DHAKA, Bangladesh, October 26 (IPS) - Bangladesh has achieved remarkable economic progress over the past few decades. Its garment industry has become globally important, millions of people have entered the workforce, and private businesses have expanded across manufacturing, services, technology and trade. But economic growth alone does not create a healthy business environment. Businesses also need predictable laws, safe workplaces, fair competition, protection of property and contracts, and respect for the rights of workers, consumers and communities.
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Upholding Human Rights & Public Safety: How Far Is Bangladesh?
Upholding Human Rights & Public Safety: How Far Is Bangladesh?
Marc Lore’s Wonder bets on Texas, automation and user-built restaurants as it mulls IPOWonder is leaning into automation and user-built restaurants as founder Marc Lore prepares the startup for a potential IPO.{}
Wonder is leaning into automation and user-built restaurants as founder Marc Lore prepares the startup for a potential IPO.https://www.cnbc.com/2026/10/25/wonder-ipo-texas-automation.html
Explosion, fire blast through Iowa Quaker Oats plantAn apparent explosion at the Quaker Oats plant in Cedar Rapids sent thick black smoke over downtown Iowa as firefighters battled the massive blaze.
An apparent explosion sparked a fire at a massive Quaker Oats plant in Iowa on Saturday, sending thick black smoke billowing over downtown Cedar Rapids as firefighters rushed to the facility billed as the world's largest oat mill.
No injuries were reported, and all workers were safely accounted for, according to local officials.
The Quaker Oats plant is the world's largest milling facility, processing more than 2 million pounds of oats each day, according to the company's website.
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Firefighters were called to the plant at around 4:44 p.m. local time after reports of an explosion and fire, according to the Cedar Rapids Fire Department. When crews arrived, they found heavy smoke and flames coming from the north side of the building.
Additional firefighters from Marion, Hiawatha and Linn County were called in to help battle the blaze.
Cedar Rapids Mayor Tiffany O'Donnell said in a Facebook video that all workers were safe and accounted for. She said the fire broke out in an area of the plant where relatively few employees were working.
"It's not heavily populated with employees and team members. Which, of course, in this case was a blessing," O'Donnell said.
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Most of the fire had been put out by 6:25 p.m., though firefighters were still working inside the building, the fire department said.
No firefighters were injured.
Authorities have not said what caused the explosion or how much damage the fire caused.
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PepsiCo Foods US, which owns Quaker Oats, said the cause of the fire would be investigated.
https://www.foxbusiness.com/economy/explosion-fire-blast-through-iowa-quaker-oats-plantCEO SUNDAY: Atomic Wings CEO shares his journey from Wall Street to the restaurant businessAtomic Wings CEO Zak Omar shares how his father’s influence, a leukemia diagnosis and a commitment to customer service shaped his path to building a 35-location restaurant chain.
Atomic Wings CEO Zak Omar says there is one habit that has helped him become a better leader: looking back at what went right, confronting what went wrong and identifying ways to improve.
"At the end of every week, I look at what we've done well and what we failed at, or, what mistakes we made," Omar said. "Learning from your failures leads to greater success in the future."
But Omar doesn't spend too much time celebrating wins. Instead, he focuses on what the company can do better.
That approach has helped him grow Atomic Wings – a fast-casual restaurant chain known for its chicken wings and tenders – to 35 locations across multiple states, with plans to reach 40 by the end of the year.
Omar's connection to the restaurant industry began when he was a child. His father, an Afghan refugee, operated a chicken truck in New York City, where Omar would help out. He recalls experimenting with flavors as a child, mixing barbecue sauce, ketchup and mayonnaise with food left over from his father’s truck.
Today, Omar says that running a restaurant is about more than the food.
"We're not in the food business here – we're in the customer service business," he said. "You're not selling chicken, you're putting a smile on people's faces."
Omar initially took a different path after college, working on Wall Street in an IT capacity. But his life changed after he was diagnosed with leukemia at the same time that his father was hospitalized with a brain tumor.
After undergoing treatment, Omar decided not to return to his corporate job.
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"I figured… let's do something that my dad would be happy about," he said.
Omar eventually acquired Atomic Wings and began growing the brand beyond New York.
As CEO, Omar said one thing he does not want to give up is his direct connection with customers.
He recently received a message from a longtime customer after a popular reward disappeared during an overhaul of the Atomic Wings app. Omar said he immediately asked the company's technology team to restore it.
"Once you lose connection with that front line, you lose a connection with reality," he said.
Omar said the best career advice he has received is to focus on helping other people succeed.
"When you focus on your team, and you focus on the people around you, your success is a natural byproduct of their success," he said.
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That is especially important in a franchise business, Omar said, because the company's success depends on its franchisees succeeding.
And while being a CEO may sound appealing, Omar said one big misconception about the job is that it's "fun."
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Omar said that CEOs have to wear many hats and make decisions that affect employees, franchisees and the broader business.
"It's a lot of hard work, and you need to be selfless in a way because you have to commit yourself to the job," he said.
https://www.foxbusiness.com/business-leaders/ceo-sunday-atomic-wings-ceo-shares-his-journey-from-wall-street-restaurant-businessTrump reveals Audi's ambitious plans for a major expansion in the USPresident Donald Trump announced Audi's $4.2 billion Macon, Georgia plant, calling it the largest investment in modern U.S. auto industry history.
President Donald Trump announced a massive $4.2 billion investment by German automaker Audi during a campaign rally in Georgia on Saturday, touting plans for a new manufacturing plant that he said would produce 200,000 vehicles annually.
Speaking during a campaign event in Perry, Trump said construction on the new plant could begin as early as next month.
"Today I'm thrilled to announce a massive auto manufacturing investment in the great state of Georgia by a fantastic company," Trump said. "Audi has just committed to invest $4.2 billion in nearby Macon, Georgia to begin the construction next month on a massive plant that will produce 200,000 cars a year."
"That's incredible," Trump continued, before describing the investment as a historic milestone for the American auto industry.
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"This will be the single largest investment in U.S. auto industry history, modern history," he said.
The facility, Audi's first U.S. manufacturing plant, is expected to create approximately 4,500 jobs and produce premium SUVs for the North American market, according to Georgia officials.
The president also touted what he described as $40 billion in broader auto industry investments that he said would create 30,000 jobs.
Trump credited Commerce Secretary Howard Lutnick with helping secure the deal and invited Audi executives to join him onstage, including Audi CEO Gernot Döllner and Audi North America President Vito Paladino.
Döllner thanked the president for his support, saying the investment would have a significant impact.
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"It's a fantastic opportunity for Audi, for the Audi team and for America," Döllner said.
"We are planning to bring our biggest and most premium SUVs and produce them here in Macon, Georgia," he continued. "This is a long-term investment because we believe in the American market."
The automaker's investment was the latest initiative Trump unveiled during a series of recent campaign appearances.
On Friday, Trump announced a new $275 million initiative during a rally in Florida to recruit and retain nurses in nursing homes.
FOX Business' Jasmine Baehr contributed to this report.
https://www.foxbusiness.com/politics/trump-audi-georgia-manufacturing-plant-investment-jobsFirst Russian diesel tanker heads to New York after Trump's deal with Putin to lower fuel pricesThe first Russian diesel tanker headed to New York carries 40,000 tons, but a retired general says that only covers a couple hours of U.S. demand.
The first tanker with 40,000 tons of diesel left for New York from Russia earlier this week following President Donald Trump’s deal with Russian President Vladimir Putin to release millions of tons of diesel into the global supply, Fox News has reported.
This comes as diesel has shot to more than $6 per gallon in the U.S.
"The first oil tanker has sailed off to customers, and regular supplies will continue," Kremlin spokesperson Dmitry Peskov said on Friday.
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Following the deal earlier this month, Trump also waived most of the sanctions on Russia and those who bought fuel from the country under the Graham Act, which was backed by late Sen. Lindsey Graham.
However, retired Marine Corps Maj. Gen. Arnold Punaro told Fox News that the 40,000 tons would only supply a "couple of hours" worth of diesel.
"Look, reducing fuel prices is a very legitimate and necessary policy goal," he told John Roberts on "America Reports." "The president has a number of positive initiatives in that regard. However, I don’t think lifting sanctions on Russia and buying diesel fuel from Russia and fueling their war machine, which yesterday just had another massive ballistic missile attack on Kyiv, killing women and children, knocking out their energy grid, so the Ukrainians will freeze, so my hope would be they kind of change their mind, beef up the other initiatives they have, turn that tanker around and go in a different direction."
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Punaro said that Putin’s goal is to regain the territory from the Soviet Union.
"He was never going to stop with Ukraine. That’s why we’ve got to stop him in Ukraine," he said.
Under the Oct. 9 deal between the U.S. and the Kremlin, Putin agreed to "immediately supply over 300,000 Tons of Diesel Fuel to the American and Global Marketplace, another 500,000 Tons during the month of November, and 1,000,000 Tons immediately thereafter," Trump said.
Trump said the agreement came after the two had a "highly successful discussion."
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He added on Truth Social, "Additionally, based on the condition of their Diesel Refineries, Russia will then deliver, within a short period of time, 3,000,000 Tons of Diesel Fuel. Between our TOTAL CONTROL of the Strait of Hormuz, and this great announcement on Russian Energy, Diesel Prices for Americans and, indeed, the World, will be COMING DOWN, IN RECORD NUMBERS, AND FAST! Lower prices for Americans, especially our Great Farmers, Ranchers, and Truckers, is my Greatest Priority."
The president had been under pressure from Republicans to lower diesel prices before the midterms.
The Russian diesel is the first delivered to the U.S. from the Kremlin since 2023.
https://www.foxbusiness.com/politics/first-russian-diesel-tanker-heads-new-york-after-trumps-deal-putin-lower-fuel-pricesUkraine regains critical Starlink service after restrictions disrupt drone operationsUkraine says Starlink connections are again stable on fast-moving military equipment after restrictions hindered operations against Russia.
Ukraine's Ministry of Defense announced Saturday it had regained broader access to Starlink, a critical service for military drones, battlefield communications and other fast-moving equipment.
The restoration comes after more than a week of speed restrictions on SpaceX's Starlink and Starshield services that disrupted Ukraine's war effort against Russia.
It remains unclear what led to the slowdown in service. Ukraine has accused both President Donald Trump and SpaceX CEO Elon Musk of being behind it.
Both men have denied involvement, and The Wall Street Journal reported that Trump called Musk Wednesday and asked him to address the slowdown.
Vice President JD Vance appeared to leave open a role for the U.S. government going forward, saying Musk should not be expected to navigate the war without Washington "effectively directing him on what to do."
Secretary of State Marco Rubio and War Secretary Pete Hegseth, however, have denied that the U.S. government was responsible for slowing Ukraine's Starlink service. FOX Business reached out to the White House, SpaceX and the war and state departments for comment.
The restrictions disrupted Starlink connections on Ukrainian drones traveling faster than roughly 100 mph, limiting their ability to maintain satellite communications at higher speeds.
As of Saturday, Starlink connections are remaining stable at speeds of 250 mph, Ukrainian officials said.
RUSSIA STRIKES KYIV HOURS AFTER PEACE TALKS PLEDGE
This comes as both sides appear more eager to reach a resolution in the war, which has now dragged on for more than four years since Russia launched a full-scale invasion of Ukraine in February 2022.
Russia agreed Wednesday to resume three-way negotiations with Washington and Kyiv next month, while Ukrainian President Volodymyr Zelenskyy told "Fox & Friends" this week he would be open to ending the war by freezing the fighting along the current front lines.
Zelenskyy described it as a ceasefire, something Moscow has been routinely opposed to. However, on Friday, Kyiv and Moscow agreed to a ceasefire around Oleshky, a war-torn Russian-occupied town in Ukraine’s southern Kherson region.
The White House said first lady Melania Trump had a major role in negotiating the localized ceasefire, which will begin on Oct. 29 and allow humanitarian aid into Oleshky.
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Fighting has continued elsewhere. A missile strike on the city of Lozova in Ukraine's Kharkiv region killed one man and injured two others, officials said Saturday, according to The Associated Press.
Ukraine's General Staff said Saturday that its forces struck a chemical plant in the Russian city of Tolyatti that manufactures materials used in rocket fuel. Mayor Ilya Sukhikh said the overnight attack caused damage to industrial facilities across the city, the AP reported.
Ukraine's General Staff also confirmed Saturday that its forces struck an electronics plant in the Russian city of Oryol that it said produces components for cruise and ballistic missiles used against Ukraine.
Local officials said three people were killed in that attack, according to the AP.
The Associated Press contributed to this report.
https://www.foxbusiness.com/politics/ukraine-regains-critical-starlink-service-after-restrictions-disrupt-drone-operationsFewer people are flying as airfare soars. Here's why airlines aren't worriedAirlines are reporting fewer people flew in the third quarter as airfare surged on fuel costs, but executives say travelers are mostly swallowing higher fares.{}
Airlines are reporting fewer people flew in the third quarter as airfare surged on fuel costs, but executives say travelers are mostly swallowing higher fares.https://www.cnbc.com/2026/10/23/airfare-airline-capacity.html
Why popular airplanes are getting scrapped years earlyAirplanes are getting dismantled for parts years ahead of schedule because engines and other components are in short supply.{}
Airplanes are getting dismantled for parts years ahead of schedule because engines and other components are in short supply.https://www.cnbc.com/2026/10/24/spirit-airlines-planes-scrapped-engine-shortage.html
Live music hits a massive 'Dynamite' milestone – I found out why in a small Austin clubLive music is hitting record highs as BTS, AC/DC and other major acts fuel a $6 billion concert boom, proving the power of live performances in an increasingly digital world.
I have a soft spot for hard rock. So I find myself in one of Austin’s live music clubs listening to a band on the tail end of their world tour.
A guitarist is under the stage lights at Come and Take It Live, swaying and concentrating, the strains of a Stevie Ray Vaughan classic floating from the amps. The night air crackles. The rapt audience takes it in, applauding as the guitarist moves gracefully through the soulful notes. If you’ve played a musical instrument of any kind at any skill level, the live show reveals the human effort at the foundation of every good performer, performance and song. As a mediocre drummer, I tend to watch that part of most shows, whoever the band is. The drummer in this show is effortlessly throwing out some amazing double-bass rolls.
Rock ‘n’ roll is an American invention that’s gone global. Nights like this have been happening across Austin, and across the country and the world, for generations, long before and after we sadly lost the great Texas firebrand.
SRV was such a phenomenon there’s a statue of him downtown. It’s appeared in thousands of Instagram Reels and photos by now, especially during SXSW and ACL fests. Music is the heartbeat of the city. The guitar legend was the king of live music, and live music is still big. In fact, according to Pollstar, while we stream our favorite movies and songs into our homes, going out to watch live music has never been bigger.
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Pollstar’s numbers reveal something in the age of AI, digital everything, on-demand and streaming: We still want real moments we can experience with others. In a world that increasingly feels all the same, we want to feel a beat. When a band we like hits the chorus of that song we love and everyone around us is singing along – that’s it.
Revenue from live music shows topped $6 billion for the first time, and "The Worldwide Top 100 Touring Artists for 2026 are on track to have a record-setting year based on reported third-quarter tour revenues and ticket sales between Nov. 13, 2025 and Aug. 12, 2026." Three quarters, $6 billion – that’s a lot of us going to live shows.
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Topping the worldwide live show chart is South Korea’s K-pop monsters, BTS, with the "Dynamite" boy group racking up over $465 million on their Arirang World Tour. Back from compulsory military service, they are selling out NFL stadiums in major cities. That’s no great surprise to anyone who’s been paying attention to music, but perhaps more surprising is that another K-pop act, TWICE, has joined them in the top 10 at No. 6.
Those talented bands also benefit from South Korea’s "soft power" strategy of using government funds and might to export Korean idol music to the world. It’s clearly working. "The Feels" and "Butter" are two of K-pop’s biggest English-language hits over the last few years – both products of South Korea’s idol pipeline.
More surprising may be the resurgence of rock. Aussie titans AC/DC returned to the road and landed in the top 10 live acts, hauling in over $136 million. They’re very much "Back in Black" at No. 9.
Right behind them? Ed Sheeran. We’ll see where he lands in the next few months.
Others making the top 10 include Bad Bunny, The Weeknd, Lady Gaga and Luke Combs. Taylor Swift didn’t make the list because she didn’t tour.
In a time in which the lords of AI keep saying their tech may take our jobs, it’s heartening to see something tech can’t take away. At least, not yet.
KISS revealed digital avatars in their "final" show in a riff on "God Gave Rock and Roll To You" in 2023. Sia has sold off a 50% stake in her catalog and the buyer is aiming at some kind of digital show, and ABBA has already done its hybrid human-digital show in London, called "ABBA Voyage." Digital presentation is coming for live music, as it has already started impacting digital music via AI-powered platforms on both the streaming and production ends. Will we someday see a triple bill of Elvis, Michael Jackson and Johnny Cash? Maybe! It will be weird, but that doesn’t mean it won’t be tried.
Whatever the future of music is, big business is still betting on live music at all scales being here to stay. Apple just built a 600-seat venue loaded with tech. It can pull in millions. AEG is making a play for clubs like Emo’s in Austin, reopening it with a new name next year. It makes a nice bookend to the other local club AEG is investing in, a larger one with a capacity of 4,000. The Emo’s name itself will live on after moving elsewhere.
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Whether it’s catching your friend’s band in a local bar, which I’ve done, or catching a global act like the British band Muse on tour with Tokyo-based One OK Rock in a major Texas arena, or an up-and-coming band trying to break out, seeing and hearing the result of thousands of hours of toil and effort become a groove you love is rewarding for the artists and the audience. In small venues, you may be within a few yards of the stage. You feel it.
But whether it’s digital or with a living, breathing act on the stage, we still want to be with others who like the same things we do. We want to sing that chorus together.
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And from the local music spot to the strangely authentic country bar in Tokyo, to the massive, highly produced stadium shows helmed by the major acts in the Top 100, the love of music, and especially live music, is global. The sales numbers don’t lie, and neither do the numbers bands play. The amazing guitarist playing those shimmering blue SRV notes in that Austin club is called Iree. She’s one of a pair of brilliant guitarists in a quintet of fiery South Korean rockers called Rolling Quartz, blazing their way around the world one face-melting show at a time. Many of their songs are in English.
https://www.foxbusiness.com/entertainment/live-music-hits-massive-dynamite-milestone-i-found-out-why-small-austin-clubGOP firebrand Luna joins California Democrat Khanna in surprising push to overhaul workplace rulesRo Khanna and Anna Paulina Luna introduced the Workers' Right to Compete Act to ban non-compete agreements for those earning under $100,000 a year.
FIRST ON FOX: Rep. Anna Paulina Luna, R-Fla., and Rep. Ro Khanna, D-Calif., jointly introduced a bill which would ban companies from imposing non-compete agreements on employees who make less than $100,000 a year, according to the bill text which Fox News Digital has obtained exclusively.
"This is something that people should easily be able to get behind," Khanna told Fox News Digital in an interview.
Khanna highlighted the bipartisan nature of the bill, claiming that Vice President JD Vance has previously referred to non-compete agreements as unenforceable.
"It's something that, after this election, may actually be able to bring the country together. I mean what other issue do you have JD Vance, Rep. Luna, Ro Khanna all in alignment on?" he asked.
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If passed, the Workers’ Right To Compete Act would ban future as well as pre-existing non-compete agreements within 30 days of its passing, allowing workers who were previously beholden to such contracts to seek out new employment.
Khanna and Luna both argued that non-compete agreements limit American employees from pursuing opportunity and that the contracts hinder economic growth.
"Independent contractors and hardworking Americans deserve the freedom to continue advancing their careers and earn the money they deserve without unnecessary legal red tape standing in their way," Luna told Fox News Digital in a statement.
"This legislation protects that freedom and puts Americans in charge of their opportunities and earning potential," Luna concluded.
Khanna also pointed to the success of companies who have already done away with non-competes, such as KKR & Co., a private equity firm which prohibited companies it acquired from enacting a similar non-compete ban for employees making under $100,000 a year.
"They found that it actually improved the economic performance of the companies. It had no negative impact by not enforcing those non-competes," Khanna said.
In an interview with Bloomberg, KKR’s co-head of global private equity Pete Stavros claimed economists say non-competes suppress wages.
A 2021 article from the Federal Reserve Bank of Minneapolis supports that claim, with the authors writing that "When Oregon ended the enforcement of non-competes for hourly paid workers, wages for those workers rose by 2–3%."
Khanna said that he’d ideally like to push for an even higher floor for those exempted from the non-competes than the $100,000 threshold proposed in the bill, but wanted to start somewhere that could get meaningful legislation passed.
Khanna also pointed out that, thanks to California’s broad ban on non-competes, innovation flourishes, noting that Anthropic founder Dario Amodei would not have been able to start his business had his previous employer, OpenAI, contracted him under a non-compete clause.
"Something I've heard from the day I've been in Congress, one of California's successes in innovation has been that we ban the enforcement of non-competes. So you can have someone leave a technology company and go to another technology company that allows for new startups, new innovation, and more competition," he told Fox News Digital.
"So many people from Google left to OpenAI," Khanna continued. "So many from OpenAI left to Anthropic. People leave from NVIDIA all the time to go to Anthropic to start AI companies, to start technology companies. Now, my view is these tech companies already have too much power. We need more competition, not less competition.
"But imagine if they were non-compete, you basically would have one monopolist in doing search, in doing AI, in building chips. I'm glad that at least you have AMD and NVIDIA competing," Khanna said.
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"It's bipartisan. It's something that can bring the political spectrum together. It's pro-innovation. It's pro-growth. It’s pro wages. It is something that has worked in California and Silicon Valley," he told Fox News Digital. "Anyone who knows the Silicon Valley ecosystem will say the non-enforcement of non-compete is one of the reasons for the Valley’s success."
The Federal Trade Commission voted in 2024 on a rule to ban non-competes, but abandoned the rule after a federal district court struck it down.
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Fox News Digital contacted Vance for comment.
https://www.foxbusiness.com/fox-news-politics/republican-luna-democrat-khanna-team-up-ban-job-restrictions-lower-paid-american-workersWhy popular airplanes are getting scrapped years earlyAirplanes are getting dismantled for parts years ahead of schedule because engines and other components are in short supply.{}
Airplanes are getting dismantled for parts years ahead of schedule because engines and other components are in short supply.https://www.cnbc.com/2026/10/24/spirit-airlines-planes-scrapped-engine-shortage.html
Why popular airplanes are getting scrapped years earlyAirplanes are getting dismantled for parts years ahead of schedule because engines and other components are in short supply.{}
Airplanes are getting dismantled for parts years ahead of schedule because engines and other components are in short supply.https://www.cnbc.com/2026/10/24/spirit-airlines-planes-scrapped-engine-shortage.html
Why popular airplanes are getting scrapped years earlyAirplanes are getting dismantled for parts years ahead of schedule because engines and other components are in short supply.{}
Airplanes are getting dismantled for parts years ahead of schedule because engines and other components are in short supply.https://www.cnbc.com/2026/10/24/spirit-airlines-planes-scrapped-engine-shortage.html
US oil company holds key to Trump's Greenland drilling ambitionsAn American company claims it holds the sole oil permits in Greenland after President Donald Trump announced massive resource exploration there.
An American company says it's positioned to tap into a potentially massive oil prospect in Greenland next year, following President Donald Trump's announcement that resource exploration "is getting ready to begin" on the Arctic island.
Greenland Energy Company is in the permitting process to drill its first well in 2027 in eastern Greenland, according to CEO Robert Price. The company claims that its project, in partnership with British company 80 Mile, holds the sole oil permits for exploratory drilling in Greenland, which makes it a potential key player in Trump's interest in Greenland's resources.
Trump announced on Truth Social last week that "massive" resource exploration was expected to start in Greenland.
"Massive Oil, Gas, and Mineral Exploration is getting ready to begin in our new and beautiful Greenland!" Trump posted on Truth Social.
"There are Experts that are saying that the amount of easily available Oil is far greater than that of almost any land, anywhere in the World and, even more importantly, from a Security Purpose in the Defense and Offense of both the United States of America, and Europe, is second to none," he continued.
Trump's announcement did not specify details about how or when resource exploration would begin in Greenland.
Greenland's government stopped granting new oil and gas permits in 2021 over concerns about the environmental impact of oil extraction. However, existing permits granted before 2021 remain valid, pending additional government approval for extraction.
According to Greenland's Ministry of Business and Mineral Resources, White Flame Energy, which is owned by 80 Mile, obtained two permits in 2015 and a third in 2018 for exploratory drilling and possible extraction of oil in Jameson Land in eastern Greenland. Price's company, Greenland Energy has partnered with the British company as an investor in the endeavor and will act as the operator of the project.
Price says the project has drawn the attention of governments and investors due to the potential significance the oil might have to reduce U.S. dependence on foreign oil supplies. According to Price, an independent engineering report found that the planned drilling site could contain up to 13 billion barrels of crude oil.
The exact quantity of oil present in the Jameson Land Basin and whether the oil can be economically extracted will not be known until exploratory drilling occurs.
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Price has positioned his company's project as a long-term solution to slow down chokepoints in the global supply chain caused by conflicts like the war in Iran.
"If we're successful, or even partially successful, this could really help some of the chokepoints in the Middle East. So of course the U.S. government has been acknowledging what our project is and monitoring it," Price told Fox Business.
According to Price, measurements taken at the surface of the proposed drilling site show that the crude oil Greenland Energy Company intends to extract genetically matches oil found in the North Sea, which means European refineries may have existing capabilities to process it.
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Finding new oil supplies in "friendly jurisdictions" is essential to the United States maintaining its independence from foreign oil supplies, Price says.
"It's incumbent upon the United States to look beyond the shale plays for a supply of energy moving forward," said Price.
"That supply is dwindling, and that's why we need to look to friendly jurisdictions like Greenland to bring on new supplies of oil for the people of the United States and the European community," he continued.
Greenland's government said that the Jameson Land project remains in the exploration phase, and exploratory drilling cannot start until environmental social impact assessments are approved. The government previously objected to the project's proposed timeline to drill in the winter of 2026/2027, according to a statement on its website.
Price told Fox Business that his company has filed all environmental reports and plans to drill its first well at some point in 2027.
TRUMP’S MASSIVE GREENLAND DEAL MAKES CLEAR WHO CONTROLS THE ARCTIC’S STRATEGIC FUTURE
Price is also president of USFM Corporation, a private company that is drilling for minerals, including cobalt, nickel and platinum, in western Greenland.
Price said that the security of Greenland is essential to both the future of both USFM's mineral exploration and Greenland Energy's potential oil drilling. He pointed to a recent security agreement between the U.S., Greenland and Denmark as important part of continuing resource exploration on the island.
The three nations signed a trilateral agreement at the United Nations General Assembly in September. The security agreement permanently cements U.S. military rights in Greenland while affirming Greenland's right to self-determination.
"Now we have clarity. Part of that clarity is Greenland Energy and USFM. We're going to be in Green Land a very long time," Price said. "We embrace the trilateral agreement because for a company like ours, having certainty in the security of Greenland for our long-term investment is very important."
The security agreement does not affect existing oil permits or guarantee American resource exploration in Greenland.
Greenland's government declined to comment on Trump's Truth Social announcement.
https://www.foxbusiness.com/politics/us-oil-company-holds-key-trumps-greenland-drilling-ambitionsTrump praises Elon Musk as a 'genius' while defending him against potential Democratic probesPresident Donald Trump defended Elon Musk when asked about Democrats potentially targeting the Tesla and SpaceX CEO if they gain control of Congress in the midterms.
President Donald Trump defended Elon Musk on Friday when asked whether he was concerned Democrats could target the billionaire if they gain control of Congress, saying there was an obligation to "protect our brilliant people."
When asked by FOX Business White House correspondent Edward Lawrence if he was worried that Democrats could go after Musk, Trump said Americans had a responsibility to protect the Tesla and SpaceX CEO.
"Elon's a brilliant guy and I have an expression: we have to protect our brilliant people because we don't have too many of them," Trump said. "There aren't too many of them in the world."
Trump continued to defend Musk, whom he described as a "genius."
ELON MUSK SAYS HE WILL RETALIATE AGAINST DEMOCRATS WHO INVESTIGATE HIM
"Elon has done nothing wrong," he said. "Elon is a very good guy. He's a very different kind of a guy, but I think people have an obligation to protect our geniuses. You know, there aren't that many of them."
Trump's comments come after reports that Democratic lawmakers have been considering potential investigations involving Musk and his businesses if they gain control of one or both chambers of Congress in the midterm elections.
Earlier this week, Musk responded to a story by Politico detailing how Democrats have considered ways to investigate the entrepreneur and his businesses.
"Live by the sword, die by the sword," Musk wrote on X. "Those who pick fights with me should understand that I will find out who is really pulling the strings and come for them, not just their puppets."
ELON MUSK SAYS TESLA VEHICLE DEMAND EXCEEDING PRODUCTION AHEAD OF DALLAS CYBERCAB LAUNCH
FOX Business previously reported that Musk has been a major donor to GOP candidates ahead of the election.
He also worked with the Trump administration through the Department of Government Efficiency (DOGE), which he helped launch at the beginning of Trump's presidency last year.
Musk's business dealings with the federal government through his various ventures could also face scrutiny if Democrats gain control of Congress.
After defending Musk, Trump turned to America's technological leadership.
"We're leading in everything right now," Trump said, referencing superintelligence and what he described as an unprecedented amount of development happening in the U.S.
FOX Business' Eric Revell contributed to this report.
https://www.foxbusiness.com/politics/trump-praises-elon-musk-genius-while-defending-him-against-potential-democratic-probesKen Griffin warns Paris riots should be 'wake-up call' for AmericansCitadel CEO Ken Griffin compared the Paris riots to Chicago's violent crime, warning young Americans that France's socialist policies lead to turmoil.
Citadel CEO Ken Griffin issued a warning that the riots that have occurred in Paris and other cities in France should serve as an example to young Americans that socialist policies aren't the utopia that some describe.
The billionaire hedge fund manager spoke during a panel discussion at Citadel Securities' recent Future of Global Markets Conference and said that the chaos on the streets in France exemplifies where the road to socialism leads.
"If you want to look at where socialism leads you to, look at France this last weekend. It's the socialist dream. The country spends 60% of its GDP at the government level. And yet their streets are awash in turmoil," Griffin said. "It's heartbreaking.
KEN GRIFFIN REVEALS '25 BULLET HOLES' IN CHICAGO BUILDING DROVE CITADEL MOVE TO MIAMI
"Paris looked pretty damn similar to Chicago in 2021 and 2022."
He added that young Americans who may be supportive of socialist policies should view the disorder in those cities as a wake-up call for the failings of socialism.
"I think Paris should be a real wake-up call to every single young American. France is the dream that the left talks about – the liberal, safety net-rich, socialist Europe. And here's France," he said.
"That dream, that dream is the nightmare I left from Chicago. That dream doesn't belong in our country. A society where it comes down to how much you can take from others. And they'll first take your property, and then they'll take your personal rights. That's not a society that we want to create in our country," Griffin explained.
BILLIONAIRE KEN GRIFFIN SAYS CITADEL'S CHICAGO EXODUS WAS 'NOT HARD,' CITES CRIME, TAXES
The Citadel founder was asked if he has seen U.S. political candidates who he is concerned want to take the country down that path.
"I mean, JB Pritzker, governor of Illinois. Yes, 100%," Griffin said.
Griffin moved Citadel's headquarters from Chicago to Miami in 2022 after the firm had operated in the Windy City for nearly three decades.
In November, Griffin told Fox News' Bret Baier at the America Business Forum that Chicago is a "failed city-state" and noted that two of his colleagues had bullets fly through their cars.
"I had 25 bullet holes in the front of my building where I lived. You can't live in a city awash [with] violent crime," he said at the time.
FOX Business' Kristen Altus contributed to this report.
https://www.foxbusiness.com/politics/ken-griffin-warns-paris-riots-should-wake-up-call-americansTrump announces $275M nursing-home nurse initiative at Florida midterm rallyPresident Trump announced a $275 million initiative at a Fort Myers, Florida rally on Friday to recruit and retain more than 4,000 nursing-home nurses nationwide.
President Donald Trump announced on Friday a new $275 million initiative to recruit and retain nurses in nursing homes during a rally in Fort Myers, Florida, calling the effort "breaking news for the benefit of American seniors."
The Nurses for Nursing Homes program is expected to support more than 4,000 nurses nationwide, according to a formal announcement from the Department of Health and Human Services (HHS) and the Centers for Medicare & Medicaid Services (CMS).
"Today I have breaking news for the benefit of American seniors," Trump said. "I’m pleased to announce that the Trump administration is investing in nurses and elder-care facilities all across America, including in the great state of Florida. You need them."
GOP SENATOR UNVEILS PLAN TO EXPAND TRUMP ACCOUNTS TO PEOPLE UNDER 40: 'GAME-CHANGER'
Eligible participants may receive up to $40,000 in student-loan repayment and/or a $10,000 stipend in exchange for a three-year commitment to work an average of at least 30 hours per week at a qualifying nursing home.
CMS has committed $100 million to the program, while states are committing at least another $175 million. The initiative is funded through civil monetary penalties collected by CMS and states from nursing homes.
The program will focus on rural communities and areas experiencing higher labor shortages.
CMS said all 50 states and the District of Columbia are participating. All rural nursing facilities are eligible, along with additional facilities in higher-need areas.
"This initiative will recruit and retain thousands of nurses, expand care in rural and high-need communities, and create new pathways into long-term care careers," HHS Secretary Robert F. Kennedy Jr. said.
EXCLUSIVE: SOCIAL SECURITY BEGINS SENDING NEW $1,000 TRUMP ACCOUNT NOTICES TO PARENTS OF NEWBORNS
"When we offer student loan repayment through Nurses for Nursing Homes, we're not just giving nurses and nursing students future financial relief; we're supporting families who want their loved ones to receive quality care in nursing homes," said CMS Administrator Dr. Mehmet Oz. "Without taking a dime from taxpayers, CMS is empowering the next generation of nurses to pursue their dreams and helping residents form deep bonds with caregivers so they can live happier, healthier lives."
Applicants must hold an active registered nurse or licensed practical or vocational nurse license and work at a qualifying Medicare or Medicaid-certified long-term-care facility. Nursing students may begin an application before graduation but must graduate, obtain a license and secure qualifying employment before receiving benefits.
Applicants can apply starting on Oct. 26 at NursesforNursingHomes.cms.gov.
The initiative comes as nursing homes continue to face staffing challenges, particularly in rural and labor-shortage areas. CMS said the program is designed to direct incentives toward communities where recruiting nurses has been most difficult.
https://www.foxbusiness.com/fox-news-politics/trump-announces-nursing-home-nurse-initiative-florida-midterm-rallyMicrosoft says its AI tool outperforms generalist doctors in complex diagnosesMicrosoft's new orchestrator AI diagnoses complex medical cases by simulating a panel of clinical experts, outperforming general physicians in accuracy.
Microsoft researchers said in a study that a new artificial intelligence (AI) tool that can diagnose patients step by step, as a doctor would, was more than twice as accurate as general physicians at solving complex medical cases.
The study, published Thursday in Science, said the AI model takes a different approach to diagnosing medical issues than most other models that seek to address those issues.
Microsoft said the AI model identifies and coordinates the questions that should be asked of a patient and the exams and tests that should be ordered using an "orchestrator" that organizes how AI will tackle a problem by employing a simulated panel of clinical experts collaborating to solve diagnostic cases, the report said.
By contrast, existing AI models typically take an all-at-once approach that examines all of a patient's symptoms, lab results and imaging studies to generate a diagnosis.
MICROSOFT PRESIDENT SAYS AI FACES FEWER SAFETY RULES THAN MILK IN CALL FOR GLOBAL REGULATION
While the orchestrator coordinates the steps to reach a diagnosis, the AI model first decides what questions to ask about the patient's medical history and identifies significant findings in the physical exam.
Based on what it learns from that process, it decides which tests to order, considers the results and orders further testing as appropriate. While those tasks are ongoing, the AI model is updating its working hypotheses and plans.
MICROSOFT UNVEILS CODE OF CONDUCT FOR AI MODELS AS SAFETY CONCERNS MOUNT
The tool also outperformed human physicians when it was presented with scenarios drawn from a major database of emergency room admissions. Researchers said assessments comparing these types of older systems to human doctors usually use multiple choice questions.
"AI has become very good at getting a 100% pass rate on those," said Dr. Dominic King, the corporate vice president of the health unit at Microsoft AI, which is developing the new technology. "But, of course, that's not real-world. No patient ever came to see me with a nice summary."
The researchers tasked the model with diagnosing over 300 highly unusual and confusing medical dilemmas and found that the model using the diagnostic orchestrator was over twice as accurate at "working up" the patient and determining the diagnosis as general physicians using textbooks and the internet.
ANTHROPIC SILENT ON WHETHER IT WILL DISTRIBUTE SHARES TO AMERICANS FOLLOWING MUSK SPACEX PLEDGE
Researchers also found that diagnostic processes cost less when the orchestrator designs the work-ups than when human doctors do.
"We're not just measuring the accuracy of the systems. We're also measuring how judiciously and carefully it goes through a diagnostic work-up," said Harsha Nori, head of AI at Microsoft AI Health.
The Microsoft research team's next test will occur through a collaboration with Beth Israel Deaconess Medical Center in Boston, where it will evaluate the tool's ability to triage patients in emergency department waiting rooms.
Reuters contributed to this report.
https://www.foxbusiness.com/markets/microsoft-says-its-ai-tool-outperforms-generalist-doctors-complex-diagnosesPeace Needs Children’s Voices
Peace Needs Children’s Voices
TOKYO, Japan, October 23 (IPS) - WE THE PEOPLES OF THE UNITED NATIONS DETERMINED to save succeeding generations from the scourge of war, which twice in our lifetime has brought untold sorrow to mankind. The United Nations was established with this commitment.
Read the full story, “Peace Needs Children’s Voices”, on globalissues.org →
https://www.globalissues.org/news/2026/10/23/44418 {"url":"https://static.globalissues.org/ips/2026/10/UN7559551______-100x100.jpg"}Soil mapping aims to boost agricultural production in Kenya
Soil mapping aims to boost agricultural production in Kenya
A new Kenyan initiative is helping farmers better understand their soils in a bid to improve crop yields amid intensifying climate shocks.
https://www.globalissues.org/news/2026/10/23/44419 {}American Express is cutting 5% of its workforce to 'prepare for AI'Amex, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said Friday.{}
Amex, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said Friday.https://www.cnbc.com/2026/10/23/american-express-job-cuts.html
American Express is cutting 5% of its workforce to 'prepare for AI'Amex, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said Friday.{}
Amex, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said Friday.https://www.cnbc.com/2026/10/23/american-express-job-cuts.html
Fewer people are flying as airfare soars. Here's why airlines aren't worriedAirlines are reporting fewer people flew in the third quarter as airfare surged on fuel costs, but executives say travelers are mostly swallowing higher fares.{}
Airlines are reporting fewer people flew in the third quarter as airfare surged on fuel costs, but executives say travelers are mostly swallowing higher fares.https://www.cnbc.com/2026/10/23/airfare-airline-capacity.html
American Airlines says airfares could stay elevated even if fuel prices dropAmerican Airlines CFO Devon May said airfares will likely stay elevated even if oil prices drop, citing the carrier's $1.9 billion fuel costs.
American Airlines issued a warning that airfares are likely to remain elevated even if there's a decline in oil prices due to losses the carrier suffered earlier in the year amid surging fuel costs.
The carrier's CFO, Devon May, told the Financial Times that "If fuel comes down, I think airfares probably stay largely where they're at right now."
"If fuel prices go up, we need to generate higher yield, we need to generate higher fares to offset that higher fuel price," May said.
American Airlines on Thursday released its earnings for the third quarter, reporting deeper losses in 2026, and updating its forecast to reflect anticipated losses between $1 and $1.60 a share on an adjusted basis this year. Its July forecast ranged from a loss of 65 cents and a profit of 65 cents.
MAJOR AIRLINES CUT FLIGHTS AS HIGHER JET FUEL PRICES HIT CARRIERS
May told the FT that airlines' ticket prices hadn't fully recovered in real terms since the disruptions caused by the COVID-19 pandemic, saying that the price hikes "ideally should have happened back in 2024, but the industry found itself in an oversupply environment."
"This was the first year that everything came together in a way that we were able to push yields back up to where they were seven years ago in real terms," May told the outlet.
AMERICAN AIRLINES ADDS $1,000 TRUMP ACCOUNT MATCH FOR WORKERS' CHILDREN
The company reported a 19% year-over-year increase in third quarter revenue, which was above the high end of its previous guidance range and was the highest in company history when excluding the years following the pandemic.
However, fuel expenses in the third quarter surged 67.5% compared with the same period a year ago, which translated to $1.9 billion in higher fuel costs based on an average price of $3.85 a gallon.
American also forecast higher fuel prices will continue into the company's fourth quarter, with the carrier expecting to face an average fuel price of about $4.70 a gallon – a figure that would nearly double the price in the fourth quarter of 2025 and increase fuel expenses by $2.8 billion year over year.
AMERICAN AIRLINES BETS BIG ON INTERNATIONAL FLIGHTS WITH 7 NEW ROUTES
Due to the elevated fuel prices, American said that it expects its network growth to slow in 2027 when compared with 2026 levels.
Higher fuel prices have caused airfares to surge, with the most recent data from the Bureau of Labor Statistics showing that airline fares were up 22.4% compared with a year ago in September.
https://www.foxbusiness.com/markets/american-airlines-warns-airfares-stay-elevated-even-oil-prices-drop-after-record-fuel-costsAmerican Express is cutting 5% of its workforce to 'prepare for AI'Amex, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said Friday.{}
Amex, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said Friday.https://www.cnbc.com/2026/10/23/american-express-job-cuts.html
Fewer people are flying as airfare soars. Here's why airlines aren't worriedAirlines are reporting fewer people flew in the third quarter as airfare surged on fuel costs, but executives say travelers are mostly swallowing higher fares.{}
Airlines are reporting fewer people flew in the third quarter as airfare surged on fuel costs, but executives say travelers are mostly swallowing higher fares.https://www.cnbc.com/2026/10/23/airfare-airline-capacity.html
Moderna shares plunge after cancer vaccine data leaks — despite positive resultsModerna released full data on its closely watched cancer vaccine developed with Merck.{}
Moderna released full data on its closely watched cancer vaccine developed with Merck.https://www.cnbc.com/2026/10/22/moderna-stock-cancer-vaccine-data-leak.html
American Express is cutting 5% of its workforce to 'prepare for AI'Amex, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said Friday.{}
Amex, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said Friday.https://www.cnbc.com/2026/10/23/american-express-job-cuts.html
American Express is cutting 5% of its workforce to 'prepare for AI'Amex, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said Friday.{}
Amex, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said Friday.https://www.cnbc.com/2026/10/23/american-express-job-cuts.html
Restaurant earnings will test whether owning more brands pays offShares of companies with multiple restaurant brands like Brinker and Darden are outperforming single-chain stocks like McDonald's and Chipotle.{}
Shares of companies with multiple restaurant brands like Brinker and Darden are outperforming single-chain stocks like McDonald's and Chipotle.https://www.cnbc.com/2026/10/23/darden-brinker-qsr-stocks-restaurant-earnings.html
American Express is cutting 5% of its workforce to 'prepare for AI'Amex, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said Friday.{}
Amex, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said Friday.https://www.cnbc.com/2026/10/23/american-express-job-cuts.html
American Express is cutting 5% of its workforceAmex, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said Friday.{}
Amex, which reported third-quarter results earlier Friday, is taking a $336 million restructuring charge in the quarter, CEO Stephen Squeri said Friday.https://www.cnbc.com/2026/10/23/american-express-job-cuts.html
Fewer people are flying as airfare soars. Here's why airlines aren't worriedAirlines are reporting fewer people flew in the third quarter as airfare surged on fuel costs, but executives say travelers are mostly swallowing higher fares.{}
Airlines are reporting fewer people flew in the third quarter as airfare surged on fuel costs, but executives say travelers are mostly swallowing higher fares.https://www.cnbc.com/2026/10/23/airfare-airline-capacity.html
Jetmaker Bombardier doubles down on US investment in deal touted by TrumpJetmaker Bombardier said it is "expanding its presence" in the United States as part of a $270 million investment deal praised by President Donald Trump.
FIRST ON FOX: Canadian jetmaker Bombardier announced Friday it is "expanding in America" and "creating thousands of jobs" as part of a $270 million investment deal touted by President Donald Trump.
The development comes after Trump said in September that Bombardier should no longer be allowed to sell its planes in the United States unless it manufactures them domestically.
"Bombardier is expanding its presence across the country, hiring 800 people for jobs located in its home base of Kansas as well as Texas, Indiana, and Connecticut," the company said Friday in a press release obtained by FOX Business. "This strategy includes an initial phase of investment estimated at $270M earmarked for infrastructure growth."
"Our American service network is a key pillar of Bombardier's growth strategy. This new wave of expansion and hiring reflects our long-term confidence in this market and our employees in America," said Eric Martel, president and CEO of Bombardier.
TRUMP TARGETS BOMBARDIER, SAYS CANADIAN JETMAKER 'MUST BUILD' IN THE US
"Based on our constructive conversations with the U.S. administration, we see a bright path forward for our highly skilled aerospace workers as well as a positive environment for Bombardier to continue pursuing direct investments to grow our American footprint," he added.
The company said it is "actively recruiting for 500 positions across the country and plans to create an additional 300 jobs through footprint expansion projects," and that "Texas is planned to be the next pillar of expansion and will account for 150 of the 300 new jobs."
"Hiring activities will further be spread across the company’s U.S. home base in Kansas as well as in Indiana and Connecticut," the company continued.
GOP SENATOR UNVEILS PLAN TO EXPAND TRUMP ACCOUNTS TO PEOPLE UNDER 40: 'GAME-CHANGER'
"Senator Roger Marshall of Kansas has done an incredible job in representing his Great State!" Trump said on Truth Social late Thursday while revealing the investment. "Companies are coming to America, investing BILLIONS OF DOLLARS, and creating JOBS like never before."
Bombardier said its Learning Center in Wichita, Kansas "represents one component of Bombardier’s broader investment in this iconic city."
"Inaugurated last week, the new North American Learning Center reinforces the company’s commitment to developing talent, enhancing capabilities and supporting the long-term growth of its Kansas operations," according to the company.
"Bombardier’s newest American service facility at Fort Wayne International Airport in Fort Wayne, Indiana, is an approximately 64,500-square-foot facility that will accommodate up to six aircraft and offer scheduled and unscheduled maintenance, modifications, avionics installations and AOG [aircraft on ground] support. The company will further launch new footprint expansion projects in Dallas, Texas, and Connecticut," it continued.
CLICK HERE TO READ MORE ON FOX BUSINESS
"In 2025, the company’s U.S. activities supported 27,200 American jobs throughout its service and manufacturing facilities, as well as within a broad supply chain, where Bombardier spent $2.8 billion," Bombardier added.
FOX Business' Sophia Compton contributed to this report.
https://www.foxbusiness.com/economy/jetmaker-bombardier-doubles-down-us-investment-deal-touted-trumpHow Congress could address Social Security insolvency – and the hidden costFederal budget rules could mask Social Security's looming insolvency by scoring general revenue transfers as costless, warns a Penn Wharton expert.
Social Security is expected to reach insolvency within a decade, and with the key safety net program facing the prospect of automatic benefit cuts when that occurs, a critical debate over the cost of replacing that revenue could be obscured by a budget rule.
Kent Smetters, faculty director of the Penn Wharton Budget Model, spoke exclusively with FOX Business about a new report that details how federal budget rules assume Social Security benefits would be paid in full using general revenue transfers when the program's trust funds reach insolvency in about six or seven years.
"What the law actually says is that when the trust fund depletes, benefits have to be reduced to a level that's consistent with just the monthly payroll taxes that come in. We estimate that to be about a 15% reduction of benefits, which is sizable," Smetters said, adding that the cut would apply to newcomers and existing enrollees alike.
FEDERAL BUDGET DEFICIT HITS $2T AS NATIONAL DEBT COSTS SURGE
Smetters said that a separate law covers how the nonpartisan Congressional Budget Office (CBO) would score the cost of trust fund depletion and general fund transfers to appear as if there was no cost to shifting borrowing to the general fund as spending continues.
"We all know that's just like the left hand paying the right hand or vice versa. It doesn't do anything to solve the actual funding problem. But nonetheless, that's going to score as though it's costless, zero dollars, even though that borrowing from general revenue will be substantial – almost 200% of GDP within 75 years, or over 400% of taxable payroll over 75 years," Smetters said.
He cautioned that the budget rule may "almost cast a die of what's going to actually happen, because I think policymakers are going to see that it's kind of like the easy button for looking like they've solved Social Security."
The approach of relying on general fund transfers to make up the shortfall to pay Social Security benefits in full could also raise alarm in bond markets and worsen the nation's fiscal woes through higher interest rates.
Smetters said that "bond markets are currently making a bet that Congress and the president will eventually get their act together, because if they don't, future bond markets are just going to pound them," adding that the general revenue transfers would serve as the "ultimate sign that we've given up."
AMERICA'S $40T NATIONAL DEBT IS 'STEALING FROM OUR NEXT GENERATION,' ECONOMIST WARNS
The CBO's most recent 10-year budget outlook estimated that Social Security's main trust fund would be depleted in 2032, with benefits reduced by an average of 28% annually after benefits are cut. The reduction in benefits would amount to about $2.7 trillion in reduced benefits over the 2032 to 2036 period, according to the CBO.
Smetters noted that while the CBO and Penn Wharton Budget Model projections differ slightly in the timing and extent of benefit cuts, as PWBM estimates insolvency will occur in 2033 with benefits reduced by 15%, policymakers need to address the fiscal challenges facing Social Security as soon as possible.
"Even though seven years is not that far away, the good news is there are a range of options," Smetters said, noting that the Penn Wharton Budget Model website has a set of seven illustrative options that range from heavy tax revenue increases to heavy benefit cuts, with a middle ground in between.
ONE TYPE OF SOCIAL SECURITY ADJUSTMENT COULD CUT THE 75-YEAR SHORTFALL IN HALF
Smetters said that while various solutions to prevent trust fund depletion and reduce federal debt have different long-term economic outcomes, there is still time for a rational discussion.
"Unless we go with the gimmick approach in terms of this general revenue transfer, the fact of the matter is it requires really having adults in the room on both sides of the aisle," he said.
Smetters highlighted the Social Security reforms made during the 1980s by then-President Ronald Reagan and Democratic House Speaker Tip O'Neill, which set partisanship aside.
"They decided we're jumping off this bridge together because the country is worth it, and they were going to put their personal politics, personal ambitions aside to solve this problem," Smetters said. "We just don't have that rhetoric right now."
"The longer that we wait, the more likely it's just going to be this pure optics, easy button and make it look like we've solved Social Security despite not actually doing anything, and we're going to absorb these really large budget deficits going forward," he added.
https://www.foxbusiness.com/politics/how-congress-could-address-social-security-insolvency-hidden-costFlorida's manufacturing ambitions take flight as aerospace, medtech giants fuel Sunshine State's economic pushFlorida is moving beyond tourism as aerospace and medtech giants drive an manufacturing boom aimed at securing a top-10 global economic ranking by 2030.
EXCLUSIVE: If you build it, they will come.
That very sentiment is taking root across Florida’s sun-drenched landscape, as a calculated collaboration between private enterprise and state leadership pushes the Sunshine State towards a modern manufacturing boom.
"We now know Florida is the 14th largest economy in the world. And everyone thinks that Florida is agriculture, tourism and construction. And we're fortunate to have those industries, but Florida started diversifying its economy about 25 years ago, into life sciences, aerospace, rockets, and of course, manufacturing," Florida Chamber of Commerce President and CEO Mark Wilson exclusively told Fox News Digital. "Manufacturing is a non-negotiable key component."
"Under Governor DeSantis' leadership, Florida has really been at the forefront of re-shoring and on-shoring manufacturing," FloridaCommerce Deputy Secretary for Economic Development and Chief Manufacturing Officer Jason Mahon also told Fox News Digital.
"We've actually had larger gains than any of the traditional manufacturing states, which mostly have declined. We've become a top 10 manufacturing state. We've actually grown in terms of our GDP in manufacturing by 60%. So we've gone from $54.4 billion to $87.4 billion in manufacturing output," Mahon said. "So really, I think the tale is in the numbers that the free state of Florida, we're bringing in manufacturers, they're finding great opportunities here, great workforce here, and we're really thriving as a result."
Florida’s gross domestic product (GDP) now exceeds $1.8 trillion, surpassing countries like Spain, Mexico and Australia. State business leadership is executing a targeted campaign to break into the global top 10 economies by 2030, while simultaneously reaching a top five national ranking in manufacturing employment, requiring 750,000 net new jobs.
Two of those private sector businesses hoping to help Florida reach those goals are Naples-based medical device company Arthrex and St. Augustine-based aerospace and defense technology company Northrop Grumman. Both are the finalists for the Florida Chamber and FloridaCommerce’s annual "Coolest Thing Made in Florida" competition, for which the winner will be announced Oct. 28.
"What makes the state of Florida so unique, and for developing and manufacturing military products, is that we have a great infrastructure. We have the resources available, we have the skills available, and then we have the partnership with the state to allow us to continue to develop and grow," Northrop Grumman Vice President and site leader Randy Bradley told Fox News Digital while detailing their E-2D Advanced Hawkeye aircraft used primarily by the U.S. Navy. "For Northrop Grumman, for example, we have over 8,000 employees in the state of Florida, and we have three primary locations."
"The TightRope PRO is a great example of advanced manufacturing happening right here in Florida. The product was designed, prototyped, tested and manufactured in our state. It takes highly skilled engineers, machinists, manufacturing professionals and operating teams to bring a device like this to market," Arthrex director of foot, ankle and trauma product management Michael Karnes said of the company’s finalist product.
"These are not traditional tourism or hospitality jobs. These are high-tech, high-skill careers that support innovation and manufacturing growth," Karnes continued. "The success of Florida's economy depends on having a diverse mix of industries, and advanced manufacturing is an important part of that future."
Part of what makes Florida attractive to new residents and companies is that it’s one of nine states in the U.S. that does not impose individual state income tax, and according to the Florida Policy Institute, between 99% and 99.9% of businesses anchored there owe zero state corporate income tax. Even for C-corporations that are subject to the tax, Florida offers a standard $50,000 exemption on net income.
Additionally, state leaders have passed tax-cutting measures every year since 2011 that include phasing out and repealing the business rent tax, expanding corporate exemptions and enacting permanent sales tax holidays. Mahon noted how industrial projects can move from groundbreaking to production in under six months — a timeline virtually unattainable in higher-tax, traditional manufacturing hubs in the Rust Belt or on the West Coast.
"Our main goal here is to support those manufacturers," Mahon said. "So what we do is we try to help them go through that process at the local level, at the state level, what they need and help them get there."
Mahon argued that Florida's approach allows manufacturers to get operations off the ground much faster than in states with more regulatory hurdles, pointing to projects that have gone from the planning stages to production in just six months or less.
"And we've worked on projects that are up and running within that timeframe, sometimes even faster, right? From nothing, to, they're producing something here in Florida."
IS MIAMI REALLY COSTLIER THAN NEW YORK CITY? WHY TOP DEVELOPERS SAY THE MATH STILL FAVORS FLORIDA
Wilson echoed that sentiment, arguing that businesses and wealthy individuals are increasingly gravitating toward states with lower taxes and fewer regulations, rather than remaining in states like New York, California and Illinois.
"And so capital goes where capital's loved and where capital is welcomed," Wilson said.
He pointed to billionaire Ken Griffin and a recently announced $3 billion investment as examples of how Florida's business-friendly policies are attracting major investors.
"These are the kinds of things that happen when entrepreneurs and investors know that Florida is open for business, and we want people here."
"I relocated here 13 years ago… I love the quality of the life," Bradley reflected, adding that Florida's beaches, rivers, recreation, and affordable living make the state one of the most attractive in the nation.
"My dollar goes a lot further here than other parts of the country I've lived. So I think those are the things that… make this state a partner for us. I mean, it's easy to attract the talent and maintain it when you offer such a great quality of life and affordability of the state."
"Arthrex continues to invest in Southwest Florida because it's where Arthrex was founded and where many of our core innovation manufacturing and distribution operations are located. Florida's business-friendly environment supports continued growth and investment here in Collier County," Karnes added. "For us, it's more than just about cost. It's about maintaining control of the quality of our products that surgeons use every single day in the United States [and] supporting their patient care. We're deeply invested in this community and committed to creating opportunities in advanced manufacturing in Florida for years to come."
According to Mahon, the current administration has poured $12 billion directly into workforce education, focusing on critical industrial trades like precision machining, electrical, welding and pipe-fitting. Data tracked by the Economic Policy Institute shows that every 100 direct manufacturing jobs that produce durable goods — aerospace, semiconductors and advanced electronics — sustain 744.1 indirect jobs, with FloridaCommerce finding that average annual wages within state-designated target industries such as advanced manufacturing reach $107,261.
"When you look at our growth in manufacturing, a lot of that is due to the fact that we have so many highly skilled individuals already here. So we're going to continue to look at, how do we help them get into those careers, access those careers? In fact, I think we need to keep investing in those strategic opportunities for our employees because you look at the competition, right? So if we're going to have more manufacturing, and they're all going to be drawing from a similar pool of people that have these skills in things like electrical and welding and pipe fitting, we just need to continue to grow those pipelines," Mahon explained, adding that his focus is on making sure Floridians have access to high-wage, high-skilled jobs.
"Manufacturing is one of the most leverageable careers that we have. And in Florida, manufacturing jobs' median wages are over $82,000 a year," Wilson expanded. "And so I think when you look at the ‘Coolest Thing Made in Florida’ competition that we have, it's about getting the middle schoolers and high schoolers [interested], and saying, ‘Hey, we need more skilled trades. Manufacturing jobs and skilled trade jobs are not only cool jobs, they're high-paying jobs,’ and you can raise a family, and you could do quite well in Florida with those kinds of jobs."
"We want students to see that they can build rewarding careers right here in Southwest Florida," Karnes said. "They don't need to leave the region to find that opportunity. That's how you keep families together and strengthen our local communities for years to come. We're continuing to invest in education, workforce development… and innovation will be critical to these goals.
"From Northrop Grumman's perspective, we're doing a lot of goodness here. We're investing to grow. We see a great future," Bradley added. "For the state itself, having the Space Coast and flying off a rocket every week almost, really sets this state apart as far as the technology, and we really want to grow in the aerospace and space industries. So I see a bright future for the state when it comes to that."
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As the Florida Chamber and FloridaCommerce prepare to crown the state’s manufacturing champion, their economic leaders view the competition as more than a ceremonial showcase, but as a shift reflected directly in conversations with out-of-state corporate leaders weighing where to build their next facility.
"It's our pro-business economy. It's that we have a desire and the mindset that we're going to help these businesses grow here and help them navigate whatever they need to navigate, whether that's in their workforce, whether that’s in infrastructure, supply chain, permitting at the local level. And so that's what we're hearing consistently," Mahon said.
"Florida is the safest, most consistent place in the United States for that investment," Wilson argued. "And we would encourage them to consider relocating here so that we can help America lead, and Florida is going to show the way."
https://www.foxbusiness.com/economy/floridas-manufacturing-ambitions-take-flight-aerospace-medtech-giants-fuel-sunshine-states-economic-pushTaco Bell, PepsiCo extend partnership through 2036, keeping Mountain Dew Baja Blast on menuPepsiCo and Taco Bell locked in an 11-year renewal that keeps Mountain Dew Baja Blast on menus through 2036, a major win for the brand after KFC announced its switch to Coca-Cola.
PepsiCo and Taco Bell are extending their decades-long partnership for another 11 years, keeping Pepsi beverages — including the fan-favorite Mountain Dew Baja Blast — at participating U.S. restaurants through 2036.
The partnership covers Taco Bell, Taco Bell Cantina and Live Más Café locations nationwide, PepsiCo announced Thursday.
By renewing their longstanding partnership, PepsiCo and Taco Bell have ensured that one of their most recognizable products will remain on the menu.
KFC REPLACING PEPSI WITH COCA-COLA AT 3,700 US RESTAURANTS AFTER NEARLY FOUR DECADES
Mountain Dew Baja Blast – the popular beverage created through the Taco Bell-PepsiCo partnership that has grown into a billion-dollar brand – will remain available alongside Pepsi, Pepsi Zero Sugar, Mountain Dew, Starry and Baja Midnight.
"Some of PepsiCo’s best foodservice innovations have come from partnerships that challenge us to think differently, and Taco Bell has always brought that energy," PepsiCo Global Away from Home President Anne Fink said in a statement.
PEPSICO RAISING PRICES ON DORITOS, RUFFLES, SUNCHIPS AND SOME SODAS AFTER RECENT CUTS
"Together, we have co-created products consumers love, from the iconic Mountain Dew Baja Blast to DORITOS Locos Tacos," Fink continued. "What makes this partnership special is how we bring together Taco Bell’s connection to culture with PepsiCo’s consumer insights, culinary capabilities and beverage expertise to create what’s next. We’re excited about what we can build together over the next 11 years."
The partnership has also led to one of Taco Bell's most recognizable menu items: Doritos Locos Tacos. The product will celebrate its 15th anniversary in 2027, and PepsiCo said additional flavors are planned.
Taco Bell President Meg Farren also welcomed the renewed agreement.
"PepsiCo has been a trusted partner for over two decades, and we look forward to continuing to work hand-in-hand to drive long-term growth for the Taco Bell brand," Farren said.
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The announcement comes after another major Yum! Brands chain, KFC, said it was dropping Pepsi in favor of Coca-Cola at its U.S. restaurants, ending a beverage relationship that lasted roughly four decades.
The fried chicken chain said it would begin transitioning to Coca-Cola products in January 2027, with the new beverages expected to be available across KFC's roughly 3,700 U.S. restaurants by spring.
https://www.foxbusiness.com/retail/taco-bell-pepsico-extend-partnership-through-2036-keeping-mountain-dew-baja-blast-menuQuest Diagnostics confirms patient information accessed in cyberattack, systems temporarily shut downQuest Diagnostics temporarily suspended access to several systems following a cyberattack involving patient information.
Quest Diagnostics confirmed that patient health information or personally identifiable information was involved in a cybersecurity breach that prompted the medical testing giant to temporarily suspend access to several systems.
The New Jersey-based company said Thursday that it disabled access to its Quanum Lab Services Manager (LSM) platform after discovering unauthorized access Wednesday. Quest expects to restore full functionality as soon as Friday.
The platform allows certain healthcare providers to order laboratory tests and access results.
Quest said it believes some patient data was accessed but is still investigating the specific information involved and how many people may have been affected.
FOOD LION, STOP & SHOP AND HANNAFORD WEBSITES FACE OUTAGES AFTER CYBERSECURITY ISSUE
The company also temporarily paused access to its Essential Insights and LabHQ systems as a precaution, although it said no data was accessed on those systems.
Despite the temporary restrictions, Quest said its core business operations remain unaffected and its ability to serve patients has not been materially disrupted.
Healthcare providers who normally use Quanum LSM can continue placing orders through paper requisitions or the company's Quanum eLabs platform. Other electronic ordering systems remain operational.
Quest said it has stopped the unauthorized access and is working to restore the affected system. The company does not expect testing delays for clients who do not use Quanum LSM.
CANADIAN RANSOMWARE NEGOTIATOR ARRESTED ON FEDERAL CHARGES AMID FBI HACKING PROBE
In a Thursday filing with the Securities and Exchange Commission, Quest said it notified federal law enforcement authorities and enlisted outside cybersecurity experts to assist with its investigation and response.
The company said it is working to identify affected patients and healthcare providers and will issue notifications as required by applicable law.
Quest Diagnostics, one of the nation's major providers of diagnostic testing services, reported approximately $11 billion in revenue in 2025.
The incident follows a previous cybersecurity breach involving a third-party billing provider that potentially exposed personal information belonging to millions of Quest patients.
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In 2019, Quest disclosed that American Medical Collection Agency had reported unauthorized access to a system containing information associated with approximately 11.9 million Quest patients. The company said its own information technology systems were not involved in that incident.
Quest has not disclosed whether the latest breach will result in financial consequences, and declined further comment to FOX Business.
https://www.foxbusiness.com/technology/major-medical-testing-company-quest-diagnostics-hit-cyberattack-patient-records-riskPopular kids' toothpastes among 4M tubes recalled nationwideThe nationwide recall affects more than 4 million tubes of toothpaste, including products featuring Barbie, Hot Wheels, Crayola and My Little Pony branding.
Millions of tubes of toothpaste, including products featuring Barbie, Hot Wheels and Crayola branding, are being recalled nationwide.
More than 4 million tubes are included in the recall, which covers more than a dozen products sold under the Brush Buddies, Evo and ARU brands, according to the U.S. Food and Drug Administration (FDA).
The FDA classified the recall as Class II, citing "deviations" from current good manufacturing practice (CGMP) requirements.
A Class II recall means exposure to a product could cause "temporary or medically reversible adverse health consequences," while the likelihood of serious health consequences is considered remote, according to the FDA's website.
NEARLY 1.6M POUNDS OF HOT DOGS, BACON AND OTHER MEATS RECALLED NATIONWIDE
The affected toothpaste was distributed by California-based Ashtel Studios Inc. and manufactured by Pritam International Private Limited in India. The recall was initiated Sept. 10 and remains ongoing.
Among the recalled products are Brush Buddies Barbie Bubble Gum Flavor toothpaste and Hot Wheels Strawberry Flavor toothpaste, with 409,800 and 411,600 tubes affected, respectively.
More than 960,000 tubes of three Crayola Silly Scents varieties — bubble gum, watermelon and strawberry — are also included.
GLP-1 INJECTIONS RECALLED NATIONWIDE OVER STERILITY CONCERNS
The largest individual quantity involves nearly 798,000 tubes of Brush Buddies Whitening Anti-Cavity Fluoride Toothpaste with Baking Soda in Cool Mint flavor.
The recall also covers Brush Buddies My Little Pony toothpaste, several ice cream-flavored varieties and other whitening and cavity-protection toothpastes.
HYUNDAI RECALLS MORE THAN 94,000 VEHICLES OVER FIRE RISK
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Evo Advanced Whitening and Sensitive toothpastes and ARU Gum Health and Cavity Protection varieties are also affected.
Consumers can find the full list of recalled products on the FDA's website.
Pritam International Private Limited and the FDA could not immediately be reached by FOX Business for comment.
https://www.foxbusiness.com/lifestyle/popular-kids-toothpastes-among-4m-tubes-recalled-nationwide
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