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More than 113,000 electric kettles sold at Costco and HomeGoods have been recalled after reports that the handles can detach.

A "Rubbish, Knee-Jerk Reaction": UK Treasury Pushes Food Price Caps As Inflation Re-Accelerates

UK supermarkets are being urged by the government to limit food prices in return for easing regulations.

As first reported by The Financial Times, the price caps are 'voluntary' and would apply to key groceries – such as eggs, bread, and milk - according to retail industry sources with knowledge of the plans.

In return, the government has said it would offer “incentives” to the supermarkets, which the people said could include easing packaging policies and potentially delaying costly changes to rules around healthy food.

As one may well expect, supermarkets are understood to be strongly opposed to the plans.

The Treasury has declined to comment.

The proposals come as Sir Keir Starmer’s government is battling to address public concern over the cost of living.

Scottish retailers recently condemned a similar policy by the Scottish National Party as a “1970s-style” gimmick.

One person close to a supermarket said the Treasury’s initiative was “a rubbish, knee-jerk reaction to the SNP”.

UK food inflation rose to 3.7 per cent in April, and the foreign secretary, Yvette Cooper, has warned the world is “sleepwalking into a global food crisis”, with the Middle East war throttling supply chains.

And in line with the magical thinking, the Treasury has also told supermarkets that it would like guarantees that British farmers would not lose income from shop price caps.

Former Brexit minister Lord Frost weighed in on social media platform X, calling the proposal "remarkable (and remarkably bad) if true.

"There are certainly plenty of people in this govt whose understanding of economics is so poor that they might consider it a good idea."

SNP leader John Swinney has defended his party's approach, arguing he faces a "public health responsibility" to ensure affordable nutrition for people "struggling to afford a very basic shop."

“It is a completely ill-thought-out, last-minute idea . . . The idea that the government can set price better than the market is for the birds,” one person familiar with the discussions told the FT.

Tyler Durden Wed, 05/20/2026 - 06:55

The Jets have a lot to consider, from how the season shapes up to the backup quarterback spot

The Senate advanced a measure Tuesday that would force President Trump to suspend military action against Iran without congressional approval, as four Republicans broke with the White House.

Dating in the digital era isn't easy, as one Oscar-nominated filmmaker learned the hard way.

UK COVID Inquiry's Endorsement Of Censorship Sets Chilling Precedent

Authored by Molly Kingsley via DailySceptic.org,

According to the UK’s Covid Inquiry, whose fourth report was published in April, there was “in principle, nothing unlawful or inappropriate in the government monitoring publicly available social media to identify potential trends in disinformation or misinformation” during the pandemic period.

The same report, in declining to criticise the censorious activities of the UK Government during the pandemic, noted that the UK government’s Counter Disinformation Unit was required to ensure that its actions were “lawful, necessary and proportionate”.

On a careful reading of this language, the inquiry stops (just) short of expressly endorsing the full scope and extent of the government’s censorship operation.  However, the relevant sections of the inquiry’s report create the distinct, and we can assume deliberate, impression that the CDU’s censorship operation was conducted in accordance with constitutional and democratic principles, and was not only justified but was necessary and proportionate. 

As someone who was on the receiving end of that censorship operation, with the receipts to evidence the very broad scope of commentary that was judged by the CDU to be wrongful or dangerous, this came as a serious disappointment, albeit not a great surprise.

Some would argue that in a national emergency scenario, some degree of information monitoring and intervention might be justified.

The trouble with that argument is that one very quickly then has to grapple with the fact that – as we saw during the pandemic period – it’s precisely in moments of national crisis – moments where critical decisions must be made in complex situations – that contrasting views are most valuable and essential.

As Jay Bhattacharya, Acting Director of the US Centres for Disease Control, has put it: “Dissent is the very essence of science.”

In my own case, the offending posts and articles caught by the CDU were typically either opinion pieces or comments quoted in mainstream news articles. They included such outlandish and outrageous statements as, “It would be unforgivable to close schools”, “Let children use playgrounds” and “It is indefensible that children’s lives are still not back to normal when the rest of society is”. Clearly, many would now agree with these viewpoints. However, even if some, or indeed many might not have agreed with those points of view at the time, the fact that they were valid, lawfully-expressed opinions cannot be disputed.

Perhaps the CDU’s hypersensitivity would not have mattered so much if, as according to the Covid Inquiry’s account, all that was happening during that period was “monitoring” of public sentiment by the government. The inquiry’s report notes that the CDU had ‘trusted flagger’ status with all of the major social media platforms, the effect of which was that CDU flags received special attention; but the same report is at pains to record that decisions about removing or suppressing content “remained exclusively a decision for each social media platform”.

Yet a subsequent investigation by the Telegraph revealed that 90% of the posts referred to social media companies by the CDU were taken down. Indeed, evidence given to the inquiry by the former head of the CDU confirmed that when information was flagged by the CDU it “immediately goes to the top of the pile. Whoever it is in whatever company then acts on it. It is the same system they have across government for things like terrorist content.”

What makes this even worse is that the remit of the CDU went beyond anything that could reasonably be termed mis- or disinformation. In particular, we know in relation to Covid vaccine-related commentary – because a CDU official told a Parliamentary Select Committee in December 2020 – that each of the following categories of content was considered for flagging and removal as ‘anti-vaccine misinformation’:

• commentary about the speed of the development of the Covid vaccines: “It is not safe, those kinds of narratives”;

• commentary about side-effects from the Covid vaccines; and

• commentary about “monetary and big business and links to pharma”, which seems to indicate that criticism of the pharma industry and its financial influence were off limits.

All of this is in sharp contrast to events on the other side of the pond. In May 2024, a US Congressional report observed in the context of its examination of the Biden administration’s pandemic censorship operations:

“By suppressing free speech and intentionally distorting public debate in the modern town square, ideas and policies were no longer fairly tested and debated on their merits. Instead, policymakers implemented a series of public health measures that proved to be disastrous for the country.”

Free debate is one of the key measures of the health of a democracy. Without it, we lose the ability to challenge and to stress test ideas. As we saw during the pandemic, it is often when speech is most controversial that the need to hear it is greatest.

In contrast with the US where a degree of candid investigation of core pandemic failings, especially concerning the suppression of speech and social media censorship, is now taking place, our own Covid Inquiry has completely side-stepped its duty to properly interrogate serious infringements of cornerstone rights and principles of public discourse. Given the investigations going on in the US and the fact that key reports have been public for close to two years, not only is this approach wilfully blind but it is an affront to the liberal democratic ideal of free speech. It sets an appalling precedent, whereby in future public health crisis (or potentially any crisis) we can now expect broad-in-scope monitoring and narrative control of lawful, and indeed essential, contrasting views to be the norm. And, it is disingenuous. At the same time that the inquiry has defended the patent overreach of the government’s censorship operation, it has completely ignored the flagrant, extensive and devastating mis- and disinformation propagated during that same period by pharmaceutical companies, government ministers and senior public health officials who were permitted and encouraged to make statements which were manifestly inflated, exaggerated, coercive or untrue.

Official statements overstating the safety and efficacy of the Covid vaccine programme, particularly when combined with coercive policies affecting children, are blatant examples of dangerous misinformation.

Each of the major vaccine manufacturers has now been found guilty by the UK regulator, many on repeated occasions, for the persistent overstating of benefit and understating of harm in relation to their Covid vaccine products. And yet the inquiry’s report is completely silent on this topic.

Unfortunately the end result, as predicted by many Daily Sceptic readers, is a shameful whitewash that will only further corrode trust in public health.

Tyler Durden Wed, 05/20/2026 - 06:30

Roblox said it had "clear policies" banning actual and simulated gambling, as well as rules governing paid random items.

Looking at the depth chart, it looks as if Harbaugh and general manager Joe Schoen assembled a group in which 48 percent of the starters are newcomers to the team.

Korean Bubble Mania: Retail Investors Max Out On Margin Debt, Choose To "Risk Complete Collapse" Than Miss Stock Rally

For many years, Koreans were bitcoin's best friend.

After bitcoin emerged about a decade ago as the asset class with the most pronounced momentum - both to the upside and the downside - Korea's daytrading army, famous for being totally unable to do any fundamental valuation analysis but legendary for its wilnningness to piggyback on any momentum with suicidal leverage, became enamored with bitcoin and the result were face-ripping meltups and heartstopping crashes, a daily breathless rollercoaster where 10% moves in hours if not minutes had become the norm. 

But then, last September something snapped. After bitcoin had tracked Korea's Kospi index closely for years, the two series - formerly joined at the hips for years - diverged and went their separate ways, the Kospi soaring to never before seen levels, while bitcoin stagnated, shrinking ever lower as its former momentum-addicted traders abandoned it for something shinier, and with much more momentum: memory stocks.

As shown in the chart below, the Kospi-Bitcoin divergence started right around the time last September when memory stocks like Micron, Samsung and SK Hynix began what would be an absolutely historic meltup for the ages (if not so much for bitcoin). 

And while we had previously showed our readers a behind the scenes peeks into Korea's crypto trading culture, nothing prepared us for what is taking place right now... because what is taking place is nothing short of absolute batshit insanity.

Consider this: a single post uploaded May 8 by a Korean civil servant on Blind, the anonymous workplace community app, quickly set off a frenzy online. The post included a screenshot of his brokerage account showing he had poured a staggering 2.3 billion won ($1.7 million) into shares of semiconductor giant SK Hynix, one of the key driving forces behind Korea’s roaring stock market.

But even more striking is that the 1.7 billion won of that investment was financed through margin loans borrowed from his brokerage!

“I believe the semiconductor market will continue its upward climb through 2028, but I’m taking a more aggressive approach to grow my assets faster,” he wrote. Four days later, on May 12, he returned with an update claiming he had already locked in 267 million won in profits.

That same day, another Blind post surfaced - this time from a Seoul Metro employee in her 20s, who wrote that rather than missing out on the rally, she would “risk complete collapse,” adding that she had used 150 percent margin financing to fully leverage into stocks.

As Korea’s bull market barrels ahead, the Korea Times writes that more momentum-addicted retail investors are turning to borrowed money to magnify returns, despite huge risks of losing more than 100% of one's capital. As of Friday, outstanding margin loans used for stock purchases had ballooned to a record 36.47 trillion won, according to the Korea Financial Investment Association.

While retail investors end up with all the risk, for Korea’s securities firms, the recent retail mania and associated borrowing boom has become a lucrative windfall.

According to recent industry data, the nation’s 10 largest brokerages - Korea Investment & Securities, Mirae Asset, Samsung, Kiwoom, NH, KB, Shinhan, Hana, Meritz and Daishin - generated a combined 600 billion won in interest income from margin lending in the first quarter of this year, up 55.9% from a year earlier.

Margin loans allow investors to borrow money from brokerages to buy stocks by pledging existing assets as collateral. While this can amplify gains, it also comes with annual interest rates ranging from 7 to 9%, and if share prices fall too sharply, brokerages force-sell holdings to recover their loans.

For now, bullish sentiment shows few signs of cooling: with the benchmark KOSPI climbing from the 4,000 range late last year to surpass the historic 8,000 mark in less than half a year, many retail investors appear willing to embrace higher-risk strategies in pursuit of faster gains, similar to what happened in China during the 2015 bubble when margin debt hit daily record highs. 

Up 75% this year, the quick ascent of South Korea’s Kospi Index has largely been driven by Samsung Electronics and SK Hynix, which accounted for more than two-thirds of the advance. The surge reflects record profits at the chipmakers, and with valuations still below regional and global peers, some investors argue the rally lacks the excesses typical of past boom-and-bust cycles.

Wall Street, of course, is more than eager to encourage reckless risk taking: in a May 10 report, JP Morgan raised its base-case KOSPI target to 9,000, with a bull-case projection of 10,000, arguing that investors should “stay positioned for further upside and not preemptively anticipate a cycle-end.”

The investment bank pointed to a “higher for longer” memory chip upcycle, fueled in large part by sustained artificial intelligence-driven demand, while also identifying brokers, insurers, holding companies and dividend-heavy sectors as major beneficiaries of the country’s broader market transformation.

Not everyone agrees.

For one, signs of froth are literally everywhere one looks. Key market measures showing uneven earnings growth, rising volatility and record margin debt are beginning to give some investors pause. “This is a party you want to enjoy while staying near the exit,” said Mo Young, a portfolio manager at RootN Global Investors in Seoul. The problem with this is that everyone thinks they can sell before everyone else does. That "strategy" always ends in tears. 

Just like in the US, Korea's market breadth shows that the rally remains highly concentrated. Just 33% of benchmark stocks are now trading above their 50-day average, down from 70% three weeks ago. Meanwhile, 2% of members - mostly memory and chip stocks - are hitting new 52-week high despite the Kospi’s successive records, which underscores the narrowness of the gains.

“In other words, buying the index is not simply buying a diversified slice of Korea; it is increasingly a concentrated bet on memory semiconductors,” said Christian Heck, a New York-based portfolio manager at First Eagle Investment Management. 

“The index itself is no longer obviously cheap, and broad exposure requires underwriting a very large semiconductor-cycle bet,” he added. “Selectivity is essential.” 

Palvir Bahia, a fund manager at Polar Capital which manages $40.5 billion said his fund is "monitoring the rising margin debt closely as the market rally has led to an increase in margin debt which heightens market volatility, particularly on down days when retail investors are forced to sell in order to maintain account balances.” 

The risk of forced retail liquidations has dragged in the chief of the country's financial watchdog who expressed concerns that retail investors could suffer losses amid increased market volatility, according to the Financial Supervisory Service (FSS) on Tuesday.

During a meeting on consumer risk response a day earlier, FSS governor Lee Chan-jin said retail investors could increasingly pivot toward highly volatile, risky assets as the country is set to introduce single-stock leveraged, or inverse, exchange-traded funds (ETFs) next week.

And just in case record margin debt and historic call buying wasn't enough, the watchdog warned that the introduction of single-stock leveraged ETFs could further accelerate capital flights to high-risk financial products. Because that's just what Korea's stock bubble needs. 

A bubble which may burst any minute since cracks are starting to show in the index itself.

The Kospi dropped nearly 5% on Tuesday, the worst performer across Asia, as chip stocks tracked US peers lower amid rising bond yields. The index is now testing the ultra-steep trend line, with the 21-day moving average sitting just below current levels. As Market Ear notes, "these are short-term make-or-break levels for the AI melt-up."

 

As we have observed previously, the Kospi is basically two memory stocks, Samsung Electronics and SK Hynix, which is why the Kospi is basically the SOX on steroids.

With everyone ignoring stocks and plowing their margin debt right into calls for leverage upon leverage, the Kospi VIX is now a broken market. The spot-up, vol-up regime which signals a "melt-up" phase driven by FOMO and extreme positioning, has been unlike anything seen before, resulting in many investors dismissing buying protection due to stratospheric vols. First, the VIX soared as stocks surged (due to call buying); now vol stays high as the KOSPI sells off. Vols at these levels are pricing around 4.5% daily index moves going forward! That's not just extreme, that's batshit insane, and virtually guarantees that all levered investors will be wiped out unless they have tons of available cash balances to absorb margin calls, which they don't. 

With Samsung and SK Hynix posting record profits, signs of froth are also  emerging in smaller stocks where earnings growth is virtually non-existant. Non-tech firms have driven just 4% of the 12-month earnings gain since September, according to William Bratton, head of cash equities research for APAC at BNP Paribas.

Valuations are particularly stretched in materials sectors, which include electric-vehicle firms, trading at nearly 60 times forward earnings. Battery maker Posco Future M Co. stands out at over 300 times, despite carrying the highest number of sell ratings on the Kospi, Bloomberg data shows.

“If there is a meaningful slowdown of inflow from retail investors or systematic traders, or if hedge funds reduce their big positions that were most profitable, the market structure could become even more fragile,” Kim added.  

And it's about to get much more fragile: as Goldman notes, foreigners have net sold the Kospi for the 9th consecutive day (and have been aggressively selling for much of 2026) with today's latest selling focused in Tech (-$3.4bn). And while local institutions were net sellers for most part of the day, they closed as small net buyers with buying concentrated in Tech (+$168mn). Meanwhile, the willing target of everyone else's distribution, retail investors, have continued to be net buyers and absorbed all of the supply from foreigners... the same retail investors who are now levered to the gills and are out of funds, so they are buying with the bank's money. 

As we pointed out a week ago, hedging Korea, and partly the broader AI mania, via EWY looked interesting. The last major upside overshoot at the start of the Iran war, eventually mean-reverted all the way back toward the 50 day moving average. Having previously outlined the EWY put spread logic, with the unwind starting to accelerate again, it's time to start thinking about rolling strikes lower to keep max optionality.

KOSPI may be turning from the leader of the AI melt-up into the market’s most important stress signal, and when it blows, millions of levered retail investors will lose everything they own, and more thanks to the magic of leverage. 

Tyler Durden Wed, 05/20/2026 - 06:15

“The scale of it in the state of California is just another level entirely,” Chris Rufo, a senior fellow at the Manhattan Institute and one of the first authors to shed light on the Minnesota Somali fraud problem, told “Pod Force One” host Miranda Devine. 

"Amos helped so many others and his life is an example for all of us to aspire to."

It can be difficult to know which sleep tips are worth trying — and which are the stuff of nightmares.

Fairplay and the National Center for Online Sexual Exploitation (NCOSE) allege that Roblox’s voice and text chat features “are a source of substantial harm to children, facilitating predation and abuse by enabling adult contact with minors.”

Frisco, located about 25 miles north of Dallas, has exploded from a small farming town of about 6,000 residents into a city of roughly 245,000 today.

Global Rush For "Non-Red" Suicide Drones Begins As Taiwan Sees Booming Orders

Four years of war in Ukraine have rewritten how warfare is fought, accelerating the urgent need for low-cost aerial unmanned systems and ground robots. It has also prompted Taiwan to emerge as a supplier of low-cost suicide drones.

Taiwan's national news agency, the Central News Agency, reported that a Taichung-based Taiwanese drone manufacturer is now focused on producing a domestically made variant of Iran's Shahed one-way attack drone.

CNA said Carbon-Based Technology's main exports are "triangular-wing drones with a control range of over 90 km, and catapult-launched small attack drones."

CNA noted that demand for these attack drones is soaring, with "plans to expand the factory three to five times." The company is facing "production capacity" constraints due to surging orders.

"The payload can be adjusted according to mission requirements, conforming to the current global military 'asymmetric warfare' trend," CNA stated, describing CBT's suicide drones.

CNA noted, "The Russia-Ukraine war sparked a global surge in demand for "non-red" (non-Chinese) drones. This, combined with Taiwan government support, brought rapid overseas interest and orders from countries including Japan, India, and Southeast Asia." 

The acceleration of suicide drone production also comes as the possibility of a Chinese invasion remains a very real threat, drawing heavily from lessons learned in Ukraine.

The broader takeaway is that Taiwan views drone manufacturing as both a national security capability and an industrial policy to supply Western militaries.

As we have outlined before, militaries around the world are entering a major procurement cycle to stockpile low-cost one-way attack drones, as lessons from Ukraine and the Gulf region rapidly reshape modern warfare.

Tyler Durden Wed, 05/20/2026 - 05:45

Massie’s defeat in what will go down as the most expensive primary race in US history reinforces Trump’s dominance over Republican politics. 

"Be friendly, talk about something, ask them how they are … it can be seen as flirtatious for a checkout interaction, but totally normal at Trader Joe's."

Your teen might need a new summer or after-school gig.

Starmer Hit With Legal Threat After Barring Conservative Speakers From Entering UK For National Rally

Authored by Thomas Brooke via Remix News,

U.K. Prime Minister Keir Starmer has been issued with a formal letter of claim after several foreign politicians, commentators, and activists were blocked from entering the United Kingdom ahead of a major rally in London last weekend.

The legal threat was announced over the weekend by Dutch commentator Eva Vlaardingerbroek, who said she and others had instructed a lawyer to act on their behalf over potentially defamatory remarks made by the prime minister last week.

“Today, Dominik Tarczyński, Don Keith, Ada Lluch, Joey Mannarino, and I have formally instructed our lawyer, Francesco Gargallo di Castel Lentini, to issue a Letter of Claim to Keir Starmer,” Vlaardingerbroek wrote on X. The lawyer mentioned is Vlaardingerbroek’s Italian husband.

Enough is enough.

Today, @D_Tarczynski, @RealDonKeith, @AdaLluch, @JoeyMannarino and I have formally instructed our lawyer, @Fr_Gargallo, to issue a Letter of Claim to @Keir_Starmer. The letter demands that he immediately retract his defamatory statements in which he labelled us… pic.twitter.com/myseUDpc8U

— Eva Vlaardingerbroek (@EvaVlaar) May 16, 2026

“The letter demands that he immediately retract his defamatory statements in which he labelled us ‘far-right agitators’ who wish to incite violence.

“Should he fail to comply, we reserve all our legal rights to pursue further action against him.”

The dispute follows a speech delivered by Starmer last Monday in which he said his government had barred what he described as “far-right agitators” from entering Britain to attend the Unite the Kingdom march organized by Tommy Robinson.

The demonstration took place in London on Saturday. Ahead of the event, those named in the letter received notices from the Home Office informing them that their U.K. Electronic Travel Authorisation (ETA) had been cancelled. The message stated that their presence in Britain was not considered “conducive to the public good.”

Among those affected was Polish MEP Dominik Tarczyński, a conservative politician and outspoken opponent of mass migration.

“This is what communism looks like in the 21st Century. I have just been denied entry to the U.K. in order to speak at the largest patriotic event in Europe,” Tarczyński wrote on social media after being refused entry.

In total, 11 people were reportedly banned from entering the U.K. to attend the rally. They included American nationals, Don Keith and Joey Mannarino, and Spanish conservative influencer Ada Lluch.

Mannarino wrote in response, “None of us want to incite violence. None of us are agitators. We are simply people who want to see Europe remain Europe, the U.K. remain the U.K., America remain America, and so on.”

The letter of claim, dated May 13, was addressed to Starmer at 10 Downing Street and described the prime minister’s remarks as “potentially defamatory, untrue and denigratory.” It said the statements had been made against private citizens, parliamentarians, and lawyers, and demanded a formal retraction.

The row also comes amid broader warnings issued ahead of those attending the London protest. The Metropolitan Police cautioned that certain placards and chants could amount to hate crimes and lead to prosecution.

Those warnings followed new guidance from the Crown Prosecution Service on acts that may be treated as stirring up hatred.

Director of Public Prosecutions Stephen Parkinson defended the guidance, saying, “This is not about restricting free speech. It is about preventing hate crime and protecting the public, particularly at a time of heightened tensions.”

Read more here...

Tyler Durden Wed, 05/20/2026 - 05:00

A West Virginia man repeatedly called 911 to report a trifecta of extraterrestrial and undead beings at his home, authorities said.