record

An estimated half a trillion dollars was wiped out from the financial markets this week, as some of the biggest tech companies, including Nvidia, Microsoft, and Palantir Technologies saw a temporary but sizeable drop in their share prices on Tuesday. It may have been just a short-lived correction, but experts warn of mounting signs of a financial market crash, which could cost several times this amount.

With dependence on tech and AI growing, critics argue that betting on these profits is a gamble, stressing that the future remains uncertain.

Singapore’s central bank joined a global chorus of warnings from the IMF, Fed Chair Jerome Powell, and Andrew Bailey about overvalued stocks.

The Monetary Authority of Singapore said on Wednesday that such a trend is fuelled by “optimism in AI’s ability to generate sufficient future returns”, which could trigger sharp corrections in the broader stock market.

Goldman Sachs and Morgan Stanley predict a 10–20% decline in equities over the next one to two years, their CEOs told the Global Financial Leaders’ Investment Summit in Hong Kong, CNBC reported.

Experts interviewed by Euronews Business also agree that a sizeable correction could be on the way.

In a worst-case scenario, a market crash could wipe out trillions of dollars from the financial markets.

According to Mathieu Savary, chief European strategist at BCA Research, Big Tech companies, including Nvidia and Alphabet, would cause a $4.4 trillion (€3.8tn) market wipeout if they were to lose just 20% of their stock value.

“If they go down 50%, you’re talking about an $11tr (€9.6tr) haircut,” he said.

AI rally: Bubble or boom?

The US stock market has defied expectations this year. The S&P 500 is up nearly 20% over the past 12 months, despite geopolitical tensions and global trade uncertainty driven by Washington’s tariff policies. Gains have been strongest in tech, buoyed by optimism over future AI profits.

While Big Tech continues to deliver, with multibillion-dollar AI investments and massive infrastructure buildouts now routine, concerns are growing over a slowing US economy, compounded by limited data during the government shutdown. Once fresh figures emerge, they could rattle investors.

AI enthusiasm is most evident in Nvidia’s extraordinary stock gains and soaring valuation. The company is central to the tech revolution as its graphics processing units (GPUs) are essential for AI computing.

Nvidia’s shares have surged over 3,000% since early 2020, recently making it the world’s most valuable public company. Between July and October alone, it gained $1tr (€870bn) in market capitalisation — roughly equal to Switzerland’s annual GDP. Its stock trades at around 45 times projected earnings for the current fiscal year.

Derren Nathan, head of equity research at Hargreaves Lansdown, said: “Much of this growth is backed by real financial progress, and despite the massive nominal increase in value, relative valuations don’t look overstretched.”

Analysts debate whether the current market mirrors the dot-com bubble of 2000. Nathan notes that many tech companies that failed back then never reached profitability, unlike today’s giants, which generate strong revenues and profits, with robust demand for their products.

Ben Barringer, global head of technology research at Quilter Cheviot, added: “With governments investing heavily in AI infrastructure and rate cuts likely on the horizon, the sector has solid foundations. It is an expensive market, but not necessarily a screaming bubble. Momentum is hard to sustain, and not every company will thrive.”

BCA Research sees a bubble forming, though not set to burst immediately. Chief European strategist Mathieu Savary said such bubbles historically peak when firms begin relying on external financing for large projects.

Investments in assets for future growth, or capital expenditures, as a share of operating cash flow, have jumped from 35% to 70% for hyperscalers, according to Savary. Hyperscalers are tech firms such as Microsoft, Google, and Meta that run massive cloud computing networks.

“The share of operating earnings is likely to move above 100% before we hit the peak,” Savary added. This means that they may soon be investing more than they earn from operations.

Recent examples of Big Tech firms turning to external financing for such moves include Meta’s Hyperion project with Blue Owl Capital and Alphabet’s €3 billion bond issue for AI and cloud expansion.

While AI investment growth is hard to sustain, Quilter’s Barringer told Euronews: “If CapEx starts to moderate later this year, markets may start to get nervous.”

Other factors to watch include return on invested capital and rising yields and inflation pressures, which could signal a higher cost of capital and a bubble approaching its end.

“But we’re not there yet,” said Savary.

Further concerns and how to hedge against market turbulence

Even as tech companies ride the AI wave, inflated expectations for future profits may prove difficult to meet.

“The sceptics’ main problem may not be with AI’s potential itself, but with the valuations investors are paying for that potential and the speed at which they expect it to materialise,” said AJ Bell investment director Russ Mould.

A recent report by BCA reflects the mounting reasons to question the AI narrative, but the technology “remains a potent force”, said the group.

If investor optimism does slow, “a sharp correction in tech could still have ripple effects across broader markets, given the sector’s dominant weight in global indices,” Barringer said. He added that other regions and asset classes, such as bonds and commodities, would be less directly affected and could provide an important balance during a downturn.

According to Emma Wall, chief investment strategist at Hargreaves Lansdown, “investors should use this opportunity to crystallise impressive gains and diversify their portfolios to include a range of sectors, geographies and asset classes — adding resilience to portfolios. The gold price tipping up is screaming a warning again — a siren that this rally will not last.”

Adrian Kempe scored his 200th NHL career goal and Drew Doughty broke the Kings record for goals by a defenseman as they beat the Winnipeg Jets 3-0 on Tuesday night.

Darcy Kuemper made 23 saves and Kevin Fiala added a late power-play goal to help the Kings get their first home win of the season in six games.

Connor Hellebuyck made 23 saves for the Jets, who dropped their first road game in five tries.

Kempe scored late in the first period to put the Kings in front, getting his sixth goal of the season by attacking the crease to put in Joel Armia’s centering pass from the trapezoid. Kempe is the ninth member of the 2014 draft class to reach 200 goals, getting there in 644 games.

Doughty passed franchise stalwart Rob Blake with his 162nd goal in 1,221 games with an empty-netter with 54 seconds remaining.

The Kings made changes by moving Armia to the top line and reuniting Mikey Anderson with longtime partner Doughty on the first defensive pair, and there were immediate returns as Armia and Anderson had the assists on Kempe’s goal.

Kings forward Corey Perry played in his 1,400th career game, becoming the 44th player in NHL history to do so and joining Brent Burns (1,511), Alex Ovechkin (1,503) and Anze Kopitar (1,464) among active players who have appeared in that many games.

Jets captain Adam Lowry made his season debut after undergoing hip surgery in late May, centering the third line. Lowry had a career-high 18 goals last season.

HER sixth album Brat topped the charts and won her five Brit Awards, but Charli XCX feared her label was going to drop her over it because it is so out there.

In a new interview, she explained: “I think when I was making it, I wasn’t thinking about the response at all.

“I actually made this record being like, ‘OK, I’m just going to do this one for me.

“And maybe I’m going to get dropped by my label and that’s fine’.

“That was kind of the headspace that I was in.

“There’s a lot of luck with timing and the way that culture is moving.

TAKING SWIPES

Charli XCX reveals she’s in the studio following Taylor’s diss track

READY FOR IT? 

Taylor Swift’s BRUTAL takedown of pop rival Charli XCX on new album revealed

“I think when I released this record, it’s like people were wanting something that felt very real and messy.

“And I think that’s just the way that culture was swinging.”

Charli previously suggested she was going to have a lengthy break from music following the success of the record, released in June last year, but she has now teased that she’s working on “inherently different” tracks.

The Guess singer continued: “I’m really interested to see what comes next in pop culture, especially in the music space, what people are ­craving.

“I really like to work in contrast. I think whatever I do next will just inherently be different to Brat because that’s what feels natural.

“I’m exploring a lot of stuff with strings at the moment, which I’m really enjoying and I haven’t really worked in that space before.”

And with a series of movies on the way — including Faces Of Death and I Want Your Sex, Charli said she is committed to becoming an actress.

Speaking to Gwyneth Paltrow on her Goop podcast, she said: “I’ve been making music since I was 14.

“And don’t get me wrong, I love making music, but I think there was just a point where I was kind of like, OK, I really need to exercise my creativity in a different way.

“I don’t actually really listen to that much music ever. I never really have.

“But what I am doing is I’m always watching films.”

And Charli also reflected on the prospect of starting a family, having mused on her indecision about ­becoming a mother on her song I Think About It All The Time, which was on the Brat album.

The Brit, who wed The 1975 drummer George Daniel in July, said: “There is, I think, still a bit of stigma perhaps around women who don’t really want to have ­children, you know, and I think for me it’s like I’m always swinging between the two.

“Right now, I’m on the side of, like, actually I’m not sure that that is for me, but that could go back.”

BENSON BACK

BENSON BOONE shook off illness and returned to the stage for a killer sold-out show at London’s O2 Arena.

The American singer had to cancel his gig in Birmingham on Saturday after struggling with his voice but he was on song on Monday when he sailed through tracks including Sorry I’m Here For Someone Else, Young American Heart and Mr Electric Blue along with a cover of Coldplay‘s Sparks.

Welcoming out his friend and photographer McLean Long to the stage armed with a T-shirt cannon, Benson said: “Every night I sing one song that is a cover song.

“I love this song very much, so we’re going to have a friend come out and help us figure out which song we’re singing.”

Another poignant moment in the evening came when Benson performed In The Stars, which he wrote as a tribute to his great-grandmother who died aged 96.

Benson said: “I think the loveliest thing about this song is this is a song about me, about my life.

“My experiences, somebody that I know, something I felt, something I went through, but when you listen to it it’s no longer about me, it’s about you.”

RITA’S A PINK LADY

THERE was no missing Rita Ora in this pink dress at the Music Industry Trusts Awards, but it was Jessie J who stole the show with an amazing rendition of Whitney Houston‘s I Have Nothing.

Speaking at the ceremony on Monday night, Jessie referenced her breast cancer diagnosis and said: “This is one of my favourite songs to sing. There is no hiding in this song. It’s very exposing.

“This year has changed my whole world – my perspective, what battles I’m going to pick.

“You know, death comes knocking at your door and you kind of dance and f***ing kick it away.

“It just changes everything.

““I will say this, I don’t care how old you are or how long you have been doing this, enjoy your f***ing life.

“Be kind to each other.”

Ashley Tabor-King, founder of Global Media, whose radio stations include Heart and Capital, was honoured on the night, with video messages from Ed Sheeran and Taylor Swift.

Rita flew in especially from Los Angeles to perform, and Olly Murs was there for a night out after becoming a dad for a second time.

“Albert is nine weeks old now,” Olly said.

“Another one next year? We are happy with two at the moment.

“Who knows, in a few years’ time we will see.

“I have got time next year to spend a bit more time with the family.

“It has been a busy few years.”

KATY HAS A POP AT BLOOM

KATY PERRY is returning with a new single tomorrow and it sounds as though it will hint heavily at her split from Orlando Bloom.

The Roar singer announced the track Bandaids last night, following a tricky year which saw her break-up with the English actor after almost a decade, and start dating ex-Canadian PM Justin Trudeau.

Insiders have claimed she worked on it with top writer and producer Cirkut, who worked on her No1s Part Of Me and Roar, as well as Greg Kurstin, who co-wrote Adele’s heartbreak singles Hello and Easy On Me.

Last night, Katy played the latest show on her Lifetimes tour in Paris, ahead of the end of the 91-show jaunt next month.

I’M imploring the BBC to put cash behind another series of Daisy May Cooper‘s brilliant TV series This Country.

Daisy told Fearne Cotton on her Happy Place podcast: “It’s difficult and we get asked all the time.

“If we got paid enough to do another series, we’d f***ing do it but that’s all it comes down to.”

Tim Davie, sort it out.

OASIS GET ONE OVER TOUTS DOWN UNDER

OASIS have scored another victory over the vile ticket touts – this time in Australia.

Thanks to the Major Events law in Victoria, ­scalpers were shut out of their three sold-out shows there.

The rules in the Australian state means that anyone flogging tickets for more than ten per cent above face value at an event ­protected by the Major Events Act faces a fine of up to £270,000.

In a statement, Noel and Liam Gallagher‘s management team told me: “It’s great to see Victoria’s Major Events declaration doing exactly what it’s meant to – Viagogo can’t list our Melbourne shows – and that’s a huge win for real fans.

“When government and the live industry work together, we can stop large-scale scalping in its tracks.

“We’d love to see other states follow Victoria’s lead so fans everywhere get a fair go.”

The success of the law means that the 180,000 tickets sold for the shows in Victoria went to genuine fans for the right price.

The brothers will play two more shows in Australia this week, with back-to-back sold-out gigs in Sydney on Friday and Saturday, before they take their Oasis Live 25 tour to South America.

COLDPLAY OFF TO CHURCH

IF you missed out on Coldplay tickets earlier this summer then fear not.

The band’s Chris Martin and Jonny Buckland have announced a one-off, intimate show on Wednesday, December 3, in aid of War Child and Crisis.

But it will be even harder to get in than catching one of their ten nights at Wembley, as it will take place at Hackney Church in East London, with a public ballot for 150 pairs of tickets is now open online.

Last year Chris and Jonny’s Hackney Church performance raised £350,000 for charity.

I’m sure kind-hearted fans will dig deep again this year.

ED-ING WHERE IT BEGAN

ED SHEERAN headed back to Dublin for a special ­concert to celebrate his songs which had clocked up more than one billion streams.

And he had plenty to pick from, with the star performing hits including Thinking Out Loud, Castle On The Hill, I See Fire and Galway Girl.

The gig saw the 2,000 fans packed into Industries Hall at the Royal Society Dublin going wild – and I got to join them after my lovely friends at Spotify flew me out on Monday.

Speaking at his Billions Club Live set, Ed said: “The reason I wanted to do it in Dublin is this is the place where I decided I wanted to be a singer- songwriter when I was a kid.

“It’s a special place for me with my family but it’s also a ­special place for me musically.

“I feel like this is where it all began.”

Ed also used his time on stage to remind the crowd that he last headlined Glastonbury back in 2017, which makes me think he’s a sure-fire bet to return to Worthy Farm in 2027 to ­mark ten years.

Watch this space.

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ARIANA GRANDE was forced to miss the world premiere of Wicked: For Good in Brazil last night after a safety issue with her private jet.

She was on board her plane to fly to Sao Paulo yesterday but had to get off when a fault was found, leaving her “beyond devastated” because there was no other way to make the journey in time.

There’s no shortage of bands commemorating their glory days as decade anniversaries of albums fly by. Yet few landmark releases feel not only fresh but forward-thinking 20 years after they were recorded. My Morning Jacket stumbled onto this kind of brilliance in October 2004 when it released its fourth studio album “Z.” Across 10 tracks of lush, euphoria-driven rock ‘n’ roll, the band captured a notable tone shift in its sound that melded Southern rock, haunting folk, psychedelic soul laced with jam band energy. It’s a set of songs that still make up a huge chunk of the bands live show. In September the band performed the album in its entirety to a sold-out Hollywood Palladium for its 20th anniversary.

“We still play these songs all the time,” said frontman and principal songwriter Jim James in a recent conversation. “So it’s not like we broke up after we released ‘Z’ and then we got back together 20 years later to play these songs, and it’s such a trip. We’ve been playing them nonstop for 20 years.”

Shortly after the release of its 10th studio album “is,” the band put out a deluxe reissue of “Z” that includes four B-sides and a whole album’s worth of demo versions of songs like “Wordless Chorus,” “Off the Record” and Dodante. Recently James spoke to The Times about the enduring power of “Z” and the joy of going back to the beginning of the album’s origins to give himself and his fans a new appreciation for the groundbreaking sound the band created.

The rerelease of “Z” was prefaced earlier this year with a full-album show at the Palladium. What was it like revisiting the album on stage first before it came out (again) on vinyl and streaming?

This is our fourth album now to hit the 20-year mark. So we’ve got some experience now doing these album shows. And it’s funny because some of the earlier albums we don’t play all the songs from them so we had to go back and relearn a lot of songs. But the songs from “Z” we pretty much play all the songs all the time. So it’s pretty hilarious how it involved no effort. It just involved playing them in that order of the sequence of the album. But we kind of laughed about that. We’re like, man, we don’t really even have to do any research or anything. We were all kind of reflecting just on how grateful we are that we like playing all the songs still. It’s such a great feeling to play songs for 20 years and never really get tired of them. People still want to hear them and there’s still excitement there, and they still feel fresh. It’s really a beautiful thing.

This was your first album using an outside producer. What was that like for you as the songwriter to step in the studio with John Leckie to help you realize your vision with “Z”?

It was so great, because I really needed somebody who could work with me and not let our egos clash too much. John was just really great about coming in and respecting what I wanted to do, but also voicing his opinion and what he liked and what he didn’t like and when he thought we could do better. And it was just really so refreshing and so good for us to have him there. I mean, his track record speaks for itself, he’s somebody who you can trust right off the bat, just because of all the things they’ve done in the past. He’s such a soft-spoken gentleman but he also has this hilarious, brutal honesty about him, which was always really great.

Your lineup had also changed between the previous album “It Still Moves” and “Z” — adding keyboard player Bo Koster and guitarist Carl Broemel who are still in the band today. So was that like stepping in the studio with the “new guys” for the first time?

It was really nerve-racking and really exciting all at once. We had some touring experience under our belt with Bo and Carl, so we kind of knew that it was working out on that level, but we’d never really recorded before, so it was a real test for all of us. And I think we all knew that. So everybody brought their A game to the session and we took it really seriously, but we also had a lot of fun and just really kind of got to know each other. That was good to do that out in the middle of nowhere, out there in the Catskills, up at the studio. It gave us some time to really bond without a lot of the real-world stuff coming in or other people coming in. So I think that was really important, that we did it that way.

Do you remember what song came out of the sessions first?

“It Beats 4 U” was the first one, because that was one we had already played live before we started recording. So I think that was the first song that we started messing with. But I think they all were kind of coming to life around the same time. So by the time we got in there to start unpacking them, I had already written them and kind of made the demos of them and stuff.

It’s great that you included so many demo versions of your songs on this rerelease. What was the process like of locating these, sifting through and sequencing which ones you wanted to put on the album?

Well, I love demos for a lot of my favorite bands — I love it when I get to hear the demos from the albums. So I’m always saving all that stuff; with my own stuff I’m always compiling all the demos, because that’s half the fun to me. Because sometimes you get this just like a beautiful glimpse into the song. Quite often, I end up liking the demo more than I like the actual album, song because you get a whole, whole new view of it. It’s also interesting when you’re sequencing for vinyl, because you don’t have unlimited time so you kind of got to pick and choose, and that kind of forces you to just choose the best. There’s a whole other round of band demos and then there were my demos, so there were a lot of things to choose from. But it kind of helps me to look at it in vinyl format. There’s still something about the vinyl time limit that helps with quality control. Just kind of pick the ones that I feel are most effective and then try and make a fun sequence so that hopefully, if somebody’s into them, it’s kind of like you get a bonus album that you can listen to.

We had four true songs, B-sides, that we really love too, that weren’t demos. So that was really nice to finally get those out, because those had been on different soundtracks. And then one wasn’t even released. So I don’t think that those weren’t even on streaming or anything for years and years. So it’s really cool to have those out kind of everywhere now, because I’ve always liked all those songs and been proud of those songs too. And I think most bands know the feeling of you know when you make a record. Sometimes songs just don’t fit the record, even if you still love the songs.

MMJ during the “Z” era.

(Sam Erickson)

Were you playing any of those live at the point where you released the album the first round, or did you shelve them for later?

We’ve always played “Where to Begin” live — off and on. We’ve also tried “Chills” a couple times, and I think we did “How Could I Know” a couple times. We’ve never played “The Devil’s Peanut Butter,” we kinda forgot that one existed until this whole [album rerelease] process started, and I found that song again. So we’ll probably play that one somewhere out on the next leg.

Was this process something that you enjoy doing, like, in terms of your how to, sort of like, reexamine an album?

I really love it because I just feel so grateful that anybody even gives a s–, you know? I mean, so there’s that part of me that’s just so grateful to even still be in the game, talking about this. But beyond that, it’s really cool for me because it’s like jumping in a time machine and going back and looking at that point in my life and getting perspective on where I am now, and seeing how I’ve grown and asking “where have I changed? Where have I not changed?” I look back and with all of these albums as they come up to this 20-year mark, and I see I’ve always been really mean and hard on myself, on Jim, but I know that Jim was doing the best he could at each time. That’s the one thing I’ve always kind of been able to see, to get myself through, to not be too hard on myself. I know I was giving it everything I had, so whether I would change things about it as I am today or not — we all look back on the past, and maybe there’s things we’d do differently, but it gives me a lot of comfort to know that I was trying as hard as I could, and all the guys in the band were trying as hard as they could. It really makes me feel proud of us for just putting in the time and effort.

Nov. 1 (UPI) — Berkshire Hathaway has a record-high cash reserve of $381.7 billion after increasing its third-quarter earnings by 34% from a year ago, the firm said in its quarterly report on Saturday.

Berkshire Hathaway generated $13.485 billion in revenue during the third quarter, which is a 34% increase from $10.1 billion a year earlier.

“Investment income continues to benefit from rising cash balances and relatively high, though declining, yields on cash and short-term securities,” Edward Jones analyst James Shanahan wrote after the earnings report was released, as reported by MarketWatch.

Income from insurance underwriting topped $2.37 billion during the quarter, which was a 200% increase, partly due to relatively little by way of natural disasters and other common drivers of catastrophic losses.

The Omaha, Neb.-based conglomerate’s primary insurance and reinsurance companies produced pre-tax quarterly profits after reporting losses a year ago.

Although its insurance sectors posted profits, property and casualty insurer GEICO’s underwriting profits dropped by 13% due to an increase in claim amounts, according to Bloomberg.

Berkshire Hathaway’s Class A and Class B shares each rose 5%in value so far in 2025, and the firm did not undertake share buybacks through the first nine months of the year, CNBC reported.

It’s also the fifth consecutive quarter in which Berkshire Hathaway did not buy back any shares, which boosted its cash reserves to its current record of $381.6 billion.

That amount exceeds the prior record of $347.7 billion, which was set during the year’s first quarter.

Berkshire Hathaway also continued its recent trend of selling more equities than it buys, with a $10.4 billion gain from equities sales.

A little over a year ago, Madi Diaz lay in bed in an apartment near Dodger Stadium sweating out a gnarly case of COVID-19.

The Nashville-based singer and songwriter had traveled to Los Angeles to record the follow-up to her album “Weird Faith,” which came out in early 2024 and would go on to earn two Grammy nominations, including one for a beautifully bummed-out duet with her friend Kacey Musgraves. But after three or four days of work in the studio, Diaz became sick just as the Dodgers were battling the Mets in last October’s National League Championship Series.

“I could literally see the stadium lights — there were drones everywhere and people honking and lighting things on fire,” she recalls. “I was just like, Why, L.A. — why?”

Her suffering in a city she once called home was worth it: “Fatal Optimist,” the LP Diaz eventually completed in time to release this month, is one of 2025’s most gripping — a bravely stripped-down set of songs about heartbreak and renewal arranged for little more than Diaz’s confiding voice and her folky acoustic guitar.

In the album’s opener, “Hope Less,” she wonders how far she might be willing to go to accommodate a lover’s neglect; “Good Liar” examines the self-deception necessary to keep putting up with it. Yet Diaz also thinks through the harm she’s doled out, as in “Flirting” (“I can’t change what happened, the moment was just what it was / Nothing to me, something to you”).

And then there’s the gutting “Heavy Metal,” in which she acknowledges that enduring the pain of a breakup has prepared her to deal with the inevitability of the next one.

“This record is me facing myself and going, ‘I have to stay in my body for this entire song,’ ” Diaz, 39, says on a recent afternoon during a return trip to L.A.

What makes the unguardedness of the music even more remarkable is that “Fatal Optimist” comes more than a decade and a half into a twisty-turny career that might’ve left Diaz more leathered than she sounds here.

Beyond making her own albums — “Fatal Optimist” is her sixth since she moved to Nashville in 2008 — she’s written songs for commercials and TV shows and for other artists including Maren Morris and Little Big Town; she’s sung backup for Miranda Lambert and Parker McCollum and even played guitar in Harry Styles’ band on tour in 2023.

Yet in a tender new song like “Feel Something,” about longing to “be someone who doesn’t know your middle name,” Diaz’s singing reveals every bruise.

“Music is a life force for Madi,” says Bethany Cosentino, the Best Coast frontwoman who tapped Diaz as a songwriting partner for her 2023 solo album, “Natural Disaster.” “She has to do it, and it’s so authentic and so real and so raw because it’s not coming from this place of ‘Well, guess I gotta go make another record.’ ”

“If she doesn’t put those emotions somewhere,” Cosentino adds, “I think she’ll implode.”

Which doesn’t mean that putting out a record as vulnerable as “Fatal Optimist” hasn’t felt scary.

“I was gonna say it’s like the emperor’s new clothes,” Diaz says with a laugh over coffee in Griffith Park. “But I know I’m not wearing any clothes.” Dressed in shorts and a denim shirt, her hair tucked beneath a ball cap, she sits at a picnic table outside a café she liked when she lived in L.A. from 2012 to 2017.

“For a second, I was like, Damn, I wish I’d brought my hiking shoes — could’ve gone up to the top,” she says. “I would absolutely have done that as my masochistic 28-year-old self. Hike in the heat of the day? Let’s go.”

Diaz points to a couple of touchstones for her LP’s bare-bones approach, among them Patty Griffin’s “Living With Ghosts” — “a star in Orion’s Belt,” as she puts it — and “obviously Joni Mitchell’s ‘Blue,’ ” she says. “That’s just a duh.”

Like Mitchell, Diaz achieves a clarity of thought in her songs that only intensifies the heartache; also like Mitchell (not to mention Taylor Swift), she can describe a partner’s failings with unsparing precision.

“Some ‘I’m sorry’s’ are so selfish / And you just act like you can’t help it,” she sings in “Why’d You Have to Bring Me Flowers,” one of a handful of what she jokingly calls “folk diss tracks” on “Fatal Optimist.” It goes on: “Bulls— smile, in denial / We’ve been circling the block / We’ve been in a downward spiral.”

“There are definitely a couple songs on this record where I felt apologetic as I was writing it,” she says. “Then when I finished it was just like: It had to be done.” She grins. “They’re tough,” she says of her exes. “They’ll be fine.”

Asked whether any of her songs express her feelings in a way she wasn’t capable of doing with the ex in question, she nods.

“I’d say I could get about halfway there in real life,” she says. “It’s almost like I couldn’t finish the thought within the relationship, and that was the signal that we couldn’t go onward. Or that I couldn’t go onward.”

Has writing about love taught her anything about herself and what she wants?

“I travel a lot — I’m all over the place,” she says. “And I really like to come and go as I please. But it’s funny: In retrospect, I think maybe I was chasing a relationship that was a little more traditional, even though I don’t know if I can actually be that way. So that’s a weird thing to be aware of.”

Madi Diaz in Pasadena.

(Annie Noelker / For The Times)

Diaz grew up home-schooled in a Quaker household in rural Pennsylvania and learned to play piano and guitar when she was young; when she was a teenager, her talent took her to Philadelphia’s Paul Green School of Rock, whose founder was later accused of abuse and sexual misconduct by dozens of former students, including Diaz. (“It was a really toxic place,” she told the New York Times.)

She studied at Berklee College of Music in Boston before dropping out and heading to Nashville, where she started making her name as a singer-songwriter operating at the intersection of country and pop. After a few years of fruitful grinding, she came to L.A. to “see how high the ceiling was,” she says, and quickly fell in with a group of musician friends.

“We used to love going to the Smog Cutter,” she says of the shuttered Silver Lake dive bar, “to have a couple Bud Lights and sing Mariah Carey really poorly.”

Diaz was making money writing songs — Connie Britton sang one of her tunes on the soapy ABC series “Nashville” — but she struggled to achieve the kind of liftoff she was looking for as an artist. “Turned out the ceiling was quite high,” she says now with a laugh.

Along with the professional frustrations came “a nuclear explosion of a breakup” with a fellow songwriter, Teddy Geiger. “They were going through a huge identity shift,” Diaz says of Geiger, who came out as transgender, “and we worked in the same industry, and it just kind of felt like there wasn’t a place for me here.”

Diaz returned to Nashville, which didn’t immediately super-charge her career. “I was bartending at Wilburn Street Tavern and making Jack White nachos,” she recalls. “He would never remember this, but I remember. I was like, This is my life now.”

In fact, her acclaimed 2021 album “History of a Feeling” — with songs inspired by the complicated dynamics of her and Geiger’s split — finally brought the kind of attention she’d been working toward. She signed with the respected indie label Anti- (whose other acts include Waxahatchee and MJ Lenderman) and scored the road gig with Styles after he reached out via DM; she also became an in-demand presence in Nashville’s close-knit songwriting scene.

“I don’t know of anybody in town that doesn’t love Madi,” says Little Big Town’s Karen Fairchild, who adds that Diaz “has instincts about melodies that are all her own. Sometimes I’m thinking, ‘How’s she gonna fit that into the phrasing?’ But she always does.”

For “Fatal Optimist,” Diaz took an initial pass at recording her songs with a full band before deciding they called for the minimalist setup she landed on with her co-producer, Gabe Wax, at his studio in Burbank.

“We did it with no headphones, no click track, no grid,” she says. “It speeds up and slows down, and it goes in and out of tune as instruments do.” (One unlikely sonic inspiration was a singles collection by the pioneering riot grrrl band Bikini Kill, which she hailed for its “still-kind-of-figuring-it-out energy.”)

Diaz describes herself as a perfectionist but says “Fatal Optimist” was about “trying to find our way through the cracks of imperfection to break the ground and sit on the surface. I feel so proud that we let it live there.”

She’s touring behind the album this fall, playing solo shows — including a Nov. 20 date at the Highland Park Ebell Club — meant to preserve the album’s solitary vibe.

“I don’t know if I’d really thought that through when I made the decision,” she says with a laugh.

As good as she is on her own — and for all the torment she knows another relationship is likely to hold — “I’m a die-hard loyalist,” Diaz says. “I’m still looking for connection more than anything else.”

The Trump administration will limit the number of refugees admitted to the US to 7,500 over the next year, and give priority to white South Africans.

The move, announced in a notice published on Thursday, marks a dramatic cut from the previous limit of 125,000 set by former President Joe Biden and will bring the cap to a record low.

No reason was given for the cut, but the notice said it was “justified by humanitarian concerns or is otherwise in the national interest”.

In January, Trump signed an executive order suspending the US Refugee Admissions Programme, or USRAP, which he said would allow US authorities to prioritise national security and public safety.

The previous lowest refugee admissions cap was set by the first Trump administration in 2020, when it allocated 15,000 spots for fiscal year 2021.

The notice posted to the website of the Federal Register said the 7,500 admissions would “primarily” be allocated to Afrikaner South Africans and “other victims of illegal or unjust discrimination in their respective homelands”.

In February, the US president announced the suspension of critical aid to South Africa and offered to allow members of the Afrikaner community – who are mostly white descendants of early Dutch and French settlers – to settle in the US as refugees.

South Africa’s ambassador to Washington, Ebrahim Rasool, was later expelled after accusing Trump of “mobilising a supremacism” and trying to “project white victimhood as a dog whistle”.

In the Oval Office in May, Trump confronted South Africa’s President Cyril Ramaphosa and claimed white farmers in his nation were being killed and “persecuted”.

The White House also played a video which they said showed burial sites for murdered white farmers. It later emerged that the videos were scenes from a 2020 protest in which the crosses represented farmers killed over multiple years.

The tense meeting came just days after the US granted asylum to 60 Afrikaners.

The South African government has vehemently denied that Afrikaners and other White South Africans are being persecuted.

On his first day in office on 20 January, Trump said the US would suspend USRAP to reflect the US’s lack of “ability to absorb large numbers of migrants, and in particular, refugees, into its communities in a manner that does not compromise the availability of resources for Americans” and “protects their safety and security”.

The US policy of accepting white South Africans has already prompted accusations of unfair treatment from refugee advocacy groups.

Some have argued the US is now effectively shut to other persecuted groups or people facing potential harm in their home country, and even former allies that helped US forces in Afghanistan or the Middle East.

“This decision doesn’t just lower the refugee admissions ceiling,” Global Refuge CEO and president Krish O’Mara Vignarajah said on Thursday. “It lowers our moral standing.”

“At a time of crisis in countries ranging from Afghanistan to Venezuela to Sudan and beyond, concentrating the vast majority of admissions on one group undermines the programme’s purpose as well as its credibility,” she added.

Refugees International also slammed the move, saying it “makes a mockery of refugee protection and of American values”.

“Let us be frank: whatever hardships some Afrikaners may face, this population has no plausible claim on refugee status – they are not fleeing systematic persecution,” Refugees International said in its statement.

The South African government has yet to respond to the latest announcement.

During the Oval Office meeting, President Ramaphosa said only that he hoped that Trump officials would listen to South Africans about the issue, and later said he believed there is “doubt and disbelief about all this in [Trump’s] head”.

Earlier this year, Ramaphosa signed a controversial law allowing the government to seize privately-owned land without compensation in some circumstances.

While the country does not release race-based crime figured, figures published earlier this year showed that 7,000 people were murdered in South African between October and December 2024.

Of these, 12 were killed in farm attacks and only one of the 12 was a farmer. Five others were farm dwellers and four were employees, who are likely to have been black.

NEW YORK — When Lindsey Vonn retired from Alpine skiing in 2019, she walked away from the sport as one of the most successful skiers in history. Six years later she’s coming back, with her sights set on competing in a fifth Winter Olympics in February in Cortina d’Ampezzo, Italy.

But regardless of how that comeback ends, Vonn isn’t worried about it detracting from what she’s already accomplished.

“This is different because I had nothing to prove,” said Vonn, 41, who climbed a World Cup podium for the first time since 2019 when she finished second at the super-G season finals in Sun Valley, Idaho, last March.

“I don’t think anyone remembers Michael Jordan’s comeback. I don’t think that’s part of his legacy at all,” she continued. “I’ve already succeeded. I’ve already won. I was on the podium. I have the record for the oldest medalist in World Cup by seven years [she set the previous record in 2019]. I feel like this journey has been incredible.”

American Lindsey Vonn poses in 2019 with medals she has won throughout her career in the finish area at the alpine ski world championships in Are, Sweden.

(Marco Trovati / Associated Press)

Vonn has three Olympic medals, but she won her only gold 15 years ago. She’s won eight World Championship medals, but just one since 2017; her last gold came in 2009. But the comeback isn’t so much about rekindling that past as it is about shoring up the present.

“I closed my career, and I definitely would like to close that chapter in maybe a better way than I did in 2019,” said Vonn, who was speaking Tuesday at the U.S. Olympic Committee’s Media Summit in Manhattan. “I feel like I am happy, free. I’m doing it because I love it. I’m not doing to prove anything to anyone.”

Vonn missed the 2014 Winter Games with a right knee injury, an injury that led to her retirement in 2019. But after partial knee-replacement surgery last year, she decided she wasn’t done with skiing yet.

“After the replacement, I knew things were really different,” she said. “My body felt so good, and I just kind of kept pushing myself further and further to see what I was capable of. Skiing and racing seemed like the logical next step.”

American Lindsey Vonn skis during a women’s super-G run at the World Cup finals on March 23 in Sun Valley, Idaho.

(Robert F. Bukaty / Associated Press)

She’s a different skiier than she was when first started competing internationally two decades ago, she said.

“I have a lot more perspective now, having been away from the sport for six years,” she said. “That just allows me to compete in a different way and I think that gives me an advantage actually.

“Downhill skiing has a lot to do with with accumulated knowledge. And I’ve obviously accumulated a lot of knowledge, because I’ve raced for a very long time.”

Vonn, whose comeback landed her on the cover of this week’s Time magazine, said she’s in the best shape of her career. But she still must earn enough points on this winter’s World Cup circuit to qualify for the Olympics.

She said she probably wouldn’t have considered racing at a top level again if next February’s Games weren’t schedule for Cortina, where’s won a record 12 career World Cup races. She also recorded her first of 138 World Cup podiums in Cortina in 2004.

“My goal has always been Cortina again. It’s such a special place for me,” she said.

American Lindsey Vonn speeds down the course during an alpine ski women’s World Cup downhill race in Kvitfjell, Norway, on Feb. 28.

(Gabriele Facciotti / Associated Press)

“I didn’t want to set that as a goal, because I didn’t know if I would even be able to compete, let alone qualify or finish the season. Once I trained more and I got in better shape, I said to myself that this is an attainable goal. I can do this.”

And if she can’t, that won’t detract from the fact that she tried. Or from what she’s already accomplished.

“I’m at peace with where I am in my life,” she said. “I don’t need to be ski racing, but I definitely love to ski race and have nothing to prove. So I don’t feel like I have a lot of pressure, even though my dad says it’s the most pressure I’ve ever had in my whole life.”

The firestorms that broke out in January ravaged two distinctly different stretches of Los Angeles County: one with grand views of the Pacific Ocean, the other nestled against the foothills of the San Gabriel Mountains.

But so far, a push from congressional Republicans to investigate the Jan. 7 firestorm and response has been focused almost exclusively on the Palisades fire, which broke out in L.A.’s Pacific Palisades and went on to burn parts of Malibu and surrounding areas.

In a letter to City Council President Marqueece Harris-Dawson, two U.S. senators this week intensified that investigation, saying they want an enormous trove of documents on Los Angeles Fire Department staffing, wildfire preparations, the city’s water supply and many other topics surrounding the devastating blaze.

U.S. Sens. Rick Scott (R-Fla.) and Ron Johnson (R-Wis.) asked for records related to several issues raised during and after the Palisades fire, including an empty reservoir and the failure to fully extinguish a previous fire that was later identified as the cause.

In contrast, the letter only briefly mentions the Eaton fire, which broke out in the unincorporated community of Altadena and spread to parts of Pasadena. That emergency was plagued by delayed evacuation alerts, deployment issues and allegations that electrical equipment operated by Southern California Edison sparked the blaze.

Both fires incinerated thousands of homes. Twelve people died in the Palisades fire. In the Eaton fire, all but one of the 19 who died were found in west Altadena, where evacuation alerts came hours after flames and smoke were threatening the area.

Scott and Johnson gave Harris-Dawson a deadline of Nov. 3 to produce records on several topics specific to the city of L.A.: “diversity, equity and inclusion” hiring policies at the city’s Fire Department; the Department of Water and Power’s oversight of its reservoirs; and the removal of Fire Chief Kristin Crowley by Mayor Karen Bass earlier this year.

Officials in Los Angeles County said they have not received such a letter dealing with either the Palisades fire or the Eaton fire.

A spokesperson for Johnson referred questions about the letter to Scott’s office. An aide to Scott told The Times this week that the investigation remains focused on the Palisades fire but could still expand. Some Eaton fire records were requested, the spokesperson said, because “they’re often inextricable in public reports.”

The senators — who both sit on the Senate’s Committee on Homeland Security and Governmental Affairs — opened the probe after meeting with reality TV star Spencer Pratt, who lost a home in the Palisades fire and quickly became an outspoken critic of the city’s response to the fire and subsequent rebuilding efforts. At the time, the senators called the Palisades fire “an unacceptable failure of government to protect the lives and property of its citizens.”

The investigation was initially billed as a look at the city’s emergency preparations, including the lack of water in a nearby reservoir and in neighborhood fire hydrants the night of the fire. The Times first reported that the Santa Ynez Reservoir, located in Pacific Palisades, had been closed for repairs for nearly a year.

The letter to Harris-Dawson seeks records relating to the reservoir as well as those dealing with “wildfire preparation, suppression, and response … including but not limited to the response to the Palisades and Lachman fires.”

Officials have said the Lachman fire, intentionally set Jan. 1, reignited six days later to become the Palisades fire. A suspect was recently arrested on suspicion of arson in the Lachman fire. Now, the senators are raising concerns about why that fire wasn’t properly contained.

The sweeping records request also seeks communications sent to and from each of the 15 council members and or their staff that mention the Palisades and Eaton fires. At this point, it’s unclear whether the city would have a substantial number of documents on the Eaton fire, given its location outside city limits.

Harris-Dawson did not provide comment. But Councilmember Hugo Soto-Martínez, who serves on the council’s public safety committee, made clear that he thinks the senators are confused by Southern California’s geography — and the distinctions between city and county jurisdictions.

“MAGA Republicans couldn’t even look at a map before launching into this ridiculous investigation,” he said. “DEI did not cause the fires, and these senators should take their witch hunts elsewhere,” he said in a statement.

Officials in L.A. County, who have confronted their own hard questions about botched evacuation alerts and poor resource deployment during the Eaton fire, said they had not received any letters from the senators about either fire.

Neither Los Angeles County Supervisor Kathryn Barger — who currently serves as board chair — nor Supervisor Lindsey Horvath had received such a document request, according to their aides. Barger represents Altadena, while Horvath’s district includes Pacific Palisades, Malibu and unincorporated communities affected by the Palisades fire.

Monday’s letter also seeks records “referring or relating to any reports or investigations of arson, burglary, theft, or looting” in fire-affected areas, as well as the arrest of Jonathan Rinderknecht, the Palisades fire arson suspect. It also seeks documents on the council’s efforts to “dismantle systemic racism” — and whether such efforts affected the DWP or the Fire Department.

Alberto Retana, president and chief executive of Community Coalition, a nonprofit group based in Harris-Dawson’s district, said he too views the inquiry from the two senators as a witch hunt — one that’s targeting L.A. city elected officials while ignoring Southern California Edison.

“There’s been reports that Edison was responsible for the Eaton fire, but there’s [nothing] that shows any concern about that,” he said.

Residents in Altadena have previously voiced concerns about what they viewed as disparities in the Trump administration’s response to the two fires. The Palisades fire tore through the mostly wealthy neighborhoods of Pacific Palisades and Malibu — home to celebrities who have since kept the recovery in the spotlight. Meanwhile, many of Altadena’s Black and working-class residents say their communities have been left behind.

In both areas, however, there has been growing concern that now-barren lots will be swiftly purchased by wealthy outside investors, including those who are based outside of the United States.

Scott, in a news release issued this week, said the congressional investigation will also examine whether Chinese companies are “taking advantage” of the fire recovery. The Times has not been able to independently verify such claims.

Oct. 23 (UPI) — Tesla reported profits were down 37% in the third quarter despite a jump in revenue to $28.1 billion on frontloading of sales driven by buyers racing to beat the deadline for a federal tax credit before it expired Sept. 30.

The tax credit, worth up to $7,500 on EV purchases, helped the firm buck a run of declining quarterly sales along with a new six-seat version of its popular Model Y midsize SUV that performed well in the Chinese market.

While sales of competitors, including Ford and Hyundai, still outpaced Tesla’s it also lured in buyers with interest-free finance and insurance contributions.

That helped overall income rise by just under $3 billion, compared with the same period last year, and $1.73 billion more than predicted by analysts, with the largest contribution still coming from vehicle sales.

Revenue from Tesla’s energy generation and storage division surged 44% to $3.42 billion.

However, net profit slumped from $2.17 billion in the third quarter of 2024, to just $1.37 billion this year, with the results sending the stock price lower.

Tesla’s shares were down more than 3% at $424.60 in out-of-hours trade on the NASDAQ before Thursday’s market open — but remained well above the 30-day low of $413.49 they hit Oct. 10. The stock is up 9% year-to-date.

The firm’s performance was dragged down by an ongoing slump in its European market, partly due to a public backlash against Musk and tough competition from rivals from the continent and beyond, such as Volkswagen and China’s BYD.

Tariffs on car parts and raw materials imposed by President Donald Trump and higher research and development costs were also factors as the company embarks on CEO Elon Musk‘s efforts for an increased focus on AI and robotics.

Chief Accounting Officer Vaibhav Taneja told investors on a conference call Wednesday that the hit to Tesla from import duties in the July to September period was in excess of $400 million.

Tesla said it aimed to meet its target to begin “volume production” of Cybercab, heavy-duty electric semi trucks and its new Megapack 3 battery energy storage system in 2026, with Musk saying he expected Cybercab to begin rolling off the production line in the second quarter.

“First generation production lines” for Tesla’s humanoid Optimus robot were currently under construction. Musk said the firm expected to unveil Optimus V3 in the first quarter.

Tesla posted its latest results as shareholders were preparing for a November vote to approve a new remuneration package for Musk of as much as $1 trillion, all in shares.

The deal would be conditioned on his delivering an ambitious turnaround program involving boosting market capitalization from around $1.38 trillion to an unprecedented $8.5 trillion by pivoting Tesla to concentrate on autonomous driving, AI and robotics.

Apple, Microsoft and NVIDIA, the current behemoths of the U.S. tech sector, have market caps in the $2.6 to $3.2 trillion range.

The figure amounts to roughly $111,000 of debt for every person in the US, think tank says.

The United States national debt has topped $38 trillion, as the gap between government spending and revenues in the world’s largest economy expands at a rapid pace.

The US Department of the Treasury included the staggering figure in its latest report on the nation’s finances, with the debt standing at $38,019,813 as of Tuesday.

The figure amounts to roughly $111,000 of debt for every person in the US, and is equivalent to the value of the economies of China, India, Japan, Germany and the United Kingdom combined, according to the Peter G Peterson Foundation, a Washington, DC-based think tank.

The milestone comes a little over two months after debt in the US surpassed $37 trillion in mid-August. The debt stood at $36 trillion in November 2024, and $35 trillion that July.

Michael A Peterson, CEO of the Peter G Peterson Foundation, said US lawmakers were failing to live up to their “basic fiscal duties”.

“Adding trillion after trillion to the debt and budgeting-by-crisis is no way for a great nation like America to run its finances,” Peterson said in a statement.

“Instead of letting the debt clock tick higher and higher, lawmakers should take advantage of the many responsible reforms that would put our nation on a stronger path for the future.”

In May, Moody’s ratings downgraded the US government’s credit rating from Aaa to Aa1, citing the failure of successive administrations to “reverse the trend of large annual fiscal deficits and growing interest costs”.

The move followed similar downgrades by rating agencies Fitch and Standard & Poor’s in 2011 and 2023, respectively.

While there is debate among economists about how much debt the US can take on before triggering a financial crisis, there is widespread agreement that the current trajectory is unsustainable.

In a 2023 analysis, economists at the Penn Wharton Budget Model estimated that financial markets would not tolerate US debt levels above 200 percent of gross domestic product (GDP).

The nonpartisan Congressional Budget Office has estimated that the debt could reach 200 percent of GDP by 2047, in part due to sweeping tax cuts included in US President Donald Trump’s One Big Beautiful Bill Act.

The Tampa Bay Buccaneers selected wide receiver Emeka Egbuka with the 19th pick of this year’s NFL Draft and he made an instant impact, scoring two touchdowns on his debut.

Veteran receivers Mike Evans and Chris Godwin have been struggling with injury, and now Evans is out for the rest of the season, so 23-year-old Egbuka is set to remain the main outlet for Bucs quarterback Baker Mayfield.

“Egbuka’s been thrown into the fire a little bit, but everyone at Ohio State said he was a professional wide receiver playing college football,” said Miller.

“As a route runner, he was precise, he was crisp, he was sharp. He was a punt returner so you knew about his toughness and his playmaking ability.

“And getting to know him in the pre-draft process, he was mature. He was a leader at Ohio State, despite never being the number one wide receiver. He never complained, he just showed up and did his job.”

Miller added that rookies like Egbuka and Tyler Warren now come into the NFL better prepared to make the step up.

Warren was the 14th overall pick by the Indianapolis Colts, who are leading the way with a 6-1 record, and Warren has more receiving yards than any other tight end (439).

NFL analyst Phoebe Schecter added: “The Colts’ offence has surprised a ton of people, and Warren’s a bit like Brock Bowers [at the Raiders] last year, a tight end coming in, being productive and such a key piece within their offence.”

Published on
22/10/2025 – 14:33 GMT+2

Italian banking group UniCredit has delivered a robust third quarter, underscoring its position as one of Europe’s stronger lenders.

“UniCredit delivered yet another set of record results, with net revenues up 1.2% and costs down 0.1% versus last year,” said CEO Andrea Orcel in a statement.

Net profit came in at €2.6 billion in the third quarter, up 4.7% year-on-year, and above a company estimate of €2.4bn.

Over the first nine months of the year, the bank’s net profits rose by 12.9% to €8.7bn.

“These results reflect disciplined execution, and I am confident that we will continue to build sustainable value for all stakeholders,” said Orcel.

UniCredit also reaffirmed full-year 2025 net profit guidance at €10.5bn and said it planned to distribute at least €9.5bn to shareholders.

Why this matters

In a European banking sector facing low growth, investor pressure, and regulatory hurdles, the results are significant for several reasons.

First, UniCredit’s combination of revenue growth, cost control, and low credit impairments suggests a resilience not always seen among its peers.

Second, the reaffirmation of strong guidance signals management confidence in execution through to year-end despite macroeconomic uncertainties in European and global markets.

Thirdly, the capital position and shareholder-return commitments indicate that the bank is in a position to manage risk and reward investors.

Europe’s banks are navigating reduced margins, regulatory costs, and lacklustre loan demand. Against that backdrop, UniCredit’s cost-income ratio of 37% in the quarter is a standout.

The lender also noted that its medium-term ambitions remain unchanged, standing by a net profit target of above €11 billion for the full-year 2027.

What to watch

Key to delivery will be how UniCredit handles a potential slowdown in areas such as net interest income, which fell 5.4% year-on-year in the quarter, and how it sustains its cost-efficiency edge.

The impact of wider economic weakness in Italy, Germany, and Central and Eastern Europe, all countries with strong UniCredit presence, remains a risk.

Additionally, conversion of its medium-term plans into reality will require continued disciplined execution. This is especially the case as the bank pursues strategic initiatives such as life insurance policy changes in Italy and its takeover of Commerzbank.

UniCredit has built a 26% stake in the German lender over the last year, although Orcel’s advances are facing fierce opposition from the government in Berlin.

EUCLID, Ohio — Campaigning in a key battleground state, Mitt Romney said Monday that President Obama has failed in his promises to reduce unemployment, improve the nation’s housing market and right the nation’s economy.

“At the convention, the Democratic Convention about four years ago, the president got up and spoke about hope, change and together we can do anything. But he hasn’t lived up to those kinds of expectations,” Romney told hundreds of people gathered in a heavy gauge-stamping warehouse just outside Cleveland. “The American people are good-hearted people with the desire for good things to happen to one another and we hoped that this president would be able to be successful. I sure did. And he has not been. I know how many people are struggling. I want to do my very best to help them and I’m convinced that my experience will help me get this economy going and get people back to work and good jobs, which they need.”

Romney made his remarks while campaigning in Ohio, a state that has picked every president since 1964 and where Obama officially kicked off his reelection bid Saturday. The GOP candidate’s comments, six months before the election, come the same day that two new polls showed the men in a statistical dead heat, and on the day that Obama launched a $25-million monthlong television ad buy in Ohio and eight other swing states.

Romney did not mention the ad or Obama’s appearance here over the weekend, but he argued that by Obama’s own benchmarks, such as getting unemployment below 8%, and other indicators such as a drop in median incomes and rising healthcare, food and fuel costs, the president’s policies have not worked.

“Americans in the middle class are feeling squeezed, even if they have a job. And obviously most of our citizens have a job, but boy, these are tough times,” Romney said.

A Romney backer who introduced the presumptive GOP nominee said Obama does not understand the middle class.

“I’m tired about hearing him talk about the middle class as though he knows anything about us,” said state auditor Dave Yost to loud applause, before reeling off a list of vacations the Obamas have taken since coming to the White House.

Yost said the tally was 17 vacations, including one last Christmas that cost $1.5 million. “Mr. President, that’s not middle class. And you stop lecturing us about our lives!”

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Original source: Romney focuses on Obama’s economic record in Ohio

From Jack Harris: During the first five innings Thursday afternoon, the Dodgers patiently waited.

For impossible shadows to subside on a sunny afternoon at Dodger Stadium.

For Milwaukee Brewers rookie star Jacob Misiorowski to lose steam amid an electric bulk-relief outing.

For the door to crack even slightly open, and give their veteran club — seeking a 3-0 lead in the National League Championship Series — the opportunity to burst through it.

In the bottom of the sixth inning, the moment finally arrived.

And once the Brewers wavered, the relentless Dodgers pounced.

With a two-run rally fueled by professional hitting, aggressive baserunning and a little cat-and-mouse with the pitch clock, the Dodgers broke an early tie, took a lead they wouldn’t relinquish and moved to the doorstep of the World Series with a 3-1 win in Game 3 of the NLCS.

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Plaschke: Are these Dodgers the best postseason team in baseball history? They will be

Gold Glove finalist Mookie Betts’ fielding (and hitting) has Dodgers in position for sweep

Shaikin: It’s not easy to repeat as World Series champs, but Dodgers don’t seem to mind

Dodgers box score

MLB POSTSEASON SCHEDULE, RESULTS

All times Pacific

NLCS
Dodgers vs. Milwaukee

Dodgers 2, at Milwaukee 1 (box score)

Dodgers 5, at Milwaukee 1 (box score)

at Dodgers 3, Milwaukee 1 (box score)

Friday: at Dodgers, 5:30 p.m., TBS, truTV, HBO Max, AM 570, KTMZ 1220, ESPN radio

*-Saturday: at Dodgers, 5 p.m., TBS, truTV, HBO Max, AM 570, KTMZ 1220, ESPN radio

*-Monday: at Milwaukee, 2 p.m., TBS, truTV, HBO Max, AM 570, KTMZ 1220, ESPN radio

*-Tuesday: at Milwaukee, 5 p.m., TBS, truTV, HBO Max, AM 570, KTMZ 1220, ESPN radio

ALCS
Seattle vs. Toronto
Seattle 3, at Toronto 1 (box score)
Seattle 10, at Toronto 3 (box score)
Toronto 13, at Seattle 4 (box score)
Toronto 8, at Seattle 2 (box score)
Friday at Seattle, 3 p.m., FS1
Sunday at Toronto, 5 p.m., FS1
*-Monday at Toronto, 5 p.m., Fox/FS1

*-if necessary

From Ben Bolch: They’re calling their favorite audible again.

One quarterback guru contacts the other, asking for help in creating a dynamic offense.

The answer is always yes. The results say as much about Jerry Neuheisel and Noel Mazzone’s devotion to one another as they do about their ability to mass-produce yards and points for UCLA.

“No matter what happens,” Neuheisel said in an interview with The Times, “as long as you’re around him you have a smile on your face.”

The latest call came from the longtime apprentice to his mentor.

With the Bruins sputtering toward an 0-4 start, Neuheisel spoke with Mazzone about possibly returning to Westwood to assist with the offense. Just like he routinely had when he was UCLA’s offensive coordinator a decade earlier, Mazzone cultivated the necessary intelligence, learning that Neuheisel would be promoted from tight ends coach to playcaller before Neuheisel did.

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From Ryan Kartje: The call that King and Kaylon Miller waited their whole lives to receive came on their drive back from practice, late in their senior year at Calabasas High.

But Kaylon didn’t pick up. His phone marked the call as spam.

Fortunately for the twin brothers, their dream came with a follow-up text. When they called back, former USC offensive line coach Josh Henson delivered the good news. USC wanted both Kaylon, an offensive lineman, and King, a running back, to join the team as preferred walk-ons.

“We had to stop the car on the side of the road,” King said. “We were going crazy.”

“I turned to King, like, ‘What is life right now?’” Kaylon added. “There’s no way this opportunity is coming up.”

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KINGS

Filip Hallander scored his first career goal to give Pittsburgh the lead and the Penguins rallied to beat the Kings 4-2 on Thursday night.

Hallander, playing in his seventh NHL game, jammed in Rickard Rakell’s rebound at the near post for the short-handed goal at 6:50 of the third period to give Pittsburgh a 3-2 lead in the second game of a three-game California swing.

Evgeni Malkin, Connor Dewar and Sidney Crosby also scored, and Arturs Silovs made 30 saves for the Penguins.

Warren Foegele and Kevin Fiala scored in the first period to give the Kings a 2-0 lead after one, but L.A. lost its third in a row. Anton Forsberg made 22 saves.

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Kings summary

NHL standings

DUCKS

Seth Jarvis scored his 100th and 101st NHL goals and added an assist, and the Carolina Hurricanes remained the NHL’s only unbeaten team with a 4-1 victory over the Ducks on Thursday night.

Alexander Nikishin scored his first NHL goal and Shayne Gostisbehere matched his career high with three assists for the Hurricanes, who improved to 4-0-0 with their second win to start a six-game trip.

Sebastian Aho had a goal and an assist and Frederik Andersen made 23 saves against his former team for Carolina. Jarvis scored the Canes’ first two goals, giving him five in four games during his sizzling start.

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Ducks summary

NHL standings

THIS DAY IN SPORTS HISTORY

1948 — The Green Bay Packers intercept seven passes off Bob Waterfield in a 16-0 victory over the Rams.

1954 — Adrian Burk of the Philadelphia Eagles passes for seven touchdowns in a 49-21 victory over the Washington Redskins. Burk completes 19 of 27 passes for 232 yards and his longest touchdown pass is 26 yards.

1960 — The National League formally awards franchises to the New York Metropolitan Baseball Club Inc. headed by Joan Payson and a Houston, Texas, group headed by Judge Roy Hofheinz, Craig Cullinan and R.E. Smith.

1964 — Quarterback Jerry Rhome is responsible for 56 of Tulsa’s 58 points with seven touchdown passes, two rushing touchdowns and a 2-point conversion in a 58-0 shutout of Louisville.

1974 — The Washington Capitals beat the Chicago Blackhawks 4-3 at the Capital Centre to earn the first victory in franchise history.

1989 — The Calgary Flames tie an NHL record by scoring two goals, both short-handed, in 4 seconds and also three goals in a 27-second span during the third period to pull into an 8-8 tie with the Quebec Nordiques.

1991 — Paul Coffey of the Pittsburgh Penguins becomes the highest-scoring defenseman in NHL history. Coffey gets two assists in an 8-5 victory against the New York Islanders at the Civic Arena, giving him 1,053 career points (309 goals and 744 assists). Coffey passes longtime Islanders star Denis Potvin.

1991 — Angel Cordero Jr. becomes the 3rd jockey to win 7,000 races.

1992 — Jari Kurri of the Kings scores his 500th goal in an 8-6 win over the Boston Bruins. Kurri becomes the first European-trained player and 18th player overall to reach the mark.

2000 — Patrick Roy sets an NHL record with his 448th career victory as Colorado beats Washington 4-3 in overtime. Roy snaps a tie with Terry Sawchuk, who held the mark since 1970. Sawchuk earned his 447th victory in his 968th game, while Roy wins No. 448 in his 847th game.

2015 — Star forward Cristiano Ronaldo becomes Real Madrid’s all-time leading scorer across all competitions, overtaking club legend Raul with his 324th goal in a 3-0 win over Levante.

2015 — Jalen Watts-Jackson scoops up a flubbed punt attempt and lumbers 38 yards for a touchdown on the final play of the game, giving No. 7 Michigan State a shocking 27-23 win over No. 12 Michigan at the Big House.

2017 — Boston’s Gordon Hayward breaks his left ankle just five minutes into the season, a grisly injury that overshadows Kyrie Irving’s return to Cleveland and the Cavaliers’ 102-99 win over the shocked Celtics.

2021 — The Chicago Sky defeat the Phoenix Mercury 81-74 to win their first WNBA Championship three games to one. The Sky’s Kahleah Copper is named Finals MVP.

Compiled by the Associated Press

Until next time…

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From Jack Harris: At 5:37 p.m. Wednesday night, Michael Buble’s “Feeling Good” blared from the Dodger Stadium speakers.

Shohei Ohtani came strolling to the plate with a bat in his hands.

There was no one in the stands, of course. Nor an opposing pitcher on the mound. The Dodgers, on this workout day after returning from Milwaukee, were still some 22 hours away from resuming their National League Championship Series against the Brewers. For any other player, it would have been a routine affair.

Ohtani, however, is not just any other player.

And among the many things that make him unique, his habit of almost never taking batting practice on the field is one of the small but notable ones.

Which made his decision to do so Wednesday a telling development.

Over the last two weeks, Ohtani has been in a slump. Since the start of the NL Division Series, he is just two-for-25 with a whopping 12 strikeouts. He has been smothered by left-handed pitching. He has made poor swing decisions and failed to slug the ball.

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Hernández: The Dodgers’ latest starting-pitching flex? Make the bullpen a non-factor

Dodgers’ Teoscar Hernández avoids Milwaukee’s allegedly haunted hotel at wife’s insistence

Shaikin: Dodgers starting pitchers proving to be the ultimate opposing crowd silencers

ANGELS

From Steve Henson: Witness testimony began Wednesday with an accusation of negligent supervision in the high stakes trial against the Angels by the family of deceased pitcher Tyler Skaggs.

Tim Mead, an Angels employee of 40 years, was portrayed by the plaintiffs lawyer, Rusty Hardin, during four hours of direct examination as a well-meaning boss who repeatedly ignored company policy by failing to report the improper conduct of Eric Kay, the team communications director who gave Skaggs the fentanyl pills that killed him.

Hardin brought up a litany of instances where Kay likely violated Angels rules that could have resulted in discipline and even termination long before the July 2019 road trip to Texas during which Skaggs died in his hotel room after chopping up and snorting the illicit drugs provided by Kay.

Mead acknowledged that he knew of Kay’s years-long episodes of bizarre behavior, an extramarital affair with an intern, and problems with prescription medication, but that he never reported any of it to human resources.

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MLB POSTSEASON SCHEDULE, RESULTS

All times Pacific

NLCS
Dodgers vs. Milwaukee

Dodgers 2, at Milwaukee 1 (box score)

Dodgers 5, at Milwaukee 1 (box score)

Thursday: at Dodgers, 3 p.m., TBS, truTV, HBO Max, AM 570, KTMZ 1220, ESPN radio

Friday: at Dodgers, 5:30 p.m., TBS, truTV, HBO Max, AM 570, KTMZ 1220, ESPN radio

*-Saturday: at Dodgers, 5 p.m., TBS, truTV, HBO Max, AM 570, KTMZ 1220, ESPN radio

*-Monday: at Milwaukee, 2 p.m., TBS, truTV, HBO Max, AM 570, KTMZ 1220, ESPN radio

*-Tuesday: at Milwaukee, 5 p.m., TBS, truTV, HBO Max, AM 570, KTMZ 1220, ESPN radio

ALCS
Seattle vs. Toronto
Seattle 3, at Toronto 1 (box score)
Seattle 10, at Toronto 3 (box score)
Toronto 13, at Seattle 4 (box score)
Thursday at Seattle, 5:30 p.m., FS1
Friday at Seattle, 3 p.m., FS1
*-Sunday at Toronto, 5 p.m., FS1
*-Monday at Toronto, 5 p.m., Fox/FS1

*-if necessary

LAKERS

From Broderick Turner: Gabe Vincent pulled up for a three-pointer and nailed it. And then Vincent nailed his next three and his next three and his next, giving him four straight made treys.

Vincent was on fire to start the game for the Lakers during their exhibition game against the Dallas Mavericks on Wednesday night at T-Mobile Arena.

Before Vincent could even think about getting off his fifth three-pointer, Mavericks rookie Cooper Flagg smothered him. Vincent stumbled and fell, scrambling to keep control of the ball. He did and passed it to a teammate.

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KINGS

The Kings have reacquired veteran goalie Pheonix Copley to provide depth while Darcy Kuemper is slowed by a lower-body injury.

The Kings acquired the 33-year-old Copley from Tampa Bay in a trade Wednesday for future considerations.

Copley spent the previous three years in the Kings’ organization, including 42 games last season for the AHL’s Ontario Reign. The former Washington netminder started 35 games for the Kings during the 2022-23 season before missing most of the 2023-24 season because of a knee surgery.

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THIS DAY IN SPORTS HISTORY

1897 — Michigan beats Ohio State 34-0 at Ann Arbor, the first meeting between theses storied rivals.

1909 — In his 4th title defense Jack Johnson KOs Stanley Ketchel in the 12th round at Mission St Arena, Colma, California to retain his heavyweight boxing crown.

1932 — After a 0-0 tie earlier in the season, the Green Bay Packers beat the Chicago Bears 2-0.

1946 — Detroit’s Gordie Howe scores a goal and gets into two fights in his first NHL game. The Red Wings tie the Toronto Maple Leafs 3-3.

1964 — Babe Parilli of the Boston Patriots passes for 422 yards and four touchdowns in a 43-43 tie with the Oakland Raiders.

1968 — Americans Tommie Smith and John Carlos give black power salutes during the medal ceremonies of the 200-meter race and are later banned for life from all Olympic competition by the IOC.

1971 — Norm Ullman of the Toronto Maple Leafs records his 1,000th point in a 5-3 loss to the New York Rangers. Ullman gets two assists to become the fourth NHL player to reach the milestone.

1976 — Tony Franklin of Texas A&M kicks two field goals over 60 yards for an NCAA record. The distances are 65 and 64 yards as the Aggies beat Baylor 24-0.

1977 — The Denver Broncos intercept seven passes off Ken Stabler of the Oakland Raiders in a 30-7 victory.

1977 — The Minnesota Vikings beat the Chicago Bears 16-10 in overtime with the only successful fake field goal in NFL overtime.

1987 — Mike Tyson retains his undisputed heavyweight title with a seven-round knockout of Tyrell Biggs in Atlantic City, N.J.

1999 — Fourth-ranked Virginia Tech hangs a record-setting 62-0 loss on No. 16 Syracuse. It’s the worst shutout loss by a ranked team in the history of The Associated Press poll.

1999 — Mount Union beats Otterbein 44-20 for its 48th consecutive victory, surpassing Oklahoma’s 42-year-old all-division mark of 47 in a row.

2004 — 17-year-old Lionel Messi makes his league debut for FC Barcelona in a 1-0 win against cross-town rivals Espanyol.

2004 — Mount Union beats Marietta 57-0 for its 100th consecutive regular-season victory. The Purple Raiders’ last regular-season loss was on Oct. 15, 1994, at home against Baldwin-Wallace.

2011 — Danell Leyva becomes the first American man gymnast to win a gold medal at the World Championships since 2003. Leyva wins the parallel bars title to become the first gold medalist for the U.S. since Paul Hamm claimed the floor exercise and all-around titles in 2003.

2011 — Dan Wheldon, 33, dies in a fiery 15-car wreck at Las Vegas Motor Speedway when his car flew over another on Lap 13 and smashes into the wall just outside turn 2.

2017 — Louisville’s Athletic Assn. officially fires coach Rick Pitino nearly three weeks after the school acknowledged that its men’s basketball program is being investigated as part of a federal corruption probe. The association, which oversees Louisville’s sports programs and is composed of trustees, faculty, students and administrators, vote unanimously to oust the longtime Cardinals coach after a board meeting.

Compiled by the Associated Press

Until next time…

That concludes today’s newsletter. If you have any feedback, ideas for improvement or things you’d like to see, email me at [email protected]. To get this newsletter in your inbox, click here.