Top stories
Apple Pay Reached India With One Bank's Credit Cards. UPI Handled 24.5 Billion Payments in August.
Hiring Has Been Stuck for 30 Months. In August, Americans Spent as if It Wasn't.
LNG Canada Will Double to 28 Million Tonnes. The Announcement Has a Date in the 2030s and No Price.
A Pacific Hurricane Made Landfall in Baja. Its Flood Watches Reach Iowa.
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.
The Big Read
The NumbersMetrics Cut Its Funds by Up to 12 Per Cent. KPMG Still Would Not Sign.
The disclosures say the losses are not realised and the loans have not been reclassified. They also show that most of the writedown came from equity rather than loans, and that the stock market had already marked these funds closer to the audited figure than the manager had.
Construction cranes and office towers in Parramatta, Western Sydney. Australia's private credit market grew up lending to property developers. This photograph does not show a project financed by Metrics. File photograph.
On Monday morning in Sydney, the trustee of three listed private credit funds managed by Metrics Credit Partners told the Australian Securities Exchange that their auditor had found problems with the numbers, that the funds were worth less than they had said in August, and that a clean audit opinion was expected on Wednesday.
On Wednesday the auditor, KPMG, said it was not in a position to give one.
By the end of that day the unlisted funds that sit underneath all three listed vehicles had stopped publishing their net asset values and stopped processing applications and redemptions. The distribution reinvestment plans of two of the listed funds, MXT and MOT, were suspended. On Thursday ASX Supervision said the three would stay off the board under Listing Rule 17.5, which applies when a company has not lodged its accounts, until they do.
Health
Beyond Dental Work, Mexico Is Drawing a Different Kind of Medical Tourist
Some Americans are staying for weeks rather than days, seeking intensive programs for chronic conditions that have resisted conventional treatment.
AI Wearables
Meta's Answer to the Camera Problem Is a Pair of Glasses With No Camera
The new glasses weigh 43 grams, cost $349 and carry no lens.
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
Business
Caterpillar Will Spend $1 Billion on a New Plant in Sanford. Its Workforce There Will Not Grow.
This is what a large American manufacturing investment increasingly looks like: more capacity, more automation, the same headcount, and a local incentive package written to stop a plant leaving rather than to bring new work in.
The Fed Will Now Show Banks the Stress Test Before They Sit It. One Governor Says That Is the Problem.
The argument is not about how much capital the largest banks hold today.
China's Factories Grew Again in September. What They Pay for Materials Grew Faster.
The headline says expansion.
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.
Got a tip for us?
Editors read every submission. Here is how to send documents, on background or on the record.
How to submitThe Picture
The Government Paid $6.7bn Last Year for Work Nobody Did
The Money
What Happens When the Advertiser's Own Agent Joins the Conversation?
The Argument
Will the World Agree AI Red Lines Before the Year Runs Out?
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
Editor's Choice
A Factory in Liuzhou Now Builds a Humanoid Robot Every Ten Minutes
Humanoid robots have been demonstrated for a decade.
Latest News
Everything we have published, newest firstThe Cinema Ad Company Just Borrowed More Than the Stock Market Says It Is Worth
National CineMedia has closed its $275 million purchase of Captivate, the elevator-screen network in office and apartment buildings, giving it more than 48,000 screens outside the home. It paid with a new $275 million term loan. On Monday the whole company was worth about $211 million.
The Hormuz Closure
Stocks Had Their Best Day Since August. The Two-Year Treasury Did Not Move.
On Monday the S&P 500 rose 1.5 percent, the Nasdaq closed at a record, crude fell more than 4 percent and the ten-year yield slipped. The two-year Treasury yield, the maturity most tied to the Fed, closed at 4.76 percent, exactly where it was on Friday and its highest close since July 2024.
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.
Paramount Settles With the States Nine Days Before the Meter Starts
The states won conduct promises. Paramount avoided a trial that could have run the $31-a-share deal to within days of its final deadline.
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. None of the three newsrooms has been given any of them.
The Numbers
Fox Won August by One Measure and Lost a Fifth of Its Audience by the Other
Fox News finished August first in total viewers in both dayparts and holds thirteen of the fifteen most-watched programmes. Its 25-54 audience fell 21 percent in primetime and 26 percent across the day. Both sentences are true, and which one is the headline depends on which currency the buyer is paying in.
The rule is written about the prior year and about one employer at a time.
The Long View
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.
What We’re Following
View all
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
Why Did the Senate Vote Twice on the Same Bill in Three Days?
Both are majorities and only one is a consensus. The difference explains why the chamber can pass a sports statute with three-quarters of its members and confirm a lifetime appointment with barely half.
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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