business

MODEL Hailey Bieber drinks in her success on a bed to celebrate a year in which she sold her beauty business for $1billion.

The mum of one, 29, also posed in a swimsuit for GQ magazine after it named her Tycoon of the Year.

Hailey confessed: “I always said that I would never sell the company unless it was a billion dollars.

“But of course when you hear that it’s a real thing and the number is real and that’s a real situation being put in front of you, it’s definitely like, ‘Whoa. Okay.’

“It is very cool.”

Talking about life as a mother, she added: “I’ve become a lot more of a homebody than I used to be.

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“I just don’t feel like I’m really missing out on much anymore.”

Her firm Rhode was bought in May and she is now working with pop star hubby Justin, 31, on his fashion brand.

She said: “It’s obviously really fun . . . to do anything with the person you love.”

Justin’s brand Skylrk launched in July.

Nov. 29 (UPI) — The nation’s consumers spent a record $11.8 billion on Black Friday, which exceeded the amount spent during in-store visits on the day after Thanksgiving.

Adobe Analytics data show a combined total of more than 1 trillion online visits to retailers’ websites, during which consumers spent the record amount that exceeded 2024’s Black Friday spending by 9.1%, Forbes reported.

Consumers also spent $6.4 billion online on Thanksgiving, according to Adobe Analytics.

The final numbers for Black Friday in-store spending were not available on Saturday, but analysts said it is less than the online total.

“Cyber Week is off to a strong start, with online spending on Thanksgiving and Black Friday both coming in above Adobe’s initial forecasts,” Adobe Digital Insights lead analyst Vivek Pandya said, as reported by Forbes.

“This was driven in large part by competitive deals across categories, like electronics, toys and apparel,” Pandya said.

“Discounts are set to remain elevated through Cyber Monday, which we expect will remain the biggest online shopping day of the season and year.”

Adobe Analytics had predicted an 8.3% rise for ecommerce retailers, but online buyers spent an average of $12.5 million per minute to break the 9% mark for online sales.

Mastercard SpendingPulse reported even more robust year-to-year increases in Black Friday sales, with 10.4% for online and 1.7% for in-store purchases.

Jewelry and apparel ranked among the leading product categories for online and traditional retailers, according to Mastercard SpendingPulse.

While the total spent in stores on Black Friday was up from 2024, foot traffic was down.

Black Friday foot traffic was down by 3.6% from 2024, according to RetailNext.

Shoppers are changing how they go about making holiday purchases and are spending less time inside stores than they did during prior holiday seasons.

Many online shoppers were aided by artificial intelligence to locate online deals, with Adobe Analytics reported an 805% increase in AI-driven traffic to retail sites in the United States when compared to 2024.

The Black Friday numbers help the National Retail Federation to assess the impact of the holiday season, which runs throughout November and December.

The NRF is scheduled to update its holiday spending outlook on Tuesday.

Nov. 28 (UPI) — Airplane manufacturer Airbus has announced a recall of its A320 planes for a software update to address an issue that contributed to a sudden drop in altitude of a JetBlue plane last month.

At least 15 passengers aboard the JetBlue flight were hospitalized after the plane suddenly dropped. It made an emergency landing in Tampa, Fla. It was headed to Newark, N.J.

Airbus said an analysis revealed intense solar radiation can corrupt data critical to the functioning of flight controls on the A320 family of aircraft. The European Union Aviation Safety Agency announced a requirement to address the issue.

The update may cause flight delays as airlines work to fix the issue, especially as Americans try to return home after the Thanksgiving holiday.

The setback appears to be one of the largest recalls affecting Airbus in its 55-year history. At the time Airbus issued its bulletin to the plane’s more than 350 operators, about 3,000 A320-family jets were in the air, The Guardian reported.

Fixing the issue mostly means reverting to earlier software, CNBC reported.

American Airlines, which is the world’s largest A320 operator, said about 340 of its 480 A320 planes need the fix. It said it expects these to be updated by Saturday, taking about two hours for each plane.

Colombian carrier Avianca said the recall affected more than 70% of its fleet, causing it to halt ticket sales for travel dates through Dec. 8.

North Korean hacking group Lazarus is suspected to be behind a recent breach of around 45 billion won (US$30.6 million) worth of cryptocurrency from South Korea’s largest crypto exchange Upbit, sources said Friday.

According to government and business sources, authorities plan to carry out an on-site investigation at the crypto exchange with a belief that Lazarus was behind the hacking.

Dunamu, which operates Upbit, said Thursday it confirmed the transfer of 44.5 billion won worth of Solana-affiliated assets to an unauthorized wallet address and plans to cover the full amount with assets the company owns.

The hacking group had been suspected of stealing 58 billion won worth of Ethereum from Upbit in 2019.

Authorities said the methods used in the latest incident resembled those of the 2019 theft.

“Instead of attacking the server, it is possible that hackers compromised administrators’ accounts or posed as administrators to make the transfer,” a government official said.

Experts note the hacking incident came while Pyongyang is seeking to raise money amid a shortage of foreign currency.

“It is the tactic of Lazarus to transfer crypto to wallets at other exchanges and attempt money laundering,” a security official said, noting such methods make it impossible to track the transaction.

Others said hackers may have intentionally chosen Thursday for their attack, as Naver Corp., South Korea’s top search engine operator, announced its decision on the previous day to acquire Dunamu as a wholly owned subsidiary of Naver Financial through a share-swap deal.

“Hackers have a strong tendency toward self-display,” another security official said.

In its deal with Alberta, Canada will scrap emissions cap on the oil and gas sector, among other moves.

Canada’s Prime Minister Mark Carney has signed an agreement with Alberta’s premier that will roll back certain climate rules to spur investment in energy production, while encouraging construction of a new oil pipeline to the West Coast.

Under the agreement, which was signed on Thursday, the federal government will scrap a planned emissions cap on the oil and gas sector and drop rules on clean electricity in exchange for a commitment by Canada’s top oil-producing province to strengthen industrial carbon pricing and support a carbon capture-and-storage project.

Carney is counting on the energy sector to help the Canadian economy weather uncertainty from United States President Donald Trump’s tariffs, and is seeking to diversify from the US market, which currently takes 90 percent of Canada’s oil exports.

He has relaxed some environmental restrictions implemented by his predecessor, Justin Trudeau, while reaffirming his commitment to net-zero carbon emissions by 2050.

Alberta is also exploring the feasibility of a new crude oil pipeline to British Columbia’s northwest coast in order to increase exports to Asia, but no private-sector company has committed to building a new pipeline.

Pipeline companies and the Alberta government have repeatedly said significant federal legislative changes – including removing a federal cap on oil and gas sector emissions and ending a ban on oil tankers off British Columbia’s northern coast – would be required before a private entity would consider proposing a new pipeline.

Thursday’s agreement includes a commitment by the federal government to adjust the Oil Tanker Moratorium Act in order to facilitate oil exports to Asia.

British Columbia Premier David Eby, who opposes a new pipeline through his province, said on Wednesday the legislation should stay in place.

Other pipeline opponents are also speaking out. A coalition of Indigenous groups in British Columbia said this week it will not allow oil tankers on the northwest coast and that the pipeline project will “never happen”.

The Trans Mountain pipeline from Alberta to the British Columbia coast, which is owned by the Canadian government and is currently the only option to ship Canadian oil directly to Asian markets, tripled its capacity last year with a 34 billion Canadian dollar ($24.2bn) expansion.

The federal government and Alberta also said they would conclude an agreement on industrial carbon pricing by April 1 next year.

In addition, the two agreed to cooperate on building the Pathways Plus project, expected to be the world’s biggest carbon capture project and designed to capture emissions from Canada’s oil sands.

The federal government will also assist Alberta in building and operating nuclear power plants, strengthening its electricity grid to power AI data centres, and building transmission lines to neighbouring provinces.

South Africa secured a declaration from the rest of the G20, despite United States objections.

Washington boycotted the meeting over President Donald Trump’s accusations that South Africa persecutes its white minority, a claim widely rejected.

The document calls for more funding for renewable energy, fairer critical mineral supply chains and debt relief for poorer nations.

The first G20 summit on African soil broke with tradition by releasing the document at the start.

And there was no ceremonial handover between the outgoing South African and incoming American chairs.

Also, can Britain’s Labour government satisfy both businesses and households?

Plus, the weight-loss drug booming industry.

Bangkok, Thailand – Stewed, seasoned with sugar and cloves, deep-fried or dished up in a zingy chilli mince – the diets of most Thais are incomplete without pork.

But a $3bn market – supplied nearly entirely by domestic pig farmers – may be about to face competition like never before from the giant hog farms of the world’s third-largest producer, the United States.

While the fine print of the Thai government’s preliminary trade deal with the US is yet to be revealed, some details have emerged.

Washington has a 10,000-item-long wish list of goods it wants to enter Thailand duty-free to reduce its $45.5bn trade deficit with the Southeast Asian country, an imbalance President Donald Trump says unfairly disadvantages US producers.

The list includes pork, corn, soya beans and some fruits.

Shortly after Trump met Thailand’s caretaker prime minister, Anutin Charnvirakul, on the sidelines of the Association of Southeast Asian Nations (ASEAN) summit in Malaysia last month, the White House revealed some of the many strings attached to its trade deal, which set the tariff rate for the kingdom’s exports to the US at 19 percent.

They include Thailand agreeing to “address and prevent barriers to US food and agricultural products in the Thai market”, according to the White House, and a commitment to “expediting access” for US meat and poultry products.

That has panicked Thailand’s pig farmers, who say the industry may not survive a flood of cheaper, subsidised US pork, which is fattened up on ractopamine, a livestock additive banned in many countries, including the kingdom.

If US pork is allowed into Thailand without duties, nothing less than the kingdom’s food security is at stake, according to Worawut Siripun, deputy secretary-general of the Swine Raisers Association of Thailand.

“Producers will not be able to survive and will stop raising pigs. But the risks are not only for farms facing falling pig prices,” Worawut, who has about 10,000 pigs, told Al Jazeera.

“Those who grow feed crops are also affected, as well as animal feed traders, animal feed producers, and veterinary drug sellers. Everyone in the production cycle is impacted.”

Trump had made trade talks with Thailand contingent on Bangkok signing an extended ceasefire agreement with Cambodia.

But in the weeks since meeting Anutin, Thailand has suspended truce talks over alleged Cambodian breaches of the terms of the agreement.

While there are conflicting signals over whether tensions with Cambodia have put Thailand’s trade negotiations with its biggest export destination on the back burner, farmers and livestock companies are bracing for intensified competition.

Thailand’s pork industry has weathered challenges ranging from outbreaks of swine flu to illegal imports from China and Vietnam.

But it faces high costs, largely as a result of government price controls on corn and soya used to feed pigs and other livestock – a measure intended to protect the country’s crop farmers, a key voting bloc.

And like most of Thailand’s agricultural producers, the country’s pig farmers deal with slim margins.

“Both imported and locally produced feed materials in Thailand are more expensive compared to the US, where feed is cheaper,” Worawut said.

Corn and other feed farmers are also bracing for tough times.

Thailand announced earlier this month that it would lift its annual corn import limit, from approximately 50,000 tonnes to 1 million tonnes, and scrap a 20 percent tariff to appease Washington.

Prime Minister Anutin is likely to dissolve parliament in the coming weeks and set a date for new elections.

He is angling to return to office in defiance of critics who say he has already given away too much to Washington before a comprehensive trade deal has been signed.

Trump officials have already announced a deal to gain preferential access to Thailand’s rare earths, the sale of billions of dollars of US-made aircraft and a promise by Bangkok not to tax US digital services companies.

Anutin’s bargaining position has been weakened by tough economic conditions.

On Monday, the Office of the National Economic and Social Development Council trimmed its economic growth forecast for 2026 to 1.2 percent, down from an expected 2 percent expansion this year – by far the weakest performance among Southeast Asia’s leading economies.

With a third round of trade talks with the US under a cloud following the suspension of the Thailand-Cambodia peace deal, the main political opposition party has called on the government to pause the negotiations and consult with local stakeholders.

“This is a crucial moment,” said Weerayut Karnchuchat, deputy leader of the opposition People’s Party, Thailand’s largest in parliament.

“The minister of commerce has said negotiations will conclude by the end of 2025. That leaves around two months. The government should hold eight weeks of stakeholder hearings … especially groups directly affected, such as corn farmers.”

Thailand should take stock and assess if regional peers with full US trade deals – including Cambodia, Vietnam and Malaysia – are happy with the outcomes and “whether Thailand is offering too much”, he added.

For many midsized businesses, the return of Trump and his trade war has made for a difficult year, with demand depressed across countless supply chains exposed to the US.

Orders are retreating inside Thailand for everything from lightbulbs to electrical wires needed to run factories that export to the US.

Tipok Lertwattanaweerakul, a durian farmer and middleman, said he has seen his profit margins slashed.

Saudi Arabian buyers who sold durian to customers in the US had been Lertwattanaweerakul’s main source of business, but with the Arab country hit with a 10 percent tariff, “they are no longer purchasing from me at all,” he told Al Jazeera.

Mexican American singer Gerardo Ortiz will serve three years of probation after testifying against Ángel del Villar, chief executive of Del Records, who federal prosecutors linked to the Jalisco New Generation Cartel.

In March, Del Villar was found guilty of violating the Kingpin Act, a federal law that prohibits U.S. residents and companies from doing business with known drug traffickers and their associates. He was sentenced to four years in federal prison and fined $2 million. However, Del Villar remains free while he appeals his conviction.

Ortiz also pleaded guilty to charges of conspiracy tied to the case and was sentenced to a probationary period of three years on Nov. 19. He will also pay a fine, but the amount has not been confirmed, his publicist said in an email to The Times.

“First of all, I want to apologize to my fans for everything that’s happened,” said Ortiz. “We hope to keep moving forward.”

Within that statement, the “Mañana Voy a Conquistarla” singer also promoted his new album, “El Ejemplar,” Spanish for “the exemplar,” which came out a day after his sentencing on Nov. 20.

Federal court filings against Del Villar date back to 2022, after federal authorities accused the label mogul and his company of doing business with Jesús Pérez Alvear, a Guadalajara-based music promoter who also went by the nickname “Chucho.”

The Treasury Department had previously sanctioned Pérez Alvear, who they said laundered drug money for CJNG and a related trafficking group, Los Cuinis.

In the same 2022 complaint, it was also alleged that a “well-known musician,” now identified as música Mexicana star Ortiz, was approached by an FBI agent on April 19, 2018, at the Phoenix airport. The official informed the hitmaker of Pérez Alvear’s alleged connection to criminal organizations in Mexico and prohibited Ortiz from conducting future business with him.

Despite the warning, Ortiz admitted to performing on April 28, 2018, at Feria de San Marcos in Aguascalientes, Mexico, which was organized by Pérez Alvear. Del Villar’s credit card was used to purchase the flight.

“We were there singing at that event; everyone saw it on YouTube, they saw photos. For the fans who were there that day, it was impossible to say no. That show happened; we were there in Aguascalientes, and that’s all. I have nothing more to say,” said Ortiz following his sentencing. “Were there lies? A lot of things have been said, but that’s the truth. We were there singing at that concert, we were there, sharing a bit of our music with the audience.”

Prosecutors claimed that it was Del Villar who had persuaded Ortiz to ignore the FBI’s warning as he stood to profit off the promoter’s showcases. On several occasions in 2018 and 2019, authorities said, Pérez Alvear and Del Villar continued to do business by arranging for Ortiz to perform at concerts across Mexico.

Pérez Alvear promoted concerts for Del Entertainment in Mexico until March 2019. In December 2024, he was gunned down in a Mexico City restaurant.

Prior to this case, Del Records was at one point in a feud with Ortiz, a Pasadena native who was once arrested in Mexico on a charge of “criminal exaltation” for appearing in a music video that portrayed the mistress of a drug lord being bound, gagged and stuffed in the trunk of a car, which Ortiz then set on fire.

Ortiz and Del Villar sued each other in 2019, trading accusations of fraud and other misconduct. When the FBI raided the label’s Bell Gardens offices in 2020, a spokesman claimed the agents were only seeking records concerning Ortiz.

Times reporter Matthew Ormseth, Carlos de Loera and Brittny Mejia contributed to this report.

International Rights Advocates also sued Tesla for a similar issue, but that case was dismissed.

A United States-based advocacy group has filed a lawsuit in Washington, DC, accusing Apple of using minerals linked to conflict and human rights abuses in the Democratic Republic of the Congo (DRC) and Rwanda despite the iPhone maker’s denials.

International Rights Advocates (IRAdvocates) has previously sued Tesla, Apple and other tech firms over cobalt sourcing, but US courts dismissed that case last year.

French prosecutors in December also dropped a case filed by the DRC against Apple subsidiaries over conflict minerals, citing lack of evidence. A related criminal complaint in Belgium is still under investigation.

Apple denied any wrongdoing in response to the DRC’s legal cases, saying it had instructed its suppliers to halt the sourcing of material from the DRC and neighbouring Rwanda.

It did not immediately respond to requests for comment on the latest complaint.

IRAdvocates, a Washington, DC-based nonprofit that tries to use litigation to curtail rights abuses, said in the complaint filed on Tuesday in the Superior Court of the District of Columbia that Apple’s supply chain still includes cobalt, tin, tantalum and tungsten linked to child and forced labour as well as armed groups in the DRC and Rwanda.

The lawsuit seeks a determination by the court that Apple’s conduct violates consumer protection law, an injunction to halt alleged deceptive marketing and reimbursement of legal costs but does not seek monetary damages or class certification.

The lawsuit alleges that three Chinese smelters – Ningxia Orient, JiuJiang JinXin and Jiujiang Tanbre – processed coltan that United Nations and Global Witness investigators alleged was smuggled through Rwanda after armed groups seized mines in the eastern DRC and linked the material to Apple’s supply chain.

A University of Nottingham study published in 2025 found forced and child labour at DRC sites linked to Apple suppliers, the lawsuit said.

Ningxia Orient, JiuJiang JinXin and Jiujiang Tanbre did not immediately respond to requests for comment.

The DRC – which supplies about 70 percent of the world’s cobalt and significant volumes of tin, tantalum and tungsten used in phones, batteries and computers – did not immediately respond to a request for comment. Rwanda also did not immediately respond to a request for comment.

Apple has repeatedly denied sourcing minerals from conflict zones or using forced labour, citing audits and its supplier code of conduct. It said in December that there was “no reasonable basis” to conclude any smelters or refiners in its supply chain financed armed groups in the DRC or neighbouring countries.

Congolese authorities said armed groups in the eastern part of the country use mineral profits to fund a conflict that has killed thousands of people and displaced hundreds of thousands. The authorities have tightened controls on minerals to choke off funding, squeezing global supplies.

Apple says 76 percent of the cobalt in its devices was recycled in 2024, but the IRAdvocates lawsuit alleged its accounting method allows mixing with ore from conflict zones.

On Wall Street, Apple’s stock was up 0.8 percent.

Nov. 26 (UPI) — Brazil is preparing to end the year with a grain harvest that could make history.

According to official estimates, the country could surpass 340 million metric tons of cereals, legumes and oilseeds in 2025, providing a significant economic boost amid global food uncertainty.

The latest figures from the Brazilian Institute of Geography and Statistics place expected production at 345.6 million metric tons in 2025, marking an increase of 18.1% over the previous season.

Officials attribute the gains to expanded planted areas, productivity improvements and relatively favorable weather conditions in the country’s main agricultural regions.

At the same time, the National Supply Company has projected a volume of 354.8 million metric tons for the 2025-26 season, supported by a 3.3% increase in cultivated area to 84.4 million hectares.

The estimated yield is 4,203 kilograms per hectare, although the agency warned that weather conditions remain critical to crop development.

Soybeans and corn will remain the main drivers of Brazil’s agricultural sector.

Brazil’s grain boom is reshaping global food costs. Backed by a powerful agribusiness lobby, Brazilian farmers have responded by increasing yields and planting in new regions, while port and rail operators race to keep goods moving, Agência Brasil reported.

However, the sector’s performance is not free of challenges. International pressure for environmental traceability and the implementation of the European Union Deforestation Regulation could raise regulatory costs for soybean and beef exporters that supply the European market.

Although the impact will be gradual, analysts warn that Brazilian producers will need to adapt to avoid losing ground in one of the world’s highest-income markets.

While producers argue that export growth supports Brazil’s trade surplus, rural employment and a relatively strong currency, environmental groups counter that expanding soybean and corn production risks driving deforestation and increasing pressure on traditional communities.

Still, the consensus among government agencies and international consultancies is that Brazil will end the year with one of the strongest harvests in its history, reinforcing its image as the “breadbasket of the world” and increasing agribusiness’s share of GDP.

Experts note that for ordinary consumers abroad, these dry-tonnage figures matter more than they appear. When Brazil exports more corn, soybeans and cornmeal, livestock feed costs can fall, which in the long run helps contain the prices of meat, dairy and cooking oil.

When the flow slows, the opposite occurs, and the effects can be felt in supermarket aisles from São Paulo to Shanghai.

It has been a whiplash-inducing month for the American rancher, one of United States President Donald Trump’s most steadfast voting blocs.

Starting with an October 19 quip from Trump that the US would increase beef imports from Argentina to the ensuing rancher backlash against the announcement of an investigation into the hyperconsolidated US meatpacking industry and the dropping of tariffs on Brazilian beef, ranchers have found themselves caught between the president’s desires to appease both them and the American consumer in the face of high beef prices.

US ranchers have enjoyed rising cattle prices, largely the result of the lowest herd numbers for beef cattle since the 1950s. Other factors constricting supply include the closure of the Mexican border to live cattle due to concerns over screwworm and steep tariffs on foreign beef.

Cattle prices paid to ranchers are separate from consumer beef prices, which, as of September, were $6.32 for a pound (453 grams) of ground beef, an 11 percent rise from September 2024 when they were $5.67 a pound. The Bureau of Labor Statistics did not release economic data, including the consumer price index for last month, because of the government shutdown.

Trump had no patience for the typically loyal ranchers objecting to his plan to import more Argentinian beef, which they saw as a threat to their recent economic gains.

“If it weren’t for me, they would be doing just as they’ve done for the past 20 years – Terrible! It would be nice if they would understand that,” Trump wrote in an October post on his Truth Social platform.

While Corbitt Wall, a commercial cattle manager and market analyst, is clear that he “totally supports Trump and everything he does”, he also saw hubris and a misunderstanding of the cattle industry by the president.

“There was not a person in the cattle business on any level that was not insulted by that post,” he told Al Jazeera.

Wall religiously follows prices across the cattle trade from ranch to slaughterhouse and has watched the futures market for cattle slide down by more than 15 percent since Trump’s October 21 announcement.

Futures prices dictate what ranchers can expect to sell cattle for down the line and sway current sale prices as well. For ranchers’ sake, Wall said he hopes Trump leaves the cattle market alone.

“He doesn’t live in this world, in this cattle world, and doesn’t realise the impact that a statement can make in our business,” Wall said.

Years of rough seasons

Oregon rancher David Packham said that while cattle prices have jumped in ranchers’ favour, many are still struggling in the face of years of rough seasons.

Years of drought across the country raised feed costs for all and pushed some ranchers to sell off cattle. Sticker prices on farm equipment from tractors to pick-up trucks have ballooned as well, especially on the back of supply chain challenges during the COVID-19 pandemic, and are expected to rise further on account of Trump’s tariffs.

Packham said he has regularly sold cattle at a loss and doesn’t want consumers to think ranchers are living high off the hog.

“I’m looking at a 40-year-old tractor that I use on a daily basis just to keep putting off replacing it, making repairs, although it’s difficult to find parts for now, just to keep it limping along because I couldn’t afford $100,000 for a new tractor,” Packham said. “When I say we’re not really making a whole lot of money, it’s because we have all this loss carryover.”

Packham was a registered Republican until Trump’s first term. The president’s Argentina comments and the subsequent chaos for the cattle industry have propped open a door for ranchers critical of Trump, but they represent a minority within the community, he said.

“I’m noticing more and more of them [ranchers] that had been cautiously neutral, that are now kind of like me and just saying, ‘You know what? No. This is bulls***. He’s a train wreck,’” Packham said.

‘Perennial issue’

One action ranchers can support, however, is Trump’s November 7 announcement of a Department of Justice investigation into the big four US meatpackers – Tyson, JBS, Cargill and National Beef – “for potential collusion, price fixing and price manipulation”.

Historically, ranchers looking to sell cattle have held little negotiating power as the four companies control more than 80 percent of the market.

However, a prior Department of Justice investigation into meatpacker price-fixing was started under the first Trump administration in 2020 due to a gulf created by falling cattle prices and rising consumer beef prices. The investigation continued under President Joe Biden’s administration but was never publicly concluded. According to Bloomberg News, the investigation was quietly closed with no findings just weeks before Trump announced the November antitrust probe.

James MacDonald, a research professor in agricultural and resource economics at the University of Maryland, views the administration’s antitrust investigation announcement as “entirely for political consumption”.

“It is a perennial issue that p***es off ranchers, and you can gain some political ground by attacking the packers,” MacDonald said.

Packham would prefer the new investigation to come at a different time and said that given the squeeze from the tight cattle market, packers are operating under slimmer margins and not from a position of absolute power.

On Friday, Tyson announced the closure of a Nebraska beef-processing plant that employed more than 3,000 people. MacDonald called the decision a “shock” indicative of the depths of the US beef shortage. The current low cattle inventory in the US came from years of drought, which wiped out grazing lands and slowed herd rebuilding. Replenishing the cattle supply chain is a years-long process.

“That’s sort of a fact and a fundamental, and it’s not going to change for a while,” MacDonald said.

MacDonald also doesn’t believe the increased Argentina imports will ease this shortage or lower prices as the country largely sends lower-grade, lean beef to the US, accounting for only 2 percent of imports. He expected that while the reintroduction of largely lean Brazilian beef will impact the import market, it holds less weight on overall beef supply.

McDonald also cited heifer retention numbers, which indicate how many female cattle that ranchers hold back to produce future herds years down the line, which are still low.

Tyson likely factored in these numbers when making the decision to shutter its Nebraska plant, and it doesn’t seem like the industry is expecting herd numbers to rebound either, McDonald told Al Jazeera.

“It’s Tyson saying we don’t think cattle supplies are going to recover anytime soon,” MacDonald said.

While the actual mechanisms of Trump’s recent policies might not budge consumers’ bottom lines or change the cattle market for the time being, Wall is more concerned about the ripple effects from the news cycle, saying ranchers “live and die” by the cattle markets. While his faith is shaken, Wall regardless believes that ranchers, conservative as ever, will show up for Trump when election time comes around.

“You look at what the other side has to offer, and there’s no way people are going to go for that,” Wall said. “So in the long run, they’ll stick with him.”

Nov. 25 (UPI) — Online retailer Amazon has begun to roll out its Leo Internet service that offers gigabyte speed via its satellite network for businesses and other organizations.

Amazon’s enterprise customers will be the first to use the Amazon Leo Internet service that includes a new “Ultra” antenna, and a wider rollout is planned for 2026, Amazon announced on Tuesday.

Amazon officials said Leo is designed to extend reliable, high-speed Internet to those beyond the reach of existing networks, including millions of businesses, government entities and organizations that are located in areas where Internet service is unreliable.

“Amazon Leo represents a massive opportunity for businesses operating in challenging environments,” said Chris Webber, vice president of consumer and enterprise business for Amazon Leo.

“We’ve designed Amazon Leo to meet the needs of some of the most complex business and government customers out there,” Webber added.

“We’re excited to provide them with the tools they need to transform their operations, no matter where they are in the world.”

The Amazon Leo Internet service uses an innovative network design, satellites and “high-performance phased-array antennas” to support download speeds of up to 1 gigabyte per second and upload speeds of up to 400 megabytes per second.

A new antenna dubbed Leo Ultra enables users to attain such downloading and uploading speeds, which exceed those of the competing Starlink Performance Kit, according to The Verge.

SpaceX officials said a new V3 satellite will support faster uploading and downloading speeds next year.

Amazon also has more than 150 satellites orbiting the Earth to provide digital communications that are undergoing initial network testing that involves a small group of enterprise customers.

Commercial airline JetBlue is among Amazon Leo’s enterprise customers participating in the service’s initial rollout.

“We knew Amazon Leo would share our passion for customer-first innovation,” JetBlue President Marty St. George said.

“Choosing Amazon Leo reflects our commitment to staying ahead of what customers want most when traveling, such as fast, reliable performance and flexibility in our free in-flight Wi-Fi.”

Amazon Leo also enables enterprise customers to connect directly to their cloud-based accounts and establish private network interconnects so that they can connect and communicate with remote locations using their respective data centers and core networks.

A sluggish job market lowers consumer confidence but may also lead to another rate cut from the Federal Reserve by the end of the year.

United States consumer confidence sagged in November as households worried about jobs and their financial situation, likely in part because of the recently ended government shutdown.

The Conference Board said on Tuesday its consumer confidence index dropped to 88.7 this month, from an upwardly revised 95.5 in October, hitting its lowest level since April.

Economists polled by the Reuters news agency had forecast the index edging down to 93.4 from the previously reported 94.6 in October.

“Consumers’ write-in responses pertaining to factors affecting the economy continued to be led by references to prices and inflation, tariffs and trade, and politics with increased mentions of the federal government shutdown,” said Dana Peterson, chief economist at the Conference Board.

“Mentions of the labour market eased somewhat but still stood out among all other frequent themes not already cited. The overall tone from November write-ins was slightly more negative than in October.”

Consumer confidence remained low among all income brackets. While confidence among those who make less than $15,000 annually ticked up slightly, it still remained the group with the lowest consumer confidence.

The consumer confidence report was released amid a slowing labour market. The September jobs report, released late last week, showed 119,000 jobs were added to the US economy as the unemployment rate ticked up 0.1 of a percentage point to 4.4 percent.

However, there is limited economic data available to fully gauge the sentiment of the US economy because the government shutdown, the longest in US history, hindered federal agencies’ ability to gather the data needed to assess current conditions.

“More worries about what lies ahead … hence, putting purchases for major items on hold,” Jennifer Lee, senior economist at BMO, wrote to Reuters.

The economic data followed dovish comments from policymakers in the past few days that helped cement rate cut expectations.

On Monday, Federal Reserve Governor Christopher Waller said the job market was weak enough to warrant another quarter-point rate cut in December although action beyond that depended on a flood of data that was delayed by the federal government shutdown.

Nov. 25 (UPI) — The Bureau of Labor Statistics on Tuesday released September data from its producer price index, showing modest increases in core wholesale prices that came in lower than experts had predicted.

The PPI for final demand products — what producers and manufacturers get paid for their goods and services sold to consumer businesses — in September increased 0.3%. But when excluding food, energy and trade services, BLS reported that final demand wholesale prices increased just 0.1% — half the expected 0.2% increase.

September’s data release was delayed by “the lapse in federal appropriations” caused by the 43-day federal government shutdown, the longest in U.S. history, which the agency noted in its data report.

“While BLS completed data collection prior to the lapse, BLS could not complete data processing and review until appropriations resumed,” the agency said. “Subsequent PPI data releases will also be delayed.”

Overall, BLS reported that final demand increased by a seasonally adjusted 0.3% in September, following a 0.1% decline in August and 0.8% increase in July. On an unadjusted basis, PPI final demand increased 2.7% for the 12-month period that ended in September.

Broken down, the index for final demand on goods increased by 0.9%, the largest increase since a 0.9% jump in February 2024. Two-thirds of this increase can be blamed on energy prices leaping by 3.5%, while food prices increased 1.1%.

Among individual products, the cost for gasoline increased 11.8%, with increases also seen among meats, residential electric service, cars and ethanol. Prices for fresh and dry vegetables, however, dropped by 1.8%, and decreases were also seen in prices for metal ores and residual fuels.

BLS reported that the index for final demand services in September was unchanged, following a 0.3% decrease in August. Price increases of 0.8% were seen among transportation and warehousing services.

Among services, airline passenger service prices increased by 4%, and food wholesaling, chemicals and related products and furniture, among others, also saw prices rise. The margins for machinery and equipment wholesaling dropped 3.5% percent, while apparel, jewelry, footwear and portfolio management also saw price decreases.

Nov. 25 (UPI) — Private companies’ payrolls decreased by an average of 13,500 jobs for each of the four weeks ending Nov. 8, data from payroll processing company ADP indicates Tuesday.

The data was released as part of ADP’s weekly National Employment Report Pulse based on a four-week moving average of employment across the country. ADP releases this report three times a month, on the weeks when it doesn’t publish its monthly report, the last of which was Nov. 5.

The Nov. 5 report showed that private companies added 42,000 jobs in October.

Last week’s NER Pulse report showed a 2,500 average weekly job loss. The jump to 13,500 jobs lost per week is reflective of the growing pace of layoffs.

U.S. companies cut more than 150,000 jobs in October, the highest number of layoffs for that month since 2003.

Economists have had to rely more on ADP’s weekly and monthly reports as the release of federal data continues to be affected by the record 43-day shutdown, which ended Nov. 12, CNBC reported.

On Wednesday, the Bureau of Labor Statistics said its October jobs report won’t be released as planned. Instead, some of the data will come out in the full report for November. BLS officials said the report won’t include the unemployment rate for October because those figures allegedly couldn’t be collected during the shutdown.

Islamabad, Pakistan – A new assessment by the International Monetary Fund (IMF) has concluded that corruption in Pakistan is behind an economic crisis driven by “state capture” – where public policy is manipulated to benefit a narrow circle of political and business elites.

The Governance and Corruption Diagnostic Assessment (GCDA), finalised in November 2025, presents a grim picture of a system marked by dysfunctional institutions that are unable to enforce the rule of law or safeguard public resources.

According to the 186-page report, corruption in Pakistan is “persistent and corrosive”, distorting markets, eroding public trust and undermining fiscal stability.

The report, requested by the Pakistani government, warns that without dismantling the structures of “elite privilege”, the country’s economic stagnation will persist.

While corruption vulnerabilities are present at all levels of government, according to the report, “the most economically damaging manifestations involve privileged entities that exert influence over key economic sectors, including those owned by or affiliated with the state.”

The report argues that Pakistan stands to gain substantial economic benefits if governance improves and accountability is strengthened. Such reforms, it notes, could significantly lift the country’s gross domestic product (GDP), which stood at $340bn in 2024.

“Based on cross-country analysis of the reform experience of emerging markets, IMF analysis projects that Pakistan could generate between a 5 to 6.5 percent increase in GDP by implementing a package of governance reforms over the course of five years,” the report said.

Stefan Dercon, a professor of economic policy at the University of Oxford who has advised the Pakistani government on economic reforms, said that he agreed that the absence of accountability in corruption cases was eating away at the country’s economic potential.

“Failure of implementation [of laws and principles of accountability] gives vested interests too often free rein and addressing this must be at the core of efforts for economic reform,” he told Al Jazeera.

Here is what we know about the IMF report, the areas of weakness it highlights, the policy recommendations it makes, and what the experts say.

What does the IMF report say?

Pakistan has turned to the IMF 25 times since 1958, making it one of the fund’s most frequent borrowers. Nearly every administration, whether military or civilian, has sought IMF assistance, reflecting chronic balance of payments crises.

The current programme was started under Prime Minister Shehbaz Sharif.

The GCDA’s release comes ahead of the IMF executive board’s expected approval of a $1.2bn disbursement next month, part of the ongoing 37-month-long, $7bn programme.

Pakistan narrowly avoided default in 2023, surviving only after the IMF extended an earlier nine-month deal, which was followed by the ongoing 37-month programme.

According to the GCDA, Pakistan consistently ranks near the bottom of global governance indicators among nations. Between 2015 and 2024, the country’s score on control of corruption remained stagnant, placing it among the worst performers worldwide and within its neighbourhood.

At the heart of the IMF’s findings is the concept of “state capture”, where, according to the fund, corruption becomes the norm and, in fact, the primary means of governance. The report argues that the Pakistani state apparatus is frequently used to enrich specific groups at the expense of the broader public.

The report estimates that “elite privilege” – defined as access to subsidies, tax relief and lucrative state contracts for a select few – drains billions of dollars from the economy annually, while tax evasion and regulatory capture crowd out genuine private sector investment.

These findings echo a 2021 United Nations Development Programme (UNDP) report, which said economic privileges granted to Pakistan’s elite groups, including politicians and the powerful military, amount to roughly 6 percent of the country’s economy.

Ali Hasanain, an associate professor of economics at the Lahore University of Management Sciences, said the IMF’s description of elite capture is accurate but added that it was “hardly a revelation”.

He pointed to the 2021 UNDP report and other domestic studies that describe how Pakistan’s economic system has long served politically connected actors who secure “preferential access to land, credit, tariffs and regulatory exemptions.”

“The IMF diagnostic repeats what many domestic studies, including those by the World Bank and Pakistan’s own institutions, have already emphasised: Powerful interests shape rules to maintain their advantage,” he told Al Jazeera.

The new report notes that tax expenditures, including exemptions and concessions granted to influential sectors such as real estate, manufacturing and energy, cost the state 4.61 percent of GDP in the 2023 fiscal year alone.

It also calls for an end to special treatment for influential public sector entities in government contracts and urges greater transparency in the functioning of the Special Investment Facilitation Council (SIFC).

The SIFC, created in June 2023 during Sharif’s first term, is a high-powered body comprising civilian and military leaders and tasked with promoting investment by easing bureaucratic obstacles. Although positioned as a flagship initiative jointly owned by the government and the military, it has faced sustained criticism for a lack of transparency.

The report describes broad legal immunity granted to SIFC officials, many from the armed forces, as a major governance concern. It warns that this immunity, combined with the council’s authority to exempt projects from regulatory requirements, creates significant risks.

Highlighting the absence of transparency, the GCDA says the SIFC should publish annual reports with details of all investments it has facilitated, including concessions granted and the rationale behind them.

“The recently established Special Investment Facilitation Council, which has been vested with substantial authority to facilitate foreign investments, operates with untested transparency and accountability provisions,” the report said.

Judiciary and rule of law

The report identifies the judiciary as another critical bottleneck. Pakistan’s legal system is overwhelmed by more than two million pending cases. In 2023 alone, the number of unresolved cases before the Supreme Court increased by 7 percent.

Over the last 12 months, Pakistan has passed two constitutional amendments, both of which faced severe backlash from many in the legal community who said that they represent a “constitutional surrender”. In essence, the amendments create a parallel Federal Constitutional Court that critics say will reduce the powers of the Supreme Court, while also changing rules that guide how judges are appointed and transferred, in ways that opponents say could give the executive great control over whom to promote and whom to punish.

The government, however, has insisted that the changes were made to improve the efficiency and efficacy of the judicial system.

Similar credibility challenges affect the National Accountability Bureau (NAB) and the Federal Investigation Agency (FIA), the two principal bodies responsible for investigating corruption.

The GCDA cites a 2024 government task force, which found that NAB has, at times, exceeded its mandate and launched politically motivated cases. This selective accountability, the report says, has damaged public trust and created a climate of fear within the bureaucracy, slowing decision-making.

While NAB says it recovered 5.3 trillion rupees ($17bn) between January 2023 and December 2024, the report notes that conviction rates remain low.

The diagnostic calls for fundamental reforms to NAB’s appointment processes to ensure independence and a shift from “political victimisation” to “rule-based enforcement”.

Was the report necessary?

The IMF outlines reforms which experts acknowledged would be comprehensive if pursued by authorities.

Yet analysts also note that international institutions and domestic researchers have repeatedly made similar observations in the past, with little follow-through by the government.

Sajid Amin Javed, a senior economist at the Sustainable Development Policy Institute (SDPI) in Islamabad, says the fact that Pakistan is already under an IMF programme may compel the government to take the findings more seriously.

He said that the IMF report could have gone further than it has by acknowledging that many of its recommendations have been made by others in the past, “without bringing any change”.

“Perhaps the assessment could have been made to see why these failures happened,” he said.

Javed welcomed the report’s attempt to quantify economic losses from corruption, hoping it might push policymakers to act.

“Corruption and governance are intrinsically tied to each other. Corruption leads to weak governance, and weak governance promotes corruption, making them conjoined,” he said.

Hasanain, however, was more sceptical, questioning why the IMF waited for a formal request from the Pakistani government despite having its own internal assessment mechanisms.

What can the government do?

Analysts said Pakistan’s economic landscape has long been shaped by politically connected actors who enjoy preferential access to land, credit, tariffs and regulatory exemptions. The IMF’s observations, they noted, are not new.

Hasanain argues that corruption, including elite capture of markets, regulatory bodies and public policy, is political in nature and cannot be addressed without deeper reforms.

“Without a broader political awakening, governance reforms will remain technical fixes built on unstable foundations. Ultimately, elite capture is undone only when political incentives change,” he said.

Javed, meanwhile, pointed to what he called policy design capture, arguing that those responsible for drafting governance and anticorruption reforms are often part of the same elite ecosystem.

“Elite policy capture on policy design is perhaps the most important component which allows the elite capture. The report’s recommendations show that we must go for participatory and inclusive methods to get out of our current conundrum,” he said.

For Hasanain, the most urgent reform is a unified economic turnaround plan that is fully owned by the prime minister and communicated clearly.

He said that Pakistan’s economic landscape was cluttered with “committees, councils, task forces and overlapping ministries”, each producing its own documents without accountability.

“The government should consolidate these scattered structures into one clear reform platform with defined priorities, timelines and measurable outcomes. Progress should be published monthly, debated publicly, and subjected to independent scrutiny,” he said.

Hasanain argued that such consolidation would improve coordination, build public trust and signal seriousness to investors.

For Javed, the most immediate priority is reforming the public procurement system, which governs how government bodies buy goods and services using public funds.

“Our procurement system is not working on value of money, but instead it focuses on quantity of money, where lowest bidder wins the bid,” he said, arguing that this approach meant that contracts often did not go to those best suited to deliver what was needed. “This system needs urgent modernisation.”

“An urgent realisation is the order of the day that if we need to have a flourishing, transparent economy, we have no choice but to overhaul our entire economic framework,” Javed said.

DALLAS — Ross Perot, outlining how he would mend the U.S. economy, proposes a combination of tax cuts and loans for small business and tougher trade policy to create more jobs at home.

“We cannot be a superpower if we cannot manufacture here,” the Texas billionaire said in an interview with the Los Angeles Times. He called for the United States to make almost everything it needs at home. “We have to manufacture here,” he said.

Perot, whose undeclared presidential candidacy has surged in opinion polls, described himself as a “fair and free trader” but believes that “agreements we’ve cut with countries around the world are not balanced at all.”

He said he would adjust the “tilted deck” of trade with Japan “in a very nice, diplomatic way. In this case (make) the Japanese say: ‘We’ll take the same deal on cars we’ve given you.’ ”

The effect, he said, would be to drastically reduce imports from Japan. “You are going to see the clock stop,” said Perot. “You could never unload the ships to this country; just could never unload the ships.”

In a similar vein, he opposes a free-trade agreement with Mexico, believing it would drain manufacturing jobs from a U.S. economy that cannot afford to lose them.

Perot said he is willing to have his mind changed. “This is a complicated, multi-piece equation that we need to think through very carefully. In carpenter’s terms, measure twice, cut once,” he said.

But in Mexico, “labor is a 25- year-old with little or no health-care expense working for a dollar an hour. You cannot compete with that in the U.S.A., period,” he said. “So you would have a surge in building factories down there but a long-term drought here at a time we cannot pay our budget deficits.”

The interview centered on Perot’s agenda on the issues of trade, taxes and the federal deficit. In Perot’s view, problems of the U.S. economy are interrelated, from trade to the national debt and the troubled public school system–which he calls “the least effective public education system in the industrialized world.”

“We’ve got a country $4 trillion in debt, adding $400 billion this year,” he said in his Dallas office–graced by portraits of his family and the painting “Spirit of ‘76” on a wall behind his desk.

“And we have a declining job base, which gives us a declining tax base at a time when we’ve run our debt through the ceiling. In business terms, that’s a ticket for disaster. Never forget that every time you lose a worker–who goes on welfare–the welfare check exceeds the tax payment that used to come to the IRS.”

Perot’s reference to a declining job base reflects his belief–disputed by some scholars–that jobs created in the 1980s were at lower wages than the jobs they replaced as manufacturing companies restructured. Most analysts and government data agree that wages for less educated, industrial workers have fallen over the last two decades. But there have been rising incomes at the same time for educated employees–especially those in new, computer-based information industries.

Perot, who will turn 62 this month, is a pioneer of the information-based industry. In 1962 he founded Electronic Data Systems, which innovated the business for organizing computer data for large companies and the government. It made Perot one of the nation’s wealthiest men. But Perot says that advanced industries alone cannot be the solution for the United States.

“Don’t bet the farm on high tech,” he said. “Information industry is all about intellectual acuity. And in a country with the least effective public education in the industrialized world, it kind of makes you grimace.

“What I’m saying is, right now, we can’t take people out of factories and send them to Microsoft (the leading computer software firm). If their children had a great education, we could. That’s generational change. But their children are not getting a great education.”

Perot made great efforts on behalf of educational reform in Texas in 1984, and has said he supports greatly expanded funding for education starting at preschool levels for all children. “It’s the best investment we can make,” he has said.

But education is for the future, and there is a need to create jobs now in the United States, not overseas, Perot declared.

“Do we need to make clothing in this country? Of course we do. Do we need to make shoes in this country? Of course we do. We have places in our country where people would be delighted to work in a shoe factory for reasonable wages.

“When I think of shoes, I think of Valley Forge (the winter encampment during the American Revolution where George Washington’s soldiers wrapped their feet in bandages and rags),” said Perot, a graduate of the U.S. Naval Academy.

“My mind bounces back and forth between the world I hope we have and the world that might be. We might be fighting barefooted.”

Perot contended that jobs can be created fastest in small companies.

“The quickest way to stimulate the economy and have a growing, dynamic job base is to stimulate small business. You’ll create more jobs faster by going through small business than through the huge industries,” said Perot, who started his business career as a salesman for IBM.

He said small-business people today are starved for credit and capital since banks are cautious of lending in the aftermath of the speculative 1980s, and small business doesn’t have access to big stock and bond markets.

But if he should become President, solving the credit problem will be “easy,” Perot said. “Change the regulations and the banks will loan the money,” he said, indicating that bank examiners should loosen their definitions about prudent loans and reduce the amount banks must reserve against potential losses.

Perot would attract investors to small business ventures by reducing the tax on capital gains. “I’ve got to give you a reason to take money out of Treasury bills to invest in a high-risk, wildcatting venture,” Perot explained.

“I can’t force you to take your money out of T-bills, so I have to create an environment where you want to take this risk.” That means a tax preference. “But I’m not changing capital gains for everybody. This is for the really high-risk start-up of a small company,” Perot said.

But “you will rarely hear me use the word ‘capital gains tax rate.’ I’ll be talking about money to create jobs,” he said.

Perot’s own considerable fortune, estimated by various business publications at $3.3 billion, is invested mostly in T-bills and corporate and high-rated municipal bonds. He has $200 million invested in Perot Systems, $350 million in real estate and about $40 million in funds for start-up companies, including a stake in Next Inc., the computer company headed by Apple co-founder Steven P. Jobs.

Perot also spoke of pushing for legislation to allow, and encourage, banks to make equity investments in start-up companies–a form of government-backed development bank.

“Or some other vehicle will emerge,” he said. “You find what seems to be the best way out–and then you adjust 1,000 times as you go. That’s the way you do anything, whether it’s cutting grass or making rockets.”

Perot’s views on big business are harsh. He believes a ruinous gap opened up between management and labor in large corporations, between executives who paid themselves handsomely while demanding reductions in the pay of ordinary workers. The result was a reduction in American competitiveness and hurt the U.S. economy, he says, repeating a theme he sounded often in two stormy years on General Motors’ board of directors.

Today, he is not surprised that the chief executives of more than a dozen major corporations, meeting last month at the Business Council in Hot Springs, Va., uniformly disapproved of him and his candidacy.

“They’re part of the Establishment,” Perot said. “The status quo works for them right now, and I’m talking about major, major change.”

Still, big companies should be enlisted in a drive to turn the U.S. economy to pursuits of peace, from what Perot terms “45 years of Cold War which drained us. The Cold War broke Russia, but it drained us.”

For all his distrust of foreign trade agreements, Perot admires the way Japanese companies do business–in particular Toyota, which he studied while a director of GM. “They work as a team and their products have quality,” Perot said. “Have you spent time in a Lexus dealership? All those guys selling Lexuses have to do is get you to drive it around the block.”

Perot himself drives an ’87 Oldsmobile. But he said U.S. industry should start doing things the way Japanese industry does, having senior business figures help small start-ups, “targeting industries of the future and making sure sacrifice in corporations starts at the top.”

Perot acknowledges that many things he admires in Japanese industry stem from that country’s different way of organizing society. “But my point is, you and I, our company is failing. And we have a competitor who’s winning. I would say, let’s go study him and figure out why he wins.”

To pay for his programs, Perot said, “We are not going to raise taxes unless we have to. But I ain’t stupid enough to say ‘Watch my lips.’ ”

He would “go to a new tax system because the one we have now is paper-laden, inefficient, not fair and so on.” But he claims to have no specific ideas yet on how to change taxes. “I would get people in, and in 60 days I’d have half a dozen new tax systems,” he said.

“My points on taxes are basically three: We’ve got to raise the revenues to make the country go.

“Two, we’ll get rid of the waste. The Department of Agriculture, with 2% of our people engaged in farming, is bigger than it was when a third of our people were farming. You’ve got to cut it down and you need a strong consensus to do that.”

He has been criticized for not being more specific on what other programs he would cut, and by how much. But as a third step, he said he would demand authority to selectively cut programs approved by Congress. “Give me the line-item veto, or don’t send me there,” said Perot, echoing a demand first raised by Ronald Reagan.

Perot has become linked with the idea that wealthy people might help reduce the federal deficit by giving up their rights to Social Security and Medicare. By one calculation, which Perot ascribes to Bush Administration chief economic adviser Michael J. Boskin, such a sacrifice by the wealthy could save the Treasury $100 billion a year–although Perot says that figure has proved dubious.

“I’d give up Social Security in a minute,” said the Texas billionaire. “And if a lot of people would give it up who did not need it, that’s worth looking at.”

Would that be subjecting the venerable Social Security program to a “means test,” which would adjust individual benefits based on income or assets.

“I never got down to what means testing is,” Perot said. “We’ve just got to go through and look at every single item. We have work to do.”

Nov. 24 (UPI) — The Chilean city of Valparaíso has the fastest fixed broadband Internet in the world, according to the Speedtest Global Index, which ranks average connection speeds based on user tests.

The port city leads the latest ranking with an average download speed of 398.21 megabits per second, surpassing major cities such as Abu Dhabi in the United Arab Emirates, which placed second with 376 Mbps and Lyon, France, which ranked third.

In the United States, Los Angeles is the first city to appear in the ranking, in 11th place, followed by New York in 12th.

Valparaíso ranked ahead of Chile’s capital, Santiago, because it sits in a strategic location for technology companies that use the city as a hub for developing fiber-optic infrastructure for Chile, South America and connections to Oceania.

“Valparaíso is the landing point for submarine cables such as Google’s Curie, América Móvil’s Mistral and SAC, which add capacity and redundancy to the connectivity ecosystem, while Google’s Humboldt transpacific cable with the Chilean government is set to land in Valparaíso in 2027,” Danilo Bórquez, who holds a doctorate in complex systems engineering and is a professor at the Adolfo Ibáñez University’s engineering school, told UPI.

He added that residents of Valparaíso have faster and more stable Wi-Fi.

“With more than 300 Mbps you can have several users online at the same time. Video calls run smoothly and game or photo downloads and backups are much faster. You can also hold classes or use educational platforms without interruptions, with materials downloading in seconds or minutes,” Bórquez said.

At the national level, fiber-optic adoption is high. “In Chile, it accounts for about 70% of fixed connections, which drives the typical speeds measured by Speedtest. There are companies that can migrate or extend fiber to another 4.3 million households in Chile, which increases the base of users with high-speed plans.”

Marco Aravena, director of Modernization and Digital Transformation and a computer engineering professor at the University of Valparaíso, told UPI that service providers come to the city to expand fiber-optic Internet access.

“In Valparaíso you have Las Torpederas beach, where one of the submarine cables that brings fiber-optic connections from other parts of the world comes ashore. We are one of the technology hubs through which internet arrives in Chile. It’s not that users connect directly to that fiber, but they have more direct access to it,” he said.

Experts say these factors make Valparaíso attractive for people who want to work in hybrid or remote roles.

“Valparaíso is becoming a hub that allows people to come live and work here because of its strong connectivity. It also attracts students because there are many universities in the city,” Aravena said.

However, the city has significant investment in technology and networks but little investment in infrastructure or economic development.

According to the latest 2024 Urban Quality of Life Index from the Catholic University, Valparaíso scored medium-high in connectivity and mobility, but low in housing and surroundings and medium-low in health and the environment.

The federal government seeks to develop tailored artificial intelligence (AI) solutions and drive significant cost savings by leveraging AWS’s dedicated capacity.

Amazon is set to invest up to $50bn to expand artificial intelligence (AI) and supercomputing capacity for United States government customers, in one of the largest cloud infrastructure commitments targeted at the public sector.

The e-commerce giant announced the investment on Monday.

The project, expected to break ground in 2026, will add nearly 1.3 gigawatts of new AI and high-performance computing capacity across AWS Top Secret, AWS Secret and AWS GovCloud regions through new data centres equipped with advanced computing and networking systems.

One gigawatt of computing power is roughly enough to power about 750,000 US households on average.

“This investment removes the technology barriers that have held the government back”, Amazon Web Services (AWS) CEO Matt Garman said.

AWS is already a major cloud provider to the US government, serving more than 11,000 government agencies.

Amazon’s initiative aims to provide federal agencies with enhanced access to a comprehensive suite of AWS AI services. These include Amazon SageMaker for model training and customisation, Amazon Bedrock for deploying AI models and agents and foundational models such as Amazon Nova and Anthropic Claude.

The federal government seeks to develop tailored AI solutions and drive significant cost savings by leveraging AWS’s dedicated and expanded capacity.

The push also comes as the US, along with other countries such as China, intensifies efforts to advance AI development and secure leadership in the emerging technology.

Tech companies, including OpenAI, Alphabet and Microsoft, are pouring billions of dollars into building out AI infrastructure, boosting demand for computing power required to support the services.

On Wall Street, Amazon’s stock was up 1.7 percent in midday trading.

Other tech stocks surged amid the recent investments. Alphabet, Google’s parent company, closed in on a $4 trillion valuation on Monday and was set to become only the fourth company to enter the exclusive club. Its stock was up 4.7 percent.

Last week, Nvidia announced expectations of higher fourth-quarter revenue — a month after the tech giant announced a partnership to build supercomputers for the US Department of Energy — a deal that sent the company’s valuation topping $5 trillion.

Nvidia stock was up by 1.8 percent in midday trading.

Reporting from DAVOS, Switzerland — President Trump gave his salesman’s pitch for America on Friday before an international crowd of corporate and political titans, and took credit for its economic success, even as he was shadowed by fresh clouds from home about his heightened jeopardy in the Russia investigation and opposition to his immigration plan.

Contrary to predictions that Trump might use his keynote address to the World Economic Forum in Davos to bash multilateral trade deals and international alliances, as he did during his campaign, he appeared to soften the edges of his “America First” policy in his speech to the elites who gather in this glitzy Alpine resort each winter to champion free trade and global cooperation.

“America is open for business and we are competitive once again,” Trump told several hundred attendees, reading his speech from teleprompters. “Now is the perfect time to bring your business, your jobs and your investments to the United States.”

Given the complaints here about Trump’s aggressive trade policies and worries that America is withdrawing from its global leadership role, Trump received general credit for showing up and hobnobbing with fellow world leaders and moguls at an event that has not seen a U.S. president since Bill Clinton in 2000.

Some in the crowd booed and hissed when Trump, during a question-and-answer session that followed his speech, said it “wasn’t until I became a politician that I realize how nasty, how mean, how vicious, and how fake the press can be.”

While Trump’s anti-media remarks are familiar to Americans, they struck a dissonant note on the international stage since U.S. presidents historically have been global clarions for a free press.

Although the evidence was scant, Trump dropped at least one hint he might be moderating other views.

Earlier this week, Canadian Prime Minster Justin Trudeau announced here that his country would join 10 others that have agreed to move forward on the Trans-Pacific Partnership trade pact without the United States. Trump withdrew from the proposed accord shortly after taking office, calling it a “horrible deal.”

In his comments here, Trump cracked the door slightly to reentering the TPP in some way, saying he was open to negotiating trade deals with the 11 countries “either individually, or perhaps as a group.”

That sparked a buzz of comment here and on social media. Trump vowed to withdraw from the North American Free Trade Agreement during the campaign, but his administration is seeking to renegotiate it with Mexico and Canada. In contrast, the White House has shown no sign it is reconsidering its decision on TPP.

And while global challenges like climate change and poverty dominate the agenda here, the CEOs and other top executives Trump met in his 36-hour visit publicly applauded the corporate tax cuts he signed into law last month.

All that put Trump in a good mood.

“I’ve been a cheerleader for our country,” Trump said in his speech, which largely echoed familiar White House talking points. “And everybody representing a company or a country has to be a cheerleader, or no matter what you do, it’s just not going to work.”

Trump said he will put America first just as other leaders should put their countries first, a line he used in a harder-edged address he delivered at the Asia-Pacific Economic Cooperation summit in Vietnam in November.

Trump accused “some countries” of exploiting the international trading system at the expense of others. He said he supports free trade, but it “needs to be fair and it needs to be reciprocal.”

“The United States will no longer turn a blind eye to unfair economic practices, including massive intellectual property theft, industrial subsidies, and pervasive state-led economic planning,” he said, probably a reference to China.

At his raucous political rallies back home, that sentiment often generates loud cheers. The crowd at Davos stayed silent, saving polite applause for the end of his remarks.

As he often does, Trump claimed credit for the booming U.S. economy, citing growth numbers and the removal business regulations. That message was partly diluted by news Friday that U.S. growth slowed slightly in the fourth quarter to 2.6%, which was short of Trump’s projections.

The Davos conference is considered the premier event for the world’s wealthy glitterati, a familiar group to the billionaire owner of Mar-a-Lago and other high-end hotels and resorts. In his speech, Trump nodded to his working-class supporters, saying that “when people are forgotten, the world becomes fractured.”

Trump also couldn’t resist taking a jab at Hillary Clinton despite the American tradition of steering clear of partisan politics while on foreign soil. In the question-and-answer session, Trump said the stock market would have dropped 50% if “the opposing party” had won instead of him.

The audience scored the tone of Trump’s speech carefully, given his antagonism to international organizations and pacts, such as the Paris climate accord, trade agreements and the Iran nuclear deal that are generally celebrated at the conference.

It was partly overshadowed at home after the New York Times reported late Thursday that Trump tried to fire special counsel Robert S. Mueller III last June, halting the effort only after White House Counsel Donald McGahn threatened to resign.

Nor could Trump escape fallout here from reports that he had labeled African nations “shithole countries” during a recent Oval Office meeting with several members of Congress. The comments sparked widespread condemnation around the globe.

Trump ignored reporters’ questions about the crude language when he met early Friday with Paul Kagame, longtime president of Rwanda and incoming chairman of the African Union. Kagame is the first African leader Trump has met since his comments were reported on Jan. 11.

The African Union had called on Trump to apologize for the remarks, which he has denied making. It is not known whether the dispute came up in Trump’s private discussion with Kagame. A subsequent statement from the White House summarizing the meeting did not mention the issue.

“It’s a great honor to be with President Kagame,” Trump told reporters as he sat beside Kagame and several aides, including Secretary of State Rex Tillerson. “We have had tremendous discussions.”

Kagame also tried to smooth over the dispute, thanking Trump “for the support we have received from you … and your administration.”

Trump also dismissed a shouted question about the Mueller development as “fake news.” Instead, he boasted of how his appearance had swelled the crowd at Davos this year.

“We have a tremendous crowd, and a crowd like they’ve never had before. It’s a crowd like they’ve never had before at Davos,” Trump bragged as he entered the hall with Klaus Schwab, the Germany founder of the forum.

Then, in a rare burst of modesty, he quipped, “I assume they’re here because of Klaus.”

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UPDATES:

1:20 p.m.: This article was updated with additional details from Trump’s meetings in Davos.

6 a.m.: This article was updated with Trump’s comments.

This article was originally published at 2:10 a.m.