Top stories
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?
Twelve to Nothing. The Fed Raised Rates Into an Oil Shock It Says It Cannot Fix.
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
The Big Read
TechnologyApple'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. They land on immersive video, headset games and audio workouts, the parts of Apple that need a new episode every week to keep a subscriber.
Time to Walk and Time to Run are played through the Apple Watch's Workout app. Apple has cut some of the staff who make them. File photograph.
Apple has made its second round of job cuts in two months, and like the first it is small. Bloomberg's Mark Gurman reported on Sunday that the company laid off "a handful" of employees on its Fitness+ subscription service last week. The people affected included staff working on Time to Walk and Time to Run, the audio sessions Apple Watch owners play through headphones instead of watching a trainer on screen.
A month earlier, on 21 August, Bloomberg reported that Apple was cutting more than 200 roles. About 100 were in the Vision Pro organisation, where a team making games for the headset was largely shut down and immersive video production was scaled back. The other 100 or so came from Siri and the Intelligent Systems Experience group, the software team behind some of the artificial-intelligence features on its devices.
Neither round moves the headcount. Apple last disclosed 166,000 full-time employees, in September 2025, as Fortune noted. A few hundred people is about a tenth of one percent of that. But the cuts are the first to fall under John Ternus, who succeeded Tim Cook as chief executive on 1 September. What they have in common says more than their size.
The Money
OpenAI Is Sounding Out a $1.5tn Valuation and Putting Off the Listing
A private valuation is a negotiated figure between a small number of parties.
The Numbers
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.
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
Media
The Cinema Ad Company Just Borrowed More Than the Stock Market Says It Is Worth
The company that runs the ads before the film is betting that the same audience can be reached in the lobby and the lift.
Stocks Had Their Best Day Since August. The Two-Year Treasury Did Not Move.
Everything that trades on oil and hope had a good day.
Paramount Settles With the States Nine Days Before the Meter Starts
The states won conduct promises.
Three Newsrooms Lost Their White House Passes on Saturday. No One Named a Story.
A 1977 ruling requires notice, a chance to answer, and a written decision before a press pass is taken.
Editors read every submission. Here is how to send documents, on background or on the record.
How to submitThe Picture
Bangsamoro Voted for Its First Parliament. The Peace Deal Promised It Twelve Years Ago.
The Long View
Five Percent. The Monday the Price of Money, Energy and the Future Moved Together.
The Numbers
The Former Rebels Are Losing Bangsamoro's First Election to Other Former Rebels
The Numbers
The Kennedy Center Says It Cannot Make Payroll, and Its Board Has Named One Way Out
The Long View
Iran's Nuclear Chief Was Kept Out of the Room Where Its Inspections Are Argued
Editor's Choice
Sweden Voted on Whether the Far Right Should Govern, and the Far Right Went Backwards
The campaign turned into a vote on a single question: whether the party that had propped up the government from outside should sit inside it.
Latest News
Everything we have published, newest firstThe Labs Asked for Rules. The President Says the Guardrail Is Him.
Three rival chief executives spent the weekend agreeing that AI development should slow down. On Sunday in Ireland the president dismissed the idea, saying there are "a lot of negative forces" behind it and that "whoever wins AI wins." The White House's former AI czar said the industry can pace itself without being made to.
The Drones Hit a Warsaw-Bound Train Minutes After the Diplomats Passed Through
Russian drones struck a Warsaw-bound train near the Ukraine-Poland border on Sunday, minutes after a delegation including Boris Johnson and Carl Bildt had passed through the station. A second strike hit near another crossing point, and Poland recovered a suspected Russian drone from the Baltic. NATO's secretary general says the alliance will increase its support for Kyiv.
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.
Three First Ministers Signed a Declaration of Self-Determination. None of Them Can Call a Vote.
For the first time every devolved government is led by a party committed to leaving the United Kingdom. The declaration is a statement about that political fact, and the law has not moved with it.
A Month Ago a Fed Hike Was a Coin Toss. The Market Now Treats It as Settled.
A rate increase reaches a credit card balance within a billing cycle and a mortgage only through the bond market, if at all. The same decision is felt as a bill in one household and not at all in the next.
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.
The Hormuz Closure
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.
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
Chip stocks fell before Monday's open after the heads of Anthropic and OpenAI said the industry should slow the rate at which AI models improve. Nvidia was down 3 percent in premarket trading, Marvell and Arm 6 percent, and ASML 9.5 percent. The labs are mostly private. The public way to express a view on slower AI is to sell the companies that supply it.
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.
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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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