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NEW YORK — President Trump’s lawyers have asked a New York state appeals court to toss out his hush money criminal conviction, saying federal law preempts state law and there was no intent to commit a crime.

The lawyers filed their written arguments with the state’s mid-level appeals court just before midnight Monday.

In June, the lawyers asked a federal appeals court to move the case to federal court, where the Republican president can challenge the conviction on presidential immunity grounds. The appeals court has not yet ruled.

Trump was convicted in May 2024 of 34 felony counts of falsifying business records to conceal a hush money payment to adult film actor Stormy Daniels, whose affair allegations threatened to upend his 2016 presidential campaign. Trump denies her claim and said he did nothing wrong. It was the only one of the four criminal cases against him to go to trial.

Trump was sentenced in January to what’s known as an unconditional discharge, leaving his conviction on the books but sparing him jail, probation, a fine or other punishment.

Appearing by video at his sentencing, Trump called the case a “political witch hunt,” “a weaponization of government” and “an embarrassment to New York.”

The Manhattan district attorney’s office, which prosecuted the case, will have a chance to respond to the appeals arguments in court papers. A message seeking comment was left with the office Tuesday.

At trial, prosecutors said Trump mislabeled payments to his then-lawyer Michael Cohen as legal fees to conceal that he was actually reimbursing the $130,000 that Cohen paid Daniels to keep her quiet in the final weeks of Trump’s successful 2016 presidential run.

At the time, Daniels was considering going public with a claim that she and the married Trump had a 2006 sexual encounter that Trump has consistently denied.

In their arguments to the New York state appeals court, Trump’s lawyers wrote that the prosecution of Trump was “the most politically charged prosecution in our Nation’s history.”

They said Trump was the victim of a Democratic district attorney in Manhattan who “concocted a purported felony by stacking time-barred misdemeanors under a convoluted legal theory” during a contentious presidential election in which Trump was the leading Republican candidate.

They wrote that federal law preempts the “misdemeanor-turned-felony charges” because the charges rely on an alleged violation of federal campaign regulations that states cannot enforce.

They said the trial was also spoiled when prosecutors introduced official presidential acts that the Supreme Court has made clear cannot be used as evidence against a U.S. president.

“Beyond these fatal flaws, the evidence was clearly insufficient to convict,” the lawyers wrote.

The lawyers also attacked the conviction on the grounds that “pure, evidence-free speculation” was behind the effort by prosecutors to persuade jurors that Trump was thinking about the 2020 election when he allegedly decided to reimburse Cohen.

Neumeister writes for the Associated Press.

Published on 28/10/2025 – 16:58 GMT+1
•Updated
16:59

Apple’s stock reached new heights on Tuesday, trading above $269 a share and pushing the company’s market capitalisation to a record $4 trillion (€3.4tr). That followed stronger-than-expected demand for its latest iPhone 17.

The Cupertino-based technology giant therefore joins the elite club with Nvidia and Microsoft, which both surpassed the same valuation earlier this year.

Nvidia, the semiconductor powerhouse, became the first company in history to hit the $4tn milestone in July 2025. News of soaring AI investments and the firm’s strong profit outlook have continued to lift its share price since then, now approaching $4.7tn (€4tn).

The so-called Magnificent Seven, the seven largest publicly traded technology companies in the world, have been cashing in on the AI boom this year, with tech share prices rising accordingly. Since January, Apple shares are up more than 18%, Nvidia’s nearly 40%, and Microsoft’s close to 30%.

However, Apple has mostly stayed out of the race to invest billions in AI projects. Current market enthusiasm for the iPhone maker’s stock instead stems from the successful launch of its updated iPhone range, along with signs of easing trade and tariff pressures.

According to Counterpoint Research, the iPhone 17 series has outsold the iPhone 16 range by 14% during its first ten days on sale in China and the United States.

Five members of the Magnificent Seven, Alphabet, Apple, Amazon, Microsoft, and Meta, are reporting earnings this week. They will need to demonstrate strong growth and justify the massive spending currently underway in artificial intelligence, amid growing concerns that the sector may be forming a bubble reminiscent of the dot-com boom that burst in 2000.

According to Kate Leaman, chief market analyst at AvaTrade:”Markets move on leadership, and right now, the leadership of Microsoft, Meta, Alphabet, Amazon, and Apple is inseparable from the risk appetite of investors worldwide.”

She noted that more than 40% of S&P 500 gains this year have come via these giants.

“But with that concentration comes fragility,” she added, saying that even as revenues climb, the commentary provided by executives “will critically frame how far and how confidently the market can chase the AI story into 2026”.

Global tensions are escalating over rare earth minerals after China applied severe export controls on critical minerals required to manufacture almost everything – from cars to weapons. The move has also sparked concerns about the global supply chain.

Strategic meetings will be held between European Union officials and Chinese representatives, starting with a videoconference Monday, to be followed by a meeting in Brussels the following day.

Meanwhile, US President Donald Trump will meet his Chinese counterpart Xi Jinping on Thursday in South Korea, with financial markets attentive to whether the world’s two largest economic powers can bury the hatchet in their trade war.

At the heart of the dispute is China’s 9 October decision to restrict exports of rare earth elements. While these controls were initially a response to US tariffs, the EU has become collateral damage in the dispute and is considering ways to respond.

Why is China restricting rare earth exports?

Tensions first emerged between the US and China after Donald Trump returned to the White House and carried through an aggressive tariff policy – which the administration argues is needed to narrow a growing trade deficit – on allies and rivals alike.

On 2 April 2025 — coinciding with what Trump defined as US’ “Liberation Day” — Washington announced a 34% tariff on Chinese goods imported into the country, which, added to the existing 20%, brought total duties to 54%.

The trade war escalated after China responded with counter-tariffs, which surpassed the 100% threshold, making trade between the two practically impossible. Beyond the tariffs, to hit back, China looked to weaponise its monopoly over rare earth elements, imposing additional export restrictions on 4 April that have since remained in place.

Rare earths are a group of 17 elements used across the defence, electric vehicle, energy and electronics industries.

The world, including the EU, is heavily dependent on China, as the country controls 60% of global production and 90% of their refining, according to the International Energy Agency (IEA).

After a short truce, the dispute flared up again in September, and on 9 October 2025, China decided to extend its control over rare earth elements from seven to 12. The announcement was seen as China building leverage over the United States. The meeting between the two sides this week is crucial in dictating the path forward.

Meanwhile, the EU is caught between the two. While these restrictions aimed mostly at the US, it has also impacted the European industry. The controls take the form of licenses that are difficult to obtain, with European companies bearing the brunt, as European Commisisioner for Trade Maroš Šefčovič has repeatedly pointed out.

How is the EU responding?

In a speech over the weekend, European Commission President Ursula von der Leyen, said the Union is prepared to use all the tools at its disposal to combat what some European leaders, including French President Emmanuel Macron, have described as economic coercion from China.

The remarks from the Commission president alluded to what is known as the anti-coercion instrument – designed with China in mind but never used.

The ACI, adopted in 2023, would allow the EU hit back at a third country by imposing tariffs or even restricting access to public procurement, licenses, or intellectual property rights.

“In the short term, we are focusing on finding solutions with our Chinese counterparts,” Commission president Ursula von der Leyen said on Saturday, warning, however, “But we are ready to use all of the instruments in our toolbox to respond if needed.”

European Council President António Costa met on Monday with Chinese Premier Li Qiang on the sidelines of the ASEAN Summit in Kuala Lumpur.

“I shared my strong concern about China’s expanding export controls on critical raw materials and related goods and technologies,” Costa said after the meeting, adding: “I urged him to restore as soon as possible fluid, reliable and predictable supply chains.”

Yet, tensions persist.

A planned meeting between Šefčovič and his Chinese counterpart Wang Wentao was cancelled and replaced by high-level talks between Chinese and European experts, a Commission spokesperson has confirmed. A video conference took place on Monday, and Chinese officials are set to arrive in Brussels for a meeting on Thursday.

While Brussels insists it wants to achieve a constructive solution without escalating, the Commission is pursuing a “de-risking” strategy to reduce its dependence on Chinese minerals. In addition, Germany and France have also suggested they would support stronger trade measures if a comprehensive solution cannot be found.

On Saturday, Von der Leyen announced a new plan – RESourceEU – exploring joint purchasing and stockpiling of rare earth, as well as “strategic” projects for the production and processing of critical raw materials here in Europe.

The EU also hopes to diversify its suppliers worldwide.

“We will speed up work on critical raw materials partnerships with countries like Ukraine and Australia, Canada, Kazakhstan, Uzbekistan, Chile or Greenland,” von der Leyen said.

Global markets were buoyed on Monday morning by expectations of another Fed rate cut and growing optimism that the US and China are moving closer to a trade deal, following comments from President Donald Trump.

The optimism wiped out gains in safe-haven assets such as gold futures and boosted stock exchanges across the globe.

Yet, leading European benchmark indexes opened mostly flat, except for Milan’s FTSE MIB, which was up by 0.61%. Madrid IBEX 35 also gained 0.37% by around 11:00 CEST.

At the same time, European benchmark STOXX 600, as well as the FTSE 100 in London, remained nearly flat. The DAX in Frankfurt gained 0.15% while Paris’ CAC 40 lost less than 0.1%. This came after credit rating agency Moody’s changed France’s outlook from stable to negative on Friday.

Investors in Europe are closely watching for signs of economic health, with one of the strongest indicators — the first reading of the eurozone’s third-quarter GDP — due on Thursday.

On the same day, the European Central Bank (ECB) is scheduled to hold its monetary policy meeting. Given that inflation in the bloc has remained around the bank’s 2% target, the ECB is expected to hold interest rates steady this week for its third straight meeting. The key deposit rate has been at 2% since June.

US-China relations

Across the globe on Monday, US futures were mostly up in pre-market trading. This came as Asian shares rallied too, with Japan’s benchmark Nikkei 225 topping 50,000 for the first time.

Later this week, the US President has a scheduled meeting with the Chinese leader Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation forum (known as APEC), to discuss the trade deal between the world’s two strongest economies.

US and Chinese officials confirmed on Sunday that they had reached an initial consensus for Trump and President Xi Jinping to finalise during a meeting later in the week.

“I have a lot of respect for President Xi,” Trump told reporters after visiting Malaysia for a summit of Southeast Asian nations, where he reached preliminary trade agreements with Malaysia, Thailand, Cambodia, and Vietnam.

“I think we’re going to come away with a deal,” Trump said.

And investors see it as a strong signal. According to Stephen Innes of SPI Asset Management: “This isn’t just photo-op diplomacy. Behind the showmanship, Washington and Beijing’s top trade lieutenants have quietly mapped out a framework that might, just might, keep the world’s two largest economies from tearing up the field again.”

The enthusiasm brought about a shift in risk-taking among investors, demonstrated by a fall in gold futures. The safe-haven asset’s continuous contract fell by almost 2% on Monday morning, as an ounce was priced at $4,055.50.

The euro and Japanese yen remained flat against the US dollar. One euro was traded at $1.1638, while the greenback cost ¥152.8070. The British pound climbed 0.26% against the US dollar, and the rate was at $1.3345.

Crude oil prices fell after European markets opened, with both benchmarks trading nearly 1% lower. The US benchmark WTI crude’s price was $61.06 a barrel, and Brent was at $65.47.

In other dealings, leading cryptocurrencies were up. CoinDesk’s Bitcoin Price Index (XBX) gained 4.86% and climbed to $115,395.34. Ethereum cost $4,171.84, up by 4.82% on Monday morning in Europe.

Another Fed rate cut on the cards, coupled with Big Tech reports

Wall Street hit record highs on Friday, after lower-than-expected inflation numbers from the US fuelled further hope that the Federal Reserve is about to cut interest rates further this Wednesday.

The data on inflation was encouraging because it could mean less pain for lower- and middle-income households struggling with still-high increases in prices. Even more importantly for Wall Street, it could also clear the way for the Federal Reserve to keep cutting interest rates in hopes of giving a boost to the slowing job market.

The Fed just cut its main interest rate last month for the first time this year, but it’s been hesitant to promise more relief because lower rates can make inflation worse, beyond boosting the economy and prices for investments.

Meanwhile, a flood of big tech companies’ earnings is on its way this week, with Microsoft, Meta and Google-parent Alphabet reporting on Wednesday. Apple and Amazon’s numbers are due to be released on Thursday.

Better-than-expected profits could fuel hopes for steady growth in the US. Information is scarce about the current state of the world’s biggest economy due to the prolonged government shutdown.

HARRISBURG, Pa. — A yearlong investigation into suspected fraudulent voter registration forms submitted ahead of last year’s presidential election produced criminal charges Friday against six street canvassers and the man who led their work in Pennsylvania.

The allegations of fraud appeared to be motivated by the defendants’ desire to make money and keep their jobs and was not an effort to influence the election results, said Pennsylvania Atty Gen. Dave Sunday.

Guillermo Sainz, 33, described by prosecutors as the director of a company’s registration drives in Pennsylvania, was charged with three counts of solicitation of registration, a state law that prohibits offering money to reach registration quotas. A message seeking comment was left on a number associated with Sainz, who lives in Arizona. He did not have a lawyer listed in court records.

The six canvassers are charged with unsworn falsification, tampering with public records, forgery and violations of Pennsylvania election law. The charges relate to activities in three Republican-leaning Pennsylvania counties: York, Lancaster and Berks.

“We are confident that the motive behind these crimes was personal financial gain, and not a conspiracy or organized effort to tip any election for any one candidate or party,” Sunday said in a news release. Prosecutors said the forms included all party affiliations.

In a court affidavit filed with the criminal charges on Friday, investigators said Sainz, an employee of Field+Media Corps, “instituted unlawful financial incentives and pressures in his push to meet company goals to maintain funding which in turn spurred some canvassers to create and submit fake forms to earn more money.”

The chief executive of Field+Media Corps, based in Mesa, Ariz., said last year the company was proud of its work to expand voting but had no information about problematic registration forms. A message seeking comment was left Friday for the CEO, Francisco Heredia. The Field+Media Corps website did not appear to be operative.

Field+Media was funded by Everybody Votes, an effort to improve voter registration rates in communities of color. The affidavit said Everybody Votes “fully cooperated” with the investigation and noted its contract with Field+Media prohibited payments on a per-registration basis.

“The investigation confirmed that we hold our partners to the highest standards of quality control when collecting, handling and delivering voter registration applications,” Everybody Votes said in a statement emailed by a spokesperson.

Sainz, who managed Pennsylvania operations from May to October 2024, is accused of paying canvassers based on how many signatures they collected. The police affidavit said Sainz told agents with the attorney general’s office earlier this month he was unaware of any canvassers paid extra hours if they reached a target number of forms.

“Sainz had to be asked the question multiple times before he stated he was not aware of this and that ‘everyone was an hourly worker,’ ” investigators wrote.

One canvasser said she created fake forms to boost her pay and believed others did, too, according to the police affidavit. Another told investigators that most of the registration forms he collected were “not real.” A third reported that when she realized she was not going to reach a daily quota, “she would make up names and information,” police wrote, “due to fear of losing her job.”

The investigation began in late October 2024, when election workers in Lancaster flagged about 2,500 voter registration forms for potential fraud. Authorities said they appeared to contain false names, suspicious handwriting, questionable signatures, incorrect addresses and other problematic details.

In a separate but related investigation, authorities in Monroe County late Friday filed voter registration fraud charges against three canvassers who worked for Field+Media Corps last year. All three defendants were charged with forgery, perjury, unsworn falsification, tampering with public records, identity theft and election law violations.

The suggestion of criminal activity related to the election came as the battleground state was considered pivotal to the presidential election, and then-candidate Donald Trump seized on the news. At a campaign event, he declared there was “cheating” involving “2,600” votes. The actual issue in Lancaster was about 2,500 suspected fraudulent voter registration forms, not ballots or votes.

Scolforo writes for the Associated Press.

L.A. County is bringing on a retired judge to tackle a $4-billion question: How can officials ensure that real victims are compensated from the biggest sex abuse payout in U.S. history — and not people who made up their claims?

The county has tapped Daniel Buckley, a former presiding judge of the county’s Superior Court, to vet cases brought by Downtown LA Law Group after The Times found nine people represented by the firm who said they were paid to sue the county by recruiters. Four of the plaintiffs said they were told to fabricate the claims.

Downtown LA Law Group, or DTLA, has denied paying any of its roughly 2,700 clients, but agreed to cover the cost of Buckley to examine their cases in the $4-billion sex abuse settlement.

In a letter sent to clients Monday, Andrew Morrow, the lead attorney in the firm’s sex abuse cases, noted there are “additional safeguards” and “vetting protocols” underway following recent reports of paid clients, but did not specifically mention the new judge.

“While we categorically deny this ever occurred, we take these matters seriously and welcome the implementation of additional review procedures to ensure false claims do not move forward in the process,” wrote Morrow, the chairman of the firm’s mass torts department.

On Oct. 17, Dawyn Harrison, the top attorney for the county, requested an investigation from the State Bar based on The Times’ reporting, saying she believed some of the settlement would flow to “the pockets of the plaintiffs’ bar” rather than victims.

“The actions described in the article, if true, are despicable and run afoul of ethical duties of attorneys and criminal law in California,” Harrison wrote in a letter to Erika Doherty, the bar’s interim executive director. “I request the State Bar investigate all of the potential fraudulent and illegal activities described in this letter.”

DTLA declined to comment last week. The firm has previously said it works “hard to present only meritorious claims and have systems in place to help weed out false or exaggerated allegations.”

The bulk of the claims will be reviewed by retired Superior Court Judge Louis Meisinger, who will decide awards between $100,000 and $3 million.

The amount will depend on the severity of the abuse, the impact on the victim’s life and the amount of evidence provided, according to the allocation protocol. The money will be paid out over five years unless the victim opts to get a one-time check for $150,000.

If the judges find cases they believe are fraudulent, the county can either resolve them through a $50,000 payment or get them removed from the settlement. The county saves money in that case, but runs the risk of the plaintiff continuing to litigate and landing a larger payout from a jury trial.

It’s unusual — but not unheard of — for a neutral arbiter to be appointed to investigate cases from a specific firm in a massive settlement.

Retired U.S. Bankruptcy Judge Barbara Houser, who is overseeing the $2.4-billion trust for victims of the Boy Scouts of Americas sex abuse cases, said last month that she had asked for an “independent third party” to vet the claims brought by Slater Slater Schulman after finding a pattern of “irregularities” and “procedural and factual problems” among its plaintiffs.

Slater Slater Schulman, headquartered in New York City, represents roughly 14,000 victims in the Boy Scouts case. It also represents roughly 3,700 people in the L.A. County settlement — the most of any firm, by far.

On Oct. 14, Lawrence Friedman, a former Department of Justice attorney who headed up the federal watchdog office for the bankruptcy system, spearheaded a blistering motion asking Houser to reduce Slater’s attorneys fees, which he estimated were at least $20 million. Friedman is seeking to push them out of the case, alleging the firm had “run amok” and “dangled the prospect of lottery sized payouts” in front of clients without vetting them.

“The SLATER law firm has little if any quality controls in place to validate the information in the 14,600 claims other than validating that they were real people who had filed the claim,” the motion stated. “…What SLATER has effectively created is simply a ‘Claims Machine’ designed to spit out huge wads of cash for itself!”

Clifford Robert, an outside attorney who is representing Slater Slater Schulman in its issues with the Boy Scouts cases, said the firm’s priority “has been and always will be securing justice on behalf of sexual abuse victims.”

Friedman, who has been outspoken about misconduct by mass tort attorneys in bankruptcy cases, said he now represents dozens of former Slater plaintiffs. The ex-clients alleged the firm waited more than a year before informing them their cases were undergoing additional vetting and their payments would be delayed. The firm told them this September about the outside investigation, which began in June 2024, according to an email attached to the Oct. 14 motion.

“We now agree that there are procedural and factual problems in some of our claim submissions to the Trust,” the three partners of Slater Slater Schulman wrote in a joint email to clients on Sept. 9. “Because of the problematic claims, we have agreed that all of our claim submissions to the Trust be vetted by an independent third party.”

Both judges who will vet the L.A. County sex abuse payouts work for Signature Resolution, a firm that specializes in resolving legal disputes outside the courtroom with a heavyweight roster of former judges and lawyers. Litigation management company BrownGreer will be the settlement administration arm, responsible for making sure the checks go out, liens are settled and the judges have the records they need from the 11,000 plaintiffs.

An additional 414 sex abuse claims that led to a separate $828-million settlement announced Oct. 17 will be reviewed by a different judge with the money distributed over the course of three years. That settlement, which involves claims from three firms that opted to litigate separately from the rest, is expected to receive final approval from the Board of Supervisors on Tuesday.

The county will give the first tranche of money to the fund administered by BrownGreer in January, though it’s unclear when that money will trickle down to victims. The additional fraud review could slow the process as the judges will need to decide what all 11,000 of the claims are worth before any of the money goes out.

“They should have had their duck in the rows at the beginning,” said Tammy Rogers, 56, who sued over sex abuse at a county-run shelter for children in 2022.

Rogers said she has seen her bank account depleted recently following a shoulder surgery and her daughter’s funeral. She said she’s grown skeptical the settlement money will come her way anytime soon after reading the recent coverage of plaintiffs who say they were paid to sue.

“They should have known people were going to come out of the woodwork and do stuff like this,” she said. “They should have taken this time in the beginning, not in the end.”

Tammy Rogers, one of the plaintiffs who sued L.A. County over alleged abuse at MacLaren Hall, says she’s worried the extra vetting may delay payments to victims.

(Carlin Stiehl/Los Angeles Times)

The number of claims has fluctuated in recent months as some of the firms have dismissed cases from plaintiffs who died, lost interest in their lawsuit, or stopped responding. Since the Times initial investigation ran on Oct. 2, DTLA has asked for the dismissal of at least 14 plaintiffs, according to a Times analysis of court records.

On Oct. 17, the firm asked a judge to dismiss three people in a 63-plaintiff lawsuit filed April 29 who told The Times they’d been paid to sue the county for sex abuse.

Quantavia Smith, whose case DTLA asked to be dismissed without prejudice, previously told The Times a recruiter paid her to join the litigation, but said she had a legitimate sex abuse claim against the county. She said the recruiter drove her to the office of a downtown law firm and then gave her $200.

The firm also asked to dismiss the cases of Nevada Barker and Austin Beagle with prejudice, meaning the cases can’t be refilled. The Times reported this month that the Texan couple were told to make up allegations of abuse at a county-run juvenile hall and provided a script by someone inside the firm’s downtown office. Both said they left the firm with $100.

The Times could not reach the alleged recruiter for comment.

Austin Beagle and Nevada Barker say they were unwittingly ushered into a fraudulent lawsuit against L.A. County filed by Downtown LA Law Group.

(Joe Garcia/For The Times)

On the morning the story published Oct. 16, Beagle and Barker each received an automated email from Vinesign, a legal e-signature site, telling them Downtown LA Law was requesting their signature on a document.

“I wish to affirm my claim that I was sexually abused in a Los Angeles County juvenile facility, and I was never paid to bring this claim forward,” stated the DTLA declaration, which they were asked to sign under the penalty of perjury.

Both said they did not want to sign as it was not true — and the opposite of what had just been published that morning in The Times. Beagle said the firm called twice that morning to discuss.

“We told them just dismiss it,” said Beagle. “We ain’t talking about it.”

Times assistant data and graphics editor Sean Greene contributed to this report.

South Africa, Nigeria, Mozambique, Burkina Faso removed from Financial Action Task Force’s financial crimes list.

A global money-laundering watchdog has taken South Africa, Nigeria, Mozambique and Burkina Faso off its “grey list” of countries subjected to increased monitoring.

The Financial Action Task Force’s (FATF), a financial crimes watchdog based in France, on Friday said it was removing the four countries after “successful on-site visits” that showed “positive progress” in addressing shortcomings within agreed timeframes.

The FATF maintains “grey” and “black” lists for countries it has identified as not meeting its standards. It considers grey list countries to be those with “strategic deficiencies” in their anti-money laundering regimes, but which are nonetheless working with the organisation to address them.

FATF President Elisa de Anda Madrazo called the removal of the four “a positive story for the continent of Africa”.

South Africa revamped its tools to detect money laundering and terrorist financing, she said, while Nigeria created better coordination between agencies, Mozambique increased its financial intelligence sharing, and Burkina Faso improved its oversight of financial institutions.

Nigeria and South Africa were added to the list in 2023, preceded by Mozambique in 2022 and Burkina Faso in 2021.

Officials from the four countries – which will no longer be subject to increased monitoring by the organisation – welcomed the decision.

Nigerian President Bola Ahmed Tinubu said the delisting marked a “major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility”, while the country’s Financial Intelligence Unit separately said it had “worked resolutely through a 19-point action plan” to demonstrate its commitment to improvements.

Edward Kieswetter, commissioner of the South African Revenue Service, also cheered the update but said, “Removing the designation of grey listing is not a finish line but a milestone on a long-term journey toward building a robust and resilient financial ecosystem.”

Leaders in Mozambique and Burkina Faso did not immediately comment, though Mozambican officials had signalled for several months that they were optimistic about being removed.

In July, Finance Minister Carla Louveira said Mozambique was “not simply working to get off the grey list, but working so that in the fight against money laundering and terrorist financing, when the FATF makes its assessment in 2030, it will find a completely different situation from the one detected in 2021,” MZ News reported at the time.

More than 200 countries around the world have pledged to follow the standards of the FATF, which reviews their efforts to combat money laundering, as well as terrorist and weapons financing.

The FATF’s black or “high-risk” list consists of Iran, Myanmar and North Korea.

Published on
22/10/2025 – 14:33 GMT+2

Italian banking group UniCredit has delivered a robust third quarter, underscoring its position as one of Europe’s stronger lenders.

“UniCredit delivered yet another set of record results, with net revenues up 1.2% and costs down 0.1% versus last year,” said CEO Andrea Orcel in a statement.

Net profit came in at €2.6 billion in the third quarter, up 4.7% year-on-year, and above a company estimate of €2.4bn.

Over the first nine months of the year, the bank’s net profits rose by 12.9% to €8.7bn.

“These results reflect disciplined execution, and I am confident that we will continue to build sustainable value for all stakeholders,” said Orcel.

UniCredit also reaffirmed full-year 2025 net profit guidance at €10.5bn and said it planned to distribute at least €9.5bn to shareholders.

Why this matters

In a European banking sector facing low growth, investor pressure, and regulatory hurdles, the results are significant for several reasons.

First, UniCredit’s combination of revenue growth, cost control, and low credit impairments suggests a resilience not always seen among its peers.

Second, the reaffirmation of strong guidance signals management confidence in execution through to year-end despite macroeconomic uncertainties in European and global markets.

Thirdly, the capital position and shareholder-return commitments indicate that the bank is in a position to manage risk and reward investors.

Europe’s banks are navigating reduced margins, regulatory costs, and lacklustre loan demand. Against that backdrop, UniCredit’s cost-income ratio of 37% in the quarter is a standout.

The lender also noted that its medium-term ambitions remain unchanged, standing by a net profit target of above €11 billion for the full-year 2027.

What to watch

Key to delivery will be how UniCredit handles a potential slowdown in areas such as net interest income, which fell 5.4% year-on-year in the quarter, and how it sustains its cost-efficiency edge.

The impact of wider economic weakness in Italy, Germany, and Central and Eastern Europe, all countries with strong UniCredit presence, remains a risk.

Additionally, conversion of its medium-term plans into reality will require continued disciplined execution. This is especially the case as the bank pursues strategic initiatives such as life insurance policy changes in Italy and its takeover of Commerzbank.

UniCredit has built a 26% stake in the German lender over the last year, although Orcel’s advances are facing fierce opposition from the government in Berlin.

WASHINGTON — President Trump said Tuesday that the federal government owes him “a lot of money” for prior Justice Department investigations into his actions and insisted he would have the ultimate say on any payout because any decision will “have to go across my desk.”

Trump’s comments to reporters at the White House came in response to questions about a New York Times story that said he had filed administrative claims before being reelected seeking roughly $230 million in damages related to the FBI’s 2022 search of his Mar-a-Lago property for classified documents and for a separate investigation into potential ties between Russia and his 2016 presidential campaign.

Trump said Tuesday he did not know the dollar figures involved and suggested he had not spoken to officials about it. But, he added, “All I know is that, they would owe me a lot of money.”

Though the Justice Department has a protocol for reviewing such claims, Trump asserted, “It’s interesting, ‘cause I’m the one that makes the decision, right?”

“That decision would have to go across my desk,” he added.

He said he could donate any taxpayer money or use it to help pay for a ballroom he’s building at the White House.

The status of the claims and any negotiations over them within the Justice Department was not immediately clear. One of Trump’s lead defense lawyers in the Mar-a-Lago investigation, Todd Blanche, is now the deputy attorney general at the Justice Department. The current associate attorney general, Stanley Woodward, represented Trump’s valet and co-defendant, Walt Nauta, in the same case.

“In any circumstance, all officials at the Department of Justice follow the guidance of career ethics officials,” a Justice Department spokesperson said. A White House spokesperson referred comment to the Justice Department.

Trump signaled his interest in compensation during a White House appearance last week with Blanche, FBI Director Kash Patel and Atty. Gen. Pam Bondi, who was part of Trump’s legal team during one of the impeachment cases against him.

“I have a lawsuit that was doing very well, and when I became president, I said: ‘I’m suing myself. I don’t know. How do you settle the lawsuit?’” he said. ”I’ll say, ‘Give me X dollars,’ and I don’t know what to do with the lawsuit. It’s a great lawsuit and now I won, it looks bad. I’m suing myself, so I don’t know.”

The Times said the two claims were filed with the Justice Department as part of a process that seeks to resolve federal complaints through settlements and avert litigation.

One of the administrative claims, filed in August 2024 and reviewed by the Associated Press, seeks compensatory and punitive damages over the search of his Mar-a-Lago estate and the resulting case alleging he hoarded classified documents and thwarted government efforts to retrieve them.

His lawyer who filed the claim alleged the case was a “malicious prosecution” carried out by the Biden administration to hurt Trump’s bid to reclaim the White House, forcing Trump to spend tens of millions of dollars in his defense.

That investigation produced criminal charges that Justice Department special counsel Jack Smith abandoned last November because of department policy against the indictment of a sitting president.

The Times said the other complaint seeks damages related to the long-concluded Trump-Russia investigation, which continues to infuriate the president.

Reporting from Sacramento — California is poised to charge the highest taxes and fees on gas in the country when an increase kicks in July 1, but officials say the state is still billions of dollars short of what’s needed to properly fix the roads and are considering additional charges.

The gasoline tax is set to climb by 5.6 cents per gallon, the second in a wave of increases approved by state leaders two years ago to raise billions of dollars for road and bridge repairs and mass transit.

Combined with a 12-cent increase that took effect in November 2017, the taxes and vehicle fees approved in a bill known as SB 1 are projected to add $5.4 billion in the coming year to transportation funding.

But officials estimate $130 billion is needed to bring the state’s roads and bridges into a state of good repair. The gas tax increases of 2017 will raise some $52 billion during the first 10 years but that will leave a road repair shortfall of approximately $78 billion.

The tax does not expire after 10 years and will continue to grow with the cost of living in future decades.

“The current funding is not sufficient, it is not enough,” said Tony Akel, a Fresno engineer who is a leader of the American Society of Civil Engineers. “We know that there is a big gap that is a result of years of underfunding.”

The group just released a study that gives California’s roads a “D” grade, saying they are among the worst in the country. State Sen. Jim Beall (D-San Jose), who authored the gas tax measure, said the evaluation appears accurate, but argued it is not a failure of the tax measure, just too early an assessment.

“You won’t see the impact of SB 1 for another couple of years,” Beall said. “The grades are based on actual conditions, and the SB 1 projects are underway but they are not finished. Road conditions will improve.”

The state has completed about 100 transportation projects and 400 more are in the works, according to the administration of Gov. Gavin Newsom.

Projects funded so far include $135.9 million to improve 104 lane miles of Interstate 605 and $54.9 million for 99 lane miles of State Route 1 in Los Angeles County. Projects completed so far include repaving a stretch of Interstate 5 between the 605 and Washington Boulevard in Los Angeles County.

“SB 1 was never expected to completely fund all backlog work, but it has given us a great start to making up for years of underfunding,” said Jeff Burdick, a spokesman for Caltrans.

The increase taking effect next month means the total state taxes and fees on gasoline will be 57.8 cents per gallon, based on the current average price of gas across California.

That will just edge out the 57.6 cents-per-gallon charged by Pennsylvania. Washington state will remain in third place, charging motorists 49.4 cents per gallon.

(Some of the California tax is based on a percentage of the cost of a gallon of gas, so a significant drop in prices could cause the overall tax to drop — at least temporarily — below Pennsylvania’s.)

Alaska and Missouri have the lowest gas taxes in the country, with per-gallon charges of 14.34 and 17.35 cents respectively, according to the American Petroleum Institute. Motorists in all states also pay 18.4 cents per gallon in federal fuel taxes.

“California will be number one in another category that it shouldn’t be number one in,” said state Sen. John Moorlach (R-Costa Mesa), who opposed SB 1 as it made its way through the Legislature. “These incremental increases drive people nuts. They are trying to meet their budgets, and we keep pounding away at it.”

Assembly Democrats, in a 49-17 vote, on Monday blocked an attempt by Republicans to postpone the July tax hike. “Democrats reaffirmed their support for a regressive gas tax increase that punishes every Californian who can’t afford a Tesla,” said Assemblyman Devon Mathis (R-Visalia). “So much for being the party of working people.”

SB 1 calls for additional annual increases to California’s gas tax based on inflation starting July 1, 2020.

Beall, the chairman of the Senate Transportation Committee, agreed with the assessment of the engineers’ group that current revenue is insufficient.

“Money went to local [agencies] from the gas tax, but they still need more,” Beall said, adding that the federal government needs to increase its funding for roads, while counties also can go to their voters for local sales tax increases for transportation projects.

Voters in Riverside County are among those who may be asked next year to raise taxes to fill a funding shortfall to fix the roads.

The Riverside County Transportation Commission has launched a study to determine how to make up a $12.6-billion gap between its transportation needs and expected funding over the next 20 years, according to Cheryl Donahue, a manager at the agency.

“As part of its review, the commission will determine whether asking county voters to consider a sales tax measure to fund transportation improvements is part of the best overall approach to reducing congestion and improving mobility,” Donahue said.

The San Diego Metropolitan Transit System also is considering whether to ask voters to increase the sales tax by up to one-half cent next year to pay for transit, highway and road improvements, spokesman Rob Schupp said. The San Diego Assn. of Governments released a poll in March that found strong voter support for such a tax, with 70% of those surveyed saying “improving roads to support transit services” is important.

Voters in San Mateo and San Benito counties approved sales tax increases in November for road projects.

Moorlach said Orange County, where he lives, has approved two local tax measures to fund its transportation needs in recent years, and he does not have a problem with other counties following suit.

The group Move L.A. has proposed a grander plan, suggesting that raising local sales taxes by a half-cent in Los Angeles, Orange, San Bernardino and Riverside counties could bring in about $1.5 billion per year for public projects.

Much of the money would go to South Coast Air Quality Management District efforts to increase non-polluting transportation, including electric cars and trucks. But some could be spent on infrastructure including bike and pedestrian lanes, which SB 1 finances.

The air district has sponsored a bill, SB 732, that would allow it to ask voters to raise the sales tax by up to 1% in the four counties. The legislation is expected to be taken up next year.

State law requires a two-thirds vote to approve a local tax increase for transportation, but a pair of other pending bills could make approval easier. A bill in the Legislature would put a measure on the November 2020 statewide ballot that would allow cities, counties and special districts to impose taxes if 55% of local voters approve. The measure would benefit projects involving affordable housing and infrastructure, including improvements to transit and streets and highways.

Another bill, AB 1413, would allow local transportation agencies like San Diego’s to seek voter approval of tax increases in any portion of the county, so if some areas want better roads they can vote on them. The measure would allow communities to pay for “improving roads, transit, highways, or other transportation infrastructure as they see fit,” said Assemblyman Todd Gloria (D-San Diego).

But the Howard Jarvis Taxpayers Assn. argued agencies “shouldn’t be able to pick and choose among their tax base to make it easier to increase regressive sales taxes.”

State lawmakers also are considering a bill that would charge a 10% tax on every barrel of oil pumped from the ground in California to bring in some $900 million annually. That, critics say, would mean motorists will pay more at the pump. Backers of the bill deny there would be a significant impact on drivers.

Money raised by the bill would go to the general fund but could help with transportation, said Sen. Bob Wieckowski (D-Fremont), the legislation’s author.

“While other states have brought in billions of dollars for their constituents through an oil severance tax, California has had to dip into its own pockets to cover extensive clean-up costs brought about by the oil industry’s irresponsible actions,” Wieckowski said. “Californians deserve better.”

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Shares of Crown Holdings (CCK +0.04%), the maker of aluminum cans and other packaging supplies, reported better-than-expected results in its third-quarter earnings report, sporting solid growth on the top and bottom lines. It also raised its guidance for the full year.

As of 11:48 a.m. ET, the stock was up 3.7% on the news.

Image source: Getty Images.

Crown Holdings raises the bar

In a fluid environment where tariffs have roiled global manufacturers like Crown Holdings, the company is still managing to deliver growth. In the third quarter, revenue rose 4.2% to $3.2 billion, topping estimates at $3.14 billion.

The company experienced strong growth in Europe, with volume growth up 12% in the European beverage segment, which drove a 27% increase in segment income. Other regions were mixed.

Overall, segment income, which adjusts operating income for one-time charges and intangibles amortization, was up 4% to $490 million, and adjusted earnings per share (EPS) increased 13% to $2.24, which beat the consensus at $1.99.

Today’s Change

(0.04%) $3.93

Current Price

$98.34

Key Data Points

Market Cap

$11B

Day’s Range

$97.47 – $102.85

52wk Range

$75.98 – $109.48

Volume

1.4M

Avg Vol

1.3M

Gross Margin

18.55%

Dividend Yield

0.01%

Crown lifts its guidance

Management said it was raising its full-year forecast based on its performance through the first three quarters of the year. The company now expects adjusted earnings per share of $7.70 to $7.80, up from a previous forecast of $7.10 to $7.50. For the fourth quarter, it sees adjusted EPS of $1.65 to $1.75, which compares to the consensus at $1.58.

Following the report, Jefferies reiterated a buy rating on the stock, calling it “undervalued.”

At a price-to-earnings ratio of less than 13, Crown looks well priced for a category leader that’s growing in a challenging environment.

The future of streaming media just got a whole lot more interesting. I certainly didn’t see it coming, and I bet no one else did either. Last week, Netflix (NFLX 0.40%) and Spotify (SPOT 2.01%) teamed up to put some of Spotify’s top podcasts on the video-streaming veteran’s global platform.

Netflix and Spotify’s groundbreaking podcast partnership isn’t just another content deal. It’s a glimpse into a radically different entertainment ecosystem. Former rivals become allies, audio-only podcasts turn into TV shows, and the very definition of “content” becomes beautifully, chaotically fluid.

This is the streaming evolution nobody saw coming: Specialist platforms finally realizing that collaboration might just be the ultimate competitive advantage.

What’s happening?

Early next year, you’ll see a handful of Spotify podcast shows on the American Netflix service. The partnership starts with a couple of true crime talk shows, a larger set of popular culture and lifestyle shows, and a really heaping helping of sports-oriented podcasts. Other markets will gain access to these series later, though the exact timing and geographical reach remains unknown.

Spotify sees the team-up as an effective way to grow people’s access to these podcasts, including ultra-premium stuff like The Bill Simmons Podcast. As a reminder, Spotify paid $185 million for Simmons’ Ringer studio in 2020 and presumably even more for a renewal of that deal in March 2025.

Netflix’s management highlighted the growing popularity of video-style podcasts, giving subscribers one more content type to enjoy.

Image source: Getty Images.

Netflix gets sports content on the cheap

I think it’s a stroke of genius from both sides of the dealmaking table, though Netflix probably gets the sweeter end of this deal.

Netflix suddenly expands its burgeoning sports coverage very quickly by getting podcast rights, and without paying billions of dollars for direct event coverage deals. Leagues like the NFL, the NBA, and MLB want a lot of money for their game-tracking deals. For example:

• Comcast‘s (NASDAQ: CMCSA) NBCUniversal division is reportedly close to a three-year deal with Major League Baseball, priced at $200 million per year.

• The National Basketball Association signed an 11-year coverage deal in the summer of 2024, splitting the rights among NBCUniversal, Amazon (NASDAQ: AMZN) Prime Video, and Walt Disney‘s (NYSE: DIS) ESPN for about $7 billion per year.

• As for the National Football League, Netflix has nibbled on a few specific games, but the big contracts are found elsewhere. Comcast, Disney, Paramount Skydance (NASDAQ: PSKY), Amazon, and Fox (NASDAQ: FOX) are all paying billion-dollar sums per year for their specific slices of NFL media rights. Even YouTube entered this arena, as the Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) subsidiary inked a seven-year deal for Sunday Ticket coverage at $2 billion per year.

The financial details of the Netflix/Spotify partnership are not known, which suggests the payments may be small enough to not require public disclosure. After all, both partners are expecting positive outcomes from this contract. But even if Netflix is spending a few hundred million dollars, it still found a cheaper way to tap into the lucrative sports market.

Audio meets video (and beyond)

I think of podcasts as an audio-centered media format, but this deal was an eye-opener. Adding a few high-end cameras and decent lighting to the radio-like studio instantly creates a video stream instead, and a lot of people prefer that format. From the podcast creators’ point of view, I’m sure it doesn’t hurt to upgrade the studio environment and pay more attention to the visuals.

So the edges and borders between different content types are getting smudged. Spotify is doing video content and Netflix is adding audio-centric shows. And it won’t stop there. I mean, Netflix has dozens of video games already, and there’s a hidden “snake” game in the mobile Spotify app. Digital entertainment is digital entertainment, and specialists in one particular media type can easily expand to other fields.

That’s particularly true for the well-heeled global giant that started the video-streaming industry in 2011. Netflix has the resources to keep its business growth going by exploring new media types. Recent examples even include brick-and-mortar stores and the upcoming Netflix House experience centers in Philadelphia and Dallas.

On October 17, 2025, Shaker Investments disclosed it sold out of The Progressive Corporation (PGR 0.83%), liquidating 9,829 shares for an estimated $2.62 million.

What Happened

Shaker Investments disclosed in a filing with the Securities and Exchange Commission dated October 17, 2025, that it had sold its entire stake in The Progressive Corporation in the third quarter. The liquidation involved 9,829 shares, with an estimated transaction value of $2.62 million based on the average price for the quarter. The fund’s post-trade holding in the insurer is now zero shares.

What Else to Know

The fund sold out of Progressive, reducing its allocation from 1.07% of 13F AUM in the previous quarter to zero.

Top holdings after the filing:

• NYSE:AX: $33.84 million (13.5% of AUM)
• NASDAQ:AVGO: $12.30 million (4.9% of AUM)
• NASDAQ:NVDA: $12,301,219 (4.9% of AUM)
• NASDAQ:MSFT: $8,486,093 (3.4% of AUM)
• NASDAQ:GOOGL: $8,297,003 (3.3% of AUM)

As of October 16, 2025, shares of Progressive were priced at $221.74, down 13.17% over the past year; shares have underperformed the S&P 500 by 24.06 percentage points over the past year.

Company Overview

Company Snapshot

The Progressive Corporation is a leading U.S. property and casualty insurer with a diversified portfolio spanning auto, residential, and specialty insurance lines. Its multi-channel distribution model includes independent agencies, online, and phone channels.

The company offers personal and commercial auto insurance, residential property coverage, and specialty property-casualty products, including insurance for motorcycles, RVs, watercraft, and business vehicles. It generates revenue primarily from underwriting insurance policies and related services.

Progressive serves individual consumers, small businesses, and property owners across the United States through direct channels and independent agencies.

Foolish Take

By selling its entire stake of more than $2.6 million worth of Progressive stock, Shaker Investments has cut loose one of America’s largest insurers. Should retail investors do the same? Let’s have a closer look.

It’s been a less than stellar year so far for Progressive. Shares have declined (3.9%) year-to-date, while the S&P 500 has advanced by 14.5%. Even within the insurance sector, Progressive has lagged major benchmarks, such as the SPDR S&P Insurance ETF (KIE) and iShares US Insurance ETF (IAK), which have generated a total year-to-date return of 1.5% and 1.8%, respectively.

Adding to the stock’s tough year, Progressive recently released disappointing third-quarter earnings results on October 15. Both earnings-per-share and revenue came in below analysts’ estimates, with Progressive stock falling on the announcement. In addition, the company noted that it was recording a nearly $1 billion expense related to a change in Florida policy that limits profits on auto insurance in the state. Despite these setbacks, the company reported increased premiums written and earned, indicating growth in the company’s core operations.

At any rate, retail investors looking for exposure to the insurance sector may want to consider a broad-based ETF, like the SPDR S&P Insurance ETF (KIE) or the iShares US Insurance ETF (IAK). These ETFs provide diversification within the sector, ensuring that investors aren’t as exposed to operational risks at any single company.

Glossary

Exited its position: When an investor sells all shares of a particular investment, fully closing out that holding.
13F reportable assets under management (AUM): The total value of securities a fund must report quarterly to the SEC on Form 13F.
Allocation: The percentage of a fund’s assets invested in a specific security or asset class.
Liquidation: The process of selling an investment position, often fully, to convert it into cash.
Stake: The amount or percentage of ownership an investor holds in a company or asset.
Dividend Yield: A financial ratio showing how much a company pays in dividends each year relative to its share price.
Distribution model: The methods a company uses to sell its products or services to customers (e.g., direct, agencies).
Underwriting: The process by which an insurer evaluates and assumes the risk of insuring a person or asset.
Property and casualty insurer: An insurance company providing coverage for property loss and liability for accidents, injuries, or damage.
Specialty insurance lines: Insurance products designed for unique or non-standard risks, such as motorcycles or RVs.
TTM: The 12-month period ending with the most recent quarterly report.

October is more than halfway over, but there’s still time for investors to snap up some world-class stocks. For those wanting to bet on artificial intelligence (AI), Intel (INTC 2.94%) and International Business Machines (IBM 0.83%) fit the bill. For consumer goods stocks that offer long-term potential, Nike (NKE 0.53%) and Walmart (WMT -0.67%) are great choices. And for something different, Reddit (RDDT 4.00%) looks interesting for investors with more appetite for risk. Here’s why these five stocks are the best of the bunch in October.

Image source: Getty Images.

Intel

Intel’s turnaround is still a work in progress, but a series of deals and developments have pushed the stock up about 90% so far this year. CEO Lip-Bu Tan, who took over in March, has been slashing costs and refocusing the company on its best opportunities. Regaining leadership in the PC and server CPU markets after years of market share losses is an imperative, as is justifying the massive expense associated with Intel’s manufacturing efforts by winning external foundry customers.

Tan has proven to be quite the dealmaker. The U.S. government took a nearly 10% stake in the company in exchange for grant money that had yet to be delivered, Softbank invested $2 billion, and Nvidia took a $5 billion stake and partnered with Intel on custom PC and server chips. Pairing Intel and Nvidia technology in PCs and servers could help the company win back market share from AMD.

While Intel still needs to deliver results, market sentiment has certainly shifted in a positive direction, and recent news that Microsoft has reportedly chosen Intel to manufacture a custom AI chip has added fuel to the fire. Intel’s turnaround is going to take time, but the pieces are falling into place. For patient investors, now is a great time to buy the stock.

International Business Machines

It’s taken a while, but IBM has settled into a successful AI strategy that’s helping to accelerate its revenue growth. The company’s pairing of consulting services with an enterprise AI software platform, along with a focus on small, specialized, and cheap AI models tuned for specific tasks, has proven to be a winner.

IBM has booked more than $7.5 billion worth of generative AI-related business so far, with much of that total coming from the consulting business. In the second quarter alone, IBM booked more than $1 billion of generative AI-related consulting business. By offering solutions that combine AI implementation and other services with its AI software platform, IBM is winning over enterprises as they race to deploy AI.

IBM expects to increase revenue by at least 5% this year, adjusted for currency. That growth will come despite weakness in discretionary projects tied to the state of the economy. By leaning into AI, IBM is building a powerful growth engine that can offset sluggish spending in other areas. And because IBM’s AI business is focused on delivering results for its clients in the form of reduced costs or greater efficiency, the business can continue to grow even if the AI boom cools off. For investors looking for a low-risk way to bet on AI, IBM stock is the answer.

Nike

Unforced errors have put footwear giant Nike in an uncomfortable position. The company has lost ground in sports to upstarts like On Holding, and its aggressive push toward direct-to-consumer sales has weakened the brand and hurt relationships with retailers. The stock has been a disaster, down more than 60% from its all-time high.

While attempting to stage a comeback against the backdrop of an uncertain macroeconomic environment will only make things more difficult, green shoots are starting to appear. Wholesale revenue rose by 7% in the company’s latest quarter, and the Nike brand managed to grow in North America. Nike is refocusing on key sports as well as the North American market, and rebuilding wholesale relationships, and progress is clearly being made.

At the same time, Nike CEO Elliott Hill was careful to note that Nike’s progress “will not be linear as dimensions of our business recover on different timelines.” Investors shouldn’t expect miracles in the next few quarters, but for those willing to buy and hold for at least a few years, Nike is positioning itself for a return to consistent growth. With the stock carving out new multiyear lows, now is a great time to bet on an eventual comeback.

Walmart

Inflation, tariffs, and souring consumer sentiment have created plenty of uncertainty for the retail industry. For investors looking for a relatively safe bet no matter what happens to the economy, Walmart is a great choice.

Walmart’s massive scale gives it unparalleled leverage with suppliers, allowing it to keep prices as low as possible and win over consumers struggling with strained household budgets. Walmart grew revenue by nearly 5% year over year in its latest quarter while gross margin remained steady and adjusted operating margin rose. The company’s bet on technology is also paying off, with global e-commerce sales rising by 25%.

Walmart is diving headfirst into the future with its partnership with OpenAI that will enable customers to purchase products from Walmart directly within ChatGPT. While the interplay between AI and commerce is still evolving, getting its products in front of hundreds of millions of ChatGPT users could drive meaningful revenue growth. Walmart isn’t immune to economic conditions, but the company is better positioned than most retailers to ride out the storm.

Reddit

Where people on the internet get information, including recommendations that lead to purchases, is changing. Search engines used to be the only game in town. Then came social media sites like Meta Platforms‘ Facebook and Instagram, which are full of lucrative ads. AI chatbots like ChatGPT are pulling more people away from search engines, and even Alphabet has resorted to inserting AI Overviews at the top of Google search results.

What makes Reddit unique is that it benefits almost no matter what. Plenty of people go directly to Reddit for information; those who search on Google often find Reddit threads among the top results. And AI chatbots and Google’s AI overviews often use Reddit threads as key sources. As the old and the new battle each other, Reddit stands above the fray.

Reddit’s ad revenue is soaring as more people turn to the social media site. Ad revenue jumped by 84% year over year in the second quarter, driven by a 21% rise in daily active unique users and improved monetization. Depending on Google and AI chatbots for traffic does pose a risk, and it could create volatility in traffic and revenue. But there’s no real alternative to the rich source of information Reddit provides. For investors who can handle a riskier stock, Reddit is great choice.