President Vladimir V. Putin on Thursday denied that Russia was preparing to use nuclear weapons in Ukraine, despite frequent hints in the past that it could do so, and he tried to appeal to conservatives in the United States and Europe with accusations that Western elites were trying to impose their “strange” values on the rest of the world.
The nearly four-hour speech and question-and-answer session, with reference to “dozens of genders,” “gay parades’’ and “neoliberal elites,’’ relied on arguments used to animate the culture wars in the United States and Europe, an apparent effort to sway global public opinion in favor of Russia at a time when his army is losing ground in Ukraine.
“In the United States there’s a very strong part of the public who maintain traditional values, and they’re with us,” Mr. Putin said. “We know about this.”
Mr. Putin claimed it was the West that was escalating nuclear tensions surrounding Ukraine.
“We have no need to do this,” Mr. Putin said of the potential Russian use of nuclear weapons in Ukraine in his strongest denial to date of any such plans. “There’s no sense in it for us, neither political nor military.”
His comments, at an annual foreign policy conference in Moscow, are unlikely to reassure Ukraine or Western nations. He and other senior officials have repeatedly suggested that Russia might resort to nuclear weaponry.And the Kremlin’s assurances in the past have often proved untrustworthy; top officials issued multiple denials in the days before the war that Russia intended to invade Ukraine.
“This is a trick — it shouldn’t make anyone relax,” Tatiana Stanovaya, a Russian political analyst, said, noting that Mr. Putin has blamed every escalation in the war, including the invasion itself, on the West and its support for an independent Ukraine. “His goal is to show that escalation is the product of Western policies.”
In a speech and a lengthy subsequent question-and-answer session Thursday at an annual foreign policy conference in Moscow at the Valdai Discussion Club, a research institute close to the Kremlin, Mr. Putin coupled his denial of any nuclear plans in Ukraine with a bid for global support — including from conservative-minded people in the West who, he insisted, back Mr. Putin’s campaign to preserve “traditional values.”
“In the United States there’s a very strong part of the public who maintain traditional values, and they’re with us,” Mr. Putin said. “We know about this.”
Lawmakers in Russia’s lower house of Parliament backed legislation on Thursday that would ban the “propaganda” of homosexuality in all aspects of public life, expanding a directive that currently only applies to media directed at children.
Mr. Putin insisted that Russia did not fundamentally see itself as an “enemy of the West.” Rather, he said — as he has before — that it was “Western elites” that he was fighting, ones who were trying to impose their “pretty strange” values on everyone else.
In a question-and-answer session after the speech, the event’s moderator, the foreign policy analyst Fyodor Lukyanov, pressed Mr. Putin on the fact that Russia’s invasion of Ukraine does not appear to have gone according to plan. And he said that there was a widespread view that Russia had “underestimated the enemy.”
“Honestly, society doesn’t understand — what’s the plan?” Mr. Lukyanov asked.
Mr. Putin brushed aside the implicit criticism, arguing that Ukraine’s fierce resistance showed why he was right to launch the invasion. The longer Russia had waited, he said, “the worse it would have been for us, the more difficult and more dangerous.”
Mr. Putin repeated Russia’s unfounded claims that Ukraine was preparing to detonate a radioactive “dirty bomb” on its territory and blame Moscow. Ukraine and the West say that the claims are disinformation that could be used as a pretext by the Kremlin to use a nuclear weapon.
In Ukraine, officials ridiculed Mr. Putin’s speech. Mykhailo Podolyak, an aide to President Volodymyr Zelensky of Ukraine, said the Russian president was accusing the West of what he has been doing himself, like violating another country’s sovereignty.
“Any speech by Putin can be described in two words: ‘for Freud,’” Mr. Podolyak posted on Twitter.
The U.S. economy grew slowly over the summer, adding to fears of a looming recession — but also keeping alive the hope that one might be avoided.
Gross domestic product, adjusted for inflation, returned to growth in the third quarter after two consecutive quarterly contractions, according to government data released Thursday. But consumer spending slowed as inflation ate away at households’ buying power, and the sharp rise in interest rates led to the steepest contraction in the housing sector since the first months of the pandemic.
The report underscored the delicate balance facing the Federal Reserve as it tries to rein in the fastest inflation in four decades. Policymakers have aggressively raised interest rates in recent months — and are expected to do so again at their meeting next week — in an effort to cool off red-hot demand, which they believe has contributed to the rapid increase in prices. But they are trying to do so without snuffing out the recovery entirely.
The third-quarter data — G.D.P. rose 0.6 percent, the Commerce Department said, a 2.6 percent annual rate of growth — suggested that the path to such a “soft landing” remained open, but narrow.
loss of purchasing power over time, meaning your dollar will not go as far tomorrow as it did today. It is typically expressed as the annual change in prices for everyday goods and services such as food, furniture, apparel, transportation and toys.
What causes inflation? It can be the result of rising consumer demand. But inflation can also rise and fall based on developments that have little to do with economic conditions, such as limited oil production and supply chain problems.
Is inflation bad? It depends on the circumstances. Fast price increases spell trouble, but moderate price gains can lead to higher wages and job growth.
Can inflation affect the stock market? Rapid inflation typically spells trouble for stocks. Financial assets in general have historically fared badly during inflation booms, while tangible assets like houses have held their value better.
President Biden cheered the report in a statement Thursday morning. “For months, doomsayers have been arguing that the U.S. economy is in a recession, and congressional Republicans have been rooting for a downturn,” he said. “But today we got further evidence that our economic recovery is continuing to power forward.”
By one common definition, the U.S. economy entered a recession when it experienced two straight quarters of shrinking G.D.P. at the start of the year. Officially, however, recessions are determined by a group of researchers at the National Bureau of Economic Research, who look at a broader array of indicators, including employment, income and spending.
Most analysts don’t believe the economy meets that more formal definition, and the third-quarter numbers — which slightly exceeded forecasters’ expectations — provided further evidence that a recession had not yet begun.
But the overall G.D.P. figures were skewed by the international trade component, which often exhibits big swings from one period to the next. Economists tend to focus on less volatile components, which have showed the recovery steadily losing momentum as the year has progressed. One closely watched measure suggested that private-sector demand stalled out almost completely in the third quarter.
Mortgage rates passed 7 percent on Thursday, their highest level since 2002.
“Housing is just the single largest trigger to additional spending, and it’s not there anymore; it’s going in reverse,” said Diane Swonk, chief economist at the accounting firm KPMG. “This has been a stunning turnaround in housing, and when things start to go really quickly, you start to wonder, what are the knock-on effects, what are the spillover effects?”
The third quarter was in some sense a mirror image of the first quarter, when G.D.P. shrank but consumer spending was strong. In both cases, the swings were driven by international trade. Imports, which don’t count toward domestic production figures, soared early this year as the strong economic recovery led Americans to buy more goods from overseas. Exports slumped as the rest of the world recovered more slowly from the pandemic.
Both trends have begun to reverse as American consumers have shifted more of their spending toward services and away from imported goods, and as foreign demand for American-made goods has recovered. Supply-chain disruptions have added to the volatility, leading to big swings in the data from quarter to quarter.
Few economists expect the strong trade figures from the third quarter to continue, especially because the strong dollar will make American goods less attractive overseas.
Alphabet, Microsoft and S&P 500 futures dip after the bell
Consumer confidence sours, home price growth cools
S&P 500 closes 8% above Oct. 12 closing trough
Indexes up: Dow 1.07%, S&P 1.63%, Nasdaq 2.25%
NEW YORK, Oct 25 (Reuters) – U.S. stocks closed sharply higher on Tuesday as soft economic data hinted that the Fed’s aggressive policy is taking effect, while falling benchmark Treasury yields boosted the rally’s momentum.
All three major U.S. stock indexes advanced for the third straight session, with market-leading megacaps providing the most upside muscle. The S&P 500 has reclaimed about 8% from the trough of its Oct. 12 close.
“There’s increasing discussion about a light at the end of the tunnel for Fed rate hikes,” said Bill Merz, head of capital market research at U.S. Bank Wealth Management in Minneapolis. Merz also cautioned that it wouldn’t be known for some time whether decades-high inflation was “decisively headed toward the Fed’s target.”
“We’re seeing a bit of a reprieve in the dollar and long-term bond yields have come down a little bit,” Merz added. “Those factors are combining to provide room for a bit of a rally.”
After the bell, Microsoft (MSFT.O) and Alphabet (GOOGL.O) delivered weaker than expected quarterly results, sending their shares down about 7%. That helped push S&P 500 emini futures down almost 1%, suggesting traders expect the stock market to open deep in negative territory on Wednesday.
Yields of 10-year Treasuries pulled pack on hopes that the Federal Reserve could begin easing its battle against inflation.
A mixed brew of earnings and downbeat forecasts, usually a negative for markets, have suggested the barrage of interest rate hikes from the Fed is beginning to be felt, raising expectations that the central bank could pull back on the size of rate hikes after its Nov. 1-2 policy meeting.
Data on Tuesday showed slowing home price growth and souring consumer confidence. Such signs of economic softness, ordinarily unsupportive of risk appetite, are evidence of abating Fed hawkishness.
The financial market is nearly evenly split on whether the central bank’s December rate increase will ease to 50 basis points after a string of 75 basis point hikes, according to CME’s FedWatch tool.
The Dow Jones Industrial Average (.DJI) rose 337.12 points, or 1.07%, to 31,836.74, the S&P 500 (.SPX) gained 61.77 points, or 1.63%, to 3,859.11 and the Nasdaq Composite (.IXIC) added 246.50 points, or 2.25%, to 11,199.12.
Among the 11 major sectors of the S&P 500, all but energy (.SPNY) posted gains on the day, with real estate (.SPLRCR) enjoying the largest percentage gain.
Third-quarter reporting season is firing on all pistons, with 129 of the companies in the S&P 500 having reported. Of those, 74% have beaten consensus expectations, according to Refinitiv.
Analysts have set the bar low; aggregate S&P 500 earnings growth is now seen landing at 3.3% year-on-year, down from 4.5% at the beginning of the month, per Refinitiv.
Coca-Cola Co rose 2.4% after the company upped its revenue and profit forecasts, banking on steady demand amid price increases.
General Motors (GM.N) reaffirmed its outlook after posting solid earnings, sending its shares jumping 3.6%.
On the downside, aerospace company Raytheon Technologies Corp posted a near 5% annual revenue increase, but its shares slid 1.5% on the company’s trimmed sales outlook.
Advancing issues outnumbered declining ones on the NYSE by a 5.35-to-1 ratio; on Nasdaq, a 3.67-to-1 ratio favored advancers.
The S&P 500 posted 14 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 85 new highs and 120 new lows.
Volume on U.S. exchanges was 11.89 billion shares, compared with the 11.57 billion average over the last 20 trading days.
Reporting by Stephen Culp; Additional reporting by Amruta Khandekar and Shreyashi Sanyal in Bengaluru and Noel Randewich in Oakland, Calif.; editing by Grant McCool
Our Standards: The Thomson Reuters Trust Principles.
Jacqueline Kennedy Onassis meticulously curated the memory of her husband after he was assassinated, reimagining President John F. Kennedy as a fallen King Arthur in a modern-day Camelot.
Now some historians wonder if Laurene Powell Jobs is also trying to frame the legacy of her late husband, Steve Jobs, a complicated and transformational figure who was shadowed by his flaws as a father and belligerence as a boss.
Last month, Ms. Powell Jobs introduced the Steve Jobs Archive. It aspires to reinvent the personal archive much as Mr. Jobs, in his years running Apple, remade music with the iPod and communication with the iPhone.
Rather than offering up a repository of personal correspondence, notes and items for public research and inquiry, as other influential figures have done, Ms. Powell Jobs, who did not respond to requests for comments, said at a conference last month that the Steve Jobs Archive would be devoted to “ideas.” Those ideas are primarily Mr. Jobs’s philosophies about life and work.
Harvard Business School’s 25 greatest business leaders of the 20th century left behind personal archives that are open to the public in libraries or museums, including Henry Ford, Thomas Edison and Asa Candler, who built Coca-Cola.
Other iconic business founders such as Walt Disney, Sam Walton and Ray Kroc entrusted their papers to the companies they built, allowing those collections to become the cornerstone of corporate archives.
Walt Disney Company, make personal correspondence, notes, speeches and other items available to authors for research.
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“We don’t censor,” said Becky Cline, director of the Walt Disney archives. “We just vet.”
The new Jobs archive debuted with a minimalist website containing eight pieces of video, audio and writing that express what the archive calls Mr. Jobs’s “driving motivations in his own words.” The items, three-quarters of which were already public, can be accessed by clicking through maxims made famous by Mr. Jobs, including “make something wonderful and put it out there” and “pursue different paths.”
The next steps for the archive are shrouded in the kind of mystery associated with the way Mr. Jobs ran Apple. About all that’s been publicly disclosed is that Ms. Powell Jobs hired a documentary filmmaker to gather hundreds of oral histories about Mr. Jobs from former colleagues. Where that material will be stored and who will have access to it has not been revealed.
She married Mr. Jobs in 1991, two years after meeting him as a graduate student at Stanford. Since his death, she has used her estimated $16 billion fortune to fund the Emerson Collective, a philanthropic and commercial operation that owns The Atlantic magazine and funds an organization trying to reduce gun violence in Chicago.
During his life, Mr. Jobs admired and encouraged historians to preserve the history of his Silicon Valley predecessors such as Robert Noyce, who co-founded the chip maker Intel. But he put little value on his own history, and Apple has seldom commemorated product anniversaries, saying it focuses on the future, not the past.
Stanford spent years cataloging items such as photos of a barefoot Mr. Jobs at work, advertising campaigns and an Apple II computer. That material can be reviewed by students and researchers interested in learning more about the company.
Silicon Valley leaders have a tradition of leaving their material with Stanford, which has collections of letters, slides and notes from William Hewlett, who founded Hewlett-Packard, and Andy Grove, the former chief executive of Intel.
Mr. Lowood said that he uses the Silicon Valley archives to teach students about the value of discovery. “Unlike a book, which is the gospel and all true, a mix of materials in a box introduces uncertainty,” he said.
After Mr. Jobs’ death in 2011, Mr. Isaacson, the author, published a biography of Mr. Jobs. Some at Apple complained that the book, a best seller, misrepresented Mr. Jobs and commercialized his death.
Mr. Isaacson declined to comment about those complaints.
Four years later, the book became the basis for a film. The 2015 movie, written by Aaron Sorkin and starring Michael Fassbender, focused on Mr. Jobs being ousted from Apple and denying paternity of his eldest daughter.
according to emails made public after a hack of Sony Pictures, which held rights to the film. She and others who were close to Mr. Jobs thought any movie based on the book would be inaccurate.
“I was outraged, and he was my friend,” said Mike Slade, a marketing executive who worked as an adviser to Mr. Jobs from 1998 to 2004. “I can’t imagine how outraged Laurene was.”
In November 2015, a month after the movie’s release, Ms. Powell Jobs had representatives register the Steve Jobs Archive as a limited liability company in Delaware and California. She later hired the documentary filmmaker, Davis Guggenheim, to gather oral histories about Mr. Jobs from former colleagues and friends. She also hired Ms. Berlin, who was Stanford’s project historian for its Apple archives, to be the Jobs Archive’s executive director.
Mr. Guggenheim gathered material about Mr. Jobs while also working on a Netflix documentary about Bill Gates, “Inside Bill’s Brain.” Mr. Slade, who worked for both Mr. Jobs and Mr. Gates, said he sat for an interview about one executive, stopped to change shirts and returned to discuss the other one.
Ms. Berlin assisted Ms. Powell Jobs in gathering material. They collected items such as audio of interviews done by reporters and early company records, including a 1976 document that Mr. Jobs and Steve Wozniak, Apple’s co-founder, called their declaration of independence. It outlined what the company would stand for, said Regis McKenna, who unearthed the document in his personal collection gathered during his decades as a pioneer of Silicon Valley marketing and adviser to Mr. Jobs.
Ms. Powell Jobs also assembled a group of advisers to inform what the archive would be, including Tim Cook, Apple’s chief executive; Jony Ive, Apple’s former chief design officer; and Bob Iger, the former chief executive of Walt Disney and a former Apple board member.
Mr. Cook, Mr. Ive and Mr. Iger declined to comment.
Apple, which has its own corporate archive and archivist, is a contributor to the Jobs effort, said Ms. Berlin, who declined to say how she works with the company to gain access to material left by Mr. Jobs.
The archive’s resulting website opens with an email that Mr. Jobs sent himself at Apple. It reads like a journal entry, outlining all the things that he depends on others to provide, from the food he eats to the music he enjoys.
“I love and admire my species, living and dead, and am totally dependent on them for my life and well being,” he wrote.
The email is followed by a previously undisclosed audio clip from a 1984 interview that Mr. Jobs did with Michael Moritz, the journalist turned venture capitalist at Sequoia. During it, Mr. Jobs says that refinement comes from mistakes, a platitude that captures how Apple used trial and error to develop devices.
“It was just lying in the drawer gathering dust,” Mr. Moritz said of the recording.
It’s clear to those who have contributed material that the archive is about safeguarding Mr. Jobs’s legacy. It’s a goal that many of them support.
“There’s so much distortion about who Steve was,” Mr. McKenna said. “There needed to be something more factual.”
The fall of Liz Truss, Britain’s prime minister for just six tumultuous weeks, has plunged the nation into another phase of economic uncertainty.
When Ms. Truss announced her resignation on Thursday as Conservative Party leader, saying she would stand down as prime minister, the markets that had rebelled against her fiscal policies engaged in a weak and short-lived rally. Investors were left wondering who would be the new leader and what lay ahead for Britain’s economic policy. On Friday morning, government bonds were falling, pushing yields higher, and the pound was dropping.
“It’s a leap into the unknown,” said Antoine Bouvet, an interest rates strategist at ING.
Overall the initial reaction, Mr. Bouvet added, suggested that investors expect that a new prime minister will go ahead with fiscal plans generally supported by the market. But he said it was too early to be sure.
“Let’s see who gets elected leader and what they say on fiscal policy,” he said.
The next prime minister, the third this year, will face a long list of economic challenges. Annual inflation topped 10 percent last month as food prices rose at their fastest pace in more than 40 years. Wages haven’t kept up with rising prices, bringing about a cost-of-living crisis and labor unrest. There is a deepening slump in consumer spending with data on Friday showing people were buying less than before the pandemic. Interest rates are set to rise even as the economy stagnates. And Russia’s war in Ukraine is still rippling through the global economy, especially the energy market.
provoked extraordinary volatility in markets at the end of September when her first chancellor of the Exchequer, Kwasi Kwarteng, announced a plan for widespread tax cuts and huge spending, to be financed by borrowing. Amid the highest inflation in four decades and rising interest rates, markets deemed the plan, delivered without any independent assessment, a rupture in Britain’s reputation for fiscal credibility. The pound dropped to a record low, and government bond yields shot up so violently the central bank was forced to intervene to stop a crisis in the pension funds industry.
began to settle markets. However, bond yields remain noticeably higher than they were before the September tax plan was announced, as investors still demand a higher premium to lend to Britain. On Thursday, 10-year government bond yields closed at 3.91 percent, up from 3.50 percent on Sept. 22, the day before Mr. Kwarteng’s policy announcement.
Ms. Truss’s tenure as prime minister, the shortest in British history, was undone by economic policies that harked back to the trickle-down economics of the 1980s, built on the belief that tax cuts for the wealthy were fair and would lead to investment and economic growth that would benefit everyone.
fixed rates have settled higher.
More on the Situation in Britain
Meanwhile, the new government is likely to be focused on restoring the government’s fiscal credibility. Mr. Hunt is set to deliver a “medium-term fiscal plan,” with spending and tax measures, on Oct. 31. He said he expected to make “difficult” spending cuts as he planned to show that debt levels were falling in the medium term.
It will be accompanied by an independent assessment of the fiscal and economic impact of the policies by the Office for Budget Responsibility, a government watchdog.
While markets have cheered the government’s promise to have its policies independently reviewed, questions remain about how the gap in the public finances can be closed. Economists say there is very little room in stretched department budgets to make cuts. That has led to concerns of a return to austerity measures, reminiscent of the spending cuts after the 2008 financial crisis.
“There is a danger,” Mr. Chadha said, “that we end up with tighter fiscal policy than actually is appropriate given the shock that many households are suffering.” This could make it harder to support people suffering amid rising food and energy prices. But Mr. Chadha argues that it’s clear what needs to happen next: a complete elimination of unfunded tax cuts and careful planning on how to support vulnerable households.
The chancellor could also end up having a lot more autonomy over fiscal policy than the prime minister, he added.
“The best outcome for markets would be a rapid rallying of the parliamentary Conservative Party around a single candidate” who would validate Mr. Hunt’s approach and the timing of the Oct. 31 report, Trevor Greetham, a portfolio manager at Royal London Asset Management, said in a written comment.
Three days after the fiscal statement, on Nov. 3, Bank of England policymakers will announce their next interest rate decisions.
Bond investors are trying to parse how the central bank will react to the rapidly changing fiscal news. On Thursday, before Ms. Truss’s resignation, Ben Broadbent, a member of the central bank’s rate-setting committee, indicated that policymakers might not need to raise interest rates as much as markets currently expect. Traders are betting that the bank will raise rates above 5 percent next year, from 2.25 percent.
The bank could raise rates less than expected next year partly because the economy is forecast to shrink over the year. The International Monetary Fund predicted that the British economy would go from 3.6 percent growth this year to a 0.3 percent contraction next year.
That’s a mild recession compared with some other forecasts, but it would only compound the longstanding economic problems that Britain faced, including weak investment, low productivity growth and businesses’ inability to find employees with the right skills. These were among the challenges that Ms. Truss said she would resolve by shaking up the status quo and targeting economic growth of 2.5 percent a year.
Most economists didn’t believe that “Trussonomics,” as her policies were called, would deliver this economic growth. Instead, they predicted the policies would prolong the country’s inflation problem.
Despite the change in leadership, analysts don’t expect a big rally in Britain’s financial markets. The nation’s international standing could take a long time to recover.
“It takes years to build a reputation and one day to undo it,” Mr. Bouvet said, adding, “Investors will come progressively back to the U.K.,” but it won’t be quickly.
On the morning of July 8, former President Donald J. Trump took to Truth Social, a social media platform he founded with people close to him, to claim that he had in fact won the 2020 presidential vote in Wisconsin, despite all evidence to the contrary.
Barely 8,000 people shared that missive on Truth Social, a far cry from the hundreds of thousands of responses his posts on Facebook and Twitter had regularly generated before those services suspended his megaphones after the deadly riot on Capitol Hill on Jan. 6, 2021.
And yet Mr. Trump’s baseless claim pulsed through the public consciousness anyway. It jumped from his app to other social media platforms — not to mention podcasts, talk radio or television.
Within 48 hours of Mr. Trump’s post, more than one million people saw his claim on at least dozen other media. It appeared on Facebook and Twitter, from which he has been banished, but also YouTube, Gab, Parler and Telegram, according to an analysis by The New York Times.
gone mainstream among Republican Party members, driving state and county officials to impose new restrictions on casting ballots, often based on mere conspiracy theories percolating in right-wing media.
Voters must now sift through not only an ever-growing torrent of lies and falsehoods about candidates and their policies, but also information on when and where to vote. Officials appointed or elected in the name of fighting voter fraud have put themselves in the position to refuse to certify outcomes that are not to their liking.
a primary battleground in today’s fight against disinformation. A report last month by NewsGuard, an organization that tracks the problem online, showed that nearly 20 percent of videos presented as search results on TikTok contained false or misleading information on topics such as school shootings and Russia’s war in Ukraine.
continued to amplify “election denialism” in ways that undermined trust in the democratic system.
Another challenge is the proliferation of alternative platforms for those falsehoods and even more extreme views.
new survey by the Pew Research Center found that 15 percent of prominent accounts on those seven platforms had previously been banished from others like Twitter and Facebook.
F.B.I. raid on Mar-a-Lago thrust his latest pronouncements into the eye of the political storm once again.
study of Truth Social by Media Matters for America, a left-leaning media monitoring group, examined how the platform had become a home for some of the most fringe conspiracy theories. Mr. Trump, who began posting on the platform in April, has increasingly amplified content from QAnon, the online conspiracy theory.
He has shared posts from QAnon accounts more than 130 times. QAnon believers promote a vast and complex conspiracy that centers on Mr. Trump as a leader battling a cabal of Democratic Party pedophiles. Echoes of such views reverberated through Republican election campaigns across the country during this year’s primaries.
Ms. Jankowicz, the disinformation expert, said the nation’s social and political divisions had churned the waves of disinformation.
The controversies over how best to respond to the Covid-19 pandemic deepened distrust of government and medical experts, especially among conservatives. Mr. Trump’s refusal to accept the outcome of the 2020 election led to, but did not end with, the Capitol Hill violence.
“They should have brought us together,” Ms. Jankowicz said, referring to the pandemic and the riots. “I thought perhaps they could be kind of this convening power, but they were not.”
The Murdochs, however, have been forced to make hard choices about even their most favored chief executives when scandal overwhelms. In 2010, Rupert Murdoch, the chairman of Fox Corporation, reluctantly pushed out Rebekah Brooks, who ran his British newspapers and was a close protégé, amid a police investigation into phone hacking by journalists who worked for her.
How Times reporters cover politics.We rely on our journalists to be independent observers. So while Times staff members may vote, they are not allowed to endorse or campaign for candidates or political causes. This includes participating in marches or rallies in support of a movement or giving money to, or raising money for, any political candidate or election cause.
Ms. Scott maintains a much more discreet profile than her predecessor, Roger Ailes, a whisperer to Republican presidents who cultivated a Svengali-like image in the media before numerous accusations of sexual harassment led to his downfall.
She grew up in Northern New Jersey, where she lives today with her husband and teenage daughter. Her first job for Fox was as an assistant to one of Mr. Ailes’s top deputies. Her first big promotion was to a senior producer position on Greta Van Susteren’s show. She would go on to oversee network talent, and then programming.
Colleagues say she pays careful attention to what’s on Fox, often watching from her office with the sound off and occasionally offering advice to producers and hosts on how sets could look better, outfits sharper and guests could be more compelling.
Under her direction, Fox News has maintained not only one of the biggest audiences in cable but in all of television, occasionally drawing more viewers than traditional broadcast networks like ABC. And Fox News collects far higher ad rates than its competitors — an average of almost $9,000 for a 30-second commercial in prime time, compared with about $6,200 for CNN and $5,300 for MSNBC, according to the Standard Media Index, an independent research firm. (The writer of this article is an MSNBC contributor.)
As chief executive, Ms. Scott has adopted a mostly deferential view of dealing with talent, current and former hosts said.
Mr. Ailes believed that no host should ever assume they were bigger than the network — or him. In 2010, for instance, after Mr. Hannity made plans to broadcast his show from a Tea Party rally in Cincinnati where organizers had billed him as the star attraction, Mr. Ailes ordered the host to scrap his plans and return to New York, threatening to “put a chimpanzee on the air” if he didn’t make it back in time, recalled one former Fox employee.
It was Saturday, Oct. 1, and Jim Lewis, who frequently posts on Twitter under the moniker Wall Street Silver, made that assertion to his more than 300,000 followers. “Markets are saying it’s insolvent and probably bust. 2008 moment soon?”
Mr. Lewis was among hundreds of people — many of them amateur investors — who had been speculating about the fate of Credit Suisse, the Swiss bank. It was in the middle of a restructuring and had become an easy target after decades of scandals, failed attempts at reform and management upheavals.
There seemed to be no immediate provocation for Mr. Lewis’s weekend tweet other than a memo that Ulrich Körner, the chief executive of Credit Suisse, had sent employees the day before, reassuring them that the bank was in good financial health.
But the tweet, which has been liked more than 11,000 times and retweeted more than 3,000 times, was one of many that helped ignite a firestorm on social media forums like Twitter and Reddit. The rumor that Credit Suisse was in trouble ricocheted around the world, stumping bank executives and forcing them to call shareholders, trading partners and analysts to reassure them that everything was fine before markets reopened on Monday.
prop up the shares of GameStop, the video game retailer, determined to outsmart hedge funds that had bet the company’s shares would fall.
Our Coverage of the Investment World
The decline of the stock and bond markets this year has been painful, and it remains difficult to predict what is in store for the future.
A Bad Year for Bonds: This has been the most devastating time for bonds since at least 1926 — and maybe in centuries. But much of the damage is already behind us.
Discordant Views: Some investors just don’t see how the Federal Reserve can lower inflation without risking high unemployment. The Fed appears more optimistic.
Weathering the Storm: The rout in the stock and bond markets has been especially rough on people paying for college, retirement or a new home. Here is some advice.
College Savings: As the stock and bond markets wobble, 529 plans are taking a tumble. What’s a family to do? There’s no one-size-fits-all answer, but you have options.
But what started as a spontaneous effort to take down Wall Street has since become an established presence in the market. Millions of amateur investors have embraced trading, including more sophisticated strategies such as shorting. As the Credit Suisse incident shows, their actions highlight a new source of peril for troubled companies.
Founded in Switzerland in 1856 to help finance the expansion of railroads in the tiny European nation, Credit Suisse has two main units — a private wealth management business and an investment bank. However, the bank has often struggled to maintain a pristine reputation.
It has been the repository of funds from businesspeople who are under sanctions, human rights abusers and intelligence officials. The U.S. government has fined it billions of dollars for its role in helping Americans file false tax returns, marketing mortgage-backed securities tied to the 2008 financial crisis and helping customers in Iran, Sudan and elsewhere breach U.S. sanctions.
In the United States, Credit Suisse built its investment banking business through acquisitions, starting with the 1990 purchase of First Boston. But without a core focus, the bank — whose top bosses sit in Switzerland — has often allowed mavericks to pursue new revenue streams and take outsize risks without adequate supervision.
collapsed. Credit Suisse was one of many Wall Street banks that traded with Archegos, the private investment firm of Bill Hwang, a former star money manager. Yet it lost $5.5 billion, far more than its rivals. The bank later admitted that a “fundamental failure of management and controls” had led to the debacle.
surveillance of Credit Suisse executives under his watch. He left the bank in a stable and profitable condition and invested appropriately across its various divisions, his spokesman, Andy Smith, said.
Credit Suisse replaced Mr. Thiam with Thomas Gottstein, a longtime bank executive. When Archegos collapsed, the bank kept Mr. Gottstein on the job, but he started working with a new chairman, António Horta-Osório, who had been appointed a few months earlier to restructure the bank.
resigned after an inquiry into whether he had broken quarantine rules during the pandemic. But he made swift changes in his short tenure. To reduce risk taking, Mr. Horta-Osório said, the bank would close most of its prime brokerage businesses, which involve lending to big trading firms like Archegos. Credit Suisse also lost a big source of revenue as the market for special purpose acquisition companies, or SPACs, cooled.
By July, Credit Suisse had announced its third consecutive quarterly loss. Mr. Gottstein was replaced by Mr. Körner, a veteran of the rival Swiss bank UBS.
Mr. Körner and the chairman, Axel Lehmann, who replaced Mr. Horta-Osório, are expected to unveil a new restructuring plan on Oct. 27 in an effort to convince investors of the bank’s long-term viability and profitability. The stock of Credit Suisse has dipped so much in the past year that its market value — which stood around $12 billion — is comparable to that of a regional U.S. bank, smaller than Fifth Third or Citizens Financial Group.
appeared on Reddit.
Mr. Macleod said he had decided that Credit Suisse was in bad shape after looking at what he deemed the best measure of a bank’s value — the price of its stock relative to its “book value,” or assets minus liabilities. Most Wall Street analysts factor in a broader set of measures.
But “bearing in mind that most followers on Twitter and Reddit are not financial professionals,” he said, “it would have been a wake-up call for them.”
The timing puzzled the bank’s analysts, major investors and risk managers. Credit Suisse had longstanding problems, but no sudden crisis or looming bankruptcy.
Some investors said the Sept. 30 memo sent by Mr. Körner, the bank’s chief executive, reassuring staff that Credit Suisse stood on a “strong capital base and liquidity position” despite recent market gyrations had the opposite effect on stock watchers.
Credit Suisse took the matter seriously. Over the weekend of Oct. 1, bank executives called clients to reassure them that the bank had more than the amount of capital required by regulators. The bigger worry was that talk of a liquidity crisis would become a self-fulfilling prophecy, prompting lenders to pull credit lines and depositors to pull cash, which could drain money from the bank quickly — an extreme and even unlikely scenario given the bank’s strong financial position.
“Banks rely on sentiment,” Mr. Scholtz, the Morningstar analyst, said. “If all depositors want their money back tomorrow, the money isn’t there. It’s the reality of banking. These things can snowball.”
What had snowballed was the volume of trading in Credit Suisse’s stock by small investors, which had roughly doubled from Friday to Monday, according to a gauge of retail activity from Nasdaq Data Link.
Amateur traders who gather on social media can’t trade sophisticated products like credit-default swaps — products that protect against companies’ reneging on their debts. But their speculation drove the price of these swaps past levels reached during the 2008 financial crisis.
Some asset managers said they had discussed the fate of the bank at internal meetings after the meme stock mania that was unleashed in early October. While they saw no immediate risk to Credit Suisse’s solvency, some decided to cut trading with the bank anyway until risks subsided.
In another private message on Twitter, Mr. Lewis declined to speak further about why he had predicted that Credit Suisse would collapse.
“The math and evidence is fairly obvious at this point,” he wrote. “If you disagree, the burden is really on you to support that position.”
KYIV, Ukraine — They exploded with dull thuds on the outskirts of towns and detonated in the center of cities with deafening booms. Strikes in Kyiv, the capital, left cars burning and splatters of blood on the sidewalks.
Through the week, the Russian military fired its most intense barrage of missiles at Ukraine since the start of the war in February, killing at least three dozen civilians, knocking out electricity across swaths of the country and overwhelming air defenses. One thing the missiles didn’t do was change the course of the ground war.
Fought mostly in trenches, with the most fierce combat now in an area of rolling hills and pine forests in the east and on the open plains in the south, these battles are where control of territory is decided — and where Russia’s military continued to lose ground this week, despite the missile strikes.
“They use their expensive rockets for nothing, just to frighten people,” Volodymyr Ariev, a member of Parliament with Ukraine’s European Solidarity party, said of the paltry military effect of the Russian cruise missiles, rockets and self-destructing drones used in the strikes. “They think they can scare Ukrainians. But the goal they achieved is only making us angrier.”
The war in the south and east continued apace through the strikes, with Russia mostly falling back but also attacking on one section of front in the Donbas region in eastern Ukraine.
On Monday and Tuesday, the most intense days of Russia’s missile strikes, the Ukrainian Army continued its offensive in the Kherson region in the south, reclaiming five villages over the two days, according to the military command. Ukrainian forces also took back a village in the east.
“The Kremlin continues to struggle to message itself out of the reality of mobilization and military failures,” the Institute for the Study of War, a Washington-based research group, wrote in an analysis published Thursday. “The Kremlin continued its general pattern of temporarily appeasing the nationalist communities by conducting retaliatory missile strikes.”
The war is now separated into two largely unconnected arenas: the battles in the sky, in which Russia is seeking to demoralize Ukrainian society and cripple the economy by using cruise missiles and drones to destroy heating, electricity and water infrastructure as winter sets in; and the battles on the ground, in which Ukraine continues to advance against Russian forces in two areas of the front line.
Russia has been using even the newest addition to its arsenal, Shahed-136 kamikaze drones purchased from Iran, principally for strategic strikes far from the front line, rather than in efforts to slow the Ukrainian attacks.
“Shahed-136s will not generate asymmetric effects for Russian forces because they are not being used to strike areas of critical military significance in a way that directly influences the frontline,” the Institute for the Study of War wrote.
The drones that get past air defenses instead buzz into cities, blowing up electrical power stations and municipal boilers used to heat neighborhoods in the centralized heating systems used in Ukraine.
Over the past 24 hours, the Russian army and air force attacked around the country with missiles, rockets and self-destructing drones, from the region around Kyiv, the capital, to Mykolaiv in the south, near the Black Sea, the Ukrainian General Staff said in its regular morning report.
“The enemy is not halting strikes on critical infrastructure and civilian objects,” it said, listing 88 strikes, including with short-range rocket systems near the front line.
The strikes have refocused Ukrainians’ attention on the war in cities where a sense of normalcy had been returning, including Kyiv, the capital.
Even successful advances for the Ukrainian army have been bloody and costly as the Russian military has been skirmishing and firing artillery to cover its retreat and continuing attacks in Donbas. Fighting raged along the entire front and in cross-border skirmishing with Russia in northern Ukraine overnight Thursday to Friday, the military command said in a morning statement.
Sylvia Gaston, a waitress at a restaurant in Astoria, Queens, said her base wage is $7.50 an hour — even though New York City’s legal subminimum is $10, which must come to at least $15 after tips. Ms. Gaston, 40, who is from Mexico, feels that undocumented workers like her have a harder time fighting back when they are shortchanged.
“It doesn’t really matter if you have documents or not — I think folks are still getting underpaid in general,” she said. “However, when it comes to uplifting your voices and speaking about it, the folks who can get a little bit more harsh repercussions are people who are undocumented.”
Subminimum base pay for some tipped workers in the state, such as car washers, hairdressers and nail salon employees, was abolished in 2019 under an executive order by Gov. Andrew M. Cuomo, but workers in the food and drinks industry were left out.
Gov. Kathy Hochul, Mr. Cuomo’s successor, said while lieutenant governor in 2020 that she supported “a solid, full wage for restaurant workers.” And progressive legislators plan a bill in January that would eliminate the two-tier wage system by the end of 2025.
When The New York Times asked if she would support such changes, Ms. Hochul’s office did not answer directly. “We are always exploring the best ways to provide support” to service workers, it said.
Proponents of abandoning subminimum wages say there could be advantages for employers, including less turnover, better service and higher morale.
David Cooper, the director of the economic analysis and research network at the Economic Policy Institute, a progressive think tank, contends that when wage laws are changed to a single-tier system, business owners can have the assurance that “every single person they compete with is making the same exact adjustment,” reducing the specter of a competitive disadvantage.