Social Security COLA for 2026 projected to be lowest in recent years
Social Security COLA for 2026 projected to be lowest in recent years
Customers shop for produce at an H-E-B grocery store on Feb. 12, 2025 in Austin, Texas.
Brandon Bell | Getty Images
The Social Security cost-of-living adjustment for 2026 is on pace to be the lowest annual benefit increase in five years, according to new estimates.
But that may change depending on the pace of inflation in the coming months.
The 2026 COLA may be 2.4% in 2026, according to new projections from both Mary Johnson, an independent Social Security and Medicare policy analyst, and The Senior Citizens League, a non-partisan senior group.
If that increase goes into effect next year, it would be lower than the 2.5% boost to benefits Social Security beneficiaries saw in 2025. It would also be the lowest cost-of-living adjustment since 2021, when a 1.3% increase went into effect.
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The Social Security COLA provides an annual inflation adjustment to all of the program’s beneficiaries, including retirees, disabled individuals and family members.
The annual adjustment for the next year is calculated by comparing third quarter inflation data for the current year to the previous year. The year-over-year difference determines the annual increase. However, if there is no increase in the the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, from year to year, the COLA may be zero.
The CPI-W, used to calculate Social Security’s COLA, increased by 2.1% over the past 12 months, according to data released Tuesday by the Bureau of Labor Statistics.
In the months ahead, two factors may affect retirees’ cost of living, experts say.
Tariffs may push inflation higher
Inflation, as measured by the broader Consumer Price Index, sank to its lowest 12-month rate at 2.3% in April since 2021.
Yet tariffs may push the inflation rate higher in the months ahead, if those taxes imposed on imported goods go into effect.
Tariffs would prompt higher consumer prices and inflation. If that happens in the months ahead, the Social Security cost-of-living adjustment estimate for 2026 may move higher.
“This year will be a closer year to watch because of the tariffs,” Johnson said of the 2026 COLA estimate, which is recalculated every month with new inflation data.
The official COLA for the following year is typically announced by the Social Security Administration in October.
Prescription drug costs
President Donald Trump on May 12 issued an executive order taking aim at high prescription drug costs in the U.S. The White House hopes to bring those prices in line with other countries.
The policy would apply to Medicare and Medicaid, in addition to the commercial market, according to the White House.
Changing drug prices would be unlikely to impact the COLA estimate, according to Johnson. But retirees would see an impact to the personal budgets if drug prices came down, she said.
Many details of the executive order still need to be fleshed out, noted Leigh Purvis, prescription drug policy principal at AARP Public Policy Institute. Yet the nonprofit organization, which represents Americans ages 50 and up, praised the Trump administration’s efforts to curb big drug companies’ ability to charge retirees high prices for necessary prescriptions.
“A lot of people are aware that prescription drug prices are too high, and I think a lot of people are aware that we’re paying a lot more than other countries,” Purvis said.
“So any efforts moving us in the direction of paying less and paying something that’s more comparable to the rest of the world, I think is something that people could probably get behind,” she said.
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FDA moves to take prescription fluoride drops and tablets for kids off the market
FDA moves to take prescription fluoride drops and tablets for kids off the market
Ferlistockphoto | Istock | Getty Images
The Food and Drug Administration on Tuesday announced it will begin the process of pulling prescription fluoride drops and tablets for children off the market. The supplements are usually given to kids at high risk for cavities.
The federal government and some state legislatures are increasingly drawing attention to what they claim are the risks associated with fluoride, a mineral that’s been used for decades in community water systems, toothpastes and mouth rinses to prevent tooth decay.
Dentists fiercely contest that the harms of fluoride outweigh the benefits.
FDA Commissioner Dr. Marty Makary said in a news release that he’s instructing the agency’s Center for Drug Evaluation and Research “to evaluate the evidence regarding the risks of systemic fluoride exposure from FDA-regulated pediatric ingestible fluoride prescription drug products to better inform parents and the medical community on this emerging area.”
The news release suggested that ingested fluoride can alter a child’s gut microbiome and cause weight gain, thyroid disorders and “possibly decreased IQ.”
U.S. Food and Drug Administration Commissioner Martin Makary attends a press conference in the Roosevelt Room at the White House in Washington, D.C., U.S., May 12, 2025. REUTERS/Nathan Howard
Nathan Howard | Reuters
“The best way to prevent cavities in children is by avoiding excessive sugar intake and good dental hygiene,” Makary said.
The FDA said the evaluation should be completed by Oct. 31.
The new action goes after tablets and drops that contain fluoride. According to the American Dental Association, pediatric dentists can prescribe fluoride supplements to kids living in areas with low fluoride levels in drinking water.
Dr. Meg Lochary, a pediatric dentist in Union County, North Carolina, said she’s been prescribing more of the drops and tablets since county commissioners voted to stop adding fluoride to its water supply last year.
“This is really going to hamper our goal of providing kids with fluoride,” Lochary said. “It’s ridiculous, and it takes away the choice of parents to allow their children to have better dental health. It doesn’t make scientific sense.”
“Unlike toothpaste with fluoride or fluoride rinses, these products are swallowed and ingested by infants and toddlers,” the news release said.
Health Secretary Robert F. Kennedy Jr. has previously referred to fluoride as “industrial waste” on the social media platform X and said on MSNBC that the faster the mineral goes away, the better.
“Ending the use of ingestible fluoride is long overdue,” Kennedy said in Tuesday’s announcement.
Utah and Florida recently banned the addition of fluoride to public water systems.
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Local hope Paolini battles into Italian Open last four
Local hope Paolini battles into Italian Open last four
Jasmine Paolini has become the first Italian woman to reach the Italian Open semi-finals in 11 years after beating Russian world No. 11 Diana Shnaider 6-7 (1-7) 6-4 6-2.
In a stunning first-set collapse, Paolini was 4-0 up but lost the next five games before Shnaider then forced a tiebreak, which the 21-year-old Russian dominated.
Backed into a corner, world No.5 Paolini mounted a comeback of her own in the second set, winning six successive games after herself trailing 4-0.
Down a break in the decider, French Open runner-up Paolini continued to show resilience with the crowd behind her to became the first Italian woman to reach the last four of the WTA 1000 event since doubles partner Sara Errani just over a decade ago.
“It was a good thing that it rained for five minutes. I got some coaching from Sara,” Paolini said of Errani, who was watching from the stands.
When Paolini took control in Tuesday’s third set, the crowd began singing, “Ole, Ole, Ole; Jas-mine, Jas-mine.”
The last Italian woman to win the Italian Open was Raffaella Reggi, who took the title in 1985 in Taranto.
Paolini’s semi-final opponent will be either two-time Rome champion Elina Svitolina, the 16th-seed, or unseeded American Peyton Stearns, whose match was delayed by a lengthy break for rain.
The other half of the draw has gone with seeding and on Wednesday Coco Gauff (seeded 4) faces Mirra Andreeva (7) and Aryna Sabalenka (1) plays Qinwen Zheng (8).
with AP
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Confirmed: No Voice Chat in Elden Ring Nightreign and Im Fine With That
Confirmed: No Voice Chat in Elden Ring Nightreign and Im Fine With That
The Outerhaven says: It has been confirmed that Elden Ring Nightreign will not include voice chat, and players will need to rely on the in-game ping system to communicate.
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Two Falls (Nishu Takuatshina) Review | NoobFeed
Two Falls (Nishu Takuatshina) Review | NoobFeed
NoobFeed editor Asura writes – Two Falls (Nishu Takuatshina) isn’t going to blow your mind with complicated gameplay systems or mechanics that will blow your mind. Because it cares, understands, and is creatively clear, it wants to tell you a story—two stories, to be exact.
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Find Windows 11’s settings too confusing? Microsoft has an answer – and it unsurprisingly relies on AI
Find Windows 11’s settings too confusing? Microsoft has an answer – and it unsurprisingly relies on AI
Windows 11 has a new preview build in the Beta channel
It comes with an AI agent in Settings to help you change options
Also a new hardware-related FAQ has been introduced in Settings, too
Windows 11 has a new preview build out and it comes with a big change: the introduction of AI to the Settings app in order to help Copilot+ PC owners find and choose the options they need.
This is a new piece of work Microsoft announced last week, but the company just said that it was coming to testing soon, at some stage this month. Well, that stage has now been set, and this ability has debuted in preview build 26120.3964 in the Beta channel.
That preview release comes with the full AI agent present in Settings, although of course, this is just the initial stages of testing. Also note that this is for Copilot+ PCs only, it won’t be applicable to normal Windows 11 PCs, as it leverages the peppy NPU that’s on board Copilot+ devices. (Microsoft also revealed fresh goodies inbound for non-Copilot+ machines, it should be noted too).
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As I’ve covered before, the AI agent works via the usual query model. You type in what you’re looking for in Settings via a bar at the top of the panel using normal conversational language. For example, you could ask something like, “How do I put the YouTube video playing on my laptop onto my TV screen?” and the AI will find that relevant setting for screen mirroring.
The idea is to make tweaking settings or finding various capabilities a good deal easier, and with some options, AI will even recommended specific choices for you.
Another change to the Settings app in this preview build is a new hardware-related FAQ that provides info on your PC specs and how good they are. This nestles in the System > About panel within Settings, underneath the list of device specifications.
The questions-and-answers specifically relate to your PC, so if you only have 8GB of RAM for example, and you’re worried that might slow down apps – or moreover PC games – there’ll be a section on exactly what that memory loadout means for you in terms of expected performance levels.
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Analysis: PC spec cards and AI accuracy
(Image credit: Future)
This is the first time we’ve seen this hardware FAQ appear in testing, though oddly, it’s not partnered with the related ‘PC spec cards’ (small info panels) that carry the individual details of your CPU, GPU, system RAM and storage (which have been spotted in testing before, minus the FAQ).
Presumably, these pieces of the puzzle are going to come together soon, delivering a useful extra for relative PC newbies who may not be so sure about what all these specs mean.
As for the AI agent, it looks nifty and offers plenty of promise, but there are a few notable catches here. Firstly, AI could get things wrong when it comes to the specific recommendations given for certain settings (but hopefully not in terms of the basic finding and displaying of relevant options).
So, we need to be cautious in that respect, and it’ll be interesting to see how accurate Windows 11 testers find the system, and what the initial feedback is – because this could be one of the best uses of AI Microsoft has found yet. Or the worst if it comes horribly off the rails, but Microsoft doesn’t appear overly ambitious here – yet – so that shouldn’t happen.
Secondly, only the English language is supported by the Settings agent for now. Finally, just Copilot+ PCs with Snapdragon processors are supported in testing to begin with, but Microsoft has said the agent will come to Copilot+ devices with AMD and Intel CPUs soon enough. Perhaps that’ll be the next preview release, then.
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Sean ‘Diddy’ Combs’ ex-girlfriend Cassie testifies in his sex trafficking trial – AP News
Sean ‘Diddy’ Combs’ ex-girlfriend Cassie testifies in his sex trafficking trial – AP News
Sean ‘Diddy’ Combs’ ex-girlfriend Cassie testifies in his sex trafficking trial AP NewsLive updates: Sean ‘Diddy’ Combs trial continues with witness CNNCassie Fights Tears During Diddy Testimony, Alleges 4-Day ‘Freak-Off’ and ‘Physical Abuse’: He Would ‘Drag Me, Kick Me, Stomp Me in the Head’ VarietySean ‘Diddy’ Combs Trial Live Updates: Cassie Testifies in Sex-Trafficking Case The New York Times‘The View’: Former Federal Prosecutor Sunny Hostin Says Case Against Diddy Is the ‘Most Disturbing’ She’s Ever Heard | Video Yahoo
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Odinfall Review | NoobFeed | N4G
Odinfall Review | NoobFeed | N4G
“The London-based (the ***) indie games publisher Fireshine Games and Skövde-based (Sweden) indie games developer Ember Paw Games, are today very proud and thrilled to announce that their Viking-themed roguelite twin-stick shooter “Odinfall”, is coming to PC (via Steam) this Summer (2023).” – Jonas Ek, TGG.
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Stephen Fry, Paloma Faith, Alan Carr and more
Stephen Fry, Paloma Faith, Alan Carr and more
Sir Stephen Fry, Alan Carr, Paloma Faith, Charlotte Church and Jonathan Ross are among the stars who will pit their wits against each other after being confirmed on the line-up for the celebrity version of hit TV show The Traitors.
A total of 19 presenters, actors, singers, comedians and sportsmen will attempt to be good traitors and faithfuls in the show, which will air this autumn.
The line-up – one of the most star-studded in reality TV history – will also include Clare Balding, Kate Garraway, Celia Imrie and Nick Mohammed.
Olympic champion Tom Daley and long-serving England rugby union player Joe Marler will bring their sporting strategies to the Traitors castle in Scotland.
The participants will be seen competing for up to £100,000 for a charity of their choice.
It is the first celebrity version of the show, and will consist of nine hour-long episodes.
The latest regular series was broadccast in January, attracting more than 10 million viewers per episode.
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No Rest for the Wicked – The Breach Review | NoobFeed
No Rest for the Wicked – The Breach Review | NoobFeed
NoobFeed editor Joy writes – The Breach update transforms No Rest for the Wicked into a more polished experience. It’s a bold step forward that won’t disappoint the returning players. No Rest for the Wicked is still in the early days of the update. Still, it tells you a lot about the developers, specifically how they listen to player feedback and how they are committed to improving the experience.
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Your horoscope for Wednesday, May 14, 2025
Your horoscope for Wednesday, May 14, 2025
Read what your zodiac sign predicts for your day.
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Google needs ‘big bang breakup’ that would value its businesses at $3.7 trillion as AI threatens Search: Analyst
Google needs ‘big bang breakup’ that would value its businesses at $3.7 trillion as AI threatens Search: Analyst
Alphabet (GOOGL, GOOG) investors would be better off breaking up most or all of Google’s business as it struggles to prove that its search engine can maintain dominance in the AI chatbot era, DA Davidson analyst Gil Luria told Yahoo Finance in an interview Tuesday.
“ By not breaking up, the company management is dooming Google to trade at … an extraordinarily low earnings multiple for a growth company,” Luria said.
Last August, US District Judge Amit Mehta found Google liable for illegally monopolizing the general search engine market and the market for general search engine text, Yahoo Finance’s Alexis Keenan reported. Mehta is now tasked with weighing fixes for the monopoly — while also balancing advances in artificial intelligence that are forcing an evolution of the traditional online search market, Keenan wrote.
The Department of Justice has asked Mehta to force Google to sell off Chrome and divest its ad network, as well as possibly its mobile Android business.
Luria said his clients — a broad range of institutional investors — want Google to undergo a “big bang breakup” rather than “isolated spinoffs” like the DOJ has suggested. He thinks Google should spin off each of its businesses into separately traded entities.
“ Everybody knows that the best thing for Google is to break it up, except for Google,” he said.
According to Luria’s analysis, which used company earnings reports from Alphabet and rivals, Google’s individual businesses would be valued much more highly as separate entities.
Whereas Google’s market capitalization is below $2 trillion, Luria said in a note to investors Monday that the lump sum of Google’s businesses, when valued separately, would be $3.7 trillion.
Luria said Google should break up YouTube, Search, Google Cloud, Waymo, and its AI segments.
That’s because Alphabet stock is trading at a historically low multiple of 16 times its forward earnings (over the next 12 months) — ” well below market multiple,” he said.
Luria said Google’s businesses would each individually trade at comparable levels to their peers — with Waymo comparable to Uber (UBER), Google Cloud to Snowflake (SNOW), YouTube to Netflix (NFLX), and Google’s TPU business to Nvidia (NVDA).
For example, he estimated that Google’s AI businesses — its chip segment and Google DeepMind — would together be worth $760 billion. Google makes custom chips called TPUs, or tensor processing units, for itself that its customers can use to power their cloud services.
“ The stock could be worth anywhere between $240 and $300 if they proceeded in this path,” Luria told Yahoo Finance. Alphabet shares were trading around $160 on Tuesday.
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Luria argued that Alphabet management should prioritize investors: “Their job isn’t to maximize profit. Their job is to maximize shareholder value.”
While Luria said Google Search as an individual business would likely trade at 4.6 times its 2024 revenue, he thinks its TPU and DeepMind businesses would trade at roughly 23 times those segments’ 2024 revenue.
The Google logo is seen on the Google house at CES 2024. REUTERS/Steve Marcus/File Photo · Reuters / Reuters
Luria said Google Search is “ a melting ice cube.”
”For the last couple of years, there’s been a debate about whether Google Search is doomed or not, whether Google can transfer its Search monopoly into an AI chat monopoly, and therefore sustain Google’s growth in Search.”
“ It’s now clear that we’re at the beginning of the end for Google search,” Luria said, pointing to commentary during Alphabet’s antitrust trial from Apple’s (AAPL) senior vice president of services, Eddy Cue, who said searches declined on its web browser Safari (which uses Google Search as its default search engine) for the first time last month. Cue also revealed that Apple is exploring adding AI search engines such as Perplexity to its default Safari web browser.
Some argue Apple testified that it saw a drop in Safari searches in order to present Google Search as a threatened business in the hopes of preserving its $20 billion deal with the company. Apple’s statements don’t necessarily mean Google is losing ground to competitors, Yahoo Finance’s Dan Howley reported.
Either way, there’s a big barrier to Luria’s suggestion.
He said activist investors couldn’t force a change at Google because it “isn’t a type of company that an activist could get involved in because insiders have controlling stakes.”
“Only founders [Sergey] Brin and Larry Page can save shareholders,” Luria said in his note to investors Monday.
Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @laurabratton.bsky.social. Email her at *****@*****.tld.
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Iran proposes partnership with UAE and Saudi Arabia to enrich uranium – The Guardian
Iran proposes partnership with UAE and Saudi Arabia to enrich uranium – The Guardian
Iran proposes partnership with UAE and Saudi Arabia to enrich uranium The GuardianIran and U.S. conclude 4th round of talks in Oman over Tehran’s nuclear program PBS4th round of US-Iran talks ends as Trump set to embark on historic Middle East tour Fox NewsIran and US talks upbeat despite disagreement over uranium enrichment The GuardianExclusive: Can ‘nuclear consortium’ bridge Iran-US divide? Amwaj.media
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Exclusive: Unreleased Phison E28 SSD beats the fastest SSDs on the market in new benchmark
Exclusive: Unreleased Phison E28 SSD beats the fastest SSDs on the market in new benchmark
Earlier this year, Phison announced the PS5028-E28, the company’s next-generation PCIe 5.0 SSD controller. While PCIe 5.0 drives utilizing this high-performance controller are expected to be available later this year, Tom’s Hardware has obtained an exclusive preview of the E28’s capabilities.
The Phison E28 SSD faced three formidable competitors: the Samsung 9100 Pro, Micron 4600, and Acer Predator GM9000. The benchmark utilized for the comparison was PCMark 10, specifically the Full System Drive test, which offers a realistic representation of each SSD’s real-world performance. The tests evaluate everyday tasks, such as opening specific applications or games, and copying files of different formats from one destination to another.
Although the results originate from a thoroughly vetted and trustworthy source, we advise exercising caution when interpreting them. The PCMark 10 scores indicated that the Phison E28 significantly outperformed its competitors. It was approximately 18% quicker than the Samsung 9100 Pro and Micron 4600. Furthermore, the Phison E28 surpassed the Predator GM9000 by as much as 32%.
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Phison PS5028-E28 SSD Benchmark
Swipe to scroll horizontally
SSD
Phison E28
Samsung 9100
Micron 4600
Acer Predator GM9000
PCMark 10 Score
7,978
6,767
6,748
6,040
Bandwidth (B/s)
1,214.13
1,048.13
1,042.42
939.56
Average Access Time (μs)
20
24
24
27
The PCMark 10 storage benchmark also yielded two additional metrics worth examining. The software assessed each SSD’s bandwidth and average access times. A higher score indicates better bandwidth performance, whereas a lower score is preferred for access times.
The Phison E28 exhibited 16% higher bandwidth than the Samsung 9100 Pro and Micron 4600. Compared to the Predator GM9000, the Phison E28 stretched the margin to 29%. Meanwhile, the Phison E28 demonstrated 17% lower average access times than the Samsung 9100 Pro and Micron 4600. As expected, the gap between the Phison E28 and Predator GM9000 was more significant, up to 26% lower for the former.
(Image credit: Tom’s Hardware)
The sequential performance difference between the Samsung Presto and Phison E28 controllers appears minimal on paper. The former has a 2% faster sequential read, and the latter has an 8% faster sequential write. The random performance, however, significantly inclines to the Phison E28 with 36% better random reads and 15% better random writes.
The PCMark 10 results show that the Phison E28 is faster than the Samsung Presto and the Silicon Motion SM2508, which seem to share comparable performance. However, as the results corroborate, not all SM2508-based drives offer the same level of performance. The type of NAND is a huge differentiator.
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Despite featuring the same SM2508 controller, the Micron 4600 and Predator GM9000 have a huge performance delta. The former leverages Micron 276-layer B68S FortisFlash NAND clocked at 3,600 MT/s, whereas the latter utilizes Micron 232-layer B58R FortisFlash at 2,400 MT/s.
Swipe to scroll horizontally
SSD
Phison E28
Samsung 9100 Pro
Micron 4600
Acer Predator GM9000
Controller
PS5028-E28
Presto
SMI SM2508
SMI SM2508
Capacity
2TB
4TB
2TB
2TB
Sequential Read (MB/s)
14,500
14,800
14,500
14,000
Sequential Write (MB/s)
14,500
13.,400
12,000
13,000
Random Read (IOPS)
3,000,000
2,200,000
2,100,000
2,000,000
Random Write (IOPS)
3,000,000
2,600,000
2,100,000
1,600,000
We cannot definitively declare a winner based solely on a single benchmark, and it would be wrong to do so. SSD controllers or SSDs in general may exhibit strong performance on specific workloads while demonstrating underperformance in others. Reviews hold significant value as they evaluate across a variety of workloads. As far as PCMark 10 is concerned, the Phison E28 appears superior to the Samsung Presto and Silicon Motion SM2508.
Other manufacturers of SSD controllers, such as InnoGrit (commonly referred to as Yingren Technology in China), Marvell, and Maxio, are also present. Nonetheless, the competition for the leading PCIe 5.0 SSD controller primarily lies among the big three (Phison, Samsung, and Silicon Motion) unless InnoGrit presents a more competitive offering. Currently, Phison, with its E28 model, seems to possess a competitive advantage over the competition.
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Pollies told to listen as podcasters muscle mass media
Pollies told to listen as podcasters muscle mass media
The influence of influencers is being combed over after an election fought as much online as in person, with politicians looking for fresh ways to reach younger voters.
Content creators were able to reach a large audience that wasn’t typically engaged with traditional media, Cheek Media CEO and host of the Big Small Talk podcast Hannah Ferguson said.
Labor had utilised podcasters and influencers to reach young people, including women who are the largest growing audience, Ms Ferguson told AAP.
“The Liberal Party’s refusal to engage eliminated them, largely, from speaking to women,” she said.
Criticisms from Liberals about the campaign included not having a coherent communication strategy and failing to sell their message early enough, with few major policies in the field before the election was called.
Labor spent consistently on advertising throughout the campaign while the coalition saved its large spend for the final weeks, according to video tracking company Adgile.
Labor spent more than $3 million on Facebook election ads while the Liberals spent $1.4 million, according to Meta’s ad library.
Clive Palmer’s Trumpet of Patriots party, known for its blanket advertising campaigns, spent about $1.5 million in comparison.
TV ads still made up the bulk of the federal election video spend with more than $54 million spent – $24.1 million by Trumpet of Patriots, $24 million by Labor and $21 million for the coalition, according to Adgile.
The scale of Labor’s social media spend was surprising, political communication expert Andrew Hughes said.
It enabled them to continue their momentum while also denying the coalition airtime, he said.
Labor was more effective in its digital media strategy while the coalition was severely lacking, Dr Hughes said.
“I was surprised the coalition didn’t utilise it more,” he said.
There was also a significant surge in spending on YouTube where minor parties focused their ad spend as commercial TV can fail to reach the same volume of viewers or target the right demographics.
The Liberals needed to spread their focus and “engage where voters are”, Liberal senator Maria Kovacic said.
“It’s unrealistic to expect they’ll come to where we are,” she told AAP.
Finance Minister Katy Gallagher has been an early adopter of using podcasters and content creators to sell the government’s message, especially in her women’s portfolio.
Influencers were invited to the federal budget lockup at Parliament House for the first time in 2025.
This helped the government get its message out to people who otherwise wouldn’t have paid attention, Senator Gallagher told AAP.
“I think we’ll never go back to the way it was before,” she said.
“It’s really clear that new media are going to feature in politics … and they have a legitimate place at the table.”
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Nissan to cut 11K more jobs, shut down some plants. What to know in Tennessee
Nissan to cut 11K more jobs, shut down some plants. What to know in Tennessee
Nissan announced that it’s cutting an additional 11,000 jobs, bringing the Japanese automaker’s total workforce reduction to around 20,000. This news comes after Nissan reported a devastating 88% drop in operating profit year-over-year.
Chief Financial Officer Jeremie Papin said the company expects a 200 billion yen ($1,352,111,000) operating loss in the first quarter, according to Reuters. Several factors including past leadership, weakening demand, and a failed merger attempt have all contributed to Nissan’s dire straits.
Nissan is in deep trouble if the company can’t significantly reduce operating expenses and boost sales soon. How did Tennessee’s favorite automotive brand end up in such a tight spot?
Former Chairman Carlos Ghosn focused too heavily on sales volume and not enough on keeping the company’s portfolio modern and competitive, said analysts. As a result, Nissan is losing sales to rival automakers. CEO Ivan Espinosa called full-year financial results “a wake-up call” during a press conference, Reuters reported.
Furthermore, the current market presents several challenges such as tariffs, weakening sales due to demand, and competition from popular ******** automakers. Merger talks with Honda fell through, causing some serious setbacks for the company.
Nissan is experiencing a perfect storm of issues causing the automaker to struggle with sales and operating profit. So how (if at all) does this affect Tennesseans?
The Japanese automaker is closing seven plants to find cost savings of nearly 500 billion yen. Reuters said the ccompany did not give specifics on which plants it expects to close. According to Nissan, the automaker’s Smyrna plant currently employs over 5,700 workers. The company employs around 21,000 workers in the United States.
Nissan is looking to maximize production at the Smyrna plant (its largest American production plant) as reported by CNBC on April 16. So, there’s no telling where the Smyrna plant stands in Nissan’s cost savings efforts, but previous plans to ramp up production could be a positive sign for workers.
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Though Nissan didn’t specify which plants would be closing, there are a few things that are clear about the company’s path forward. Nearly 20,000 Nissan employees are at risk of losing their jobs and seven plants could shut down in the near future. Nissan also plans to “reduce the complexity of parts by 70%” which likely means increased local production to avoid heavy tariff costs.
Employees inspect the vehicles through an assembly line at Nissan Smyrna Assembly Plant in Smryna, Tenn., Tuesday, Dec. 3, 2024.
The way Nissan vehicles are manufactured, where they are assembled, and who assembles them is about to change drastically. CEO Ivan Espinosa’s new cost savings goal is an attempt to keep the brand afloat amidst one of the most trying markets automakers have seen in years.
President Donald Trump recently offered car manufacturers a reprieve from tariffs in the form of a new proclamation. On the other hand, future trade relations with China and other major trade partners remain unpredictable.
−Reuters contributed to this story
This article originally appeared on Nashville Tennessean: Nissan shutting down plants, cutting jobs. Will Tennessee be impacted?
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Tech CEOs mingle with Trump and MBS at Saudi investment forum
Tech CEOs mingle with Trump and MBS at Saudi investment forum
Senior Advisor to the U.S. President Elon Musk (L) and Nvidia CEO Jensen Huang (C) are directed to greet the Saudi Crown Prince at the Royal Court in Riyadh on May 13, 2025.
Brendan Smialowski | Afp | Getty Images
Wealth and power.
Global political and business leaders gathered in Riyadh on Tuesday for the Saudi Arabia Investment Forum, discussing the artificial intelligence ***** and global trade.
President Donald Trump met with Saudi Crown Prince Mohammed bin Salman as several deals were announced between the two countries.
Saudi Arabia is investing $600 billion in the U.S., a package the White House said would boost “energy security, defense industry, technology leadership, and access to global infrastructure and critical minerals.”
The White House also touted a nearly $142 billion deal to provide Saudi Arabia with weapons and services from U.S. defense firms.
Nvidia CEO Jensen Huang announced a deal to provide the kingdom its high-end AI Blackwell chips.
Tesla CEO Elon Musk and Amazon CEO Andy Jassy were among the attendees, as well as other high-profile executives and power players such as OpenAI CEO Sam Altman, Alphabet President Ruth Porat, IBM CEO Arvind Krishna, Palantir CEO Alex Karp and Qualcomm CEO Cristiano Amon.
Alphabet Chief Investment Officer Ruth Porat (L) and Nvidia CEO Jensen Huang (R) wait to meet the Saudi Crown Prince at the Royal Court in Riyadh on May 13, 2025.
Brendan Smialowski | Afp | Getty Images
U.S. President Donald Trump and Saudi Crown Prince Mohammed Bin Salman shake hands during a Memorandum of Understanding signing ceremony at the Royal Court in Riyadh, Saudi Arabia, on May 13, 2025.
Brian Snyder | Reuters
U.S. President Donald J. Trump and Saudi Crown Prince Mohammed bin Salman attend a bilateral meeting at the Saudi Royal Court in Riyadh, Saudi Arabia, on May 13, 2025.
Win Mcnamee | Getty Images News | Getty Images
OpenAI CEO Sam Altman looks on as he visits Riyadh with U.S. President Donald Trump and Tesla CEO Elon Musk (both not pictured), in Riyadh, Saudi Arabia, May 13, 2025.
Brian Snyder | Reuters
Tesla CEO Elon Musk looks on as he visits Riyadh with U.S. President Donald Trump, in Riyadh, Saudi Arabia, on May 13, 2025.
Brian Snyder | Reuters
U.S. President Donald Trump and Saudi Crown Prince Mohammed Bin Salman pose for a group photo during the Saudi-U.S. Investment Forum, in Riyadh, Saudi Arabia, on May 13, 2025.
Brian Snyder | Reuters
CEO of Advanced Micro Devices Lisa Su (C) waits to meet the Saudi Crown Prince at the Royal Court in Riyadh on May 13, 2025.
Brendan Smialowski | AFP | Getty Images
Uber CEO Dara Khosrowshahi speaks at the Saudi-U.S. Investment Forum in Riyadh, Saudi Arabia, on May 13, 2025.
Hamad I Mohammed | Reuters
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Marvel Rivals Battle Passes May Not Disappear For Good, But They’ll Come At A Higher Cost
Marvel Rivals Battle Passes May Not Disappear For Good, But They’ll Come At A Higher Cost
Marvel Rivals developer NetEase has announced some good–and bad–news for cosmetic completionists, as the studio is considering bringing back older battle passes to the game, albeit at a higher price. The Season 0 battle pass that will be available to purchase once again starting May 15 when the Galacta’s Gift event begins, but instead of paying 490 Lattice for it, the price has now increased to 590 Lattice.
The battle pass will also be available until May 29, but once purchased, the rewards contained in it can be unlocked at your leisure. In terms of price, this works out to roughly $7 for the battle pass if you don’t have any of the premium in-game currency saved up. NetEase added that it is considering bringing older battle passes back in the future, but these will cost at least 20% more. There’ll be no free rewards in these limited-time battle passes either, as NetEase noted that access to all rewards will require the purchase of the Luxury Battle Pass.
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“Future Battle Pass returns might occur, but any such plans will span at least two seasons and be priced at a minimum of 20% higher than the original seasonal rate,” the studio said in a blog post.
This follows a trend of gaming becoming more expensive lately, as a variety of factors like turbulent market conditions, the increasing cost of video game development, and US President Donald Trump’s tariff threats have had a knock-on effect on the industry.
As for why digital goods like battle passes are increasing, there are multiple reasons here as well. Increasing prices on a digital product can help offset rising costs in other departments, but the simplest explanation here is that these price increases are being made simply because a developer or publisher can do it.
With the Switch 2 launching next month, we’ve seen Nintendo raise the price of several of its first-party games to $80, while Microsoft has announced price increases for its Xbox Series X|S consoles and games as well.
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$100 million New Jersey deli fraudster Peter Coker Sr. sentenced
$100 million New Jersey deli fraudster Peter Coker Sr. sentenced
Peter Coker Sr. outside U.S. District Court in Newark, New Jersey, March 15, 2023.
Dan Mangan | CNBC
North Carolina businessman Peter Coker Sr., who pleaded guilty in a scheme to fraudulently pump up the stock of the infamous $100 million New Jersey deli corporation and a related shell company, was sentenced Tuesday to six months in jail.
Coker Sr. also was ordered to serve six months of home confinement after his release, pay a $500,000 fine, and pay up to $644,000 in restitution.
“I do stand before you extremely remorseful for my actions,” Coker Sr. said as his wife, daughter, grandchildren, and friends looked on in U.S. District Court in Camden, New Jersey.
“I’m terribly sorry for my part. This episode has been the worst time of my life,” the 82-year-old Chapel Hill resident said. ‘I’m sorry for every investor who has been harmed by my actions.”
Federal sentencing guidelines had suggested a prison sentence of 51 to 63 months for Coker Sr.
But prosecutors said they wanted less time than that, namely the top end of a range of zero to 24 months that they stipulated when he pleaded guilty.
Coker Sr., his son Peter Coker Jr., and a third man, James Patten, conspired to artificially inflate the price of publicly traded shares of the companies — the deli-owning Hometown International and E-Waste — to make them more attractive as candidates for mergers with privately owned firms.
Both companies’ market capitalizations exceeded $100 million apiece, despite Hometown owning only a small, money-losing sandwich shop in South Jersey, and E-Waste having no actual business operations.
All three men pleaded guilty to securities fraud.
“This was a fraudulent scheme from the inception,” Judge Christine O’Hearn said at the start of the hearing.
“The companies are, in fact, worthless, and there is no prospect for recovery,” O’Hearn said.
“This was a multi-year, very sophisticated fraudulent scheme involving a sort of esoteric corporate structure, of which I’ve learned more than I ever care to,” the judge said. “One that was ******** … and it caused harm.”
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The judge opened the hearing by delivering a blow to defense lawyers, adopting prosecutors’ argument that there were nearly $5 million in losses from the scheme, which included investments by Duke and Vanderbilt universities.
“What is the motivation here other than greed? Because I don’t see it,” O’Hearn asked at one point, after noting that all three defendants were each worth millions of dollars apiece.
Coker Sr. has a net worth of $6 million, the judge said.
Coker Jr. will be sentenced later Tuesday by O’Hearn.
Patten is due to be sentenced on June 10.
The younger Coker was not in court while his father was sentenced, because of a long delay in transporting him from a jail in Essex County. He has been detained there without bail since being extradited from Thailand in March 2023 following his arrest there as a fugitive.
Coker Jr. faces deportation after he serves his sentence. He renounced his U.S. citizenship in 2019, and holds citizenship in the Caribbean nation St. Kitts.
Coker Sr.’s lawyer, Zach Intrater, asked O’Hearn to sentence him to no prison time after describing him as a good family man who never disputed his criminal conduct after he was first charged.
“I don’t think they make very many more like Pete anymore,” the defense attorney said. “He’s courtly, his manners are impeccable.”
Intrater repeatedly referenced Susan Coker, who has been married to Peter for 61 years, asking the judge to allow the couple to remain together for what remains of their lives.
“He bears responsibility for engaging in an offense that didn’t just hurt other peopl,e that didn’t just hurt his family, but that involved his son, his only son, and knowing that his son has been incarcerated in part from his own actions and knowing what has happening to his son during that term of incarceration.”
“Judge, I think having to live with that is a punishment that could be worse than even what you could impose,” Intrater said.
The attorney also argued that Coker Sr. was not the “prime mover” for the scheme.
Susan Coker told the judge, “He’s just a wonderful guy.”
“I know if he had a second chance, he never would have done any of this,” Susan said, her voice cracking.
Coker Sr. and Patten were arrested in September 2022, months after both Hometown merged with a bioplastics company, and more than a year after E-Waste did its own merger with an electric vehicle company.
Coker Jr., who previously resided in Hong Kong, was arrested months later.
The men were indicted more than a year after CNBC detailed a web of questionable connections between Hometown and E-Waste, as well as the prior criminal and civil court cases of Coker Sr. and of Patten, and consulting deals with both companies that benefited those two men.
The fraud came to light in April 2021 when hedge fund manager David Einhorn wryly noted that Hometown International’s market capitalization was $100 million despite owning just one asset whose annual revenue from selling sandwiches, soda, and chips was less than $36,000 for the past two years combined.
“The pastrami must be amazing,” Einhorn wrote in a letter to clients.
Intrater on Tuesday said that he believed the case was prosecuted in large part because of the Einhorn letter, which generated significant coverage in the media.
The scam, which ran from 2014 through September 2022, coordinated trading of the stocks of the companies, creating the false impression of demand for shares that traded on OTC Marketplace.
The scheme began when Patten suggested the creation of Hometown as an umbrella corporation to his friend Paul Morina, a high school principal and renowned wrestling coach. The company would go on to own the Your Hometown Deli in Paulsboro, New Jersey.
Morina and the other deli owner were unaware of Patten’s scheme to manipulate Hometown’s stock.
Hometown’s stock price rose by more than 900% during the scheme. The price of E-Waste rose by nearly 20,000%.
In 2010, Patten pleaded guilty in New Jersey federal court to a mail fraud charge in connection with sending a client a false financial statement to cover up bad investments he made using her money. He was sentenced to 27 months in prison in that case.
Four years before, Patten was barred by the broker-dealer FINRA from acting as a stockbroker for failing to satisfy an arbitration award of more than $753,000, violating securities laws, and unauthorized trading for churning a client’s account.
Coker Sr. years ago was sued for allegedly hiding money from creditors and alleged business-related fraud. He denied wrongdoing in those cases.
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Live updates: Sean ‘Diddy’ Combs trial continues with witness – CNN
Live updates: Sean ‘Diddy’ Combs trial continues with witness – CNN
Live updates: Sean ‘Diddy’ Combs trial continues with witness CNNSean ‘Diddy’ Combs Trial Live Updates: Cassie Testifies in Sex-Trafficking Case The New York TimesDiddy’s ex-girlfriend Cassie testifies against rapper in NYC trial Fox News‘Sean is a really polarizing person’: Live updates from Cassie’s testimony in Diddy trial AP News
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Israeli air strike on hospital kills at least six people in Gaza, local officials say
Israeli air strike on hospital kills at least six people in Gaza, local officials say
An Israeli air strike has killed at least six people and injured dozens at the European Gaza hospital in Khan Younis, local officials have said.
Israeli warplanes dropped six bombs simultaneously on the hospital, hitting both its inner courtyard and surrounding area, according to local sources.
The Israeli military said it had conducted a “precise strike” on a ****** base, which it claimed is beneath the hospital.
The dead and wounded were transferred to Nasser Hospital in Khan Younis. The emergency department of this hospital was hit by another strike earlier on Tuesday, according to medical sources and eyewitnesses.
The strike resulted in several deep craters inside the hospital compound, which buried several vehicles including a large bus.
Israeli media is reporting the target of the strike was senior ****** figure Mohammed Sinwar – the younger brother of the former ****** leader in Gaza, Yahya Sinwar.
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Industry must step up to fund research: Shorten
Industry must step up to fund research: Shorten
*********** industry has been urged to pull its weight and spend more money on research and development by former Labor Party leader Bill Shorten.
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The Precinct Review – Gamer Social Club
The Precinct Review – Gamer Social Club
Fallen Tree Games’ new top-down action adventure game The Precinct is somthing in between an 80’s action movie and hardcore simulation game
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Josh Brown bought more shares in this restaurant-software firm
Josh Brown bought more shares in this restaurant-software firm
Josh Brown, CEO of Ritholtz Wealth Management, said Tuesday he added to his position in Toast , a payments company for restaurants that just posted its latest quarterly results. “I’ve been involved in the stock for a while, and I bought the name right before the numbers, because I like when you see strength going into the numbers,” Brown said on CNBC’s ” Halftime Report .” Toast, whose payments technology is popular in restaurants and cafes, saw shares jump about 4% Tuesday. Last week, the company posted its first-quarter report , as well as solid guidance for the current quarter and full year. Brown called out Toast’s sharp growth in the first quarter, adding 6,000 net locations and announcing a big enterprise deal with Applebee’s. The company also reported an annualized recurring run-rate of $1.7 billion as of March 31, reflecting a 31% increase year over year. TOST YTD mountain Toast “There were a lot of analysts who thought this company would never get to profitability. Now, they’re there and I think the stock looks great so I’m not trading, I’m sticking with my position,” Brown said. Toast shares have rallied about 23% this year after nearly doubling in 2024. The firm went public in September 2021 . Brown also highlighted car dealer Carvana , a stock that just made his list of Best Stocks in the Market model. The widely followed investor said Carvana is probably the most obvious beneficiary of rising used car prices. DISCLOSURES: All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. INVESTING INVOLVES RISK. EXAMPLES OF ANALYSIS CONTAINED IN THIS ARTICLE ARE ONLY EXAMPLES. THE VIEWS AND OPINIONS EXPRESSED ARE THOSE OF THE CONTRIBUTORS AND DO NOT NECESSARILY REFLECT THE OFFICIAL POLICY OR POSITION OF RITHOLTZ WEALTH MANAGEMENT, LLC. JOSH BROWN IS THE CEO OF RITHOLTZ WEALTH MANAGEMENT AND MAY MAINTAIN A SECURITY POSITION IN THE SECURITIES DISCUSSED. ASSUMPTIONS MADE WITHIN THE ANALYSIS ARE NOT REFLECTIVE OF THE POSITION OF RITHOLTZ WEALTH MANAGEMENT, LLC” TO THE END OF OR OUR DISCLOSURE. Click here for the full disclaimer.
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