Economy

Trump signed the Billion Dollar Boondoggle Act, requiring federal agencies to report major projects that exceed their original cost estimate by $1 billion or are five years behind schedule, the Washington Examiner reports. The law adds public reporting; it does not itself cancel projects or establish that the disclosures will produce savings.

Workers building the US consulate in Milan signed agreements for shares of a €31 million labor-abuse settlement with Caddell Construction, the Associated Press reports. The payouts cover alleged unpaid overtime, housing deductions and damages. Caddell says the settlement admits no liability; the investigation remains open, and payments are still to be completed.

DHS proposed charging schools $70,000 for each international student’s initial Optional Practical Training application and $30,000 for renewals, the Associated Press reports. DHS cites visa fraud and abuse; education groups warn of harm to recruitment and innovation. The proposal allows 60 days for public comment and has not taken effect.

EU Trade Commissioner Maroš Šefčovič traveled to Beijing for Thursday and Friday talks on market access, Chinese export restrictions and the bloc’s goods-trade imbalance, Reuters and Al Jazeera report. Brussels seeks commitments ahead of an October 15–16 summit; China says pressure over excess capacity amounts to protectionism. No agreement has been announced.

A study of 5,589 people in 21 countries found evidence that people value money differently depending on its source and spending context, Phys.org reports. Mental-accounting effects were weaker in lower-income countries and varied by scenario. The findings come from an online survey, rather than direct observation of every participant’s real purchases.

Iraq changed its official exchange rate from about 1,300 to 1,500 dinars per dollar, with bank customers paying 1,520, the Associated Press reports. War-related shipping disruption has reduced oil earnings. The weaker currency brings more dinars per export dollar but can raise import costs; the eventual effect on prices remains uncertain.

DW reports that cheaper solar equipment is helping emerging economies expand electricity access and reduce reliance on costly imported fuel. Its feature combines energy data with interviews in Africa and Asia. Researchers see economic opportunities but say grid reliability, storage, regulation and equitable access still need investment; projected gains are not guaranteed.

Keisha Lance Bottoms and Rick Jackson debated affordability, taxes, data centers and Trump in Georgia’s only scheduled gubernatorial debate, NBC News reports. Bottoms proposed relief on household purchases and insurance; Jackson pledged income, property and utility tax cuts. Both invoked their records and challenged the other’s approach; the promises remain campaign proposals.

John James said he disagrees with Trump on parts of the Iran war and tariff policy during his first debate with Jocelyn Benson, NBC News reports. Benson challenged his votes against war-powers resolutions and linked tariffs to household costs. James defended those votes as support for deployed troops; their competing claims form part of the gubernatorial campaign.

Susan Collins and Troy Jackson traded arguments over Trump, living costs and abortion in Maine’s first Senate debate, NBC News reports. Collins emphasized disagreements with the administration and federal funding secured through her seniority; Jackson criticized her voting record. Their policy arguments and campaign claims come as the race could affect control of the Senate.

A study of more than 14,000 job offers at two firms found that noncompetes reduced worker mobility and earnings without measurable trade-secret protection beyond nondisclosure agreements, University of Maryland researchers report through Phys.org. Workers were freelance recruiters on short-term contracts, so the experiment does not establish identical effects in every industry.

Anduril plans a Baltimore County plant for Virginia-class submarine components, Fox News and Breaking Defense report. The company pledges $3.7 billion in private investment, with up to $2.9 billion in Navy purchases. Operations are expected around 2030; projected jobs and added capacity remain targets, and nuclear-submarine work must meet certification and safety requirements.

Ninety percent of 300 VMware-using organizations surveyed said higher licensing costs drove them to explore alternatives, Ars Technica reports. Respondents also cited migration complexity and security concerns. The survey was conducted by Unisphere for Rimini Street, a support vendor with a commercial stake in the market; it is not a census of all VMware customers.

BD plans $3 billion in US medical-product manufacturing within a broader $19 billion multiyear investment commitment, OAN and Reuters report. The agreement ties future tariff relief on covered products and inputs to agreed milestones and the final scope of tariff measures. The spending and expanded domestic supply are plans, rather than completed production.

Cable-industry groups asked the FCC to delay its repeal of the 39% national television ownership cap and said they plan a court challenge, Ars Technica reports. They argue Congress fixed the limit; the FCC says it can change its rule. The dispute remains unresolved, with litigation planned after Federal Register publication.

The Energy Department announced a conditional loan commitment of up to $4.2 billion for Vistra’s nuclear plants in Ohio and Pennsylvania, the Washington Examiner reports. DOE says upgrades would add 433 megawatts and support longer operation. Vistra must meet technical, legal, environmental and financial conditions before the loan is funded.

Prime Minister Pedro Sánchez called an early general election for November 29 after lawmakers rejected housing measures, BBC News and AP coverage in the Washington Examiner report. His minority coalition faces protests over rents and evictions. The announcement seeks a stronger parliamentary mandate; the election outcome remains undecided.

Museums are expanding licensing of collections and expertise into merchandise, hotel rooms and virtual reality to raise revenue as costs rise, The Guardian reports. Its examples include Natural History Museum collaborations. The cited sales-growth figures come from an industry group and individual museum estimates, rather than proof that every museum benefits.

The White House says eligible Medicare Part B enrollees will receive a one-time $90 payment in October from the Medicare Improvement Fund, the Associated Press reports through STAT. CMS says people already receiving premium assistance, paying income-adjusted premiums, or enrolled in Medicare Advantage are excluded. The announcement is a payment commitment, not confirmation that checks have arrived.

WIRED reports that expanded opportunity-zone rules taking effect January 1 could make rural data-center projects eligible for federal tax benefits. Research reviewed by the outlet identified more than 100 potentially eligible projects. Eligibility does not show that firms will claim the benefits; Microsoft, Meta and Amazon told WIRED they do not use or have not claimed the program.

The union representing Nippon Dynawave Packaging workers says employees will continue receiving pay through January 17 after a deadly May explosion, KIRO 7 reports. The union says some departments may work remotely while others return to the mill. The report does not provide the full agreement, eligibility details or a production restart date.

G20 trade ministers did not reach agreement on industrial overcapacity or eliminating forced labor from supply chains, US trade chief Jamieson Greer said after Milwaukee talks, France 24 reports. China rejects accusations about excess capacity. Ministers did agree against using food trade as a coercive weapon.

University of Saskatchewan researchers mapped camelina genome relationships that could help breeders introduce diversity from wild relatives, Phys.org reports. The oilseed has potential food, feed and fuel uses. Improved yield, stress tolerance and regional adaptation remain breeding goals; this study does not demonstrate commercial crop gains.

Disney president Dana Walden declined to announce whether Jimmy Kimmel will still host his ABC show a year from now, Fox News reports from Bloomberg’s Screentime summit. She said his ratings have risen within a shrinking broadcast audience and described late-night television’s economics as difficult. Disney is discussing its business needs and Kimmel’s wishes; no cancellation was announced.

Vice President JD Vance said he would support eliminating the H-1B visa program in an interview with Jack Posobiec, the Daily Wire reports. He accused employers of using it to replace US workers with cheaper labor. His remarks express a policy preference; they do not themselves end the specialty-worker visa program.

Micron and Samsung executives expect memory supplies to remain tight as production shifts toward AI and server chips, Ars Technica reports. Micron CEO Sanjay Mehrotra said most of its 2027 high-bandwidth memory volume is already sold and new manufacturing capacity will ramp gradually. The executives’ outlook suggests continued pressure on consumer-device memory supply; future prices and demand remain uncertain.

Netflix co-CEO Ted Sarandos endorsed a proposed bipartisan federal tax credit for US film and television production at Bloomberg’s Screentime summit, Fox News reports. Senators Tim Scott and Adam Schiff are sponsoring the bill. Sarandos said passage remains uncertain because the midterms and a possible change in congressional control could affect its prospects.

Treasury proposed rules for a federal K–12 scholarship tax credit starting in 2027, the Washington Examiner reports. Donors to eligible scholarship organizations could receive nonrefundable credits of up to $1,700 per individual or $3,400 for joint filers. The credit goes to donors; students receive scholarships in participating states. The regulations are proposed and have not been finalized.

Pomerene Hospital in Millersburg, Ohio, says it was selected for federal Rural Hospital Provider Assistance Program funding. HRSA’s award list confirms the hospital among 132 recipients across 13 states, totaling nearly $25 million. Pomerene’s individual award amount and spending plan were not specified.

Sotheby’s plans to auction 12 paintings from the private Blaquier-Arrieta collection in New York on November 18, The Guardian reports. The auction house values a Van Gogh at $180 million and expects the group to exceed $450 million; these are estimates, not sale prices. Selected works are on an international preview tour, with the Van Gogh due in Hong Kong and Paris later this month.

Butter’s BBQ in Sinton, Texas, removed brisket from its daily menu after repeated beef-price increases, owner Andrew Soto told Fox News. He says the restaurant plans prepaid brisket orders while emphasizing pork dishes. The change illustrates one small business’s response to rising costs; it does not establish a nationwide restaurant trend.

An AP-NORC survey found 65% of US adults blame President Trump’s policies for unusually high prices, while 67% of Republicans blame factors beyond his control. The September 24–28 poll interviewed 2,140 adults and has a ±2.9-point overall sampling margin. These are respondents’ views, rather than a measurement of which policies caused inflation.

The average US price for a dozen eggs fell to $2.27 in August from $4.95 in January 2025, NPR reports using federal data. Agriculture experts attribute much of the decline to recovery from avian-flu losses, while noting federal biosecurity support. They also say fuel costs and tariffs have increased pressure on farmers.

G7 leaders agreed to an IEA-coordinated release of 100 million barrels of oil and diesel, BBC News and the official G7 statement report. The statement sets a four-month timetable, with a substantial diesel release in the first 20 days, and pledges against energy export restrictions between G7 members. Country allocations and the effect on fuel prices remain uncertain.

Japan raised its permanent-residency application fee twentyfold to 200,000 yen and introduced tighter income and pension requirements, the BBC reports. Other residency fees now vary by length of stay, with hardship and refugee discounts. A basic Japanese-language requirement begins next April, rather than taking effect with today’s fee increase.

Los Angeles County’s half-cent Measure ER sales tax took effect October 1, but its proceeds must remain unspent while a legal challenge is pending, the county says. The five-year measure is intended to support health and other services. The county defends its legality; the Libertarian Party’s lawsuit challenges the state law allowing the tax above the usual limit.

California Governor Gavin Newsom signed laws barring employers from using biometric AI to infer workers’ emotions or relying on AI to decide to fire someone, The Guardian reports. Employers must also give written notice when AI drives mass layoffs. The measures add state workplace protections while the White House’s new industry oversight accord remains voluntary.

Syria’s electricity company says a gas-pipeline explosion in Eastern Ghouta cut fuel supplies to the Deir Ali, al-Nasiriyah and Tishreen power plants, Al Jazeera reports. Officials warned that power rationing would increase while teams tackled the fire. The cause of this blast and the repair timetable remain unknown.

The Senate voted 53–47 on opening debate on a Republican bill restricting lawmakers’ stock purchases, short of the 60 votes required, The Guardian reports. Republicans said it would restore trust in Congress. Democrats objected that members could retain existing portfolios and that the measure included voter ID rules. The bill has not become law.

Paramount completed its Warner Bros. Discovery takeover, combining the studios, CNN, CBS and HBO under Skydance, DW reports. The roughly $111 billion transaction includes assumed debt. Skydance says HBO Max, Paramount+ and Discovery+ will become one service over time and promises an editorial independence board; timing, prices and promised savings remain unresolved.

Senators from both parties reached a deal to speed federal reviews of energy and infrastructure projects, the Washington Examiner and AP report. The draft would streamline transmission approvals, limit some environmental-law challenges and make data centers cover associated transmission costs. A vote is expected after the midterms; protections for wind projects remain unresolved.

A New York judge canceled notices issued under the city’s second-home tax because the rollout failed procedural requirements, Fox News reports. The ruling allows the city to issue new notices after following the required process; it does not invalidate the tax itself. Mayor Zohran Mamdani’s administration plans to seek a stay and appeal.

The Conference Board’s consumer confidence index fell to 81.9 in September from 88.6 in August, its lowest reading since April 2014, AP reports. The board’s release shows weaker assessments of both current conditions and the outlook. The survey measures households’ views, rather than a direct change in economic output.

NPR’s Life Kit examines personalized pricing with consumer advocate Lindsay Owens. She recommends checking major purchases across retailers and devices, comparing logged-in and logged-out prices, and limiting unnecessary app permissions. These are ways to investigate price differences, not a guarantee that any particular shopper will pay less.

President Javier Milei threatened international legal action unless the Sea Lion oil project near the Falkland Islands is halted within two weeks, the BBC reports. The companies involved say they hold valid island licenses. Argentina and Britain continue to dispute sovereignty over the territory.

The Supreme Court heard nearly two hours of arguments over Boulder’s climate-damages suit against Suncor and ExxonMobil, Roll Call reports. Justices questioned federal preemption and the limits of state-law claims; the companies seek to block the case. Justice Alito is recused. No ruling on liability or the lawsuit’s future was issued.

Trump announced a proposed $15 billion Mesabi Metallics steel plant in eastern Iowa, The Guardian reports. The project targets production in 2030 and would receive up to $10 billion in Export-Import Bank financing. Officials’ job totals and Trump’s claim that it would be America’s largest steel plant remain projections, not completed outcomes.

A new Vox report examines efforts to make renting spare rooms and shared homes easier as housing costs rise. Residents describe savings, while advocates challenge rules limiting unrelated housemates. Proposals and court challenges vary across states; shared housing offers a possible lower-cost option, with tradeoffs in privacy and compatibility.

Spain’s cabinet approved housing measures including a temporary eviction ban through 2030, the BBC reports. The decrees take immediate effect but need parliamentary approval within a month. The decision follows protests sparked by Maricarmen Abascal’s eviction; her separate deal to return home remained unsigned in the report.

Senate majority leader John Thune joined criticism of the administration’s taxpayer-funded advertisements Monday, the Washington Examiner reports. Ad-tracking firm AdImpact estimates nearly $1.5 million spent since last week, including more than $315,000 around football broadcasts. The White House did not provide totals to the outlet; the figures are tracker estimates, not an official accounting.