Beat 509 Media

President Donald Trump moved to calm fears of an escalating trade war with Beijing on Sunday after he threatened to impose 100% tariffs on China's imports in response to the nation's export curbs on rare earth minerals.
Trump's new tariffs on China would amount to a big increase over the current average 55% levy.
In a post on Truth Social, Trump said that China's economic troubles would "all be fine" and insisted that the U.S. "wants to help China, not hurt it."
"Don't worry about China, it will all be fine!" Trump wrote. "Highly respected President Xi just had a bad moment. He doesn't want depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!"
TOP INSURANCE CEO IN THE HOT SEAT AFTER SCATHING AD CAMPAIGN EXPOSES CHINA TIES
The post came hours after China issued an official response to Trump's threat to impose a 100% tariff on Chinese imports by Nov. 1, warning Washington not to resort to "threats" and pledging to "resolutely take corresponding measures" if the U.S. proceeds.
"China's stance is consistent," the Commerce Ministry said in a statement Sunday. 
"We do not want a tariff war, but we are not afraid of one." The ministry urged the U.S. to address differences "through dialogue," calling repeated tariff threats "not the correct way to get along with China."
US TURNS TO FINLAND TO CLOSE ARCTIC 'ICEBREAKER GAP' AS RUSSIA, CHINA EXPAND POLAR PRESENCE
Beijing suggested it would retaliate against any new levies the U.S. may impose on Chinese imports.
Sunday's exchanges pointed to a turn in a trade truce between the world's two largest economies. 
Trump's threat was initially triggered by new Chinese restrictions on the export of rare earths, or minerals that are crucial to advanced manufacturing and military technology.
China controls about 70% of global rare earths mining and nearly 90% of processing capacity.
US DIPLOMAT FIRED FOR ROMANTIC RELATIONSHIP WITH WOMAN WITH TIES TO CHINESE COMMUNIST PARTY
Vice President JD Vance also defended Trump's stance in an appearance on Fox News, where he called Beijing's dominance in key supply chains "the definition of a national emergency."
"It's going to be a delicate dance and a lot of it is going to depend on how the Chinese respond. If they respond in a highly aggressive manner, I guarantee you the President of the United States has far more cards than the People's Republic of China," Vance said on "Sunday Morning Futures."
Trump's tariff threat and China's response have also cast doubt on a meeting happening with Xi later this year. 
China's Commerce Ministry said it would continue to grant export licenses for legitimate civilian uses of rare earths but warned that "if the U.S. side obstinately insists on its practice," Beijing would act to protect its interests.
Fox News Digital reached out to the White House for comment.

via: https://www.foxbusiness.com/economy/trump-says-dont-worry-about-china-after-beijing-responds-100-tariff-threa

A Universal Orlando Resort roller coaster caught fire Friday morning.
Hollywood Rip Ride Rockit is in the process of being demolished to make room for a new attraction at the theme park. The small fire occurred on a portion of the ride's lift hill, Orlando Fire Department told local FOX 35 Orlando. 
The ride closed on Aug. 18. Many of the iconic features, such as the loop, have already been removed and Universal has not yet publicly announced what is replacing the coaster.
The cause of the fire is not yet known and there were no injuries, local media outlets reported. The fire department did not immediately respond to a FOX Business inquiry. 
FAMILY HIRES PROMINENT CIVIL RIGHTS ATTORNEY AFTER UNIVERSAL ROLLER COASTER DEATH
Universal Orlando Resort now features four parks following the opening of Universal Epic Universe in May. 
Just last month, Kevin Rodriguez Zavala, 32, died after riding Stardust Racers in the Celestial Park portion of the newest park. 
UNIVERSAL EPIC UNIVERSE OPENS IN FLORIDA: TAKE AN INSIDE LOOK
The ride reopened last weekend. Attorney Ben Crump, who is representing Zavala's family, called the planned reopening "a grave risk to public safety."
"Reopening the ride before our experts can examine every component is unadulterated spoliation of evidence, a grave risk to public safety, and puts profit over people's lives. Universal reportedly told employees the ride functioned as intended. If that is accurate, then the design itself is deadly. We are demanding that Universal pause the reopening, preserve all evidence, and allow our experts to inspect it. If they refuse, we will address Universal's callous actions in court," Crump said.
The Orange County Sheriff's Office incident report says that Zavala's girlfriend, who was at the theme park with him, told law enforcement that Zavala, who used a wheelchair, had a spinal injury and was taking medication.
Universal Orlando President Karen Irwin said in a letter to Universal staff days before Stardust Racers reopened that, "our comprehensive technical and operational review confirmed the ride systems functioned properly throughout the boarding process, the duration of the ride, and upon the ride vehicle's return to the station, and our Team Members followed procedures throughout."
CLICK HERE TO READ MORE ON FOX BUSINESS        
Universal Orlando Resort is a part of Universal Destinations & Experiences, a unit of Comcast NBCUniversal.

via: https://www.foxbusiness.com/lifestyle/universal-orlandos-hollywood-rip-ride-rockit-coaster-catches-fire-park-phases-out-iconic-rid

Billionaire Ken Griffin said his hedge fund's Chicago footprint will shrink to just two floors as crime, taxes, and other challenges push employees to relocate to Miami and New York.
"Chicago, you know, over the last, unfortunately, over the last six or seven years, has been engulfed in a series of problems," Griffin said at the Citadel Securities Future of Global Markets conference in New York on Oct. 6. 
MAMDANI'S RISE IN NYC MIRRORS ECONOMIC FLIGHT TO THE SOUTH, STUDY SHOWS
The Windy City, which served as Citadel's headquarters for more than 30 years, has seen much of the company's workforce and operations shift south to Miami in recent years.
Griffin, who is worth $50 billion according to Forbes, relocated his company's global headquarters to Florida in 2022.
"Asking people to leave Chicago for New York or Miami has not been hard. We've gone from probably 1,300 people in Chicago to a few hundred. From being the primary tenant of one of the largest skyscrapers to, I think we will be down to two floors in a year," he explained.
BILLIONAIRE KEN GRIFFIN MOVING HEDGE FUND FROM CHICAGO TO MIAMI AMID CRIME
Griffin, who leads the world's most profitable hedge fund, said that the departure of so many longtime employees underscores Illinois' mounting economic and social problems.
"I think the sad part of the story is how many people who had built lives in Chicago were willing to walk away from that and move to Miami or New York, just given the challenges that Illinois has faced," he said.
Griffin added that Chicago's crime remains one of the city's most pressing challenges.
TRUMP'S NATIONAL GUARD TROOPS CAN STAY IN ILLINOIS BUT FEDERAL JUDGE BLOCKS DEPLOYMENT
His comments come as President Donald Trump renews his push for a federal crackdown on crime in major U.S. cities, a plan that includes deploying troops to some Democrat-led areas experiencing rising violence.
The president's push to deploy National Guard troops nationwide has ignited repeated clashes with Democratic governors and mayors.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Illinois Gov. JB Pritzker has been among the most vocal critics, condemning Trump's deployment of troops and federal agents into Chicago.
Trump has also threatened to extend deployments to other cities, including Baltimore and New Orleans. Troops have already been sent to Los Angeles, Washington, D.C., Portland and Memphis.

via: https://www.foxbusiness.com/politics/billionaire-ken-griffin-says-citadels-chicago-exodus-not-hard-crime-taxes-drove-workers-awa

U.S. consumer sentiment held steady in October, though Americans' concerns about the labor market and inflation persisted as the government shutdown began.
The University of Michigan's preliminary consumer sentiment survey for October was little changed from last month, coming in at 55 as economists polled by LSEG estimated a more significant decline to 54.2, after the index had a 55.1 reading for September.
Michigan's Surveys of Consumers said that "pocketbook issues like high prices and weakening job prospects remain at the forefront of consumers' minds," adding that interviews with respondents showed little evidence the shutdown "has moved consumers' views of the economy thus far."
The survey's measure of consumer expectations for inflation over the next year fell to a still-high 4.6% this month from 4.7% in September. Consumers' expectations for inflation over the next five years were unchanged at 3.7%.
FED MINUTES SHOW POLICYMAKERS REMAIN CONCERNED ABOUT INFLATION AS THEY WEIGH RATE CUTS
Consumers were pessimistic about future personal finances and their views on current buying conditions for long-lasting manufactured goods were unfavorable. 
Before the government data blackout, the labor market had softened, with job growth almost stalling in the three months leading up to August.
FED PRESIDENT WARNS INFLATION IS 'GOING THE WRONG WAY' AS TARIFF CONCERNS MOUNT
The survey was conducted between Sept. 22 and Oct. 6. Government funding lapsed on Sept. 30. Sentiment declined during previous shutdowns, and economists expect the consumer sentiment data to be downgraded when the final data is published later this month.
"The final Michigan survey for October probably will show a more significant deterioration, unless the shutdown ends very soon," said Oliver Allen, senior U.S. economist at Pantheon Macroeconomics.
FED'S FAVORED INFLATION GAUGE SHOWS CONSUMER PRICES REMAINED ELEVATED IN AUGUST
Despite the high inflation expectations, economists say the Federal Reserve would still deliver another interest rate cut at its Oct. 28-29 meeting. 
The Fed resumed easing policy in September, cutting its benchmark overnight interest rate by 25-basis-points to the 4.00%-4.25% range amid signs of weakness in the labor market.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Reuters contributed to this report.

via: https://www.foxbusiness.com/economy/us-consumer-sentiment-steady-october-labor-market-worries-persis

Last Monday, France had a déjà vu moment with yet another French prime minister leaving the job. In this case, it was Sébastien Lecornu, who spent a mere 27 days in the role - a record low since 1958. By late Friday, French President Emmanuel Macron had reinstated Lecornu.
Lecornu stepped down amid a parliamentary stalemate over his inability to pass budgets and address other financial matters. It was also the day after he had established a cabinet. "One cannot serve as prime minister when the necessary conditions are not met," he said in a speech Monday, according to Le Monde. The conditions required to get the French budget passed were absent, along with Social Security, he said. "[These are] matters that cannot wait until the 2027 presidential election," he said.
MACRON TO APPOINT FOURTH PRIME MINISTER IN A YEAR AS DEBT BATTLE TOPPLES CENTRIST LEADER
Lecornu's sudden resignation shocked Macron, sent the French stock market tumbling and prompted Germany to emphasize the need for France to maintain political stability. That includes the elephant in the room: reducing France's debt level. Unfortunately, intra-party cooperation doesn't seem likely anytime soon.
Unfortunately for France, waiting until 2027 for some stability is likely. "The way out of the stalemate will be a new president with a clear mandate," Leo Barincou, a senior economist at Oxford Economics in Paris, told Fox News Digital. "Then we can proceed, but for now we are stuck."
During the days following the resignation, there were calls for Macron to call a presidential election. Notably, Edouard Philippe, Macron's first pm and an ally, demanded that an election be held. If that were now, it would be a year and a half before what was scheduled. He described the current situation as a "distressing political game."
FRENCH RIGHT-WING NATIONAL RALLY PARTY HQ RAIDED BY POLICE IN 'HARASSMENT OPERATION'
Nothing came of calls for a new presidential election last week. That might be because it could favor the right-wing National Rally party. The party is polling well, with 35% of voters saying they will vote for the National Rally (NR), 10 percentage points more than for a broad parliamentary leftist alliance, according to Reuters. That gain is because the NR is addressing high taxes and wasteful government spending. "The National Rally is doing well in this current high-tax situation," Elias Haddad, senior markets strategist at Brown Brothers Harriman, told Fox News Digital. In addition, Macron is determined to see out his second term through 2027.
Late Friday, after hours of discussion, news came that Lecornu was reappointed by Macron. He posted the following on X: "Out of duty the mission entrusted to me by the president, to do everything to provide France with a budget by the end of the year and respond to the everyday problems of our compatriots."
While that promise sounds good, it remains to be seen whether the reinstated Lecornu will achieve it. "The National Assembly is deeply divided," Haddad said.
A lot stands on getting France's finances straight, but it doesn't look easy. The deadline for a new budget is Oct. 13, which likely won't get met, although there are ways to extend the 2025 budget into 2026. Also, the country's massive debt needs to be dealt with. It recently stood at 113% of the country's GDP last year, surpassing Spain's 102% of GDP.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
It's not just France that's concerned. Neighboring Germany appears worried about the political crisis, the lack of fiscal discipline and French stability. The instability in France - the second-largest economy in the eurozone behind Germany - could spread across the EU. The French economy is vital for stabilizing the European economy, said Rasmus Andresen, a member of the European Parliament for the Green Party. "France right now also has a huge impact on Europe and especially on the countries closest." he told France 24.

via: https://www.foxbusiness.com/fox-news-world/macron-scrambles-restore-stability-reappoints-ex-pm-amid-frances-budget-crisi

Legendary actress Cloris Leachman's former Los Angeles home is for sale.
The 10,595-square-foot home in Brentwood is on the market for $19.9 million in partnership with listing agents Sally Forster Jones and Kathryn Perkins of Compass.
According to The Robb Report, Leachman owned the property from 1971 to 2000, but the home she once lived in was torn down and the current six-bedroom and seven-bathroom estate was completed in 2003.
In addition to the main areas of the home, the three-level house also features a kitchenette-equipped lounge, a billiards room, a sauna, a movie theater, a wine cellar and a soundproof playroom on the lower level.
CHRIS PRATT DRAGGED INTO KATY PERRY'S $15M MANSION SHOWDOWN WITH U.S. VETERAN'S FAMILY AS TRIAL KICKS OFF
A sunlit conservatory looks out onto the greenery in the back of the house and an uncovered patio features an outdoor dining area and a lounge space. Another outdoor dining area can be found in the backyard next to the large swimming pool.
Leachman got her big break in Hollywood when she joined the cast of "The Mary Tyler Moore Show" in season one, quickly becoming a fan favorite. She played Phyllis Lindstrom, main character Mary Richards' snobbish neighbor and friend. 
Not only was the role loved by fans, it was also loved by critics and earned Leachman two Emmy Awards. The character's popularity led to her own spin-off, "Phyllis," which aired for two seasons from 1975 to 1977. The show earned her a Golden Globe win and another Emmy Award nomination.
She also won an Academy Award in 1971 for her supporting role in "The Last Picture Show."
Leachman continued to act in her later years, appearing in many comedies, including "Raising Hope," "The Ellen Show" and "The Office," winning a career total of eight Emmy Awards. Despite winning multiple awards for her comedic roles, Leachman didn't think she was funny.
"It never occurred to me that I was funny or that I could be funny," Leachman told FOX411's Pop Tarts column in April 2013. "My little sister was the funny one."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The actress died in January 2021 at the age of 94, after over seven decades in the entertainment industry. 
Following her death, her former co-star and good friend, actor Ed Asner, spoke to Entertainment Tonight about their bond, telling the outlet, "I'll carry my memories to my grave," adding, "I loved her. She was a sweet mama."
"She was a honey," he said. "The kind woman she was. But we got awful chummy, and we dug each other a lot. When we first started the show, she got me to not worry about reading the teleprompter, rewind the script ... We did it with improv, and it worked well."
"She used what was there," he added. "She didn't cry about it. She had pride in herself and she did not like being bound down to any rules and regulations. She was a free cat. She was just marvelous, a marvelous actress. And she would come up with some wonderful ideas."
CLICK HERE TO READ MORE ON FOX BUSINESS

via: https://www.foxbusiness.com/fox-news-entertainment/mary-tyler-moore-show-stars-former-la-mansion-hits-market-19-9

General Motors is bringing back a popular affordable electric vehicle model after years off the market.
The Chevrolet Bolt is returning for model year 2027, starting at $29,900 Manufacturer's Suggested Retail Price, according to a company press release. 
"Later in the model year, an even more affordable LT will be available with a starting MSRP1 of $28,995," the press release said. Both EVs under $30,000 will include a $1,395 destination and freight charge.
GM says the car "will begin shipping to customers early next year and will be a limited run model." The EV will be offered with Tesla's North American Charging Standard and is expected to have a range of 255 miles, the company said.
BMW RECALLS NEARLY 200K VEHICLES DUE TO FIRE RISK, SAYS OWNERS SHOULD PARK OUTSIDE
GM first launched Chevrolet Bolt EVs in 2015, and used batteries made by LG entities as part of a business arrangement with the car manufacturer. GM started recalls in 2020 after it faced numerous complaints about fires in some vehicles.
GM ended production of the Bolt EV in 2023, and in May 2024, GM and South Korea's LG Energy Solution reached a settlement to establish a $150 million fund to provide relief to Chevrolet Bolt EV owners affected by defective batteries, documents filed in a U.S. court and obtained by Reuters showed.
CALIFORNIA EV DRIVERS ARE ABOUT TO LOSE A MAJOR PERK AFTER 25 YEARS
The Bolt's relaunch comes at a time when tariff-induced higher prices and fewer EV-related federal subsidies are pressuring consumers.
"The Chevrolet Bolt was the industry's first affordable mass-market, long-range EV and it commanded one of GM's most loyal customer bases thanks to its price, versatility and practicality," Scott Bell, vice president of Global Chevrolet, said in a statement.
CLICK HERE TO READ MORE ON FOX BUSINESS
"After production ended, we heard our customer's feedback and their love for this product. So the Bolt is coming back-by popular demand and better than ever-for a limited time. This is a celebration of what Bolt means to our customers and to Chevrolet. It's your chance to own a popular EV that's affordable. So, if you've been waiting, this is the moment. Don't miss it," he said. 
Reuters contributed to this report. 

via: https://www.foxbusiness.com/technology/gm-announces-upcoming-return-chevy-bol

The Hermès Birkin may now stand as the ultimate symbol of status and exclusivity, but it began by chance - the result of a spilled purse and a serendipitous meeting on a short flight.
"The birth of the Birkin is a meet-cute in a romantic comedy. It's an adorable story," began Marisa Meltzer, author of the new book "It Girl: The Life and Legacy of Jane Birkin."
Meltzer's book, released Oct. 7, delves into the creation of the Birkin and the life of its namesake, Jane Birkin, the English-born actress and singer who became a French icon.
THE MYSTIQUE OF HERMÈS: THE BIRKIN IS A RARE INVESTMENT THAT DEFIES DEPRECIATION
"She was on a flight from London to Paris, and she'd been known for carrying these literal baskets as bags for years," Meltzer told Fox News Digital. 
"So, everything is falling out as she is trying to stuff it in the overhead compartment."
"Her seatmate on the flight says something like, 'you know, you should think about getting a bag with at least pockets or a zipper or something,'" Meltzer explained.
HERMES OVERTAKES LVMH IN TO BECOME MOST VALUABLE LUXURY COMPANY
Birkin reportedly quipped, "When Hermès makes a bag with pockets and a zipper, I'll use it." The man replied, "But I am Hermès."
Meltzer explained that the man seated next to Birkin was Jean-Louis Dumas of the Hermès family, then the head of the brand.
"So they took out the only paper they could find, which was an air sickness bag, and she started drawing what her ideal bag would look like. At the time, it was the mid-'80s, and she had a baby, so her design was kind of like a glorified diaper bag," Meltzer said.
CLICK HERE TO READ MORE ON FOX BUSINESS
Et voilà, the Birkin was born.
The bag, made in 1984 and marked with Birkin's initials, would go on to become far more than a fashion accessory. Since then, the Birkin has joined the ranks of gold, art, and real estate as a place to park wealth.
"There's this mystique to Hermès," said Meltzer, noting that the process of buying one of the brand's most coveted handbags is "deliberately confusing and mysterious."
"There are no easy shortcuts," she added. "People can try to buy a bag online that looks like a Birkin, or choose another designer's version that seems suspiciously similar, but there's no real substitute for the real thing."
Earlier this year, the original Birkin fetched more than $10 million at auction - a record-breaking sale that made it the most valuable fashion piece ever sold in Europe, according to Sotheby's. 
"She had a wild and wonderful career and is definitely worth knowing about," Meltzer said of Jane Birkin, the muse who inspired the world's most desired handbag.

via: https://www.foxbusiness.com/lifestyle/birth-birkin-how-chance-encounter-created-fashions-ultimate-ico

The crypto market was rocked by a dramatic plunge Saturday, marking one of the sharpest single-day drops in recent history and wiping out billions in value, one expert told FOX Business.
The sudden collapse followed the U.S. government's announcement of new tariffs on Chinese tech imports, a move that rattled investors and triggered panic. 
Joshua Duckett, director of investigations at a crypto forensic firm, said traders had been forced to liquidate positions, sending prices into free fall.
"Most people don't invest more than they can lose, but in the crypto industry as a whole, in terms of leveraged trading, it's in the billions," Duckett explained.
SHUTDOWN FIGHT CASTS A SHADOW OVER JOBS AS TRUMP PREPARES FOR LARGEST FEDERAL RESIGNATION IN US HISTORY
"The amounts that people have lost are varying. Some people lost hundreds, thousands, millions, the total in terms of liquidations extends into the billions."
Bitcoin, the largest cryptocurrency, fell below $110,000, while Ethereum and other major tokens lost more than 20% of their value within hours. 
Traders who had borrowed heavily to bet on rising prices were caught off guard, triggering a wave of forced liquidations that accelerated the crash.
WHAT FED MUST DO NOW AFTER JEROME POWELL'S JACKSON HOLE EPIPHANY
"The crypto market reacted in a more extreme way than the stock market because it's 24/7." Duckett said. "You'll see the stock market react in a bad way. The crypto market reacted in a more extreme way."
"There was a market downturn in terms of multiple cryptocurrencies that have dropped in value over the past 24 hours, primarily due to market news, as well as the effects of said news on people that are trading in the crypto markets," explained Duckett.
Leverage, he said, the practice of borrowing to increase exposure, was a key driver of the losses. 
"People can borrow against what they have and leverage up to extreme amounts, 100x essentially in crypto, which is a pretty large amount," Duckett noted.
"And so when those positions are liquidated, a large move either to the upside or the downside happens. In this case, the downside."
TARIFF UNCERTAINTY THREATENS $490B IN US MANUFACTURING INVESTMENT, REPORT WARNS
The sudden unwinding of these leveraged trades caused a chain reaction. "This caused a spiral of cascading liquidations, essentially," Duckett said.
Still, there are early signs the market may be stabilizing. "It seems to have essentially stabilized," Duckett said. "Right now, we're kind of in a rebound-to-stable position. Tomorrow is a new day."
"We've had a full day of this kind of news that impacted the markets and that initial knee-jerk reaction to recovery, to stabilization. It all depends essentially on the new news tomorrow," Duckett added.
"The number one rule is not to invest more than you can lose - but that's not specific to crypto, that's investing in general. Additionally, researching what one is investing in is also a key part of it."

via: https://www.foxbusiness.com/markets/crypto-bloodbath-wipes-out-billions-signs-stabilization-emerge-says-exper

This story discusses suicide. If you or someone you know is having thoughts of suicide, please contact the Suicide & Crisis Lifeline at 988 or 1-800-273-TALK (8255).
A Ukrainian crypto trader has been found dead in Kyiv in the wake of a market crash, with officials now treating the incident as a possible suicide, according to local police.
Konstantin Galich (better known as Kostya Kudo) was found inside a Lamborghini Urus in the Obolonskyi district of Kyiv Oct. 11 with a gunshot wound to the head. 
According to police reports, a firearm registered to him was also at the scene. 
A statement shared on the Kyiv Police Department's Telegram channel said the focus was on establishing if the act was self-inflicted or involved foul play. 
FORMER RUSSIAN MISS UNIVERSE CONTESTANT, 30, DIES AFTER ELK SMASHES THROUGH WINDSHIELD
The statement said that a day before his death, "the man told relatives that he was feeling depressed due to financial difficulties and also sent them a farewell message."
A further statement was also posted on Galich's official Telegram channel which read, "Konstantin Kudo tragically passed away. The causes are being investigated. We will keep you posted on any further news." 
Galich, 32, had been a well-known figure in the Ukrainian and international crypto community. 
He co-founded the Cryptology Key trading academy and was an active influencer and strategist in digital asset markets. 
RUSSIAN PROTESTER JAILED 15 YEARS FOR $500 UKRAINE DONATION, CURSES PUTIN IN COURT
Galich's death also came as the crypto market began to see heightened volatility.
The crash was triggered after President Donald Trump announced a sweeping 100% tariff on Chinese imports, along with new export controls on critical software.
The move sparked panic among investors and unleashed a large crypto liquidation event.
Fox News Digital has reached out to Kyiv Police Department for further comment.

via: https://www.foxbusiness.com/markets/crypto-trader-dies-suicide-amid-market-cras