, which has lakes and mountains on its doorstep and oodles of cultural sights. 

Contemporary gallery Museum Brandhorst is a must if you enjoy pop art, and is one of many museums that offer cheap entry for 87p (€1) on Sundays.

Other free must-do activities include watching the famed Glockenspiel show in Marienplatz and strolling around the lush grass and shimmering lake of the English Garden.

Of course, Munich is the beer capital, so it’d be rude not to sample the city’s tipple of choice, Dunkel, which ranks among the best German beers. 

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A pint of this dark, malty lager is best enjoyed in a noisy beer hall like Augustiner Bräustuben, where it’s £3.35 (€3.85) a pint. 

For a cheap bite, make for Viktualienmarkt where you’ll find stalls selling sausage sandwiches for less than £6.09 (€7) or try a bakery for a €1 fresh pretzel. 

If you crossed “see the Dodgers in the World Series” off your bucket list last year, here’s a bucket list update for you: See the Dodgers in the World Series, from the comfort of a hotel room with a full view of the field.

Not at Dodger Stadium, of course. In Toronto, however, where a hotel is built into the ballpark and 55 rooms allow you to open the curtains and catch the game without a ticket.

During the World Series, the nightly rate for these rooms starts at $3,999 (in Canadian dollars, or about $2,850 in U.S. dollars).

A view of the field from one of the rooms at the Toronto Marriott City Centre.

(Toronto Marriott City Centre.)

That is a lot of money. Then again, the rooms sleep up to five people, and good luck getting five World Series game tickets for that price.

You have to get to Toronto, and that costs a lot of money too. But you don’t need to pay separately for game tickets and a hotel, and you can get room service instead of standing in line at concession stands.

The rooms include chairs that face the field, so you don’t have to stand on your bed to catch the action. And you never know: a player could toss you a ball during batting practice, right through your window. Take a look:

Information and reservations: Toronto Marriott City Centre Hotel.

Oct. 21 (UPI) — Sanae Takaichi was elected prime minister of Japan on Tuesday, becoming the first woman to lead the country.

Japan’s House of Representatives announced in a statement that Takaichi had been “chosen by open ballot” during a plenary session on Tuesday.

Takaichi, the Liberal Democratic Party president, will be Japan’s 104th prime minister. The Japan Times reported that she received 237 votes to Constitutional Democratic Party of Japan leader Yoshihiko Noda‘s 149.

The vote was held after the cabinet of now-former Prime Minister Shigeru Ishiba resigned en masse Tuesday morning.

“To all citizens, I express my deepest gratitude for your understanding and cooperation, and I ask for your continued strong support for the next cabinet and new prime minister as they face domestic and international challenges ahead,” Ishiba said in a statement announcing the end of his coalition government.

Takaichi’s election was made nearly certain after her LDP agreed to form a new coalition government with the Japan Innovation Party on Monday night.

“We will work to realize policies that overcome domestic and international challenges, protect the livelihoods of the people and the peace of the nation and strongly advance Japan forward,” the LDP said Tuesday in a statement.

Ishiba announced his resignation in early September to prevent a split of his LDP following recent election defeats. Takaichi was then made the party leader.

Video shows towering construction cranes being brought down by a tornado in northern France, where at least one person was killed and several were injured.

Beyond the Cuban diaspora, the genre known as reparto is overwhelmingly unknown. But on the streets of Havana and Hialeah, Miami, reparto is inescapable, pulsing from balconies and portable speakers on the beach.

Born in Cuba’s working-class neighborhoods — known colloquially as repartos — this hyperkinetic fusion of reggaetón, timba and Afro-Cuban rhythms has become the island’s score. In the mid-2000s, artists like Chocolate MC and Elvis Manuel built the genre’s sound on distorted synth stabs, shouted call-and-response hooks, and the distinct Cuban clave beat that makes your body move before your brain can even catch up.

It’s also become a platform for youth navigating scarcity, surveillance and dreams of escaping poverty. The lyrics, characteristically and unapologetically obscene, reflect the realities of life in marginalized communities. But alongside its rhythmic bravado, reparto’s explicit language often veers into the dehumanizing and misogynistic.

The music centers on women, but more often than not, as objects: the perra to conquer, the diabla to tame, the culo to catalog in explicit detail. And it’s no surprise: The genre’s blunt portrayal of women mirrors the machismo deeply embedded in everyday Cuban life.

It’s a refrain you’re bound to hear in any and every nightclub: “¿Donde están las mujeres?” But the next time 10 reparteros link up for a track, they probably won’t call a woman. Within a genre that revolves so heavily around their bodies, women’s voices still remain rare.

So, ¿dónde están las mujeres? Or, where are the women making reparto?

“Chocolate is the king, but who is the queen?” says Seidy Carrera, known artistically as Seidy La Niña. “There’s a space that needs to be filled with women. There’s no f—ing women!”

At the onset of reparto, early reparteras like Melissa and Claudia slipped brief female cameos into club anthems. More than a decade later, due to Cuba’s only recent, and still extremely limited, internet access, these artists and their collaborations have a seemingly untraceable digital footprint. Still, most playlists orbit male voices, and collaborations rarely invite women to the booth: “When reparteros come together on a track, they never call a woman,” she says.

Carrera, 32, was born in the reparto El Cotorro and raised in Miami since she was 6. The self-proclaimed queen of reparto, the paradox defines her career: She fights for space in a scene whose appeal lies in her raw neighborhood realism, but detractors question her authenticity as a gringa, or as they would call her, yuma.

“I feel resistance every day, every single day,” she says. In response, she reclaims the discriminatory language used against her; onstage, she chants “más perra que bonita,” flipping the curse-word from insult to empowerment.

“It’s empowering to say, I’m more perra than pretty. To me, being a perra is being a woman who’s exclusive, who makes her own money. In my case, … nobody opened the door for me, nobody gave me a hand.”

For Havana-based singer-composer Melanie Santiler, 24, the double standard hits her before she can even sing her first note: “I feel that I have to do twice as well. I have to put in double the thought, double the effort, double the talent, always having something more to say,” she says.

“It’s exhausting. It’s exhausting being a woman, having to get up and tell yourself, damn, I have to look pretty and put together. I spent my whole life in school with an onion bun because I didn’t want to do my hair,” Santiler says and laughs, messy bun flopping around her face.

Reaching almost 5 million YouTube views on her 2025 viral collab, “Todo se Supera” with Velito el Bufón, she’s broken into the reparto space as one of the genre’s most distinctive voices. Beside this rise, she’s faced a newfound pressure to dress a way she normally wouldn’t, a beauty standard her masculine counterparts don’t face.

Aliaisys Alvarez Hernández — better known as Ozunaje — says she doesn’t face the same criticism in the urban Cuban music scene, likely due to her sexuality and more masculine appearance. “Reparto is a genre for men, that’s how I see it,” she says. “I dress like a man, I practically live my life like a man, so what I write resembles what men are already saying. That also gave me an impulse, where I feel like more feminine artists, they have to work harder.”

A former rhythmic gymnast from La Habana, Hernández, 23, stumbled into music when friends recorded her singing a demo of “Cosas del Amor” in her living room. Someone uploaded the video, it went viral, and suddenly, she had a career. Since that start, Hernández refuses to only be compared with other reparteras.

Her goal has always been to be measured against men, since “that’s who people actually listen to.” Dressing in traditionally masculine clothing, paired with a deep, raspy delivery, helps her lyrics resonate with locals without the extra hurdle of hyper-sexualized expectations.

Hernández’s androgynous wardrobe and open queerness bring another layer of potential discrimination, but despite the rampant homophobia persistent in present-day Cuba, she doesn’t feel much resistance. “The worst word they throw at me is tortillera, but it doesn’t affect me,” she says, adding, “People like my style, they like that I dress like a guy. Everybody tells me, you have tremendo flow, I love your aguaje, so I haven’t faced any bullying. Never.”

Misogynistic currents in reparto mirror those in early reggaetón, reflecting the average street machismo. The genre’s marginal roots complicate blanket condemnations, since the same raunchy lyrics often encode critiques of class exclusion. Still, reaching bigger stages will require editing the most gratuitous slurs, if only to broaden the music’s export potential. At least, Ozunaje thinks so.

“Reparto came from people who were poor, who had nothing, who were desperate to get out. Nobody imagined it would get this big. Now it’s reaching the whole world, so the vocabulary has to evolve,” she says.

Santiler echoes this critique. “It’s become really repetitive. I think right now, everyone is talking about the same thing. It’s been really easy. Facilista,” she says, using the Spanish term for taking the easy way out. Santiler loves reparto’s swing, but calls most of it objectifying, pointing to Bad Bunny’s “Andrea” and “Neverita,” along with C. Tangana’s “El Madrileño,” as proof that urban music can expand beyond bedroom conquests.

“The street already says these things, and reparto just writes it. It’s an image of what’s happening. But I grew up with other types of music and other types of references, so I’d like to expand beyond that, to make something fresh.”

Santiler adds that the basis of reparto, both in her gratitude and her criticism, comes from pride.

“I love Cuba, I love my country. The current generation of Cuba doesn’t reject their identity — they’re doing the opposite. They want to create a new culture, to create a new movement, and they want the world to know Cuba again,” she says.

American Express (AXP 0.70%) is a global payments company with a different model from the card networks most investors know. Unlike Visa and Mastercard, which mainly run transaction networks and avoid lending, American Express issues cards, extends credit, and earns meaningful fee income from premium customers. That difference mattered on Friday, when shares jumped after the company posted strong third-quarter results and lifted its full-year outlook.

Is this move noise or the start of a repricing toward peer-like valuations? I think the latter. With spending and fee income looking good and credit holding steady, it wouldn’t be surprising to see the stock’s valuation multiple expand significantly over time, catching up with the valuation multiples of Visa and Mastercard.

Image source: Getty Images.

Impressive results

It wasn’t surprising to see shares jump following the release of the company’s latest financial results. Third-quarter revenue rose 11% year over year to $18.4 billion, and earnings per share increased 19% to $4.14. Card member spend growth accelerated to 9% (up from 7% growth in Q2). Management also raised full-year guidance, saying it expects 9% to 10% revenue growth and earnings per share of $15.20 to $15.50.

Driving the quarter, the company’s cardmember fee income climbed 18% year over year as more customers adopted its premium cards, which offer travel and lifestyle perks in exchange for annual fees. Additionally, net interest income rose 12%.

Credit metrics look good, too. American Express’s provision for credit losses declined year over year on a lower reserve build. And the company’s net write-off rate held at 1.9%, flat from a year ago and from the prior quarter. For a credit card issuer that keeps credit risk on its own balance sheet, steady write-offs and a lighter reserve build point to disciplined underwriting even as spend grows rapidly.

What makes American Express different

Of course, American Express doesn’t differentiate itself from Visa and Mastercard just by extending credit and charging substantial card fees across its flagship products. The company’s value proposition in the premium space is perhaps the company’s greatest edge. This is fresh on investors’ minds because American Express recently refreshed its U.S. consumer and business Platinum products — and it’s working; new U.S. Platinum account acquisitions in the three weeks following the refresh doubled versus pre-refresh levels, management said in its third-quarter update. Considering that the refresh came with a substantially higher annual fee, that kind of customer response suggests pricing power with the customers who spend the most, use travel benefits, and stay loyal.

Driving home just how premium American Express’s cardmembers are, they spend an average of three times more on their cards than the average spend per card on other networks.

Valuation still trails far behind Visa and Mastercard

Even after the rally, American Express trades at a lower price-to-earnings multiple than the pure networks Visa and Mastercard. The two peers earn higher valuations for their capital-light models, which carry less credit risk and produce steady cash flow. That premium makes sense.

Depending on how you look at it, however, there are also reasons that American Express may deserve a premium. Visa and Mastercard may take on less risk, but American Express participates in more of the profit pool per dollar of spend and has more control over the customer’s overall experience — an advantage that is likely key to helping the company cater to higher spenders.

Ultimately, if American Express can show that its approach is leading to a better customer experience, including higher engagement and greater lifetime customer spend while maintaining good credit metrics, investors may be willing to narrow the gap between American Express’s valuation multiple and its pure network peers.

Of course, being an integrated payments company requires carefully balancing underwriting and incentives to bolster cardmember spending. A surprise rise in delinquencies would pressure earnings. Likewise, a slowdown in the macroeconomic environment could hit discount revenue, customer acquisition trends, and even lending. These factors could keep the valuation discount in place longer than bulls expect.

Still, there’s a lot to like — especially given the stock’s fair price-to-earnings multiple of about 23. This compares to Visa and Mastercard’s price-to-earnings ratios of 34 and 38, respectively. With strong financials in the context of its valuation, American Express stock looks compelling. Revenue is growing at double-digit rates, spend is accelerating, and fee income tied to its premium cards is doing the heavy lifting. Management’s playbook of regularly refreshing its products and deepening engagement while broadening acceptance shows up in the numbers and in guidance.

If American Express’s momentum persists, a narrower valuation gap with Visa and Mastercard makes sense. Friday’s surge looks less like a spike and more like the start of a reset in how investors price this franchise. After years of consistent growth and strong credit metrics, investors might start seeing the company’s integrated payment model as a key competitive advantage worthy of a significantly higher premium.

Arsenal, who host Atletico Madrid in the Champions League on Tuesday (20:00 BST), have changed their style this season to be more direct and play through defensive lines quicker, which has meant Rice moving deeper alongside Zubimendi when starting attacks.

A recruitment specialist working in top level football told BBC Sport how the signing of Zubimendi has complemented Rice’s game.

He said: “It hasn’t changed what he can do as he has done it before, but it [Zubimendi’s arrival] has given him more ability to be an all-rounder.

“He already had the ability to contribute in the holding game but now he is able to excel in attacking phases.

“His ability to take the ball on the half-turn allows his first touch to be always forward when he receives it.

“The attacking role hasn’t phased him. He has grasped it really well and you can tell it’s something he’s always had.”

Rice already has three assists and one goal in his 11 games for Arsenal this season.

For his goal against West Ham, Rice arrived late into the box to meet a bouncing ball and finish well to score Arsenal’s opener in their 2-0 win.

And the recruitment specialist believes Rice, though known for his running ability, does not get the plaudits he deserves.

“A lot of people don’t really give him the credit he is due for his athleticism,” he said. “He is extremely athletic and a good mover.

“He has the freedom to create in the attacking area of the pitch, he is excellent in holding, he is such a fluent player and performs with the freedom he has been given.

“A good player, good passing, but can also be gritty and break up play. He is a commanding midfield player.

“I like the fact that he can dictate the tempo of the game. Really good precision in his actions. He has transitioned seamlessly to a box-to-box player.”

Appointment clinched via a last-minute coalition deal, but government remains without a majority, leaving the risk of instability.

Japan’s parliament has elected ultraconservative Sanae Takaichi as the nation’s first female prime minister.

A protege of assassinated former Prime Minister Shinzo Abe, Takaichi received  237 votes in the 465-seat lower house of parliament on Tuesday to confirm her in the role.

The victory follows a last-minute coalition deal by her Liberal Democratic Party (LDP) with the right-wing Japan Innovation Party (JIP), also known as Ishin, on Monday. However, her government is still two seats short of a majority, suggesting a risk of instability.

Takaichi replaces Shigeru Ishiba, ending a three-month political vacuum and wrangling since the LDP – which has governed Japan for most of its post-war history – suffered a disastrous election loss in July.

Her victory marks a pivotal moment for a country where men still hold overwhelming sway. But it is also likely to usher in a sharper move to the right on immigration and social issues, with little expectation that it will help to promote gender equality or diversity.

Takaichi has stonewalled measures for women’s advancement. She supports the imperial family’s male-only succession and opposes same-sex marriage and allowing separate surnames for married couples.

The LDP had earlier lost its longtime partner, the Buddhist-backed Komeito, which has a more dovish and centrist stance.

Komeito ended the partnership due to its concerns that the LDP was not prepared to fight corruption.

“Political stability is essential right now,” Takaichi said at the signing ceremony with the JIP leader and Osaka Governor Hirofumi Yoshimura. “Without stability, we cannot push measures for a strong economy or diplomacy.”

JIP will not hold ministerial posts in Takaichi’s Cabinet until his party is confident about its partnership with the LDP, Yoshimura said.

After years of deflation, Japan is now grappling with rising prices, something that has caused public anger and fuelled support for opposition groups, including far-right upstarts.

Like Abe, Takaichi is expected to favour government spending to jumpstart the weakened economy. That has prompted a so-called “Takaichi trade” in the stock market, sending the Nikkei share average to record highs, the most recent on Tuesday.

But it has also caused investor unease about the government’s ability to pay for additional spending in a country where the debt load far outweighs annual output.

Shortly after the lower house vote, Takaichi’s elevation to prime minister was also approved by the less-powerful upper house. She will be sworn in as Japan’s 104th prime minister on Tuesday evening.

Takaichi is also running on a deadline, as she prepares for a major policy speech later this week, talks with United States President Donald Trump and regional summits.

Strictly Come Dancing contestant Vicky Pattison has confessed to putting a halt on sex with her husband Ercan Ramadan

Strictly Come Dancing star Vicky Pattison has revealed she’s put a stop to bedroom antics with her husband while taking part in the BBC dance competition.

After achieving her best score of the series last weekend, bagging an impressive 29 points with professional partner Kai Widdrington for their spectacular Samba, Vicky and Kai have secured their place in Icons Week.

During a recent episode of the Get A Grip podcast, the 37-year-old confessed she’s steered clear of physical intimacy with her other half since starting on the show.

The frank admission came as Vicky outlined the demanding nature of the programme’s early weeks, explaining: “One minute you’re nervous, you’re messing up your dress rehearsal, you’re getting your period, you’re nearly throwing up behind the scenes because you’re so nervous.”

As Vicky shared her journey, the presenter quickly jumped in with: “Are you pregnant?”, reports Wales Online, reports Wales Online.

But Vicky cheekily responded that her husband hasn’t caught sight of her “lady bits in months”: “No, you’d have to s**g me to get pregnant, mate. Poor Ercan hasn’t seen the sight of my lady bits in months. He’s honestly sick of us.

“I’m like, ‘Well, you’re not getting any now, I’m doing Strictly, mate.'”.

Vicky has also confessed the pressure to start a family has been overwhelming.

Speaking on the Women’s Health Just as Well podcast with Gemma Atkinson and Claire Sanderson, she shared: “My mum told me ‘If not having children is your trajectory, that’s fine,’ which I thought was powerful. I think we’re coming around to the idea as a society that a woman doesn’t have to have children to be fulfilled – and, for me, there’s still a huge question mark over motherhood.

She further added: “I’ve worked to finally get to a place where I’m proud of who I’m becoming, and the thought of taking a break… it scares me.”

Angels star Mike Trout is planning to testify Tuesday in a lawsuit over whether the MLB team should be held responsible for the drug overdose death of pitcher Tyler Skaggs.

Trout, a three-time American League most valuable player who hit his 400th career home run this year, is expected to take the stand in a Southern California courtroom and speak about his friendship with Skaggs, who died on a team trip to Texas in 2019 after taking a fentanyl-laced pill he got from Angels communication director Eric Kay. Trout could also be asked about what he knew of Kay’s drug use at the time.

The testimony will come in the trial for a wrongful death lawsuit filed by Skaggs’ wife, Carli, and his parents seeking to hold the Angels’ responsible for his death. The family contends the Angels made a series of reckless decisions that gave Kay access to MLB players when he was addicted to drugs and dealing them; the team has countered that Skaggs was also drinking heavily and his actions occurred on his own time and in the privacy of his hotel room when he died.

During opening statements, a lawyer for the Skaggs family said Trout was aware of Kay’s drug problem and had offered to pay for him to attend rehab. Other players, including former Angels pitcher Wade Miley, who currently plays for the Cincinnati Reds, could also testify during what is expected to be a weeks-long trial in Santa Ana.

The civil case comes more than six years after 27-year-old Skaggs was found dead in the suburban Dallas hotel room where he was staying as the Angels were supposed to open a four-game series against the Texas Rangers. A coroner’s report says Skaggs choked to death on his vomit and that a toxic mix of alcohol, fentanyl and oxycodone was found in his system.

Kay was convicted in 2022 of providing Skaggs with an oxycodone pill laced with fentanyl and sentenced to 22 years in federal prison. His federal criminal trial in Texas included testimony from five MLB players who said they received oxycodone from Kay at various times from 2017 to 2019, the years he was accused of obtaining pills and giving them to Angels players.

Angels outfielder Mike Trout catches a fly ball in front of graphic honoring the life of Tyler Skaggs at Angel Stadium in 2019.

(John McCoy / Getty Images)

The family is seeking $118 million for Skaggs’ lost earnings, compensation for pain and suffering and punitive damages against the team.

Skaggs had been a regular in the Angels’ starting rotation since late 2016 and struggled with injuries repeatedly during that time. He previously played for the Arizona Diamondbacks.

After Skaggs’ death, the MLB reached a deal with the players association to start testing for opioids and to refer those who test positive to the treatment board.

Taxin writes for the Associated Press.

Oct. 21 (UPI) — The Trump administration is surging U.S. Coast Guard resources to the Rio Grande River to prevent migrants and drugs from making their way from Mexico across the body of water into Texas.

Since his inauguration in January, President Donald Trump has been seeking to seal off the U.S.-Mexico border as part of his immigration crackdown.

Homeland Security Secretary Kristi Noem announced Operation River Wall in a statement Monday, calling it an “unprecedented mobilization” of Coast Guard boats, shallow watercraft, tactical teams and command and control assets to the Rio Grande in eastern Texas.

The exact number of resources deployed was not made public, though DHS said the operation is “beginning” with more than 100 boats and hundreds of personnel.

According to a statement from the Coast Guard, it has been deploying resources to the Rio Grande since Oct. 9 with the mission to “ensure operational control of the border” where Trump declared a national emergency on his first day in office.

That declaration, stating that the United States is “under attack” and experiencing an “invasion” via its southern border, has faced and continues to face legal challenges, particularly over its scope and the powers it affords the president.

“President Trump delivered the most secure southern border in U.S. history in record time, and now, our goal is to make sure it stays that way for the long run,” Noem said.

“Now, Coast Guard Forces Rio Grande and Operation River Wall will be a force multiplier in defending against illegal immigration.”

American warships operating off Venezuela’s coast are not doing so without a credible threat. This comes from the presence of the Russian-made Kh-31 high-speed air-to-surface missile. Known to NATO as the AS-17 Krypton, the ramjet-powered weapon is available in both anti-radiation and anti-ship versions, with the ship-killer being the most relevant in this context. With this reality, combined with the steady drumbeat of reports raising the prospect of a military intervention of some kind in Venezuela, it’s worth looking closer at this unique capability within its arsenal.

While we have previously discussed in detail the different layers of Venezuela’s air defense system, it’s one of the key assets of its air force, the Aviación Militar Bolivariana Venezolana, AMBV, or Bolivarian Venezuelan Military Aviation, that is the launch platform for its Kh-31s. This is the Su-30MK2V Flanker multirole fighter, 24 of which were delivered between 2006 and 2008, and 21 of which survive in service today.

It should be noted that it’s not entirely clear whether Venezuela received both the anti-radiation Kh-31P and the anti-ship Kh-31A to arm its Su-30s. However, the Kh-31A, at least, appears to have been supplied, as seen in official videos showing AMBV Su-30s carrying the missiles while flying off the coast of Venezuela. Most recently, this kind of footage has been distributed by Caracas in an apparent statement of resolve against potential U.S. aggression. Venezuela has publicized its anti-ship quick reaction alert drills with these missiles in the past, as well. Moreover, the Kh-31P could also be used in anti-ship capacity, homing in on warships’ radars.

A video shows Venezuelan Su-30s using Kh-31s to launch a mock attack on a ship from an alert posture:

The development of the Kh-31 series of missiles began in the late 1970s in what was then the Soviet Union. The original requirement was for a high-speed anti-radiation missile that would be able to home in on and destroy the radars associated with then-new and emerging western air defense systems, such as the U.S. Army’s Patriot surface-to-air missile system and the U.S. Navy’s Aegis combat system.

The Kh-31A anti-ship missile entered production in 1990. Outside of Russia, it has proven an export success, with around a dozen operators, including China, India, and Vietnam.

Looking at the Kh-31A in more detail, it is fitted with an active radar seeker with a lock-on range of around 18 miles. The seeker works in both lock-on before and lock-on after launch modes. The missile also has a radio altimeter to ensure it can fly precisely at low altitude flight over water. All Kh-31s use a rocket-ramjet propulsion system to achieve sustained supersonic speeds. A rocket in the rear of the weapon boosts it to an optimal speed for the air-breathing ramjet to take over.

Combined with its high terminal speed, the Kh-31A has a penetration warhead, designed to punch through the side of a warship and detonate. This is in contrast to the high-explosive/fragmentation warhead in the Kh-31P. Making the missile harder to defeat is its ability to perform multi-axis maneuvers at up to 15G while skimming over the waves.

In terms of performance, the Kh-31A has a maximum range of 31 miles and a minimum launch distance of 9.3 miles. A longer-range version, the Kh-31AD, exists, with a maximum range of 75-100 miles, but it’s unclear if this was ever supplied to Venezuela.

The missile is accelerated to a speed of Mach 1.8 by means of a solid-propellant rocket booster; when the solid fuel is expended, the engine is ejected and the inside of the missile body is transformed into a combustion chamber for the ramjet, which accelerates the missile to Mach 3.5 at an altitude of 53,000 feet, or Mach 1.8 at sea level.

Each round weighs 1,323 pounds at launch, of which 192 pounds consists of the warhead. The Kh-31A is a notably big missile, with a total length of 15 feet 5 inches.

A good indicator of just how seriously the U.S. Navy takes the threat posed by the Kh-31A can be seen in its decision to buy the missiles from Russia and repurpose them as anti-ship missile targets to test the air defenses of its warships. The resulting target missile was known as the MA-31 and is a topic that we have written about in depth in the past.

Today, the Kh-31A may be old technology and also a weapon that the U.S. Navy has had first-hand experience of defeating (albeit in non-operational scenarios), however, its potency as an anti-ship weapon shouldn’t be underestimated.

This is true especially considering the variety of U.S. naval assets now sailing in relatively close proximity to Venezuela, in an operation aimed at putting pressure on Venezuelan President Nicolás Maduro. The Kh-31A is a threat to be taken seriously.

The U.S. naval presence in the region includes the Iwo Jima Amphibious Readiness Group (ARG)/22nd Marine Expeditionary Unit (MEU), with more than 4,500 sailors and Marines on three ships: The Wasp class amphibious assault ship, the USS Iwo Jima, and the San Antonio class amphibious transport dock ships, the USS San Antonio and USS Fort Lauderdale.

Also deployed in the region are several Arleigh Burke class guided missile destroyers, a Ticonderoga class guided missile cruiser, and the Ocean Trader, a shadowy special operations mothership. The presence of a cruiser, in particular, shadowing the Ocean Trader, underscores the fact that the Pentagon is taking the threat to this vessel very seriously. After all, the Ocean Trader has no organic defenses against anti-ship missiles and has, at times, operated very close to the Venezuelan coast.

As for the Arleigh Burkes, it is worth recalling that the Navy has already made efforts to bolster the defenses of some of these. Those that are forward-deployed to Rota, Spain, feature specific kinetic and non-kinetic systems to operate in the face of anti-ship cruise missiles in high-threat areas, including off the coast of Syria, but also in the Black Sea, which is a nearly land-locked super anti-ship missile engagement zone. Other electronic warfare upgrades continue on various surface combatants across the fleet, including some that are radical in scope.

While these ships are capable of dealing with Kh-31s, and the Navy has learned a lot when it comes to defending against complex attacks on their ships over the last couple of years, that doesn’t mean they can ignore them. Its speed leaves very little reaction time, especially considering early warning would be limited if the vessels were operating very close to the Venezuelan coastline.

Exactly what the U.S. plans to do with its military assets in regard to Maduro remains unclear. Back in August, as the military buildup gathered pace, U.S. officials told CNN that it had ordered naval movements in the region to contain the threat from drug-trafficking groups.

As we have outlined in the past, the deployment of an ARG and various surface combatants, as well as other high-end assets, sends a very strong signal to Maduro and the cartels. The Pentagon could carry out airstrikes or even put a limited number of boots on the ground from international waters in a hurry via special operations raids should President Donald Trump so decide. These may be aimed at cartels linked to Maduro and not the regime itself, but they still would be unprecedented.

Were such a military option to be launched, it would be possible that Venezuela’s Su-30s, armed with Kh-31A missiles, would be called into action, although targeting a U.S. Navy warship would be a huge deal, with massive repercussions.

In recent weeks, however, Venezuela has flown its fighters directly at U.S. warships, a Pentagon official having confirmed to TWZ that a pair of Venezuelan F-16s flew close to a U.S. Navy vessel in September, as you can read about here. Other similar instances have reportedly occurred. With U.S. Navy vessels operating close to the Venezuelan coast, there exists the very real possibility of a surprise attack on these ships as these close encounters would have put fighter aircraft within the Kh-31’s launch range.

Aside from the Su-30/Kh-31 combination, Venezuela’s anti-ship missile capabilities are currently fairly limited.

The Venezuelan Navy has a single operational Mariscal Sucre class frigate, the Almirante Brión, part of a group of warships that were commissioned in the early 1980s. The Italian-made warship was supplied armed with eight launchers for Otomat Mk 2 anti-ship missiles. The same missiles, in twin launchers, were fitted to the Venezeulan Navy’s Constitución class fast attack craft, of which three are reportedly still operational.

Italy also supplied Venezuela with Sea Killer anti-ship missiles, which armed Venezuelan Navy AB.212 helicopters, several of which remain active, although primarily now used for assault and logistics missions.

The operational status of these Italian-made systems should be considered questionable. Even if still serviceable, they are a far less threatening proposition than the Kh-31A. Both missiles have subsonic performance. The Otomat Mk 2 has a range of around 110 miles, while the Sea Killer can hit targets out to a range of around 6.2 miles.

More recent anti-ship missile deliveries comprise the Iranian-made CM-90 (an export version of the Nasr) that were supplied by Tehran along with Peykaap III (Zolfaghar class) fast attack craft. These are also subsonic weapons.

The Venezuela Navy deployed Iranian-built Peykaap-III (Zolfaghar-class) fast attack craft equipped with CM-90 Anti-Ship Missiles (ASCM) supplied by Iran. pic.twitter.com/vc2aiSIKxI

— OSINTWarfare (@OSINTWarfare) September 6, 2025

Although the U.S. Navy is now much more familiar with the threat posed by the AS-17 Krypton, and while its warships are fitted with air defense systems that are capable of dealing with just such a threat, among others, this remains a very potent weapon.

If Venezuela were to directly attack an American warship, it would very likely result in being at war with the United States. But if the regime was already in such a predicament, or if it was facing imminent collapse, such an act could become a greater possibility.

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