Business
StoneX reiterates Buy on eBay stock after fee changes in Europe
Prices in the US rose by 3.4% in the year to August, with the cost of living pushed up by higher gasoline prices, official figures show.
The overall inflation rate was unchanged from July, according to the Bureau of Labor Statistics (BLS).
It comes ahead of the Federal Reserve making its latest interest rate decision next week, with growing expectations they will be increased in a bid to slow the rate at which prices are rising.
US household budgets have come under mounting pressure, especially at the fuel pumps, with a gallon of diesel hitting a new all-time high of more than $6 on average on Friday.
The spike in fuel prices has been driven by higher wholesale oil prices, caused by supply disruptions as a result of the US-Iran war.
Part of the soundtrack to a day in southern California is the drone of petrol-powered gardening equipment.
Noise is one of the main reasons that cities around the US, external are banning petrol landscaping tools or encouraging electric alternatives.
These alternatives have the additional benefits of reducing carbon emissions, vibrations and the exposure of landscapers to pollution.
In addition they can mean longer working hours, as they can be used at times when residents demand quiet.
Today, I’m taking part in training run by the American Green Zone Alliance (AGZA), an organisation supporting the transition towards electric landscaping equipment.
To my surprise, the electric backpack leaf blower I strap on is not much heavier than my normal rucksack. Using the blower to herd balls around the park feels fairly intuitive, though naturally I’m much clumsier and slower than the pro landscapers.
As for noise, there’s still a buzz, but the sound is higher-pitched and not quite so loud as the familiar petrol-powered machines.
The move to electric power is attracting new companies to the market for gardening kit.
US aerospace start-up Whisper Aero is one of those firms. Its main business is electric propulsion systems for aircraft.
But in 2022, after the Covid-19 pandemic made many people more sensitive to noise, and following a couple of years of research and development, the company realised that its aerospace-grade fans would work well in leaf blowers.
“Our technology is cleaner, quieter and more efficient than other air-moving technologies that exist today,” according to Andrew Terajewicz, Whisper Aero’s director of air management. “And the leaf blower is the perfect mix of this.”
The battery on Whisper Aero’s blower lasts up to 15 minutes at full power.
The company has had to scale up its manufacturing volume in its expansion to consumer technology.
Online pre-orders of Whisper Aero’s handheld leaf blower started this year. It’s priced at the high-end of electric leaf blowers, which are often more expensive than traditional petrol versions.
But for that you get a machine which is less likely to disturb the peace.
“It is so ultra quiet yet powerful, that the brain has a hard time understanding what’s happening,” says Dan Mabe, the former landscaper who founded AGZA.
Whisper Aero aims to further develop its products, including a backpack leaf blower that would be better suited to professional landscapers.
Medicus Pharma officers receive restricted shares in lieu of cash bonuses
Business
Singapore Man Malone Lam Pleads Guilty To $245M Bitcoin Heist, Spent Millions On Supercars In Washington
WASHINGTON — A 22-year-old Singaporean man pleaded guilty Tuesday to a racketeering conspiracy charge tied to one of the largest cryptocurrency thefts in U.S. history, admitting to helping steal more than $245 million in bitcoin before spending the proceeds on a fleet of luxury sports cars, private security, and lavish nightclub outings.
Malone Lam, an eighth-grade dropout who moved to the United States from Singapore in 2023, entered his guilty plea before U.S. District Judge Colleen Kollar-Kotelly in Washington. Judge Kollar-Kotelly did not immediately schedule a sentencing hearing, and Lam now faces a maximum prison term of 20 years.
According to federal prosecutors, Lam served as the organizer of a network of young men who carried out a string of cryptocurrency scams beginning as early as October 2023 and continuing through May 2025, with co-conspirators operating across multiple U.S. states, including California, Connecticut, New York and Florida, as well as internationally, primarily connecting through online gaming platforms.
Court documents identify Lam as having used various online aliases, including “Anne Hathaway,” “$$$,” and “King Greavy,” while playing a central role coordinating the group’s activities, identifying potential victims and directing the responsibilities of his co-conspirators.
The scheme’s most significant confirmed theft occurred on Aug. 18, 2024, when Lam and his associates used what prosecutors described as “social engineering” techniques to defraud a Washington, D.C., resident out of more than 4,100 bitcoin, then valued at over $245 million. According to the Justice Department, two of Lam’s co-conspirators posed as representatives of Google and the Gemini cryptocurrency exchange to trick the victim into granting access to his Google Drive account and revealing security codes, which Lam and his associates then used to drain the victim’s bitcoin wallet.
The stolen cryptocurrency was subsequently laundered through a combination of cryptocurrency mixing services, exchanges, so-called “peel chains,” intermediary digital wallets and virtual private networks designed to obscure both the flow of funds and the true identities of those involved, according to the Justice Department.
Federal prosecutors say the stolen funds were quickly converted into an extraordinarily lavish lifestyle. According to court records, Lam and his associates spent as much as $500,000 in a single night at nightclubs, with one particularly striking instance involving a $569,528.39 bill run up during one evening at a Los Angeles club. Lam personally purchased more than 30 high-end vehicles, including customized Porsches, Ferraris, Lamborghinis and a $3.8 million Pagani Huayra, along with a watch valued at up to $2 million and tens of thousands of dollars’ worth of designer clothing and jewelry.
Prosecutors said Lam also purchased Hermès Birkin bags with the stolen proceeds, at one point throwing one of the luxury handbags into a crowd during a nightclub party. Lam and members of his network rented luxury properties in Los Angeles, Miami and the Hamptons, traveled by private jet, and employed a team of private security personnel throughout the roughly month-long spending spree that followed the August 2024 theft.
U.S. Attorney’s Office officials in Washington confirmed Lam’s arrest, alongside a co-conspirator, in September 2024, effectively dismantling the criminal network less than a month after the theft occurred. During an earlier court hearing, U.S. Magistrate Judge Alicia Valle compared Lam’s spending habits to the title character of the 1986 film “Ferris Bueller’s Day Off” while addressing the extravagant lifestyle the stolen funds had financed.
U.S. Attorney’s Office spokesperson Jeanine Pirro, addressing the case, emphasized the Justice Department’s commitment to pursuing similar cybercrime networks going forward.
“If you build a cyber crime empire, we will hunt you down and dismantle your organization to hold you accountable,” Pirro said.
Pirro further characterized Lam’s specific conduct in the case.
“Through deception, he targeted victims, violated their privacy, and led an international network that stole hundreds of millions of dollars in cryptocurrency,” Pirro said.
According to investigators, Lam told U.S. authorities he had dropped out of secondary school in Singapore at age 14. He traveled to the United States in October 2023 and remained in the country even after his visa expired the following January, according to court records.
Lam is one of 18 defendants charged in connection with the broader case, and his guilty plea marks the 11th such plea secured by prosecutors as part of the ongoing investigation. Among his co-defendants, Evan Tanzeman was previously sentenced in April to 70 months in prison on charges related to laundering the stolen cryptocurrency proceeds. According to the Justice Department, Tanzeman attempted to destroy evidence following Lam’s arrest, conduct the court characterized as demonstrating an awareness of his own criminal culpability in the scheme.
A separate co-defendant, 19-year-old Veer Chetal, previously a student at Rutgers University, pleaded guilty in June to conspiracy charges tied to fraud and money laundering connected to the same theft and agreed to cooperate with federal prosecutors, testifying against Lam and other co-defendants as part of his own plea agreement. Chetal now faces up to 24 years in prison and has separately been linked by prosecutors to roughly 50 additional cryptocurrency thefts totaling approximately $3 million between November 2023 and September 2024. In a related and disturbing development, Chetal’s parents were targeted in a botched kidnapping-for-ransom plot in Connecticut carried out by six men who reportedly believed Chetal still controlled substantial cryptocurrency holdings; the attack failed with the help of witnesses and an off-duty FBI agent who happened to be nearby at the time.
With Lam’s guilty plea now secured, the case stands as one of the largest cryptocurrency thefts targeting a private individual in U.S. history, according to the Justice Department’s own characterization of the scheme. Prosecutors are expected to continue pursuing the remaining defendants charged in connection with the broader criminal network as Lam awaits formal sentencing in Washington.
Group of people sitting at a conference table during a late evening meeting and talking.
Vm | E+ | Getty Images
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Wealthy investors are pouring billions into a new tax-saving strategy despite potential risks, according to investment experts.
Total assets invested in so-called tax-aware long-short strategies — or TALS — have surged to more than $170 billion from $2 billion in 2022, according to Tax Alpha Insider. The strategies seek to track equity indexes while generating tax losses that can offset capital gains taxes.
TALS products and their variants have caught fire among wealthy investors. After three years of double-digit increases in the stock market, high-net-worth investors are sitting on large gains they don’t want taxed. Business owners who have sold a company and executives who hold concentrated stock positions also are flocking to the products. The surge in IPOs, with many employees holding stock that soars in value, is adding to demand for products that can offset big realized gains.
For the wealth management industry, tax-aware products have become a bonanza. As other investment strategies become commoditized or automated, complex long-short strategies command hefty fees and attract new clients.
“These are phenomenally profitable and sticky products that the wealth management industry is incentivized to sell,” said Bob Casey, CEO of Santa Barbara Management, which advises family offices. “They are growing at eye-popping rates.”
The tax benefits can be substantial. Casey gives the example of a portfolio with a $1 million investment. With a tax-aware long-short strategy, the portfolio could generate capital losses of $250,000 in the first year, though that would decline over time. For a California-based investor, the $250,000 in losses could be worth up to $137,500 if they’re offsetting short-term capital gains, he said.
Those tax benefits, however, come with risks. Tax attorneys and investment experts say too many wealthy investors are rushing into TALS strategies without fully understanding the details or investment implications. The surge in assets is also attracting scrutiny from tax authorities.
Here are four main risks wealthy investors should understand before investing in tax-aware long-short strategies.
IRS crackdown
Earlier this summer, Treasury officials speaking at a Wall Street Tax Association seminar warned of “aggressive planning” involving investment products that offer tax losses. They didn’t name tax-aware long-short strategies specifically. But they cited similar so-called “tax-alpha” products, like 351 conversions, box-spread ETFs and other funds that generate losses.
“We’re not going to let sophisticated abusive tax structuring become a runaway train,” one Treasury official said at the seminar, according to two people who attended.
The officials didn’t say the practices are illegal. For now, they’re seeking more information and input from Wall Street and tax attorneys. Tax lawyers add that the Trump administration touts its light touch with financial regulation, so any changes will likely be well-telegraphed.
Yet attorneys said the Treasury has now put Wall Street on notice.
“Treasury seemed to be suggesting that they would be taking a look at a lot of different products and they’re going to use the different tools at their disposal,” said Mohsen Ghazi, partner at Ashurst Perkins Coie.
The Treasury Department could choose to issue new guidance, ban the products or perhaps not make any changes. With so much unclear, attorneys and advisors are advising clients to be aware of potential fallout. Family offices, which are especially sensitive to their reputations, may be especially wary of being named in a potential tax-avoidance scandal.
“Based on what we’ve heard [from the Treasury], if you’re a potential investor, you should just be a little bit more cautious,” said Vivek Chandrasekhar, partner at Ashurst Perkins Coie.
No easy exit
While wealth advisors market the strategies as tax savings, they’re actually more like tax deferrals. While you’re invested, the losses from the leveraged short positions help to offset gains from the leveraged longs.
Getting out, however, isn’t so easy. While exiting a direct index fund is relatively straightforward, moving out of a tax-aware long-short strategy involves deleveraging, which means the unrealized gains can all get realized at once. Investors can find themselves after several years with large embedded gains in their portfolios. Selling or liquidating generates a surprise tax bill on the accumulated gain.
“You can’t just say, ‘let’s turn this off,’” said Christopher Houston, head of private wealth strategies and family office services at Cambridge Associates. “You could wind up back in the same place.”
Ultra-wealthy investors and family offices that are gifting the appreciated stock to charity or certain trusts still benefit, since they never have to realize the gains. And many may be counting on the step-up in basis after death to erase the tax.
“Tax deferral can have a true economic benefit,” Houston said. “But you have to know what your endgame is.”
It’s complicated
Wealthy investors are being lured into TALS by the tax savings, but they often don’t understand the underlying complexity. One account can involve thousands of individual stock bets, frequent trading, leverage, short positions and loan details that are difficult even for sophisticated investors to fully assess.
For wealth advisors and the product providers, like AQR and Quantinno, the complexity justifies the fees and benefits.
“Complexity is a feature, not a bug, from a wealth manager’s perspective,” Casey said.
Yet some clients might be surprised to learn how much leverage they’re taking on. The most popular strategies involve a “130/30” ratio, with $100 invested, and $30 borrowed for added long positions and $30 for short positions. Yet some funds are selling $150/$50 products or even higher.
“Leverage can make fortunes and leverage can end fortunes,” Houston said.
A related problem is underperformance. So-called “tracking error” — or the difference between a portfolio’s returns and the returns of the benchmark or index — can be larger for tax-aware long-short strategies due to leverage, investment experts said.
“If you run this strategy long enough, you should reasonably expect to experience periods in which your portfolio materially underperforms the index on a pre-tax basis,” Casey said. The tax benefits, however, can help offset the underperformance.
High fees
TALS fees can range between 1% and 3% for the entire portfolio. That includes the investment management fee, financing and borrowing fees.
The layers of fees on top of fees have been a boon to RIAs, lenders and managers. Financing fees, or “spreads,” have widened over the past year for many tax-aware long-short clients as lenders demand more compensation for risk. Analysts said investors need to question whether the annual fees are more than offset by the tax savings.
“There are fees and expenses that are associated with this that you wouldn’t have with direct indexing,” Houston said. “Those can often be justified by the tax benefits. But you still need to understand them and understand how they can change over time.”
Business
River of Fire: Discover Nakhon Phanom’s Lai Reua Fai, a dazzling illuminated boat procession celebrating the end of Buddhist Lent
Experience Nakhon Phanom’s Lai Reua Fai, an illuminated boat procession marking Buddhist Lent’s end. Explore its spiritual roots, riverside landmarks, unique Isan cuisine, and cross-border ties with Laos.
Experience the Illuminated Boat Procession
Immerse yourself in the enchanting experience of Nakhon Phanom’s Illuminated Boat Procession, locally known as Lai Reua Fai. This mesmerizing event occurs at the conclusion of the Buddhist Lent, when glowing vessels gracefully drift along the tranquil waters of the Mekong River. The dazzling display not only offers a visual feast but also connects deeply with the spiritual traditions of the region, making it a must-see spectacle for both locals and visitors.
Discover Spiritual Roots and Riverside Landmarks
Delve into the rich spiritual roots of this tradition and explore the historical landmarks that line the riverbanks. Nakhon Phanom, a province in northeastern Thailand, is a treasure trove of cultural and spiritual heritage. Visitors can explore ancient temples and riverside landmarks that narrate the tale of this region’s vibrant past. These sites offer a glimpse into the spiritual essence that underpins the festival’s significance, enhancing the overall experience.
Relish the Distinctive Isan Cuisine
While you’re in Nakhon Phanom, don’t miss sampling the distinctive Isan cuisine, known for its bold flavors and unique ingredients. The province offers a culinary journey that perfectly complements the visual feast of the boat procession. Additionally, the cross-border connections with neighboring Laos make the region an intriguing gateway year-round, where diverse cultures and cuisines blend seamlessly. Whether for its cultural richness, dynamic festivities, or gastronomic delights, Nakhon Phanom promises an unforgettable experience.
Source : River of Fire
People wait in a security line at John F. Kennedy International Airport on Aug. 12, 2026, in the Queens borough of New York.
Spencer Platt | Getty Images
The Sept. 11, 2001, terror attacks reshaped how we travel, from how we pack our toiletries to what we wear when we fly. Airport checkpoints for almost a quarter century for most travelers have meant shoes off. Limitations on liquids. And no tearful, cinematic gateside farewells or joyful welcomes.
But 25 years later, the U.S. government is starting to ease some of the restrictions, which include measures that were tied to other attacks attempted in the months after 9/11.
Last year, the Department of Homeland Security, which was formed after the attacks, said flyers can leave their shoes on at airports, a major change for travelers going through regular security.
That rule was introduced after Richard Reid, who became known as the “shoe bomber,” tried and failed to ignite explosive material in his shoe on a Paris-to-Miami flight in December 2001.
A traveler waits in the security line holding a plastic bag with liquid necessities at Reagan National Airport in Arlington, Virginia, Nov. 21, 2006.
Mark Wilson | Getty Images
Rules for liquids are officially unchanged. Those regulations for liquids in carry-ons stem from 2006, when British officials foiled a plot to bring liquid explosives on flights.
New scanners installed at some airport checkpoints allow travelers to leave liquids in their bags before going through screening, though availability varies by airport and checkpoint. Limits on liquid container size remain in effect.
International travelers wait and line up for security clearance by Customs and Immigration Officers at Los Angeles International Airport, Jan. 3, 1990.
Bob Riha Jr. | Archive Photos | Getty Images
“The technologies today are better than they were a long time ago and some of the technology that’s been deployed is better than it was five years ago,” said Jeff Price, a professor at the Metropolitan State University of Denver’s Department of Aviation and Aerospace Science and an airport management consultant.
Another change since that era is the number of options customers have for airport screening. The Transportation Security Administration, for $76.75 covering five years, offers PreCheck, in which travelers undergo prescreening services and can use expedited screening lanes.
“If you’ve got a few bucks, yeah, you can reduce the amount of screening and jump the line,” Price said. “The other side of that is when you do become a member of PreCheck, you give up a lot more of your personal data to the government, and that’s the trade-off.”
There’s also a private option with Clear, with a shorter identification check line, in exchange for prescreened biometric data.
Clear sign-up stations in Atlanta, Georgia, March 25, 2026.
Megan Varner | Getty Images
Gate greetings return
The new changes are going beyond security.
TSA this week launched a free program allowing eligible trusted travelers, including TSA PreCheck members, to apply for access to secure gate areas without a boarding pass.
The program is called “Gateside,” and the agency has rolled it out at 13 U.S. airports, including Dallas Fort Worth International Airport, Los Angeles International Airport, Detroit Metropolitan Wayne County Airport and Salt Lake City International Airport.
The area beyond TSA screening has been heavily restricted since 9/11. In launching the program, the agency said PreCheck members who use the program can “meet family members at their gate, join a friend on a long layover for lunch or dinner, visit airport dining and shopping locations, or greet service members returning from deployment.”
Participants must apply online one to three days in advance and receive approval before entering through security.
Privatization attempt
Some of the tweaks to security have been more rocky.
The TSA late last month scrapped a program it called TSA Gold+ that would provide privatized security at certain airports.
People Waiting at a La Guardia Airport Terminal in New York, May 20, 2000.
James Leynse | Corbis Historical | Getty Images
The new head of TSA, David Cummins, who took the top role in early August, said that a new screening partnership program will “replace TSA Gold+ to better harness the role of the private sector in delivering a safer, more secure, and more efficient aviation system.”
TSA didn’t respond to requests for further comment.
Tampa International Airport in Florida had reviewed the program starting in May, in part because it could shield the airport from the impact of government shutdowns, airport Chief Operating Officer John Tiliacos told reporters last month. Those shutdowns left TSA officers without regular paychecks for months, and staffing shortages led to long lines at airports around the country. The chance to add new technology was also a draw.
Tampa decided not to move forward with the program, and TSA announced its replacement shortly after. Tampa’s Tiliacos told reporters last month “we weren’t quite satisfied that we were getting all of the answers to our questions regarding the technology” and that drove the airport’s decision to opt out.
Evolving threats
While some rules travelers have lived with for decades might be fading, the aviation sector is still dealing with changing threats.
The then-new telecommunications section at LAX on Nov. 26, 1996. The monitors show different parts of the airport which are monitored 24 hours a day.
Gary Friedman | Los Angeles Times | Getty Images
“You have AI. You’ve got cybersecurity issues that continue to pop up. Drones are a major issue,” said Keith Jeffries, vice president of aviation security company K2 Security Screening Group, who is retired from the TSA and was the agency’s security director at Los Angeles International Airport. “It’s the role of security and protecting, especially the transportation sector, it’s getting broader, and other technologies are trying to keep up.”
As security technology evolves, so does the energy of potential attackers to overcome whatever obstacle they have and send their message.
Deterrents are important, but Jeffries said: “There is no such thing as the perfect security mousetrap. It doesn’t exist.”
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TUC general secretary Paul Nowak has suggested Andy Burnham could call an early general election if the prime minister decides Sir Keir Starmer’s 2024 election manifesto leaves too little room to change economic policy.
Mr Nowak made the comments in interviews ahead of the TUC’s 158th annual Congress, which runs in Brighton from Sunday to Wednesday. He also called for a series of measures to help workers, including more taxes on the financial sector, the insourcing of public services and the delivery of new employment rights in full.
Speaking to GB News, he said: “I don’t think that the public are battering down Andy Burnham’s door in Downing Street, saying, ‘Let’s have a general election’. We’ve got to get through the first Budget.
“Let’s see Andy’s 10-year plan. He might decide, actually, ‘I’ve not got enough room within the manifesto to deliver the change that I think we need to see.’”
Tax and the Budget
Chancellor John Healey, who will deliver his first Budget on 28 October, has said the new government is continuity Labour.
Mr Burnham, who became prime minister in July, has promised to honour Labour’s 2024 manifesto commitments not to raise VAT, income tax or national insurance. “I stick by the manifesto and the promises that it made,” he said before taking office, adding that there was “some room within that manifesto for movement on tax”.
Mr Nowak wants the prime minister to introduce a wealth tax. He told the Press Association: “We have an economy that is not working for too many people, a tax system that is better at taxing people than wealth.”
The CBI has warned Mr Healey ahead of the Budget that rising costs are damaging business investment, saying in a 75-page report that businesses paid almost £345bn in taxes in 2025-26.
Employment rights
Labour’s Employment Rights Act has already brought in changes covering sick pay and paternity leave. Under the government’s implementation timeline, the lower earnings limit and waiting period for statutory sick pay were removed on 6 April, when a day-one right to paternity leave was also introduced.
Further measures take effect on 30 October, according to the timeline. They include a duty to inform workers of their right to join a trade union and a requirement for employers to take “all reasonable steps” to prevent sexual harassment of their employees.
More changes are due next year. The qualifying period for unfair dismissal will be cut to six months for dismissals from 1 January 2027, alongside the uncapping of compensatory awards. Fire and rehire protections and a right to guaranteed hours are also scheduled for 2027.
Mr Nowak told Politico that further changes to employment law were needed. “I think it’s entirely legitimate to say, at the next election, what is Labour’s manifesto going to say about employment rights?” he said.
“The idea that the Employment Rights Act is the finished article in terms of UK employment law, that nothing else needs to change, I think clearly is not the case.”
He also called for trade unions to be exempted from any move to cap political donations.
Paul Jones
Harvard alumni and former New York Times journalist. Editor of Business Matters for over 15 years, the UKs largest business magazine. I am also head of Capital Business Media’s automotive division working for clients such as Red Bull Racing, Honda, Aston Martin and Infiniti.
In a written reply in the Rajya Sabha, minister of state for external affairs Kirti Vardhan Singh said on Friday that three rounds of CEPA negotiations have been held so far, with the latest round taking place in Ottawa from July 6-10. “Progress has been made across multiple negotiating tracks, with both sides working towards concluding the process by late 2026,” he said. PM Narendra Modi plans to visit Canada later this year to give further momentum to bilateral ties, which have improved under the current dispensation in Ottawa. The MEA said the proposed India-Canada CEPA aims to establish a free trade area by eliminating or reducing tariffs and other trade restrictions. The agreement is also intended to progressively liberalise trade in goods and services, promote a more transparent, predictable and facilitative trade and investment regime, and strengthen economic cooperation and people-to-people ties.
Canada represents a market of 41.65 million people, as of 2025, and $2.34 trillion in terms of GDP in terms of purchasing power parity.
The India-Canada CEPA holds significant potential to unlock and expand bilateral trade, which stood at $8.66 billion in 2024-25, comprising exports worth $4.22 billion from India and imports of $4.44 billion, according to an official.
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