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“You have to be really lucky.”

Patrick Clancy shed a chilling light on his ex-wife’s frame of mind at the time she killed the couple’s three young children — recalling how she compared it to a dream.

Westinghouse Eyes $50 Billion IPO As America Builds Valuations Faster Than Reactors

Westinghouse, the nuclear business that helped blow a hole in Toshiba’s balance sheet, is preparing for a different headline: a potential valuation above $50 billion.

Bloomberg reports that the American nuclear king could publicly file for an IPO as soon as October. It submitted confidential paperwork in July, and while nothing is set in stone yet, the proposed valuation would crown a wild rehabilitation.

The collapse came in 2017, when Toshiba-owned Westinghouse filed for Chapter 11 under the weight of cost overruns at the miserably managed Vogtle and Summer projects in Georgia and South Carolina. Brookfield Business Partners and institutional investors bought it out of bankruptcy in 2018 in a $4.6 billion deal.

Brookfield spent the next several years rehabilitating the company and bolting on new acquisitions. Westinghouse acquired Rolls-Royce’s systems and services business, Laveer Engineering, BHI Energy and Spain’s Tecnatom. By 2022, Brookfield counted eight completed acquisitions since 2019.

The revamped business emphasized technology and services, instead of emphasizing project management, which came with the construction risks that sank it under Toshiba.

Cameco arrived through a second transaction in 2023. It paid $2.1 billion for 49% while Brookfield and friends took the other 51%. The final enterprise valuation was $8.2 billion, including $3.8 billion of debt retained by Westinghouse.

At $50 billion, the headline valuation would be roughly eleven times the 2018 deal.

Recall the October 2025 agreement between Cameco, Brookfield and the US government that brought up the IPO idea in the first place. The program contemplated up to ten AP1000 reactors and at least $80 billion of investment, supported by federal financing and permitting assistance.

Everything seems to be moving along swimmingly, however, the whole point was to start putting some steel in the ground, which seems to have been forgotten about at this point...

We have just recently exceeded 1,000 days since the US pledged to contribute to the effort of tripling global nuclear capacity

Unfortunately, America is leading in only one category: nuclear-grade talk

The structure of the US arguably makes this one of the most challenging… https://t.co/qXJIyvV6nK pic.twitter.com/oJb7ndG6A2

— Steffan Szumowski (@UnoMasReactor) September 8, 2026

When the deal was originally announced back then, the USG’s participation interest would vest after a final investment decision and binding agreements committing it to at least $80 billion of reactor projects. Once vested, it would receive 20% of cumulative cash distributions above $17.5 billion.

An IPO would convert that interest into a five-year warrant to acquire equity equivalent to 20% of the company’s public value above $17.5 billion, measured at exercise.

With the interest vested, Washington could require an IPO on or before January 2029 if the opening valuation reached at least $30 billion. Nothing's been discussed yet to indicate that specific trigger was pulled to instigate the current IPO.

Questions still remain as to the exact ownership structure of Westinghouse post-IPO, but on their 2026Q2 call, Cameco CEO Tim Getzler indicated ownership will still stay with them and Brookfield: “We and Brookfield control Westinghouse today; we don't expect that to change”

Tyler Durden Mon, 09/21/2026 - 07:45

These Giants are not vanilla and not overwhelmed by the moment that awaits on "Monday Night Football" against the Rams.

Lawler and his foe are locked in a reported neck-and-neck race that has become one of the most closely watched in the country — and could determine which party controls the House of Representatives next year.

Cindy Crawford's 27-year-old son died on Sunday at a rehab facility, shortly after his sister spoke to Vogue about his vulnerability.

Cindy Crawford's 27-year-old son died on Sunday at a rehab facility, weeks after his sister spoke to Vogue about his vulnerability.

Hard Mountain Dew announced the grand prize for evidence of the “irrefutable” creature if — and only if — paranormal investigators can meet the contest’s “rigorous” standards. 

Long Island police departments ran nearly 3,000 searches in just one month through Flock’s database — a controversial AI-powered surveillance system that’s blanketed over the region, according to new data.   Nassau County police ran 1,112 searches in Flock’s database in June while Suffolk County PD searched another 1,194 times and District Attorney Ray Tierney added...

One of the hottest trends of the digital age is logging off — but it's not as easy as you might think.

Investor Day Bust: Novo Nordisk Plunges As Wall Street's Turnaround Hopes Fade

Novo Nordisk shares tumbled as much as 7.7% in Copenhagen trading after Wall Street analysts questioned the Danish drugmaker's turnaround efforts amid the loss of its GLP-1 lead to Eli Lilly & Co.

At its capital markets day earlier in London, Novo outlined plans for more than five blockbuster launches and over $23 billion in new sales in the coming years. But that comes as its obesity-market lead has been surrendered to Eli Lilly, and analysts were hoping for more commentary from management about turnaround efforts as the stock is down 18% on the year.

"Investors are selling the shares because they are not seeing concrete news that could drive the stock higher," Nordnet investment economist Per Hansen wrote.

CEO Mike Doustdar told analysts, "We need to work harder, and we will." However, much of the optimism from capital markets a few years ago about Novo leading the GLP-1 race has all but faded.

Much of Novo's medium-term outlook rests on CagriSema, according to Bloomberg Intelligence analysts Michael Shah and Christos Nikoletopoulos. That treatment has already disappointed Wall Street multiple times, including failing to match Lilly's Zepbound in a head-to-head trial. Other potential growth drivers remain earlier in development and carry a higher risk of failure

From the peak of the GLP-1 craze in mid-2024, Novo shares in Copenhagen have plunged a staggering 74%, with shares stabilizing since August 2025.

"The event came amid mounting investor pressure for clarity beyond obesity drugs Wegovy and Ozempic as Novo's semaglutide patent expiries approach in the early 2030s. Investors were increasingly focused on Novo’s next growth drivers following setbacks for obesity candidate CagriSema. Novo said it expects revenue growth between 2026 and 2030 to be in line with industry peers," UBS analyst Nana Antiedu wrote in a note.

Novo has been pursuing a turnaround effort this year, already leading to substantial restructuring. Doustdar has cut as many as 9,000 jobs and removed several management layers, with total cuts reaching about 13,000. Novo is also pursuing new therapeutic areas and using AI to accelerate drug development.

Tyler Durden Mon, 09/21/2026 - 06:55

CNN, MS NOW and Politico are filing a First Amendment lawsuit against the Trump administration after being barred from White House grounds.

Ukraine Pounds Major Moscow Refinery As Global Diesel Crisis Threatens Economic Shock

Military conflicts, economic wars, and resource wars are converging ahead of the Northern Hemisphere winter.

Export restrictions on critical materials and energy products are adding economic pressure worldwide, raising the risk that supply disruptions and retaliatory measures widen existing conflicts. With no clear path to de-escalation, the potential for spillover from active war zones remains top of mind.

The most pressing news so far this morning is that Ukraine launched a major overnight drone strike on Russia, hitting a Moscow refinery despite President Trump's request for Ukraine to stop striking Russian energy infrastructure as a global refining crisis deepens.

Bloomberg reports that the Gazprom Neft-owned Moscow Oil Refinery, about 16 miles from the Kremlin, was struck by drones. The facility has a processing capacity of around 245,000 barrels a day and supplies fuel to the surrounding metro area.

Ukrainian President Volodymyr Zelenskyy wrote on X, "One of Russia's key oil industry facilities and the aggressor’s logistics facility were hit. These are billions of dollars that sustain the war machine. The systems used included FP-1, RZ-100, MICH-2000, Palianytsia, Vendetta, Liutyi, Bars, Flamingo, Sichen, and Pelican."

Our long-range responses had a very significant impact in the Moscow region last night. One of Russia’s key oil industry facilities and the aggressor’s logistics facility were hit. These are billions of dollars that sustain the war machine. The systems used included FP-1, RZ-100,… pic.twitter.com/ka5mlDSgb7

— Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) September 20, 2026

Last week, diesel futures and refining spreads climbed to record highs as worsening supply disruptions in the Gulf and Russia tightened availability of the industrial fuel that powers the global economy.

Potential export restrictions, or extensions of existing restrictions, are compounding the squeeze. A report on Tuesday said Moscow was considering extending its diesel export ban, while Senate Majority Leader John Thune told reporters that day he was "open to exploring" a US diesel export ban.

The squeeze was even more severe in refining spreads. The US heating oil crack, which measures the difference between fuel and crude prices, surged to $117 a barrel on Wednesday, the highest level in Bloomberg data going back to 2009.

Bloomberg Intelligence senior commodity strategist Mike McGlone has warned that the diesel price shock echoes similar moves in gasoline during the 2008 energy shock.

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Tyler Durden Mon, 09/21/2026 - 06:45

VW Supervisory Board Recommends Another 4,100 Job Cuts At Porsche

Submitted by Thomas Kolbe

The hailstorm of bad news from Germany’s auto industry simply refuses to end. Again and again, heavy hailstones from corporate press offices crash down on anxious workforces at the automakers, ruining politicians’ election campaigns and destroying the last hopes of those still clinging to the promise of an electric car made in Germany.

The latest impact: According to a report by Handelsblatt, citing an internal recommendation by Volkswagen’s Supervisory Board, the personnel scalpel is once again being applied to the “Sport Luxury” division, meaning Porsche. Another 4,100 jobs are to be eliminated at Porsche, after it had already become clear that a total of 9,000 positions would disappear over the coming years. Porsche currently still employs 41,800 people.

According to the Supervisory Board’s proposal, Porsche is supposed to improve its operating profit by €3.8 billion by the end of the decade. In overhead costs alone, the Supervisory Board’s calculation shows a gap of around €700 million. That gap is to be closed through the additional job cuts. Volkswagen’s austerity program now seems to be updated almost weekly.

The notion that Volkswagen’s luxury brand Porsche could shield itself from the group-wide restructuring — or, better put, the clear-cutting — is now finally gone. The crisis runs deep, it is comprehensive, and it has already cost 150,000 jobs across the automotive sector. For consulting firm Roland Berger, there is still no end in sight. Berger expects another 200,000 jobs to disappear from Germany’s automotive sector by 2030. Entire value chains — and with them purchasing power, knowledge and prosperity — are disappearing.

A catastrophe for suppliers, for entire regions and for municipal treasuries that had relied so heavily on revenues from what was once Germany’s flagship industry. But that is what happens when you become ideologically entrenched …

Stuttgart is the blueprint for industrial locations across the republic that until recently threw themselves with fervor into the warm, ecologist current. The home of Porsche and Mercedes-Benz closed the last fiscal year with a deficit of €712 million — and the comfortably wealthy city could become a poorhouse if nobody pulls the emergency brake. Residents of these regions will have to prepare for public services — well-equipped schools, municipal sports facilities, swimming pools and recreational centers — to become luxury goods. The automotive industry is leaving; it is leaving behind empty coffers and high unemployment. A German Rust Belt is emerging before our eyes.

The downward spiral has engulfed every segment of Germany’s automotive industry: intense competitive pressure from China, tariff tensions with the United States, towering energy costs at home and an endless regulatory frenzy are all battering the business. It was therefore only a matter of time before even a luxury brand like Porsche would come under the wheels. And the company’s communications strategy seemed strangely familiar: In a kind of salami tactic, common in politics, the company has been announcing since 2024 that Porsche would initially allow temporary production contracts to expire. Around 1,500 employees were affected that year. In February 2025 came the announcement that around 1,900 jobs in Zuffenhausen and Weissach would be eliminated by 2029. Another 500 temporary contracts were not to be renewed.

In May 2026, it continued: Porsche announced the closure of its subsidiaries Cellforce, eBike Performance and Cetitec. More than 500 jobs were lost. At the end of July this year, the future package was finally presented: Another 5,000 jobs are to be eliminated by 2035, naturally in a socially responsible manner. So much should the future be worth.

Taken together, that amounts to around 9,000 jobs — meaning that more than one in three positions at the home location will disappear. Now another 4,100 new job cuts are being added — the company is being ground down further and further.

Volkswagen’s decline is accelerating. A look at its compressed margins is more than alarming: Originally, management had calculated on an operating margin of between 4 and 5.5 percent this year. It has now shrunk to 1 percent. A €10 billion special effect is weighing on the result. The ailing group is in intensive care.

What is happening at Volkswagen is the great mirror image of German industry: poor domestic conditions and excessively high energy costs following disastrous political decisions are making industrial production at home almost impossible. Since 2018, around 15 percent of German industrial production has disappeared. Around 420,000 jobs in manufacturing have been lost since 2019. With these jobs, engineering expertise is disappearing as well — expertise that is indispensable to a society. Disastrous construction projects such as Berlin Brandenburg Airport, Stuttgart 21 or the Hamburg Opera, where costs and schedules regularly spiral out of control, loudly testify to Germany’s brain drain.

Germany in 2026: Some are no longer capable of organizing infrastructure projects, while others, representatives of business and labor unions, are incapable of anticipating trends in global markets. Together, in their hour of need, they strike up a hymn to moralism, in a green overtone, always self-assured and arrogant toward dissenting criticism. A melody of decline.

* * * 

About the author: Thomas Kolbe, a graduate economist, has worked for or over 25 years as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.

Tyler Durden Mon, 09/21/2026 - 06:30

Dear Abby gives advice to a teacher who believes their is a link between her students misbehaving in class and their parents not paying enough attention to them.

The most exciting beauty haul you'll find.

The state-funded cash infusion, touted by Gov. Hochul in December as a way to keep a surge of uniformed officers in the subway system, was zeroed out by July.

It would be easy and pat to dismiss Nike's debacle as the business world’s latest example of “go woke, go broke.” But the truth is more complicated.

It all starts in October, so don’t let all of the noise over inflation, oil and war distract you from missing out on this party.

An inside look at Sunday’s Giants-Rams Week 2 matchup at Sofi Stadium: