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Today marks one year since Hamas’ October 7 attack on Israel, in which about 1,200 people were killed, leading Israel to retaliate and catalyzing the war in Gaza. Nearly 42,000 Palestinians have been killed in the conflict, according to the Gaza Health Ministry, which does not differentiate between fighters and civilians.
Despite calls for a ceasefire from the U.S. and allies, the Middle East is on the precipice of a broader war as tensions escalate between Israel and Iran. About 31% of Americans believe Israel’s military operations in Gaza are going too far, a slight increase from last December, according to a new Pew Research Center poll.
Meanwhile, the share of Americans who believe Israel is doing enough or should be doing more has fallen in the last 10 months.
FIRST UP
The U.S. added far more jobs than expected in September, and the unemployment rate dipped to 4.1%. The Labor Department data delivered good news for investors on edge after July and August saw far weaker labor market expansion than expected.
MORE: Leading stock indexes saw gains Friday on the heels of the jobs report: The Dow Jones Industrial Average rose as much as 0.8%, the S&P 500 climbed as much as 0.9% and the tech-heavy Nasdaq bounced as much as 1.2%. But labor market resilience dampened hopes for a second aggressive interest rate cut from the Federal Reserve next month.
BUSINESS + FINANCE
Tencent Holdings is considering acquiring Ubisoft Entertainment with the Guillemot family, which founded the French video game publisher, sending Ubisoft’s stock soaring Friday after it falling to a decade-low in late September. Rumors about a takeover of Ubisoft, behind video games like Assassin’s Creed and Just Dance, have swirled for years, and private equity firms like Blackstone and KKR & Co. have previously considered buying out the company.
Compare price/earnings to a growth rate and you get PEG, the classic formula for measuring the price tag of a growth stock. But PEG has deep flaws. The superior Super PEG measures how much you pay now to get a certain level of earning power down the road, and then compares that to what you pay to get future earning power from the S&P 500 index.
WEALTH + ENTREPRENEURSHIP
The ultra-swank Yellowstone Club, located on a remote patch of Montana wilderness, is one of the world’s most exclusive clubs: Those who want to be admitted must buy land, a home or a condo, which will set you back $10 million, even for the least expensive undeveloped plot. The club has fewer than 900 homeowners, worth more than a combined $290 billion, including Melinda French Gates and hedge fund tycoon Bill Ackman.
The Forbes 400 list of the wealthiest people has been published every year since 1982, and out of the total 1,739 featured, just 11 have made the list every year. They include Warren Buffett, worth $145.5 billion; Charles Koch, worth $67.5 billion; and Nike’s Phil Knight, with a net worth of $36.5 billion.
TECH + INNOVATION
Alphabet’s self-driving car venture Waymo, the only commercial robotaxi service in the U.S., signed a “multiyear” agreement with Hyundai Motor to add electric Ioniq 5 hatchbacks to its Waymo One fleet starting next year. Currently, its U.S. fleet includes at least 1,000 electric Jaguar I-PACE SUVs, and reducing costs is critical for Waymo to reach profitability, as it is quickly expanding its service area.
At a recruitment event for his fledgling AI company xAI, billionaire Elon Musk pitched the firm as the anti-OpenAI, calling the ChatGPT maker “closed” and profit-obsessed. Musk cofounded OpenAI with Sam Altman, but he has since left and sued the company twice, accusing OpenAI of abandoning its mission to build artificial intelligence to benefit humanity.
MONEY + POLITICS
Out of office and back on the campaign trail, former President Donald Trump earned an estimated $218 million in operating income last year, roughly double what he made during his final year in the White House. Trump’s golf portfolio now generates huge profits, with his golf-connected properties generating $74 million more in operating income last year than they did in 2020.
SCIENCE + HEALTHCARE
Perpetua Resources is set to resurrect a shuttered Idaho mine that will once again supply the Pentagon with vital weapons-grade antimony, bust a Chinese monopoly, and underwrite the rehabilitation of 20 miles of backcountry salmon streams. The surge in the price of gold since the pandemic is also propelling Perpetua, which expects to produce an average 300,000 ounces of gold per year at an average all-in cost of $650/oz and eventually generate hundreds of millions of dollars in annual profits.
TRAVEL + LIFESTYLE
Shares of Spirit Airlines fell 26% Friday after reports indicated the low-cost airline was exploring bankruptcy. In January, a federal judge blocked a $3.8 billion merger between Spirit and JetBlue, ruling it would eliminate the airline industry’s popular discounted flight options and drive up prices.
If you need to renew your passport, now is the time: The average wait time is the shortest it’s been in decades. The State Department said Thursday that the average processing time for passports has dropped to four to six weeks, which is a third as long as it took in 2021 during the pandemic backlog.
DAILY COVER STORY
Hemp Madness: Why The Government Is Waging War Against Marijuana’s Legal Cousin
TOPLINE Over the last several months, joint state and federal task forces have raided more than 100 vape and smoke shops, hemp product manufacturers and distributors in North Carolina, alleging that they are selling marijuana disguised as hemp.
The 2018 Farm Bill allows the production of hemp and all its derivatives so long as it contains 0.3% of THC or less. In 2022, hemp-derived cannabinoid product sales hit $28 billion overall, while legal marijuana products generated $26 billion in sales during that same period, according to cannabis data firm Whitney Economics.
But hemp farmers, Whitney Economics estimates, have lost about $3.1 billion in annual sales due to the state bans and legal confusion that has followed.
Despite what the Farm Bill states, there is plenty of debate about whether hemp-derived THC products are legal under federal law. That’s because hemp-derived cannabinoids—including delta-9 THC and delta-8 THC (a less potent compound that is affectionately called “weed lite” or “decaf kush”)—are legal under the Farm Bill if those compounds are found naturally in the plant.
Yet most intoxicating hemp products on the market are made by converting hemp-derived CBD isolate into delta-9 THC or delta-8 THC using a chemical process.
North Carolina’s crusade against hemp is not the only front in this war on drugs. Late last month, California Governor Gavin Newsom banned hemp-derived THC through an emergency order. Newsom said that the move was to prevent the sale of intoxicating hemp products to children.
But California also views hemp products as a threat to its struggling $5 billion legal marijuana market.
WHY IT MATTERS “What’s going on in the hemp industry right now shows how complicated and nuanced the legalization of cannabis can be,” says Forbes staff writer Will Yakowicz. “Even though marijuana and hemp are variations of the same plant—Cannabis sativa L—marijuana is still illegal at the federal level while hemp is legal.”
MORE The Cannabis Civil War: Hemp vs. Marijuana
FACTS + COMMENTS
The IRS Direct File program will be available in twice as many states next year, the Treasury and the IRS announced. The program allows eligible taxpayers to file their federal tax returns for free directly with the IRS:
24: The number of states that will offer Direct File, meaning 62% of Americans will live in states offering Direct File
More than 30 million: The estimated number of taxpayers who will be eligible to use Direct File in the 2025 filing season
140,803: The number of taxpayers who filed their federal tax returns using the new service in 2024
STRATEGY + SUCCESS
It’s important not only to save for retirement but also to plan for the non-financial aspects. For instance, if you enjoy what you are doing or the social aspect of your job, consider working part-time to transition to full retirement. Take the time to build social connections outside of work, join community groups and develop hobbies. And don’t wait until you retire to start traveling: Go when you can, because no one’s health is guaranteed.
VIDEO
QUIZ
Donald Trump falsely claimed on social media Friday he earned an endorsement from the chief executive of which major bank?
A. JPMorgan Chase
B. Wells Fargo
C. Bank of America
D. Goldman Sachs
Check your answer.
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire, Chris Dobstaff and Caroline Howard.