The USOPC is exploring selling a minority stake in Team USA’s commercial rights to private investors—similar to a plan announced by FIFA earlier this year to immense global backlash.
Physical Oil Flips From Bidding War To Fire Sale As Gulf Barrels Flood Back
Physical Oil Flips From Bidding War To Fire Sale As Gulf Barrels Flood Back
For much of the past two months, the most important oil price in the world was the one nobody saw on TV.While ICE Brent futures chopped around in a range, the price of actual, deliverable barrels went parabolic: as we noted at the time, Dated Brent refused to come down even as Gulf flows recovered, North Sea Forties was quoted above $140 a barrel in early October, and refiners scrambling for prompt cargoes were paying whatever it took. Regular readers will recall we have been pounding the table on this “huge physical disconnect” since the first weeks of the war, when the physical market was screaming far louder than the paper one.Well, the physical market is screaming again. Only this time, in the other direction.According to Bloomberg, rebounding flows out of the Persian Gulf are sending the cost of physical cargoes tumbling everywhere from the Middle East to the North Sea and West Africa. Just a few weeks ago, one of the North Sea’s key grades was being offered at a premium of more than $20 a barrel to Dated Brent. On Monday, it slumped to a discount of $1.40. Meanwhile, the premium of Dated Brent itself over ICE futures, which stood at about $30 a barrel in early October, has collapsed to roughly $3.70. That is almost 90% of the physical premium gone in a month!To be fair, physical oil remains expensive in outright terms: Dated was still above $108 a barrel on Monday. But the direction, and the speed, of the move matter much more than the level.”Needless To Say This Does NOT Suggest A Tight Market”The trading floors noticed it before the headlines did. In this morning’s GS Execution Elevenses note (available to pro subs), Goldman’s energy trader Peter Hackworth flagged that while the de-escalation chatter drove the unwind in the geopolitical risk premium, the “physical weakness [is] more interesting”:One of the larger one day moves in crude, although follows on from a Friday rip on expiry + weekend risk… CTA triggers hit, front month touched 50d ($103.72) before bouncing, now rejected at resistance… More interesting is the collapse in physical premia, with the Brent window trading at almost $1/bl discount to dated brent. Dubai has also been weakening, whilst West Africa is a mess, with Angola pushing unsold cargoes into the December programme. Needless to say this does NOT suggest a tight market.”A mess” is probably being generous. Per Bloomberg, as many as 10-15 cargoes of Nigerian crude for loading this month were still unsold as of Friday, even as trading of December supplies has already started. One cargo of the Republic of Congo’s Djeno sold at a $25 discount to Dated Brent, a level traders say they haven’t seen in years, while Kazakhstan’s CPC Blend is trading at the steepest discount in 14 years. And in the North Sea, one shipment for mid-month delivery was offered at a discount to Brent and… nobody bit.Remember: these are the same barrels for which buyers were tripping over each other a month ago.Dubai Flips To Contango For The First Time Since JulyThe Middle East is sending the same message. The prompt timespread for Dubai, the benchmark that sets the price for nearly all crude exported from the region, has flipped into contango, with the November contract about $2 a barrel below December. That’s the first time near-term supply has outpaced demand since July, when the temporary ceasefire let a flotilla of loaded VLCCs sail out of Hormuz and prices puked. Partials traded in S&P Global’s Platts window, which normally command a premium to the financial Dubai marker, changed hands at near-parity: yet another sign of oversupply.What changed? Mostly, the barrels showed up.Combined exports from Saudi Arabia, the UAE, Iraq and Kuwait jumped 10% to just over 15 million barrels a day in October, according to Bloomberg’s tanker tracking, which puts the Gulf’s Arab producers back to roughly pre-war rates despite a fresh wave of attacks on tankers in Hormuz. We first flagged the export rebound on Sept 30, when Goldman estimated that “dark exports” had lifted total Persian Gulf exports back to pre-war levels, and the physical market has spent the past month catching up. Cheaper tanker rates helped too (after a stretch that sent every crude freight index to a record, as in everything else nothing cures record rates like record rates).Not everyone thinks this is a re-run of June. Sparta Commodities’ June Goh told Bloomberg that “we are not at the same point of a mini-glut back in end-June because at that time, there was a huge volume of oil that was sitting on very large crude carriers, and exited… This time, the increase is more gradual.” Gradual, maybe. But it’s also persistent, which is arguably worse for anyone who stocked up at $20 over Dated.For what it’s worth, we caught the first crack in real time: the Middle East leg started rolling over almost two weeks ago.3:24am ET: Physical Oil Prices Drop in Mideast as Flows Via Hormuz Hold Up: BBG4:29am ET: Iran Claims ‘Illicit’ Vessel Traffic in Hormuz Stopped: Fars— zerohedge (@zerohedge) October 23, 2026
Barrels Vs. Bets: Where The $27 Is HidingWhich brings us to the obvious question: if the physical market is this sloppy, why is front-month Brent still trading north of $100?Goldman has the answer, and it’s the same one we discussed yesterday in “Goldman Hikes 2027 Brent Forecast For These Two Reasons”. In the bank’s latest note “Raising Oil Price Forecast on High Supply Disruption Risks” (available to pro subs), Goldman’s commodity team led by Daan Struyven raised its Dec26 Brent forecast to $105 (from $90) and its 2027 average to $88 (from $80), while conceding that almost none of October’s rally had anything to do with supply and demand:A jump in the risk premium to around $27 now explains most of October’s crude price rally. In contrast, we estimate that Brent’s fair value was little changed in September and October: global inventories—its main driver—held roughly flat as adaptation largely rebalanced global oil output and consumption.Goldman’s Marquee team put a picture to it in last week’s “Oil Expression: The $27 Risk Premium” note: with Brent at roughly $112 at the time, fair value was only about $85, and the bank noted that the rally reflected “precautionary buying in both physical and financial markets.”Put differently: the precautionary buying in the physical market is now unwinding, fast, while the financial market is still holding the insurance policy. Bloomberg makes the same point, noting that “much of the strength in futures is being driven by the prospect of the conflict escalating to the point that Persian Gulf oil flows to the global market become disrupted again.” Translation: futures are pricing the war that might happen; physical is pricing the barrels that actually arrived.Goldman’s own scenario work shows just how wide that gap can get. In the base case, Gulf output keeps grinding back toward pre-war levels and Brent drifts toward the $80s; in the upside case, where 2027 Gulf supply runs 3.5mb/d below 2025, Brent spikes to around $140. Notably, the base case sits below the forward curve, which Goldman says assumes “1) the very high risk premium moderates and 2) Persian Gulf output continues its gradual recovery.” The physical market just voted, loudly, for #2.Everyone Was Long, And The Exit Is NarrowThat gap also explains the violence of the past two sessions, with futures down 9% in two days and Brent sinking 8% on Monday alone as Washington and Tehran both hinted at a diplomatic path. As The Market Ear put it yesterday, everyone was long oil, now comes the pain. JPMorgan’s Market Intelligence desk (available to pro subs) agrees that the move was mostly about positioning, with crude sitting at the 100th percentile in the bank’s CTA framework, and that “ME diplomatic progress moved Oil more than Equities, Rates or Betting Odds.”JPM also offers a hint of why Tehran might actually want a deal: Iran’s oil revenues are on track to hit zero by December for the first time. Hard to fund a war on zero.Then again, nobody on the Street is ready to sound the all clear. Goldman’s Rich Privorotsky wrote this morning (available to pro subs) that he is “a little nervy that the market got ahead of itself on oil,” noting the odd fact pattern of oil bouncing after a report that the US struck Iran’s Qeshm Island, “an odd fact pattern if talks are progressing smoothly,” and pointing out that the Saudi ETF closed near its lows, “hardly reflective of a grand bargain in the Middle East.” JPM likewise calls a resumption of combat operations after the midterms “still consensus (and likely),” even if it may prove brief and limited.And right on cue, the headlines have already reversed (again). After a Gulf-sourced report that Washington and Tehran had made concessions on the nuclear file sent oil sliding this morning, Iran’s Mohsen Rezaee rejected the latest US position, insisting that all seven of Tehran’s conditions must be met before Hormuz reopens, while the IRGC claimed three more tankers exploded after hitting naval mines in the Strait. Brent pared losses to trade near $103.50, which is about where it was before the “breakthrough.” Same as it ever was: a de-escalation headline before the open, a denial by lunch. Today’s market wrap has the rest of the ping-pong.Trust The BarrelsSo which market is right? Over the course of this war, the physical market has had a remarkably better track record than the paper one. It flagged the squeeze in the spring, when futures underpriced the physical shortage; it caught the June glut before the ceasefire headlines did; and in early October, while macro tourists were debating whether the IEA’s emergency release mattered, it told us exactly how scarce prompt oil had become:Refiners have to pass on shipping costs, so diesel crack spreads quickly shot up back over $100, as market laughs at the emergency release of 100MM barrels. Meanwhile, most still can’t get physical oil and Dated brent is almost back to all time highs https://t.co/uSg2J33G0s pic.twitter.com/sIA2BJ55fl— zerohedge (@zerohedge) October 7, 2026
Today, the same market is telling us that the Gulf’s Arab producers are shipping at pre-war rates, unsold cargoes are piling up from Lagos to Pointe-Noire, and the Middle East benchmark is in contango. If we have to pick a side, we’ll side with the barrels: the $27 risk premium in futures is the thing that has to give, probably sooner than the bulls think, and Goldman’s own forecast (below the forwards) more or less admits as much.The caveat, of course, is that the risk premium exists for a reason. Iran is still mining the Strait, Washington is still “defensively” striking Iranian islands, and everyone from Goldman to JPM expects some resumption of hostilities once the midterm ballots are counted. In other words, physical oil is priced for the barrels we have; futures are priced for the barrels we could lose. One more mined VLCC and the physical market could be bidding $20 over Dated again by Thanksgiving.Until then, the people who actually buy oil are telling you they’ve got plenty.Much more in the full Goldman “Raising Oil Price Forecast on High Supply Disruption Risks” and the “Oil Expression: The $27 Risk Premium” notes, both available to pro subs.
Tyler Durden
Tue, 11/03/2026 – 14:30
Americans urged to avoid dangerous border state despite US lifting shelter order
U.S. officials have lifted a shelter-in-place order for government employees in a Mexican border city, but Americans are still being urged not to travel to the area.The order applied to U.S. government employees in Matamoros, a Mexican city across the border from Brownsville, Texas.The U.S. Mission to Mexico said on Oct. 30 that the law enforcement activity that had prompted the order had subsided.DEADLY SECURITY RISKS PROMPT UPDATED TRAVEL WARNINGS FOR 13 COUNTRIES”The order for U.S. government employees to shelter in place has been lifted,” officials said.They noted that the Mexican border state of Tamaulipas, where Matamoros is located, remains under the State Department’s highest-level travel advisory — Level 4 or “Do Not Travel” — due to terrorism, crime and kidnapping.The shelter-in-place order came amid heightened security concerns following two arrests in Matamoros that prompted roadblocks across Tamaulipas, according to Mexican authorities.In an Oct. 30 statement, Mexican officials identified one suspect as Axel Alfredo “N,” the alleged second-in-command of the Gulf Cartel’s Los Ciclones faction.CLICK HERE TO SIGN UP FOR OUR LIFESTYLE NEWSLETTERMexican authorities linked him to homicides, kidnappings, extortion, fuel theft and cross-border trafficking, as well as a May 2026 attack on federal security officers that left one dead and several injured.”To uphold the rule of law and protect residents in the area, the Ministry of National Defense deployed 450 personnel and two helicopters to Matamoros and surrounding municipalities,” the translated statement said.CLICK HERE FOR MORE LIFESTYLE NEWS”The deployment is part of efforts to strengthen the operational presence of security forces, expand surveillance activities and improve authorities’ response capabilities.”After lifting the order, U.S. officials urged Americans in Matamoros to monitor local media and to “be aware of your surroundings.”TEST YOURSELF WITH OUR LATEST LIFESTYLE QUIZAmericans were also urged to notify friends and family of their safety.The warning follows a similar security alert issued in August.At that time, U.S. officials temporarily suspended government activities and travel to Mexicali, another Mexican border city over 1,000 miles northwest of Matamoros.The alert came after officials received information about a possible armed attack on law enforcement facilities by Los Rusos, a criminal group.
Mariners hire 36-year-old Jason Kanzler as new manager after disappointing season
The Seattle Mariners have achieved their first big goal of the offseason: hiring a manager.The team announced on Tuesday that they hired Jason Kanzler, who spent the last three seasons as the Chicago Cubs’ director of player development, as their new manager. Kanzler, 36, is the 22nd manager in team history.”I am thrilled to join the Mariners organization, and I’m looking forward to hitting the ground running,” Kanzler said in a statement. “This team has an immense amount of talent in all facets of the game, and my coaching staff and I are excited to access and unlock this team’s full potential.”CLICK HERE FOR MORE OUTKICK SPORTS COVERAGEMariners president of baseball operations Jerry Dipoto said the organization was looking for a manager who would challenge everyone to improve, and Kanzler fit the bill. The Mariners reached the ALCS in 2025 but regressed mightily last season, going 76-86. Kanzler will look to help the team return to its 2025 form.”Jason has the mindset, expertise, communication skills and intensity to help create a championship standard here in Seattle,” Dipoto said in a statement.THE CRAIG CARTON SHOW–UNFILTERED, UNAPOLOGETIC AND UNMISSABLE. DOWNLOAD HIS DAILY PODCAST NOW!Prior to joining the Cubs in 2024, Kanzler served as a coach for the Houston Astros at the major league level in 2022 and 2023. In 2022, when the Astros won the World Series, he served as a major league coach before becoming the assistant hitting coach in 2023.Before joining the major leagues with Houston in 2022, Kanzler spent three years in the organization’s farm system, serving in various roles throughout the minor leagues.Prior to becoming a coach, he spent three seasons (2013-15) as an outfielder in the Minnesota Twins organization. Kanzler played for Class A Cedar Rapids and High-A Fort Myers and had a .249 batting average with a .720 OPS.
Chris Cuomo says talking about politics makes it difficult for him to avoid violence
Chris Cuomo has no interest in running for office like his father and brother. In fact, he says talking about politics on television has made it difficult enough to control his violent urges.”Man, I run from office. I’m telling you, I would never, ever, ever, ever consider running for office,” Cuomo told pollster Frank Luntz on his podcast. “But in fact, I’ll tell you what I’m considering: getting the f— out [of talking about politics].”BOBBY BURACK: THE ANTI-WHITE RESISTANCE IS ALREADY BEGINNING FOR COOPER FLAGGCuomo referenced boxer Mike Tyson and said his job makes him want to start punching people in the face.”Mike Tyson has turned out to be a prophet, which is already a perversity. But when Mike Tyson said, ‘Social media has made people forget that some things that you say will get you punched in the face.’”And my desire to punch people in the face has gotten, it’s consuming me, Frank. I can’t handle this. I can’t handle the stupidity. I can’t handle what wins. I can’t handle what gets paid. I can’t handle what succeeds. I can’t handle it.”We understand that Cuomo was probably joking. But if anyone were to abandon a successful media career because of an uncontrollable urge to get violent, he would rank near the top of our list.For background, Cuomo now hosts a cable news show on NewsNation.The younger Cuomo brother has a long history of losing his temper.In 2019, he threatened to throw a man down the stairs at a Shelter Island bar after the man called him “Fredo,” a reference to the weak link in the Corleone crime family from “The Godfather.”THE CRAIG CARTON SHOW–UNFILTERED, UNAPOLOGETIC AND UNMISSABLE. DOWNLOAD HIS DAILY PODCAST NOW!A year later, video showed Cuomo screaming at a bicyclist who questioned why he was outside in the Hamptons while recovering from COVID-19. Cuomo later called the man a “jacka–” and “loser” on his radio show.Cuomo also frequently posts videos of himself working out. Sometimes, he lifts dumbbells while typing on his computer.Just saying.Look, we do not want to downplay Cuomo’s urges and then see someone get punched in the face on set or in the political arena.That’s all.
NEW: Bomb Threat Empties Out Toledo, Ohio Polling Site
A bomb threat empties out a Toledo, Ohio, polling site on Tuesday morning.
Voters at Beverly Elementary School were evacuated on Tuesday following a bomb threat.
Emergency crews responded to the bomb threat at the polling site located at 3548 S. Detroit Avenue.
Another bomb threat was reported at Monac Elementary School.
Voting resumed at 12:15 after law enforcement and K-9s swept the facility. Extra voting machines were brought in so voters could cast their ballots.
“Working in coordination with local law enforcement, election officials took immediate action to secure the location, address the threat, and safely resume voting,” Ohio’s Secretary of State said.
WTVG reported:
Voters at Beverly Elementary were told to leave the polling location Tuesday morning, due to an apparent bomb threat.
Officials from Toledo Public Schools confirmed the school had received the threat, while witnesses at the location told 13 Action News that voting had been delayed while the incident is sorted out.
Lucas County Board of Elections Director Lavera Scott said initially that additional voting machines were being brought to the school, and voters would vote outside.
Voters were then allowed to resume voting inside Beverly Elementary shortly after noon.
Four other area schools received threats as well, including Conneaut Elementary and Kenwood Elementary in Bowling Green, Monac Elementary in Toledo and Lake Local Schools. Local police swept the buildings, and students and staff returned after the buildings were determined to be safe.
A bomb threat came into Beverly Elementary School, a current polling location. Toledo police are conducting a sweep of the building. LATEST UPDATES:
https://t.co/bYRWjJZg20 https://t.co/DPPaTefSGY
— WTOL 11 (@WTOL11Toledo) November 3, 2026
DEVELOPING…
The post NEW: Bomb Threat Empties Out Toledo, Ohio Polling Site appeared first on The Gateway Pundit.
‘Problem Solved’: Poll worker wears bloody T-shirt possibly celebrating assassination of Charlie Kirk and others
A poll worker sporting a bloody, “Problem Solved” T-shirt is raising concerns in the Minneapolis area.
Liz Collin of Alpha News posted an image of the election worker at a fire station Saturday in the city of Rogers, Minnesota, located in Hennepin County.
“SUBMITTED: Poll worker wears ‘Problem Solved’ T-shirt with red splatter near the collar resembling blood,” Collin said.
“Speculation is that it celebrates the assassination of Charlie Kirk or other assassinations; the Halloween design has been controversial for years.”
SUBMITTED: Poll worker wears “Problem Solved” T-shirt with red splatter near the collar resembling blood.
Speculation is that it celebrates the assassination of Charlie Kirk or other assassinations; the Halloween design has been controversial for years.
The picture was taken Saturday at the Rogers fire station community room.
In a statement to @AlphaNews, Hennepin County confirmed it forwarded the concern to the city clerk in Rogers for review.
“Hennepin County expects polling places to be welcoming and free from intimidation, harassment, or disruption for voters and election workers alike… Anyone with concerns about conduct at a polling place should bring them to the attention of the head election judge or city clerk’s office,” the statement reads.
— Liz Collin (@lizcollin) November 3, 2026
Hennepin County confirmed to Alpha News it forwarded the concern to the city clerk in Rogers for review.
County officials cited Minnesota Statutes 211B.11, which bans people from wearing, displaying, or distributing items in a polling place that show the name, likeness, logo, or slogan of a candidate on the ballot; the number, title, subject, slogan, or logo of a ballot question; or the name, logo, or slogan of a political party represented by a candidate on the ballot.
“Hennepin County expects polling places to be welcoming and free from intimidation, harassment, or disruption for voters and election workers alike,” the county indicated.
“Anyone with concerns about conduct at a polling place should bring them to the attention of the head election judge or city clerk’s office.”
The county posted in bold: “Most workers at polling places in Hennepin County are election judges hired by the municipality.”
“WHAT THE HELL,” wondered investigative journalist Cam Higby, who along with James O’Keefe is being targeted with criminal charges for exposing flaws in Hennepin’s election security, as WorldNetDaily reported.
Others noted:
“In other words … ‘thank you for pointing this out …’ then, do nothing.”
“Why can she wear that but we as a voter can’t wear a red hat?”
“And they wonder why we don’t trust them to count our votes. ”
“Send her home. Problem solved.”
The “Problem Solved” image comes as Hennepin County decided to bar election monitors from the U.S. Justice Department from inside polling locations in the Minneapolis area.
The county indicated: “DOJ monitors will not be permitted inside polling places but instead will remain outside a 100-foot boundary from the polling locations, in compliance with Minnesota law.”
“DOJ monitors are expected to be DOJ staff in plainclothes and may attempt to interview voters as they leave the polling place. Participation in these interviews is entirely voluntary.”
“Our office is fully prepared to protect and defend your right to vote,” Hennepin County Attorney Mary Moriarty said.
“Any reports of threats, harassment, or intimidation directed at voters or election workers will be reviewed and, if appropriate, prosecuted.”
Is the news we hear every day actually broadcasting messages from God? The answer is an absolute yes! Find out how!
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WATCH: Scandal-plagued prosecutor charges James O’Keefe and Cam Higby with felonies for exposing shocking flaws in voter system
Gucci owner accelerates closures, shutting 128 stores worldwide
After closing dozens of stores across its luxury brands, Kering is preparing to shutter even more locations worldwide as it works to turn around its struggling business.
The ongoing restructuring could leave luxury shoppers with fewer opportunities to visit some of their favorite brands in person, particularly in markets where the company is reducing its presence.
Founded in 1963, Kering is the French multinational luxury goods group behind some of the world’s most recognizable high-end brands, including Gucci, Saint Laurent, Bottega Veneta, Balenciaga, and Alexander McQueen.
Kering closes 128 stores across its brands
Kering completed 128 store closures and 23 openings in the first nine months of 2026, ending with 105 net store closures, according to its latest financial results.
The company finished the third quarter of fiscal 2026 with 1,614 directly operated locations.
Kering surpassed its original full-year target of 100 net store closures ahead of schedule. As a result, the company raised its 2026 target to at least 125 net store closures, signaling that further reductions are expected before the year ends.
Read more: Another mattress chain files Chapter 11 bankruptcy
Most of the closures occurred in the Asia-Pacific region across its Fashion and Leather Goods division, with Gucci accounting for the largest number of shutdowns among Kering’s brands, according to the company’s third-quarter revenue presentation.
The latest reductions follow 75 net store closures in 2025, highlighting Kering’s ongoing efforts to streamline its retail network.
“We keep focusing on maximizing the productivity and appeal of our existing network with store refurbishments, strengthening the expression of each house, and elevating the client experience,” Kering CFO Armelle Poulou said during the company’s latest earnings call.
Poulou explained that Kering has been cautious about communicating its store closure figures because some shutdowns depend on lease exit negotiations. The company has also closed certain locations before their leases expire.
The restructuring is weighing on revenue. Poulou estimated that store closures represented a one-percentage-point headwind to sales in the first half of 2026, before accounting for sales recaptured elsewhere, and that the impact would reach two percentage points in the second half.
Kering closes more stores across its brands in 2026.resulmuslu / Getty Images
Kering struggles to revive luxury brands
Kering’s store reductions come as the luxury group continues to navigate financial challenges across several of its brands.
During the third quarter of fiscal 2026, Kering reported revenue of approximately €3.3 billion, down 1% on a comparable basis year-over-year.
Its Fashion and Leather Goods division, which includes Gucci, Saint Laurent, Bottega Veneta, and Balenciaga, recorded a 3% comparable revenue decline. Gucci remained a significant source of pressure, with comparable revenue falling 6%.
As Kering’s largest fashion house, Gucci is a central focus of the group’s turnaround efforts.
The company’s directly operated retail network, including e-commerce, recorded a 3% comparable sales decline. Meanwhile, wholesale and other revenue increased 3%, according to its financial results.
During the earnings call, Poulou acknowledged that the company’s performance was not where management wanted it to be. She outlined three priorities Kering is pursuing to improve its business:
Rebuild Gucci’s desirability: Renew its creative direction, increase marketing investment, strengthen client engagement, and improve retail performance.
Revitalize China: Give local teams more decision-making power, tailor products and campaigns to Chinese consumers, and optimize the store network.
Improve products and efficiency: Simplify product offerings, upgrade quality, reduce inventory, strengthen operations, and cut costs while maintaining investments in its brands.
These initiatives are part of a broader turnaround effort aimed at improving brand appeal, strengthening customer relationships, and making Kering’s operations more efficient.
Fashion industry faces ongoing headwinds
Kering is not the only luxury company facing challenges as fashion retailers navigate a prolonged industry slowdown.
McKinsey & Company’s State of Fashion 2026 Report projects low-single-digit growth for the global fashion industry in 2026.
Macroeconomic volatility and tariff pressures are expected to continue influencing consumer behavior, especially as shoppers become more cautious about discretionary spending. In the U.S., consumer sentiment also remained low throughout 2025.
As luxury brands face pressure to restore growth and improve profitability, shoppers could see more changes to store networks as companies prioritize their strongest markets and locations.
Here’s some of my previous coverage of luxury store closures:
Capri Holdings: Closed 41 locations across its brands in the year ending June 27, 2026.
Prada Group: Closed 10 Versace stores since the end of 2025 and plans to shutter more locations while relocating select boutiques to stronger markets in 2026 and 2027.
Ferragamo: Closing roughly 70 stores between 2025 and 2026.
Burberry: Closed 21 locations during fiscal 2026.
Tapestry: Closed 64 directly operated stores during fiscal 2026.
Zegna Group: Closed 14 stores during the first half of fiscal 2026.
Related: Luxury giant to close more than 200 stores after sales drop
Oliver Dismisses Dems’ Alaska Tricks, Claims GOP Rhetoric ‘Has Been Truly Ugly’
HBO’s John Oliver used Sunday’s edition of Last Week Tonight to give viewers one last pep talk before the midterms that included assuring them that Democratic trickery in Alaska is nothing to be concerned about. Oliver also warned that Republicans are obsessed with “Islamophobia” and “transphobia” and that “the level of bigotry this year has been truly ugly.”Oliver tried to claim that Democrats’ Alaskan deceit was too incompetent or silly to be truly threatening, “Yeah, Democrats allegedly tried to confuse voters by getting another Dan Sullivan to run. Which, again, confirms my theory that when you hear ‘Secret Republican plot,’ it’s always some sort of House of Cards chicanery, but when you hear ‘Secret Democratic plot,’ it’s the most rinky-dink Scooby Doo clown car mix ’em up imaginable.” John Oliver doesn’t see what the big deal in Alaska is, “Now, both the Democratic candidate’s campaign, and the party’s senate campaign committee, have denied that report. But it wouldn’t be the first time that tactic’s been used. In fact, it’s been called an age-old election… pic.twitter.com/P0FxfZIy7O— Alex Christy (@alexchristy17) November 3, 2026 In addition, Oliver’s attempt to dismiss the scandal involved him claiming nothing out of the ordinary happened, “Now, both the Democratic candidate’s campaign, and the party’s Senate campaign committee, have denied that report. But it wouldn’t be the first time that tactic’s been used. In fact, it’s been called an age-old election trick, and has happened up and down ballots, across party lines. It’s also, crucially, not illegal — that’d only be the case if it involved things like falsifying residency documents, laundering campaign funds, or offering direct payments. In fact, as one expert put it, ‘If trying to confuse voters was a crime, then every politician would be in jail.’ What’s more, as you can see from the ballot — the Dan Sullivan who’s the incumbent Republican senator is clearly marked ‘incumbent.’”Later, Oliver was discussing President Trump’s attacks on Michigan’s Abdul El-Sayed when he introduced an ad, “And look, it shouldn’t be surprising that Trump engages in Islamophobia. But the party seems happy to follow him into that sewer. Just watch this attack ad put out by the Senate Republican Leadership Fund.”The ad featured a narrator quoting El-Sayed, “When I die and stand before God and go through everything I did in my life, I don’t want to say I did it the easy way instead of the Sharia-compliant way,” and a second narrator adding, “The Sharia Law way. What’s that? Using government to dictate how women dress, requiring they have a guardian or prohibiting women from filing for divorce. The Sharia Law compliant way. Abdul El-Sayed’s way.” Oliver also seeks to defend Abdul El-Sayed, “And look, it shouldn’t be surprising that Trump engages in Islamophobia. But the party seems happy to follow him into that sewer.”After dissecting an ad about El-Sayed and Sharia Law, Oliver claimed, “It’s a pretty bold move for the… pic.twitter.com/CbVguLTaZi— Alex Christy (@alexchristy17) November 3, 2026 Oliver pounced, “Okay, that’s wildly misleading. First, that quote comes from an interview El-Sayed gave 17 years ago — when he was 24 — and was speaking to a reporter writing about a Michigan bank that offered a special kind of home loan for Islamic customers. Back then, he said he wanted to conduct himself in “The Sharia-compliant way,” meaning using the religious code as a guideline for his personal life — y’know, how most religions work.”He also thought Republicans were being hypocritical because he thinks the things mentioned in the ad are analogues to being pro-life, “And it’s a pretty bold as a move for the Republican Senate Leadership fund to be like, ‘Hey, don’t vote for this guy! He thinks the government should take agency away from women! Instead, why not vote for the party that overturned Roe v. Wade?’”Oliver then introduced a quartet of ads by lamenting, “But it’s not just Islamophobia. In many states, the biggest bet Republicans have made has, once again, been on transphobia. In basically every battleground state, there’ve been a slew of misleading transphobic attack ads, often using some variation of the same familiar tagline.” Next, Oliver claims “But it’s not just Islamophobia. In many states, the biggest bet Republicans have made has, once again, been on transphobia. In basically every battleground state, there’ve been a slew of misleading transphobic attack ads, often using some variation of the… pic.twitter.com/abuWSVDem0— Alex Christy (@alexchristy17) November 3, 2026 After several ads arguing Democrats are for they/them, Oliver returned to quip, “Wow, normally to hear that many shitty pronoun jokes in a row, you have to be watching a Netflix special someone got paid millions of dollars for. But the level of bigotry this year has been truly ugly.”Oliver’s show airs on Sunday night, but he tapes on Saturday, so he did not have the opportunity to address Democratic Rep. Haley Stevens endorsing Republican Mike Rogers. However, if he did, he would very likely sound similar to Jon Stewart and Seth Meyers because El-Sayed’s relationship with anti-Semitism is the kind of bigotry he would be happy to either ignore or make excuses for.Here is a transcript for the November 1 show:HBO Last Week Tonight with John Oliver11/1/202611:17 PM ETJOHN OLIVER: Yeah, Democrats allegedly tried to confuse voters by getting another Dan Sullivan to run. Which, again, confirms my theory that when you hear “Secret Republican plot,” it’s always some sort of House of Cards chicanery, but when you hear “Secret Democratic plot,” it’s the most rinky-dink Scooby Doo clown car mix ’em up imaginable.Now, both the Democratic candidate’s campaign, and the party’s Senate campaign committee, have denied that report. But it wouldn’t be the first time that tactic’s been used. In fact, it’s been called an age-old election trick, and has happened up and down ballots, across party lines. It’s also, crucially, not illegal — that’d only be the case if it involved things like falsifying residency documents, laundering campaign funds, or offering direct payments. In fact, as one expert put it, “If trying to confuse voters was a crime, then every politician would be in jail.” What’s more, as you can see from the ballot — the Dan Sullivan who’s the incumbent Republican senator is clearly marked “incumbent.”…OLIVER: And look, it shouldn’t be surprising that Trump engages in Islamophobia. But the party seems happy to follow him into that sewer. Just watch this attack ad put out by the Senate Republican Leadership Fund.NARRATOR: Abdul El-Sayed in his own words. NARRATOR 2: “When I die and stand before God and go through everything I did in my life, I don’t want to say I did it the easy way instead of the Sharia-compliant way.”NARRATOR: The Sharia Law way. What’s that? Using government to dictate how women dress, requiring they have a guardian or prohibiting women from filing for divorce. The Sharia Law compliant way. Abdul El-Sayed’s way.OLIVER: Okay, that’s wildly misleading. First, that quote comes from an interview El-Sayed gave 17 years ago — when he was 24 — and was speaking to a reporter writing about a Michigan bank that offered a special kind of home loan for Islamic customers. Back then, he said he wanted to conduct himself in “The Sharia-compliant way,” meaning using the religious code as a guideline for his personal life — y’know, how most religions work. And it’s a pretty bold as a move for the Republican Senate Leadership fund to be like, “Hey, don’t vote for this guy! He thinks the government should take agency away from women! Instead, why not vote for the party that overturned Roe v. Wade?”But it’s not just Islamophobia. In many states, the biggest bet Republicans have made has, once again, been on transphobia. In basically every battleground state, there’ve been a slew of misleading transphobic attack ads, often using some variation of the same familiar tagline.NARRATOR 3: Don Davis doesn’t always show up to work, but when he does show up, he’s fighting for they/them, not us.NARRATOR 4: Mary Peltola works for they/them. Not for us.NARRATOR 5: Annie Andrews is for they/them. Not for our values. Not for South Carolina.NARRATOR 6: Radical liberal James Talarico, for they/them, not you.OLIVER: Wow, normally to hear that many shitty pronoun jokes in a row, you have to be watching a Netflix special someone got paid millions of dollars for. But the level of bigotry this year has been truly ugly.
SURF’S UP! ABC’s ‘Good Morning America’ Can’t Wait to Break Out Boards for Blue Tsunami
Screenshot via ABC/Snapstream
Early on Election Day 2026, ABC’s Good Morning America could barely contain its excitement over what was predicted to be a strong night for their preferred party (Democrats), celebrating the “political headwinds,” “record-low approval ratings,” and that Americans want to give their party a chance because the Trump economy has left “people struggling to pay for basic essentials.”It was a far cry from their Election Day morning show in 2024, when they openly heralded Democrat Kamala Harris’s “historic candidacy, with a message of unity and optimism” against Trump’s “dark” and “anti-immigrant language,” with his campaign allegedly feeling a negative “vibe shift.”The coverage started with a movie-style opening, which has become commonplace with ABC, going back to 2016.Co-host and former Clinton official George Stephanopoulos started it off, emphasizing “the future of President Trump’s agenda [is] at stake,” followed by co-host Robin Roberts promising a look at “the state of play as Democrats try to turn Texas blue for the first time in decades.”Amateur pundit and co-host Michael Strahan had to also thumb his nose at the side he deeply hates: “Plus, the key issues driving voters to the polls, as gas prices hit a record for an Election Day, what voters are telling us.”This gave way to GMA’s opening setup, often laden with punditry. After Strahan framed the day’s narrative as whether his side (Democrats) can “gain in red states,” Stephanopoulos also sneered: “A lot of engagement this year, but Republicans are facing political headwinds. President Trump’s approval ratings are low, prices are high. The party out of power nearly always makes gains during the midterms.”
As usual, ‘GMA’ had a setup laden with punditry.After co-host and amateur pundit Michael Strahan framed the day’s narrative as whether his side (Democrats) can “gain in red states,” Stephanopoulos also sneered: “A lot of engagement this year, but Republicans are facing… pic.twitter.com/k6tfCzYxke— Curtis Houck (@CurtisHouck) November 3, 2026
As usual, ‘GMA’ had a setup laden with punditry.After co-host and amateur pundit Michael Strahan framed the day’s narrative as whether his side (Democrats) can “gain in red states,” Stephanopoulos also sneered: “A lot of engagement this year, but Republicans are facing… pic.twitter.com/k6tfCzYxke— Curtis Houck (@CurtisHouck) November 3, 2026
The Biden regime’s lead apple polisher, chief White House correspondent Mary Bruce, similarly waved the pom-poms for her team:Who will control Congress? What message will the country send the President? Those answers now in the hands of voters. This morning, millions of Americans heading to the polls, control of Congress on the line, the midterm elections, a critical test of the political power of President Trump. The President choosing to deliver his final pitch to voters at one of his personal projects, the Reflecting Pool…Trump detailing the improvements which cost taxpayers $16 million dollars.Bruce surmised Trump’s red-state rallies were proof of a GOP hellscape (click “expand”):BRUCE: The President, speaking for more than 23 minutes before turning to the critical election for weeks, he’s blitzed the campaign trail, hoping to drive turnout in competitive races —TRUMP: I love you, Kansas.BRUCE: — holding 28 rallies, mostly in states he won, but where Republicans are now playing defense. Top of mind for voters? The rising cost of living fueled by the war in Iran, Trump had promised no new strikes until after the midterms.TRUMP: You know, I don’t know if you even call it a war, because we haven’t been doing any fighting for months.BRUCE: But officials now confirmed to ABC News that yesterday the U.S. carried out strikes against Iran in the Strait of Hormuz, part of a series of limited defensive strikes in recent weeks, the U.S. military estimates the war has cost $47 billion. As news of these defensive strikes broke, the President insisting that price tag is nothing compared to what the U.S. has earned through other foreign interventions.TRUMP: This is peanuts compared to the kind of money that we’ve made.BRUCE: Over and over again. Trump has urged voters to act like he himself is on the ballot, but now he appears to be bracing himself for losses.TRUMP: For some reason, the sitting President doesn’t win the midterms. But we gave this a very strong shot.After Bruce and Stephanopoulos celebrated the Supreme Court rejecting a Trump Justice Department suit in California to “interfere in the elections,” chief political correspondent Rachel Scott surfaced at ABC’s big board to tell her friends what they’ll need to do to retake Congress by being “on offense” against Trump’s “record-low approval ratings” (click “expand”):Democrats to flip the House, they’re going to need to net three seats by the end of the night. In order to flip the Senate, they need to net four seats by the end of the night. Let’s take a look at the Senate map. These are all the Senate races that are up for grabs tonight. 35 across the country. The path for Democrats to take control of the Senate. A lot more challenging here, and here’s why. They’re going to have to defend all of these states they currently have. These are all states where there’s a Democratic senator currently. And then they’re going to have to go on offense, flipping at least two states that President Trump won by double digits. We’re talking about Alaska. We’re talking about Texas. We’re talking about Kansas. Many of these races in the final stretch, they have been very tight, a lot closer. But when we go back in history, it has been years, in some case, decades since many of these states have sent a Democrat to the Senate. In Ohio? Since 2018. In Iowa? 2008. Texas? 1988. Kansas? It’s been nearly a century. Now, for Republicans to keep control of the Senate, what they’re going to have to do to defend their home turf tonight, they’re going to want to keep all of these red states. They’re also going to try to go on offense in that critical state. They’re in Michigan. But, of course, President Trump is entering this election with record-low approval ratings, guys.Following a re-emphasis that cost of living matters (which ABC tried to downplay in 2024), Nightline co-host Juju Chang boosted Michigan senatorial candidate Abdul el-Sayed following the shocking Haley Stevens endorsement.She held up pushback from his team that Stevens has given Democrats the incentive structure to vote for Mike Rogers: “[T]he el-Sayed camp says, no, no, that is not what happened. This defection only backfired. It only served to fire up the base and enrage Democrats, getting them to the polls. The next day, they announced a record $2.4 million in fundraising.”Weekend co-host Whit Johnson was in Texas to crown far-left State Representative James Talarico (D) as the Lone Star State’s inevitable next senator, fawning over the “unexpected battleground state” and Talarico leading in the polls with a “David versus Goliath” message to include people Johnson said “used to vote Republican, but they’re switching to Democrats this election.”Once Atlanta-based Steve Osunami finished a Georgia dispatch, four-time anti-Trump author Jonathan Karl gushed over Mississippi, Nebraska, and South Carolina possibly going blue because of Trump’s “historic lows” in the polls (click “expand”):I mean, we’re seeing Nebraska, Iowa, Kansas, Alaska, even Mississippi, potentially a South Carolina — what is happening here is Democrats are hopeful that they can win in states that they have not won in a long time, and Republicans are bracing for a big blue wave. We’ll see if it actually happens. Now, the only way, Robin, of course, as you heard from Rachel, that Democrats can win the Senate is if they can win in at least two states that Trump carried by double digits. And so, what does Trump done? He has asked voters to vote as if he is the person on the ballot. In other words, he has turned this midterm into a referendum on his presidency. That is a very risky proposition for a President that has historic lows in his approval rating, with a clear majority in poll after poll after poll of Americans saying they don’t approve of his performance as President.Chief business and economics correspondent (and former Apprentice contestant) Rebecca Jarvis offered some economic analysis that, other than footnoting low unemployment and gains in the stock market, sought to imply America’s in a state of calamity (click “expand”):
Chief business and economics correspondent (and former Apprentice contestant) Rebecca Jarvis offered some economic analysis that, other than footnoting low unemployment and gains in the stock market, sought to imply America’s in a depression pic.twitter.com/OFpcx2aqT8— Curtis Houck (@CurtisHouck) November 3, 2026
Chief business and economics correspondent (and former Apprentice contestant) Rebecca Jarvis offered some economic analysis that, other than footnoting low unemployment and gains in the stock market, sought to imply America’s in a depression pic.twitter.com/OFpcx2aqT8— Curtis Houck (@CurtisHouck) November 3, 2026
STEPHANOPOULOS: So, Rebecca, Trump is on the ballot. The cost of living is on the ballot.JARVIS: Right. And I’m struck by the fact that we’re having a nearly identical conversation today as the one we were having two years ago. The economy is the number one issue, as Rachel just shared, it was the number one issue there two years ago, and prices continue to climb. People struggling to pay for basic essentials like gas, groceries, housing, and health care. Back then, I traveled the country, people over and over said, we’re maxed out. Again, that is happening with affordability getting worse, families are now paying $1,300 more a month on the same goods and services since five years ago, nearly $400 of that has occurred since January 2025, when Trump took office where we’ve seen the biggest increases is in prices. Our gas and diesel since the start of the Iran war, both at record highs this Election Day morning. Think about the fact that the average driver, guys, is visiting a gas station once or twice a week. That is a regular reminder that prices are still climbing. Gas this morning: $4.13 a gallon. That is up 2.99 is where it was this time last year. So, that’s a big differential in people’s minds as they go to the polls. Meantime, diesel, which is the fuel that really powers our economy — today, it’s 6.29. A year ago, 3.67 again, another big differential. Now, unemployment jobs, they’re there for the most part. Unemployment remains low 4.2 percent. The stock market is up 10 percent over the last year. But workers wages are not keeping up with rising costs, and we have to remember, when we look at the stock market, only about half of Americans have any access —STRAHAN: Mmm, yeah. Mmhmm.JARVIS: — have any money invested in the stock market. So people are stretched, they are dipping into their savings, they’re taking on more debt. And when you look at those debt numbers, one of the concerning factors here is that people, those who are really behind that number is getting worse. Those who are really behind on their credit card bills.STRAHAN: Yeah. Costs have really gone up.JARVIS: They feel it, everyone.STRAHAN: Yeah.In the second half-hour, ABC brought out chief legal analyst Dan Abrams for a know-your-rights segment, which felt like a dog whistle to the left to be on the lookout for violent Trumpers trying to steal your vote:
In the second half-hour, ABC ran a know-your-rights segment, which felt like a dog whistle to the left to be on the lookout for violent Trumpers trying to steal your vote pic.twitter.com/kneDBLF6Fo— Curtis Houck (@CurtisHouck) November 3, 2026
In the second half-hour, ABC ran a know-your-rights segment, which felt like a dog whistle to the left to be on the lookout for violent Trumpers trying to steal your vote pic.twitter.com/kneDBLF6Fo— Curtis Houck (@CurtisHouck) November 3, 2026
The second hour had even more new reports from the field, but not after a recap from Scott to reiterate the marching orders for her fellow Democrats and remind them of a Reuters/Ipsos poll that says Americans want them to run the Congress amid the “highest ever” gas prices for an Election Day.
The second hour had even more new reports from the field, but not after a recap from Scott to reiterate the marching orders for her fellow Democrats and remind them of a Reuters/Ipsos poll that says Americans want them to run the Congress amid the “highest ever” gas prices for an… pic.twitter.com/TauPj0CE85— Curtis Houck (@CurtisHouck) November 3, 2026
The second hour had even more new reports from the field, but not after a recap from Scott to reiterate the marching orders for her fellow Democrats and remind them of a Reuters/Ipsos poll that says Americans want them to run the Congress amid the “highest ever” gas prices for an… pic.twitter.com/TauPj0CE85— Curtis Houck (@CurtisHouck) November 3, 2026
The first of two new reports came from correspondent Trevor Ault in Alaska. Strahan downplayed the Decoy Dan story, calling it “accusations…that Democrats tried to mislead voters.” Ault reiterated that “most people know there’s actually two Dan Sullivans on the ballot,” but took Peltola’s word for it she had no idea.Ault then dismissed the story altogether: “What’s not clear, though, is whether or not this issue is going to be very important to Alaskan voters, especially when you compare it to those other issues, like what Rachel was just talking about, gas prices and the economy.”Weekend co-host and weekday news reader Will Reeve closed things out for his fellow Democrats in Maine, trumpeting (cousin kisser) Troy Jackson and boasting he’s heard from “many” Maine voters that they’re “skeptical that past performance will indicate future results” for Collins bringing home federal money.He then added:Many of them feeling anti-Collins or even more forcefully anti-Trump, and they agreed with the Jackson campaign’s portrayal of Collins as being too aligned with President Trump and his agenda, despite Collins’s reputation as a moderate…[T]he question they will be answering today is: Does this spell the end of an era for Susan Collins, or will she hang on in this tightly contested race?To see the relevant ABC transcript from November 3, click here.