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Paramount Threatens California Exit That Could Cost State Billions

Paramount Threatens California Exit That Could Cost State Billions

Paramount could pull nearly 58,000 jobs and $21 billion in annual economic activity out of California if the company follows through on a threat to relocate its headquarters and operations amid an antitrust fight over its acquisition of Warner Bros. Discovery, according to a preliminary economic analysis from the Los Angeles County Economic Development Corp.'s (LAEDC) Institute for Applied Economics, which was obtained by Politico.

If no resolution is achieved, Paramount has threatened to begin moving its headquarters and thousands of jobs out of the state starting Oct. 1, 2026, with Georgia, Tennessee and Texas floated as possible destinations.

The threat traces back to a lawsuit that California Attorney General Rob Bonta (D) and eleven other Democratic state attorneys general filed on July 13 to permanently block the Paramount-Warner Bros. Discovery merger under the Clayton Act. Their complaint argued the combined company would reduce competition in wide-release theatrical films, in the market for anticipated top-grossing pictures, and in the licensing of basic cable channels.

The lawsuit came after the Justice Department had reached the opposite conclusion in June, closing its own investigation without filing suit and finding the deal unlikely to harm competition in streaming, linear television, or theatrical film production and distribution.

The LAEDC report makes it clear that California's economy would suffer huge losses if Paramount decided to move out of state. Apart from the 28,990 and 57,980 potential full-time jobs that would disappear, California would also see annual economic output decline somewhere between $10.6 billion and $21.2 billion. Annual state and local tax revenue would also drop by about $585 million.

This is, however, a worst-case scenario based on LAEDC assumptions, not a definite forecast, since Paramount does not publicly break down its operating expenses or employment by state.

Even the more conservative scenario still involves a heavy loss. Even a slower, partial retreat tied to merger-related ticking fees and financing costs totaling roughly $1.88 billion, spread over five years, could still result in the state losing 550 to 1,110 job-years each year and between $202.7 million and $405.4 million in annual economic output.

The merger agreement requires Paramount to pay additional amounts to Warner Bros. Discovery shareholders, called ticking fees, if the transaction is not completed by September 30. From October 1 onwards, the LAEDC sets the fees at about $7 million per day, so each week of legal proceedings becomes a separate charge. As a partial gesture to resolve the issue, Paramount has promised to make 30 theatrical releases each year from the combined company. This pledge the LAEDC believes could result in between 1,020 and 2,760 job-years and between $377.7 million and $1.01 billion in economic output throughout the state over a five-year period.

It's unclear whether this proposal will persuade Bonta's office.

For now, Bonta isn't backing down on his public messaging. "California is the fourth largest economy in the world and the best place to do business," his office said, adding, "Strong antitrust enforcement is essential so everyone can benefit from a vibrant economy."

"When companies create a monopoly and illegally use that power to get out of negotiating, that hurts our economy, it hurts Californians, it makes things more expensive, and it makes things worse," Bonta's office said.

Steve Hilton, the Republican candidate for governor, has made this dispute a campaign talking point, calling the lawsuit "totally politically motivated" last month and saying he would "use whatever power I have to discourage any litigation that would be destructive to California, including this one."

Hilton has also framed Paramount as one data point in a broader exodus. "There's always something, because the people in charge of California are just running this state into the ground," he said on Real America's News last month, adding that business owners tell him on the trail they're "hanging on till November" and will leave if the state's political direction doesn't change. "I think that we are heading for economic collapse in California," he said. He also predicted the recent trickle of departures "is going to turn into a stampede" without a course correction.

Tyler Durden Mon, 09/14/2026 - 18:00

Court Rejects DOE Order To Delay Michigan Coal Plant Retirement

Court Rejects DOE Order To Delay Michigan Coal Plant Retirement

By Ethan Howland of UtilityDive

A federal appeals court on Friday vacated the Department of Energy’s emergency order requiring the owners of a coal-fired power plant in Michigan to delay its planned retirement, saying the move usurped state authority over generating resources.

“The federal government has, until now, issued stopgap generation orders in response only to transitory emergencies caused by war, extreme weather events, market manipulation, or unplanned, short-term unavailability of specific generation units,” the U.S. Appeals Court for the District of Columbia Circuit said in its ruling. 

Consumers Energy’s 1,420-MW, coal-fired J.H. Campbell power plant in West Olive, Mich. The U.S. Appeals Court for the District of Columbia Circuit ruled on Sept, 11, 2026, that the U.S. Department of Energy overstepped its authority when it ordered Consumers to delay retiring the power plant

“It is the states — informed by federal, regional, and load-serving entities’ assessments of available supply and reliability needs — that bear the responsibility to plan for and avert reliability risks on an ongoing basis,” the court added, noting that the Michigan Public Service Commission and the Midcontinent Independent System Operator had approved the plant’s retirement after extensive reviews.

The suit was brought by Earthjustice, which represented the Sierra Club and Urban Core Collective. Also, the Michigan attorney general argued the case for Illinois, Michigan and Minnesota. Other petitioners included the Natural Resources Defense Council, Michigan Environmental Council, Environmental Defense Fund, Environmental Law and Policy Center, Vote Solar, the Ecology Center and the Union of Concerned Scientists.

The court found that the DOE lacked the authority under the Federal Power Act’s section 202(c) to order Consumers Energy to run its majority-owned, 1,420-MW J.H. Campbell power plant past its May 31, 2025, retirement date.

Under section 202(c), an “emergency” means a grid reliability risk that calls for immediate action by DOE — a condition that wasn’t met in the case of the Campbell power plant, the court said.

The court said it was unpersuaded by DOE’s “sweeping conception” of its emergency authority under the FPA’s section 202(c). 

“The Department’s position would empower it to pick its preferred power sources in Michigan — or, presumably, any other state — and order them to operate without regard to the multiple procedural and substantive constraints built into state reliability planning processes,” the court said.

Section 202(c) gives the DOE a “limited backstop mechanism” to address certain electricity supply emergencies, the court said.

“Contrary to DOE’s position, ... the complexity and advance planning that go into states’ assurances of resource adequacy do not imply that DOE must have vast, top-down emergency power to pick its favorite generators to run at all costs,” the court said. “The Department’s reading of ‘emergency’ invites frequent federal interventions that are unsupported by the statute and threaten the stability of the energy market.”

The DOE justified its order keeping the Campbell plant online by citing “fragments” of two documents and a MISO presentation it said showed that the region faced an emergency, the court noted. 

The decision is among the first amid various legal challenges to DOE orders keeping fossil-fueled power plants from retiring to reach a court decision. Generally, the department has argued the plants needed to keep running due to the medium- to long-term potential for electric supply shortfalls.

Since the DOE issued its first 90-day order keeping the Campbell power plant from retiring, it has issued similar orders affecting six other power plants — all but one of which is coal-fired. DOE has reissued all the orders before they were set to expire.

Through June 30, the net cost of complying with the DOE emergency orders was $259 million, after applying MISO revenues of $239 million, Consumers said in a July 28 filing with the Securities and Exchange Commission.

“The court rebuked the Trump administration’s abuse of emergency powers,” Michael Lenoff, an Earthjustice attorney, said in a press release.

“The DOE needs to stay in its lane and use its emergency powers only in actual emergencies. Preventing the market-driven retirements of coal plants to advance a coal-friendly agenda is not a proper use of emergency powers.”

The DOE could appeal the court’s ruling to the U.S. Supreme Court.

“The Energy Department’s emergency orders, including at Campbell, prevented blackouts and likely saved hundreds of lives during peak capacity events this past year,” a DOE spokesperson said in an email.

The DOE’s emergency orders were “essential” for keeping the lights on during Winter Storm Fern in January, according to the spokesperson. At the peak of the bitter cold, coal-fired generation in affected regions increased 25% compared to the same time last year, and the Campbell plant operated at over 650 MW every day between Jan. 21 and Feb. 1, they said.

“The Department of Energy will continue to protect and defend energy security for all Americans,” the spokesperson said.

Tyler Durden Mon, 09/14/2026 - 17:40

Bitcoin Jumps As CLARITY Act Odds Surge In Prediction Markets

Bitcoin Jumps As CLARITY Act Odds Surge In Prediction Markets

Bitcoin is sharply higher, ignoring the meltdown in gold and other dollar-sensitive assets, on a surge in prediction market optimism that Washington may finally pass a crypto market structure bill, with odds rising to multi-week highs on Monday and Polymarket.

Polymarket bettors put the chance that the Clarity Act will be signed into law this year at nearly 30% Monday morning, up from just 12% earlier in September. That’s the highest level since early August, according to the event contract’s dashboard.

As a reminder the Senate is scheduled to hold a crucial procedural cloture vote on the crypto-focused Clarity Act on Tuesday, September 15, 2026, at approximately 2:15 p.m. ET. The bill requires 60 votes to advance.

Overnight, Senate Republicans released the "final" draft of the Digital Asset Market Clarity Act, which they said incorporates "substantive changes" requested by Democrats, the Block reported. President Trump was also reported to have agreed to ethics restrictions in the bill that would limit crypto-related dealings by officials and their spouses.

Stablecoin rewards, previously a key sticking point in negotiations, also appear to have been addressed.

Under the latest draft, the Treasury secretary would have authority to impose a circuit-breaker on stablecoin rewards for up to 18 months after enactment, if stablecoins were deemed to be driving substantial deposit outflows from community banks.

Following the draft's release, market-implied odds of the bill passing this year rose from 22% to 30% on Polymarket.

Additionally, traders put the odds of passage before July 1 at 53%, versus 30% Thursday, after the contract briefly surged to 69%. The chance of legislation becoming law before April most recently stood at at 45%, roughly double Thursday's 23%.

Bessent helped with a post on X:

"I’ve said many times that the CLARITY Act is essential to ensuring America wins the global race for new technology.

That’s the reason Congress passed the GENIUS Act: to ensure that stablecoin infrastructure, a revolutionary financial technology, will be built in America..."

While markets clearly show traders see a clearer path for crypto legislation ahead of Tuesday's key procedural vote in the Senate, there's still plenty of road between a favorable vote and a presidential signature.

According to CoinDesk, Tuesday's Senate cloture vote requires 60 senators, forcing the measure to draw bipartisan support. Clearing that threshold would be an important political milestone, but it would not amount to final Senate passage. 

Lawmakers could still face a lengthy amendment process of the bill. Any changes would also have to be reconciled with the House before legislation could head to the president, while the congressional calendar adds another source of uncertainty.

The next move belongs to the Democrats, because this wasn't a negotiated package, one analyst said.

Jaret Sieberg, a financial policy analyst for TD Cowen, said the Democratic lawmakers may not see enough here to justify getting on board, so he maintained a 25% chance of Clarity Act passage on Monday.

"We are not convinced the updated ethics language Senate Republicans released last night is substantive enough for moderate Democrats," he wrote in a note to clients.

The problems for Democrats: President Trump would still be able to maintain his crypto investments, even if they're structured in a blind trust, so it doesn't sever him from the industry he has such an influence on. And the powers for state attorneys general to sue remain very narrow, with no direct actions possible against the president. Also, Trump would tout a yes vote as a major personal victory, Sieberg said, potentially carrying a political cost for the November elections.

On the positive side, Sieberg noted, the changes could give Democrats a little more political cover if they wanted to support the bill, and bankers may feel more comfortable with it because of the extra protections it gives their deposit accounts from customers running to stablecoins.

He said that because the administration hasn't yet offered Democrat nominations to the Commodity Futures Trading Commission and the Securities and Exchange Commission, those could be offered up to sweeten the deal in a final negotiation.

And while the odds of Clarity act passage have failed to rise above 50%, even the modest move observed was enough to push bitcoin up nearly $2000 to just shy of $80K, the highest since Friday's post-CPI "band aid" response.

Tyler Durden Mon, 09/14/2026 - 17:20

EPA Poised To Scrap Power Plant Carbon Standards

EPA Poised To Scrap Power Plant Carbon Standards

By Robin Lawrence, of UtilityDive

U.S. Environmental Protection Agency Administrator Lee Zeldin is expected to formally rescind carbon pollution standards for fossil fuel power plants today, according to multiple media reports.

The repeal would complete the Trump administration’s elimination of climate policies enacted under the Obama and Biden administrations and could prevent future administrations from regulating greenhouse gases emissions from power plants, according to The New York Times.

Climate Mayors and C40 Cities are among the municipal and environmental groups that have opposed the repeal, which the EPA first proposed in June 2025. “GHG emissions from fossil fuel-fired power plants contribute significantly to costly and detrimental fiscal and public health impacts for cities across the United States,” the groups, along with the Sabin Center for Climate Change Law, stated in an Aug. 7, 2025, letter to the EPA. 

The Mount Storm Power Station, a coal-fired power plant in West Virginia, on July 13, 2026

The EPA has initiated rollbacks of greenhouse gas emissions standards since President Donald Trump took office. Environmental groups and local governments have filed multiple lawsuits attempting to halt the actions.

In September 2025, EPA proposed a rule to end the Greenhouse Gas Reporting Program, which requires over 8,000 facilities and suppliers in the U.S. to report their greenhouse gas emissions annually.

Twelve cities and counties joined a coalition of 24 states in a March lawsuit challenging the EPA’s repeal of its 2009 endangerment finding, the underpinning for greenhouse gas regulation under the Clean Air Act.

Also in March, a coalition of 21 states and local governments filed a lawsuit challenging the Trump administration’s repeal of the 2024 Mercury and Air Toxics Standards Rule. That lawsuit also challenges EPA’s rollback of real-time continuous emissions monitoring at power plants, alleging it violates the Clean Air Act.

In their August 2025 comments opposing the EPA’s repeal of power plant greenhouse gas emissions standards, Climate Mayors, C40 and the Sabin Center for Climate Change Law at Columbia Law School said that cities nationwide “rely on the 2024 Carbon Pollution Standards to help protect them from costly and dangerous impacts to infrastructure and public health, and to augment their work to mitigate and adapt to climate change.”

The most acute effects of greenhouse gas emissions are often felt in cities, the letter states. “Moreover, federal regulation of power sector GHG emissions not only reduces emissions from regulated power plants, but also has the indirect effect of reducing emissions from other sectors that use electricity, including the building and transportation sectors, which are the top two sources of GHG emissions in U.S. cities,” the groups state. 

EPA estimated last year that repealing emission guidelines and carbon capture requirements would save the power sector about $1.2 billion a year, and repealing 2024 amendments to mercury emissions standards would save power plants about $120 million a year.  

When it issued the standards in May 2024, EPA found that the regulations would deliver $370 billion in net benefits over two decades, the Institute for Policy Integrity at the New York University School of Law said.

“The Supreme Court has made clear that EPA has an obligation to control greenhouse gas emissions from power plants under the Clean Air Act,” Dena Adler, senior attorney at the Institute for Policy Integrity, said in an emailed statement Monday. “The power sector is the second-largest U.S. greenhouse gas emitter. Leaving this pollution unchecked ignores the Supreme Court, puts the public at risk, and flagrantly violates EPA’s legal responsibilities.”

The EPA has not responded to a request for comment.

Tyler Durden Mon, 09/14/2026 - 17:10

"Everyone Is Retarded And Nothing Works...": Kunstler's Theory Of Everything

"Everyone Is Retarded And Nothing Works...": Kunstler's Theory Of Everything

Authored by James Howard Kunstler via Clusterfuck Nation,

A Theory Of Everything

"The Thing That Never Happens Keeps Happening."

- Kyle Becker on X

"Everyone is retarded and nothing Works."

Turns out that's the key to unlock the mystery of this particular Fourth Turning, the one here and now, of our own time. It's an excellent theory of everything happening these days, formulated by a close colleague of mine. And as far as I know, it's the only theory that makes sense. It explains, for example how and why consulting US attorney Joe DiGenova quit the grand jury investigation, as conducted by the DOJ in the Southern District of Florida (SDFL), of the treasonous conspiracy against the people of the USA running since 2016.

The most amazing part is that apparently no one in the country seems to give a shit about it. No politician has issued a statement. The blog-o-sphere, Twitter-sphere are mute. The President himself - the main target of the coup - was busy in Ireland this weekend. But let's face it: he has a duty to steer clear of interfering in juridical proceedings involving himself and his office.

The most diligent investigator of all, Dan Bongino, the podcaster who spent years documenting the serial turpitudes of RussiaGate, ImpeachmentGate, the 2020 election, the J-6 operation, and so on, who wrote several books about these crimes - and then became Deputy FBI director for a year, with access to the entire trove of evidence about all of it - says nothing now about the DiGenova affair. How is that possible? Instead, for months he's just played an insipid cheerleader on his daily podcast. Just imagine what Bongino really knows. Months ago, when he resigned from the FBI job, he stated publicly that what he saw in the J. Edgar Hoover building shocked him to his core.

I say all this because it looks like the case (or cases) in the SDFL will now go nowhere with diGenova out of the picture. Altogether, it was the gravest set of treasonous crimes against the Republic in our history, and nobody will be held accountable for it, a monumental insult following a possibly fatal injury to the country.

A certain amount of informed scuttlebutt comes my way, and the story I hear is that Joe DiGenova was of a mind to indict former president Barack Obama for his role in many phases of the ongoing coup, and that Todd Blanche blanched at that, in fear of provoking an even hotter civil war than the Red / Blue one currently raging from sea to shining sea (and especially in the three branches of government). Not just a civil war but, in effect, a civil race war, for fear of painting America's only black president a criminal.

Mr. Obama enjoys certain immunities against criminal prosecution for official actions he took as president - as determined in the SCOTUS decision Trump v. the United States, July, 2024 - but the parameters of what, exactly, official means remains squishy. The boundaries would have to be tested case-by-case in the lower courts. Which is what the grand juries sitting now in Florida might have done (or might yet somehow manage to do).

Was it an official act for Mr. Obama to turn Hillary Clinton's Russian Collusion campaign stunt into a seditious operation to run Mr. Trump out of office? Once Mr. Obama was out of office in 2017, did he direct continuing seditions through FBI director Wray and CIA directors Mike Pompeo and Gina Haspel? Does a record of correspondence exist, classified or otherwise? We know that the intel apparatus captures everything. Tulsi Gabbard might know what's in there. Perhaps the same things that shocked Dan Bongino to his core.

Once "Joe Biden" was installed in the Oval Office, did Barack Obama direct the cabal that actually ran the executive branch from Jan., 2021, to Jan., 2025 - did he act as a shadow president? What would the law say about that? And is he responsible for "Joe Biden's" ruinous policies such as the wide-open border and all it has entailed. One of Mr. Obama's closest insiders, John Podesta (also Hillary Clinton's 2016 campaign chairman), became "senior advisor for climate policy" in the final months of "Joe Biden's" term. He was given $370-billion from the fraudulently-named "Inflation Reduction Act" to distribute as he saw fit, and an awful lot of it landed in Democratic Party adjacent NGOs. Was private citizen Obama involved in arranging any of that?

Is Barack Obama, the 44th President of the US, a true villain? He was a very slick performer during the eight years he was president. But now, the political faction he led - maybe still leads because, look around, who else is there? - has gone batshit crazy since his second term ended. His party beat a path straight into the overt advocacy of communism with a jihad cherry on top, and you don't hear him complaining about any of it.

What I hear is that Joe DiGenova intended to subpoena Barack Obama to give testimony to that Florida federal grand jury and that Todd Blanche nixed it, so Joe quit. The next day, diGenova told the media that if the Florida team is "allowed to do their jobs" they will "succeed supremely" and that the U.S. Attorney's office there was doing a "phenomenal job under the worst of circumstances." He later added, there was "plenty of evidence" but it "just takes time."

Whatever that means.

Yet everybody knows what went down in our country the past ten years, that a vicious blob called the Deep State has been running a continuous coup, just as everybody with half-a-brain knows exactly what Covid-19 was about.

The question that remains: does having half-a-brain mean you're retarded, and does that explain why nothing works in the USA, including the ability to manage the nation's justice apparatus?

We publish a variety of perspectives. Nothing written here is to be construed as representing the views of ZeroHedge.

Tyler Durden Mon, 09/14/2026 - 16:20

Supertanker Explodes After Hitting Mine, IRGC Says, & Asserts 'Strait Of Hormuz Is Closed'

Supertanker Explodes After Hitting Mine, IRGC Says, & Asserts 'Strait Of Hormuz Is Closed' Summary
  • IRGC says supertanker exploded after hitting mine in Hormuz, says strait remains closed.
  • 'Deal' headlines return: US seeks "Step-by-Step" agreement with Iran, reports state media.
  • Houthis seized more Red Sea territory, including Perim Island near the Bab al-Mandab Strait.
  • Iran-Gulf diplomacy was postponed, delaying efforts to address the Strait of Hormuz crisis in what was to be a rare GCC-Iran meeting.
  • Saudi oil exports face ongoing disruption after a pipeline shutdown, pushing oil prices above $100/barrel.
//--> //--> //--> Trump invokes war powers in Yemen by September 30?
Yes 5% · No 95%
View full market & trade on Polymarket

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Supertanker Explodes After Hitting Mine: IRGC

Iran's IRGC Navy has late Monday (local) announced that a foreign supertanker exploded when it struck naval mines after attempting to enter an unapproved zone of the southern Strait of Hormuz, Fars reports.

Bloomberg also picked up the reported tanker explosion, providing the following further details:

  • Efforts to contain the blaze have been unsuccessful, leaving the vessel engulfed in flames, Fars says
  • The statement identified the vessel as the supertanker EL GAIA, with IMO number 9325336
  • “Warnings had previously been issued regarding the dangers of this illegal passage”
  • “IRGC Navy decisively declares that the Strait of Hormuz is closed”

If the emerging reports are accurate, it contradicts President Trump's recent claims that the strait has been fully de-mined. Reuters in late August noted of a Truth Social post that the president proclaimed "all mines ‌had been detonated or removed from international waters of the Strait of Hormuz and that Iran has been told that any ship ​or boat placing new mines will be ​destroyed."

Oil Drops on Return of 'US Seeks Deal' Headlines

Just as President Trump is appearing to show some desperation concerning soaring energy prices ahead of the midterm elections, and amid growing Republican angst, we witness a return to the 'a deal could return' style headlines which marked earlier phases of the war:

US seeks "Step-by-Step" agreement with Iran, reports ILNA citing Pakistani sources

  • As the war and US pressure against Iran continue, Washington's efforts to reach a "step-by-step" agreement with Tehran; a scenario that could be a prelude to the US entering the path of negotiations, without abandoning military and economic pressure.

And the all too familiar pattern that marked early summer...

OIL DROPS TO INTRADAY LOW, BRENT TRADES NEAR $106 A BARREL

Iranian state media is meanwhile suggesting that Washington interfered in what was a planned meeting between Iran and the Gulf Cooperation Council states (GCC) toward reopening the Strait of Hormuz. That meeting, which was supposed to happen Monday, was postponed indefinitely - after reports said the Saudis sought to add something untenable to a draft agreement. Tehran is still rejecting that it is 'seeking' new talks with Washington.

Trump has issued several provocative Truth Social posts throughout the morning...

The next weeks could possibly see a return to Axios' 'negotiations imminent' WH leak tactics, to artificially keep energy prices under control...

Meanwhile and important indicator of where things actually stand...

Yemen's Houthis Attack Saudi Base, And Take Fire After Major Conquest

Yemen's Ansar Allah -- also known as the Houthis -- claimed it fired drones and missiles at King Khalid Air Base in southern Saudi Arabia. Dozens of ballistic missiles and drones targeted military infrastructure in the rare and major cross-border attack.

The Houthis say the base suffered direct hits and extensive damage in a "large-scale military operation", though this could not be immediately verified, after the operation which their military spokesman described as retaliation more than 300 Saudi airstrikes across Yemen over most of the past week. Early reports from open source analysts suggest serious damage sustained at the base.

The sprawling base in Khamis Mushait has historically been used at times by US and UK advanced fighter jets, and has hangars that are well-fortified, though it's unknown the degree to which Western assets continue to be stationed there. For example, it was heavily utilized by the Pentagon during the first Gulf War, from where stealth fighters were launched to attack high priority targets in Iraq.

A Houthi spokesman has declared that the ongoing mission's targeting includes "weapons depots and command and control centers that are managing the aggression against our nation and people."

On Sunday, the internationally recognized Yemeni government -- which controls neither the capital nor territory encompassing a majority of the population -- said its air force launched three strikes on Houthi positions in the Taiz region. There were also reports of artillery fire on a Houthi stronghold in Saada province, on the northern border with Saudi Arabia.

Via Institute for the Study of War

In a blitz that caught the world by surprise, the Houthis late last week achieved an enormous strategic victory by conquering the remainder of Yemen's western coastline it didn't already control -- positioning it to easily enforce its declared blockade against Saudi-related shipping entering or leaving the Red Sea via the Bab al-Mandab Strait. Houthi soldiers also took over Perim Island, which sits in the strait. 

As Associated Press noted, the seizure of the new territory puts the Houthis in much closer proximity to US forces: 

The Houthis’ advance puts them just 20 miles (32 kilometers) from the U.S. military base in Djibouti, on the other side of the Bab el-Mandeb Strait. It’s the main U.S. base in Africa and one of several foreign military bases in Djibouti, including those of China, France and Japan.

The Houthi blockade is positioned as retaliation for the Saudi coalition's siege and blockade of Houthi-controlled areas of Yemen. Though the Houthi blockade only targets Saudi shipping, global cargo lines are highly wary of transiting the waterway that's narrower than the Strait of Hormuz. Many are rerouting traffic all the way around Africa's Cape of Good Hope, which requires at least 20 extra days and a lot more money. “Freedom of navigation and international trade in the Red Sea and Bab al-Mandeb are safe and orderly,” a Houthi official told Al Jazeera. 

While it's too little, too late for Riyah's hopes of some kind of big Washington intervention in Yemen, Saudi Arabia's Crown Prince Mohammed bin Salman on Monday met US Central Command chief Admiral Brad Cooper in Jeddah, the Saudi Press Agency (SPA) has confirmed. Likely they reviewed the coalition's narrowing options going forward, but President Trump has thus far expressed reluctance to get directly involved militarily, at a moment he's still trying to figure out what's next with Iran.

Iran Diplomacy Postponed

Cold water has been thrown on flickering hopes for finding an exit from the latest and most dangerous chapter in America's "endless wars," as a highly-anticipated Monday summit of Iran and other Persian Gulf states was postponed.

That bad news follows an eventful several days that saw Yemen's Iran-allied Ansar Allah take control of a large swath of strategic coastside territory. Saudi Arabia's critical east-west pipeline, shut down after a drone attack that originated in Iraq, may be the center of a major hit to global oil supply. 

The Monday meeting was set to take place in the Omani coastal city of Salalah, with attendees including foreign ministers of Iran, Oman, Iraq, Saudi Arabia, UAE, Kuwait and Qatar. Taking a US-friendly line, Bahrain had declined to attend, saying stability "cannot be preserved through a policy of appeasement” and demanding the strait be re-opened without "discrimination, fees or permits." The tiny state that is was home to the US Navy's Fifth Fleet also cited its ongoing suspension of diplomatic relations with Iran.   

The meeting was going to focus on a proposed arrangement by which Iran and Oman would jointly manage the flow of shipping through the Strait of Hormuz. Traffic through the vital waterway is at a near standstill, more than six months after the United States and Israel launched a war on Iran. Axios' Barak Ravid, seen by many as a conduit for US-Israeli narratives, reported that Saudi Arabia had submitted amendments to the proposal. 

“At the request of some regional countries and by a joint decision of Oman and Iran, the meeting of foreign ministers of Persian Gulf coastal states, which was planned for Monday, has been postponed to another date,” Iranian foreign ministry official Mohammad Ali Bak told Iran's IRNA. If the meeting comes to fruition, it would be the first one to convene top diplomats from Iran and the Gulf Cooperation Council since the war started on Feb 28. 

Previously, Iranian Foreign Minister Abbas Araghchi said attendees would be presented with route maps and other details about how ships would enter and depart the strait. Importantly, he emphasized that the proposal was not sufficient to actually reopen the strait. 

Closure of Saudi Pipeline Set To Remove 4% of Global Supply

A different lifeline was completely closed over the weekend, with no end in sight: Saudi Arabia's east-west oil pipeline was shut down after a devastating attack on a pumping station that seemingly originated with Shiite militias in Iraq. The pipeline was playing a vital role in offsetting the closure of the Strait of Hormuz, by sending oil to Saudi Arabia's Yanbu port on the Red Sea.  

Saudi oil traders told Reuters that, unless the pipeline is opened up within days, the kingdom will run out of export stock, removing as much as 4% of worldwide supply from the market. Even before the pipeline-pumping station attack, Saudi inventory had plummeted to its lowest level in 30 years.  

Though Saudi Arabia initially called the closure a mere "precautionary measure," some observers have very little optimism about a quick resumption of pipeline flow. One source told Reuters it could take five to six weeks to repair. If you'd imagined the pumping station some small facility, this image should give you a proper orientation to what must be restored "in a few days" to avert a major disruption of global supply:

Overnight, West Texas Intermediate futures leapt by 2.89% to $102.94 a barrel. Brent was up almost as much, trading at $107.56. 

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Tyler Durden Mon, 09/14/2026 - 15:59

"Dead Mall" Era Ends As Shoppers Return, Values Surge And Sector Leads CRE Revival

"Dead Mall" Era Ends As Shoppers Return, Values Surge And Sector Leads CRE Revival

The "malls are dead" narrative gained traction in corporate media coverage in 2016 and 2017 and lasted until 2022.

Those headlines reflected the strain across the sector as excess retail space, department-store closures, and shifting consumer habits led to widespread low occupancy and cratering property values.

But now, new data suggest that the "dead mall" narrative has not just reversed: that part of the CRE market is thriving, with a Wall Street Journal report saying it's outperforming every other major CRE sector.

CRE research firm Green Street released a new report showing that mall values across the US rose 13% over the past year, leading all 10 sectors it tracks and more than doubling the increase in overall CRE prices. That recovery has attracted investors who are souring on weak performance across office and multifamily properties.

Simon Property Group, the largest US mall owner, saw its shares surpass their 2016 peak in July. That earlier peak came just as the "dead mall" narrative began to erupt in MSM headlines. The stock is up nearly 11% this year.

WSJ cited Vincent Rouget, CEO of Unibail-Rodamco-Westfield, a Paris-based CRE company, who explained that US tenant sales and net operating income growth are exceeding the company's broader portfolio average, with rent growth at levels unseen since the early 2010s.

"We see the type of rent growth that we haven't seen since the beginning of the 2010s," Rouget told the outlet.

Morgan Stanley real estate research chief Ronald Kamdem said, "In terms of how we think about the malls today fundamentally, this is probably the best it's felt post-Covid."

The tailwinds extend beyond trophy malls. CBL Properties, which entered bankruptcy protection during the Covid pandemic, reports rising traffic and sales. Its shares have climbed 48% this year, and it has acquired five properties since July 2025 after shrinking its portfolio footprint for years. 

CBL's West County Center near St. Louis couldn't refinance its debt in 2022, and the property was in decline but has since seen tenant sales increase by 13% since 2023. 

Oversupply conditions have likely abated, as Green Street said about an estimated 200 malls have closed since 2008, leaving about 900 operating nationwide. 

Resilient consumer spending has put the remaining malls on some of their strongest footing in years, and many have shifted from a department-store-led business model toward destinations built around shopping, dining, and entertainment.

Tyler Durden Mon, 09/14/2026 - 15:45

Here's What's Happening Inside Convenience Stores As Gas And Diesel Spike

Here's What's Happening Inside Convenience Stores As Gas And Diesel Spike

We continue to track convenience store trends as an indicator of working-class sentiment, building on our coverage of the spending pullback that emerged early in the US-Iran conflict. That weakness persisted into late summer as August's fuel-price spike put further pressure on household budgets.

The Gulf conflict and a global refining squeeze pushed regular gasoline above $4.50 a gallon and diesel above $5.50 in August, leaving consumers with less room for discretionary purchases.

Jefferies food analyst Scott Marks published a note on Monday morning providing new insight into consumer trends at the convenience store level in August, as elevated fuel prices appeared to renew pressure on consumers.

Marks and his team found that visits fell 2% from a year earlier, a 1.25-percentage-point deterioration in the annual growth rate compared with July. The reversal largely erased July's improvement, he said, adding that higher fuel prices in late August and early September suggest traffic could remain under pressure.

The squeeze is showing up both at the pump and inside the store. Across tracked convenience store food categories, volumes declined roughly 9% from a year earlier during the three months ended Aug. 22, compared with a 7.5% decline over the six-month period. Dollar sales fell about 3%, even as pricing growth accelerated to approximately 6% from 5%.

Marks added more color:

What We C: Traffic Takes a Step Back in August

Convenience store traffic stepped back down in August, with rising fuel prices appearing to renew pressure on the consumer. A vast majority of top food categories saw sales worsen L3M vs. L6M, with volume trends similarly worsening in most. Performance nutrition shakes were the clear standout on strong DD% growth, underscoring consumer demand for protein, while chocolate inflected negative and energy continues to lead in beverages.

Convenience channel traffic steps back down. C-store foot traffic fell ~2% y/y in August, representing a 125 bps sequential decline vs. July. This decline follows a 150 bps sequential improvement in July, with rising fuel prices in the back half of the month that remained elevated through August likely driving the reversal in trends. Notably, with fuel prices rising further in late August and early September, c-store traffic is likely to remain under pressure. Nielsen data showed broad-based softening across top food categories, with a majority experiencing weaker sales trends in the L3M versus L6M period. Volumes also deteriorated across most categories, while pricing accelerated in the majority.

CASY results underscore trade-down, low-end more pressured. CASY FQ1 pointed to a consumer still spending on food/bevs while trading down elsewhere, with inside comps +3.2% and PFDB +4.8% driven by traffic and units. All income cohorts grew, though lower-income shoppers were more pressured, and higher fuel prices drove fewer gallons per trip but more trips. Grocery softness was category-led, as national brand pricing pushed snack buyers into private label and beer stayed weak, while nicotine alts and energy outperformed. With expectations elevated into the print, shares traded off on multiple compression rather than deteriorating fundamentals.

Performance nutrition shakes lead as chocolate inflects negative. U.S. tracked channel convenience store sales and volume trends deteriorated in the L3M vs. L6M ending Aug. 22, with total convenience volumes worsening to down ~9% from ~7.5% and sales worsening to down ~3% from ~2.7%. Performance nutrition shakes were the clear standout, with sales up ~13.5% L3M (vs. ~9% L6M) on ~13% volume growth and ~15% TDP growth, underscoring consumer demand for protein. Chocolate inflected negative on sales (down ~1% L3M vs. up ~1% L6M) as volumes worsened to down ~10% from ~8.5%. Multi serve (down ~17.5%), ice cream (down ~11.5%), meat snacks (down ~11%) and confection (down ~10.5%) led volume declines, with multi serve, frozen novelty, and sandwiches deteriorating most sharply L3M vs. L6M. On a sales basis, multi serve (down ~12.5%), confection (down ~6.5%), doughnuts (down ~6%) and meat snacks (down ~6%) were the steepest decliners. Price realization remained positive for most categories, led by chocolate (+8.5%), with total convenience food pricing accelerating to +6% L3M from +5% L6M.

Energy Remains a Standout in Beverages. Non-Alc Beverages declined 0.5% y/y over the L3M (-0.2% L6M) in the convenience channel, while Energy's outperformance continues, up 4.7%. Pricing is sticking, innovation is working, and new consumers are entering the category as consumers prioritize functional beverages. Meanwhile, soft drinks declined on both a dollar (down 3.4%) and a volume basis (units down 7.5%) over the L3M. Beer did, too, with sales down 5.0% L3M.

The report draws on Placer.AI foot-traffic data and NielsenIQ data from major convenience store chains and fuel retailers, including 7-Eleven, Casey's, Circle K, QuikTrip, Royal Farms and Wawa, providing a broad view of spending behavior across the channel.

Marks' findings suggest consumers are becoming more defensive with their spending, trading down and reducing purchase volumes as fuel and food costs squeeze household budgets. Strength in select categories shows that consumers remain willing to spend. This consumer pressure story at the convenience store level doesn't bode well for the Trump administration ahead of the midterm elections, as folks usually vote with their pocketbooks. 

Professional subscribers can read more about consumer trends here at our new Marketdesk.ai portal. 

Tyler Durden Mon, 09/14/2026 - 15:27

NATO Vows More Ukraine Support After Boris Johnson & David Petraeus Train Attack Near-Miss

NATO Vows More Ukraine Support After Boris Johnson & David Petraeus Train Attack Near-Miss

More escalation, NATO says. The Western military alliance's Secretary-General Mark Rutte said Monday that Russian drone strikes near the Ukraine-Poland border hit "close to NATO territory".

He said the Sunday attack, which occurred merely hundreds of meters from Poland's border, smacked of Putin's "desperation and also his desire to sow fear and terror." Western media outlets reported early Sunday that a Russian attack drone struck a civilian locomotive on the Kiev-to-Warsaw route with just two kilometers from the border.

Rutte pledged even more support for Ukraine in the wake of the attack. "He thinks that he can stop us from supporting Ukraine and that he can undermine our unity. He is wrong," the NATO chief said of the Russian leader.

via Epoch Times

Polish Prime Minister Donald Tusk has indicated greatly stepped-up border security, and has newly stated: "These coming weeks and months will be a time of very intensified actions on the Russian side, and unfortunately we cannot rule out that this escalation will also affect our territory."

European media reports suggested that former British Prime Minister Boris Johnson and other top officials may have been targeted. A train full of NATO security officials had reportedly just departed the station before the rare daytime strike.

And the former CIA director was on board, and commented:

Former CIA Director David Petraeus was at a Ukrainian train station Sunday when a Russian drone struck a Poland-bound train there.

Petraeus, a retired U.S. Army general, was aboard a separate passenger train at Yahodyn station near the Polish border when a jet-powered Russian drone struck the locomotive of a nearby train, according to multiple reports.

Petraeus said passengers on his train heard drones overhead and were evacuated after passing through Ukrainian customs. A large explosion followed.

According to the NY Times: "David Petraeus, the former C.I.A. director, could hear the Russian drones above his train, which had just passed through Ukrainian customs on its way to Poland on Sunday morning. He and other passengers were quickly evacuated. Not long after, he heard a huge explosion."

Petraeus told the outlet, "For those who have not been under fire, this was terrifying."

As for former UK PM Johnson, he condemned the attack but did not indicate that he thought he was being targeted. "What we can say for sure is that this is the kind of random and senseless attack Ukrainians are enduring every day – even on civilian railways," Johnson wrote on X. The particular train that he and other Western security officials were on was issued an evacuation order, but then soon after was allowed to proceed on its destination. 

Some pundits are pointing to a possible false flag scenario. It also could just be a strong 'warning' for from Moscow, after moving forward with strikes on 'decision-making centers' in Ukraine.

Tyler Durden Mon, 09/14/2026 - 14:25

Jeffries Refuses To Rule Out Trump Impeachment If Democrats Win House

Jeffries Refuses To Rule Out Trump Impeachment If Democrats Win House

Authored by AG News Staff via American Greatness,

House Minority Leader Hakeem Jeffries said Sunday that Democrats have not ruled out another impeachment of President Donald Trump if they capture control of the House in November's midterm elections.

During an appearance on ABC's "This Week," host George Stephanopoulos asked the New York Democrat whether his party would pursue impeachment immediately after taking control of the chamber.

"No, we haven't ruled anything in and we haven't ruled anything out in terms of impeachment," Jeffries said.

Jeffries said Democrats would instead begin by investigating allegations of wrongdoing and allow the evidence to determine what action Congress should take.

"We've got to follow the facts, apply the law, be guided by the Constitution, and then let the chips fall where they may, in the best interests of the American people," he said.

Jeffries pointed to Reps. Jamie Raskin, D-Md., and Robert Garcia, D-Calif., who would be positioned to lead the powerful House Judiciary and Oversight committees if Democrats win the majority.

Trump has already predicted that Democrats would attempt to impeach him again if they take control of the House.

The House impeached Trump twice during his first term. The first impeachment came in 2019 over his dealings with Ukraine. The second followed the Jan. 6, 2021, attack on the U.S. Capitol. The Senate acquitted Trump in both cases.

Democrats would gain significantly expanded investigative authority if they capture the House, including control of committee hearings and subpoenas.

Jeffries also outlined several legislative priorities Democrats would pursue if they take control, including efforts to reverse Trump's tariffs, end U.S. involvement in the war with Iran and restore enhanced Affordable Care Act subsidies.

"These are some of the things that I think we can begin to do," Jeffries said, adding that Democrats would pursue an aggressive legislative agenda throughout the next Congress.

Control of the House will be decided in the Nov. 3 midterm elections. Republicans currently hold the majority, while Democrats are seeking the net gain of seats necessary to take control in January.

Tyler Durden Mon, 09/14/2026 - 14:10

Trump Says Meeting With Chinese Leader Will Cover 'Almost Everything'

Trump Says Meeting With Chinese Leader Will Cover 'Almost Everything'

Authored by Aldgra Fredly via The Epoch Times,

U.S. President Donald Trump said on Sept. 13 that he would discuss almost everything with Chinese leader Xi Jinping during a planned meeting at the White House later this month.

Trump did not provide specifics but said his tariffs had kept Chinese vehicles out of the U.S. market.

"The tariff kept them out. I have a 100 percent tariff. From 100 to 150 percent," he told reporters aboard Air Force One, comparing the U.S. move with Europe, which he said was being decimated by Chinese cars.

Trump last week dismissed the possibility of allowing Chinese cars to be imported into the United States but indicated that he may be open to Chinese automakers building cars in the country, provided they hire American workers.

Earlier this month, a group representing most of the major automakers urged Congress to quickly pass legislation permanently barring Chinese vehicles from the U.S. market.

The Alliance for Automotive Innovation, which represents General Motors, Ford, Toyota, Volkswagen, Hyundai, Honda, Stellantis, and others, called for passage of the bill by the end of December.

"Right now, Chinese automakers are dumping subsidized vehicles with connected software and hardware around the world," the group's CEO, John Bozzella, said in a letter to congressional leaders. "China is capturing market share in Europe, Australia, Southeast Asia, Mexico and South America with vehicles capable of collecting, processing and transmitting sensitive vehicle and consumer data to the Chinese Communist Party."

Trump also told reporters on Sept. 13 that he expects to reach an agreement for China to purchase Boeing aircraft during Xi's visit. China has previously agreed to buy 200 Boeing planes after the two leaders met in Beijing in May, but the deal has yet to be finalized.

"I get every deal," the president said.

When asked about reports alleging that Chinese entities may have supplied Iran with satellite imagery of U.S. airbases in Jordan, Trump said, "They basically do what we do."

It is unclear whether he plans to raise the issue during his meeting with Xi, but Trump said the Chinese leader has "behaved reasonably well."

"You know when they say that China spies on us, I say, you're right, and we spy on them, too," he said.

Xi was scheduled to visit the United States on Sept. 24. Trump formally invited Xi and his wife, Peng Liyuan, to the White House during his May visit to Beijing. The president said in July that he plans to discuss artificial intelligence with the Chinese leader.

U.S. Secretary of State Marco Rubio told reporters on July 22 that he met with Chinese Foreign Minister Wang Yi on the sidelines of the Association of Southeast Asian Nations (ASEAN) summit in Manila, the Philippines, to lay the groundwork for Xi's upcoming visit to the United States.

Rubio acknowledged the major differences between Washington and Beijing and emphasized that it is their job to manage them to ensure "they never get out of control."

"We're, obviously, always going to defend our national interest," he said at the time. "And I expect they'll do the same, as they define it. But I think there are some areas of potential cooperation."

Tyler Durden Mon, 09/14/2026 - 13:35

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