‘Ketamine Queen’ Heads to Sentencing as Prosecutors Cite ‘Cold Callousness’ in Matthew Perry Case

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The woman prosecutors have dubbed the “Ketamine Queen” is scheduled to be sentenced Wednesday in federal court in Los Angeles for her role in supplying the drugs that led to the death of Matthew Perry.

Jasveen Sangha, who has been in custody since her arrest in August 2024, pleaded guilty last year to multiple federal charges, including maintaining a drug-involved premises, three counts of ketamine distribution, and one count of distribution resulting in death or serious bodily injury.

The charges stem from her involvement in a drug supply chain that ultimately delivered the ketamine used in Perry’s fatal overdose in October 2023. She faces a maximum sentence of 65 years in prison.

According to prosecutors, Sangha operated what they described as a “high-volume drug trafficking business” out of her North Hollywood residence, where she stored, packaged, and distributed substances, including ketamine and methamphetamine, dating back to at least 2019. Court filings allege that her operation continued even after she became aware that the ketamine she had sold contributed to multiple deaths.

“She didn’t care and kept selling. Defendant’s actions show a cold callousness and disregard for life. She chose profits over people, and her actions have caused immense pain to the victims’ families and loved ones.”

Authorities say Sangha had prior warning signs. In 2019, Los Angeles resident Cody McLaury died hours after purchasing ketamine from her. Despite that, prosecutors argue, she continued distributing drugs without altering her behavior.

She “had the opportunity to stop after realizing the impact of her dealing – but simply chose not to,” prosecutors also said, arguing that her conduct warrants a “significant” sentence.

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In the case involving Perry, prosecutors allege Sangha worked alongside another dealer, Erik Fleming, to distribute ketamine to the actor. In October 2023 alone, the pair supplied 51 vials, which were passed to Perry’s live-in assistant, Kenneth Iwamasa.

“Leading up to Perry’s death, Iwamasa repeatedly injected Perry with the ketamine that Sangha supplied to Fleming,” the DOJ said in a press release last year. “Specifically, on October 28, 2023, Iwamasa injected Perry with at least three shots of Sangha’s ketamine, which caused Perry’s death.”

Sangha is one of five individuals charged in connection with the case. Fleming and Iwamasa both pleaded guilty in August 2024 and are awaiting sentencing later this month. Two physicians, Mark Chavez and Salvador Plasencia, have already been sentenced after pleading guilty to charges tied to the illegal distribution of ketamine. Chavez received eight months of home confinement, while Plasencia was sentenced to 30 months in prison.

As the sentencing approaches, prosecutors and defense attorneys have presented sharply contrasting portraits of Sangha.

Federal prosecutors are seeking a 15-year prison sentence, citing what they characterize as a lack of remorse and a pattern of behavior that continued despite deadly consequences.

In filings submitted ahead of the hearing, they pointed to recorded jail conversations in which Sangha allegedly discussed turning the case into a financial opportunity. An individual stated, “We’re gonna sell those book rights,” and Sangha allegedly responded, “Oh, I know, the plan is in, the f—— trademark is going down,” according to the filing.

“Even if said in jest, this conversation suggests defendant does not appreciate the severity of her offenses, and instead sees her crimes as a potential future revenue stream. It also shows that time in custody has, thus far, failed in getting defendant to adequately reflect upon the grave harms she has caused.”

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They also criticized Sangha’s legal filings for minimizing the broader impact of her actions.

“For example, defendant harmed two overdose victims, but her sentencing briefing does not even mention Cody McLaury and only references Matthew Perry in passing, in the context of defendant attempting to downplay her role in his death and to heap the blame on others,” prosecutors wrote in their response.

Sangha’s defense team, however, has urged the court to impose a sentence of time served, arguing that she has demonstrated meaningful rehabilitation while incarcerated.

“She has maintained sustained and exemplary sobriety, and actively engaged in recovery-oriented and rehabilitative programming while in custody, and has tremendously strong family and community support to facilitate successful reentry and reduce the risk of recidivism,” her attorneys, Mark Geragos and Alexandra Kazarian, wrote.

Geragos has also emphasized his client’s emotional response to the case.

“She’s felt horrible from day one,” Geragos told reporters outside the courthouse last year following Sangha’s guilty plea. “This has been a horrendous experience.”

For Perry’s family, the loss remains profound. In a victim impact statement submitted ahead of sentencing, his stepmother, Debbie Perry, described the damage as permanent.

“The pain you’ve caused to hundreds, maybe thousands, is irreversible. There is no joy. No light in the window. They won’t be back. Please give this heartless woman the maximum prison sentence so she won’t be able to hurt other families like ours.”

The sentencing hearing, scheduled for Wednesday morning, is expected to bring a measure of legal closure to a case that has drawn widespread attention—not only because of Perry’s fame, but because of what prosecutors say it reveals about a broader network of illicit ketamine distribution operating behind the scenes.

sony

Sony Pictures Cuts Jobs as It Bets on Franchises, Gaming and Digital Growth

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Sony Pictures Entertainment is moving ahead with a reorganization that will eliminate hundreds of jobs across its film, television and corporate operations, as the studio reshapes itself around franchises, gaming-related content and digital-native content.

According to sources familiar with the matter, the layoffs are expected to affect a “few hundred” employees out of roughly 12,000 workers globally, with cuts already beginning and expected to continue in the months ahead. Those impacted are said to be largely in junior and middle management roles.

The restructuring was outlined Tuesday in a memo from Sony Pictures Entertainment CEO Ravi Ahuja, who told staff that the company has spent the last year refining its direction and identifying the areas it sees as the strongest growth opportunities.

“Over the past year, we have sharpened our strategy and clarified where we believe the greatest opportunities exist. As we lean into those priorities, we need to operate with greater focus, speed, and alignment to strengthen our differentiated capabilities.”

People close to the process told Variety the cuts are not being framed internally as a broad cost-cutting exercise, but instead as a “targeted and strategic” reallocation of resources.

Sony is prioritizing franchise strategy and brand extensions, including game shows, as well as animated content, experiences, next-generation content, platform-native programming and stronger use of YouTube. Another major focus is closer coordination with the larger Sony Group ecosystem, especially regarding adaptations tied to its gaming business.

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The company is also focusing on specific return-on-investment drivers, including Crunchyroll and expanded anime efforts beyond the platform, as well as PlayStation adaptations across film and television.

In the memo, Ahuja described the changes as part of a broader attempt to reposition the company for where the entertainment industry is headed. “That requires changes to how we are structured and where we invest,” he wrote.

That strategy comes as Sony leans harder into established intellectual property and cross-platform franchises. Under Ahuja, the company has put emphasis on its recent acquisition of the “Peanuts” IP, a new deal with Big Shot Pictures, and further development of PlayStation-based projects. Those include HBO’s “The Last of Us” and the forthcoming “God of War” series at Amazon, alongside expansion of existing Sony-backed worlds such as “The Boys,” “Spider-Man,” “Ghostbusters,” “Outlander” and “Jeopardy!”

The reorganization will also bring structural changes inside the company. Sony’s Game Show Group will be combined with GSN under the leadership of its game shows president, Suzanne Prete. Sony Pictures Television’s nonfiction division, which had previously been announced, will now sit under TV studios president Katherine Pope. Sony is also closing the visual effects company Pixomondo as part of the shake-up.

Ahuja acknowledged in his memo that the changes will mean job losses.

“With that, we are reducing roles in certain areas while increasing focus and investment in others that are most critical to our future. This means that some of our colleagues will be leaving the company. These are difficult decisions. They impact talented people who have contributed meaningfully to our work and culture. We are grateful for their contributions, and our P&O teams are committed to supporting them through this transition.”

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The CEO also sought to reassure staff that more information would follow, noting that the process will continue to unfold over time. “I know this kind of change can feel uncertain and raise questions,” Ahuja wrote.

Ahuja, who became CEO in January following the retirement of longtime Sony entertainment chief Tony Vinciquerra, argued in the memo that Sony’s position as an independent film and television studio gives it unusual flexibility as media companies navigate shifting audience habits and changing distribution models.

“While the industry around us continues to evolve, we are uniquely well-positioned for this moment,” he noted. He pointed specifically to “the demonstrated value of our independent television and film studios,” which he said allows Sony “the flexibility to move with the market — to partner broadly, match projects with the right platforms, and support our creative partners in bringing great stories to life.”

Sony continues to position itself as an “arms dealer” in the streaming era, supplying content across platforms rather than operating its own major streaming service. Its upcoming slate includes other projects such as “Spider-Noir,” additional seasons of “Twisted Metal,” and a feature adaptation of “Helldivers” planned for 2027.

“By aligning our structure and resources more closely with our strategic priorities, we will move forward with greater clarity and momentum and be better equipped for innovation and resilience.”

Polymarket Trader’s Near-Perfect Iran Bets Draw Scrutiny

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A trader on the prediction market platform Polymarket has drawn scrutiny after racking up nearly $1 million in profits since 2024 by consistently betting on geopolitical events, often just hours before they unfolded.

An analysis shared with CNN by blockchain analytics firm Bubblemaps found the bettor correctly predicted a series of U.S. and Israeli military actions involving Iran, including strikes in October 2024, U.S. airstrikes on Iranian nuclear facilities in June 2025, and a joint U.S.-Israeli operation earlier this year. In many cases, the wagers were placed shortly before the operations were publicly known.

The trader’s success rate was unusually high. According to the analysis, they won 83% of their bets overall and 93% of wagers exceeding $10,000, netting approximately $967,000. Such performance has raised concerns among experts about whether non-public information may have played a role.

“It sure seems like this person either has incredible luck or was insider trading,” said Todd Phillips, a finance professor at Georgia State University and former advisor to the Commodity Futures Trading Commission (CFTC). “Having win rates in the 80% to 90% range is just too good to be true. I look at this, and I think something fishy is going on.”

Bubblemaps CEO Nick Vaiman echoed that skepticism, pointing to the trader’s timing and consistency.

“All of this is strong signaling of insider activity, based on the amount they made, the markets they bet on, the timing of their trades, the success rates of these trades, and the fact that they are connected on-chain. This is pretty suspicious in my book.”

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Still, there is no definitive evidence that the trader had insider access. The accounts involved are anonymous and cannot be directly linked to any individual. Some of the bets were also placed days or weeks in advance, which experts say is less suggestive of insider knowledge.

The activity highlights broader concerns about prediction markets, where users can wager on outcomes ranging from elections to armed conflicts. While such platforms have gained popularity, they have also sparked debate over whether they can be exploited by those with privileged information.

Although the CFTC approved the company to offer services to U.S. users last year, its domestic platform is not yet fully operational. Experts note that Americans can still access the offshore site using VPNs.

That approval followed the Trump administration’s decision to close a Biden-era investigation into whether Polymarket had improperly allowed U.S. users on its offshore platform.

Amid rising scrutiny, Polymarket announced new rules this week to clarify what constitutes prohibited insider trading. The updated policy bans trades based on confidential information, tips from individuals obligated to keep information private, and participation by those in positions of authority who could influence event outcomes.

“These rule enhancements make our expectations abundantly clear for every participant across both platforms and highlight the compliance infrastructure we have already built.”

Other platforms are taking similar steps. Kalshi, a U.S.-regulated prediction market, introduced additional safeguards, including enhanced screening for athletes and politicians. The company, which also prohibits insider trading, operates fully within U.S. regulatory oversight.

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The issue has gained urgency as geopolitical tensions, particularly involving Iran, have driven increased betting activity. Lawmakers and watchdog groups have raised alarms about so-called “death markets,” where users speculate on events such as the fate of political leaders.

There have already been legal consequences abroad. Israeli authorities recently indicted two individuals, including a military reservist, for allegedly using classified information to place bets on Polymarket during last year’s conflict with Iran.

The situation has prompted bipartisan efforts in Washington to tighten regulations. Proposed legislation would bar federal officials from using non-public information to trade on prediction platforms. Meanwhile, the CFTC has issued guidance reminding operators that insider trading is illegal and subject to enforcement.

Still, defining insider trading in these markets remains complex. In the U.S., the legal standard typically requires that the trader has a duty to keep certain information confidential.

Jason Trost, CEO of the UK-based prediction platform Smarkets, noted that not all informational advantages qualify as insider activity. Some data—such as satellite imagery or overheard conversations—may be difficult to obtain but not legally restricted.

“The more of that information that gets into the marketplace, all the better,” Trost said. “But if there’s something you know about that is about to happen, and it is materially non-public information, then that, I think, is the red line.”

Even so, the pattern of highly accurate, well-timed bets has fueled ongoing concern. Analysts say similar activity has appeared around other major geopolitical developments, suggesting this may not be an isolated case but part of a broader trend shaping the future of prediction markets.

Nepal

Nepal Votes in First Election Since Deadly Youth-Led Protests Toppled Government

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Nepalis headed to the polls on Wednesday in the country’s first national election since last year’s youth-led protests forced the government from power, a moment widely seen as a test of whether the political establishment can withstand growing pressure from younger voters demanding change.

The unrest that erupted last September was fueled by anger over corruption, economic stagnation and widening inequality. Seventy-seven people were killed during the demonstrations, many of them protesters shot by police.

Nearly 19 million citizens registered to vote in the 5 March election for the House of Representatives, including roughly one million first-time voters. After polling stations closed, Nepal’s Election Commission estimated turnout at about 60%.

The vote unfolded largely peacefully, though authorities deployed significant security forces across the country.

At the heart of the election is a clash between long-dominant political figures and a younger generation of candidates attempting to capitalize on the energy of the protest movement.

One of the most closely watched races is taking place in Jhapa 5, where former prime minister KP Sharma Oli is running to retain his political influence after being ousted during the protests. His challenger is Balen Shah, a former rapper who stepped down as Kathmandu’s mayor earlier this year to contest the seat.

Oli’s party, the Communist Party of Nepal UML, has rejected the idea that the protests represented a rejection of his leadership. Speaking to the BBC, Oli said he remained confident voters would return him to office.

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Another major political figure in the election is Gagan Thapa, leader of the Nepali Congress. He has argued that younger voters are increasingly frustrated with the coalition governments that have dominated Nepal’s politics over the past few decades.

Thapa said Gen Z voters are disillusioned with past alliances and “poor governance,” adding that his party is paying attention to the concerns of younger generations.

Shah, representing the Rastriya Swatantra Party (RSP), has cultivated a different style of campaigning. On Thursday, he arrived wearing his trademark black sunglasses and moved through a crowd of reporters without answering questions.

Some members of the media worry that his reluctance to engage could persist if he wins office. Yet many younger voters say his energy and outsider image are exactly what the country needs, viewing him as a symbol of political renewal.

Still, some activists remain skeptical that traditional parties have seriously addressed the demands raised during the protests.

Rakshya Bam, a prominent Gen Z leader, said she has little confidence that the election will deliver the change many young people hoped for.

“I think none of the parties have incorporated the pact that was signed between the government and the Gen Z in their election manifestos. They want to sell the name of Gen Z and come into power, so they are using the term Gen Z movement… I don’t have much expectations from the elections.”

Many voters say their concerns remain rooted in the same economic frustrations that sparked the demonstrations.

Ispa Sapkota, who voted in Kathmandu, told the BBC she joined protests last year because she wanted to see corruption addressed and political stability restored.

“We want a better nation,” she said. “When I and others search for jobs, we’re not able to get any here. Brain drain is becoming the most important problem in our country.”

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Another voter, Samikshya KC, said she supported the protest movement, even though she did not participate in the demonstrations.

“Nepal is becoming very corrupt. I’m hoping for a big change. There are so many remote places in our country – let there be some progress there too. Whatever happens, let it be good.”

The election’s outcome could reshape Nepal’s political landscape. For more than 30 years, governments have typically been formed through shifting coalitions dominated by a small number of major parties, including two communist factions.

A victory by Shah would signal a dramatic break from that pattern and reflect the growing influence of younger voters.

The election will determine all 275 seats in the lower house of parliament. Of those, 165 are being contested through first-past-the-post races, while the remaining 110 will be allocated through proportional representation based on each party’s share of the national vote.

Counting the ballots is expected to take several days. Nepal’s rugged terrain makes transporting ballot boxes difficult, and votes are counted manually once they arrive at tallying centers.

Election officials say it typically takes at least a day to collect ballots from remote regions and deliver them to counting sites.

The Election Commission has said it aims to finish the counting process by 9 March. Results from the directly elected seats are expected within 24 hours of counting beginning, while the proportional representation tally may take an additional 2 to 3 days.

Once the final numbers are confirmed, political parties will begin negotiating to form a new government — one that will face pressure to tackle corruption, improve governance and revive an economy that many voters say has left them behind.

Washington Post

Washington Post Mass Layoffs Have Caused ‘Genuine Trauma’ Among Staff 

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Matt Murray, top Washington Post editor, stated there was a “widespread sense of loss, of genuine trauma” during a town hall meeting with staff in regards to the company laying off nearly a third of its employees last week. Murray also tried to give some hope as well, by saying that he had confidence the Post was on a path to success. 

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“There’s no doubt that just the sheer depth of the cuts – and also, with that, the reality of what we face at the Post – has been a very hard thing to wrap our heads around and to grapple with.”

Murray joined the Post in 2024. He said it was a “shocking discovery” for management to take in the level of the financial issues that the company is facing, however, he said he “did not want to look backwards and litigate the past.”

“The company has been a mess in lots of ways for a long time, but I’m confident stars are aligning in a positive way.”

Post leadership, according to Murray, used data on readership trends to determine which areas to cut. Sports, international, local, and style sections were specifically hit very hard. 

“I’m sure we got some things wrong, but if I look around the room with everybody here, I know we got a lot of things right,” he said. 

The Post felt a huge wave of success when Trump was in the White House during his first administration due to the fact that the publication was responsible for breaking news first, however, during his current presidency, many readers aren’t clicking the headlines. 

“People are reading about Donald Trump, but they also want to escape from Donald Trump,” Murray said. 

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Murray was also observed to “downplay” the number of Post customers who canceled their subscriptions, according to reports. “It’s been not very heavy, and it’s been completely within predicted models and expectations, and completely baked into the plan.”

Jeff D’Onofrio was named acting publisher by owner Jeff Bezos recently, and introduced himself to employees while addressing the high levels of layoffs. 

“For the past five years, the Post has not directly addressed deeply rooted problems, turning an eye at our revenue downturn and staying our course despite shifting traffic and user habits,” D’Onofrio said. 

“This was a decision to change the scope and direction of our business.”

D’Onofrio joined the Post last June as chief financial officer. To his colleagues, he said: “I need you to know that we will get to the other side of this … We are on the same team. It can’t be any other way.”

Reporters and other staff are not as convinced about the future of the publication. One veteran reporter asked Murray why employees should still believe in management, as they felt they have “not seen this place as demoralized as it is right now.”

“I can’t tell you to believe in me or believe in Jeff or believe in other Jeff. We’re here, we’re talking, and I have an incredible amount of faith in the masthead team,” Murray responded. 

“How are we possibly supposed to move forward when we are demonstrating to the people we are begging to give us their money every day that we can’t even do the basics any more?” another reporter asked. 

protest

Hundreds Of Millionaires And Billionaires Pen Open Letter For Higher Taxers On Worlds Wealthiest 

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Nearly 400 millionaires and billionaires from 24 countries have called on global leaders to increase taxes on the world’s wealthiest individuals. The call to action comes from growing concerns that the globe’s richest people are buying political influence.

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In an open letter released in time to coincide with the World Economic Forum in Davos, global leaders who would be in attendance at the event were called upon to close the large and widening gap between the mega-rich and the rest of the world. 

The letter was signed by notable figures such as actor and film-maker Mark Ruffalo, musician Brian Eno, and philanthropist Abigail Disney. It stated that extreme wealth is polluting politics, according to reports, and is driving social exclusion while further fueling the climate emergency.

“A handful of global oligarchs with extreme wealth have bought up our democracies; taken over our governments; gagged the freedom of our media; placed a stranglehold on technology and innovation; deepened poverty and social exclusion; and accelerated the breakdown of our planet.”

“What we treasure, rich and poor alike, is being eaten away by those intent on growing the gulf between their vast power and everyone else,” the letter read. 

“We all know this. When even millionaires, like us, recognize that extreme wealth has cost everyone else everything else, there can be no doubt that society is dangerously teetering off the edge of a precipice.”

Forbes reported that after being re-elected as president last year, Donald Trump assembled the richest cabinet in US history, with an estimated joining worth of $7.5 billion as of August 2025. 

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The Patriotic Millionaires group, who campaign for higher taxes on the mega-rich, conducted a poll that found that 77% of millionaires from G20 countries believe that highly wealthy individuals buy political influence. 

The survey itself was taken by 3,900 people in G20 countries with more than $1 million in assets excluding their homes. It found that three-fifths believe Trump has had an overall negative impact on global economic stability. 

Over 60% of those surveyed also expressed their concern that extreme wealth was a threat to democracy, the Guardian reports. 

Two-thirds also supported higher taxes on the wealthy to further invest in public services with only 17% opposing. 

Oxfam, a development charity, reported this week that in 2025, a record number of billionaires were created, bringing the global total to over 3,000 for the first time ever. 

Amitabh Behar, the executive director of Oxfam International stated that “last year the rise in billionaire wealth was unprecedented.”  

“The super-rich are being given complete free rein. It is beyond comprehension that the richest 1% now own three times more than the world’s total public wealth combined.”

“It’s a stark indictment that illustrates just how nonsensical the gulf now is between oligarchs and the rest of humanity. Governments must implement taxes on the super-rich now and prioritize reducing inequality. The world cannot continue on this obscene trajectory.”

mta

New Yorkers React To New $3 MTA Fare For City’s Buses And Subways 

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The fare to ride New York City’s subways and buses increased to $3 this past weekend. Many residents and commuters are reacting poorly to this 10-cent increase, as their subway and bus rides are a major daily expense throughout the year. 

Tom Nimen, a commuter who travels from Crown Heights to Union Square station, told the Gothamist that this fare increase is greatly impactful for daily commuters, especially considering the actual services throughout the MTA are barely improving. 

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“ I’ve been living in New York for going on 50 years now and for all the fare increases, I think the subway service is lackluster at best. There were times I could not afford that. There were times I used to choose between food and a subway fare. I’m not in that situation anymore, but others are not.” Nimen stated. 

The MTA board has chosen to increase fares incrementally every two years as opposed to waiting longer and incrementally surging prices with double-digit hikes that other train systems in the region experience. This particular increase has been cited to combat inflation and increased operating costs. 

In regards to the service quality that Nimen was referring to, Governor Kathy Hochul released data last week that cited the subway trains being on time 83.7% of the time on an average weekday in 2025; marking a 2.1% increase from 2024. On the average weekend day in 2025, subway trains were on time 86.6% of the time; a 2.4% increase from 2024. 

The MTA data also revealed that there were 1.3 billion total trips on the subway in 2025. This marks a 7% increase from 2024 and 85% of its pre-pandemic ridership totals. Commuters on Sunday said that better performance from the subway doesn’t really make up for their frustrations with the higher fare. 

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“ I just feel like that if you’re gonna pay $3, we better have world-class service now. I still see rats on the subway. I still see a lot of track work being done,” said Ian Ward, 28, to the Gothamist. 

Besides the fare increase, the MTA has also fully transitioned away from their iconic yellow and blue Metrocards to OMNY, a tap-to-pay system, starting on New Years Day. The agency also began a new pilot program testing out modern fare gates to dissuade from fare evasion. 

Express bus fares also went from $7 to $7.25 and weekly and monthly tickets on the Long Island Rail Road and Metro North went up 4.5%. Tolls on all nine MTA operated bridges and tunnels increased 7.5%. 

Mayor Zohran Mamdani stated that New Yorkers are continuously burdened by cost in the five boroughs when he was asked about the increase in fares at a news conference. 

“When the fare was $2.90, one in five New Yorkers were being priced out of it. We know that for so many New Yorkers, public transit is increasingly becoming out of reach,” he stated.

jobs

US Lost 105,000 Jobs In October But Added 64,000 In November, Data Shows 

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According to official data, the US labor market grew by more than expected last month, showing recovery is occurring after the damage caused by the federal government shutdown. In October, it was estimated that around 105,000 jobs were lost while 64,000 were added in November.

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Many economists were not convinced that job growth would be as high as it was in November, with many forecasting only 40,000 to be added. 

Last month, however, the unemployment rate continued to grow, hitting a four-year high and hitting 4.6%. The latest data and job numbers are normally released monthly but were delayed due to the government shutdown. Federal government jobs declined by 162,000 in October and 6,000 in November. 

The Bureau of Labor Statistics announced that full October jobs data would not be released and November’s jobs data was delayed due to the 43-day federal government shutdown. These delays have caused a lot of questions regarding the reports accuracy. 

For example, Federal Reserve chair Jerome Powell warned last week that the data from BLS should be “treated with a skeptical eye” while the “hangover left from the shutdown works through the system,” the Guardian reported. 

ADP reported that the US private sector employers got rid of around 32,000 jobs in November after they added 47,000 jobs in October, showing signs of the job market weakening. 

​​The September jobs report, released late in November due to the federal government shutdown, showed that the US added 119,000 jobs, higher than economist predictions. The increase in the unemployment rate from 4.3% to 4.4% in September is the highest level since 2021. 

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Powell himself warned that job figures are likely to be worse than the numbers reported and that Trump’s immigration policies have hurt the US labor supply, keeping the unemployment rate “relatively flat.”

He made these assumptions after the Fed announced it was cutting interest rates by a quarter point, moving towards “risk management” over concerns of a weakening labor market. 

“Labor supply has also come down quite sharply. So, you know, if you had a world where there is just no growth in workers and you really don’t need a lot of jobs to have full employment, some people argue that is what we are looking at.”

“So, there is an over-count in the payroll job numbers, we think, continuing, and it will be corrected. I don’t have an exact month in my head right now. Again, I think forecasters generally understand that. We think it is about 60,000 a month, so 40,000 jobs could be negative 20, but that could be wrong by 10 or 20 in either direction,” said Powell. 

Powell also warned that the accuracy of the jobs report data needs to be questioned due to the government shutdown. 

“We are going to get data, but we are going to have to look at it carefully and with a somewhat skeptical eye by the January meeting,” he said.

The BLS also has been under fire from the Trump administration. Back in August, Trump got rid of BLS commissioner Erika McEntarfer just hours after the July jobs report was published. Trump claimed that the report was “rigged” to make him look bad, which there was no actual evidence to back up.

netflix

Trump Says Netflix’s WBD Deal ‘Could Be a Problem’ Amid Hostile Paramount Bid

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President Donald Trump cast fresh doubt Sunday night on Netflix’s surprise move to buy major pieces of Warner Bros. Discovery, signaling that the massive entertainment deal may face significant scrutiny from his administration. Speaking on the Kennedy Center red carpet, Trump said the acquisition “could be a problem” given the size of the streaming platform’s footprint.

Speaking to reporters on Sunday, when asked directly whether regulators should allow the transaction, Trump replied, “Well, that’s the question.”

“They have a very big market share. And when they have Warner Brothers, you know, that share goes up a lot. So, I don’t know, that’s going to be for some economists to tell. I’ll be involved in that decision, too.”

Netflix’s proposed purchase, announced Friday, would include WBD’s famed film studio and streaming properties such as HBO Max and comes with an enterprise value of roughly $83 billion. A senior Trump administration official told CNBC that the White House is looking at the proposal with “heavy skepticism.”

Trump also remarked that Netflix co-CEO Ted Sarandos, whom he met with in the Oval Office last week, made “no guarantees” about the outcome of the merger. Still, Trump offered praise.

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“He’s a great person. He’s done one of the greatest jobs in the history of movies and other things, and he’s got a lot of interesting things happening, aside from what you’re talking about. But it is a big market share. There’s no question. It could be a problem.”

The uncertainty around Netflix’s bid has opened an opportunity for rivals. Paramount and Skydance announced Monday that they are moving ahead with a hostile effort to purchase all of WBD after losing out to Netflix in the initial round.

David Ellison, Skydance’s CEO, told CNBC’s “Squawk on the Street,” “We’ve had great conversations with the president about this, but I don’t want to speak for him.” His father, Oracle billionaire Larry Ellison, is a longtime Trump ally.

Paramount disclosed in a Securities and Exchange Commission filing that its offer is being supported in part by Jared Kushner, Trump’s son-in-law and former White House advisor, through his firm Affinity Partners. The filing further revealed that investment funds tied to Saudi Arabia, Abu Dhabi, the United Arab Emirates, and Qatar are also participating.

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According to the document, Affinity Partners and the Gulf state investors “have agreed to forgo any governance rights,  including board representation, associated with their non-voting equity investments.” Because of that structure, the filing argues, “the Transaction will not be within CFIUS’s jurisdiction,” referring to the Committee on Foreign Investment in the United States.

The competing bids come as lawmakers and industry competitors raise alarms about potential anticompetitive effects. Sen. Elizabeth Warren, D-Mass., called the proposed Netflix–WBD deal “an anti-monopoly nightmare.” Paramount, in a recent letter cited by The Wall Street Journal, warned WBD’s legal team that any sale to Netflix would “never close” due to expected regulatory challenges both domestically and abroad.

Comcast had also explored acquiring WBD’s film and streaming divisions before Netflix emerged as the preferred buyer.

WBD, meanwhile, has laid out broader restructuring plans. Alongside the potential asset sale to Netflix or Paramount, the company intends to spin out Discovery Global — a new entity encompassing CNN, TNT Sports, and Discovery-branded channels.

ai

AI’s Impact Could Deepen Gaps Between The Rich And Poor Worldwide, UN Report Stated

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In our modern digital age, artificial intelligence (AI) has become more and more common. Now, according to a new report from the United Nations Development Program, this advanced technology might further drive the constantly widening gap between the world’s richest and poorest populations. 

The report noted that most of the financial gains brought in through the use of AI will be received by wealthy nations unless steps are taken to utilize the technology to close those major gaps in access to basic needs, AP reports.

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Released this week, the report compared the situation to the “Great Divergence” of the industrial revolution, in which many Western countries famously saw expedited modernization with others falling behind. The impact of those delays and advancements in certain nations is still being felt today. 

“We tend to overemphasize the role of technology,” said Michael Muthukrishna, the report’s main author from the London School of Economics.

“We need to ensure it’s not technology first, but it’s people first.”

Communities around the world are still struggling with access to certain skills, electric power, and internet connectivity. This is especially prevalent in nations where citizens have been displaced by war, civil conflict, and climate disasters.

“As a general-purpose technology, AI can lift productivity, spark new industries, and help latecomers catch up,” the report states.

“AI systems that analyze poverty, health, and disaster risks enable faster, fairer, and more transparent decisions, turning data into continuous learning and public value.”

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In wealthier countries such as the US, there is an increased risk for data centers to “devour” too large a share of electricity and water. Power generators are experiencing higher demand, leading to further emissions of carbon from burning fossil fuels to be spread in the environment and our atmosphere. 

AI’s increased presence within the past few years have raised ethical, privacy, and cyber security concerns. 

The report stated, according to AP:

“Asian nations including China, Japan, South Korea and Singapore are well placed to take advantage of AI tools, while places like Afghanistan, the Maldives and Myanmar lack skills, reliable power and other resources needed to tap into the computing potential of AI.”

“If such gaps are not closed, many millions may be excluded from the kinds of devices, digital payment systems, digital IDs and education and skills that are required to participate fully in the global economy, falling further behind,” said Philip Schellekens, the UNDP’s chief economist for the Asia Pacific.

“We believe we need more balance, less hysteria and hype,” he said.

“AI is becoming essential for modern life, like electricity, roads, and now the internet, so governments need to invest more in digital infrastructure, education and training, fair competition and social protections,” the report says.

“The goal is to democratize access to AI so that every country and community can benefit while protecting those most at risk from disruption.”