Business and Economy

The Swedish academy says the academics’ models are ‘now used by central banks and ​governments around the world’.

The ⁠2026 Nobel Prize in Economic Sciences has been awarded to US academics Robert Hall and Michael ⁠Woodford for their work on how monetary and fiscal policy can help stabilise fluctuations in the economy, according to the Royal Swedish Academy of Sciences.

The winners of the prestigious award, formally known ⁠as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel and the final prize to be given out this year, were announced on Monday.

The two laureates developed new macroeconomic models that improve people’s ability to implement effective stabilisation policies, enabling fiscal and monetary policy measures that can reduce damaging swings in the economy.

“The laureates’ work has provided us ‌with a stable theoretical foundation for the models that are now used by central banks and governments around the world,” John Hassler, chair of the Committee for the Prize in Economic Sciences, said in a statement.

“With them, we are better equipped to deal with shocks in the economy, such as energy crises or sudden changes in how much households consume.”

During the oil crises in the 1970s, the existing Keynesian models used to determine when and how measures should be implemented to tackle recessions or other economic fluctuations stopped working. Hall and Woodford then developed new tools to understand what policy responses could be the most effective.

“Rather than basing the models on statistical links between macroeconomic variables, such as inflation, production and consumption, they chose to build them on a microeconomic foundation,” the academy said. “This encompasses an understanding of how the total mass of individual households and businesses affect the economy through their actions.”

The economics prize, first awarded ⁠in 1969, is not part of the five original awards ⁠created in the 1895 will of industrialist and dynamite inventor Alfred Nobel, but was instead established by Sweden’s central bank.

The majority of previous laureates have been from the United States. Only three women have ⁠ever won, most recently Claudia Goldin in 2023 for her work on how gender has affected pay and employment over time ⁠in the US.

Last year’s winners – Joel Mokyr, Philippe Aghion and Peter Howitt – won for ‌their work on “creative destruction” and how new technology and production methods can boost growth and living standards.

Like the other Nobel awards, the economics prize consists of a diploma, a gold medal, and a $1.2m cheque.

The Nobel prizes for medicine, physics, chemistry, literature and peace were announced last ‌week, with South African jurist Navi Pillay and Canadian writer Anne Carson among the winners.

Finance officials from around the world will gather in Bangkok this week under the shadow of a widening war in the Middle East, the biggest-ever energy supply shock and rising interest rates that together pose daunting risks to already-sluggish global economic growth.

The US-Israel war on Iran, now in its eighth month, and its inflationary impact are slated to dominate the agenda and sideline conversations during the annual meetings of the International Monetary Fund (IMF) and World Bank, held outside Washington for the first time in three years.

IMF Managing Director Kristalina Georgieva told Reuters News Agency that 18,000 people were registered to attend the meetings, 4,000 more than the last off-site meetings held in Morocco in October 2023.

Notably absent will be United States Treasury Secretary Scott Bessent, who dispatched two senior officials in his stead while he handles some “domestic engagements”, a US official said. Federal Reserve Board Chairman Kevin Warsh will attend and is slated to participate in a public event with Georgieva on October 16.

Several other finance ministers were also staying home due to domestic budget and election duties, but most central bankers would attend, Georgieva said.

Bessent’s decision to skip the high-profile gathering and a meeting of the Group of 20 (G20) major economies, which the US leads this year, may frustrate counterparts amid rising tensions over the Iran war, Ukraine’s battle against Russia’s invasion, and the US move to impose sanctions on the International Criminal Court.

Fossil energy reserve release

The Group of Seven (G7) countries have agreed to release 100 million barrels of diesel and crude oil from emergency reserves under pressure from US President Donald Trump, who is keen to see lower petrol prices before November elections that could see his Republican Party lose control of Congress.

Trump on Friday announced a deal with Russia that would provide even more diesel to global markets and a temporary waiver of US sanctions designed to deprive Moscow of revenues for its ‌‌war on Ukraine. The move drew swift criticism from Ukrainian President Volodymyr Zelenskyy.

More than one billion barrels of oil have been released, mainly from onshore commercial inventories, since the start of the war on February 28. But industry executives say the amount of oil in storage that is accessible to the global market is running low, making the market more fragile and fuelling pressure on prices.

The IMF has signalled little change in its forecast for three percent global growth in 2026, and may edge its forecast for next year slightly higher. But some countries will see downgrades, including Ukraine, now in its fifth year of war against Russia’s invasion, and Gulf countries hit by Iranian strikes and sharply reduced energy exports.

IMF research released on Tuesday showed that sharp spikes in food and energy prices are an increasingly common source of crises that drive inflation expectations higher for longer, worsen poverty and threaten economic stability.

One headache for policymakers is the growing public debt burden that is sapping growth and adding inflationary pressures. The IMF says public debt is at the highest level since World War II and will exceed 100 percent of gross domestic product (GDP) before 2030.

Advanced economies, led by the US, have the highest debt-to-GDP ratios, but emerging markets and low-income countries are particularly vulnerable, given a perfect storm of challenges: capital outflows in search of higher US rates, weather extremes triggered by the El Nino climate phenomenon, and a lack of investment in artificial intelligence (AI), which has mitigated negative supply shocks in the US and other rich countries.

Developing countries are particularly vulnerable given high public debt levels that will have to be renegotiated at higher interest rates. Together, they face $400bn in debt payments to external creditors in 2026, and interest payments already exceed 10 percent of revenue on average.

Many lower-income countries are worried about new IMF recommendations for loan programmes that call for fewer but deeper reforms as a condition for approving lending, a change that many fear will lead to painful austerity measures.

Elon Musk’s latest comments come days before Mukesh Ambani’s low-cost Reliance Jio’s parent launches India’s largest-ever initial public offering.

‌Billionaire entrepreneur Elon Musk has said he would price his Starlink satellite internet service affordably ⁠in India to take ⁠on Mukesh Ambani’s low-cost Reliance Jio, escalating his attacks on the rival tycoon days before Jio’s parent launches the country’s largest-ever initial public offering (IPO).

Jio Platforms, ⁠which owns the telecom arm, is targeting a valuation of $106bn in the offering. Much like SpaceX-owned Starlink, Jio’s satellite venture is also awaiting final ⁠security clearance to launch.

Cheap data is the playbook that built Jio in India, and the one Musk has used in markets like Kenya to unsettle local telecom players. SpaceX now plans to enter the mobile carrier market itself, starting in ‌the United States.

Musk did not specify prices for India, where mobile data costs about rupees 7.74 ($0.08) per gigabyte, among the lowest in the world.

“Obviously, if Starlink is too expensive in India, no one will buy it, so SpaceX will need to make pricing affordable,” he said in a post on his social media platform X on Saturday.

“The reality is that ⁠competition would greatly benefit the average citizen in India by ⁠giving them more choices, as it always does. Ambani’s profits will be lower, but he is not going out of business,” Musk added.

‘Prime Minister Ambani’

Musk’s remarks were the latest in ⁠a series of X posts in which he accused Prime Minister Narendra Modi’s government and Ambani of stalling Starlink’s entry ⁠into one of the world’s biggest internet markets to ⁠favour market leader Jio.

The posts have marked a sharp turn for Musk, who has long enjoyed a warm public rapport with Modi.

India’s government has denied any bias in its approval process, ‌noting that the three satellite ventures seeking to launch, including Starlink’s and Jio’s, are all awaiting final security clearance.

Late on Friday, Musk taunted Ambani directly, addressing ‌him as “Prime ‌Minister Ambani” and asking whether he would “consider allowing Starlink to compete”.

Reliance has not responded to Musk’s remarks.

Russia to supply 300,000 tonnes of diesel immediately, followed by 1.5 million more, as prices soar amid the Iran war.

United States President Donald Trump said that Russia has agreed to supply 300,000 tonnes of diesel fuel to global markets amid discussions with Russian President Vladimir Putin.

“I have just concluded a highly successful discussion with President Vladimir Putin, of Russia, wherein it was agreed that Russia will immediately supply over 300,000 Tons of Diesel Fuel to the American and Global Marketplace, another 500,000 Tons during the month of November, and 1,000,000 Tons immediately thereafter,” Trump said in a post on his Truth Social platform.

The president added that Russia would deliver an additional 3 million tonnes of fuel “within a short period of time”. He said that the country would supply 500,000 tonnes in November.

An envoy for Russian President Vladimir Putin, Kirill Dmitriev, praised cooperation between Russia and the United States on diesel and energy in a post on X shortly after.

“Russia-US cooperation on diesel and energy will benefit the world,” Dmitriev wrote on X.

Petrol price pressures

The deal comes despite Ukrainian air strikes, which have taken more than half of the country’s oil refining capacity offline, according to claims made by Ukraine’s Ministry of Defence on Sunday.

The latest announcement comes a week after the G7 countries agreed to release 100 million barrels amid pressure from the White House.

The move also comes as prices of diesel, used in agriculture, heating homes and trucking goods, are near record highs ahead of the November 3 congressional elections that will determine control of Congress.

Diesel prices have been elevated in recent months but have started to decline. The average price for a gallon is $6.27 ($1.66 per litre), according to the American Automobile Association (AAA), which tracks daily petrol prices. That’s down $0.10 from this time last week, but up $5.94 from this time one month ago.

Diesel prices, which can drive inflation, are up 70 percent since the US and Israel’s war on Iran began this year, despite two high-profile recent moves by Trump to boost supplies of the fuel: pressuring allies ‌to release emergency reserves and expanding access to tax-exempt red-dyed diesel, which is normally used for farm equipment.

The wars in Iran and Ukraine have triggered an unprecedented global fuel supply crunch.

Belgian police respond to ‘troublemakers’ on sidelines of main rally with tear gas, water cannon and baton charges.

Clashes have erupted near Brussels Central station on the sidelines of a demonstration organised by the country’s socialist trade union against the federal government’s austerity plans.

As thousands of protesters gathered at the station on Friday, a smaller group clashed with the police and threw wooden beams, glass bottles and rubbish bins, The Belgian Times reported.

Police were deployed in large numbers around the stations as officers checked groups of young people not wearing trade union colours.

Police said the main trade union rally went ahead peacefully but “groups of troublemakers were responsible for serious incidents before and after the march.”

Riot police responded to those protesters with tear gas, water cannon and baton charges. Police said those who “cause the problems of public order are not linked” to the rally.

Reporting from Brussels, Al Jazeera’s Rosie Birchard said damage was caused during Friday morning’s protests with an “acrid smell of burning in the air”, due to fires that were set and the tear gas.

“Police [and] emergency services have been arriving, starting to disperse or clean up and then the protests flare up again. So the day is still early; often these things get worse in the evening in terms of the street violence,” Birchard explained.

“There were some young people who came out, they say they were inspired by what they had seen in France in terms of school protests, and they also wanted to talk about the education environment they’re learning in,” she said, adding that the students felt that they were “not being listened to”.

The clashes came after a week of tension in the city of Liege after authorities banned gatherings as students clashed with police and vandalised shops. More than 200 people were arrested in Liege, and dozens of police were injured.

The ABVV trade union and the Christian ACV, the country’s two biggest unions, organised protests on Friday morning, with protesters marching from Brussels Central station to Brussels South Station under the slogan “stay out of our pockets”.

Police said about 30,000 people attended the demonstrations, while ABVV had earlier estimated attendance at 50,000.

The anger stems from the government’s austerity measures, as officials consider a new budget that opposes potential measures that affect purchasing power, the wage indexation system and value-added tax (VAT), as well as plans to introduce annualised working time.

At the same time, the ACV organised a separate protest involving hundreds of activists at the capital’s headquarters of the governing coalition parties.

Afghan miners endure harsh conditions, relying on basic tools to extract precious emeralds in Panjshir’s steep valleys.

Panjshir, Afghanistan — At a packed hall in the offices of the Panjshir provincial government, an auction is under way and the bidding is brisk.

The buyers, many from Kabul and some from overseas, have already closely examined the small piles of roughly cut green stones, shining their phone flashlights through them to check their quality.

Bidding for the best stones is competitive.

“Panjshir emeralds have many buyers around the world because of their very high quality,” gem merchant Ghulam Mustafa Habibi told Al Jazeera. “This is why their price is higher compared with other emeralds around the world.”

By the end of the auction, nearly 3,000 carats of the precious stones were sold – the 23rd sale of its kind so far this year. The value of emeralds sold to date in Afghanistan is estimated to be nearly 400m Afghanis ($6.12m), a steep rise compared with last year.

For a country impoverished by years of war and burdened by international sanctions, the trade in precious minerals is a valuable resource, especially in the remote corner of northeastern Afghanistan.

“Thankfully, more than 15,000 people are currently employed in Panjshir’s mining sector,” says Muhammad Aman Rezaii, a mining official responsible for overseeing the operation of many small artisanal mining operations dotting the Panjshir valley.

On the valley’s steep hillsides, miners toil for hours underground to make a living. In the otherwise barren and rocky landscape, which yields little, the precious stones are a lifeline.

“There are hardly any companies or manufacturing factories here. The main source of employment is the mining sector,” said Rezaii, adding that they have identified more than 2,000 other mining sites which could be developed.

Since taking power in 2021, the Taliban say they have signed deals with dozens of investors, mainly Chinese, Russian and Iranian, to mine gemstones and other valuable minerals.

According to the World Bank, state revenues rose 22 percent year-on-year in April and May, boosted by the auction of mines and other resources such as oil and precious minerals.

But Afghanistan’s gemstone mining sector is still lacking in international investment and expertise.

“There have been various proposals to establish an international market for Afghanistan’s precious minerals, particularly in Kabul,” Hafiz Muhammad Agha Hakim, the Governor of Panjshir province, told Al Jazeera.

“Processing machinery could be brought in so that these minerals can be processed and standardised here before being exported to markets around the world. At the moment, there is no standardised centre or proper processing facility.”

Back in the dusty confines of his mine, working in near-total darkness, miner Mahdi wields a crowbar while his friend beside him hits the surface with a hammer. He bemoans their lack of modern equipment.

“There are many challenges because we don’t have advanced equipment,” he says, taking a break from the digging. “We work only with basic tools such as shovels, pickaxes, drills and similar equipment.”

Rezaii said the miners need proper equipment that can make their work easier and safer, while also allowing the minerals to be extracted in a more professional manner. This would benefit the people of Afghanistan and particularly the miners,” he said.

“The area is vulnerable to landslides, avalanches, flooding and falling rocks. People here are working under extremely difficult and demanding conditions.”

Sanaa, Aden and Marib, Yemen – As fighting intensifies across Yemen between the government and the Houthis, millions of people are confronting another battle far from the front lines: the deteriorating living and economic conditions in the country.

With salaries for large segments of the workforce either unpaid or irregularly disbursed – and the prices of goods and services rising – Yemen’s economic struggles have been compounded by a divided banking system that has made moving money between different parts of the country increasingly complicated.

From Aden’s struggling shoppers to displaced families in Marib and unpaid public-sector workers in Sanaa, Yemenis are being forced to make difficult choices about what they can afford, and what they must go without.

Aden: Food costs swallow salaries

In Aden, the internationally recognised Yemeni government’s interim capital in the south, the problem is not so much a shortage of goods in markets as people’s inability to afford them.

Salaries have failed to keep pace with the rising costs of food, rent, healthcare and transport, leaving workers with little money left over at the end of the month.

The consequences are evident in the smaller quantities and cheaper products that now make up shoppers’ baskets, and the decisions they are forced to make about what to cut back on.

Bushra Abdullah Abdulwarith is a government employee in Aden. She earns 78,000 Yemeni riyals ($50) a month at the black market exchange rate while typical household food costs in government-held areas run about 130,366 riyals ($83), according to estimates by the Yemen Economic Tracking Initiative. And that’s before she factors in the cost of rent, transport, healthcare and other household expenses.

The economic difficulties facing Yemenis like Bushra illustrate how more than a decade of war has devastated the economy. According to the World Bank, real GDP per capita has fallen by approximately 58 percent since 2015.

The fragmentation of Yemen’s monetary institutions between the government and the Houthis – who have operated their own institutions since seizing the capital, Sanaa, in 2014 – along with the disruption of oil exports, and declining international assistance have all contributed to the economic decline.

Bushra told Al Jazeera that rising prices have forced many households to give up almost all non-essential purchases and cut back on some expensive basics, particularly meat. Other families, she said, have resorted to buying food in smaller quantities, sometimes on credit or loans.

Reduced demand

The impact of rising prices is reflected not only in economic figures but also in the way people shop.

Ayman al-Maqtari, who works at a shopping centre in Aden’s Mansoura district, said that his customers now rarely buy non-essential items.

When it comes to the essentials such as rice, sugar, flour, and cooking oil, he has noticed that customers size up the price of each item before putting it in their baskets. They are also buying smaller quantities, for example, opting for a 5kg (11 pound) over a 40kg (90 pound) bag of rice.

“Many people have come to live day by day, or week by week,” Ayman told Al Jazeera, adding that more families are buying on credit when they run out of money before the end of the month.

The decline in purchasing power is also affecting commercial activity.

Across several streets and shopping centres in Aden, advertisements for discounts and special offers have become increasingly visible in shop windows and on retailers’ social media pages, as businesses attempt to attract customers and boost sales.

Weak demand, retailers say, is particularly evident for items that households can put off buying, such as clothing and household goods. A growing share of family income is spent on food, rent, healthcare and transport.

Limited pay increase

The Yemeni government approved a 20 percent cost-of-living allowance in May for public-sector employees in an attempt to ease the pressure of rising prices. But the amount is calculated based on each employee’s base salary, rather than their total pay, meaning the actual increase is relatively small for many workers.

Bushra, the government employee in Aden, said the increase has done little to improve her family’s financial circumstances. She described the allowance as “a temporary painkiller that does not reflect the scale of the actual pressure on people’s living standards”.

Her experience is far from isolated. In early October, the World Food Programme said its latest monitoring in accessible government-controlled areas showed that 74 percent of households were unable to meet their basic food needs.

One of the places where the crisis is evident is Marib, a government-controlled city east of Sanaa that is home to hundreds of thousands of displaced people. The sharp increase in the population over the war years, in what was previously a provincial backwater, has led to pressure on the city’s housing, employment and public services.

Government employees in Marib see their salaries disappear within the first few days after being paid, labourers struggle to find more than a few days of work and displaced families are forced to choose between buying water and milk.

Salah al-Zuhaifi works for a government institution in Marib. He said the war has separated him from his parents, who live in Houthi-controlled territory.

Alone in Marib, al-Zuhaifi said that inflation had eroded much of his salary’s purchasing power.

“No matter how much you earn, it will not be enough to meet your needs,” he said.

Abu Mohammed Nasser al-Asbahi, another government employee, described a similar struggle.

He told Al Jazeera that he earns 400,000 riyals ($250) a month, but more than half of that goes towards his rent, leaving little for his other expenses.

“We don’t even get to the first one-third of the month before the salary is gone,” he said, explaining that his family spends the rest of the month relying on loans and credit from local shops.

The healthcare sector in Marib has also been affected by widespread household spending cuts.

Pharmacist Khaled Mohsen told Al Jazeera that the rising price of medicines has prompted many patients to decline parts of their prescribed treatment and purchase only what they consider most essential.

People with chronic illnesses, meanwhile, have increasingly begun reducing their medication doses to make their supplies last longer before having to buy more, which creates serious health risks.

Houthi areas

Residents of Sanaa and other areas of Yemen’s populous northwest, controlled by the Houthis – an armed group also known as Ansar Allah (Arabic for Supporters of God) – since 2014, are also facing a worsening economic and cost-of-living crisis similar to that affecting Yemenis elsewhere in the country.

Several factors are driving the crisis, particularly unpaid public-sector salaries, declining purchasing power, rising prices for goods and services, and the continuing consequences of the division of Yemen’s currency and banking systems in the early years of the war.

Many public-sector employees in Houthi-controlled areas have gone years without receiving regular salaries, with some sectors only receiving limited payments or half-salaries at irregular intervals.

Even when payments are made, they cannot cover families’ basic needs amid the rising cost of living.

Meanwhile, private-sector workers and business owners face growing pressures as a result of declining economic activity, multiple fees and levies, and a shortage of employment opportunities. The conditions have undermined incomes and job security.

The Yemeni riyal’s exchange rate in Houthi-controlled Sanaa is more stable than in areas controlled by the government. The Houthis have imposed strict monetary controls, banning the circulation of newer banknotes printed by the Yemeni government, and have also enforced a largely fixed exchange rate.

However, that does not necessarily translate into stronger purchasing power. Markets face difficulties caused by cash shortages and the division between monetary and banking systems operating in different parts of the country, including increased costs for moving funds.

That directly affects the many households relying on domestic and international remittances.

For residents in Houthi-controlled areas, the result is an economy in which the currency may be relatively stable, but livelihoods are precarious. Years of unpaid salaries and limited employment opportunities have left many families struggling to afford basic necessities, with few options beyond borrowing, cutting spending or relying on support from relatives.

Visa probe also targets universities for allegedly exploiting international students to reduce US wage costs.

The United States government is suspending several major tech companies, including Adobe and Microsoft, from a programme that gives skilled foreign workers a path to permanent residency amid allegations of fraud.

This comes amid pressure by the White House on companies to hire more Americans. “Our message to Microsoft is: You’re a great American company, but you’ve got to hire great American workers,” US Vice President JD Vance said at a news conference on Thursday.

Vance added that the Redmond, Washington-based tech giant laid off 6,000 American workers, while obtaining 6,300 H-1B visas and almost 3,000 green cards.

“You cannot lay off American workers and replace them with foreign indentured servants,” Vance said.

“When someone comes in, they are completely subordinate to that company. If they lose that job, they have to leave the country.”

Across the tech sector, there have been more than 131,000 layoffs in 2026 alone, according to Layoffs.fyi, which tracks job cuts across the tech and startup industries.

Neither Adobe nor Microsoft responded to Al Jazeera’s request for comment.

Secretary of Labor Keith Sonderling also said that several major information technology firms will be suspended from the programme as well. Among them are Indian tech giants Infosys and Tata Consultancy Services.

The Department of Labor also said it had uncovered $22bn worth of visa fraud.

“Today we are protecting something far more valuable than any dollar amount. We are protecting the American worker,” Sonderling said.

During the news conference, officials also announced a crackdown on alleged J-1 visa fraud involving nine universities, including MIT, Harvard, Yale, Stanford and Cal State, amid allegations that they brought in international students to undercut US wages. A J-1 visa allows foreign nationals to enter the US temporarily for education or cultural programmes. Universities use these visas to bring in international PhD candidates or scholars.

Vance claimed that when schools employ an American as a researcher, that person earns $20,000 more than someone brought in under a J-1 visa.

Al Jazeera asked for data supporting this claim, but the White House did not respond.

Microsoft’s stock slumped 7.5 percent on the heels of the news, while Adobe was up 4 percent in midday trading on Thursday.

Rising borrowing costs have pushed mortgage applications to lowest level since February 2025.

Mortgage rates in the United States have hit their highest level in nearly three years, as cost-of-living concerns weigh on Americans less than a month before the midterm elections.

The average cost for a 30-year fixed-rate mortgage jumped 19 basis points to 7.49 percent for the week ending October 2 , according to the Mortgage Bankers Association’s weekly report released on Wednesday.

Meanwhile, applications for mortgages tumbled 4.2 percent from the previous week, according to the report. Applications are at their lowest level since February 2025 and have fallen by almost half since the beginning of the year.

“Very few homeowners have an incentive to refinance at these rates, and the jump in borrowing costs has caused many potential borrowers to step back from the purchase market,” Joel Kan, vice president and deputy chief economist at the Mortgage Bankers Association, said in a press release.

Mortgage rates are closely tied to US 10-year Treasury notes. Earlier this week, those hit a 24-year high of 5.3 percent amid surging oil prices tied to ongoing tensions with Iran.

Meanwhile, the yield on 30-year Treasury bonds rose to its highest level since 2002, at 5.7 percent on Wednesday.

Mortgage rates have jumped since late February, when the US and Israel first struck Iran. Since the strikes, mortgage rates have climbed 1.4 percent. Inflation, which has risen by 3.4 percent from a year ago, is also putting pressure on mortgage rates.

It comes as the cost of living is top of mind for voters as they approach the congressional midterm elections that could decide the balance of power in Washington, DC. According to a Reuters/Ipsos poll in late August, 47 percent of voters said that the cost of living was the single most important issue ahead of the midterms.

In a separate Reuters/Ipsos poll in September, 17 percent of voters said they approved of US President Donald Trump’s handling of cost of living-related issues.

Paramount Skydance has completed its takeover of Warner Bros Discovery, bringing CNN and CBS News under the same corporate ownership, in a deal that has raised concerns about editorial independence and freedom of speech.

The acquisition, worth about $110bn including debt, combines two of Hollywood’s biggest studios after months of legal challenges lodged by state attorneys general and unions.

The new company, Skydance Corporation, brings together HBO, CBS, Nickelodeon, Showtime, Comedy Central, DC Studios and Food Network, alongside streaming services Paramount plus and HBO Max.

But its control of two major US news organisations has drawn particular scrutiny. David Ellison, Skydance’s chairman and chief executive, has promised to preserve their editorial independence, but his father, Oracle cofounder Larry Ellison is a major financial backer of the deal, and has previously donated funds to US President Donald Trump and Israel.

Asked about the takeover on Tuesday, Trump welcomed it. “They’re terrific people, and it’s going to be a great company,” he said.

Why was the merger challenged?

The takeover faced initial opposition from Hollywood workers, politicians and state prosecutors concerned about the mounting concentration of power in an industry already dominated by a handful of companies.

Netflix initially reached an agreement to buy part of Warner Bros Discovery. Paramount then launched a competing bid, prompting a bidding war before Netflix walked away.

A California-led coalition of 12 state attorneys general sued to block the deal, saying that it would reduce competition and raise prices. The Writers Guild of America brought a separate challenge.

Both cases were settled in September when Paramount agreed to commitments relating to film production, support for displaced workers and protections for the news networks, including the creation of a new editorial independence board.

But the settlement did not end opposition to the deal. “This merger will stifle creativity, weaken free speech and cost people their jobs,” actor and activist Mark Ruffalo has said.

Democratic Senator Elizabeth Warren linked the takeover to Trump’s efforts to restrict media access. “As Trump tries to ban CNN from the White House, it would be a massive mistake to cave on the Paramount merger,” she said, referring to the US president’s so-far thwarted attempt last month to bar reporters from several news organisations, including CNN, from accessing the White House.

Can an editorial independence board protect CNN and CBS?

One condition of the settlement requires Skydance to establish a “News Editorial Independence Board” within 180 days of completing the takeover.

The five-member body is to include active or retired journalists with at least 10 years of experience. It is intended to establish editorial principles and address disputes involving the news networks and corporate management.

However, its members will be appointed by, and will report to, Skydance’s board of directors, which Ellison chairs. Two members can belong to the same political party, and there is no requirement to publish its findings.

The condition has left critics with a multitude of questions, including: How can a member of an independent editorial board be a member of a political party? How can there be scrutiny if its findings are not public? How can it be independent if it is appointed by a board of directors, themselves appointed by the CEO of the company?

Seth Stern, chief of advocacy at the Freedom of the Press Foundation, said, “A Paramount-appointed editorial independence board for CNN and CBS is worthless. The fish rots from the head, and this particular fish is headed by a compromised oligarch with a history of throwing journalists under the bus to advance his business interests.”

Stern also questioned whether government enforcement of the settlement could itself threaten press freedom. “The editorial board creates the same First Amendment problems it’s supposed to solve – the government meddling in the news.”

The First Amendment provides constitutional protection for freedom of speech and the press.

Ellison argues that the two networks will continue to operate independently. “We’re going to make sure that CNN and CBS News are completely editorially independent,” he said on Tuesday.

On Monday, Skydance announced that Mark Thompson would remain CNN’s chairman and editor-in-chief, while Bari Weiss will continue as CBS News’s editor-in-chief, easing previous fears that Weiss would immediately take charge of both networks.

Why are there fears for editorial independence?

The takeover gives the Ellison family control of CNN less than a month before the November 3 US midterm elections, and follows Trump’s repeated attacks on the network as it seeks to hold the US president to account.

Shortly after Paramount launched its bid in December, Trump accused CNN of spreading “poison and lies” and said it was “imperative” that it be sold, while the Trump administration has moved to bar CNN from reporting in certain areas of the White House.

Ellison donated roughly $45m to a political nonprofit group supporting Trump’s election efforts in 2024, while he donated $16.6m to Friends of the Israel Defense Forces, a charity supporting Israeli soldiers – its largest single donation at the time.

Earlier this year, the White House criticised CNN’s coverage of the US-Israeli war on Iran, while Defence Secretary Pete Hegseth told reporters that “the sooner David Ellison takes over that network, the better.”

Sovereign wealth funds from Saudi Arabia, Qatar and the United Arab Emirates also hold indirect financial interests in the combined company. They have no voting stakes, although their involvement adds another layer of scrutiny over its funding.

Concerns about the future for editorial integrity, however, intensified after Skydance acquired Paramount in 2025, and layoffs followed, alongside the closure of CBS News Radio and changes to CBS News flagship investigative programme 60 Minutes.

High-profile firings enacted under CBS News Editor-in-Chief Bari Weiss and Skydance Media CEO David Ellison included correspondents Sharyn Alfonsi and Cecilia Vega, as well as 60 Minutes executive producer Tanya Simon.

The programme’s September season premiere attracted about 21 percent fewer viewers than a year earlier.

In 2025, Paramount also agreed to pay Trump $16m to settle a lawsuit over the editing of a 60 Minutes interview with then-presidential candidate Kamala Harris.

In a June 2 letter, nine advocacy groups, including Reporters Without Borders, the Freedom of the Press Foundation and the Committee for the First Amendment, warned that CNN could face similar upheaval and firings.

“Bari Weiss’ shameless actions fulfil the Ellisons’ commitment to President Trump to remake CBS to his liking,” they alleged, referring to the firings and changes at 60 Minutes.

“Larry Ellison has reportedly promised to do the same at CNN if allowed to take control through the pending Paramount-Warner Bros. Discovery merger. Not because it makes any business sense, but because they seek to control the public discourse.”

The groups described the proposed takeover as an “existential threat to the free press, independent media, and free speech in this country and beyond”.

Islamabad, Pakistan – More than 9.5 million people have received subsidised petrol under a special fuel relief scheme launched by Pakistan’s prime minister, Federal Minister Shaza Fatima Khawaja told Al Jazeera on Wednesday.

The initiative, aimed at lower-income citizens, comes as the government attempts to help households deal with fuel price increases tied to the war on Iran.

The scheme, launched in September, offers 100 rupees ($0.36) off every litre of petrol to owners of motorcycles, rickshaws and small cars, through a text-message system.

Petrol prices have risen by nearly 50 percent since the war began on February 28, adding to Pakistan’s economic hardship and putting further pressure on consumers already grappling with rising inflation.

How the scheme works

Explaining the process, Khawaja, the minister for information technology and telecommunications, said applicants text their national ID number, vehicle registration, and province to 9771. A second message, sent before each visit to a pump, generates a token redeemable anywhere in the country.

Two- and three-wheelers get 500 rupees ($1.80) a week, capped at four tokens a month. Cars with engines of up to 800cc get 1,000 rupees ($3.60) every 10 days, for three tokens monthly.

After complaints, registration, once a paid service, was made free, and a five-litre minimum purchase was scrapped for the same reason.

Khawaja told Al Jazeera the system had been redesigned based on experiences of users on the ground.

Riders no longer need the vehicle to be registered in their own name, as long as they can supply the exact registration date shown on the documents.

“Even in my own house, there’s a bike registered in our name that our cook uses for daily errands,” Khawaja said, explaining why the ownership requirement for two- and three-wheelers was dropped on September 20.

An earlier cash-transfer scheme in April had reached just over a million bike owners, she said, largely because disbursement required a bank account most riders did not have.

‘The relief is decent’

Government officials say that the scheme has been expanded to include wider sections of society, especially those who depend on their vehicles to generate income.

“There’s a benefit; it’s not like there’s nothing,” Shakeel Ahmed, 45, an electrician in Islamabad, told Al Jazeera. “The relief is decent for people who use it normally, for local trips. But for people like us, who put in 1,000 to 1,500 rupees [$3.60-$5.40] of petrol a day, it’s not enough.”

Safiya Aftab, an economist, told Al Jazeera the scheme has reached the people it was meant to.

“The scheme has indeed reached low-income segments of society, people who typically use two-wheelers and 800cc cars. So yes, it’s a good thing that they are subsidising the poor,” she said.

Aftab, however, also pointed to a levy – 114 rupees ($0.41) for every litre – that the government charges. This, she said, was helping the government raise revenue. She said the government is now earning more than 100 billion rupees ($361m) a month from the levy, which is fuelling inflation.

“The levy was originally meant as a sort of environmental tax, to discourage the use of petrol. Now it has become a full revenue earner for the government, one that helps keep the fiscal deficit down,” the economist said.

What it costs and for how long

The Pakistani government has approved 75 billion rupees ($271m) for the scheme’s first three months, through November.

Petroleum Minister Ali Pervaiz Malik put the running cost at 25-30 billion rupees ($90m-$108m) a month at launch. By late September, he said, it had risen to 35-40 billion rupees ($126m-$144m).

Malik has said the government is prepared to run the scheme for up to 10 months, or “until the end of the war”, if needed.

Pakistan is currently under a $7bn International Monetary Fund programme, and an IMF team is in Islamabad this week for talks with the government as it seeks to keep its fiscal commitments on track while responding to the fuel shock.

Officials familiar with the government’s talks with the IMF say the Fund wants relief capped at three months and routed instead through the Benazir Income Support Programme, the country’s main cash-transfer scheme.

Khawaja said the IMF’s position from the outset was that relief had to be targeted, not universal, which was why the scheme was built around actual token use rather than a blanket price cut.

Who it leaves out

But there are claims that the relief is not reaching all. Cars with engines larger than 800cc, diesel vehicles and public transport are excluded entirely, leading some experts to suggest that the subsidy scheme risks missing the most vulnerable sections of Pakistani society.

“A poor household that uses public transport, walks to work, or relies on diesel-powered transport may receive nothing while still facing higher food and transport costs,” Khaqan Najeeb, a former adviser in Pakistan’s Ministry of Finance, told Al Jazeera.

More than 8.1 million tokens had gone to two- and three-wheelers by late September, compared with fewer than 380,000 for cars, Malik said. A November 2024 Gallup Pakistan survey found that 79 percent of respondents, in rural and urban areas alike, said they use public transport such as buses or wagons.

Does the relief go far enough?

At 100 rupees a litre, the maximum monthly saving is 2,000 rupees ($7.20) for a motorcycle user and 3,000 rupees ($10.80) for an eligible car owner, Najeeb said, calling it “useful household relief, but not enough to offset the broader cost-of-living shock”.

Petrol has climbed from 266 rupees ($0.96) a litre before the war to nearly 395 rupees ($1.42), despite a partial rollback in April. Inflation rose to 10.3 percent in September from 7 percent in February, Najeeb said.

Sajid Amin Javed, a senior economist at the Sustainable Development Policy Institute in Islamabad, said the relief was “minimal”, but added that this was understandable given the IMF constraints on Pakistan.

“The relief is minimal, and that is understandable as we are in an IMF programme,” Javed told Al Jazeera, arguing that cutting the petroleum development levy, which still adds 114 rupees to every litre, would deliver broader relief than a capped subsidy.

“The government is using the petroleum development levy to fill its revenue gap, but that comes at a significant cost in terms of inflation, growth and household welfare,” Javed said.

Najeeb, however, argued the scheme should not become a permanent fixture of Pakistan’s energy policy – and should be used only to make oil price shocks “less damaging”.

The United States stock market has hit an all-time high as excitement around artificial intelligence continues to fuel a buying frenzy on Wall Street.

The S&P 500, the benchmark stock index, closed 0.58 percent higher on Tuesday, topping the previous peak reached in mid-August.

The Nasdaq Composite, which is more heavily weighted towards tech stocks, also hit a record high, finishing up 0.45 percent.

Tech stocks were among the top performers, with each of the “Magnificent Seven” apart from Meta closing higher.

Amazon led the pack with a 1.95 percent gain, followed by Microsoft and Tesla, which rose 0.78 percent and 0.51 percent, respectively.

Apple and Alphabet both rose 0.22 percent, while Nvidia gained 0.14 percent.

Meta, which has risen more than 20 percent since the launch last month of its new AI assistant, Muse, fell 0.41 percent.

Other big movers in tech included Marvell Technology, which rose 5.81 percent, and Cisco, which gained 4.54 percent.

Technology, AI

Keith Lerner, chief investment officer and chief market strategist at Truist Advisory Services in Atlanta, Georgia, said the market rally should be seen as a “technology and AI surge”.

“Every bull market has a dominant theme, and technology and AI remain this market’s dominant theme,” Lerner told Al Jazeera.

“Technology and communication services were the only two S&P 500 sectors to rise last month, while the other nine declined.”

Wall Street has shrugged off a host of challenges facing the US economy amid hyperscalers’ multibillion-dollar investments in AI.

Despite the energy crunch caused by the US-Israeli war on Iran and a sell-off of US government bonds partly driven by ballooning government debt, the market is well on track to record its fourth consecutive year of double-digit returns.

The S&P 500 has risen 14 percent so far in 2026, while the Nasdaq Composite is up 18.78 percent.

Lerner at Truist Advisory said the market rally had the potential to continue through the end of 2026 given historical trends and expectations for strong corporate earnings.

“We do not expect a straight line higher for markets,” Lerner said.

“Still, the fourth quarter of midterm-election years has produced an average gain of 7 percent and has been positive 84 percent of the time since 1950.”

Lerner said that rising interest rates posed the biggest risk to the upward trend.

“Still, on balance, the weight of the evidence suggests this bull market still has more upside potential,” he said.

Asian stock markets fell on Wednesday, with key indexes in Japan, South Korea and Hong Kong slumping in morning trading.

The Nikkei 225 in Tokyo, Kospi in Seoul and Hang Seng Index in Hong Kong were down 0.79 percent, 1.36 percent and 0.71 percent, respectively, as of 02:30 GMT.

Oil prices, which have been elevated since the start of the war on Iran, rose on Wednesday as traders weighed the fallout of fighting between forces aligned with Yemen’s internationally recognised government and the Iran-aligned Houthis.

Brent crude futures for December delivery stood at $101.45 a barrel as of 02:30 GMT, up 0.87 percent.

The hum of the kidney dialysis machine that Onasis Munoz is connected to suddenly stops. The fluorescent lights overhead flicker out, and his room at a clinic in Valencia, Venezuela, is plunged into darkness.

It is not the first time a power cut has interrupted one of the three weekly sessions Munoz needs to do the work his failing kidneys can no longer do, filtering waste and excess fluid from his blood.

For years, electricity would go out every couple of days across parts of Venezuela’s Carabobo state.

But in recent months, Munoz said, the outages have grown to be daily, lasting around seven hours. The clinic’s emergency batteries have since been depleted, and its backup generator no longer works.

He explained that the frequent power failures have disrupted his treatment. His health has slumped as a result.

“I arrive home, exhausted, as if I had run a marathon,” the 34-year-old said.

But often there is no electricity there either, and recent weeks have been sweltering. “I can’t switch on the air conditioning. I cannot rest because of the heat and the mosquitoes. There’s no relief,” Munoz said.

Across Venezuela, the prolonged outages are riling locals, as the electricity supply to homes, businesses and essential services becomes unstable.

Some of the cuts are deliberate, as the government of interim President Delcy Rodriguez rations electricity.

The resulting frustration has spilled onto the streets, where demonstrators hold “cacerolazos” – a traditional form of protest that involves banging pots and pans.

Some have gone as far as blocking roadways and setting tyres on fire. The electricity crisis has also raised concerns about how the government is managing the country’s vast oil supply, a key source of income for the country.

“We are desperate. We cannot understand how a country so rich in resources can be practically left in the dark,” said Patricia Cueva, a lawyer from Maracaibo, the capital of oil-rich Zulia state.

“We cannot rest. We cannot work. Our children cry.”

Job growth in the United States slowed in September, falling short of economists’ expectations as the unemployment rate rose in the final jobs report before the consequential midterm elections.

The US economy added 29,000 jobs in September, according to the Labor Department’s report released on Friday, far below economists’ expectations. Dow Jones had forecast 84,000 jobs, while economists polled by Reuters said they expected 90,000 job additions.

The unemployment rate also rose by 0.1 percentage point, from 4.1 percent to 4.2 percent.

The healthcare sector led the gains, accounting for the majority of new jobs. The industry added 17,000 jobs, marking a slowdown from an average of 33,000 jobs per month over the past year. Construction added 11,000 jobs, while manufacturing added 9,000.

Financial activities, which include sectors such as commercial banking and insurance, shed 7,000 jobs.

Most other sectors were largely unchanged, including retail, oil and gas extraction, and leisure and hospitality.

“Today’s disappointing report shows the labour market is grinding to a halt, marked by slow hiring and declining real wages that leave workers with very little leverage,” Kyle Moore, chief economist at the think tank The Century Foundation, said in remarks provided to Al Jazeera.

Previous jobs reports were also revised downward. July was revised from an initial gain of 21,000 jobs to a loss of 10,000 jobs. August was revised down by 29,000 jobs, from 162,000 to 133,000.

Wages grew by 3 percent, marking the slowest annual wage increase in five years.

Friday’s jobs report caps a week of weakening economic data before the consequential midterm election on November 3.

According to an AP-NORC poll released on Thursday, 61 percent of Americans polled said the US economy is worse off now than when Trump took office in January 2025.

“When businesses are barely hiring and raises aren’t keeping up with rising prices, it’s a stalled economy – and working families are stuck in it,” Breyon Williams, chief economist for Groundwork Collaborative, an economic policy think tank, said in a statement.

Trump has been trying to change the narrative on the slumping economy. On Monday, he said in a Truth Social post that “The United States has the BEST Employment Numbers in HISTORY.”

Stalling growth

On Tuesday, the US Labor Department released the Job Openings and Labor Turnover Survey, or JOLTS report, which showed little change, suggesting what economists call a low-hire, low-fire environment. That means those who have jobs are generally not leaving for new ones, while employers are maintaining the status quo rather than expanding.

On the other hand, ADP’s private payroll report, released on Wednesday, showed that 90,000 jobs were created across the private sector. The sheer number of layoffs fell, too, according to Challenger, Gray & Christmas. The report, released Thursday, showed that employers cut more than 43,000 jobs in September, marking an 18 percent decline in layoffs from August.

Friday’s jobs report comes before the Federal Reserve’s final policy decision before the midterm election. During its two-day policy meeting on October 27-28, the central bank will decide whether to raise, cut or maintain interest rates.

The odds increasingly suggest the Fed will hold rates steady in the 3.75-4.00 percent range, according to CME FedWatch, a tool that tracks the likelihood of monetary policy decisions. The FedWatch tool indicates there is currently a 77.3 percent chance that rates will hold steady, up from 35.8 percent this time last week.

US markets are trending upward on the heels of the report. The tech-heavy Nasdaq is up 1.5 percent, the Dow Jones Industrial Average is up 0.6 percent and the S&P 500 is up 1.1 percent in midday trading.

The price of gold, which is largely considered a safe investment during times of economic uncertainty, rose 1.1 percent to $4,223.49 amid the jobs report.

Both decrees to tackle housing affordability crisis shot down as critics say measures would tighten the housing market.

Spain’s government has lost key votes to ratify emergency measures aimed at tackling the nation’s housing affordability crisis, after protests intensified last month following the eviction of an 87-year-old woman.

The proposed measures, which comprised two separate decrees, were both shot down by the majority of ⁠the 350-seat lower house of parliament on Friday.

The move is a heavy blow to Prime Minister Pedro Sanchez, whose government faces public pressure, including from the hundreds of protesters who had gathered outside parliament demanding help for renters.

The first decree was meant to stop evictions of vulnerable people, make real estate speculation harder, impose tighter restrictions on short-term leases and provide tax incentives to encourage renting and the construction of housing.

The second decree proposed making leases automatically renew when they are set to expire, essentially making them indefinite. A property owner would have to pay a tenant 12 months of rent to break the contract.

The right-wing ⁠Catalan separatist ⁠party Junts refused to back the housing decrees, saying they would ultimately tighten the housing market. The centre-right Popular Party and far-right Vox also voted against the measures.

Sanchez, who leads a coalition government composed of his Socialist Party and the far-left Sumar, ⁠appealed to lawmakers in the run-up to the vote to put aside political calculations and pressure.

“Think about ordinary people, about those who most need the protection of public institutions. Think about the millions of young people who ⁠cannot afford to ⁠move out of their parents’ homes. Think about the families living with the constant ⁠anxiety of ever-rising rents,” he said.

“Do the right ⁠thing, because I ⁠believe that if you do not, history will judge you sooner than you ‌think, and far more harshly than you can imagine.”

Miriam Nogueras of Junts argued the decrees would only lead to owners removing their properties from the rental market, and thus driving up prices even further.

“These decrees still allow speculators to buy property and to evict people,” Nogueras said.

‘Your profits, our misery’

As the vote was under way, protesters marched on the parliament demanding help for renters.

The government decrees were intended to quell a public uproar following the televised eviction on September 23 of Maria del Carmen Abascal, known across Spain as Maricarmen, that set off protests and a camp-in that occupied Madrid’s Puerta del Sol square ever since.

Abascal was living in the property in Madrid’s central Retiro neighbourhood under a rent-capped lease contract signed by her father in the 1950s. The property was then bought by the real estate and investment firm Urbagestion in 2018.

Urbagestion sought to terminate Abascal’s contract and evict her after raising her rent from 500 euros ($572) to 2,650 euros ($3,010) – nearly double her pension of 1,350 euros ($1,533) a month – according to Spanish newspaper El Pais.

When the police carried out her eviction on their fourth attempt, hundreds of activists who had been protesting against her losing a home she had lived in her entire life were waiting outside. Abascal has since been offered a preliminary agreement that would allow her return to her home.

Protesters rallying at the chamber in downtown Madrid on Friday held up homemade signs with images of vultures on them, denouncing the real estate speculators they blame for driving up prices.

Some people gathered outside the assembly chanted “your profits, our misery” as lawmakers voted down the government’s decree.

The average rent in Spain has almost doubled in the past 10 years. The average price per square metre has risen from 8.20 euros (about $9.08 at the time) in 2016 to 15.1 euros ($17.15) this year, according to the real estate website Idealista.

Carney declared the pipeline a project of national interest, smoothening its way to a single federal regulatory review process.

Canada will fast track the approval process for a new proposed crude oil export pipeline to its west coast that could generate billions in revenue and boost economic growth, Prime Minister Mark Carney has said.

Carney made the announcement on Thursday to fast-track the pipeline, which is a crucial part of his bid to diversify the economy away from the United States and help lessen the effect of US President Donald Trump’s tariffs.

Carney said Ottawa is officially listing the Pacific Link pipeline, which had been announced in July, as a project of national interest. That will ensure it proceeds through a single federal regulatory review process. He said Ottawa aimed to complete the process by September 1, 2027.

“A pipeline to the west coast is part of our mission to transform our economy, to double our non-US exports over the next decade … [and] to unlock our full potential as a global energy superpower,” he told reporters in Fort McMurray, hub of Alberta’s tar sands industry.

Ottawa says the 1 million barrel a day project would create 140,000 jobs and generate more than 20 billion Canadian dollars ($14bn) in gross domestic product (GDP) per year and 100 billion Canadian dollars ($70bn) in government revenue by 2060.

Canada currently has just one east-west oil export pipeline in Canada, the 890,000-barrel-per-day Trans Mountain pipeline. An expansion of that pipeline was completed in 2024, but it is already running at capacity.

For years, Canada has sent more than 90 percent of its crude oil exports to the US via pipeline. A new oil export pipeline could make Canada a major global energy supplier, as Asia’s top importers seek oil from outside the Middle East in the wake of the Iran conflict.

Filling the pipeline, however, would require new tar sands expansions of the type no company has undertaken in more than a decade.

The pipeline will be built by government-owned Trans Mountain Corp in coordination with Pembina Pipeline Corp. Alberta estimates it could cost between 35.2 billion Canadian dollars and 43.7 billion Canadian dollars ($24.7bn – $30.7bn).

The majority owners will be the federal government and the government of Alberta. Indigenous communities will be offered a minimum of 10 percent ownership interest.

Previous oil pipeline projects in Canada have faced strong opposition from environmentalists and Indigenous groups, resulting in the cancellation of some projects and leading to cost overruns and construction delays with others.

Alberta separatism

Carney made the announcement alongside Alberta Premier Danielle Smith in Fort McMurray in the heart of Canada’s tar sands, a move meant to mend relations with oil-rich Alberta as separatists push for a referendum on leaving Canada.

Alberta is holding a public vote on October 19 on whether to hold a referendum on leaving Canada. Smith has long complained that Carney’s predecessor, Justin Trudeau, hindered Alberta’s energy industry and fuelled separatist sentiment.

Smith said she would vote to keep Alberta in Canada and called the roughly 22 percent support for separation in a recent poll “still too high for my liking”.

“I don’t like the fact that many of our fellow citizens have given up on Canada,” Smith said, adding that the pipeline was an example of how “cooperative federalism can work in action”.

Asked what message Albertans considering separation should take from the announcement, Carney said it demonstrated that “Canada is working” and showed what the country could achieve by acting together.

TA419 hackers used deceptive tactics, impersonating real figures like a former White House AI official

Chinese hackers have been impersonating artificial intelligence (AI) experts in the United States, including a former government official, according to a new report from cybersecurity firm Proofpoint.

The report, released on Thursday, found that in July, a China-aligned hacking group called TA419 targeted a slate of US policy experts by impersonating prominent figures, including Lynne Edwards Parker, the former principal deputy director of the White House Office of Science and Technology Policy.

The hackers, who had been operating since April 2025, first sent otherwise harmless-looking emails intended to engage a target, such as requests to join an “AI Policy Advisory Committee”, and, once they responded, the target would be sent to a fake login page designed to steal their credentials.

The targets included policy experts at think tanks, defence contractors, universities and law firms in both the US and Japan.

The report used a technique that creates a fake browser pop-up window inside a legitimate webpage that mimics an authentic-looking sign-in prompt to deceive victims and make it harder for them to realise they are handing over their information to hackers.

Proofpoint did not specifically name the targets hacked, but the Reuters news agency was able to confirm at least one of them as Alex Engler, a former White House official who now heads the Penn Center on Media, Technology, and Democracy.

Engler told Reuters that he got one of the emails, but after checking with industry colleagues, he discovered that he had received the email from an impersonator.

In February, the same group was behind the impersonation of a “prominent” Anthropic employee in efforts to target AI policy experts. The cybersecurity firm behind the report believes that the group will continue to target think tanks and other policy experts and will continue to use the identity of real-world experts to do it.

Parker did not respond to Al Jazeera’s request for comment.

Exports jump 83.5 percent to top $120bn for the first time amid ferocious semiconductor demand.

South Korea’s exports have surged to a monthly record amid explosive demand for chips used to power artificial intelligence.

Exports jumped 83.5 percent year-on-year to $120.9bn in September, eclipsing the previous monthly record of $102.25bn set in June, preliminary customs figures showed on Thursday.

Chip shipments accounted for nearly half of exports, soaring more than 260 percent to $60.3bn, according to data from the Korea Customs Service.

Total exports from January through September hit $814.5bn, exceeding those for all of 2025, when exports reached a record $709.7bn.

During the first nine months of the year, the country recorded a trade surplus of $49.85bn.

“This is a valuable achievement that once again demonstrates the strength of our industries and companies, and is thanks to the sweat and efforts of our entrepreneurs who have competed fiercely in the global market,” said Kim Jeong-kwan, South Korea’s minister for trade and industry, in a statement.

“While we expect to achieve $1 trillion in annual exports, the strengthening of global protectionism and tensions in the Middle East remain major variables affecting our exports,” Kim said.

South Korea’s economy has been running red-hot this year amid a global shortage of memory chips used in AI.

Asia’s fourth-largest economy is home to one of the world’s largest semiconductor industries, led by top memory chip makers SK Hynix and Samsung Electronics.

SK Hynix and Samsung Electronics together control roughly 80 percent of the global market for high-bandwidth memory and 60 percent of the market for dynamic random-access memory, according to Counterpoint Research.

South Korea’s nominal gross domestic product (GDP) growth hit a five-decade high in the April-June quarter, skyrocketing 26.4 percent year-on-year.

South Korea’s Ministry of Finance and Economy has forecast real GDP to grow 3 percent in 2026, which would be the strongest performance since 2017, excluding the outlier years of the COVID-19 pandemic.

The AI boom has also propelled the country’s stock market into the ranks of the best-performing bourses this year, with the benchmark Kospi rising nearly 60 percent.

As Iran and the United States work with mediators to end seven months of hostilities, the reality in the Strait of Hormuz is shifting in ways that could prove to be a game-changer in ongoing negotiations.

According to the latest data from tanker-tracker websites, traffic through the key waterway has been steadily increasing, with some estimates putting oil and petroleum flow through the Strait of Hormuz at nearly 80 percent of what it was before the US-Israeli war on Iran began on February 28.

This could dent Iran’s leverage in reaching a favourable deal for itself in its attempts to end the fighting, which has seriously hampered its already heavily sanctioned economy, amid the US blockade of Iranian ships and ports.

Despite that, experts believe it would be a mistake to think normality in the Strait of Hormuz is imminent, or that Iran will fold easily despite growing economic hardship.

“The fact that oil is getting through the Strait of Hormuz is encouraging, but flows are not yet regarded as completely secure or guaranteed, particularly while the wider conflict remains unresolved,” Susannah Streeter, chief investment strategist at Wealth Club, told Al Jazeera.

Moreover, oil prices remain high globally, including in the US, where President Donald Trump faces a crucial midterm election that could see his party swept away in both houses of Congress.

Tanker insurance costs also remain elevated and energy flows through Hormuz are still far from secure, suggesting Iran’s leverage may be weakening rather than disappearing.

Oil flows through Hormuz recovering

The latest data from commodity analytics firm Kpler points to a significant recovery in oil exports from the Middle East.

Crude exports reached an estimated 16.328 million barrels per day (bpd) in September – their highest level since the war began in late February, the firm reported this week.

Flows through the Strait of Hormuz itself were expected to reach about 9.719 million bpd during the month. Saudi Arabia has driven much of the increase, with its exports rebounding from 2.446 million bpd in August to about 5.4 million bpd in September.

Kpler said Middle East crude exports have recovered to just under 80 percent of their pre-war level. But the figures remain about 3.2 million bpd below the 19.513 million bpd exported in February.

The data also does not include ships crossing Hormuz with their tracking systems switched off, meaning actual traffic could be higher.

Prior to the war, an estimated 120-140 vessels crossed through the waterway daily, roughly half of them oil tankers moving approximately 20 million barrels per day. At the height of the fighting, traffic through the waterway collapsed to as few as two tankers a day after Iran in effect closed the strait in retaliation for US-Israeli attacks.

Is Iran losing leverage?

The rebound in oil flow presents a challenge for Tehran. Iran has sought to use its ability to disrupt the Strait of Hormuz – one of the world’s most important energy chokepoints – as leverage against Washington’s military and economic pressure.

But if large volumes of oil can continue moving through the strait while Iran itself remains under a US naval blockade, Tehran’s bargaining power could diminish.

Iran, however, rejects any assessment that its control over the strait is slipping.

Islamic Revolutionary Guard Corps spokesperson Hossein Mohebbi on Tuesday said the ability of vessels to transit the waterway with US assistance did not mean Hormuz had returned to normal.

Oil prices are another indication that Iran has not lost all of its leverage.

Brent crude fell 2.6 percent to $102.59 a barrel on Tuesday as traders focused on recovering Middle East exports. But it was still heading for a roughly 13 percent gain in September.

Chris Beauchamp, an analyst at IG, said markets were beginning to incorporate evidence of recovering flows but remained wary about how durable that recovery would be.

“It takes time for evidence to filter through to markets,” Beauchamp said. “Oil prices came off yesterday as the narrative began to take hold, and should continue to fall.”

But he said concerns persisted over whether the US protection system could withstand a renewed barrage of Iranian missiles and drones.

Streeter of Wealth Club said the market still had a geopolitical risk premium built into crude prices, despite the improving flows.

“Insurance costs for tankers also remain elevated because of the perceived risks of operating in the region, adding to the cost of transporting crude even as more ships make it through the waterway,” she said.

Moreover, Streeter warned that crude figures tell only part of the story. Flows of refined fuels, particularly diesel and gasoline, remain constrained, while damage to infrastructure has placed additional pressure on energy supply chains, she added.

There is another vulnerability, the investment strategist pointed out. Countries including the US have relied heavily on strategic oil reserves to cushion the impact of the disruption and help contain prices.

“With those stockpiles now significantly depleted, there is a thinner buffer if there is another disruption, which is helping to keep a floor under crude prices,” Streeter added.

‘Economic war’ on Iran

There is little doubt that economic pressure on Iran is intensifying, potentially increasing Tehran’s incentive to reach an agreement.

Official data from the Statistical Center of Iran earlier this month showed gross domestic product (GDP) contracting 10.1 percent year on year between March 21 and June 20, while the crucial oil and gas sector shrank 26.4 percent.

Iran has also been battling high inflation and a plunging currency as the US blockade constrains oil exports and foreign currency earnings.

Twelve-month average inflation reached 69.9 percent earlier in September, while the rial had fallen beyond 2.2 million to the US dollar in early September.

In August, the US announced a fresh economic pressure campaign against Iran, promising to target Tehran’s financial interests across the world.

Mohammad Eslami, a research fellow at the University of Tehran, told Al Jazeera that Iran was facing an “economic war” alongside the military conflict.

“There is a US blockade of the Strait of Hormuz, which affects Iran’s revenues from oil exports and other products such as petrochemicals, which are important to Iran’s economy,” Eslami said. “As a result, Iran’s dollar revenues have been affected by the blockade.”

But he cautioned against judging Iran’s economy solely through the value of its currency.

“The exchange rate is a very important indicator, but it is not the only measure for explaining what is happening or the difficulties and challenges facing Iran’s economy,” Eslami said, adding that Iran has faced US economic pressure for “five decades”.

Can a deal be reached?

Despite the military and economic pressure, negotiations have not collapsed.

At the United Nations General Assembly last week, Tehran and Washington engaged in three hours of indirect talks, as US special envoys Steve Witkoff and Jared Kushner met with Iranian Foreign Minister Abbas Araghchi.

President Trump later described the encounter as “very good” and “very productive.”

Iran also proposed a seven-day roadmap under which the Strait of Hormuz could be reopened and normal maritime traffic restored if Washington meets Tehran’s conditions, a plan Trump categorically rejected.

Those conditions included ending the naval blockade on Iran, easing sanctions and releasing frozen Iranian funds.

However, on Wednesday, Reuters news agency reported that Araghchi had received US feedback on the proposal through Qatari mediators.

An official briefed on the talks said the main disagreement now centred on the sequencing of measures rather than the components of the plan.

Rising goods and fuel costs are cited as key factors in the sharp drop in consumer confidence.

United States consumer confidence has fallen to its lowest level since 2014, just over one month before the congressional midterm elections.

Consumers pointed to higher costs for goods and services as the primary reason for the decline, according to The Conference Board, which released its monthly report on Tuesday.

“The Consumer Confidence Index deteriorated notably in September, following two prior months of softening,” Dana M Peterson, chief economist at The Conference Board, said in a release announcing the report.

Consumers pointed to higher prices at the pump as one of the driving factors. The average price for a gallon (3.78 litres) of petrol has jumped 37 cents over the past month, according to the American Automobile Association (AAA), which tracks daily petrol prices. The average price stood at $4.45 on Tuesday, compared with $4.08 a month ago.

“Oil and gas prices in particular rose to new heights, reflecting September’s surge in fuel costs. Comments about war/conflict eased this month but remained elevated,” Peterson said.

The consumer confidence report comes a day ahead of a key inflation report that the Federal Reserve uses to gauge the state of inflation, the personal consumption expenditures (PCE) index, which was up 3.7 percent in June from a year earlier.

The US central bank raised interest rates for the first time in three years earlier this month, driving up costs of credit cards and car and bank loans. It is set to make another decision on interest rates at its October 27-28 meeting, putting pressure on Republicans as consumer sentiment tumbles across political affiliations.

Consumer confidence fell among all political affiliations, according to the report, the second-to-last major consumer confidence reading before the midterm elections, which will determine the balance of power in Washington, DC.

US consumers think the Democratic Party would handle the economy better than their Republican counterparts, with 42 percent saying Democrats would do a better job compared with 34 percent for Republicans, according to a recent Marist poll.

US markets are only slightly lower as the trading day comes to a close. The tech-heavy Nasdaq closed down 0.08 percent, the Dow Jones Industrial Average declined 0.2 percent and the S&P 500 was down 0.1 percent.

Trump retaliated against Canada’s counter-tariffs on $20bn worth of US imports by banning $1bn of Canadian goods.

The United States is implementing a ban on nearly $1bn in imports from Canada, including alcoholic beverages, dairy products and motorcycles.

The ban took effect early Tuesday and is likely to further strain already-tense relations between the two neighbours.

Ottawa and Washington DC have long been allies and trade partners, with approximately $880bn worth of annual two-way trade. That relationship has been upended during US President Donald Trump’s second term as he unleashed tariffs on most trading partners, including Canada, and referred to the northern neighbour as the 51st state of the US.

Most recently, the US slapped 50 percent levies on Canadian goods worth $20bn, including dairy and motorcycles, on August 22 after trade negotiations failed. Canadian Prime Minister Mark Carney retaliated, saying Ottawa will match US tariffs “dollar for dollar in order to protect Canadian workers, farmers, families and businesses”. Canada levied tariffs of 15 percent, 25 percent and 50 percent on US exports of a similar value.

Tuesday’s ban was Trump’s punishment for Canada’s retaliatory tariffs.

“The impact of such a ban will be minor, it is only $1bn while we trade hundreds of billions with Canada,” Professor Gary Shields at Wayne State University’s School of Business told Al Jazeera. “It is, however, rather astonishing how President Trump treats our allies in Canada and Europe, while rolling out the red carpet for China’s dictator when he visited the US last week”.

“It is a tit-for-tat. It will not reduce people’s taxes and won’t put money in their pockets. It is kind of personal and a way of showing off toughness,” Shields added.

Canada’s economy grew by an estimated 0.2 percent in August after remaining unchanged in July, according to Statistics Canada. But the new US-Canada tariffs, tighter financial conditions and a shrinking population should further weaken growth in late 2026 and early 2027, Michael Davenport, senior Canada economist at Oxford Economics, said in a note provided to Al Jazeera.