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Eight people were killed in the Serbian town of Novi Sad on Friday when the roof of a railway station collapsed, according to the country’s interior minister.

More than 30 people have been injured, according to local media reports. Two survivors pulled from under the rubble are currently in hospital, a statement from Serbia’s Interior Ministry said, and the condition of one of them is “quite serious.”

Rescuers are in contact with two others still stuck under the rubble, Interior Minister Ivica Dacic said. “We are in contact with two people under the rubble. We are working on getting them out,” he said.

Rescuers were at the scene of the accident within minutes of an emergency call being made, according to Dacic. Nearly 80 rescuers have been deployed to the scene, he said.

The rescue operation is expected to take several more hours.

Serbia’s Prime Minister, Milos Vucevic, offered his condolences to families of victims affected by the incident, while thanking first responders.

Vucevic added that those responsible for the collapse would be held accountable.

This is a developing story and will be updated.

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An armed group has taken control of a military post in central Bolivia, the country’s armed forces said on Friday.

According to the Bolivian military’s statement, the “irregular armed group” kidnapped military personnel and seized weapons and ammunition from the base situated near the central Bolivian city of Cochabamba.

The armed forces’ statement urged the group to leave the barracks “immediately and peacefully,” emphasizing that these actions would be “considered treason to the country.”

The incident is the latest escalation in a period of unrest in the South American country as Morales and Arce clash ahead of the 2025 election.

In recent weeks, Morales’ supporters have set up blockades on major highways across the country, including in Cochabamba, in reaction to the government unveiling human trafficking charges against Morales. The blockades, which Bolivian police said involve “violent armed groups,” have led to food and fuel shortages in some cities.

Morales and the government have also traded accusations over an exchange that occurred in Cochabamba last weekend.

Bolivian Minister of Government Eduardo Del Castillo alleged that individuals in a car carrying Morales opened fire on police while trying to evade a checkpoint set up to deter drug trafficking. The former president denied the charge and accused the government of trying to orchestrate his assassination by firing at his vehicle.

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China appears to have built a new and unusual aircraft carrier, intriguing experts with a potentially first-of-its-kind vessel that could further increase Beijing’s rapidly expanding maritime power.

Satellite imagery from Planet Labs shows a vessel with a large, open flat top under construction at Guangzhou Shipyard International on Longxue Island, in the southern province of Guangdong.

This potential new aircraft carrier “is of a somewhat unusual shape and size – much smaller than China’s previous naval aircraft carriers,” said Thomas Shugart, a former US Navy submarine commander and now a fellow at the Center for a New American Security.

But the vessel is even smaller than the Type 075 amphibious assault ships used by Beijing’s navy, suggesting that China may be building the world’s first “ostensibly civilian ‘aircraft carrier’ as an oceanographic research vessel of some sort,” Shugart added.

The existence of the new vessel was first reported by The War Zone.

China has been churning out increasingly advanced warships at a feverish pace, often matching US carrier technology.

The aircraft carrier Fujian – by far China’s biggest, most modern and most powerful carrier to date – headed to sea for its first trials earlier this year, with experts saying it could join the People’s Liberation Army Navy (PLAN) fleet by 2026.

The 80,000-ton carrier dwarfs the PLAN’s two active carriers, the 66,000-ton Shandong and the 60,000-ton Liaoning, putting it in the league of supercarriers. Only the United States Navy operates aircraft carriers bigger than the Fujian.

China has also made rapid progress on the construction of the world’s largest amphibious assault ship, according to the Center for Strategic and International Studies, a Washington think tank.

Dubbed Type 076, its flight deck spans approximately 260 meters (853 feet) by 52 meters (170 feet), which is over 13,500 square meters – nearly the area of three US football fields, the think tank said in its satellite imagery analysis.

Built in Shanghai, carrier Fujian and the Type 076 are the crown jewels of a military expansion that has seen Beijing grow its navy into the world’s largest, with more than 340 warships to its name.

But the construction of a novel aircraft carrier-type vessel in southern China could signal another shift toward Beijing’s proclaimed “military-civil fusion strategy that employs things like dual-use civil-military vessels,” said Shugart, the former submarine commander.

The vessel potentially “provides a low-cost addition to the PLA Navy’s operational capabilities in a low-threat environment and its logistical capabilities,” said Carl Schuster, a former director of operations at the US Pacific Command’s Joint Intelligence Center.

Given its light construction, the ship might serve as a helicopter or drone carrier for the China Coast Guard, which is increasingly deployed as a quasi-military force, Schuster said.

“Possessing an aviation platform would expand (the Coast Guard’s) surveillance capability in the distant waters of the southern South China Sea and potentially east of Taiwan,” Schuster added.

China launched large-scale military drills around Taiwan earlier in October, flying a record number of fighter jets and other warplanes around the island. The one-day military exercises, the latest in a series of recent war games conducted by Beijing against its neighbor, displayed an unprecedented involvement of Coast Guard vessels that operated in areas around Taiwan and its outlying islands of Matsu and Dongyin, just off China’s southeastern coast.

“The new flattop would be a significant addition to any Coast Guard quarantine enforcement operation such as that potentially practiced two weeks ago and over the last two years,” Schuster said.

Beijing has become more assertive in its home region, using the military to press its claims in the South China Sea and intimidate Taiwan – a self-governing democracy that China’s ruling Communist Party has vowed to take, by force if necessary.

But the new vessel could also be very useful in a humanitarian capacity, providing quick and cost-effective relief and evacuation in non-combat situations, Schuster said.

“It could also serve as a logistics support and repair ship in an amphibious operation once the beach was secured,” the expert added.

“It is too frail to enter a contested beach area, but they might consider it in desperate situations.”

First two-carrier exercise

In another exhibition of China’s growing naval power, the Liaoning and the Shandong completed their first-ever dual-carrier exercises in late October, according to the state-run Xinhua news service.

An aerial photo of the exercise showed the two carriers steaming side by side, with fighter jets overhead and at least 11 support ships from their carrier strike groups trailing.

Conducted in the South China Sea, the exercise was “aiming to enhance the integrated combat capability of the aircraft carrier formations” and was “part of the Liaoning aircraft carrier formation’s regular real-combat training in the high seas,” Xinhua said.

Schuster, the former US Navy captain, called the exercise “yet another indicator of the PLA Navy’s growing maritime capabilities.”

“Twin carrier operations add another level of complexity to a fleet’s operations,” he said, with the exercise enabling the fleet to test logistical requirements and coordinate communications among the ships in the flotilla.

The state-run Global Times quoted a Chinese naval expert, Song Zhongping, as saying the exercise enabled the two carriers to “complement each other’s strengths and consolidate their advantages.”

“The Liaoning and the Shandong may have different numbers of aircraft carried, different escorting vessels, and thus distinct capabilities for air defense, anti-submarine warfare, and anti-ship operations,” Song said in the Global Times report.

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Adan Ortell Mor had a 7:30 p.m. appointment to cut a client’s hair at his salon in La Torre, Valencia, on Tuesday night. But when the client called to cancel because traffic was bad, it may have saved Mor’s life. Instead, he went home and saw reports of cars floating in floodwaters in a town upriver.

No warning. No alerts. That came about an hour later on his mobile phone. A blaring alarm sent to all residents in Valencia, telling them of heavy rains and to stay at home. Far too late for the many people already trapped in rising floodwaters.

This is the worst natural disaster Valencia has seen in decades. A year’s worth of rain dumped in less than 8 hours, according to Spain’s meteorological agency. The water came rushing down the rivers and tributaries towards the Mediterranean Sea, picking up cars and destroying bridges along the way. More than 200 people have been killed, with authorities warning the death toll is likely to rise.

But it is not unprecedented. Valencia suffered a similar deadly flood in October 1957 caused by the same seasonal weather phenomenon known as a Gota Fria or a Cold Drop. That disaster killed dozens of people when the Turia burst its banks in the crowded neighborhoods of Valencia city. It was so deadly that the city spent millions to reroute the river years later.

So, how did Valencia get caught unawares again?

Spain’s AEMET weather center in Valencia warned of heavy rainfall at 7:30 a.m. on Tuesday, raising the alert level to red in some areas and warning residents to stay off the roads in case of floods.

By 10:30 a.m., firefighters in interior towns like Llombai were rescuing people from the floods. AEMET warned residents to be vigilant, even if there was little rainfall in their areas, as ravines and gullies were quickly filling with water streaming down from the mountains toward the sea.

At noon, Valencia’s regional president, Carlos Mazon, seemed to downplay the crisis by saying the storm was subsiding, contradicting the warnings of emergency services. The statement was posted by his office on X but has since been deleted.

By 5 p.m., Valencia’s emergency services were swamped by hundreds of pleas for help throughout the region.

It was at 8 p.m. that cell phones finally buzzed with the public alert telling residents to stay indoors. Much too little, much too late, even for those downstream of the raging water who might otherwise have had time to prepare.

Politicians are pointing fingers at each other for the failure to act quickly enough. In the end, however, it’s residents like 70-year-old Valentín Manzaneque Fernández who are suffering the consequences. He is furious.

He spent two nights sleeping outdoors on a neighbor’s roof terrace before deciding to slog through hours of mud and debris from his home in the suburb of Sedavi to get food and water in Valencia city.

The waters have receded, but recovering from the destruction will take weeks and months. Valencia’s highways remain blocked or only partially usable, many choked by washed-up vehicles. Train tracks are so badly damaged that service is not likely to resume for weeks, according to Adif, Spain’s rail authority.

His salon business, he says, is completely ruined. But he counts himself lucky. His parents survived the 1957 flood and he managed to get them to safety during this disaster.

“It’s just material stuff that got ruined. The main thing is, my family is safe. We will get through it, my family is all right,” he said. “All we can do now is get to work and clean up.”

This post appeared first on cnn.com

The full horror of the flash flooding in Spain began to emerge on Friday, just as new rainfall lashed southern parts of the country.

The storm has killed at least 205 people, with 202 of those in the hardest-hit region of Valencia, emergency services in the region said Friday.

It marks Spain’s deadliest natural disaster in decades.

The death toll is expected to rise as emergency workers fight to rescue those who are trapped and recover bodies. Authorities warned Friday that roads have collapsed in some areas, with emergency services unable to get access.

The Spanish Armed Forces have already rescued 4,607 people, Spain’s Minister of Territorial Policies Ángel Víctor Torres Pérez said on Friday.

SOS Desaparecidos, an association dedicated to sharing information about those missing through social media, said they have received reports of at least 1,300 people who remain unaccounted for.

The country has experienced significant autumn storms in recent years, but nothing comes close to the devastation wrought in the past few days.

More details are emerging of the devastation in the Valencia region, with residents reporting large amounts of damage and horrific encounters with the rapidly rising water. A courthouse was turned into a temporary morgue in the region’s capital, Valencia city.

In the city’s La Torre neighborhood, where the water rose to chest level, volunteers continue to search for more missing people.

Rescue teams discovered the bodies of seven people in an underground parking garage there on Thursday, according to national broadcaster RTVE, citing police.

The father of one of those who died in the parking garage, a local policeman, told Spain’s El Mundo newspaper that residents had rushed to move their cars, but the water rose faster than people were expecting, trapping them. Another woman was dragged into the parking lot by the moving water and died, he said.

The town of Paiporta, Valencia, where at least 62 people died, was described by Spanish public broadcaster RTVE as the “ground zero of the tragedy.”

A witness who was caught in the flash flood there told RTVE that he saw multiple cars floating past him with people begging for help. Many drivers found themselves caught on a highway and were swept away in their cars, as the road appeared to merge with a nearby river. A bridge also collapsed in the area.

At least six people died in a nursing home on the outskirts of the town, Paiporta’s mayor told the Spanish national broadcaster. While staff managed to bring most of the elderly people to the first floor, they were unable to save everyone.

Mud still fills the streets in many areas, with the mayor of Valencia sharing images of community clean-up efforts on Friday. “Vehicles are being removed, the square is being cleaned and food and water are being collected,” Mayor María José Catalá said of La Torre.

The regional government of Valencia said power has been reestablished in 90% of places.

Carlos Mazon, the president of the Valencia’s regional government, defended his administration amid accusations that authorities failed to alert residents on time.

“The forecasts we received initially did not predict this (meteorological) revolution,” he said in a video posted on X.

Mazon said the regional government sent out “close to hundreds” of red alerts during the day of the storm, “including an SMS alert reserved for the worst possible scenario.”

Parts of Spain continue to see intense rainfall on Friday, and authorities issued a red warning overnight for the Huelva coast, in Andalusia, which had 140mm (5.5 inches) of precipitation in just 12 hours. Orange and yellow alerts also remain in place in isolated parts of Valencia.

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The ground shook, windows shattered, and the cries of patients filled the air. An Israeli bomb had just struck Beirut’s southern suburbs in yet another near-nightly attack – this time hitting a building across the street from Lebanon’s biggest public hospital.

“I was treating a patient when the bomb went off. I fell over him from the shock of it,” said Mohammad Fouani, an emergency room nurse at Rafik Hariri University Hospital, recalling the aftermath of the October 21 attack. “The smoke was so thick; I could barely see my fellow colleagues.”

Israel said the strike hit a Hezbollah target, though the area was not covered in Israeli military evacuation orders for locations with alleged links to the Iran-backed group in the south of Beirut. At least four people, including a child, were killed and 24 injured in the residential building some 70 meters away from the hospital, Lebanon’s health ministry said.

Lebanon’s health sector has been in the thick of a ferocious Israeli air assault as Israel and Hezbollah trade fire in an ongoing war, with the country’s south and Beirut’s southern suburbs hardest hit. In the first month of its all-out air offensive in Lebanon, which began on September 23, Israeli strikes damaged 34 hospitals, killed 111 emergency medical technicians (EMTs), and hit 107 ambulances, according to data compiled by the Lebanese health ministry.

Around 20% of all hospitals registered with the health ministry in Lebanon have been damaged in a month of attacks, with most strikes landing in their vicinity, according to data compiled by medical authorities.

“Health institutions are supposed to be sanctuaries,” said Abiad. “It’s clear that this is premeditated, that this is a state policy that Israel is following, whether in Gaza or in Lebanon.”

The UN special coordinator for Lebanon said on October 25 that “first responders heeding the call to help, including healthcare personnel and paramedics, have also been hard hit,” and called the number of attacks impacting healthcare facilities and personnel “alarming.”

The attacks on the first responders, said Abiad, has sent “a very chilling message: if you’re injured, you’re going to die.”

Since September 23, Israeli strikes have killed eight people inside the premises of four hospitals, and eight facilities have been forced to close, according to the health ministry.

Hospitals and other medical establishments are protected civilian objects under international humanitarian law. It is illegal, with few exceptions, to attack hospitals, ambulances or other health facilities, or to otherwise prevent them from providing care. In a report released on Wednesday, Human Rights Watch referred to Israeli attacks on healthcare workers in Lebanon as “apparent war crimes.”

The threat to Lebanon’s healthcare sector was felt most acutely on the night of October 21. As well as the strike that hit the Rafik Hariri University Hospital, Israel also claimed that another major hospital in the south of Beirut, Al Sahel General Hospital, was located above a Hezbollah bunker. Hours later, hospital staff and patients evacuated the facility for fear it would be hit. The next day, journalists toured the premises and said they found no evidence to support the claim.

Israel published a 3D graphic to show what they claimed was a Hezbollah underground facility storing cash and gold beneath the hospital. Officials at Sahel General Hospital vehemently denied the accusation, and Israel has not struck the hospital.

For the Lebanese, the graphic was reminiscent of imagery released by the Israeli military last year alleging the presence of a Hamas “command-and-control” center under Gaza City’s al-Shifa hospital. The hospital was later attacked by Israeli forces.

“For me, what’s really concerning is that the rhetoric from the Israelis is the same, especially when they talk about infrastructure beneath healthcare,” said Dr. Thaer Ahmad, an American physician who volunteered at Gaza’s Al Nasser hospital in Khan Younis earlier this year and is now working in Lebanon.

Ahmad said all healthcare workers he’s interacted with are “pessimistic,” and fear the health system will suffer the same fate as it has in Gaza.

Fragmentation zones

Israel’s air, ground and naval assault on Hezbollah in Lebanon has decimated the Iran-backed group’s military leadership and dealt harsh blows to its rank-and-file, as well as to its arsenal of weaponry. It has also killed hundreds of civilians, according to health authorities, and destroyed large swathes of civilian infrastructure.

Israel has regularly dropped 1,000-pound and 2,000-pound bombs on Lebanon, according to analysis of aftermath imagery by weapons experts, inflicting catastrophic damage to neighborhoods and towns. The Israeli military has argued that it has deployed these bombs as bunker busters to destroy Hezbollah’s underground infrastructure.

The lethal fragmentation radius of these bombs puts nearby people and civilian structures, such as hospitals, at serious risk. When they are dropped, white-hot metal fragments can fly out in all directions, tearing through their surroundings. Known by experts as a “kill zone,” the area of exposure to injury or death around a target can range from 340 meters for small-diameter bombs, to 365 meters for 1,000 and 2,000 bombs, weapons experts say.

All eight hospitals in the southern suburbs of Beirut, known as Dahiyeh, fell within the lethal fragmentation zones of verified airstrikes. According to the health ministry, all of these healthcare facilities were damaged in the first month of Israel’s offensive since late September. Three hospitals on the edges of the area were also damaged, according to the ministry’s data.

Almost all of Hezbollah’s leadership were killed in Israeli strikes in Dahiyeh, the group’s seat of power. Several videos of attacks there have shown signs of secondary explosions – evidence that at least some of the targets were weapons depots.

Beirut’s southern suburbs, previously home to around a million people, were also a major flashpoint of Israeli attacks in the country’s last all-out war with Lebanon in 2006. Airstrikes there transformed large parts of the area into a seemingly endless stretch of rubble and detritus. Yet back then, the bombing campaign left hospitals in the south of Beirut comparatively unscathed.

Under international law, a hospital can lose its special protected status only if it is being used for military purposes. But the wounded and sick inside are still protected by the principle of proportionality, and time must be given for evacuation before an attack.

The analysis found that the weapon was likely a GBU-39.

The hardest-hit health facilities have been in the southernmost part of Lebanon, where the Israeli air assault has been the most intense and ground forces have been met with fierce resistance from Hezbollah fighters. It was in that region that the first of the country’s hospitals shuttered after the start of the all-out offensive.

In the town of Bint Jbeil, Israel struck a mosque which it described as a command center within the compound of the Salah Ghandour hospital on October 4. Ten people inside the hospital were injured, according to the health ministry, forcing it to close.

That day, an Israeli airstrike hit the premises of Marjayoun governmental hospital in a southern Christian town of the same name.

The night that a nearby strike rocked Beirut’s Rafik Hariri University Hospital there was panicked discussion among the staff about whether to evacuate. “Because of Gaza and what happened to the hospitals in the south and the rest of the country, our initial thought was that the hospital itself was hit,” said Rafik Hariri University Hospital director Jihad Saadeh. “But when we saw that it wasn’t a direct hit, we were reassured. We continued our work.”

For Nurse Foany, merely considering the evacuation was a terrifying thought. “Can you imagine what that was like? Imagine evacuating Lebanon’s largest public hospital, not just its staff but its sick and its injured in a single night,” he said. “It was a horrific thought.”

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Starbucks CEO Brian Niccol shared more details about the company’s turnaround strategy during the company’s quarterly conference call on Wednesday.

For three straight quarters, Starbucks has reported declining sales. But the coffee chain is hoping that some easy tweaks to its U.S. business will pay off and help reverse the trend as it plots a more ambitious and comprehensive game plan.

Many of the coming changes are meant to help Starbucks achieve a smaller goal: delivering a customized drink to the customer in under four minutes. About half of current transactions are within that threshold, according to Niccol.

As Starbucks focuses on the turnaround, the company is also planning fewer new locations and renovations in fiscal 2025 to free up capital, CFO Rachel Ruggeri told investors on the call.

Shares of Starbucks were flat in trading Thursday after the company reported that its revenue fell for the third straight quarter.

Here’s how Niccol plans to help Starbucks’ sales rebound:

Starbucks customers have become used to walking into a cafe and seeing a counter crowded with mobile orders. Niccol wants to change that.

“When it works well, it’s great, but sometimes it can be a challenge for both customers and partners,” he told investors on the company’s conference call.

Mobile orders account for more than 30% of Starbucks’ U.S. transactions.

Niccol said Starbucks is working to improve the accuracy of the app’s timing, so customers know when their drinks are ready. Plus, he wants to better separate mobile order pickups from in-person ordering inside restaurants and curtail how much customers can customize their drinks.

“Right now, I think there’s some customization specifically in the mobile order app execution that’s just really wide and unnecessary,” Niccol told CNBC. “So I just think that we need to put better guardrails in place so that we get you access to customization that’s correct for the drink you’re ordering, and then also it allows our baristas to be more consistent with what they execute.”

The Starbucks menu will be getting a makeover.

Niccol said the coffee chain needs to focus on “fewer, better” offerings. Slimming down the menu will make it easier for baristas to make every drink consistently. It should also improve speed of service since they’ll have fewer drink recipes to remember.

“There’s always a long tail on the menu, and those items, frankly, we don’t execute all that great,” Niccol said, adding that baristas often take longer to make drinks that are unfamiliar.

Niccol said Starbucks would also be taking a look at the items that it wouldn’t have put on the menu if the four-minute standard was already in place.

While the changes may disappoint some customers, Niccol said he thinks that they’ll appreciate faster, more consistent service in the long run.

As part of Niccol’s “Back to Starbucks” plan, he wants the company’s locations to feel like “third places” for customers to work and socialize in outside of their homes and offices.

The coffee chain’s positioning as a “third place” helped it grow into a global behemoth, but somewhere along the way, it lost that reputation. Niccol said he wants to reintroduce more personal touches, like serving coffee in ceramic mugs to customers who choose to linger in cafes. Sharpies will also be making their triumphant return, after being supplanted by printed labels.

Starbucks is also reviewing its store designs, with a focus on bringing back more comfortable seating and amenities.

“The reality is the majority of what we have are these cafes that I think don’t have the right seats, potentially have the right texture, don’t have the right layers, don’t have the right warmth. We need to bring that back,” Niccol said.

In recent years, the company has rolled out more pickup-only locations, with little to no seating, particularly in urban areas. Niccol said even those cafes could be more welcoming to customers.

“I think there are design elements that can still bring forward this idea of a community coffeehouse, even in some of the executions that we’ve made that just don’t lend itself to putting the full, traditional coffeehouse experience,” he told CNBC.

In the early days of the Covid pandemic, Starbucks banished its condiment bars behind the counter. Since then, when customers want to add milk or sugar to their drinks — even a simple drip coffee — they have to ask baristas directly.

But that will change soon. Niccol said the condiment bars will reappear, freeing up more time for baristas and easing some customer headaches.

Starbucks has already been increasing the average number of hours that it schedules baristas. More shifts — and more consistent scheduling — have lowered the company’s turnover and helped overall retention.

But Niccol also wants to make sure that cafes are properly staffed, from the busy morning rush to “shoulder hours,” leading up to and away from peak times.

Since his first week on the job in early September, Niccol has said that he wants to revamp the company’s marketing. On Wednesday’s call, he said he wants its marketing to target a broader audience than Starbucks Rewards members and to showcase the quality of Starbucks coffee.

Customers can also expect to see fewer deals as part of the marketing shift. Niccol said discount-driven offers are “ineffective” and can overburden baristas.

Niccol comes from a marketing background and started his career at Procter & Gamble. He then moved to Yum Brands and worked in various marketing positions before ascending to lead Taco Bell. That marketing expertise was useful when he joined Chipotle and will likely also prove valuable at Starbucks. He’s already tapped a former Chipotle alum, Tressie Lieberman, as the new chief global brand officer of Starbucks.

After years of pleading from customers, Starbucks will finally drop the extra charge for its milk substitutes, starting Nov. 7. The change means some customers could save more than 10% on the cost of the drinks, according to the company.

More broadly, Starbucks isn’t planning to change North American prices through the next fiscal year, which ends around early October, in the hopes of improving consumers’ perception of its pricing.

Executives have pointed to pushback against higher prices as one reason why occasional customers have stopped visiting its locations as often.

This post appeared first on NBC NEWS

Peloton on Thursday said it has appointed Peter Stern, a Ford executive and the co-founder of Apple Fitness+ to be its next CEO and president. 

Stern, the president of Ford Integrated Services, primarily oversees the automotive company’s subscription services, such as BlueCruise, Pro Intelligence, connectivity and security. He also led the company’s digital product team. 

Stern is slated to step down from his role at Ford and take the helm of Peloton on Jan. 1. Interim co-CEO Karen Boone will stay in the role through the end of the calendar year, while her counterpart, Chris Bruzzo will step down from the co-CEO role on Friday. Both Boone and Bruzzo will stay on Peloton’s board.

Stern is the third CEO to lead Peloton in its history. The news came alongside Peloton’s fiscal first-quarter earnings report. Shares of the company jumped more than 20% in early trading.

“Peter is a seasoned strategist with a track record of driving sustainable growth through innovation, and we have every confidence in his ability to lead Peloton during this important time. He brings meaningful expertise in scaling differentiated technology-oriented platforms and has a deep understanding of the health and wellness sector — making him uniquely suited to serve as Peloton’s next CEO,” Jay Hoag, the chairperson of Peloton’s board, said in a news release.

“What’s more, Peter embodies Peloton’s core values, including operating with a bias for action, empowering teams of smart creatives and working together.”

The announcement comes about six months after Peloton announced that former Spotify and Netflix executive Barry McCarthy would be stepping down after about two years on the job. 

McCarthy had taken over from founder John Foley and had worked to bring Peloton back from the brink of extinction by dramatically cutting costs and redirecting strategy. 

Peloton’s decision to hire Stern indicates that it is tripling down on the company’s main value proposition to investors at the moment: its high-margin, recurring subscription revenue. 

Stern’s background running Ford’s subscription business will likely assist in building out, and sustaining, Peloton’s connected fitness subscribers and app subscribers.

In a news release, Peloton said that it sought out a new CEO who appreciates and loves Peloton’s products, understands the company’s challenges and opportunities, and is passionate about helping people achieve their fitness goals.

Stern was an early adopter of Peloton, having been a member since 2016, and “has spent over 20 years operating at the nexus of hardware, software, content and services at Ford, Apple and Time Warner Cable,” the company said.

As the co-founder of Apple Fitness+, he helped the vertical grow its subscription base into the millions and knows how to operate a “complex, subscription-based business,” Peloton said.

The company said it was also looking for a product innovator and strategist and pointed to the 30-plus patents Stern has secured over the years, including an online media content patent.

“Working for Peloton is a dream come true for me,” Stern said in a statement. “My goal is to help millions of people live longer, healthier and happier lives. Peloton, with its unique combination of people, products and passionate Members, provides me an opportunity to do just that.”

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In March, Super Micro Computer was added to the S&P 500 after an epic run that lifted the stock by more than 2,000% in two years, dwarfing even Nvidia’s gains.

As it turned out, S&P was calling the top.

Less than two weeks after the index changes were announced, Super Micro reached its closing high of $118.81 and had a market cap of almost $70 billion. The stock is down 72% since then, pushing the valuation to under $20 billion, the first major sign in the public markets that the hype around artificial intelligence may not all be justified.

Super Micro is one of the primary vendors for building out Nvidia-based clusters of servers for training and deploying AI models.

The stock plunged 33% on Wednesday, after the company disclosed that its auditor, Ernst & Young, had resigned, saying it was “unwilling to be associated with the financial statements prepared by management.” It was down another 16% on Thursday.

Super Micro is now at risk of being delisted from the Nasdaq, and has until Nov. 16 to regain compliance with the stock exchange.

“We see higher delisting risk in the absence of an auditor and the potential challenge to getting a new one,” analysts at Mizuho, who have the equivalent of a hold rating on the stock, wrote in a report Wednesday.

Ernst & Young was new to the job, having just replaced Deloitte & Touche as Super Micro’s accounting firm in March 2023.

A Super Micro spokesperson told CNBC in a statement that the company “disagrees with E&Y’s decision to resign, and we are working diligently to select new auditors.”

Representatives for Ernst & Young and Deloitte didn’t respond to requests for comment.

For much of Super Micro’s three decades in business, the company existed well below the radar, plodding along as a relatively obscure Silicon Valley data center company.

That all changed in late 2022 after OpenAI’s launch of ChatGPT set off a historic wave of investment in AI processors, largely supplied by Nvidia. Along with Dell, Super Micro has been among the big tangential winners in the Nvidia boom, packaging up the powerful graphics processing units (GPUs) inside customized servers.

Super Micro’s revenue has at least doubled in each of the prior three quarters, though the company hasn’t filed official financial disclosures with the SEC since May.

Wall Street’s mood on the company has shifted dramatically.

Since the S&P’s announced index changes in March, Super Micro’s stock has dropped at least 10% on several separate occasions. The most concerning slide, prior to Wednesday, came on Aug. 28, when the shares sank 19% after Super Micro said it wouldn’t file its annual report with the SEC on time.

“Additional time is needed for SMCI’s management to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024,” the company said.

Noted short seller Hindenburg Research then disclosed a short position in the company, and said in a report that it identified “fresh evidence of accounting manipulation.” The Wall Street Journal later reported that the Department of Justice was at the early stages of a probe into the company.

The month after announcing its report delay, Super Micro said it had received a notification from the Nasdaq, indicating that the delay in the filing of its annual report meant the company wasn’t in compliance with the exchange’s listing rules. Super Micro said the Nasdaq’s rules allowed the company 60 days to file its report or submit a plan to regain compliance. Based on that timeframe, the deadline would be mid-November.

It wouldn’t be the first for Super Micro. The company was previously delisted by the Nasdaq in 2018.

Wedbush analysts see reason for worry.

“With SMCI having missed the deadline to file its 10K and the clock ticking for SMCI to remedy this issue, we see this development as a significant hurdle standing in the way of SMCI’s path to filing in time to avoid delisting,” the analysts, who recommend holding the stock, wrote in a report.

As Super Micro’s stock was in the midst of its steepest sell-off since 2018 on Wednesday, the company put out a press release announcing that it would “provide a first quarter fiscal 2025 business update” on Tuesday, Nov. 5.

That’s Election Day in the U.S.

Super Micro’s spokesperson told CNBC that the company doesn’t expect matters raised by Ernst & Young to “result in any restatements of its quarterly financial results for the fiscal year ended June 30, 2024, or for prior fiscal years.”

The selloff continued on Thursday, with the stock falling to its lowest level since January. Analysts at Gordon Haskett called the Ernst & Young news a “backbreaker,” while Argus Research downgraded the stock, in the intermediate firm, to a hold, citing the Hindenburg note, report of the Justice Department investigation and the departure of Super Micro’s accounting firm.

“The company’s loss of its auditing firm and the DoJ investigation mean that the stock no longer trades on fundamentals,” Argus analyst Jim Kelleher wrote.

Beyond Super Micro, the evolving incident is a potential black eye for S&P Dow Jones. Since Super Micro replaced Whirlpool in the S&P 500, shares of the home appliance company are down about 3%, underperforming the broader market but holding up much better than the stock that took its place.

Inclusion in the S&P 500 often causes a stock to rise, because money managers tracking the index have to buy shares to reflect the changes. That means pension and retirement funds have more exposure to the index’s members. Super Micro shot up 19% on March 4, the first trading day after the announcement.

A spokesperson for S&P Global said the company doesn’t comment on individual constituents or index changes, and pointed to its methodology document for general rules. The primary requirements for inclusion are positive GAAP earnings over the four latest quarters and a market cap of at least $18 billion.

S&P is able to make unscheduled changes to its indexes at any time “in response to corporate actions and market developments.”

Kevin Barry, chief investment officer at Cantata Wealth, says greater consideration should be given to a stock’s volatility when additions are made to such a heavily tracked index, especially given that tech already accounts for about 30% of its weighting.

“The chances of a stock going up 10 or 20 times in a year or two and then having an indigestion moment is extremely high,” said Barry, who co-founded Cantata this year. “You’re moving out of a low-volatility stock into a higher-volatility stock, when tech already represents the largest sector by far in the index.”

— CNBC’s Rohan Goswami and Kif Leswing contributed to this report.

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Alphabet executives, donning Halloween costumes, faced questions from concerned employees at an all-hands meeting on Wednesday, following comments on the company’s earnings call suggesting that more cost cuts are coming.

“There is a reality to it,” said Brian Ong, vice president of Google recruiting, according to a recording of the meeting reviewed by CNBC. “We are hiring less than we did a couple of years ago.”

Ong, who was specifically responding to a question about retention and promotion opportunities, added that fewer positions are open and geographic hiring has changed, “so you may see fewer roles available where you are.”

A Google spokesperson declined to comment.

The meeting came after Alphabet reported better-than-expected third-quarter earnings and revenue Tuesday, sparking a rally in the stock. On a call with investors, CFO Anat Ashkenazi, who recently succeeded Ruth Porat, proclaimed she wanted to “push a little further” with cost savings across the company.

Google’s chief scientist, Jeff Dean, wore a starfish costume to the meeting, while Ashkenazi sported a jersey of former Indiana Pacers star Reggie Miller. CEO Sundar Pichai wore a black t-shirt that read “ERROR 404 COSTUME NOT FOUND” with an image of a pixelated dinosaur.

Ashkenazi said one of her key priorities in the new role would be to make more cuts as Google expands its spending on artificial intelligence infrastructure in 2025.

It’s a theme that began in 2023, when the economy and market turned, and has continued since. Google has been restructuring its workforce to move more quickly in the AI arms race, where it faces increased competition. That’s included layoffs, organizational shake-ups, and has led to workers feeling a “decline in morale,” as CNBC previously reported.

Over the last couple of months, Google has made cuts to its marketing, cloud and security teams in Silicon Valley, as well as in its trust and safety unit.

Google is far from alone. Dropbox this week announced it will lay off 20% of its global workforce, while Amazon continues shuttering various projects. Within Google, employees have expressed concern that the company is preparing for more layoffs, possibly after the end of the year, according to internal correspondence viewed by CNBC.

Pichai joked that the quarterly call was perfect preparation for Ashkenazi ahead of the company meeting.

“I was telling Anat yesterday, earnings calls are a piece of cake compared to TGIF the next day,” Pichai said, to laughs from attendees.

Some employee comments and questions included praise for “another great quarter,” success in chip advancements and improvements in Google’s hit AI note-taking tool NotebookLM. However, other questions expressed fear of what greater cost efficiencies would mean for the workforce.

“What exactly was meant by the comments on further efficiencies in headcount”? one question asked, pointing to Ashkenazi’s comments from the call.

Ashkenazi didn’t share any more details but said employees are “one of the most important assets we have.” She said that the company is investing in people and that it hired 1,000 new graduates in the third quarter.

Pichai, who’s been preaching efficiency for almost two years, chimed in to echo past sentiment.

“If you have to do something new and it’s going to take 10 people, if you can find a way to do it with eight people by making smart trade-offs somewhere and aligning teams better, that’s an example of finding efficiencies in headcount as well,” Pichai said.

In response to another question about ongoing layoffs and reorganizations and what might be coming in the future, Pichai said, “If we are making companywide decisions, we’ll definitely let you know.”

He said the company is spending heavily on AI at the moment, but the need to ramp up those expenses won’t last forever.

“We are going through an extraordinary period of capex advancement,” Pichai said. “When you have these technology shifts, at the earlier stages, you invest disproportionately and then the curve gets better and that’s the transition as an industry we are working through.”

He added that not all of the cuts are decided on by top executives.

“It’s not like all of these decisions are centrally done at a company level,” he said. “And so, at the scale of our company, there could be moments where there are small groups of people impacted.”

Ashkenazi on Tuesday mentioned that one way to get more cost efficiency is by using AI internally. The company said 25% of new code is now generated by AI.

In response to a question about productivity, Brian Saluzzo, head of “Core” developers, said that while the 25% refers to low-level tasks, leadership is in the midst of “expanding to more complex areas” within the company.

“Core” refers to the teams that build the technical foundation underlying Google’s flagship products. In May, CNBC reported that Google laid off more than 200 employees from its Core engineering teams, in a reorganization that included rehiring some roles in India and Mexico.

Pichai followed up by saying, “In this transition moment, across all functions, everywhere in the company, it’s worth challenging us to think where we can use AI to be more productive.”

He added that through 2025, the workforce should “strive to do more” and “help customers around the world take those learnings as well.”

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