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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
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
The Big Read
The Long ViewSaudi Arabia Spends $83 Billion a Year. Its Pipeline Is Burning and It Has Not Answered.
The question is not whether Saudi forces can fight. It is who keeps them flying, and on what contract.
A US Navy destroyer at work in the Red Sea. File photograph, October 2016, published by the Defense Visual Information Distribution Service.
Saudi Arabia shut its East-West pipeline last Friday after drones struck pump stations in the Riyadh and Medina regions. Riyadh and Baghdad both said the drones had come from Iraq. Over the same weekend the Houthis completed their hold on Yemen's Red Sea coast, taking Mokha and then Perim Island, the rock that splits the Bab al-Mandab into its two lanes.
Saudi Arabia said it would hold off on retaliation "at this stage."
That sentence is the most informative thing the Kingdom has said all month, and the usual explanation for it is diplomacy. There is a better one, and it is written down in American paperwork.
The Long View
Kosovo's Former President Was Convicted by a Court Kosovo Agreed to Create
Thousands watched the verdict in Pristina, where the defendants are widely regarded as founders of the state.
The Long View
The Board Voted to Close the Kennedy Center Hours After a Judge Refused to Let It Carry Trump's Name
Two things were decided on Tuesday.
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
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.
The Catch-Up Contribution Changes Hands in 2027, Not 2026
The rule is written about the prior year and about one employer at a time.
Delaware Was Supposed to Be Losing Companies. It Registered 334,461 New Ones.
A count of filings is not a count of consequence.
Yields Touched Five Percent and Then Fell. The Market Read the Hike as a Promise.
The decision was Tuesday's.
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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
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 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
The Hormuz Closure20 stories
- 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.
- 14 Sept Iran's Nuclear Chief Was Kept Out of the Room Where Its Inspections Are Argued
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