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Africa’s first-ever Group of 20 (G20) summit – and the first boycotted by a prominent member – has wrapped up.

Host South Africa hailed it as a success, as a declaration was agreed covering a wide range of issues.

But what’s next for the G20?

Presenter: Imran Khan

Guests:

Thembisa Fakude – Director of Africa Asia Dialogues (Afrasid) in Johannesburg

Richard Weitz – Senior non-resident associate fellow at the NATO Defense College in Washington, DC

Omar Ashour – Professor of strategic studies and international security at the Doha Institute for Graduate Studies

Nov. 22 (UPI) — Two of the United Kingdom’s largest media outlets and traditional competing newspapers would unite under a proposed $655 million sale.

Publisher Daily Mail and General Trust announced it has begun negotiations with RedBird IMI to buy the Daily and Sunday Telegraph newspapers for $655 million

RedBird IMI is a joint venture between U.S.-based RedBird Capital Partners and the United Arab Emirates-based IMI.

“The Daily Telegraph is Britain’s largest and best quality broadsheet newspaper, and I have grown up respecting it,” DMGT Chairman Jonathan Rothermere said in a statement shared with The New York Times.

“It has a remarkable history and has played a vital role in shaping Britain’s national debate over many decades,” Rothermere added.

Any agreement would require the approval of Britain’s Culture Secretary Lisa Nandy to ensure the proposed buyer fulfills “the public interest” and prevents “foreign state influence” of media, the BBC reported.

Such scrutiny prompted U.S.-based RedBird Capital Partners to withdraw a prior offer to buy the news outlet outright.

RedBIrd IMI acquired a tangible interest in the newspaper when the Barclay family announced it was for sale amid financial problems in 2023, according to The Washington Post.

RedBird IMI arranged a debt deal with the Barclays that gave it the inside track on buying The Daily Telegraph and sister publication the Spectator.

The British government blocked the sale, though, partly due to concerns of foreign influence by UAE-based IMI.

RedBird IMI then sold the Spectator to British hedge-fund owner Paul Marshall in 2024, but a potential sale of The Daily Telegraph to New York Sun publisher Dovid Efune did not materialize.

RedBird Capital then tried to buy the newspaper with the help of a minority investor from Britain, while limiting IMI to a 15% ownership stake.

RedBird withdrew that plan in October and now has its hopes pinned on the proposed $655 million deal with DMGT.

Nov. 22 (UPI) — The South Africa-hosted G20 summit began Saturday with some member states weighing a proposed peace plan to end the Russian-Ukraine war.

The two-day event is being held in Johannesburg amid a U.S. boycott due to South Africa’s policies toward Afrikaners.

The 28-point plan would require Ukrainian leaders to concede territorial gains by Russia, which they previously rejected, and limit the size of their military, The New York Times reported.

The proposed plan would give Russia some parts of the eastern Donbas region and force Ukraine to forego any possibility of joining NATO, according to The Guardian.

President Donald Trump presented the peace plan to Ukrainian President Volodymyr Zelensky earlier this week and advised him to decide whether to accept or reject it by next week.

European leaders attending the G-20 conference held a side meeting to review the plan and generally agreed that it needs to be revised to gain their support.

The plan “includes important elements that will be essential for a just and lasting peace,” they said afterward in a joint statement.

“But it is a basis that will require additional work,” they said, adding: “Borders must not be changed by force.”

Representatives from Britain, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Spain and the European Union signed the joint statement.

The peace plan is not a final offer, though, Trump said on Saturday.

While several participating nations weighed the peace proposal, South African President Cyril Ramaphosa delivered the opening speech for the gathering of the world’s 20-largest economies, minus the United States.

Indian Prime Minister Narendra Modi lauded the summit being held in South Africa and said it’s time for the world’s leading economies support sustainable development.

“With Africa hosting the G-20 summit for the first time, now is the right moment for us to revisit our development parameters and focus on growth that is inclusive and sustainable,” Modi said in a post on X.

“India’s civilizational values, especially the principle of integral humanism, offers a way forward,” he added.

The unions demand the laws be withdrawn before nationwide protests they plan to hold on Wednesday.

Ten large Indian trade unions have condemned the government’s rollout on Friday of new labour codes, the biggest such overhaul in decades, as a “deceptive fraud” against workers.

The unions, aligned with parties opposing Prime Minister Narendra Modi, demanded in a statement late on Friday that the laws be withdrawn before nationwide protests they plan to hold on Wednesday.

One of the trade unions, Centre of Indian Trade Unions, organised protest marches on Saturday in the eastern city Bhubaneswar, where hundreds of workers gathered and burned copies of the new labour codes.

Modi’s government implemented the four labour codes, approved by parliament five years ago, as it seeks to simplify work rules, some dating to British colonial rule, and liberalise conditions for investment.

It says the changes improve worker protections. While the new rules offer social security and minimum-wage benefits, they also allow companies to hire and fire workers more easily.

Unions have strongly opposed the changes, organising multiple nationwide protests over the past five years.

The Labour Ministry did not immediately respond on Saturday to a Reuters news agency request for comment on the union demands. The government has held over a dozen consultations with unions since June 2024, an internal ministry document on the labour codes shows.

The rules allow longer factory shifts and night work for women, while raising the threshold for firms that need prior approval for layoffs to 300 workers from 100, giving companies greater flexibility in workforce management.

Businesses have long criticised India’s work rules as a drag on manufacturing, which contributes less than a fifth to the country’s nearly $4 trillion economy.

But the Association of Indian Entrepreneurs expressed concern that the new rules would significantly increase operating costs for small and midsize enterprises and disrupt business continuity across key sectors.

It asked the government for transitional support and flexible implementation mechanisms. Not all unions oppose the overhaul.

The right-wing Bharatiya Mazdoor Sangh, aligned with Modi’s party, called on states to implement them after consultations on some of the codes. Indian states are expected to craft rules aligning with the new federal codes covering wages, industrial relations, social security and occupational safety.

Nov. 22 (UPI) — Tyson Foods is closing its Lexington, Neb., beef-processing plant to better position the food company for long-term success.

Tyson announced the change on Friday and said the plan is to “right size” the food firm’s beef business.

The company also is downsizing its beef facility in Amarillo, Texas, to a single shift that will operate at full capacity, but production will rise at other Tyson facilities to meet customer demand for beef products.

“Tyson Foods recognizes the impact these decisions have on team members and the communities where we operate,” Tyson said in a news release.

“The company is committed to supporting our team members through this transition, including helping them apply for open positions at other facilities and providing relocation benefits.”

Tyson officials said the changes will ensure it continues to “deliver high-quality, affordable and nutritious protein for generations to come.”

Nebraska Gov. Jim Pillen said in a statement that the Tyson Foods’ Lexington plant closure does not reflect poorly on the state and won’t end Tyson’s investment there.

“Nebraska’s cattle industry is resilient and the envy of the world, and our workforce can outwork anybody,” Pillen said.

“Our excellent cattlemen and cattle feeders have emerging opportunities and will still have the Tyson market to sell into as its planned reorganization will boost capacity and jobs at other Nebraska plants.”

He said Tyson officials have promised to provide new opportunities for Nebraskans.

“The state of Nebraska is ready to build for the future and do what it can do to support employees affected by this change,” Pillen added.

U.S. Sen. Deb Fischer, R-Neb., wasn’t as optimistic about the change.

“As the single-largest employer in Lexington, Tyson’s announcement will have a devastating impact on a truly wonderful community, the region and our state,” Fischer said in a social media post, as reported by Nebraska Public Media.

Lexington has a population of nearly 11,000 and is located 165 miles west of Lincoln.

Nov. 21 (UPI) — The Bureau of Labor Statistics said Friday it won’t deliver the October Consumer Price Index report, meaning the Federal Reserve won’t get the important data before it meets again Dec. 10 to decide on interest rates.

October’s CPI report was scheduled to come out on Nov. 7, but was canceled because of the government shutdown. The November report was scheduled for Dec. 10, but that’s been changed to Dec. 18, which will be too late for the Fed.

The BLS gathers information via visits, phone calls and surveys, which would have made it impossible during the shutdown and very difficult to get information retroactively.

The Bureau of Economic Analysis also said the Personal Consumption Expenditures Price Index “is to be rescheduled,” though no firm date has been announced, CNBC reported. That report is the main inflation forecasting tool that the Fed uses.

Minutes from the Fed’s October meeting show that the officials disagreed on whether to lower interest rates at the December meeting after it approved back-to-back reductions.

Each of the last two meetings ended with them lowering the rate by .25% to a now-3.7% to 4%.

“This is a temporary state of affairs. And we’re going to do our jobs, we’re going to collect every scrap of data we can find, evaluate it, and think carefully about it,” CNBC reported Fed Chair Jerome Powell said after the October meeting.

“What do you do if you’re driving in the fog? You slow down. … There’s a possibility that it would make sense to be more cautious about moving.”

New York Fed President John Williams said Friday he thinks the central bank probably has “room for a further adjustment in the near term,” implying a potential cut.

Nov. 21 (UPI) — Engineers formerly employed by Amazon accounted for about 40% of its 4,700 jobs cut in October as the online retailer and tech company seeks greater efficiency and innovation.

Amazon fired more than 1,800 engineers in October amid downsizing, while also seeking more rapid innovation, CNBC reported on Friday.

Amazon has 1,578,000 employees as of Sept. 30, which is twice as many as 2019, according to Stock Analysis. The $2.3 trillion market cap is fifth fifth-highest in the world, The Market Fool posted.

The company announced the job cuts in its respective Worker Adjustment and Retaining Notifications filed in California, New Jersey, New York and the state of Washington.

The jobs cut in one month are the largest reduction in Amazon’s 31 years in business and part of the more than 14,000 layoffs announced last month by Amazon officials.

The tech firm’s human resources leader, Beth Galetti, said Amazon needs more artificial intelligence engineers to enable it to better manage operations while reducing labor costs.

“This generation of AI is the most transformative technology we’ve seen since the internet, and it’s enabling companies to innovate much faster than ever before,” Galetti said in the memo notifying states of the job cuts.

“We’re convinced that we need to be organized more leanly, with fewer layers and more ownership, to move as quickly as possible for our customers and business.”

Most of the engineers fired this year are software specialists.

Amazon’s job cuts echo those of other tech firms, which combined for nearly 113,000 job reductions in total among 231 tech firms so far this year, according to Layoffs.fyi.

Amazon Chief Executive Officer Andy Jassy in recent years has emphasized downsizing to make Amazon more efficient by cutting its organizational fat, CNBC reported.

The virtual retailer is expected to announce more job cuts in January while revising its workforce to improve efficiency and reduce bureaucracy.

South Korean stocks closed sharply lower Friday, as renewed concerns over an artificial intelligence (AI) bubble weighed heavily on big-cap tech shares. The local currency fell to the lowest level in seven months against the U.S. dollar on massive foreign stock selling.

The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 151.59 points, or 3.79 percent, to close at 3,853.26.

Trade volume was moderate at 307.95 million shares worth 14.02 trillion won (US$9.5 billion), with decliners outnumbering gainers 718 to 177.

Foreigners sold a net 2.83 trillion won worth of shares, while retail and institutional investors bought a net 2.29 trillion won and 495.46 billion won worth of shares, respectively.

According to the Korea Exchange, offshore investors’ net selling reached its largest level since Feb. 26, 2021, when they offloaded 2.83 trillion won worth of shares.

The index opened lower, tracking overnight losses on Wall Street, and further extended its decline as investors were wary of the valuation of AI-related shares and their aggressive investment plans.

Also affecting the sentiment was the Federal Reserve‘s monetary policy, as expectations for further rate cuts continued to wane.

“The market surrendered its gains from yesterday’s Nvidia earnings surprise. Following recent sharp gains, volatility appears to have persisted,” Han Ji-young, a researcher at Kiwoom Securities, said.

“But there remains ample potential for sentiment to reverse depending on upcoming key economic data and additional AI-related developments,” the analyst added.

Tech shares dipped following a rally in the previous session.

Market bellwether Samsung Electronics fell 5.77 percent to 94,800 won, and chip giant SK hynix plunged 8.76 percent to 521,000 won.

Major battery maker LG Energy Solution lost 3.51 percent to 425,500 won, and LG Chem dipped 5.53 percent to 367,000 won.

Nuclear power plant builder Doosan Enerbility sank 5.92 percent to 73,100 won, and defense giant Hanwha Aerospace shed 5.13 percent to 869,000 won.

Leading shipbuilder HD Hyundai Heavy skidded 4.8 percent to 555,000 won, and its rival Hanwha Ocean lost 4.16 percent to 119,800 won. No. 1 steelmaker POSCO declined 3.42 percent to 310,500 won.

Carmakers finished mixed. Top automaker Hyundai Motor retreated 0.95 percent to 259,500 won, while its sister affiliate Kia rose 0.53 percent to 114,000 won.

Leading financial group KB Financial decreased 0.58 percent to 120,500 won, while internet portal operator Naver surged 2.14 percent to 262,500 won.

The local currency was quoted at 1,475.6 won against the greenback at 3:30 p.m., down 7.7 won from the previous session.

It marked the weakest level since April 9, when it finished at 1,484.1 won. The April 9 figure was the lowest since March 12, 2009, when the won closed at 1,496.5 amid the global financial crisis.

Bond prices, which move inversely to yields, ended higher. The yield on three-year Treasurys fell 3.6 basis points to 2.872 percent, and the return on the benchmark five-year government bonds lost 3.9 basis points to 3.076 percent.

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US President Donald Trump’s decision to snub the G20 summit in South Africa this year has handed an opportunity to China, as it seeks to expand its growing influence in the African continent and position itself as an alternative to the dangers of a unilateralist United States.

Washington said it would not attend the two-day summit set to kick off on Saturday over widely discredited claims that the host country, previously ruled by its white minority under an apartheid system until 1994, now mistreats white people.

South Africa’s President Cyril Ramaphosa hit back at Trump’s claim that hosting the summit in Johannesburg was a “total disgrace”. “Boycott politics doesn’t work,” Ramaphosa said, adding that the US was “giving up the very important role that they should be playing as the biggest economy in the world”.

By Friday morning, Trump appeared to have backtracked on his stance somewhat, when speculation that Washington might send a US official to Johannesburg after all circulated.

Regardless, the spat comes as Chinese President Xi Jinping sends Premier Li Qiang to represent him on the world stage. China’s 72-year-old president has dialled back foreign visits, increasingly delegating his top emissary.

“The US is giving China an opportunity to expand its global influence,” Zhiqun Zhu, professor of political science and international relations at Bucknell University, told Al Jazeera. “With the absence of the US, China and EU countries will be the focus of the summit and other countries will look for leadership [from them].”

But observers say that while Trump’s absence will direct heightened attention to Beijing’s statements and behaviour, it does not spell the end of the US-led order altogether.

Jing Gu, a political economist at the United Kingdom-based Institute of Development Studies, said the US’s failure to attend “does not automatically make China the new leader, but it creates visible space for China to present itself as a more stable, reliable partner in governance”.

“It reinforces the perception that the US is stepping back from multilateralism and the shared management of global problems,” she said. “In that context, China can present itself as a more predictable, stable actor and emphasise continuity, support for open trade and engagement with the Global South.”

Expanding influence in the African continent

This year’s G20 will, for the first time, have an African chair and take place on the African continent. The African Union (AU) will also participate fully as a member.

South Africa, which holds the G20 presidency, is expected to push for consensus and action on priority issues for African countries, including debt relief, economic growth, climate change and transition to clean energy.

Zhu, who also serves as editor-in-chief of the academic journal, China and the World, said South Africa’s themes were a “natural fit” for China, Africa’s largest trading partner.

“China aims to become a leader in green energy, and there’s a lot of room for China and African countries to work on that,” he said.

The African continent, with its mineral wealth, booming population and fast-growing economies, offers huge potential for Chinese firms. Li, China’s premier, travelled to Zambia this week, marking the first visit to the country by a Chinese premier in 28 years. The copper-rich nation has Beijing as its largest official creditor for $5.7bn.

Eager to secure access to Zambia’s commodities and expand its exports from resource-rich East Africa, China signed a $1.4bn deal in September to rehabilitate the Tazara Railway, built in the 1970s and connecting Tanzania and Zambia, to improve rail-sea transportation in the region.

“The Chinese economy and African economy are complementary; they both benefit from trade,” Zhu said. The G20 “is a great platform for China to project its global influence and seek opportunities to work with other countries”, he added.

Africa’s growing demand for energy and China’s dominance in manufacturing make the two a good fit, observers say. This is playing out. A report by energy think tank Ember, for instance, found Africa’s imports of solar panels from China rose a whopping 60 percent in the 12 months to June 2025.

According to Gu at the Institute of Development Studies, China will be looking to tap into this growing synergy with Africa and will deliver a three-fold message at this year’s G20.

“First, it will stress stability and the importance of global rules and regulations,” she said. Second, “it will link the G20 to the Global South and highlight issues like development and green transformation”.

Third, “by offering issue-based leadership on topics such as digital economy, artificial intelligence and governance, it will position itself as a problem-solver rather than a disruptor”, the economist added.

China as a bastion of multilateralism

An absence of American officials at this year’s G20 – after skipping the Asia-Pacific Economic Cooperation (APEC) meeting in Korea as well as the United Nations Climate Change Conference (COP30) in Brazil – would be “another opportunity for China”, Rosemary Foot, professor of politics and international relations at the University of Oxford, told Al Jazeera.

“It can contrast, yet again, its declared commitment to multilateralism and responsible behaviour as a major state versus the dangers of a unilateralist America focusing not on public goods but on benefits to itself only.”

China has been looking to expand its influence in Africa as a counterweight to the US-led world order. In stark contrast to Trump’s decision to end Africa’s duty-free era and slap 15-30 percent tariffs on 22 nations, Xi announced at the APEC summit last month a zero-tariff policy for all African nations with diplomatic ties to Beijing.

On that occasion, Xi emphasised China’s commitment “to joint development and shared prosperity with all countries”, stressing the country’s goal to “support more developing countries in achieving modernisation and opening up new avenues for global development”.

Similarly, Li, China’s premier, marked the United Nations’ 80th anniversary at the General Assembly in September by expressing the need for stronger collective action on climate change and emerging technologies, calling for greater solidarity to “[lift] everyone up, while division drags all down”.

His remarks were in stark contrast to Trump’s, who, in his speech, described climate change as the “greatest con job ever perpetrated” and called renewable sources of energy a “joke” and “pathetic”.

Foot said the spotlight will now be on Beijing as it seeks to strike a similar conciliatory pose – and in doing so, set itself apart from the US – at the G20. “Whether Beijing will have a major impact on the G20 agenda is more difficult to determine,” she said.

Nov. 20 (UPI) — Toys that use AI to interact with children might seem like a fun idea, but one organization is warning against them.

The nonprofit Fairplay released an advisory Thursday warning parents to avoid artificial intelligence-based children’s toys this holiday season.

AI toys are chatbots embedded in children’s toys — such as plushies, dolls, action figures, or kids’ robots — and use AI technology designed to communicate like a friend.

Examples include Miko, Curio Interactive’s Grok and Gabbo, Smart Teddy, FoloToy’s Kumma bear, Roybi and Keyi Technology’s Loona Robot Dog. Some of the toys are marketed to children as young as infants, Fairplay said in a statement.

“It’s ridiculous to expect young children to avoid potential harm here,” said Rachel Franz, a Fairplay program director, in a statement to NPR.

“Young children are especially susceptible to the potential harms of these toys, such as invading their privacy, collecting data, engendering false trust and friendship, and displacing what they need to thrive, like human-to-human interactions and time to play with all their senses. These can have long and short-term impacts on development,” she said

Singapore-based FoloToy suspended sales of its Kumma bear after it was found to give inappropriate advice to children, CNN reported Wednesday. The bear’s chatbot talked about sexual fetishes, how to find knives in the home and how to light a match.

FoloToy CEO Larry Wang told CNN that the company had withdrawn Kumma and its other AI toys and is now “conducting an internal safety audit.”

The Toy Association, which represents toy manufacturers, told NPR that toys sold by responsible manufacturers and retailers must follow more than 100 strict federal safety standards and tests, including the Children’s Online Privacy Protection Act, which governs children’s privacy and data security online.

“The Toy Association urges parents and caregivers to shop only from reputable toymakers, brands, and retailers who prioritize children’s safety above all else,” the statement said. The organization added that it offers safety tips for AI and other connected products.

Fairplay offered more reasons that AI toys are not safe for children.

AI toys are usually powered by the same AI that has already harmed children, and young children who use them are less equipped to protect themselves than older children and teens, Fairplay said.

AI chatbots have caused children to use them obsessively, engaged in explicit sexual conversations, and encouraged unsafe behaviors, violence against others, and self-harm.

AI toys may sabotage children’s trust by pretending to be trustworthy companions or “friends.” Young children are likely to treat connected toys and devices as if they were people and develop an emotional attachment to them.

These “relationships” can disrupt children’s real relationships and resilience by offering “genuine friendship,” which isn’t possible from a machine.

Probably most concerning is that AI toys can invade family privacy by collecting sensitive data using audio and video recording, speech-to-text technology, and even voice, gesture, and facial recognition software, Fairplay said.

A child might talk to the toy and tell it their personal thoughts, emotions, fears, and desires, which will be delivered to a third party. They could also record private family conversations or record other children in the room.

Some toys even have facial recognition and video recording, which could take video of children in the bath or getting dressed.

Nov. 20 (UPI) — Verizon said Thursday it will lay off thousands of jobs in a cost reduction measure.

The telecommunications giant said some 13,000 workers will be let go due to “cost structure limits” in order for Verizon to be “faster and more focused,” according to CEO Dan Schulman.

“Changes in technology and in the economy are impacting the workforce across all industries,” he said in a message. “We see it in our families and within our communities.”

The company began 2025 with a roughly 100,000 strong workforce.

Schulman told Verizon employees that “every part” of the company will experience “some level of change” as Verizon focuses on “delighting our customers.”

Last month, Schulman, who arrived from PayPal, took over the Verizon helm hoping to cultivate a “leaner” business operation.

A Verizon spokesperson reiterated that cuts do not target a specific department.

The layoffs will impact roughly 20% of Verizon’s non-union management in a pool of approximately 70,000 employees, Verizon spokesman Kevin Israel told USA Today.

Meanwhile, Verizon announced it unveiled of a $20 million career transition fund for its recently fired personnel for “reskilling.”

United States job growth accelerated in September despite a cooling job market as the unemployment rate rose.

Nonfarm payrolls grew by 119,000 jobs after a downwardly revised 4,000 drop in August, according to the Bureau of Labor Statistics (BLS) report released on Thursday.

The unemployment rate rose to 4.4 percent, up from 4.3 percent in August.

The healthcare sector had the most gains, totalling 43,000 jobs in September. Food and beverage services sectors followed, adding 37,000 jobs, and social assistance employment grew by 14,000.

Other sectors saw little change, including construction, wholesale trade, retail services, as well as professional and business services.

The federal workforce saw a decline of 3,000, marking 97,000 jobs cut from the nation’s largest employer since the beginning of the year. Transportation and warehousing, an industry hit hard by tariffs, also saw declines and shed 25,000 jobs in September.

Average wages grew by 0.2 percent, or 9 cents, to $36.67.

Government shutdown hurdles

The September jobs report was initially slated for release on October 3, but was pushed out because of the US government shutdown. The jobs report typically comes out on the first Friday of each month. Because of the 43-day-long shutdown, the US Labor Department was unable to collect the data needed to calculate the unemployment rate for the month of October.

Nonfarm payrolls for the month of October will be released as part of the November employment report, which is slated to be released on December 16.

Heading into the economic data blackout, the BLS had estimated that about 911,000 fewer jobs were created in the 12 months through March than previously reported. A drop in the number of migrant workers coming into the US in search of work – a trend which started during the final year of former US President Joe Biden’s term and accelerated under President Donald Trump’s administration – has depleted labour supply.

“Today’s delayed report shows troubling signs below the topline number: the underlying labour market remains weak, leaving working Americans with shrinking opportunities and rising insecurity. Month after month, the Trump economy is producing fewer jobs, more instability, and fewer pathways for families trying to get ahead,” Alex Jacquez, chief of policy for the economic think tank the Groundwork Collaborative, said in a statement provided to Al Jazeera.

Economists estimate the economy now only needs to create between 30,000 and 50,000 jobs per month to keep up with growth in the working-age population, down from about 150,000 in 2024.

Behind the stalling growth

The rising popularity of artificial intelligence is also eroding demand for labour, with most of the hits landing on entry-level positions in white collar jobs, and locking recent college graduates out of work. Economists said AI was fueling jobless economic growth.

Others blamed the Trump administration’s trade policy for creating an uncertain economic environment that had hamstrung the ability of businesses, especially small enterprises, to hire.

The US Supreme Court earlier this month heard arguments about the legality of Trump’s import duties, with justices raising doubts about his authority to impose tariffs under the 1977 International Emergency Economic Powers Act.

Despite payrolls remaining positive, some sectors and industries are shedding jobs. Some economists believed the September employment report could still influence the Federal Reserve’s December 9-10 policy meeting on interest rate decisions.

US central bank officials will not have November’s report in hand at that meeting, as the release date has been pushed to December 16 from December 5. Minutes of the Fed’s October 28-29 meeting published on Wednesday showed many policymakers cautioned that lowering borrowing costs further could risk undermining the fight to quell inflation.

Nov. 19 (UPI) — Tech giant Nvidia on Wednesday posted record revenue and strong profit for the third quarter, beating Wall Street expectations, amid exploding growth in artificial intelligence.

Nvidia, which has the world’s largest market capitalization at $4.5 trillion, reported record sales. It said sales grew 62% in one year to $57 billion through Oct. 26. Wall Street had projected a $54.9 billion figure.

On Oct. 29, Nvidia became the first company worldwide with a $5 trillion cap one day before CEO Jensen Huang met with President Donald Trump in the White House.

“There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different,” Huang said during a conference call with investors.

Fourth-quarter sales are estimated to be around $65 billion, contrasting with $61.66 billion by analysts.

Profit was up 65% from last year in the quarter to $31.9 billion or 78 cents per share, slightly ahead of expectations. The net income represents 58% of revenue.

NVIDIA will pay its next quarterly cash dividend of 1 cent per share on Dec. 26.

Nvidia builds chips and software platforms for the AI industry. The company, founded in 1993 in the Silicon Valley in California, pioneered the graphics processing unit, initially for 3D video games.

The chips are made in the United States by GlobalFoundries, Taiwan Semiconductor Manufacturing Company and Samsung in South Korea. Taiwan’s new factory in Arizona focuses on chips for Nvidia.

The design work is done in the United States, GeekBitz reported.

Most AI companies’ technology runs on Nvidia’s chip, CNN reported.

Its best-selling chip is the Blackwell Ultra, a second generation. The company is banned from selling the new ones to China.

“Blackwell sales are off the charts, and cloud GPUs are sold out,” Huang said in a statement about its best-selling chip.

“Compute demand keeps accelerating and compounding across training and inference — each growing exponentially. We’ve entered the virtuous cycle of AI. The AI ecosystem is scaling fast — with more new foundation model makers, more AI startups, across more industries, and in more countries. AI is going everywhere, doing everything, all at once.”

In October, Huang said there were $500 billion in AI chip orders for 2025 and 2026 combined.

“The number will grow,” Nvidia finance chief Colette Kress said during the earnings call with analysts.

Nvidia said there were $51.2 billion in revenue in data center sales, a 66% rise year-over-year.That includes $43 billion in revenue was for “compute,” or the GPUs. The company said most growth was from GB300 chips.

Nvidia’s stock price rose 5.08% in after-hours trading on Wednesday night on NASDAQ. The stock was at $196.00, below the record $207.04 on Oct. 29.

The stock, with the ticker symbol NVDA, initially traded at $12 per share, through its Initial Public Offering on Jan. 22, 1999.

The strong Nvidia report boosted after-hours trading of tech firms Meta, Microsoft, Amazon and Google.

“This answers a lot of questions about the state of the AI revolution, and the verdict is simple: it is nowhere near its peak, neither from the market-demand nor the production-supply-chain sides for the foreseeable future,” Thomas Monteiro, senior analyst at Investing.com, said in emailed commentary following the report.

In September, Nvidia announced a $100 billion investment in OpenAI in exchange for chip purchases.

On Monday, Anthropic committed to buying $30 billion in computing capacity from Microsoft Azure in exchange for an investment in the AI lab from both tech giants.

Nvidia announced a collaboration with Intel to jointly develop multiple generations of custom data center and PC products with NVIDIA NVLink.

Nvidia has reviewed plans to accelerate seven new supercomputers, including with Oracle to build the U.S. Department of Energy’s largest AI supercomputer, Solstice, plus another system, Equinox.

Nvidia said it had $4.3 billion in gaming revenue, which is a 30% boost from one year ago.

Despite the boom, CEO of one of the world’s largest independent financial advisory organizations warnsthere is a “real risk” because of complacency.

“Exceptional results don’t remove the need for discipline,” Nigel Green of deVere Group in Britain said in an email to UPI. “The AI ecosystem is growing fast, but fast growth doesn’t protect anyone from the consequences of over-extension.”

He said the path from deployment to real commercial returns “remains untested” in many industries.

“Investors must examine whether business models can convert this scale of capital investment into sustained earnings,” he said. “Complacency could be a real risk.”

Nov. 19 (UPI) — The federal government said Wednesday that October’s full jobs report will not be released following the longest government shutdown in U.S. history.

The Bureau of Labor Statistics said instead it will unveil its October payroll data in addition to a full report for November.

October’s unemployment rate will not be included because, according to BLS officials, those figures “could not be collected” due to the shutdown.

Last week, the Trump administration warned the shutdown by the Republican-controlled congress may likely impact the Consumer Price Index and federal jobs reports slated to be released as expected.

The White House claimed the showdown “permanently damaged the federal statistical system, with October CPI and jobs reports likely never being released.”

But the bureau indicated it will bump its November jobs data release nearly two weeks to Dec. 16.

Some 42,000 jobs were added in October in companies with at least 250 workers following September’s drop of around 29,000, according to Automatic Data Processing Inc.

“Private employers added jobs in October for the first time since July, but hiring was modest relative to what we reported earlier this year,” Nela Richardson, ADP’s chief economist, said earlier this month.

Meanwhile, the lack of data fuels further speculation on Wall Street.

London, United Kingdom – David Lesperance, a Canadian wealth adviser based in Poland, is working against the clock for one of his British clients.

John*, who requested anonymity, is trying to relocate from London to Dublin, the Irish capital, ahead of November 26, when Chancellor Rachel Reeves will deliver the budget – a statement presenting the Labour government’s plans for public finances for the year ahead.

Having built a company worth around 70 million pounds ($92m) that he plans to sell soon, John wants to avoid a hefty capital gains tax bill.

As his children are in university, upping sticks is possible. He hopes to take advantage of the Republic of Ireland’s non-domiciled, or “non-dom”, tax regime, which would exempt him from Irish taxes as well.

“We’ve been moving fast to organise his immediate departure to Ireland,” said Lesperance, who has been assisting him in shifting his assets abroad. “With higher taxes looming, the costs of leaving early are a rounding error.”

John is not alone.

The footballer Rio Ferdinand has recently moved to Dubai, citing tax as a push factor, while Egyptian billionaire and Aston Villa co-owner Nassef Sawiris, who moved his residency to Italy and the United Arab Emirates from Britain, told the Financial Times earlier this year that everyone in his “circle” is considering moving.

Herman Narula, the 37-year-old British Indian founder of Improbable, a tech company, announced this month that he is fleeing to Dubai. Worth about 700 million pounds ($920m), he is said to be Britain’s richest young entrepreneur. Among his reasons for fleeing were reported plans by the Labour government to impose an exit tax on wealthy people leaving the United Kingdom.

While that proposal appears to have been ditched, the overall business environment for entrepreneurs is increasingly unpredictable, Narula and a few others say.

“There is alarming evidence that some entrepreneurs are leaving the UK,” reads a recent open letter to Reeves, signed by more than a dozen wealthy business owners, including Nick Wheeler, founder and chair of the men’s clothing retailer Charles Tyrwhitt, and Annoushka Ducas, a jewellery designer.

“As the government prepares for this year’s Budget, it must carefully consider the cumulative impact of these policies on entrepreneurs,” the letter warns.

When the budget is delivered, all eyes will be on any changes to taxation – an issue affecting everyone in the UK. In recent months, speculation about tax amendments on property, incomes and pensions has repeatedly made headline news.

Rumours about the superrich abandoning the UK have been swirling for an even longer period, triggered by the mere prospect of a Labour government last year. Since the Keir Starmer-led government was elected last July, a range of media outlets have homed in on case studies suggesting that Labour is driving wealth out.

The first Labour budget last October outraged some high-earning individuals in the UK, who said they were already taxed too much.

“Last year’s Budget measures, including changes to Capital Gains Tax, Entrepreneur’s Relief, and Employer National Insurance, have increased costs for many entrepreneurs and enterprises,” read the recent open letter from wealthy business owners to Reeves.

Those changes came after the Conservatives abolished the non-dom regime, a status that allows for people with a residency abroad to avoid taxes in the UK.

But experts have offered words of caution on the supposed flight of the rich.

There is no official data on the number of wealthy individuals leaving because of Labour’s tax changes.

“The most recent tax data on wealthy individuals with non-dom status from HMRC [His Majesty’s Revenue and Customs, the UK’s tax revenue department] shows that the number of non-doms leaving the UK is in line with or below official forecasts,” said Mark Bou Mansour, an advocate at the Tax Justice Network.

Claims that recent revenue-boosting tax reforms have triggered a massive non-dom exodus are false and part of a wider rhetoric that is detrimental to the UK’s fiscal and economic health, he said.

“Talking about whether the superrich will move if we tax can be a distraction from talking about the harms to economies and democracies that arise from not taxing extreme wealth,” he said.

Mansour pointed to a 2024 study by the London School of Economics that interviewed a number of wealthy individuals. It found the most important factors underpinning their reluctance to migrate were their attachment to the capital’s cultural infrastructure, private health services and schools, and the ability to maintain social ties.

“There’s plenty of strong evidence showing that the superrich don’t choose to relocate just to pay less tax,” said Mansour.

Behind a large number of articles predicting an exodus of wealthy people was a report by the passport advice firm Henley & Partners.

However, the report was found to be based on flawed methodology, and was later amended.

Even so, Lesperance said he has worked with a number of clients who have left the UK since Labour came into power.

He argued that while not necessarily large in number, the group makes up a high percentage of overall tax revenue raised by the government.

“The tax contribution of a non-dom is about 220,000 pounds ($289,000) a year, which is about six or seven times the UK average,” he said, “They’re super contributors” who need to be protected, or else, “You’re going to actually see a drop in annual tax collections because these people have left.”

Some of his clients have chosen to relocate to Milan and Dubai.

“As one of my clients said, ‘London’s nice, but it’s not that nice,’” he said.

But Michelle White, head of private office at UK wealth management firm Rathbones, said that while her clients are internationally mobile and could move away, the majority have stayed put so far.

“Since some of these articles started coming out saying the floodgates are open, we haven’t seen that,” she said.

Britain’s schools, legal system and business environment continue to be pull factors, she argued.

Those who have left usually have ventures or properties abroad and can easily relocate, or are considering selling their business in the next two years or so, and do not want to pay capital gains tax on sales.

Others have big payouts from private equity or hedge funds and want to avoid paying income tax.

“It means that they’ll go and spend more time somewhere else and less time here in order to not pay UK tax on that sale,” said White.

A large extent of her clientele in the end decides to stay in the UK to raise families, and mitigates taxation through smart planning.

“I tell people to look at the next 50 years and plan taxes around that,” she said, “People take a long view.

“Tax is one thing, but quality of life and how you actually want to live as a family often overrides the tax aspect.”

In China, 87 percent of people trust AI, compared with just 32 percent in the US, according to an Edelman poll.

China’s public is far more trusting of artificial intelligence than their peers in the United States and other Western countries, a survey has found.

In China, 87 percent of people said they trusted AI, compared with 67 percent in Brazil, 32 percent in the US, 36 percent in the United Kingdom, and 39 percent in Germany, the Edelman poll released on Tuesday showed.

More than seven in 10 Chinese respondents said they expected AI to play a role in solving a range of societal issues, including climate change, mental illness, poverty and polarisation.

Only one-third of Americans said they expected AI to reduce poverty and polarisation, though half predicted a positive impact on climate-related challenges.

While 54 percent of Chinese said they embraced greater use of AI, just 17 percent of Americans answered the same, according to the survey.

Trust was highest among young people, though still much lower in Western countries.

Eighty-eight percent of Chinese aged 18-34 said they had faith in the technology, compared with 40 percent of Americans in that age group.

“For businesses and policymakers, this divergence presents a double challenge,” Edelman Senior Vice President Gray Grossman said in a report accompanying the survey.

“In high-trust markets, the task is to sustain optimism through responsible deployment and straightforward evidence of benefit. In low-trust markets, the task is to rebuild confidence in the institutions behind the technology.”

The survey results come as the US and China are locked in a battle for tech supremacy, with firms in both countries rolling out increasingly sophisticated AI models.

While the US is widely seen as still having an edge in producing the most powerful AI, Chinese firms such as Alibaba and DeepSeek have made major inroads in recent months with “open” language models that offer customers much lower costs.

Last month, Airbnb CEO Brian Chesky made headlines when he revealed that the short-term rental platform preferred Alibaba’s Qwen over OpenAI’s ChatGPT.

“It’s very good. It’s also fast and cheap,” Chesky told Bloomberg in an interview.

Nov. 18 (UPI) — The National Transportation Safety Board announced Tuesday that an incorrectly labeled wire caused a containership to collide with the Francis Scott Key Bridge in Baltimore last year.

The federal agency released the key finding of its investigation into the catastrophic collision that killed six highway maintenance workers, destroyed a major regional transportation artery and upended trade at one of the country’s busiest ports.

Jennifer Homendy, the board’s chair, said, “This tragedy should’ve never occurred” in her opening remarks at a public meeting.

“As with all accidents we investigate, this was preventable,” she said.

Federal investigators determined that the Dali containership crashed into the bridge after losing electricity. The cause of the blackout was a loose signal wire connection to a terminal block that investigators traced back to improperly installed wire-label banding.

The Dali lost its propulsion and steering, and the crew had little time to recover before the ship struck a southern pier that was supporting the bridge’s central span, investigators concluded. As a result, a “substantial portion” of the bridge collapsed into the Patapsco River.

Additionally, the investigation also faulted Maryland officials for not assessing the bridge earlier for potential vulnerabilities to collisions with ships. The “lack of effective and immediate communications” also contributed to the deaths of the highway workers, investigators found.

The Francis Scott Key Bridge was constructed before 1994, when bridges were mandated to meet safety criteria to reduce the risk of a collapse. State officials have since announced plans for a replacement bridge over the Patapsco River, which is estimated to cost at least $1.7 billion and be twice as high as the Francis Scott Key Bridge.

The city of Baltimore filed a lawsuit against Grace Ocean Private and Synergy Marine, the owners of the Dali, arguing that the 985-foot container ship was “a clearly unseaworthy vessel” and the companies “were grossly and potentially criminally negligent.”

Nov. 18 (UPI) — Facebook owner Meta can keep the WhatsApp mobile messaging app and the Instagram social media site in a federal trial first brought by the Federal Trade Commission in 2020.

Washington D.C.-based Judge James Boasberg ruled Tuesday that the FTC did not prove its claim that Meta has maintained a monopoly on social media platforms, CNBC reported.

“Whether or not Meta enjoyed monopoly power in the past, though, the agency must show that it continues to hold such power now,” Boasberg wrote.

“The court’s verdict today determines that the FTC has not done so,” he added.

Meta officials said in a statement to NPR that Boasberg’s ruling affirms that social media remains competitive.

Boasberg in 2021 dismissed the case citing a lack of evidence that Facebook held “market power” over social media.

The FTC amended and refiled its complaint in August 2021, providing more detail on user data and comparisons to competitors, including Snapchat, the discontinued Google+ social network and Myspace.

The FTC also argued Meta engaged in a “buy or bury” strategy to monopolize social media when it paid more than market value to buy Instagram in 2012 and when it bought WhatsApp in 2014, according to NPR.

The only way to resolve the alleged monopoly was to require Meta to spin off Instagram and WhatsApp as independent companies, the FTC argued.

The social media marketplace has changed greatly over the past five years since the federal agency first accused Meta of monopolizing social media, Boasberg wrote.

“While it once might have made sense to partition apps into separate markets of social networking and social media, that wall has since broken down,” Boasberg wrote.

He cited the rise of TikTok and called it “Meta’s fiercest rival,” which he called evidence of a competitive social media marketplace.

During the trial that concluded in May, Meta’s legal team argued it faced plenty of competition and only bought WhatsApp and Instagram because they are quality products that were easier to buy instead of replicating.

During the trial, Meta CEO Mark Zuckerberg testified that buying Instagram was easier than creating a new product that would compete with it.

WASHINGTON — President Trump is set to fete Crown Prince Mohammed bin Salman on Tuesday when the de facto leader of Saudi Arabia makes his first White House visit since the 2018 killing of Washington Post journalist Jamal Khashoggi by Saudi agents.

The U.S.-Saudi relationship had been sent into a tailspin by the operation targeting Khashoggi, a fierce critic of the kingdom, that U.S. intelligence agencies later determined Prince Mohammed likely directed the agents to carry out.

But seven years later, the dark clouds over the relationship have been cleared away. And Trump has tightened his embrace of the 40-year-old crown prince he views as an indispensable player in shaping the Middle East in the decades to come. Prince Mohammed, for his part, denies involvement in the killing of Khashoggi, a Saudi citizen and Virginia resident.

Khashoggi will likely be an afterthought as the two leaders unveil billions of dollars in deals and huddle with aides to discuss the tricky path ahead in a volatile Middle East. They’ll end their day with an evening White House soiree, organized by first lady Melania Trump, to honor the prince.

“They have been a great ally,” Trump said of the Saudis on the eve of the visit.

Rolling out the red carpet

Technically, it’s not a state visit, because the crown prince is not the head of state. But Prince Mohammed has taken charge of the day-to-day governing for his father, King Salman, 89, who has endured health problems in recent years.

Most foreign leaders who come to meet with Trump are driven up to the doors of the West Wing, where the president often greets them. But Prince Mohammed, accompanied by the Saudi prime minister, will be welcomed with an arrival ceremony on the South Lawn.

An Oval Office meeting and luncheon in the Cabinet Room will follow.

Trump will then see the crown prince off in the afternoon but he’s expected to return to the South Lawn, with the first lady, to welcome the crown prince when he returns for the evening East Room dinner.

In addition to White House pomp, the two nations are also planning an investment summit at the Kennedy Center on Wednesday that will include the heads of Salesforce, Qualcomm, Pfizer, the Cleveland Clinic, Chevron and Aramco, Saudi Arabia’s national oil and natural gas company, where even more deals with the Saudis could be announced.

Fighter jets and business deals

Ahead of Prince Mohammed’s arrival, Trump announced he has agreed to sell the Saudis F-35 fighter jets despite some concerns within the administration that the sale could lead to China gaining access to the U.S. technology behind the advanced weapon system.

Trump’s announcement is also surprising because some in the Republican administration have been wary about upsetting Israel’s qualitative military edge over its neighbors, especially at a time when Trump is depending on Israeli support for the success of his Gaza peace plan.

But the unexpected move comes at a moment when Trump is trying to nudge the Saudis toward normalizing relations with Israel.

The president in his first term had helped forge commercial and diplomatic ties between Israel and Bahrain, Morocco and the United Arab Emirates through an effort dubbed the Abraham Accords.

Trump sees expansion of the accords as essential to his broader efforts to build stability in the Middle East after the two-year Israel-Hamas war in Gaza.

And getting Saudi Arabia — the largest Arab economy and the birthplace of Islam — to sign on would create an enormous domino effect, he argues. The president in recent weeks has even predicted that once Saudi Arabia signs on to the accords, “everybody” in the Arab world “goes in.”

But the Saudis have maintained that a clear path toward Palestinian statehood must first be established before normalizing relations with Israel can be considered. The Israelis, meanwhile, remain steadfastly opposed to the creation of a Palestinian state.

The U.N. Security Council on Monday approved a U.S. plan for Gaza that authorizes an international stabilization force to provide security in the devastated territory and envisions a possible future path to an independent Palestinian state.

Assurances on U.S. military support

The leaders certainly will have plenty to talk about including maintaining the fragile ceasefire in Gaza, mutual concerns about Iran’s malign behavior, and a brutal civil war in Sudan.

And the Saudis are looking to receive formal assurances from Trump defining the scope of U.S. military protection for the kingdom, even though anything not ratified by Congress can be undone by the next president.

Prince Mohammed, 40, who has stayed away from the West after the Khashoggi killing, is also looking to reestablish his position as a global player and a leader determined to diversify the Saudi economy away from oil by investing in sectors like mining, technology and tourism.

To that end, Saudi Arabia is expected to announce a multi-billion dollar investment in U.S. artificial intelligence infrastructure, and the two countries will lay out details about new cooperation in the civil nuclear energy sector, according to a senior Trump administration official who was not authorized to comment publicly ahead of the formal announcement.

A coalition of 11 human rights groups ahead of the crown prince’s visit called on the Trump administration to use its leverage to press Saudi authorities, who badly want to broaden its business and defense connections with the U.S., to make concrete commitments on human rights and press freedom during the visit.

The activists say Saudi authorities continue to harshly repress dissent, including by arresting human rights defenders, journalists, and political dissidents for criticism against the kingdom. Human rights organizations have also documented a surge in executions in Saudi Arabia that they connect to an effort to suppress internal dissent.

“Saudi Arabia’s crown prince is trying to rebrand himself as a global statesman, but the reality at home is mass repression, record numbers of executions, and zero tolerance for dissent,” Sarah Yager, Washington director at the group Human Rights Watch, said in a statement. “U.S. officials should be pressing for change, not posing for photos.”

Madhani writes for the Associated Press. AP writers Josh Boak and Darlene Superville contributed to this report.