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Teyana Taylor covers WWD Weekend in sparkling, surreal Thom Browne gown with impossibly long sleeves
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IRGC Says 'Smart Submarine' Operated By US Seized In Hormuz, Releases Images
Iran's Islamic Revolutionary Guard Corps (IRGC) navy announced Tuesday it had captured an unmanned US submersible at the entrance of the Strait of Hormuz, a claim which corresponding photographs appear to back.
The US side has yet to confirm the capture of the advanced naval drone, but some reports suggest it was "lost" after failing to operate properly. The IRGC statement called it a "complex intelligence and operational action."
Tasnim identified the captured system is a Dive-LD in a report, describing the autonomous unmanned underwater vehicle built by US defense firm Anduril Industries.
The Dive-LD is a very new, cutting edge weapon system, having only been delivered to the US military in 2025. It is able to operate up to ten days at a time without coming back to port or ship, and is reported to have a maximum operating depth of about 19,700 feet (6,000 meters).
Later on the same day, an unnamed US official issued the following (via Newsquawk wire):
US official says a US military underwater drone malfunctioned more than a day ago in the Middle East
The sea drone may have been operating as part of a US mission to de-mine the Strait of Hormuz. It is capable of mapping the ocean floor, as well as rapidly locating floating mines and other water hazards.
There have been recent widespread reports that elite Navy Seals have been engaged in a four-month mission to remove mines set in place by Iranian forces as part of its effort to close the Strait of Hormuz and hold global energy markets hostages to use as leverage against Washington.
This undoubtedly confirms that in recent weeks, the U.S. has attempted to conduct a covert operation to clear the Strait of Hormuz.
In fact, this naval drone is precisely a Dive LD, primarily used for mapping the seabed, inspecting underwater infrastructure, relaying and… https://t.co/z6zV7tmxDq pic.twitter.com/Cjb3egGW50
The above was not the only big Tuesday announcement by the Iranians:
Iran’s Islamic Revolutionary Guard Corps claims its air defenses have “intercepted and destroyed” an MQ-1 drone over the Strait of Hormuz, according to an IRGC statement carried by Iranian broadcaster IRIB.
The MQ-1 is a US-made remotely piloted drone often used for surveillance and reconnaissance.
The Pentagon has not yet definitively weigh in on this claim either. A huge number of advanced US drones have either crashed or been intercepted throughout the war, so this would hardly be the first such loss by American forces.
More images of sub capture: The submersible shown closely matches Anduril’s Dive-LD, an advanced large-displacement autonomous underwater vehicle deployed by the US Navy.
🇮🇷🇺🇸 IRGC captures advanced U.S.-made underwater drone in Strait of Hormuz
The IRGC Navy has released new footage and photographs of the autonomous underwater vehicle it says it captured while entering the Strait of Hormuz.
The vehicle shown closely matches Anduril’s Dive-LD,… pic.twitter.com/8t2QBtpmro
Reasons to believe in a Jets turnaround in 2026 — and reasons to doubt it
German Industrial Orders Up: Massive Boost From Arms Spending
Submitted by Thomas Kolbe
Was this the turning point of the summer, a kind of summer-sun Merz-turnaround?
Latest figures from the Federal Statistical Office show a significant jump in industrial orders in Germany: The order volume of companies across all sectors rose by 2.5 percent in July compared with the previous month – the third consecutive increase.
These are good numbers for the Chancellor, who is desperately looking for supporting arguments for his political course ahead of the state elections in eastern Germany. The economic reporting of the past week was striking: Economic institutes are revising their growth forecasts for the current year upward. LBBW, for example, now expects growth of 0.7 percent for the current year, up from 0.5% previously.
Growth of 0.7% – given an officially reported government spending ratio of 52.5% and new borrowing of around 4% this year, this is a pitiful figure. It marks no turning point. The figure merely shows that the private sector remains on a path of contraction and will lose at least two to three percent in substance.
We are witnessing a statistical effect. Merz is inflating a debt-financed economic phantom, raising the question: How can real economic prosperity grow out of artificially created credit? If the world were really that simple, all of humanity could catapult itself into the economic stratosphere from one day to the next with a debt-financed Keynesian demand program.
But reality, unfortunately, does not correspond to the voodoo economics of long-faded theories.
Let us therefore return from the Keynesian dream world to the world of true economics.
Comparing incoming orders with the situation a year ago could give the impression that we have reached the peak of an economic boom: In July, incoming orders were 13 percent above the previous year's level – a fabulous figure, one the German economy may have last seen during the years of the post-war economic miracle. The July figure stands out so markedly that investment demand is pushing up the entire gross domestic product and more than compensating for the dramatically poor figures in the other sectors of the economy.
A brief classification: Retail sales were down 2.5% in real terms in July compared with the previous year. Hospitality revenue fell by more than 5% in real terms year-on-year. All in all, consumption stagnated in the first half of the year; only credit-financed government demand prevented a dramatically negative figure. On top of this, inflation, now at three percent, is slowly but surely eating holes into the purchasing power of private households.
But the beautiful appearance of the numbers is deceptive. Everything stands and falls with the large orders recorded statistically. Looking into the mechanics of the statisticians, one sector in particular catches the eye: other transport equipment. It contains, above all, orders for military goods. The statistics currently reflect the development of the military sector almost exclusively, because the private sector is not investing in major projects.
If this sector, which had exploded by a staggering 126.4% compared with the previous month, is excluded, industrial orders as a whole actually fell by 1.4% in July. That would hardly be a reason for celebration, including for the Chancellor, who seems to have gotten lost somewhere in the east on his campaign tour while searching for media-friendly crumbs.
Looking at individual items, the situation in German industry remains dramatic. In the automotive industry, it looks downright apocalyptic. German automakers had to absorb a 12.5% decline in orders compared with the previous month.
Free fall in Germany, the land of the automobile.
Foreign orders overall fell by 2.1% – customers outside the eurozone ordered even 10.1% fewer industrial goods. Domestic orders, by contrast, rose by 9.1% compared with June – another indication supporting the thesis that these may be the first larger waves generated by the German government's debt-financed special fund.
Friedrich Merz and his debt minister Lars Klingbeil are presenting us with an economic experiment that has been performed many times in the past and has always failed.
Once caught in the ideological degrowth trap, the pressure to act in the political boiler continues to rise. As a result of climate policy, dark clouds are gathering over the economic horizon, and political rescue efforts begin reflexively. Friedrich Merz is prescribing the debt-financed military Keynesianism described above as the extinguishing agent for the economic wildfire. Tanks, drones and howitzers are supposed, if the Chancellor has his way, to replace specialized machinery, motor vehicles, machine tools and industrial plants.
Welcome to the economic military yoke of the statist Merz.
But, like every form of interventionism, this policy will leave nothing behind but new mountains of debt, if not an entire Himalayas of debt.
And, as if to confirm this, statisticians reported at the beginning of the week that Germany's new borrowing had risen from €35 billion to €71 billion in the first half of the year.
Correctly calculated and expanded to include municipal debt as well as the special fund that will only become effective in terms of payments in the second half of the year, Germany's debt will increase by at least €180 billion this year. That corresponds to new borrowing of more than 4 percent of GDP. We are facing the disastrous legacy of the debt king Merz, who has sacrificed his country's creditworthiness in pursuit of his personal political goals.
Only economic illiterates regard debt-financed government consumption as economic prosperity.
The construction of the state economy has consequences.
Germany has been seized by a process of economic erosion. Total industrial production in Germany has lost around 15 percent of its volume since the best year, 2018 – a political scandal that to this day is successfully ignored by the relevant circles in the specialist press, the daily media and politics alike, if it is not simply dismissed as a figment of the imagination of malicious opponents.
The booming arms manufacturers, too, should not celebrate too early. The path of the booming sector is predetermined, and it points toward the same abysses toward which civilian industry is heading. The fog will lift the moment the flow of subsidies dries up as a result of the economic crisis in the country.
Then the abyss will become visible. Because at the toxic German location, with its high energy costs, excessive regulation and unfavorable political climate, industrial investment simply no longer pays off.
The flash in the pan of Merz-style military Keynesianism will not change this finding either.
* * *
About the author: Thomas Kolbe, a German graduate economist, has worked for over 25 years, he has worked 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.
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France's Champagne Output Set To Crash 48% As Harvest Crisis, Sliding Chinese Demand Batter Vineyards
A perfect storm of sliding demand, shrinking vineyard acreage, and weather-damaged yields has sent France's Champagne output forecast for this year plunging.
Bloomberg cites new data from the Agriculture Ministry showing that Champagne output is projected to plunge 48% from 2025 to 1.34 million hectoliters. The estimate is based on the latest figures through Sept. 1.
The ministry also said that nationwide wine production is expected to fall 6% to 34 million hectoliters, putting the harvest 17% below its five-year average and among the smallest in three decades.
For French winemakers, the squeeze is coming from many directions: declining wine demand and adverse weather conditions have sent wine and spirits exports into a downward trend.
For instance, top French wine and spirits exporters Ricard, LVMH's wine and spirits division, and Rémy Cointreau show that weaker US and China demand has pressured sales since 2022-23.
via Bloomberg...
In Burgundy, best known for its prestigious wines, particularly reds made from Pinot Noir and whites made from Chardonnay and situated in the eastern part of the country, losses exceed 50%. However, in the Bordeaux region, production is expected to rise 10% compared with the very low level recorded in 2025, thanks to improved yields. But the region is still expected to be 11% below the 2021-25 average.
Last week, French authorities allocated more than 1 billion euros to farmers and vineyards affected by this summer's scorching heat waves and wildfires.
Separately, the Hong Kong-based South China Morning Post reported last month that much of the slowdown is coming from Asia buyers in revolt.
"We've seen a much sharper drop in customers from China," Chinese-French wine merchant Arsen Zhao said. "Consumers are trading down, while large volumes of European wine imported previously have yet to be sold, leaving inventories high and weighing on new orders."
Zhao noted, "Some high-end French wines are now selling for less in China than in France." This has created turmoil for major wine brands as unsold inventory piles up and prices come under pressure.
Turning to prices, Liv-ex, short for London International Vintners Exchange, a global marketplace where professional wine merchants buy and sell fine wine, reports that the latest data for several price indexes, including the Liv-ex Fine Wine 100 and Champagne 50, have fallen from peaks over the last several years.
The Liv-ex Fine Wine 100 index peaked in late 2022, plunged nearly 30%, and has formed what appears to be a bottom.
The Champagne 50 index peaked in late 2022 and subsequently bottomed in 2025.
For wine collectors, the key question is whether the decline in Liv-ex wine indexes has put in a proper bottom, creating an attractive entry point to add to their collections.
Tyler Durden Wed, 09/09/2026 - 05:45