begins

Nov. 5 (UPI) — The French government said it would begin action against online retailer Shein on Wednesday, just hours after the company opened its first brick-and-mortar store in Paris.

An outcry erupted last weekend after it was discovered that Shein was selling sex dolls that look like children, but on Tuesday, the company announced it was banning all sex dolls from the site.

On Wednesday, the government issued a statement saying: “On the instructions of the Prime Minister [Sébastien Lecornu], the government is initiating the procedure to suspend Shein for the time necessary for the platform to demonstrate to the public authorities that all of its content is finally in compliance with our laws and regulations.”

The store, which is the first Shein store in the world, also opened to chaos, as shoppers lined up to get in and protesters shouted at them, “Shame!”

Andreia Chavent, a worker at BHV Marais, said many employees were upset by the opening of Shein in Paris.

“We are directly concerned by how people work, what the conditions are like and how the clothes are made, even if it’s not in France,” Chavent, a member of the CFDT, France’s largest union, told The New York Times.

Shein has seen criticism over the way workers are treated in the Chinese factories that sell on the site.

The sex dolls controversy made things worse, Chavent added.

But not everyone is against the store.

“When I saw that Shein was coming to France, I said, ‘Yay!’ Because it still takes 20 weeks” for clothing from the site to arrive, Philippe Hamard, 27, told The Times.

He said that he doesn’t buy from Shein often because of “environmental issues and all that.” But said “I still buy from time to time for fun.”

On the sex doll controversy, he said, “I think there are a lot of controversies at the moment. But people will forget about it.”

Shein has plans to open seven stores in other cities in France.

Shein and AliExpress are also facing investigation in France over the dissemination of pornographic content to children, the prosecutor’s office told the BBC.

The Paris Office des Mineurs will handle the cases. The office oversees the protection of minors.

AliExpress said the adult listings violated its policies and were removed once the company learned of them.

“Sellers found to violate or trying to circumvent these requirements will be penalized in accordance with our rules,” AliExpress said in a statement, the BBC reported.

Residents say the powerful storm brought ‘raging’ flash floods that destroyed homes, overturned cars and blocked streets.

Residents of the central Philippines have slowly begun cleanup efforts after powerful Typhoon Kalmaegi swept through the region, killing at least 85 people and leaving dozens missing.

Scenes of widescale destruction emerged in the hard-hit province of Cebu on Wednesday as the storm receded, revealing ravaged homes, overturned vehicles and streets blocked with piles of debris.

Among the 85 deaths were six military personnel whose helicopter crashed in Agusan del Sur on the island of Mindanao during a humanitarian mission. The country’s disaster agency also reported 75 people missing, and 17 injured.

In Cebu City, Marlon Enriquez, 58, was trying to salvage what was left of his family’s belongings as he scraped off the thick mud coating his house.

“This was the first time that has happened to us,” he told the Reuters news agency. “I’ve been living here for almost 16 years, and it was the first time I’ve experienced flooding [like this].”

Another resident, 53-year-old Reynaldo Vergara, said his small shop in the city of Mandaue, also in Cebu province, had been lost when a nearby river overflowed.

“Around four or five in the morning, the water was so strong that you couldn’t even step outside,” he told the AFP news agency. “Nothing like this has ever happened. The water was raging.”

The storm hit as Cebu province was still recovering from a 6.9-magnitude earthquake last month that killed dozens of people and displaced thousands.

The area around Cebu City was deluged with 183mm (seven inches) of rain in the 24 hours before Kalmaegi’s landfall, well over its 131mm (five-inch) monthly average, according to weather specialist Charmagne Varilla.

The massive rainfall set off flash floods and caused a river and other waterways to swell. More than 200,000 people were evacuated across the wider Visayas region, which includes Cebu Island and parts of southern Luzon and northern Mindanao.

Before noon on Wednesday, Kalmaegi blew away from western Palawan province into the South China Sea with sustained winds of up to 130km per hour (81 miles per hour) and gusts of up to 180km/h (112mph), according to forecasters.

The storm is forecast to gain strength while over the South China Sea before making its way to Vietnam, where preparations are under way in advance of Kalmaegi’s expected landfall on Friday.

China has warned of a “catastrophic wave process” in the South China Sea and activated maritime disaster emergency response in its southernmost province of Hainan, state broadcaster CCTV said.

It has been two weeks since world leaders gathered in Sharm el-Sheikh and declared, once again, that the path to peace in the Middle East had been found. As with previous such declarations, the Palestinians, the people who must live that peace, were left out.

Today, Israel holds the fragile ceasefire hostage while the world is fixated on the search for the remaining bodies of its dead captives. There is no talk of the Palestinian right to search for and honour their own dead, to mourn publicly the loss.

The idea of reconstruction is dangled before the residents of Gaza. Those who call for it from abroad seem to envision just clearing rubble, pouring concrete, and rehabilitating infrastructure. There is no talk of rebuilding people – restoring their institutions, dignity, and sense of belonging.

But this is what Palestinians need. True reconstruction must focus on the people of Gaza and it must begin not with cement but with the restoration of classrooms and learning. It must begin with young people who have survived the unthinkable and still dare to dream. Without them – without Palestinian educators and students at the centre – no rebuilding effort can endure.

Reconstruction without exclusion

The plans for governance and reconstruction of Gaza currently circulating are excluding those Palestinians most affected by the genocide. Many aspects of these plans are designed to control rather than empower – to install new overseers instead of nurturing local leadership. They prioritise Israel’s security over Palestinian wellbeing and self-determination.

We have seen what such exclusion leads to in the Palestinian context: dependency, frustration and despair. As scholars who have worked for years alongside Palestinian academics and students, we have also seen the central role education plays in Palestinian society.

That is why we believe that reconstruction has to start with education, including higher education. And that process has to include and be led by the Palestinians themselves. Palestinian educators, academics and students have already demonstrated they have the strength to persevere and rebuild.

Gaza’s universities, for example, have been models of resilience. Even as their campuses were razed to the ground, professors and scholars continued to teach and research in makeshift shelters, tents, and public squares – sustaining international partnerships and giving purpose to the most vital part of society: young people.

In Gaza, universities are not only places of study; they are sanctuaries of thought, compassion, solidarity and continuity – the fragile infrastructure of imagination.

Without them, who will train the doctors, nurses, teachers, architects, lawyers, and engineers that Gaza needs? Who will provide safe spaces for dialogue, reflection, and decision-making – the foundations of any functioning society?

We know that there can be no viable future for Palestinians without strong educational and cultural institutions that rebuild confidence, restore dignity and sustain hope.

Solidarity, not paternalism

Over the past two years, something remarkable has happened. University campuses across the world – from the United States to South Africa, from Europe to Latin America – have become sites of moral awakening. Students and professors have stood together against the genocide in Gaza, demanding an end to the war and calling for justice and accountability. Their sit-ins, vigils and encampments have reminded us that universities are not only places of learning but crucibles of conscience.

This global uprising within education was not merely symbolic; it was a reassertion of what scholarship is about. When students risk disciplinary action to defend life and dignity, they remind us that knowledge divorced from humanity is meaningless.

The solidarity they have demonstrated must set the tone for how institutions of higher education approach engagement with and the rebuilding of Gaza’s universities.

The world’s universities must listen, collaborate and commit for the long term. They can build partnerships with Gaza’s institutions, share expertise, support research and help reconstruct the intellectual infrastructure of a society. Fellowships, joint projects, remote teaching and open digital resources are small steps that can make a vast difference.

Initiatives like those of Friends of Palestinian Universities (formally Fobzu), the University of Glasgow and HBKU’s summits, and the Qatar Foundation’s Education Above All already show what sustained cooperation can achieve. Now that spirit of solidarity must expand – grounded in respect and dignity and guided by Palestinian leaders.

The global academic community has a moral duty to stand with Gaza, but solidarity must not slide into paternalism. Reconstruction should not be a charitable gesture; it should be an act of justice.

The Palestinian higher education sector does not need a Western blueprint or a consultant’s template. It needs partnerships that listen and respond, that build capacity on Palestinian terms. It needs trusted relationships for the long term.

Research that saves lives

Reconstruction is never just technical; it is moral. A new political ecology must grow from within Gaza itself, shaped by experience rather than imported models. The slow, generational work of education is the only path that can lead out from the endless cycles of destruction.

The challenges ahead demand scientific, medical and legal ingenuity. For example, asbestos from destroyed buildings now contaminates Gaza’s air, threatening an epidemic of lung cancer. That danger alone requires urgent research collaboration and knowledge-sharing. It needs time to think and consider, conferences, meetings, exchanges of scholarships – the lifeblood of normal scholarly activity.

Then there is the chaos of property ownership and inheritance in a place that has been bulldozed by a genocidal army. Lawyers and social scientists will be needed to address this crisis and restore ownership, resolve disputes and document destruction for future justice.

There are also the myriad war crimes perpetrated against the Palestinian people. Forensic archaeologists, linguists, psychologists and journalists will help people process grief, preserve memory and articulate loss in their own words.

Every discipline has a role to play. Education ties them together, transforming knowledge into survival – and survival into hope.

Preserving memory

As Gaza tries to move on from the genocide, it must also have space to mourn and preserve memory, for peace without truth becomes amnesia. There can be no renewal without grief, no reconciliation without naming loss.

Every ruined home, every vanished family deserves to be documented, acknowledged and remembered as part of Gaza’s history, not erased in the name of expedience. Through this difficult process, new methodologies of care will inevitably come into being. The acts of remembering are a cornerstone of justice.

Education can help here, too – through literature, art, history, and faith – by giving form to sorrow and turning it into the soil from which resilience grows. Here, the fragile and devasted landscape of Gaza, the more-than-human-world can also be healed through education, and only then we will have on the land once again, “all that makes life worth living”, to use a verse from Palestinian poet Mahmoud Darwish.

Rebuilding Gaza will, of course, require cranes and engineers. But more than that, it will require teachers, students and scholars who know how to learn and how to practise skilfully. The work of peace begins not with cement mixers but with curiosity, compassion and courage.

Even amid the rubble, and the ashlaa’, the strewn body parts of the staff and students we have lost to the violence, Gaza’s universities remain alive. They are the keepers of its memory and the makers of its future – the proof that learning itself is an act of resistance, and that education is and must remain the first step towards sustainable peace.

The views expressed in this article are the authors’ own and do not necessarily reflect Al Jazeera’s editorial stance.

WASHINGTON — The government took the first historic step toward painful enforcement of the Gramm-Rudman balanced budget law today, estimating that $11.7 billion must be cut by March 1 in almost everything from the Pentagon to the Postal Service.

The overall military budget will be reduced $5.8 billion, under the estimates from the Administration’s Office of Management and Budget and the Congressional Budget Office. The other half of the cuts will come from the rest of government, with the notable exception of Social Security and a number of programs for the poor.

The two budget agencies estimated that the deficit for fiscal 1986, which began last October, will be $220 billion if no cuts are made. That is higher than previous estimates and more than enough to trigger the cuts under the Gramm-Rudman balanced budget law.

That statute, passed in the waning days of Congress’ 1985 session, requires the deficit to be reduced in steps until it is eliminated in 1991. Under a special provision, the maximum that can be cut this fiscal year is $11.7 billion.

4.9% Cut in Military

The fiscal 1986 cuts call for a 4.3% reduction in most agencies and a 4.9% cut in the military.

Salaries of federal employees will not be cut, but the operating budgets of their agencies will fall under the knife. Budget Director James C. Miller III said there will probably not be any layoffs of federal workers, though there could be a hiring freeze.

The CBO and OMB figures showed a $62-million cut in Congress’ own budget, a $4-million slash at the office of the President, $665,000 from the CBO itself and $1.5 million from the OMB.

The across-the-board nature of the cuts means that even agencies that raise money, like the Internal Revenue Service, will be cut. The IRS will lose $140 million from its $3.2-billion budget.

In Agriculture, the required $1.3-billion cut will mean smaller payments to farmers and a reduction of the number of inspectors at meat-processing plants, officials said.

Cut in Student Aid

The OMB-CBO report estimates a $168-million cut in spending authority for the Employment and Training Administration of the Department of Labor, a $229.7-million cut in student aid and a $40.4- million cut in the federal vocational and adult education program.

Funds for the National Endowment for the Arts will be cut by $7.1 million and by $6 million for the National Endowment for the Humanities.

Spending authority for the Department of Housing and Urban Development will be cut $645 million under the Gramm-Rudman formula.

Mamdani, a Democratic Socialist, has energised liberal voters and has strongly condemned Israel’s war on Gaza.

Polling places have opened for the start of in-person voting for one of the year’s most closely watched elections in the United States, the New York City mayor’s race.

New Yorkers on Saturday began choosing between Democrat Zohran Mamdani, who has built up a sizeable lead in the polls, Republican Curtis Sliwa and former New York Governor Andrew Cuomo, a Democrat appearing on the ballot as an independent. The incumbent mayor, Eric Adams, is also on the ballot, but dropped out of the race last month and recently threw his support behind Cuomo.

Mamdani, a Democratic Socialist, has energised liberal voters, drawn to his proposals for universal, free child care, free buses, and a rent freeze for New Yorkers living in about 1 million rent-regulated apartments.

Cuomo has assailed Mamdani, who would be the city’s first Muslim mayor, over his criticism of Israel.

Mamdani, who has weathered anti-Muslim rhetoric during the contest, says Israel’s military actions in Gaza have amounted to genocide, a view shared by a UN inquiry, genocide experts and numerous rights groups.

In an emotional speech on Friday, Mamdani said the attacks against him are “racist, baseless”.

“To be Muslim in New York is to expect indignity, but indignity does not make us distinct. There are many New Yorkers who face it. It is the tolerance of that indignity that does,” said Mamdani, who in June beat Cuomo to achieve a landslide victory in the Democratic mayoral primary.

Cuomo has portrayed Mamdani’s policies as naive and financially irresponsible. He has appealed to voters to pick him because of his experience as the state’s governor, a position he gave up in 2021 after multiple women accused him of sexual harassment.

New York has allowed early voting since 2019, and it has become relatively popular. In June’s mayoral primary, about 35 percent of the ballots were cast early and in person, according to the city’s campaign finance board.

In neighbouring New Jersey, the governor’s race is also being closely followed. It features Republican state Assemblyman Jack Ciattarelli against Democratic US Representative Mikie Sherrill. New Jersey adopted early voting in 2021.

The off-year elections in the two states could be bellwethers for Democratic Party leaders as they try to decide what kinds of candidates might be best to lead their resistance to Republican President Donald Trump’s agenda.

The races have spotlighted affordability and cost of living issues as well as ongoing divisions within the Democratic Party, said Ashley Koning, director of the Eagleton Center for Public Interest Polling at Rutgers University in New Jersey.

“New York City pits the progressive wing against the establishment old guard in Mamdani versus Cuomo, while New Jersey is banking on moderate candidate Mikie Sherrill to appeal to its broad middle,” she said.

The New Jersey gubernatorial candidates, in their final debate earlier this month, sparred over the federal government shutdown, Sherrill’s military records, Trump’s policies and the high cost of living in the state.

The winner would succeed Democratic Governor Phil Murphy, who is term-limited.

Donald Trump has departed for Malaysia, where he’s set to attend the ASEAN summit and hold trade talks with Chinese President Xi Jinping. Speaking before he left, the US President criticised Canada over its ‘crooked ad’ about tariffs, and said he’d be open to meeting North Korea’s Kim Jong Un.

The band is back together, even though they never really parted.

Departed? Sure. The crew that comprised “Inside the NBA” moved from TNT when the cable network lost its NBA broadcast rights to ESPN, NBC and Amazon after last season.

But the ensemble that somehow is greater than the sum of its star-studded parts continues — albeit now under the title “NBA Tip-Off.”

The familiar lineup of Charles Barkley, Kenny Smith, Shaquille O’Neal and Ernie Johnson reunited for a pregame show ahead of ESPN’s doubleheader Wednesday, with the Cleveland Cavaliers visiting the New York Knicks and San Antonio Spurs visiting the Dallas Mavericks.

And they poked fun at themselves and at the Worldwide Leader. Any fears that ESPN suits would tone down the rollicking, often hilarious dynamic the quartet brought to the last decade-plus of the 36-year “Inside the NBA” run were quickly doused.

O’Neal opened by admonishing Johnson for mentioning the NBA‘s opening games Tuesday night, which broadcast on NBC and the Peacock streaming service.

“You are supposed to say, this is TRON — the real opening night,” O’Neal said to laughs. “Don’t forget who we are, boys.”

Johnson gently pushed back, replying, “Don’t be that way!” to more laughs.

O’Neal said Smith was almost late for the show, and Smith said, “I haven’t been that nervous since Game 7 of the NBA Finals.”

Barkley, who had been the most vocal skeptic of leaving TNT for ESPN, seconded that sentiment, saying “I was nervous all day.” But before he could continue in a more serious vein, Johnson interrupted and clips were shown of Barkley expressing doubts about ESPN on the “Dan Patrick Show” and other outlets.

More laughs ensued, although Barkley did his best to toe the company line, saying, “I’m not gonna lie. Every person who ever touched a ball wanted to be on ESPN. They are the greatest sports network ever. And to be working with these guys is an honor and a privilege.”

Johnson echoed Barkley, saying, “It is a dream come true,” and asked Smith if he felt the same way. Smith sighed and replied, “I will answer yes, but do you all want a napkin for all that kissing up?”

The laughs continued when a clip of Barkley earlier expressing worry about the workload at ESPN was followed by a graphic that displayed his Thursday work “schedule,” which included appearances every hour of the day, including during broadcasts of World Axe Throwing League and the American Cornhole League.

Basketball analysis did eventually follow the jokes and jabs, with O’Neal making a somewhat-bold prediction regarding oft-injured former Lakers big man Anthony Davis, who now plays in Dallas: “If A.D. plays 65 games, the Dallas Mavericks will be in the Western Conference finals.”

“NBA Tip-Off” was set to air segments pregame, halftime and postgame during Wednesday’s doubleheader, and ESPN announced it will air 20 days during the regular season around games broadcast on ESPN and ABC.

Formats will be different on each network. Pregame shows on ESPN will begin an hour before tipoff and postgame shows will start right after the final horn. Pregame shows on ABC will begin 30 minutes before tipoff. with postgame shows airing only after Saturday prime-time games. The NBA Sunday Showcase series on ABC also will feature an “NBA Tip-Off” pregame show.

“We’re proud that ‘Inside the NBA’ — one of the most iconic and beloved shows in all of media — will play a leading role in our NBA coverage,” ESPN president of content Burke Magnus said in a statement two weeks ago. “Fans should expect the same great show they’re accustomed to watching as it becomes an essential part of the highest-profile events in the NBA, including the NBA Finals.”

There was talk a few months ago that TNT could produce a separate show with the same cast, since this season’s “NBA Tip-Off” will continue to be produced in TNT’s Atlanta studios. Barkley seemingly put the kibosh on that notion when he said a pilot TNT taped was “just stupid stuff.”

“Number one, we won’t have basketball highlights [on TNT],” Barkley said in June. “But also, we’re probably gonna be going up against an NBA game. And anybody who likes basketball ain’t gonna say, ‘Hey, you know what? Let me turn off an NBA game on Amazon, ESPN or NBC to go watch these four dudes sit around and talk about nothing.’”

Instead, the quartet will continue to talk hoops and trade zingers, but only on ESPN and ABC.

“Inside the NBA” 2025-26 regular season broadcast schedule

2025
Oct. 22: ESPN and ESPN2
Oct. 23: ESPN
Oct. 29: ESPN
Nov. 12: ESPN
Dec. 25: ESPN and ABC

2026
Jan. 24: ABC
Jan. 28: ESPN
Jan. 31: ABC
Feb. 7: ABC
Feb. 20: ESPN
Feb. 21: ABC
Feb. 22: ABC
Feb. 27: ESPN
Feb. 28: ABC
March 1: ABC
March 6: ESPN
March 7: ABC
March 8: ABC
March 14: ABC
April 12: ESPN

Last year, the NBA signed a new 11-year, $77-billion media rights deal that will make the league a lot richer and dramatically alter the tune-in habits of fans when the 2025-26 season tips off this week.

Warner Bros. Discovery’s cable network TNT will no longer carry the league’s games, but its iconic studio show “Inside the NBA” lives on at ESPN.

More games will air exclusively on streaming platforms than ever before as Amazon Prime Video and NBCUniversal’s Peacock have significant packages in the new deal.

Here’s what you need to know before the action begins.

“Roundball Rock” returns

NBC is back in the NBA business after 23 years, carrying up to 100 regular season games on the broadcast network and its Peacock streaming platform. The network will carry a prime time game Tuesdays starting this week and Sundays as of Feb. 1. NBCUniversal’s Telemundo will carry 12 of the Sunday night NBA games in Spanish. Peacock will exclusively stream up to three games nationally Mondays.

NBC is also the new home for the NBA’s All-Star weekend, set for February in Los Angeles.

John Tesh plays “Roundball Rock” in an NBC Sports promo for its NBA coverage.

(NBC Sports)

NBA Commissioner Adam Silver said in an interview that the league’s move to NBC is more of a homecoming than a transition.

“A lot of the DNA is still in place,” Silver said. “Many of the producers we worked with 20-plus years ago are still with the organization. In some ways we’re able to pick up where we left off.”

The network is leaning into its heritage as the home of the league from 1990 to 2002, when Michael Jordan led the Chicago Bulls to six championships, galvanizing fan interest to new heights. Even John Tesh’s “Roundball Rock” — the infectious percussive theme song used during the era — is returning.

Jordan has been hired as a special contributor, but the network has played it close to the vest about how the NBA legend will be used.

“You will see him on opening night in some capacity,” NBC Sports President Rick Cordella told The Times.

Western Conference fans should appreciate NBC’s approach to its “Coast 2 Coast Tuesday” telecasts starting Oct. 28. In most weeks, NBC TV stations in the Western and Mountain time zones will get their own games in prime time at 8 p.m., rather than a 5 p.m. start time for an East Coast contest.

Cordella noted that having having separate prime time games in two regions will help boost ratings as more people will be available to watch in those hours. Fans across the country will be able to stream both games on Peacock no matter where they live.

A new home for ‘Inside the NBA’

ESPN retained its package of regular season games, playoffs and the NBA Finals. But the most anticipated element of its coverage this season will be the arrival of “Inside the NBA,” airing before and after selected games on ESPN and ABC.

When TNT lost the rights to the NBA, fans of the unfiltered gabfest with Ernie Johnson, Shaquille O’Neal, Charles Barkley and Kenny Smith were despondent over the possibility of its demise after 36 years. ESPN reached an agreement with TNT to continue producing the program in exchange for a package of college football games.

Shaquille O’Neal, Ernie Johnson, Kenny Smith and Charles Barkley on “Inside the NBA.”

(TNT Sports)

Starting with a doubleheader Tuesday, “Inside the NBA” will air for an hour before selected games on ESPN and a half-hour ahead of ABC telecasts.

Postgame editions will be open-ended on ESPN while ABC will run a half-hour and then continue on the ESPN app. The program will air on 20 dates during the regular season and throughout the NBA Playoffs, including the Eastern Conference Finals and the NBA Finals.

Tim Corrigan, senior vice president of sports production for ESPN, said in a recent news conference that nothing will change on the program outside of it being on a new network. Along with the hosts, the graphics, the music and the attitude will remain the same and will still be produced at TNT Sports’ studios in Atlanta with its longtime production team.

“We want them to do their show,” Corrigan said.

All of the games on ESPN and ABC are available on ESPN’s recently launched direct-to-consumer streaming service available to fans who don’t have a pay TV subscription.

NBA comes to Prime Video

Amazon is the new kid on the block, with 67 NBA games exclusively on the Prime Video streaming platform starting with a doubleheader Friday.

The streamer will carry every game in the knockout round of the Emirates NBA Cup, the postseason SoFi Play-In Tournament and first- and second-round playoff games. Prime will also carry two international NBA games this year and handle the conference finals in six of the next 11 seasons.

Prime Video will make on-screen advance stats part of its NBA coverage.

(Prime Video)

Prime developed a number of on-screen features for its “Thursday Night Football” coverage, and viewers can expect the same for the NBA, where fans can access pivotal moments in the game or get a rapid recap if they tune in late.

Fans who subscribe to NBA League Pass, a streaming platform that provides access to out-of-market games, can link the service to Prime Video to watch multiple games at once on the same screen.

Prime Video is also teaming with the online sportsbook app FanDuel, giving bettors the ability to track the progress of their wagers while watching a game. (FanDuel is not available to use in California.)

What happened

Chesapeake Asset Management LLC disclosed a new position in Ryder System (R -0.12%), according to a quarterly report filed with the Securities and Exchange Commission on October 15, 2025 (SEC filing). The fund purchased 19,350 shares during the period, bringing the position’s value to approximately $3.08 million as of June 30, 2025. This trade represents an estimated 2.78% of the fund’s $110.74 million in U.S. equity holdings.

What else to know

This is a new position for the fund, representing 2.78% of 13F reportable assets under management following the trade.

Chesapeake’s top five fund holdings after the filing are:

• NASDAQ:MSFT: $11.41 million (10.0% of AUM) as of 2025-06-30
• NYSE:LLY: $6.94 million (6.2% of AUM) as of 2025-06-30
• NYSE:SPOT: $6.27 million (5.6% of AUM) as of 2025-06-30
• NASDAQ:AAPL: $5.99 million (5.4% of AUM) as of 2025-06-30
• NYSE:JPM: $5.52 million (5.0% of AUM) as of 2025-06-30

As of October 14, 2025, Ryder System shares were priced at $182.01, up 20.07% over the past year, outperforming the S&P 500 by 6.68 percentage points over the same period

Company Overview

Company Snapshot

Ryder System, Inc. is a leading provider of logistics and transportation solutions, operating globally with a diversified service portfolio. The company leverages its scale and expertise to deliver integrated fleet management and supply chain services to enterprise customers.

The company generates revenue through leasing and maintenance contracts, rental fees, logistics services, and the sale of used vehicles, offering integrated solutions to optimize clients’ transportation and supply chain operations.

IMAGE SOURCE: GETTY IMAGES.

Ryder System provides fleet management, supply chain solutions, and dedicated transportation services, including full-service leasing, commercial vehicle rental, and logistics management.

It serves businesses across industries with large-scale transportation and logistics needs, targeting corporate clients seeking efficiency, reliability, and scalability in fleet and supply chain management.

Foolish take

Chesapeake Asset Management starting a new position in transportation giant Ryder System is noteworthy. The investment isn’t small; Ryder stock sits just outside the financial management company’s top five holdings at the number six position.

Ryder had a rough 2023 with sales down 2% year over year, but it undertook changes to its business, bouncing back strong in 2024 with 7% year-over-year revenue growth to $12.6 billion. However, sales results in 2025 have been mixed. Through the first half of this year, revenue of $6.3 billion was flat compared to 2024.

But that’s not the whole story. Ryder expects its free cash flow (FCF) for the year to reach between $900 million and $1 billion. This sum far outpaces the $133 million in FCF produced last year, and will allow it to continue paying its robust dividend.

Moreover, the company adopted cost-saving initiatives that helped it increase diluted earnings per share (EPS) by 11% year over year to $3.15 in the second quarter. That’s the third consecutive quarter of double-digit EPS growth.

Ryder’s transformation from its difficult 2023 is delivering benefits to shareholders through higher EPS and FCF even though topline sales have not been impressive in 2025. These factors probably contributed to Chesapeake’s decision to begin investing in Ryder, which looks like a solid stock to buy for income investors.

Glossary

13F reportable assets: Assets that investment managers must disclose quarterly to the SEC if they exceed $100 million in U.S. equity holdings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Position: The amount of a particular security or investment held by an investor or fund.
Stake: The ownership interest or share an investor holds in a company or asset.
Top five holdings: The five largest investments in a fund’s portfolio, usually by market value.
Outperforming: Achieving a higher return than a specific benchmark or index over a given period.
Dividend yield: A financial ratio showing how much a company pays in dividends each year relative to its share price.
Fleet management: Services that oversee and coordinate commercial vehicles for businesses, including maintenance, leasing, and logistics.
Supply chain solutions: Services that help businesses manage the flow of goods, information, and resources from suppliers to customers.
Full-service leasing: A leasing arrangement where the provider handles maintenance, repairs, and other services for the leased asset.
Logistics management: The planning and coordination of moving goods and resources efficiently through a supply chain.
TTM: The 12-month period ending with the most recent quarterly report.

At its core, a civil suit is about money. Nobody pleads guilty. Nobody goes to prison. Somebody either pays somebody else or doesn’t.

That’s why roughly 95% of civil suits nationwide reach a settlement ahead of or during trial, legal experts say. Pretrial discovery is usually comprehensive and mediation can produce agreements. Trials are costly, and plaintiffs and defendants alike overwhelmingly prefer to eliminate the risk of an all-or-nothing jury verdict by agreeing on a compromise dollar figure.

That’s also why the case brought by the family of deceased Angels pitcher Tyler Skaggs against the Angels has surprised some legal experts. A recent one-day settlement conference between lawyers went nowhere, and both sides are focused on a trial, which begins Monday in Orange County Superior Court with opening statements and witness testimony.

Skaggs was found dead in his hotel room in Southlake, Texas, on July 1, 2019, before the Angels were scheduled to start a series against the Texas Rangers. The Tarrant County medical examiner conducted an autopsy and found that in addition to the opioids, Skaggs had a blood-alcohol level of 0.12. The autopsy determined he died from asphyxia after aspirating his own vomit, and that his death was accidental.

Former Angels communications director Eric Kay was sentenced to 22 years in federal prison Tuesday after being convicted of providing the counterfeit oxycodone pills laced with fentanyl that led to the Skaggs’ overdose.

Prosecutors alleged Kay sold opioids to Skaggs and at least five other professional baseball players from 2017 to 2019. Several players testified during the trial about obtaining illicit oxycodone pills from Kay.

The Skaggs family filed their lawsuit in June 2021, alleging the Angels knew, or should have known, that Kay was supplying drugs to Skaggs and other players. Testimony established that Kay was also a longtime user of oxycodone and that the Angels knew it.

The Angels responded by saying that a former federal prosecutor the team hired to conduct an independent investigation into the circumstances that led to Skaggs’ death determined no team executives were aware or informed of any employee providing opioids to any player.

“The lawsuits are entirely without merit and the allegations are baseless and irresponsible,” the Angels said in a statement shortly after the lawsuit was filed. “The Angels organization strongly disagrees with the claims made by the Skaggs family and we will vigorously defend these lawsuits in court.”

The team has not budged from that position even after years of discovery that included more than 50 depositions, a pretrial ruling by the judge that Kay’s conviction cannot be questioned during the civil trial and Judge H. Shaina Colover denying the Angels’ motion for summary judgment by saying, “There is evidence that … Angels baseball had knowledge that Kay was distributing drugs to players and failed to take measures to get him to stop.”

The settlement conference held between lawyers for the Angels and the plaintiffs — which include Skaggs’ widow Carli, mother Debra Hetman and father Darrell Skaggs — merely underscored that the two sides see the case very differently, according to people close to the negotiations not authorized to speak publicly about the case.

Settlement conferences are confidential and the California Evidence Code protects statements and conduct during conferences from being used to prove liability. However, legal experts said it is clear the two sides remain far apart in assessing the value of the case.

“They definitely could have been talking settlement all along,” said Edson K. McClellan, an Irvine lawyer who specializes in high-stakes civil and employment litigation. “I would be surprised if they haven’t engaged in some settlement negotiations.”

Damages sought by the Skaggs family include his projected future earnings and compensation for the pain and anguish the family suffered.

Lawyers for the Skaggs family originally said they were seeking $210 million, although that number has risen during four years of pretrial litigation. A claim by Angels lawyer Todd Theodora in a hearing this summer that the plaintiffs were asking for $1 billion was shot down last week by a person in the Skaggs camp who said “we are not asking anywhere remotely close to that. My god, the whole world would turn upside down.”

Skaggs had unquestionable earning potential. The left-handed former first-round draft pick was only 27 and an established member of the Angels starting rotation when he died. He was making $3.7 million in 2019 and likely would have made at least $5 million in his final year of arbitration before becoming a free agent after the 2020 season.

Although Skaggs posted average statistics — his earned-run average was over 4.00 in each of his seven seasons and his career won-loss record was 28-38 — free-agent contracts for starters under 30 range from three to six years for $15,000 to $25,000 a year. And he could have merited another contract in his mid-30s.

Assuming he remained healthy — Skaggs missed the 2015 season because of Tommy John surgery and had other injuries during his career — experts said a reasonable prediction of future earnings could exceed $100 million. However, his established history of drug use could dampen the projections.

“Speculative projections, making the assumption that he played another 10 years, push an award into nine figures, but honestly, looking at the level of drug abuse, jurors could have doubts,” said Lauren Johnson-Norris, an Orange County-based defense lawyer.

Pain, suffering and mental anguish damages could add to an award either by jury verdict or settlement. Legal experts expect Skaggs’ lawyers — who include nationally renowned Rusty Hardin and Shawn Holley — to point out that losing a husband or a son that your life centered around is worth an award.

Opening statements this week should illustrate why the two sides aren’t close to a settlement.

Skaggs’ lawyers will say the Angels are responsible for his death because they knew Kay was a habitual drug user that procured opioids for players, pointing to evidence that Angels team physician Craig Milhouse prescribed Kay with hydrocodone 15 times from 2009 to 2012.

Also likely to be mentioned will be Angels star Mike Trout who, according to the deposition of former Angels clubhouse attendant Kris Constanti, offered to pay for Kay’s drug rehabilitation in 2018.

The Angels will counter by telling the jury that prosecutors in Kay’s criminal trial concluded he was not acting as an employee when he gave Skaggs the fentanyl-laced oxycodone. Kay was charged and convicted, not the team.

Skaggs and Kay, the Angels will contend, were two men engaging in criminal misconduct on their own time and they concealed it from the team. The Angels lawyers will tell the jury that taking opioids prescribed by a physician during recovery from surgery is vastly different than Skaggs chopping up and snorting counterfeit pills that were not prescribed for him.

Witness testimony will begin after the opening statements, and current and former Angels executives Tim Mead, Tom Taylor and John Carpino are expected to be the first called.

And as the lawyers make their best arguments and witnesses provide testimony in a trial expected to take more than two months, both sides will be silently evaluating whether pursuing a settlement is in their best interest.

An agreement could be reached at any time, abruptly ending court proceedings.

“Sometimes what triggers a settlement is a court ruling or a witness performing well or poorly,” McClellan said. “As the trial unfolds and evidence is actually coming in, risk is brought into focus and makes plaintiffs and defendants evaluate their case in a more clear light.”

Oct. 10 (UPI) — Israeli forces in Gaza began pulling back to pre-agreed positions Friday in line with the terms of the cease-fire and hostage release agreement requiring a partial withdrawal within 24 hours of the Israeli cabinet signing off on the deal.

The Israel Defense Forces posted a video on X of troops preparing to pull out and military vehicles moving under the cover of darkness.

“Southern Command in the midst of adjusting operational positions in Gaza,” it said, but warned that troops were still deployed in the area and would counter any threats that emerged.

IDF Radio said the IDF projected that its forces would have withdrawn to the agreed positions by noon local time.

The BBC said troops had started to pull out from the north-western areas of Gaza City while local residents in other locations reported similar maneuvers.

However, Israeli armor remained in place in locations from which forces were due to withdraw under the first phase of the plan, including the coastal road and parts of Khan Yunis in the south where Israeli air strikes were reported overnight.

Artillery and gunfire were also heard near the Netzarim corridor in central Gaza.

The cease-fire was supposed to take effect immediately after being approved by the Israeli government in the early hours of Friday, local time.

The three-phase pullout mandates IDF troops permanently withdraw to a so-called “yellow line” in U.S. President Donald Trump‘s peace plan that will leave Israel in control of about 53% of the Palestinian enclave within 24 hours of Israeli government approval of the deal, which came just before 2 a.m.

For its part, Hamas is required to hand back 48 hostages, 20 of whom are believed to be living, by noon on Monday, while at the same time Israel will release 1,700 Palestinians held in its prisons.

Flows of humanitarian aid was also due to recommence with all restrictions lifted immediately.

U.S. officials said the Pentagon was redeploying a force of as many as 200 troops from other Middle East missions to Israel to lead a multinational force to monitor the truce.

They stressed their presence would be in a coordinating role only and that there would be no U.S. boots on the ground in Gaza.

The International Committee of the Red Cross said it stood by ready to assist in the hostage-prisoner swap, including reuniting families with the remains of their loved ones, as it had done in previous deals over the past two years since the Oct. 7 attacks.

The NGO said in a news release that its teams were prepared to deliver and safely distribute lifesaving aid to those who needed it most in Gaza.

The United Nations said it was standing ready to get to work implementing a 60-day plan 60-day comprehensive plan to deliver critical aid, including hundreds of thousands tons of food, medicine and other supplies.

“Our plan, detailed and tested, is in place. Our supplies, 170,000 metric tons, are in place. And our team, courageous and expert and determined, are in place,” U.N. Under-Secretary-General for Humanitarian Affairs Tom Fletcher told a news conference in New York.

“We will aim to increase the pipeline of supplies to hundreds of trucks every day. We will scale up the provision of food across Gaza to reach 2.1 million people who need food aid and around 500,000 people who need nutrition.

Famine must be reversed in areas where it has taken hold and prevented in others. So we will be distributing in-kind rations. We’ll be supporting bakeries, community kitchens. We’ll be supporting herders and fishers in restoring their livelihoods,” said Fletcher, who also serves as the Office of Humanitarian Affairs’ emergency relief coordinator.

About 200,000 families would also receive cash payouts to use to shop at public markets to cover their basic food needs.

Meanwhile, Israel was preparing to welcome Trump, who was expected to travel to Jerusalem on Sunday to address the Knesset. Hostage families also want him to come and speak in Dizengoff Square in Tel Aviv, which has been unofficially dubbed “Hostage Square.”

Speaking in the Oval office on Thursday, Trump said that he hoped to be in Israel for when the hostages were released “on Monday or Tuesday.

However, Israeli media were reporting that Trump’s visit will be short, with the president scheduled to fly out of Israel again late Sunday.