DRAMATIC footage shows the moment Hurricane Milton tore an entire roof off a stadium emergency workers were using as a base.

Florida is being battered by “catastrophic” flooding and 120mph winds as the deadly hurricane rips through the state.

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Tropicana Field in St Petersburg suffered the storm’s wrath as its roof was shredded by ferocious winds.

Chunks of the stadium’s non-retractable roof were seen flapping in the wind.

The stadium – home to the Tampa Bay Rays – was being used as a shelter for first responders.

It’s understood no one was injured at the site – despite at least 13 people being at the site when the roof came off.

Branded the “storm of the century”, Milton barrelled into Florida on Wednesday evening.

Dramatic images show a construction crane on the ground after it came tumbling down as Milton brought misery to St Petersburg.

But after days of warnings of apocalyptic-style devastation, the hurricane appears to be weaker than feared after twice making Category 5.

Milton spawned several powerful tornadoes which left at least two dead in St Lucie County, with multiple others rushed to hospital.

As well as whipping up deadly tornadoes, Milton has knocked out power to two million homes and businesses, while at least 125 homes have been destroyed.

Devastating flash flooding is causing chaos in the Tampa Bay area, with up to 16 inches of rainfall so far – a one-in-1000 year amount of rainfall for the area. 

The US National Weather Service warned that life-threatening flash flooding was ongoing or expected.

Storm surge forecasts are predicting 10 to 15 feet of water along with devastating waves driven by hurricane-force winds. 

Thousands fled Florida after President Joe Biden warned Milton would be “one of the most destructive hurricanes of the century”.

Milton plowed into Florida as a Category 3 storm, and around 90 minutes after making landfall was downgraded to Category 2.

By early Thursday, the hurricane was a Category 1 storm with maximum sustained winds of about 90 mph as it churned about 30 miles south of Orlando.

Residents have been ordered to stay indoors while a number of emergency workers have been forced to down tools due to the “life-threatening” situation.

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On Wednesday, Governor Ron DeSantis warned residents to stay indoors as the hurricane made landfall.

He said: “At this point, it’s too dangerous to evacuate safely, so you have to shelter in place and just hunker down.”

The storm was expected to cross the Florida peninsula overnight and emerge into the Atlantic, still with hurricane force, on Thursday.

Milton is forecast to maintain hurricane intensity while crossing Florida later on Thursday morning but after moving into the Atlantic it is likely to gradually lose tropical characteristics and slowly weaken.

In a state already battered by Hurricane Helene two weeks ago, as many as two million people were ordered to evacuate, and millions more live in the projected path of the storm.

Much of the southern US experienced the deadly force of Hurricane Helene as it cut a swath of devastation through Florida and several other states.

Both storms are expected to cause billions of dollars in damage.

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Good morning. Hurricane Milton is hammering Florida. Conflict in the Middle East is still running hot. Fair to say we have already had several October surprises. Let’s hope CPI, out this morning, is not another. Email us with your fears: robert.armstrong@ft.com and aiden.reiter@ft.com.

Is there a GLP-1 bubble?

AI gets a lot of attention. There have been thousands of think pieces on how it will transform society, and almost as many arguing that AI hype has driven tech stocks into bubble territory. Glucagon-like peptide-1 (GLP-1) obesity drugs get a lot of attention, too, for their impact on fashion, exercise and health. But almost no one seems to be wondering if there is a GLP bubble.

Eli Lilly and Novo Nordisk, which make the leading GLPs on the market, have wildly outperformed the S&P 500 for the past five years:

Eli Lilly has a price/earnings ratio almost as high as Nvidia’s:

Expectations for both companies are really high. Morningstar estimates the GLP-1 drug market will be worth $200bn by 2031, and analysts expect Eli Lilly and Novo Nordisk to take the lion’s share of it. Revenues are expected to nearly triple for Eli Lilly from now until 2031, largely driven by its GLP-1 blockbusters Zepbound and Mounjaro:

Novo Nordisk is on a similar trajectory, though Wall Street expects its GLP-1 revenues from Wegovy and Ozempic to start falling after 2029:

The free cash flow estimates for the two companies are even more astonishing, with both expected to pull in more than $35bn by 2031:

Are expectations set too high? There are several factors to consider.

Competition is fierce. Profitable drugs invite competitors with slightly different formulations or delivery methods. Here is a chart from Morningstar of aspiring GLP-1 market entrants. Novo Nordisk and Eli Lilly may both keep their edge for a while due to their own new products — Novo Nordisk already has an oral drug on the market, though it is not as popular as the injectables, and both companies are set to be first out of the gate on lower-dose oral GLP-1s. But Pfizer and Roche will follow soon after:

Then there are the patents. Novo is set to lose its US patent in 2032, while Eli Lilly is scheduled for 2036 (this partially explains its valuation premium over Novo Nordisk). But importantly for both, Novo Nordisk’s GLP-1 products lose their Chinese patents in 2026, potentially opening the US and European markets to trafficked generics.

The market will begin to discount the patent expirations years before they actually arrive. Shares in AstraZeneca traded sideways for years (at a single-digit price-to-earnings valuation) before the main patents on its blockbusters Nexium and Seroquel expired in the early teens. Pfizer launched its mega-blockbuster Lipitor in 1996. Its revenues peaked at almost $13bn in 2006 and were still about $10bn in 2010, the year before its US patent expired. But the stock had peaked by 2000 and traded at less than 10 times earnings from 2008 to 2011.

It is also worth noting, in the context of competition, that while Lipitor was by far the best-selling of the cholesterol-fighting statin drugs, it was the fifth one to launch. Just because Lilly and Novo were the first in GLPs does not mean they will maintain their lead.

Price will also be a question going forward. The GLP-1s face Medicare price negotiations in 2027, and the CBO’s report from this week suggests that Medicare and other insurers may demand significant price reductions.

There is also uncertainty about future volumes. Here is Karen Andersen at Morningstar, one of the few analysts to express scepticism about the buy case for Lilly and Novo:

One of [the big questions] is how long patients will need to stay on therapy. So far from what we have seen, it is difficult to maintain weight loss when patients go off of therapy. Eli Lilly, Novo Nordisk and competitors are thinking of the best way to help patients stay compliant on a maintenance regimen. The answer may be to take the medication less frequently, or at a lower dose . . . That is going to have huge implications for the long-term revenue forecast of these companies, and for the potential health benefits of taking the drugs.

Finally, weight-loss drugs have a rocky history. Some readers may remember the rise and fall of Fen-Phen, or how Sanofi’s much-hyped Acomplia was withdrawn in Europe and never won approval in the US. There have been rumblings about muscle loss and other issues with GLP-1 drugs. As the population of people being treated increases, new issues may emerge.

We don’t know if Lilly and Novo are overvalued. If other drug companies do not develop good alternatives in the next couple of years, no worrisome side effects emerge, most patients are happy to stay on the drugs for the long run, and pricing negotiations go well, the two companies should print money for years to come. What worries us is that no one in the market seems to be taking the bearish side of the GLP-1 trade. In markets, unanimity is dangerous.

(Reiter and Armstrong)

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MCDONALD’S is launching a new menu just in time for Halloween, which will feature new drinks and a side to rival mozzarella dippers.

The fast-food giant is adding three new items next week, The Sun can reveal, and upgrading a breakfast favourite.

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The new and returning items will be landing on menus across the UK and Ireland from October 16.

Among the range is a Toasted Marshmallow Latte, which will be perfect when the nights draw in and the temperature drops.

The latte costs £2.59 but prices may vary depending on the location.

Fans of the Caramel Latte are sure to love this drink, which is blended with toasted marshmallow flavoured syrup.

It’s topped with whipped cream and a toasted marshmallow flavoured dusting.

Those who don’t like coffee can enjoy the Toasted Marshmallow Hot Chocolate, which has the same syrup, whipped cream and dusting.

The Toasted Marshmallow Latte costs £2.59 while the Toasted Marshmallow Hot Chocolate only comes in a large and costs £2.19.

Fans of the limited-edition Mozzarella Dippers are also in for a treat as McDonald’s launches new Cheese Bites.

They come in portions of five for £2.49 or a sharebox of fifteen for £6.79.

Each portion of five Mozzarella and Emmental bites have a smoky caramelised onion flavoured breadcrumb coating.

All Cheese Bites are served with a BBQ Dip.

Meanwhile, McDonald’s popular Hash Browns are getting an upgrade this season.

The fast-food franchise will start selling mini Hash Browns across its restaurants from next week.

Maccies fans can pick up five for £1.49 or a Sharebox of 15 for £2.99.

Many customers have said the breakfast food reminds them of Tater Tots, which are a popular side in America.

One social media user posted: “Looks like Tater Tots to me.”

While another added “Otherwise known as a Tater Tot”.

The Sun exclusively got to try them and said they are better than the original.

What is returning to the McDonald’s menu?

Making its return since its debut last autumn is the Toffee Apple Pie.

The popular crispy pastry will be filled with the same spiced apple compote, toffee sauce and toffee pieces as last year.

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It will be available for £1.99 at McDonald’s restaurants.

There are also two McFlurrys returning to menus this month.

The fan-favourite Halloween M&M’s McFlurry is back and will be topped with Halloween sugar shapes, Galaxy chocolate sauce and M&M’s.

Meanwhile, the Galaxy Caramel McFlurry is also returning and will be swirled with Galaxy Caramel sauce and chocolate pieces.

Both will be available in store for £2.19, or £1.59 for the mini version.

Lovers of the McCrispy will be thrilled to see the McCrispy Deluxe joining menus next week.

The sourdough style bun will contain a 100% chicken breast fillet in a crispy coating and will be topped with hot and spicy mayo, caramelised onion compose, lettuce, bacon, red onions and a cheddar cheese slice.

It will cost £5.99, or £7.79 for the Medium Meal.

Does McDonald’s often change its menu?

It is not uncommon for McDonald’s to make changes to its menu, which is sold across its 1,400 stores.

Just last week the fast-food chain confirmed that it was bringing back the much-loved McRib burger which had not been seen in the UK for almost a decade.

Meanwhile, last month saw the return of McDonald’s popular Monopoly game.

To celebrate the launch it added six new items to its menu, including the never-before-seen Twix Latte.

McDonald’s Monopoly 2024

Everything you need to know…

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

By Gleb Stolyarov and Alexander Marrow

(Reuters) – Chinese carmaker Chery has started assembling cars in Russia for sale in the country at three factories vacated by Western rivals including Volkswagen and Mercedes, five people familiar with the matter told Reuters.

Chinese carmakers have grabbed more than half of Russia’s car market in terms of sales since most Western counterparts abandoned the country following Moscow’s February 2022 invasion of Ukraine.

Now, they are extending their reach to account for more of Russia’s domestic production, too, highlighting how Beijing is playing a more influential role in Russia’s changing manufacturing landscape and economy since the invasion.

In addition to finished car imports into Russia, Chery, which makes up almost a fifth of Russia’s passenger car sales, is importing nearly finished cars and completing the assembly in three Russian factories, the people said.

Four of the people, including dealers who manage relationships with the plants, declined to be identified because they are not authorised to speak to the media.

China’s biggest car exporter is likely to be betting on strong demand in the country as Russia’s domestic market struggles with limited output and underused production capacity, the sources said.

Chery said in a written statement it supplies the Russian market with passenger cars, but does not plan to build or buy its own factories there. It did not comment in response to Reuters’ questions about the assembly work at the factories.

Chery’s move to start production at the three factories and the sales launch of models being assembled there have not previously been reported.

Russia is raising fees on imported cars, potentially encouraging foreign carmakers to localise production.

Chery’s global expansion plans envisage the company entering more than 60 new markets in the next three years, Vice President Shawn Xu said in July.

After the European Union’s decision to confirm tariffs on imports of electric vehicles made in China, Chery’s China-made EVs will be subject to an additional duty.

Chery’s plans to make some models in Russia received approval for safety standard compliance, Russian documents dated from February to August and reviewed by Reuters show.

NEW XCITE MODEL

In factories once owned by Volkswagen, Mercedes-Benz and Nissan, Chery’s Tiggo SUV and Exeed models are rolling off the production line, overseen by the plants’ new Russian owners, car dealers and two people familiar with the matter told Reuters.

Story continues

At the St Petersburg Automobile Plant, sold by Japan’s Nissan to the Russian state in late 2022, the Tiggo 7 is being rebranded as the Xcite X-Cross 7, one of the people told Reuters.

A Nissan spokesperson declined to comment.

Xcite won Russia’s “best new brand” at an SUV awards ceremony in late September. The plant, when launching production in January, said it was working with an unnamed “international partner”. It has sold 3,447 cars between May and September.

Rebranding a Chinese car as Russian mirrors the approach taken with the Soviet-era Moskvich, which was revived at Renault’s former factory in Moscow in 2022.

The Moskvich was a rebranded compact crossover made by China’s JAC, sources said at the time and JAC equipment on display at the launch in late 2022 showed.

Chery and Russia are keen to minimise publicity about the production in Russia, one of the sources said. China’s cooperation with Russia has already drawn scrutiny from the West which is seeking to clamp down on efforts that may help Russia prosecute its invasion of Ukraine.

The company’s actions in Russia are entirely separate from its European expansion plans, a spokesperson at Chery’s European headquarters in Frankfurt told Reuters.

Russia’s industry and trade ministry did not respond to a request for comment.

FINAL ASSEMBLY

In Kaluga, two hours south of Moscow, car dealer AGR Automotive is assembling Chery’s Tiggo crossovers in small volumes at a plant with annual capacity of 225,000 vehicles, three of the five people familiar with the matter said.

AGR did not respond to a request for comment.

Mikhail Pogonov, brand manager for new Chery cars at the ASC Group dealership near Moscow, said Chery models were already being assembled in Kaluga, specifically Tiggo crossovers, overseen by Chery engineers.

In a showroom with Tiggo 7 models on display, he told Reuters that he sold 142 Chery cars in September, more than double the total in October 2023.

“Sales growth is already more than 100%,” Pogonov said.

Chery, along with brands it owns like Exeed and Omoda, almost quadrupled its new car sales to just over 200,000 vehicles in Russia in 2023, compared with 2022, based on data from Russian analytical agency Autostat. It has already surpassed that figure in 2024, according to Autostat data.

Regional deputy governor Vladimir Popov said in August that the Kaluga plant, which sat idle for almost two years as its former owner Volkswagen negotiated an exit deal, would produce 27,000 cars this year.

Volkswagen did not respond to a request for comment.

Chery’s export strategy is known as “semi knocked down” (SKD), one source said, with Tiggo models arriving at the Kaluga plant almost completely assembled. Chery pays the plant’s owners a fee to finalise assembly there.

In Esipovo in the Moscow region, another plant is producing Chery’s Exeed VX, a mid-size luxury crossover, according to two car dealers. The Kommersant daily first reported on plans for Exeed production at the factory.

The plant, sold by Mercedes-Benz to car dealer Avtodom in April 2023, has 25,000 annual capacity.

Mercedes-Benz said Avtodom has been responsible for the plant’s operations since April 2023. Avtodom declined to comment.

($1 = 0.9117 euros)

(Reporting by Gleb Stolyarov; additional reporting by Alexander Marrow, Reuters TV and Nick Carey; Writing by Alexander Marrow; Editing by Josephine Mason and Jane Merriman)

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Taiwan’s President Lai Ching-te has urged Beijing to co-operate with Taipei and the international community to maintain peace and tackle shared challenges as he seeks to build support at home and abroad in the face of Chinese threats.

In his first National Day address since taking office in May, Lai asserted that the People’s Republic of China had “no right to represent Taiwan” but said he was willing to work with China to protect peace and prosperity for people on both sides of the Taiwan Strait.

“Countries around the world have supported China, invested in China and assisted China in . . . promoting China’s economic development and enhancing its national strength,” Lai said. “This was done out of the hope that China would join the rest of the world in making global contributions . . . and that externally it would maintain peace.”

Making reference to the wars in Ukraine and the Middle East, he added: “We hope that China will live up to the expectations of the international community . . . that it will take up its international responsibilities and, along with Taiwan, contribute to the peace, security and prosperity of the region and the globe.”

Foreign diplomats in Taipei said Lai’s speech was more restrained than his inaugural address, which Beijing called provocative and reacted to with “punishment” exercises. China claims Taiwan as part of its territory and has threatened to annex it with military force if Taipei refuses to submit under its control indefinitely.

China has not previously responded to a Taiwan president’s national address with military moves, and Beijing has not announced new drills. But national security officials in Taiwan and two other democratic countries who wished not to be named said there were indications that the Chinese military was prepared to stage a sequel to the May drills.

The US urged Beijing to exercise restraint. “There is no justification for a routine annual celebration to be used as a pretext for military exercises,” said a senior US official.

Taiwan’s defence ministry said it observed 27 Chinese military aircraft, nine Chinese warships and five other official Chinese vessels participating in joint combat patrols in the vicinity of its waters and airspace in the 24 hours to Thursday morning. Fifteen of the military aircraft entered Taiwan’s air defence identification zone, a self-declared early-warning buffer zone.  

Taiwanese officials said Lai’s speech was meant to be consistent with his inaugural address, in which he promised to “neither yield nor provoke, and maintain the status quo” across the Taiwan Strait.

However, he put a stronger emphasis on the Republic of China, the state founded in China in 1911 following the first Chinese revolution, which was brought to Taiwan by the nationalist Kuomintang after the end of Japanese rule in 1945. The ROC was overthrown in China by the Communist revolution in 1949 but has continued to exist in Taiwan.

Lai hailed the ROC founders’ dream of establishing “a democratic republic . . . a nation of freedom, equality and benevolence”. But he lamented that their project was “engulfed in the raging flames of war” and “eroded under authoritarian rule”, a reference to Taiwan’s decades of military dictatorship under the KMT.

Taiwanese officials argue that Lai’s focus on the ROC robs Beijing of the opportunity to label him a “Taiwan independence separatist” because it acknowledges the Chinese roots of the state that survives in Taiwan today.

But he also made a strong appeal to his Taiwanese compatriots to unite in defending their de facto independent nation.

“The Republic of China has already put down roots . . . And the Republic of China and the People’s Republic of China are not subordinate to each other,” he said.

“Regardless of what name we choose to call our nation — the Republic of China, Taiwan or the Republic of China Taiwan — we must all share common convictions. Our determination to defend our national sovereignty remains unchanged.”