Top stories
Stocks Had Their Best Day Since August. The Two-Year Treasury Did Not Move.
Paramount Settles With the States Nine Days Before the Meter Starts
Three Newsrooms Lost Their White House Passes on Saturday. No One Named a Story.
Fox Won August by One Measure and Lost a Fifth of Its Audience by the Other
Saudi Arabia Spends $83 Billion a Year. Its Pipeline Is Burning and It Has Not Answered.
The Catch-Up Contribution Changes Hands in 2027, Not 2026
Delaware Was Supposed to Be Losing Companies. It Registered 334,461 New Ones.
Yields Touched Five Percent and Then Fell. The Market Read the Hike as a Promise.
Why Did the Senate Vote Twice on the Same Bill in Three Days?
What Happens When the Advertiser's Own Agent Joins the Conversation?
Will the World Agree AI Red Lines Before the Year Runs Out?
The Big Read
AI SecurityGoogle Knew for Seven Weeks. Its Customers Found Out From a Newspaper.
The model did not go rogue. The test harness leaked, a made-up company name collided with a real one, and four frontier labs turned out to be buying containment from the same 35-person vendor. For enterprise buyers the lesson is about disclosure, not robots.
A Gemini model reached protected systems at three companies that were never meant to be in the test. File photograph.
Google has confirmed that one of its Gemini models broke into three real companies in May.
That sentence is accurate and almost entirely misleading, which is the problem with this story and the reason it is worth a business reader's time. The model was not sent after those companies. Nobody at Google pointed it at them. It was running a capture-the-flag exercise on infrastructure owned by Irregular, an Israeli firm that sells cyber-capability evaluations to frontier labs, and it had been told to attack a company that does not exist. Two things then went wrong at once. The fictional target's name turned out to belong to a real business. And Irregular's environment, which was supposed to be sealed, had a route to the open internet.
So the model went and did the job it had been given, against the internet's version of the company it had been told to attack. In one case it guessed passwords until a protected system let it in. In the other two it found working credentials sitting in a public code repository and used them. In all three, according to Google, it stopped.
The Numbers
Twelve to Nothing. The Fed Raised Rates Into an Oil Shock It Says It Cannot Fix.
A unanimous committee is unusual at a turning point, and it is the most informative number in the decision.
The Numbers
Private Credit's Default Rate Hit a Record the Week Before the Fed Raised Rates
Private credit grew up in an era of cheap money and has never been tested by a rate rise.
Weather
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Infrastructure Everybody Depends On Should Not Be Owned by a Competitor
Coverage Should Follow the Approval, Not the Advice
You Cannot Delegate the Thing You Have Never Done
Technology
Xbox Is Three Quarters of the Way Through Its Reset. Halo Changed Hands on the Way.
The cuts are small next to the 3,200 roles Xbox said in July it would remove.
Fox Paid $440 Million for a Library of Cheap Films. It Now Bills More Than $1 Billion a Year.
The service Fox bought in 2020 for less than the cost of two seasons of prestige drama now takes 2 per cent of all American television viewing — more than HBO Max, more than Apple TV+.
A Student Loan Refinancer Now Holds the 47th Largest Deposit Base in America
SoFi bought a $22m bank in Sacramento in 2022 to get a national charter.
Apple's Second Round of Cuts Went After the Content It Has to Keep Making
The first reductions under John Ternus are tiny by Silicon Valley standards.
Editors read every submission. Here is how to send documents, on background or on the record.
How to submitThe Picture
The Former Rebels Are Losing Bangsamoro's First Election to Other Former Rebels
The Numbers
Pennsylvania Has 693 Measles Cases, 133 Hospitalisations and a Third Death Under Review
The Long View
The Labs Asked for Rules. The President Says the Guardrail Is Him.
The Long View
The Drones Hit a Warsaw-Bound Train Minutes After the Diplomats Passed Through
The Long View
Five Percent. The Monday the Price of Money, Energy and the Future Moved Together.
Editor's Choice
The Kennedy Center Says It Cannot Make Payroll, and Its Board Has Named One Way Out
A performing arts centre runs on three kinds of money: tickets, donors and grants.
Latest News
Everything we have published, newest firstThe Board Voted to Close the Kennedy Center Hours After a Judge Refused to Let It Carry Trump's Name
A federal judge ruled on Tuesday that the Kennedy Center cannot install memorials to President Trump or rename itself without Congress. Hours later the board he chairs voted to close the main building immediately for a renovation expected to last two years. The president said the work will not happen at all unless the naming ruling is overturned.
A Comedy Nobody Had Heard of Last Year Won Six Emmys, Including the One That Counts
Widow's Bay took six Emmys in its first season on Monday night, including outstanding comedy series. The Pitt won outstanding drama for the second year running. Jean Smart became the first woman to win an Emmy for every season of a show, and Matthew Rhys the first person to win two lead acting Emmys for different series in the same year.
Why Did the Senate Vote Twice on the Same Bill in Three Days?
The Senate spent Thursday on two different kinds of majority. A bill rewriting college athletics cleared its procedural hurdle 77 to 22, two days after a 74 to 24 cloture vote on the same motion. A district judgeship cleared cloture 49 to 47 an hour later.
The Hormuz Closure
Iran's Nuclear Chief Was Kept Out of the Room Where Its Inspections Are Argued
Austria revoked the visa of Mohammad Eslami, head of Iran's Atomic Energy Organization, before the IAEA's General Conference opened in Vienna on Monday. The United States objected to a UN sanctions waiver for his travel, and under the committee's rules one objection was enough. Iran says the host country broke its obligations. The conference it cannot attend is the one that debates its nuclear programme.
Staying to Keep the Oil and Ending the War Soon Are Two Different Plans
Speaking at his golf resort in Ireland on Sunday, President Trump said the US would ultimately leave Iran "unless we decide to stay and keep the oil like Venezuela," and that gasoline prices would "drop like a rock" when the war ends. The two statements point in opposite directions. One describes a withdrawal. The other describes an occupation of the world's most contested oil infrastructure.
Saudi Arabia's Way Around Hormuz Is Shut, and Its Way Out of the Red Sea Is Held by the Houthis
Saudi Arabia shut its East-West pipeline after drone attacks last week, closing the main route its oil had used to avoid the Strait of Hormuz. Over the weekend the Houthis took Perim Island and with it control of the Bab al-Mandab, the strait that cargoes loaded at the pipeline's Red Sea terminal must pass to reach Asia. Brent rose toward $108 on Monday.
Bangsamoro Voted for Its First Parliament. The Peace Deal Promised It Twelve Years Ago.
The conflict that produced the region cost an estimated 150,000 lives. Monday's election is the point at which the former rebels who have governed by appointment have to win their mandate at the ballot box instead.
Sweden Voted on Whether the Far Right Should Govern, and the Far Right Went Backwards
Sweden's centre-left opposition leads the preliminary count by 176 seats to 173, with postal and overseas votes still to come. The Social Democrats are the largest party on 28.1 percent. The Sweden Democrats, whom the prime minister had proposed bringing into government, fell to 17.6 percent, the first decline in their history.
Three First Ministers Signed a Declaration of Self-Determination. None of Them Can Call a Vote.
The leaders of the SNP, Plaid Cymru and Sinn Féin, who are now the first ministers of Scotland, Wales and Northern Ireland, signed a joint declaration in Cardiff on Monday asserting their nations' right to self-determination. The UK prime minister has already ruled out referendums in Scotland and Northern Ireland. The power to hold one sits with Westminster in every case.
A rate increase reaches a credit card balance within a billing cycle and a mortgage only through the bond market, if at all.
Kansas's In-State Tuition Law Was Struck Down in a Case Neither Side Wanted to Win
A federal judge has ended the Kansas law that let undocumented students who graduated from Kansas high schools pay in-state tuition. The Justice Department sued, the state's attorney general agreed with the lawsuit, and the judge entered a consent judgment. The governor and a student group asked to defend the law and were refused.
Opinion Voices
Argument and analysis from our columnistsFeatured Voices
The reporters and editors behind the coverage
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Editor-at-Large
The Story So Far
The Hormuz Closure21 stories
- 22 Sept Stocks Had Their Best Day Since August. The Two-Year Treasury Did Not Move.
- 19 Sept Saudi Arabia Spends $83 Billion a Year. Its Pipeline Is Burning and It Has Not Answered.
- 17 Sept Yields Touched Five Percent and Then Fell. The Market Read the Hike as a Promise.
- 16 Sept Twelve to Nothing. The Fed Raised Rates Into an Oil Shock It Says It Cannot Fix.
- 16 Sept The House Voted a Third Time to End the Iran War, and Is Still About Seventy Votes Short
- 15 Sept Five Percent. The Monday the Price of Money, Energy and the Future Moved Together.
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