Top stories
Private Credit's Default Rate Hit a Record the Week Before the Fed Raised Rates
The Government Paid $6.7bn Last Year for Work Nobody Did
A Factory in Liuzhou Now Builds a Humanoid Robot Every Ten Minutes
OpenAI Is Sounding Out a $1.5tn Valuation and Putting Off the Listing
The House Voted a Third Time to End the Iran War, and Is Still About Seventy Votes Short
The Doors Closed at Half Past Four, and Two Thousand Performances a Year Closed With Them
The EU Cannot Admit Canada, So It Has Invented a Category Instead
Kosovo's Former President Was Convicted by a Court Kosovo Agreed to Create
The Board Voted to Close the Kennedy Center Hours After a Judge Refused to Let It Carry Trump's Name
The Big Read
The Long ViewDelaware Was Supposed to Be Losing Companies. It Registered 334,461 New Ones.
A count of filings is not a count of consequence. Delaware's numbers went up and its legislature moved regardless, which tells you more about what is actually being contested than either fact does alone.
Delaware's registry recorded 334,461 new entity formations in 2025. Most of them are filings rather than companies with employees.
Delaware's registry recorded 334,461 new business entity formations in 2025. In 2024 it recorded 289,810, and in 2023 it recorded 298,165.
For two years the story told about Delaware has been one of departure: companies reincorporating elsewhere, a body of case law that founders had stopped trusting, and rival states advertising for the business. The registry is the one count that settles whether the state lost volume. It did not.
More than 2.28 million entities are now registered in Delaware. Over two-thirds of the Fortune 500 are incorporated there. Of the initial public offerings by US-based companies last year, the state puts its share at nearly 70 percent.
The Numbers
A Comedy Nobody Had Heard of Last Year Won Six Emmys, Including the One That Counts
A first-season show sweeping the comedy categories is rare, and it says something about an industry where almost nothing reaches everybody any more: the awards are one of the few places the business still agrees on what it watched.
The Numbers
Pennsylvania Has 693 Measles Cases, 133 Hospitalisations and a Third Death Under Review
An outbreak of this size is not a failure of medicine.
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
The Numbers
Yields Touched Five Percent and Then Fell. The Market Read the Hike as a Promise.
The decision was Tuesday's.
Why Did the Senate Vote Twice on the Same Bill in Three Days?
Both are majorities and only one is a consensus.
What Happens When the Advertiser's Own Agent Joins the Conversation?
A banner asks for a click.
Will the World Agree AI Red Lines Before the Year Runs Out?
The letter was the easy part.
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Editors read every submission. Here is how to send documents, on background or on the record.
How to submitThe Picture
Kansas's In-State Tuition Law Was Struck Down in a Case Neither Side Wanted to Win
The Long View
Bangsamoro Voted for Its First Parliament. The Peace Deal Promised It Twelve Years Ago.
The Numbers
Sweden Voted on Whether the Far Right Should Govern, and the Far Right Went Backwards
The Long View
Three First Ministers Signed a Declaration of Self-Determination. None of Them Can Call a Vote.
Explainer
A Month Ago a Fed Hike Was a Coin Toss. The Market Now Treats It as Settled.
Editor's Choice
Staying to Keep the Oil and Ending the War Soon Are Two Different Plans
The price of gasoline depends on barrels moving through straits, not on a war being declared over.
Latest News
Everything we have published, newest firstThe Kennedy Center Says It Cannot Make Payroll, and Its Board Has Named One Way Out
The Kennedy Center's board has told a federal court the institution cannot meet payroll or routine maintenance "within a matter of weeks" and could close as soon as Tuesday. A 57-page internal report projects $124 million of a budgeted $220 million in revenue. Internal documents describe restoring President Trump's name to the building, the subject of a lawsuit, as the only way to avoid bankruptcy.
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.
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.
The Satellite Pictures Were Bought Before the Strike and Again After It
US officials have linked satellite imagery supplied to Iran by Chinese entities to the July strike on a base in Jordan that killed three American soldiers, The Wall Street Journal reported. Iran obtained high-resolution pictures of the base before the attack and after it. The officials did not accuse the Chinese government. The disclosure lands ten days before Xi Jinping is due at the White House.
The Market Read the Essay as a Forecast for Chip Demand
The essay proposed pacing capability, not buying less hardware. Traders priced the second anyway, on the same morning as a likely Fed hike and $108 oil, which makes the move harder to read than it looks.
The Numbers
The Patch Waited Six Weeks on Half the Servers. The Attackers Waited Four Days.
Wiz says attackers exploited three JFrog Artifactory flaws between 15 August and 8 September, chaining two of them to turn an unauthenticated request into an administrator token. All three had patches. Six weeks after one fix shipped, 59 percent of organisations were still vulnerable. Exploitation of the most serious flaw began four days after it was disclosed.
Most accounts of Gaza's health system describe a supply problem at the crossings.
The Long View
Three Rivals Agreed to Slow Down. Only the First Step Needs No One's Permission.
Dario Amodei published an essay on Saturday arguing that frontier AI companies must deliberately slow the rate at which their models improve. Within hours Elon Musk wrote "Dario is right" and Sam Altman said OpenAI would not go public this year. Of the essay's three steps, only one can be taken without a government, a waiver or a treaty.
What We’re Following
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Seventy-Six Dead, and the Count Finally Closes at 132
The Philippine Coast Guard recovered 41 more bodies from the MV June Aster on Saturday, raising the toll to 76 with 43 survivors and 13 missing. Those figures add up to 132, which is exactly the number who boarded. The ship was certified for 330. Overloading is no longer the question; the two explosions and the missing captain are.
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The Story So Far
State Capacity19 stories
- 16 Sept The Government Paid $6.7bn Last Year for Work Nobody Did
- 15 Sept Pennsylvania Has 693 Measles Cases, 133 Hospitalisations and a Third Death Under Review
- 14 Sept Kansas's In-State Tuition Law Was Struck Down in a Case Neither Side Wanted to Win
- 13 Sept The Plan to Halve FEMA Lost in Court Because Nobody Wrote Down Why
- 5 Sept A State Cannot Budget for a Rule Announced After the Snow
- 5 Sept Kentucky Lowered the Bar for Cutting Its Income Tax, and Missed the Lower One
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The Ports Fixed Themselves. The Roads Behind Them Did Not
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