Top stories
The Five Fairford Suspects Are Out on Bail. British Police Say They Have an Open Mind. Washington Says a Foreign Actor.
The 30-Year Treasury Closed at Its Highest Since the Bond Came Back in 2006. Households Had Already Marked Up Their Inflation Forecast.
The Men Held Near Fairford Are Five Londoners. They Are on the Ordinary Police Clock, Not the Terrorism One.
Oil Rose 3 Per Cent on a Rejected Offer. The Strait It Is Pricing Logged 78 Ships in 20 Days.
Five Men Are in Custody Near RAF Fairford. No Attack Took Place, and No Official Has Alleged Iran Directed Anything.
Thirty-Three Hours, Then a Board of Four. Automattic's Control Structure Was Never in Doubt.
Eight-Tenths of a Foot Below Sandy: The Nor'easter, Product by Product
$30 a Seat and a Meter Behind It. What Microsoft's One-App Copilot Actually Costs a Buyer.
Claims Fell to 197,000 While Tech Announced 155,126 Cuts. Check the Denominator.
Beyond Dental Work, Mexico Is Drawing a Different Kind of Medical Tourist
Meta's Answer to the Camera Problem Is a Pair of Glasses With No Camera
Ten Streaming Services Disappeared Last Quarter. None of Them Took an Audience With It.
Oura's Listing Raises $532 Million for the Company. It Keeps About $6 Million.
The Big Read
The Long ViewHiring Has Been Stuck for 30 Months. In August, Americans Spent as if It Wasn't.
Job openings, hires, quits, the Conference Board's jobs question, ADP's pay data and this morning's income and spending release each say something different. Read together, they describe an economy where almost nobody is being fired, almost nobody is being hired, and the reward for moving is large enough that the people who stay put are paying for it.
A help-wanted sign in a shop door. The hires rate has stayed between 3.1 and 3.5 per cent every month since March 2024. File photograph.
The American labour market has a number that has barely moved in two and a half years, and on Tuesday the Bureau of Labor Statistics published it again.
In August, employers made 5.2 million hires. That is a hires rate of 3.3 per cent of employment. It was 3.2 per cent in July, 3.4 per cent in June and 3.3 per cent in May. On the monthly series, as republished by the Federal Reserve Bank of St Louis, the rate has sat between 3.1 and 3.5 per cent every single month since March 2024: thirty months in a band four-tenths of a point wide.
Before 2024, the last time it was at or below 3.3 per cent was October 2013, if you set aside April 2020, when much of the country was shut. In 2019, the last full year before the pandemic, it averaged 3.87 per cent.
AI Security
Google Knew for Seven Weeks. Its Customers Found Out From a Newspaper.
The model did not go rogue.
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.
Weather
New York City
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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
Culture
Washington Square Park Already Has a Stage. This Weekend, an Artist Is Offering Strangers a Turn on It.
The project began as conversations with strangers in the park.
OpenAI Cancelled One GPT-6.1 on Monday and Shipped Another on Tuesday. The Second One Costs a Fifth.
The cancellation is the headline.
Apple Pay Reached India With One Bank's Credit Cards. UPI Handled 24.5 Billion Payments in August.
The launch is real and the market is enormous.
LNG Canada Will Double to 28 Million Tonnes. The Announcement Has a Date in the 2030s and No Price.
The pitch is Asia, ten days' sailing away, at a moment when a fifth of the world's LNG trade is stuck behind the Strait of Hormuz.
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Editors read every submission. Here is how to send documents, on background or on the record.
How to submitThe Picture
OpenAI Is Sounding Out a $1.5tn Valuation and Putting Off the Listing
The Numbers
Twelve to Nothing. The Fed Raised Rates Into an Oil Shock It Says It Cannot Fix.
The Numbers
Private Credit's Default Rate Hit a Record the Week Before the Fed Raised Rates
The Long View
The Government Paid $6.7bn Last Year for Work Nobody Did
The Machine
A Factory in Liuzhou Now Builds a Humanoid Robot Every Ten Minutes
Editor's Choice
The House Voted a Third Time to End the Iran War, and Is Still About Seventy Votes Short
A war powers resolution is not an opinion.
Latest News
Everything we have published, newest firstParamount Settles With the States Nine Days Before the Meter Starts
Paramount Skydance has settled the antitrust suit twelve states brought against its $110 billion purchase of Warner Bros. Discovery. The remedies are promises about behaviour: thirty films a year in cinemas, with $30 million owed for each one short. The number that explains the timing is a different one. From 1 October, every day the deal stays open costs Paramount about $7 million.
Three Newsrooms Lost Their White House Passes on Saturday. No One Named a Story.
Reporters from CNN, MS NOW and Politico were turned away from the White House on Saturday morning, their badges disabled or confiscated. The stated ground is that the outlets peddle lies. Forty-nine years of case law says that is not enough, and the reason is procedural rather than political.
World
Oil Rose 3 Per Cent on a Rejected Offer. The Strait It Is Pricing Logged 78 Ships in 20 Days.
President Trump said on Saturday he had rejected Iran's seven-day plan to reopen the Strait of Hormuz, and Brent crude rose more than 3 per cent in Asian trading on Monday to about $107. IMF PortWatch recorded 78 transits of the strait between 1 and 20 September, 19 of them tankers. In the same 20 days of 2025 it recorded 1,731.
Fox Won August by One Measure and Lost a Fifth of Its Audience by the Other
The ratings table now produces different champions depending on which column you read. That is not a quirk of one month.
The Hormuz Closure
Saudi Arabia Spends $83 Billion a Year. Its Pipeline Is Burning and It Has Not Answered.
Riyadh is the world's eighth-largest military spender and carries the heaviest defence burden of any major spender outside an active warzone. Its East-West pipeline has been struck, the Houthis hold the Bab al-Mandab, and it has said it will hold off on retaliation. The paperwork behind the spending explains the pause better than the spending does.
Yields Touched Five Percent and Then Fell. The Market Read the Hike as a Promise.
The ten-year Treasury settled at 5 percent on Tuesday, its highest since 2007. On Wednesday it fell, equity futures rose across the board, Brent gave up about 5 percent and gold dropped $35. A rate rise is supposed to make risk more expensive. This one was received as insurance against something worse.
Explainer
The Catch-Up Contribution Changes Hands in 2027, Not 2026
From taxable years beginning after 31 December 2026, a saver whose Social Security wages from the plan's own sponsor topped $145,000 the year before can no longer make a pre-tax catch-up contribution. It has to be Roth. The threshold is measured per employer, on last year's wages, which catches people who do not think of themselves as high earners.
Delaware Was Supposed to Be Losing Companies. It Registered 334,461 New Ones.
Delaware's own registry recorded 334,461 new business entity formations in 2025, against 289,810 the year before and 298,165 the year before that. More than 2.28 million entities are now on its books, and nearly 70 percent of last year's US initial public offerings chose to incorporate there. The state amended its corporation law anyway.
The Long View
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.
What We’re Following
View all
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
What Happens When the Advertiser's Own Agent Joins the Conversation?
Sponsored Agents, announced Wednesday, are brand-funded units that open a labelled conversation with an advertiser's own agent inside ChatGPT, wired to commerce systems so the purchase never leaves the window. Wayfair is a pilot partner. The advertising business reached a $1bn annualised run rate in under 200 days.
Will the World Agree AI Red Lines Before the Year Runs Out?
The letter was the easy part. What it asked for is the hardest object in international law: a prohibition that binds the states with the most to lose by accepting it.
Opinion Voices
Argument and analysis from our columnists
Featured Voices
The reporters and editors behind the coverage
Cory Chamberlain
Senior Writer
Alison Acosta
Technology Correspondent
Daniel Okafor
Markets Editor
Margaret Holloway
Editor-at-Large
Thomas Gutierrez
Staff Writer
Washington Square Park Already Has a Stage. This Weekend, an Artist Is Offering Strangers a Turn on It.
The Five Fairford Suspects Are Out on Bail. British Police Say They Have an Open Mind. Washington Says a Foreign Actor.
The Men Held Near Fairford Are Five Londoners. They Are on the Ordinary Police Clock, Not the Terrorism One.
The Story So Far
The Hormuz Closure24 stories
- 29 Sept LNG Canada Will Double to 28 Million Tonnes. The Announcement Has a Date in the 2030s and No Price.
- 28 Sept The 30-Year Treasury Closed at Its Highest Since the Bond Came Back in 2006. Households Had Already Marked Up Their Inflation Forecast.
- 28 Sept Oil Rose 3 Per Cent on a Rejected Offer. The Strait It Is Pricing Logged 78 Ships in 20 Days.
- 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.
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