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But the extra money isn't translating into spending, dragging second-quarter growth to 4.7% from a year ago — below analysts' expectations.

Earlier this week, luxury houses Hugo Boss, Burberry, Richemont, and Swatch all reported a slump in sales in China that hit earnings.

Data suggests Chinese consumers would rather pay down their loans and move their deposits to wealth management products, said Tommy Xie, head of Greater China research at OCBC Bank, in a Monday note.

Beijing has been trying to boost economic growth by driving domestic consumption through subsidies and trade-in deals, even for property purchases.

Due to the lack of a strong social safety net in China, people in the country have an entrenched belief that they must save as a precaution, according to a Tuesday report from US investment bank TD Cowen.

Despite a lack of appetite for luxury fashion, China's consumers have been snapping up gold — a haven asset — this year, sending prices of the precious metal to record highs.

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Hours after a battle in eastern Ukraine in August, a wounded and unarmed Russian soldier crawled through a nearly destroyed trench, seeking help from his captors, a unit of international volunteers led by an American.

The shooting of the unarmed, wounded Russian soldier is one of several killings that have unsettled the Chosen Company, one of the best-known units of international troops fighting on behalf of Ukraine.

In a second episode, a Chosen member lobbed a grenade at and killed a surrendering Russian soldier who had his hands raised, video footage reviewed by The Times shows.

In a third episode, Chosen members boasted in a group chat about killing Russian prisoners of war during a mission in October, text messages show.

A Greek soldier known as Zeus was at the center of all three episodes — tossing the grenade and, Mr. Grosse says, firing at the wounded Russian in the trench and bragging about another kill.

But in the United States military, a video showing the killing of a surrendering soldier, regardless of the circumstances, would prompt an immediate investigation, said Rachel E. VanLandingham, a professor at Southwestern Law School and a former U.S. Air Force lawyer.

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Democratic nations like the United States rarely politicize their economic statistics — although ask me again if Donald Trump returns to office — but authoritarian regimes often do.

President Xi Jinping is starting to look like a poor economic manager, whose propensity for arbitrary interventions — which is something autocrats tend to do — has stifled private initiative.

Well, international economists are fond of citing Dornbusch’s Law: “The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.” What happened in China’s case was that the government was able to mask the problem of inadequate consumer spending for a number of years by promoting a gigantic real estate bubble.

To outside observers, what China must do seems straightforward: end financial repression and allow more of the economy’s income to flow through to households, and strengthen the social safety net so that consumers don’t feel the need to hoard cash.

And when it comes to strengthening the safety net, the leader of this supposedly communist regime sounds a bit like the governor of Mississippi, denouncing “welfarism” that creates “lazy people.”

Will it try to prop up its economy with an export surge that will run headlong into Western efforts to promote green technologies?

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Detroit has had a declining population for decades — peaking in the 1950s at 1.85 million — and has been grappling with large amounts of vacant land under private, public, and nonprofit ownership.

The mayor threw his backing behind the concept this past May, and though the specific details have changed somewhat in recent months, the basic idea of taxing land at a higher rate than buildings remains intact.

Other Detroit constituents have expressed general distrust of the city’s mayor and ideas he’s enthusiastic about, arguing there are other reforms needed to stave off eviction and foreclosure.

Roach, Duggan’s spokesperson, said Michigan’s Democratic House Speaker Joe Tate indicated he will bring up the Detroit land-value tax idea for a vote in January.

Some Detroit activists argue that a land-value tax will fail if not paired with fixing the city’s notoriously broken property assessment process, which often undervalues expensive homes and over-values less valuable ones.

“Like a lot of American cities Detroit has historically struggled with accurate and frequent assessments and particularly at the low-end of the value spectrum,” said Justus, of the Niskanen Center.

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Initially cast as a clash over the safe development of artificial intelligence, Altman’s firing was at least partially motivated by the sense that his behavior would make it impossible for the board to oversee the CEO.

Altman was reinstated as CEO five days later, after employees released a letter signed by a large percentage of OpenAI’s 800-person staff, including most senior managers, and threatening mass resignations.

Within hours, messages dismissed the board as illegitimate and decried Altman’s firing as a coup by OpenAI co-founder and chief scientist Ilya Sutskever, according to the people.

For longtime employees, there was added incentive to sign: Altman’s departure jeopardized an investment deal that would allow them to sell their stock back to OpenAI, cashing out equity without waiting for the company to go public.

As the company seeks to rebuild the board and smooth things over with Microsoft, its majority shareholder, it has committed to launching an internal investigation into the debacle, which broke into public view on the Friday before Thanksgiving.

“There have been a lot of wild and inaccurate reports about what happened with the Board but the bottom line is that Ilya has very publicly stated that Sam is the right person to lead OpenAI and he is thrilled that he is back at the helm," Sutskever’s lawyer, Alex Weingarten, chair of the litigation practice at Willkie Farr & Gallagher, wrote in a statement.

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Russian spies have been targeting MPs, journalists and others with cyber hacking as part of a concerted attempt to meddle in British politics, a Foreign Office minister has said.

Leo Docherty, a minister under David Cameron, told the House of Commons that the Russian federal security service was using “cyber interference” to target politically connected people.

“I can confirm today that the Russian federal security services, the FSB, is behind a sustained effort to interfere in our democratic processes,” he said.

MPs have previously complained about being targeted by hackers, with Labour’s Ben Bradshaw saying in 2019 that he believed he had been subject to interference by Russia.

The Russian government was also suspected in 2017 of being behind a cyber-attack on parliament that breached dozens of email accounts belonging to MPs and peers.

The long-delayed Russia report at the time said ministers in effect turned a blind eye to allegations of Russian disruption.

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Hundreds of Windows and Linux computer models from virtually all hardware makers are vulnerable to a new attack that executes malicious firmware early in the boot-up sequence, a feat that allows infections that are nearly impossible to detect or remove using current defense mechanisms.

The attack—dubbed LogoFAIL by the researchers who devised it—is notable for the relative ease in carrying it out, the breadth of both consumer- and enterprise-grade models that are susceptible, and the high level of control it gains over them.

LogoFAIL is a constellation of two dozen newly discovered vulnerabilities that have lurked for years, if not decades, in Unified Extensible Firmware Interfaces responsible for booting modern devices that run Windows or Linux.

The participating companies comprise nearly the entirety of the x64 and ARM CPU ecosystem, starting with UEFI suppliers AMI, Insyde, and Phoenix (sometimes still called IBVs or independent BIOS vendors); device manufacturers such as Lenovo, Dell, and HP; and the makers of the CPUs that go inside the devices, usually Intel, AMD or designers of ARM CPUs.

As its name suggests, LogoFAIL involves logos, specifically those of the hardware seller that are displayed on the device screen early in the boot process, while the UEFI is still running.

LogoFAIL is a newly discovered set of high-impact security vulnerabilities affecting different image parsing libraries used in the system firmware by various vendors during the device boot process.

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Sam Altman has been fired as CEO of OpenAI, the company announced on Friday.

Chief technology officer Mira Murati will be the interim CEO, effective immediately.

When contacted by The Verge, OpenAI’s communications department declined to comment beyond the blog post.

This is an extremely sudden turn of events as Altman has largely been the face of OpenAI, which arguably kickstarted the current AI arms race with last year’s hugely popular ChatGPT.

Altman is a co-founder of OpenAI and initially served as a co-chair of the company alongside Elon Musk.

Musk left in 2018 to avoid a conflict of interest with Tesla — he has since founded his own AI company, xAI.

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Over the weekend, Apple blamed several factors for reports of iPhone 15s running hot, pointing to problems with specific apps like Instagram and Uber, post-transfer background processing, and unspecified bugs in iOS 17.

Today, the company released a new software update with patch notes saying that iOS 17.0.3 “addresses an issue that may cause iPhone to run warmer than expected.”

Checking for the newest update from your device should snag the update, which is shown as a 423.2MB download from Apple.

There had been some speculation that hardware issues, perhaps from the iPhone 15’s more powerful processor or titanium components, contributed to the sweaty iPhone experience, but Apple’s statements to Forbes and other outlets tied the issue mostly to the software, in addition to heating that could happen with USB-C chargers.

Once you’ve installed the update, let us know if you’re having a hot iPhone 15 experience or if things have started to cool off.

Apple had already released one post-iPhone 15 launch patch to deal with problems some new owners had while transferring data, and it’s currently beta testing a more significant iOS 17.1 update.

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