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Canva’s kicks off Manila leg of world tour to upskill 1 million people in visual design 

CANVA

Canva, the Australia-based design platform, announced on Wednesday that it will hold a month-long world tour in October aimed at training more than a million people in over 30 countries in visual communication skills. 

“The Canva World Tour isn’t a traditional roadshow – it’s an ambitious approach to events and brand building that redefines how we create meaningful touchpoints with our community,” Zach Kitschke, Canva’s Chief Marketing Officer, said in a statement. 

The company’s most ambitious initiative yet will feature 250 workshops, product training sessions, and community-driven events across more than 40 cities in 31 countries and five continents. 

Canva will have a series of in-person hub events on Oct. 9, 10, 14, and 15, all of which will be held at the Canva Manila office in Makati City. There will also be online events beginning Oct. 16 until Oct. 25. 

In the Philippines, where 1 in 5 internet users are using Canva, attendees will experience both online and on-site sessions covering topics like learning to harness artificial intelligence to elevate the classroom experience. 

For businesses, entrepreneurs, and human resources professionals alike, the program will teach participants how to use Canva to strengthen branding, boost productivity, and create impactful on-brand materials. 

Local non-profits, creatives, and grassroots groups will also learn to use Canva’s mobile tools to create impactful visuals and turn data into compelling stories. 

“The Philippines is home to some of our most creative and connected communities in the world, and Canva has become a tool of choice for millions here,” Maisie L. Littaua, Canva’s Country Manager for the Philippines, said in a statement. 

“With the Canva World Tour, we’re investing back into our community, empowering Filipinos with future-ready design skills, sparking innovation, and helping them share their voices with the world,” Ms. Littaua added. 

Apart from training sessions, each Canva World Tour will also showcase the platform’s latest capabilities through its growing Visual Suite. 

Canva added that the initiative is a response to organizations’ shift toward visual-first communication in the workplace, citing its Canva Visual Communications Report 2025 report, which found that 90% of Gen Z workers said they do their best work visually. Edg Adrian A. Eva

How transparency shapes Finnish governance and media

There are three pillars that guide Finnish policies on access to information. These three, Finnish ambassador to the Philippines Saija Nurminen said, guide people in their work toward serving the best interests of society.

Interview by Patricia Mirasol
Video editing by Jayson Mariñas

Gold crosses $4,000 an ounce for first time

ZLATAKY CZ-UNSPLASH

Gold pushed through $4,000 an ounce to hit a record on Wednesday, driven by investors seeking safety from mounting economic and geopolitical uncertainty, alongside expectations of further interest rate cuts by the U.S. Federal Reserve.

Spot gold was up 0.9% at $4,017.16 per ounce by 0442 GMT. US gold futures for December delivery gained 0.9% to $4,040 per ounce.

Traditionally, gold is seen as a store of value during times of instability. As one of the best-performing assets of 2025, spot gold is up 53% year-to-date after rising 27% in 2024.

“There’s so much faith in this trade right now that the market will look for the next big round number which is $5,000 with the Fed likely to continue to lower rates,” said Tai Wong, an independent metals trader.

“There will be some bumps in the road like a lasting truce in the Mideast or Ukraine but the fundamental drivers of the trade, massive and growing debt, reserve diversification, and a weaker dollar are unlikely to change in the medium term.”

The metal’s rally has been driven by a cocktail of factors, including expectations of interest rate cuts, ongoing political and economic uncertainty, solid central bank buying, inflows into gold exchange-traded funds and a weak dollar.

The U.S. government shutdown entered its seventh day on Tuesday. The shutdown has postponed the release of key economic indicators from the world’s biggest economy, forcing investors to rely on secondary, non-government data to gauge the timing and extent of Fed rate cuts.

Investors are now pricing in a 25-basis-point cut at the Fed meeting this month, with an additional 25-bp cut anticipated in December.

FEDWATCH
“Rising uncertainty levels tend to fuel gains in the gold price and we are seeing this theme play out again,” said KCM Trade Chief Market Analyst Tim Waterer.

“Market dynamics of lower US interest rates and the ongoing government shutdown are still working in favour of gold. But the temptation to take profits around the $4,000 mark pose a potential short-term risk.”

A “fear of missing out” is also boosting the rally, analysts say.

Additionally, political turmoil in France and Japan has also boosted demand for the safe-haven bullion.

“The latest leg higher has been sparked by the election of Sanae Takaichi over the weekend and the prospect of deeper deficit spending in Japan. That itself ties into a key theme at the moment: the ‘run it hot’ trade,” said Capital.com analyst Kyle Rodda.

Analysts expect strong inflows into exchange-traded funds backed by physical gold, central bank buying and the prospect of lower U.S. interest rates to support gold prices in 2026, prompting Goldman Sachs and UBS to raise their price outlooks.

In other precious metals markets, spot silver rose 1.3% to $48.44 per ounce, platinum gained 2.4% to $1,657.33 and palladium climbed 2.3% to $1,368.68. — Reuters

Cornerstone investors to take bulk of Maynilad Water’s up to $438 million IPO, sources say

MAYNILAD

MANILA/SINGAPORE — Cornerstone investors will buy more than half of Maynilad Water Services Inc.’s planned initial public offering of up to P25.3 billion ($438 million), two sources said, in what is expected to be the Philippines’ biggest listing this year.

Maynilad, the largest private water concessionaire in the Philippines, serves the west zone of Metro Manila and parts of Cavite province. It is majority-owned by Metro Pacific Investments Corp, DMCI Holdings and Japan’s Marubeni Corp.

Cornerstone investors are institutions that commit to purchase shares ahead of the IPO, providing confidence and stability to the deal.

BDO Capital and Investment Corporation President Eduardo Francisco confirmed it is among the cornerstone investors.

Other participants include abrdn Malaysia, Asian Development Bank, International Finance Corporation and Maybank Asset Management, among others, which together would invest more than $250 million at a price not exceeding 15 pesos per share, one of the sources familiar with the matter said.

The IPO is priced in a range of P14 to P15 per share, one of the sources said.

Final pricing is scheduled for October 20, with trading starting on the Philippine Stock Exchange on Nov. 7, said one of the sources, who declined to be named as the matter was private.

“As the IPO process is currently ongoing and we remain within the regulatory quiet period, we are unable to provide further comment on transaction details, cornerstone participation, or timelines beyond what has already been disclosed in our prospectus,” Maynilad said in a statement.

“ADB is contemplating participating as a cornerstone investor in the offer,” an ADB spokesperson said in an emailed response to Reuters on Tuesday. “Any such participation by ADB remains subject to our internal processes, including due diligence, final approvals and documentation.”

IFC declined to comment. Maybank Asset Management and abrdn did not respond immediately to requests for comment.

The company plans to use proceeds from the sale of primary shares to fund capital expenditures for water and wastewater projects and for general corporate purposes, according to its preliminary prospectus. — Reuters

Philippines asks Ireland to join naval drills

PHILIPPINE COAST GUARD PHOTO

The Philippines’ top Defense official has invited Ireland to join naval exercises, as Manila looks to expand its network of security partners amid lingering tensions in the South China Sea.

The Philippine Defense department said Defense Secretary Gilberto C. Teodoro, Jr. met with Ireland’s Ambassador to the Philippines Emma Hickey at the military headquarters in Manila on Monday to discuss strengthening defense cooperation, including maritime security and peacekeeping cooperation.

“This effort is aligned with the department’s efforts in building its capabilities through establishing cross-regional linkages,” the agency said in a statement, adding that the invitation for joint maritime exercises reflects the “manifestation of both countries’ commitment to uphold a rules-based international order.”

The Southeast Asian nation has boosted efforts to expand its web of alliances as it pushes back against China’s sweeping claims in the South China Sea, organizing naval drills with allies as it turns to multinational cooperation to bolster maritime security.

The South China Sea has become a regional flashpoint as Beijing asserts sovereignty over nearly the entire waterway despite a 2016 ruling by the Permanent Court of Arbitration in The Hague that voided its claims.

Manila and Beijing have repeatedly locked horns over maritime features that both nations claim in the resource-rich waters, leading to confrontations that involve the use of water cannons and repeated sideswipes by Chinese vessels against Philippine ships. – Kenneth Christiane L. Basilio

Trump would wade into uncharted legal waters with mass shutdown firings, experts say

US PRESIDENT Donald J. Trump speaks at an event in Kenosha, Wisconsin, US, April 18, 2017. — REUTERS

WASHINGTON – President Donald Trump has repeatedly tested the boundaries of executive power since his return to office and is exploring uncharted legal territory with threats to carry out mass firings during the federal government shutdown, legal experts and lawmakers said.

The Republican president this year has aggressively pursued cuts to the federal government and has repeatedly raised the prospect of using the shutdown, now in its seventh day, as justification for permanent layoffs. But his administration has not acted on it.

That, experts said, may be because neither federal courts nor the federal employee board that oversees workers has determined whether federal agencies may permanently cut staff during a shutdown.

“We are in largely uncharted territory,” Nick Bednar, a University of Minnesota professor who is an expert in administrative law, said this week.

Since 1981, the US has had 15 federal government shutdowns that furloughed hundreds of thousands of workers. But no president has sought to use a shutdown as the basis for large-scale firings.

Whether courts would back Trump’s reasoning depends on how they interpret the Antideficiency Act, an 1884 law that requires a shutdown when Congress has not approved funding — an authority the Constitution assigns to the legislative branch.

Trump took office pledging to remake and sharply reduce the federal government, and his administration has already moved to force out some 300,000 workers this year.

It has sent mixed signals about plans to cut staff during the shutdown. Trump said on Sunday that layoffs were taking place “right now.” But White House Press Secretary Karoline Leavitt said the next day he was referring to workers furloughed since funds expired on October 1 — a temporary, unpaid leave rather than permanent job losses — and that the administration was still considering the permanent cuts.

“There are some legal questions about that that are unresolved,” said Senator Gary Peters of Michigan, the top Democrat on the Senate panel that oversees government affairs.

“I think the courts will make a determination,” said Senator Mike Rounds, a Republican appropriator from South Dakota, “The president is going to do whatever he can to push whatever issues he believes appropriate to get past this impasse.”

The White House and Office of Management and Budget did not respond to requests for comment.

POTENTIAL LEGAL LIABILITY
Two large unions representing federal employees, AFGE and AFSCME, filed a lawsuit that seeks to block the administration from laying off workers during a shutdown. They argued the 1884 law bars such firings because the planning and administrative work they require are not permitted under its narrow exemption for activities to preserve “life and property.”

The White House has offered a range of reasons for the potential firings. Leavitt recently told NPR’s “Morning Edition” the goal is to “cut back to save money in a responsible way that respects the American taxpayer’s money, especially when we are in this financial crunch right now.”

Bednar, the law professor, said precedent gives federal agencies “broad discretion” to invoke mass layoffs – called reductions in force – in response to budget shortfalls, and federal courts could extend that discretion to shutdowns.

But Emory University appropriations law Professor Matthew Lawrence said any official who approves mass firings outside the Antideficiency Act’s legal parameters could face felony liability.

“Presumably, right now, there are officials within government trying to ask OMB why they think this is legal, and can they provide enough assurance that the agency doesn’t have to worry about violating the law and the Constitution,” Lawrence said.

No one has ever been prosecuted under the law, he added, but violations remain subject to a five-year statute of limitations.

APPEALS FOR FEDERAL WORKERS HIT BY TRUMP CHANGES
If the Trump administration does fire federal workers during the shutdown, those employees can appeal, federal employment attorneys said.

One avenue is the Merit Systems Protection Board, a panel that reviews appeals from federal workers who believe they were terminated because of their political views or other reasons spelled out in the law.

But Matthew Biggs, president of a union that represents 6,500 NASA employees, said the administration had “gutted the very institutions” that federal employees would normally turn to. The board can issue initial decisions but lost its quorum in the spring to decide appeals, in part because Trump fired a member appointed by former President Joe Biden.

Biggs said his union’s “fundamental issue” in the shutdown fight is whether lawmakers take steps to guard money approved by Congress from attempts by the administration to use it in ways other than intended.

Another path for federal employees is to dispute how they were fired. Civil service law requires agencies to prepare a detailed list of positions targeted for cuts, taking into account factors such as location and employee tenure. Agencies can take weeks or months to tick off the steps, according to the non-partisan Partnership for Public Service.

“It’s difficult to imagine that these agencies believe that it wouldn’t be challenged,” said Michelle F. Bercovici, a federal employment attorney, about potential firings. — Reuters

Gov’t urged to crack down on illicit cigarettes, vapes as youth smoking doubles

PHILIPPINE STAR/ RUSSELL PALMA

The Philippine government should intensify its crackdown on the smuggling of illegal cigarettes and vapes, as it is the main culprit behind the doubling of youth smokers in just two years, according to a public health advocate.

“The country faces both an overwhelmed health system and a new generation locked into nicotine addiction,” Bencyrus G. Ellorin, convenor of Pinoy Aksyon for Governance and the Environment Inc., said in a statement.

“We ask the government to look into this crisis deeply and implement laws,” he added.

Pinoy Aksyon said that the government loses at least P40 billion annually from these illicit trades.

It also noted that one out of five cigarettes sold in the Philippines comes from illegal sources due to the country’s weak enforcement and porous borders. The existence of online shopping platforms has also made the illicit items widely available among the youth.

From this illegal trade, illicit cigarette packs can sell for as low as P40 a pack; three times more inexpensive than taxed brands, which sell for P130 per pack, the health advocate said.

“This drastically lowers the price barrier for price-sensitive teens, resulting in a generation initiated into smoking earlier and more cheaply, with addiction rates climbing sharply,” Pinoy Aksyon said.

The number of Filipino youths aged 10 to 19 who smoke has doubled, rising to 4.8% in 2023 from 2.3% in 2021, indicating a looming health crisis, according to a report from the Food and Nutrition Institute (FNRI).

The rise was most pronounced among older teens, with nearly 14% of 18 to 19-year-olds smoking, while the share of youth smokers who vape jumped from 7.5% to nearly 40% during the same period.

Among adults, the same trend was observed, with smoking prevalence rising to 23.2% in 2023 from only 18.5% in 2021, the first increase since 2005.

This is despite the country’s commitment to the World Health Organization Framework Convention on Tobacco Control and the enactment of various tobacco-control measures. — Edg Adrian A. Eva

Trio win Nobel prize for revealing quantum physics in action

WWW.NOBELPRIZE.ORG

STOCKHOLM – US-based scientists John Clarke, Michel Devoret and John Martinis won the 2025 Nobel Prize in Physics for “experiments that revealed quantum physics in action”, paving the way for the development of the next generation of digital technologies.

“My feelings are that I’m completely stunned. Of course it had never occurred to me in any way that this might be the basis of a Nobel Prize,” Clarke told the Nobel press conference by telephone on Tuesday.

“I’m speaking on my cell phone and I suspect that you are too, and one of the underlying reasons that the cell phone works is because of all this work.”

‘NEW SURPRISES’ IN CENTURY-OLD FIELD OF QUANTUM MECHANICS
Quantum mechanical behaviors are well studied at the level of the incredibly small – atoms and sub-atomic particles – but are often seen as bizarre and unintuitive compared with classical physics and its far larger scale.

The Nobel winners carried out experiments in the mid-1980s with an electronic circuit built of superconductors and demonstrated that quantum mechanics could also influence everyday objects under certain conditions.

“It is wonderful to be able to celebrate the way that century-old quantum mechanics continually offers new surprises. It is also enormously useful, as quantum mechanics is the foundation of all digital technology,” Olle Eriksson, chair of the Nobel Committee for Physics, said.

Quantum technology is already ubiquitous, with transistors in computer microchips an everyday example.

“This year’s Nobel Prize in Physics has provided opportunities for developing the next generation of quantum technology, including quantum cryptography, quantum computers, and quantum sensors,” the Royal Swedish Academy of Sciences, which awards the prize, said in a statement.

Quantum computers use principles of quantum mechanics to make complex calculations, predict outcomes and perform analysis that in some cases could take traditional computers millions of years.

The field is considered to have the potential to help solve some of humanity’s most pressing concerns, such as tackling climate change. But it also faces challenges, including improving the accuracy of its chips, and timelines for commercially viable quantum computing remain disputed.

TWO OF WINNING TRIO HAVE LINKS TO GOOGLE
British-born Clarke is a professor at the University of California, Berkeley, in the United States.

Devoret, who was born in France and was congratulated on X by French President Emmanuel Macron, is a professor at Yale University and the University of California, Santa Barbara, also in the United States, where Martinis is also a professor.

Martinis, an American, headed Google’s Quantum Artificial Intelligence Lab until 2020. At Google, Martinis was part of the research team who in 2019 said they had achieved “quantum supremacy”, in which a computer harnessing the properties of sub-atomic particles did a far better job of solving a problem than the world’s most powerful supercomputer.

Devoret, besides his professorship, is also the chief scientist of Google Quantum AI. It is the second straight year that a Nobel has been won by scientists with Google ties. The 2024 chemistry prize was awarded to Demis Hassabis and John Jumper at Google DeepMind while Geoffrey Hinton, who worked for Google for more than a decade, won for physics the same year.

PHYSICS SECOND NOBEL PRIZE AWARDED THIS WEEK
The Nobel physics prize is awarded by the Royal Swedish Academy of Sciences and includes a prize sum totalling 11 million Swedish crowns ($1.2 million) that is shared among the winners if there are several, as is often the case.

The Nobel Prizes were established through the will of Alfred Nobel, who amassed a fortune from his invention of dynamite. Since 1901, with occasional interruptions, the prizes have annually recognised achievements in science, literature, and peace. Economics was a later addition.

Physics was the first category mentioned in Nobel’s will, likely reflecting the prominence of the field during his time. Today, the Nobel Prize in Physics remains widely regarded as the most prestigious award in the discipline.

Past winners of the Nobel physics prize include some of the most influential figures in the history of science, such as Albert Einstein, Erwin Schrodinger, Max Planck and Niels Bohr, the latter three all pioneers of quantum theory.

In keeping with tradition, physics is the second Nobel to be awarded this week, after two American and one Japanese scientist won the medicine prize for breakthroughs in understanding the immune system. The chemistry prize is due next, on Wednesday.

The science, literature and economics prizes are presented to the laureates by the Swedish king at a ceremony in Stockholm on December 10, the anniversary of Alfred Nobel’s death, followed by a lavish banquet at city hall.

The peace prize, which will be announced on Friday, is awarded in a separate ceremony in Oslo. — Reuters

Marcos signs eight petroleum service contracts worth $207 million

PHILSTAR FILE PHOTO

President Ferdinand R. Marcos, Jr. has signed eight petroleum service contracts representing a potential investment commitment of about $207 million over a seven-year exploration period, the Department of Energy (DoE) said on Wednesday.

The awarded contracts cover exploration areas in the Sulu Sea, Cagayan, Cebu, Northwest Palawan, East Palawan, and Central Luzon, the DoE said in a statement.

The service contractors may now begin their respective work programs, which include geological and geophysical studies, seismic surveys, and drilling activities as applicable.

“These service contracts signify not only our determination to secure new energy sources, but also our readiness to embrace innovation and sustainability while reducing import dependence,” Energy Secretary Sharon S. Garin said.

“From conventional petroleum to native hydrogen, we are expanding the frontiers of Philippine energy exploration,” she added.– Sheldeen Joy Talavera

BIR files P7.18-B tax evasion cases tied to flood-control scandal

PHILIPPINE STAR/KRIZ JOHN ROSALES

The Bureau of Internal Revenue (BIR) on Wednesday filed tax evasion complaints worth P7.18 billion against two contractors implicated in the Philippines’ flood-control scandal.

The cases lodged before the Department of Justice cover unpaid income, excise and documentary stamp taxes of Cezarah Rowena C. Discaya and her husband Pacifico F. Discaya from 2018 to 2021. Also named was a corporate officer of St. Gerrard Construction Gen. Contractor & Development Corp., the agency said in a statement.

Internal Revenue Commissioner Romeo D. Lumagui, Jr. said the complaints stem from the couple’s failure to file income tax returns and pay excise taxes on nine luxury vehicles, as well as their nonpayment of documentary stamp taxes on the transfer of shares in four construction companies.

“Although we have already discovered P7.1 billion in tax deficiencies, today’s filings are merely the tip of the iceberg,” Mr. Lumagui said in the statement. He added that further audits of the Discaya-owned companies — St. Gerrard, St. Timothy, St. Matthew and Alpha & Omega — could uncover more liabilities.

The BIR said the spouses’ failure to pay taxes on share transfers nullified their supposed divestment from the firms. The agency cited Land Transportation Office data showing they did not pay excise taxes for vehicles under their names.

Mr. Lumagui said contractors working on government-funded projects must meet their tax obligations, warning that more cases could follow once audits are finished. — Erika Mae P. Sinaking

US air traffic control staffing hit for second day, delaying flights

STOCK PHOTO | Image from Pixabay

WASHINGTON – Air traffic control staffing issues are delaying flights for a second straight day at numerous US airports as the government shutdown reaches its seventh day, the Federal Aviation Administration said in a notice on Tuesday.

More than 3,000 flights have been delayed, according to flight tracking data, as staffing shortages have impacted a widening number of airports, including Houston, Nashville, Dallas, Chicago O’Hare and Newark.

The FAA is reducing the number of arriving flights per hour at Chicago O’Hare, citing staffing, with average delays of 41 minutes, and there are also staffing issues at Atlanta Air Route Traffic Control Center.

Arriving flights were being held for up to 30 minutes at Newark due to the staffing issues, the FAA said, while Washington Reagan might see new slowdowns due to low staffing on Tuesday.

Nashville air traffic control is facing significant staffing issues and will curtail operations later on Tuesday, the FAA said. Approach control will be taken over later by Memphis Center, it added.

Both political parties are pointing the finger at each other for the impacts. White House press secretary Karoline Leavitt said Democrats were to blame for the aviation slowdown, while California Governor Gavin Newsom, a Democrat, said President Donald Trump was responsible.

Severe weather is also impacting flights across the country.

Some 13,000 air traffic controllers and about 50,000 Transportation Security Administration officers must still turn up for work during the government shutdown, but they are not being paid. Controllers are set to receive a partial paycheck on October 14 for work performed before the shutdown.

Transportation Secretary Sean Duffy said on Monday the FAA had seen a slight increase in controllers taking sick leave and air traffic staffing has been cut by 50% in some areas since the shutdown started last week.

“If we don’t have controllers, we’re going to make sure the airspace is safe. So what we do is we’ll slow traffic,” Duffy said on Tuesday on Fox News’ “Fox and Friends.”

FlightAware, a flight tracking website, said more than 3,000 US flights had been delayed on Tuesday, including 225 at Nashville, or 20% of its flights, and more than 570 flights at Chicago O’Hare, or more than 20% of its flights.

Southwest Airlines has delayed more than 500 flights and American Airlines 400 flights, FlightAware data showed.

In 2019, during a 35-day shutdown, the number of absences by controllers and TSA officers rose as workers missed paychecks, extending checkpoint wait times at some airports. Authorities were forced to slow air traffic in New York, which put pressure on lawmakers to quickly end the standoff.

The US has faced air traffic control shortages for more than a decade, and many controllers had been working mandatory overtime and six-day weeks even before the shutdown. The FAA is about 3,500 air traffic controllers short of targeted staffing levels. — Reuters

In lieu of government data, investment firm Carlyle reports subdued US hiring

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, March 9, 2020. — REUTERS/CARLO ALLEGRI/FILE PHOTO

NEW YORK – Carlyle Group released its own measure of US economic data on Tuesday, including a sharply lower estimate for September jobs growth despite rising economic output, to a market left wanting official releases because of the government shutdown.

The global investment firm estimated that US employers added just 17,000 jobs last month, far below the 54,000 expected in the nonfarm payrolls report, which had been scheduled for release last week.

The firm’s internal indicators showed GDP growth running at a 2.7% annualized pace in September, a 3.8% drop in energy prices, and a 3.3% increase in prices for services, excluding shelter.

‘DISCONNECT’ BETWEEN EMPLOYMENT, ECONOMY
“If you look solely at implied payroll employment growth, you’d think this was an economy on the cusp of recession or that has already fallen into recession,” Jason Thomas, head of global research and investment strategy at Carlyle, told Reuters.

“We have seen a big rebound in household consumption and ongoing business spending fueled by the AI boom. It’s a really interesting time to see the disconnect between employment and broader measures of economic health.”

With official statistics delayed, investors are increasingly turning to alternative sources for real-time insights, and data-rich firms are positioning themselves as stopgap providers of economic intelligence.

The US government shutdown has entered its seventh day and is showing little sign of resolution.

Private data providers are seeing a sharp uptick in demand. Research website Bigdata.com saw a 175% surge in usage after the shutdown, its founder, Armando Gonzalez, said in an interview.

“When the official data channels go dark, investors are going to continue going for alternatives,” Gonzalez said.

Carlyle drew the data from its portfolio of 277 companies, which employ just under 730,000 people, and 694 real estate investments.

Thomas said the boom in spending on artificial intelligence was also out of step with the rest of the economy.

“All the oxygen is being sucked by AI,” Thomas said, pointing to booming demand for X-rays and other key semiconductor components. This growth is “uncorrelated,” he added. “It reflects the secular technological shock.”

Other private data released in recent days also point to weak hiring. Job search firm Challenger, Gray & Christmas said last week planned hiring in September hit its lowest since 2009, when the industry was reeling from the financial crisis. — Reuters