Weak domestic demand may limit China's AI-led economic gains: Fitch

The Hindu Business Line - Oct 27, 2026

The key challenge for China will be to convert rising AI investment into productivity gains, stronger earnings and broader economic demand

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Midterm crossroads for both US parties eyeing beginning of end of Trump era

Oct 30, 2026

Midterm crossroads for both US parties eyeing beginning of end of Trump era

NEW YORK — The nation's major political parties are at a crossroads. A decade after he began to remake the Republican Party in his image, President Donald Trump is facing the prospect of a voter rebellion Tuesday that could force conservatives to rethink their undying allegiance to the 80-year-old lame-duck leader and his “Make America Great Again” movement. Already, some Republican candidates have begun to distance themselves from him. And Democrats, who remain unpopular despite midterm momentum, are speeding toward a tug-of-war between establishment leaders and emboldened progressives demanding nothing less than transformative change. Whether either party wins or loses Tuesday, the end of the 2026 midterms marks the beginning of a high-stakes fight over the country's political future in the twilight of the Trump era — a fight that will swiftly surge to the forefront of American politics as new members of Congress descend upon Washington and the 2028 presidential contest takes off. “When President Trump leaves office, it’s going to create a tremendous vacuum. And I ask the q

Binance freezes assets after $6.3 bil. heist, crypto industry's biggest

Oct 30, 2026

Binance freezes assets after $6.3 bil. heist, crypto industry's biggest

SINGAPORE/HONG KONG — Hackers stole $6.3 billion from Binance, the world's largest cryptocurrency exchange, in what analysts say is the biggest crypto hack ever, an attack that could prompt investors to rethink the risks of owning digital assets. The hackers behind the raid were from North Korea, according to U.S. blockchain analysis firms TRM Labs and Chainalysis. The attackers targeted Binance wallets on 10 blockchains and shifted most of the funds in about 20 minutes, TRM Labs said in a statement. Binance said it worked with partners to freeze the affected assets with about $3 billion located so far. It did not mention the status of the remaining $3.3 billion, and its co-founder Yi He said the exchange would cover "all hacking losses." Binance said its deposits were unaffected and it expects to resume withdrawal services in the next 48 hours. TRM said several features of the attack matched earlier heists linked to North Korea, including a 2025 hack of crypto exchange Bybit that the U.S. Federal Bureau of Investigation had attributed to Pyongyang. "We make this judgment with high conf

G20 diplomats, including from China and Russia, face deep rifts as they prepare to meet in Atlanta

Oct 30, 2026

G20 diplomats, including from China and Russia, face deep rifts as they prepare to meet in Atlanta

WASHINGTON — The top diplomats from the Group of 20 largest world economies, including envoys from Russia and China, are meeting in Atlanta as they face deep rifts over multiple wars and other global crises that threaten international security and trade. U.S. Secretary of State Marco Rubio will chair the gathering Friday and Saturday that will set the stage for a G20 leaders summit hosted by President Donald Trump at his Miami golf club in December. There appears to be little chance that the group will come to a consensus on many of the most contentious issues. Among those are the Russia-Ukraine conflict, the U.S.-Israeli war against Iran, U.S. tariffs and Chinese machinations in the South China Sea. All have contributed to spikes in the global cost of fuel as well as uncertainty about trade. U.S. officials say their top priority for the meeting is resolving differences over issues related to freedom of navigation, particularly in the Strait of Hormuz, the Red Sea, the Black Sea and the South China Sea. The topic will include discussions on Iran, Russia-Ukraine and China and its small

Carney, top EU official push Canada associate membership and wider alliance against Trump threats

Oct 30, 2026

Carney, top EU official push Canada associate membership and wider alliance against Trump threats

MONTREAL — Canadian Prime Minister Mark Carney and the European Union’s top official pushed Thursday to make Canada the bloc’s first “associate member” and build a broader alliance open to other countries as they warned of threats to sovereignty from economic coercion during U.S. President Donald Trump’s trade war. Speaking in Montreal on Thursday, European Commission President Ursula von der Leyen said Canada and the EU would form the core of the proposed “Alliance for the Future,” but other like-minded countries would be welcome to join. Echoing Carney’s warning at the World Economic Forum in Davos in January, von der Leyen said economic relationships once considered sources of stability were increasingly being used as instruments of pressure. “When trade becomes a tool of economic pressure, it is families that pay the price, from the supermarket shelf to the cost of a new car,” she said. “We are seeing in real time our sovereignty being attacked.” Carney said the alliance would help Canada withstand economic shocks and prevent foreign governments and technolo

Potentially historic drop for Alphabet's stock drags US market lower

Oct 30, 2026

Potentially historic drop for Alphabet's stock drags US market lower

NEW YORK — A potentially historic drop for Alphabet’s stock is dragging the U.S. market lower Thursday after the company behind Google and YouTube reported weaker growth for the summer than analysts expected. The report underscored worries about whether all its huge investments in artificial-intelligence technology will pay off. The S&P 500 fell 0.6 percent toward its first loss in four days, even though the majority of stocks within the index and across Wall Street were rising. The Nasdaq composite tumbled 1.6 percent, while the Dow Jones Industrial Average fell 269 points, or 0.5 percent. Alphabet is one of the most influential stocks on Wall Street because it’s one of the largest, and its loss of 12.8 percent had it heading toward its worst day since it began trading more than 20 years ago. The tech giant had been under pressure to at least meet analysts’ expectations for growth amid concerns about how much it’s spending to invest in AI. Alphabet said late Wednesday that it burned through more cash during the latest quarter, according to a measure called free cash flow, aft

US economy posts strong growth, inflation stubbornly high in challenge to Trump

Oct 30, 2026

US economy posts strong growth, inflation stubbornly high in challenge to Trump

WASHINGTON — The United States posted strong economic growth in the third quarter, but the Fed's preferred inflation gauge also accelerated, the Commerce Department said on Thursday, in a mixed economic bag for U.S. President Donald Trump ahead of key midterm polls next week. Real GDP increased at an annual rate of 3.4 percent in the third quarter, the department's Bureau of Economic Analysis (BEA) said in a statement, beating market expectations. "The contributors to the increase in real GDP in the third quarter were increases in investment, consumer spending, and government spending that were partly offset by a decrease in exports," the BEA said in a statement. The U.S. Federal Reserve's preferred gauge for inflation — the Personal Consumption Expenditures (PCE) price index — rose by 3.6 percent year-on-year in September, an increase from the previous month. Trump's handling of the economy is a key issue for voters heading into midterm elections on Tuesday, where Democrats are seeking to wrest control of both houses of Congress from the president's Republican Party. The U.S.-Israe

Trump failed to stop inflation. Now Republicans may pay price in midterm elections

Oct 30, 2026

Trump failed to stop inflation. Now Republicans may pay price in midterm elections

WASHINGTON — President Donald Trump would prefer that voters not worry about inflation. But it's hard for them to ignore. Filling up a basic Ford F-150 truck now costs about $100, up $30 from a year ago. Mortgage rates have jumped to levels that have depressed home sales. And for the past 12 months, consumer prices have risen faster than paychecks, making the average family poorer. One week before midterm elections that will serve as a referendum on his second term, Trump is struggling to deliver on his campaign promise to bring down costs, even as he insists the country has entered an economic “golden age." The same frustration that powered his comeback two years ago could now cost Republicans control of Congress. “Our nation is doing better now than ever before,” Trump insists while campaigning, vowing that interest rates and oil prices will plunge once the war with Iran — which he started — comes to an end. The word “affordability,” he says, is nothing but “a con job by the Democrats," adding that “it doesn’t mean anything to anybody.” Trump's rosy rhetoric meet

Hershey warns rising living costs may spook Halloween shoppers

Oct 30, 2026

Hershey warns rising living costs may spook Halloween shoppers

Hershey on Thursday warned that increased pressure on shoppers due to high inflation and interest rates could impact how much consumers spend on candy this Halloween. U.S. consumer sentiment hovered near record lows in October as Americans head into the holiday season with their budgets under strain from high gas prices as a fallout of the U.S. war in Iran. Hershey lowered its annual organic net sales growth target to about 3 percent, citing weakness in channels such as convenience stores, where customers were budgeting for higher gas prices. The Milk Duds maker was banking on last-minute shoppers looking for bulk packs of candy ahead of Halloween on Saturday, October 31, executives said on a post-earnings call. "Now we need consumers to show up, we need them. The last few days are really critical," said Hershey CEO Kirk Tanner. A 51.03-ounce pack of Hershey assorted Halloween candy with 165 pieces cost about $23.87 on Walmart's website as of Thursday morning. "Halloween participation is expected to be in line with 2025, though financial pressures could shape final purchase decisions," Tan

Soaring living costs push first-time and returning Korean voters to US midterms

Oct 30, 2026

Soaring living costs push first-time and returning Korean voters to US midterms

SEATTLE — For Lee Min-ha, a 46-year-old Korean living near Seattle, eating out has become a luxury her household can no longer afford. "Everything has gotten so expensive that eating out is completely out of the question," Lee said. "I've been buying groceries almost exclusively on sale for quite some time now. Living in America is getting harder and harder, and every day I wonder how things got this bad." A meal at a casual Korean restaurant can easily cost a family of four more than $100 once taxes and tips are included, making even an occasional family outing an increasingly expensive proposition. Lee's frustration reflects a widespread concern among Korean voters ahead of Tuesday's U.S. midterm elections. The 2026 Asian American and Pacific Islander (AAPI) Voter Survey, conducted by Asian & Pacific Islander American Vote and AAPI Data, found that 86 percent of Korean American registered voters considered inflation and the cost of living very or extremely important in deciding how to vote. The figure was 90 percent among Asian American respondents overall, underscoring the importance

FCC votes to ban all Chinese labs from testing US electronics

Oct 30, 2026

FCC votes to ban all Chinese labs from testing US electronics

WASHINGTON — The Federal Communications Commission on Thursday voted to bar all Chinese labs from testing electronic devices including smartphones, cameras and computers for use in the US, expanding a previous agency action targeting Beijing. The FCC said it will prohibit test labs and certification bodies in countries including China that deny reciprocal treatment to US-based test labs. The FCC prohibitions are slated to take effect in December 2028. FCC Chair Brendan Carr said that in 2025, 82 percent of electronics were tested in China, which does not have an agreement with the US. "These labs are a critical gateway into American communications infrastructure -- and their privileged role gives them access to sensitive and confidential information about electronic products often months before the devices enter the market," Carr said, adding they could "allow insecure gear into the U.S. market, disrupt communications networks, or even steal intellectual property." The Chinese Embassy in Washington did not immediately respond to a request for comment. In 2025, the FCC banned testing of

What to know about Israel's election as results emerge with no clear winner

Oct 30, 2026

What to know about Israel's election as results emerge with no clear winner

JERUSALEM — Final election results are expected Thursday evening or Friday in Israel, where neither Prime Minister Benjamin Netanyahu ’s bloc nor the opposition — unless it partners with Arab-led parties — is on a path to a majority in parliament. Weeks of negotiations to build a majority coalition and name a prime minister likely lie ahead. One scenario sees Jewish and Arab-led parties opposed to Netanyahu joining forces. Another sees some parties that campaigned on ousting Israel’s longest-serving prime minister teaming up with him instead. Both possibilities have prompted bitter debate in an already deeply divided country. Here’s what to know about what comes next: Results will kick off weeks of negotiations The election was widely seen as a referendum on Netanyahu , even though Israelis vote on parties, not individuals. His party, Likud, received the most votes overall, but lost support compared with the previous election in 2022. Voter turnout was 77 percent, the highest since 1999. Support for far-right parties in Netanyahu’s coalition dropped significantly, putting his

Robust consumer spending, AI-related investment power US economy in third quarter

Oct 30, 2026

Robust consumer spending, AI-related investment power US economy in third quarter

WASHINGTON — The U.S. economy grew at its fastest pace in a year in the third quarter, shrugging off higher oil prices stemming from the conflict in the Middle East as consumers maintained robust spending and businesses doubled down on investment in AI. The better-than-expected increase in gross domestic product last quarter reported by the Commerce Department on Thursday was in stark contrast to households' downbeat assessment of the economy, reflected in President Donald Trump's record-low approval ratings and deterioration in consumer sentiment. The advance GDP report was published less than a week before Tuesday's midterm elections, which will determine control of Congress. Economists said the strong growth, together with other data on Thursday showing inflation accelerating and broadening out in September, bolstered the argument for the Federal Reserve to raise interest rates in December. The U.S. central bank on Wednesday left its benchmark overnight interest rate in the 3.75 percent-4.00 percent range while acknowledging that inflation "remains elevated." "The consequences of an

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