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Victims of Crypto Attack Subjected to Waterboarding and Sexual Assault in $1.6 Million Bitcoin Robbery

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In the latest in a string of violent crypto robberies, a four-person gang held a Canadian family hostage overnight and stole about $2 million CAD ($1.6 million USD) in Bitcoin. The attackers threatened to kill the family, waterboarded the mother and father, and sexually assaulted their daughter after invading their Vancouver-area home.

The crime occurred in April 2024, but the details of the scene were revealed last week in a sentencing report by a British Columbia judge, first reported by CBC. Tsz Wing Boaz Chan, a 35 year-old resident of Hong Kong, pleaded guilty to breaking and entering, unlawful confinement, and sexual assault. The court document did not reveal the identity of the family. 

“After restraining the family, the men took their cell phones and laptop computers and demanded their PIN numbers and passwords,” wrote the judge. “They threatened to cut the family or kill them if their passwords and PIN numbers were not provided.”

The incident follows a trend of physical attacks on people who own Bitcoin and other cryptocurrency. Earlier this year, David Balland, the co-founder of Paris-based crypto wallet firm Ledger, had his finger severed by kidnappers who demanded a ransom. 

In 2024, there were 24 physical attacks against crypto owners. That number has jumped to more than 60 so far in 2025. That is according to a list compiled by Jameson Lopp, a Bitcoin owner whose home was raided in 2017. Crypto transactions do not require the intervention of a bank for withdrawal, making investors a target for criminals seeking large sums of money. 

In the British Columbia case, two men showed up to the family’s home during the evening of April 27, 2024. They were disguised in Canada Post uniforms and were wearing Covid masks. The daughter opened the door for them, and the intruders, later joined by two more men, entered the house and restrained the three members of the family. They held the family hostage until the next morning. 

The father had boasted about his crypto earnings within the Chinese community, according to the report. The four intruders asked for 200 Bitcoins, equivalent to about $26 million. They then lowered their demand to 100 Bitcoins. By the following morning, the men withdrew about $1.6 million from the family’s crypto accounts. The father told the men that he had exaggerated the amount of his crypto earnings, and that he had lost money in a scam in 2018. 

During the intrusion, the kidnappers punched, beat, and waterboarded the father of the family. They waterboarded, blindfolded, bounded, and gagged the mother. And the men sexually assaulted the daughter and filmed several videos of her naked. They threatened that the videos would be posted online if the family went to the police.  

The morning after the attack, the daughter escaped from the house and went to a nearby friend’s house where she called the police. All three members of the family were taken to the hospital to be examined for injuries. 

Chan was arrested upon returning to Canada three months later and was sentenced to seven years in jail. 

Ukraine’s allies cautiously embrace ‘modified’ peace framework in Russia-Ukraine war developments

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European allies of Ukraine have given a cautious welcome to efforts to refine a United States peace proposal initially criticised for appearing to be weighted in favour of Russia’s maximalist demands.

The leaders Germany, Finland, Poland and the United Kingdom were among those agreeing on Monday that progress had been made in the previous day’s talks between Washington and Kyiv in Geneva that yielded what the US and Ukraine called a “refined peace framework”.

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Still, the European leaders stressed work remained to be done.

“It was possible to clear up some questions, but we also know that there won’t be peace in Ukraine overnight,” said German Chancellor Friedrich Merz, adding that the peace plan initially drafted by the US had been “modified in significant parts”.

He welcomed the “interim result”.

“The next step must be that Russia must come to the table,” he said from Angola, where he was attending a summit between African and European Union countries. “This is a laborious process. It will move forward at most in smaller steps this week. I do not expect there to be a breakthrough this week.”

US President Donald Trump had blindsided Kyiv and its European countries last week with a 28-point peace plan criticised by some as a Russian wish list that called for Ukraine to cede more territory, accept limits on its military and abandon its ambitions to join NATO.

Britain, France and Germany responded by drawing up a counter-proposal that would cease fighting at present front lines, leaving discussions of territory for later, and include a NATO-style US security guarantee for Ukraine, according to a draft seen by Reuters news agency.

UK Prime Minister Keir Starmer said that Ukraine’s allies in the “coalition of the willing” – a broad term for about 30 countries supporting Kyiv – will hold talks about the negotiations on Tuesday by video.

The German Foreign Office said that chief diplomats of Germany, Finland, France, the UK, Italy and Poland consulted Monday with Ukrainian Foreign Minister Andriy Sybiha on further steps toward ending the war.

Also attending the summit in Angola, European Council President Antonio Costa said there was “new momentum” in negotiations.

European Commission President Ursula von der Leyen said the European Union would “engage further tomorrow with our partners from the coalition of the willing”.

‘Big progress’

On Monday, Trump indicated Sunday’s talks had gone well.

“Is it really possible that big progress is being made in Peace Talks between Russia and Ukraine??? Don’t believe it until you see it, but something good just may be happening,” the US President wrote on Truth Social.

Trump had given Ukrainian President Volodymyr Zelenskyy, who is under the doubled pressure of Russia’s continued advance on the front line and a corruption scandal that has tainted his administration, until Thursday to agree to a framework to end the war. He also accused Zelenskyy of showing “zero gratitude” for peace efforts.

Zelenskyy said on X on Monday that he was expecting a full report that evening on the Geneva talks.

“To achieve real peace, more, more is needed. Of course, we all continue working with partners, especially the United States, and look for compromises that strengthen but not weaken us,” he said.

Polish Prime Minister Donald Tusk also said on Monday that negotiations were a “delicate matter” since “no one wants to discourage Americans and President Trump from having the United States on our side in this process”.

The Kremlin said it had not been informed of the results of the Geneva talks, but that it was aware that “adjustments” were made to the US proposal.

In a call with Turkish President Recep Tayyip Erdogan on Monday, Russian President Vladimir Putin repeated his view that the initial US plan could “serve as a basis for a final peace settlement”.

During the call, Erdogan said Turkiye was ready to support efforts to bring Russia and Ukraine together, including helping to facilitate direct talks between the two.

However, Russian presidential aide Yury Ushakov said the European plan appeared “entirely unconstructive and unsuitable for us”, according to a report in the Russian state-run TASS news agency.

Reporting from Moscow, Al Jazeera’s Yulia Shapovalova said Russia was unlikely to accept the European revisions.

“If all Russian conditions and interests are not taken into account, Russia is ready to continue fighting because, according to Vladimir Putin, Russia is pretty successful on the battlefield and it wants to achieve its goals,” she said.

In comments made by video to a meeting at the Swedish Parliament, Zelenskyy had indicated that territory would still be a key sticking point, accusing Russian President Vladimir Putin of seeking “legal recognition for what he has stolen”.

Grim reality

Russia’s invasion of Ukraine has decimated the east of the country, forcing millions to flee their homes, ravaging towns and cities, and killing tens of thousands in Europe’s worst conflict since World War II.

On Monday, the war continued to grind on, with Russian forces keeping up their deadly and devastating strikes on civilian areas while making battlefield advances in Ukraine’s southeastern Zaporizhia region.

Russian drones hit residential areas of Kharkiv, Ukraine’s second-largest city overnight, killing four people and wounding 13, including two children, authorities said.

On Monday, Russian forces struck the city of Pavlohrad in Ukraine’s Dnipropetrovsk region with drones, wounding three people and damaging industrial facilities, according to regional authorities.

That morning, Russian shelling killed a 61-year-old woman in Kherson, according to the military administration of the city in southern Ukraine.

Across the border, Russian air defences downed Ukrainian drones en route to Moscow, forcing three airports serving the capital to pause flights.

A reported Ukrainian drone strike on Sunday knocked power out for thousands of residents near Moscow, a rare reversal of Russian attacks on energy targets that regularly cause power blackouts for millions of Ukrainians.

Pacific Music Group launched by NE-YO, Sonu Nigam, MC Jin, and former WMG executive Jonathan Serbin

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A new Hong Kong-based entertainment company, Pacific Music Group, has launched with a focus on Asia’s music market.

The founders behind the new entity include three-time Grammy Award-winning superstar NEYO, Indian music legend Sonu Nigam, and “pioneering” Chinese American rapper MC Jin, and veteran music executive Jonathan Serbin.

Pacific Music Group said on Monday (November 24) that it “aims to build world-class music careers from the heart of Asia, with a focus on discovering, mentoring, developing, and promoting the region’s most promising talent”.

The company also stated that it will provide “international artists a powerful entry point into Asia’s rapidly expanding music landscape.”

“Asia has emerged as one of the most dynamic forces in the global music industry,” said Jonathan Serbin, former Co-President of Warner Music Asia.

“NE-YO, Sonu and MC Jin have all achieved long-standing global success, and they know exactly what it takes to build international music careers.”

Jonathan Serbin

Added Serbin: “With half the world’s population and three of the top ten music markets, the region is primed to lead on the world stage. At the same time, rapidly growing markets like India, Indonesia, Vietnam, and the Philippines offer immense potential. We believe the time is right for a music company born in Asia, but built with a global perspective from day one

“NE-YO, Sonu and MC Jin have all achieved long-standing global success, and they know exactly what it takes to build international music careers. I’m honored to partner with these legends. Pacific Music Group artists will gain invaluable insight from their experience and vision.”

Pacific Music Group is launching with multiple “genre-spanning” imprints, including pop, R&B, Hip-Hop, electronic, and “regional Asian styles”.

NE-YO, Sonu Nigam, and MC Jin will provide A&R guidance and mentorship to the labels’ artists, “drawing on decades of success as globally renowned performers and hitmakers,” the company said on Monday.

Jonathan Serbin, who helped drive Warner Music’s expansion across Asia and launched its first dedicated K-Pop label, brings “extensive regional expertise and a proven track record in artist development and strategic investment,” the company added.

He has served as Co-President of Warner Music Asia, overseeing 11 countries/territories, regional growth, and launching the label’s first dedicated K-Pop imprint.

Serbin has signed and developed a diverse roster of emerging artists and superstars across genres such as pop, Hip-Hop, rap, and electronic music, including Lay Zhang, Elva Hsaio, Coco Lee, G.E.M., Eric Chou, Vava, Jam Hsiao, Jolin Tsai, and Fish Long.

Pacific Music Group plans to unveil its debut artists in the coming months, with initial music releases scheduled for Fall 2025. The company will operate with offices and talent hubs across Asia.

“Launching Pacific Music Group isn’t just a business move, it’s a personal mission.”

NE-YO

“Launching Pacific Music Group isn’t just a business move, it’s a personal mission,” NE-YO said.

“As an individual of Chinese descent, I’m proud to use my resources to help discover and elevate the next generation of talented Pan-Asian superstars. I’ve toured across Asia several times and witnessed the evolution of the music scene, so I’m really excited to make history and bring the region’s rich culture to the forefront of the global stage.”

“With Pacific Music Group, these individuals will now have a chance to share their art rooted in creativity and culture in an impactful way.”

MC Jin

MC Jin, who will head up Pacific Music Group’s Hip-Hop imprint, added: “The influence of Hip Hop on a global scale is undeniable. For me, it provided a way to find my voice as an artist, explore my identity as a Chinese American and share my truth as a storyteller.

“As a fan of the music and a student of the craft, I’m looking forward to connecting with artists who are also on that  journey. Asia is full of talent with unique stories, fresh styles and authentic messages waiting to be shared with the world. With Pacific Music Group, these individuals will now have a chance to share their art rooted in creativity and culture in an impactful way.”

“With Pacific Music Group, we’re not just exporting talent, we’re helping artists thrive both at home and abroad.”

Sonu Nigam

Sonu Nigam added: “India alone has 1.6 billion people, but Indian artists want to connect well beyond our borders. The same is true across Asia. There is a hunger to grow globally and the potential to bring the richness of our cultures to the world.

“With Pacific Music Group, we’re not just exporting talent, we’re helping artists thrive both at home and abroad.”

 Music Business Worldwide

Father watched in despair as children were removed from Catholic school in Papiri, Niger state

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A father has told the BBC he felt powerless as he witnessed gunmen on motorbikes abduct dozens of children, including his son, after storming a Catholic boarding school in northern Nigeria in the early hours of Friday.

The father said he was asleep when he was awoken by the noise of the gunmen as they went past his home with the children they had seized from St Mary’s school in Papiri village in Niger state.

“They [the children] were being trafficked on foot the way shepherds control their herds. Some children were falling and the men would kick them and instruct them to stand up.

“The gunmen were on about 50 motorcycle bikes while controlling them,” said the father, whose name we have changed to Theo for his safety.

Speaking to the BBC in the dormitory where his son used to sleep, Theo said he was in no position to stop the abduction.

“I felt like going [to help] but I thought better of it. Even if I did go, what could I do? I couldn’t do anything,” he told the BBC, adding that he called the police but it was too late by the time they arrived.

The Christian Association of Nigeria has said that 303 students and 12 members of staff were taken from the school, but that 50 of the children managed to escape and have been reunited with their families.

The school was run by the chairman of the association’s Niger chapter, who has shared a list of those abducted with the BBC.

However, police said they were only aware of a few children escaping on the night of the abduction, and could not confirm that 50 more had escaped.

The Niger state governor, Umar Bago, told local media that the number of abducted students had been exaggerated, and it was “far, far below” 303.

The governor blamed the school authorities for opening the establishment despite threats by unknown gunmen four years ago, and again two months ago.

“The schools in that area have been closed for four years now. I was surprised to learn the school is still open,” Bago said.

He also insisted that the attack was just a “scare” and that all students would be rescued sooner or later.

Along with some other parents, Theo has been camping outside the school, angry with the government’s response to the abductions.

“Our children were kidnapped but the government doesn’t seem to pay attention to it,” said Theo.

He said he was frustrated that the state governor had not visited the school, and only went to a nearby community to speak to security agencies and local leaders.

“We have concluded that the government is not concerned about us – we feel like we are not part of the country, they have abandoned us.”

The pain being endured by the parents of those children who are still missing is all too evident.

“I am sad, my whole life is filled with sadness,” said a mother, whose son was among the children taken by the gunmen.

“He’s my only son, he’s my first-born, please help us,” she said.

Another parent, Lucas, told the BBC that two of his children had been abducted, but the youngest one, a six-year-old boy, was lucky and managed to avoid falling into the clutches of the kidnappers.

“When I saw him, I was so excited. I called him by name, he turned and ran to me. I hugged and embraced him,” he said.

The northern part of Niger where Papiri is located has recently become a hot-spot for kidnappings for ransom.

The payment of ransoms has been outlawed in an attempt to cut the supply of money to the criminal gangs, but to little effect.

The BBC team drove about 500km (310 miles) to Papiri from the Niger state’s capital, Minna and was advised several times not to take certain routes and, for periods, was escorted by police.

Many blame the crisis on the size of the state. In terms of landmass, Niger is the largest state in Nigeria, and larger than European countries like Denmark and the Netherlands.

It also has a lot of forests, which criminal gangs, referred to locally as bandits, use as camps and routes to connect to other states in Nigeria, as well as neighbouring countries.

The abduction at the school was the third to hit Nigeria in a week.

Last Monday, more than 20 schoolgirls, who the BBC has been told are Muslim, were kidnapped from a boarding school in Kebbi state, which borders Niger.

A church was also attacked further south in Kwara state, with two people killed and dozens of worshippers abducted.

Nigeria’s President Bola Tinubu cancelled his trip to the G20 summit, held in South Africa at the weekend, to deal with the crisis.

He posted on social media on Sunday that all the 38 worshippers abducted in Kwara state had been rescued.

The spate of abductions has forced the closure of many boarding schools across Nigeria, with parents rushing to collect their children.

The government is under pressure from US President Donald Trump, who warned earlier this month that he would send troops to Nigeria with “guns a-blazing” if it “continues to allow the killing of Christians” by Islamist militants.

The Nigerian government has said claims that Christians are being persecuted is “a gross misrepresentation of reality” as “terrorists attack all who reject their murderous ideology – Muslims, Christians and those of no faith alike”.

While some kidnappings are carried out by Islamist militant groups, many are carried out for ransom by criminal gangs, highlighting the deep security crisis in the country.

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Vietnam Struggles in the Wake of Deadly Rainy Season

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new video loaded: Vietnam Reels From Deadly Rainy Season

Cleanup efforts are underway in Vietnam, where government officials on Sunday said more than 90 people had been killed from flooding and landslides in the past week.

By Monika Cvorak

November 24, 2025

US court filings allege Meta concealed evidence of social media harm

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Meta buried ’causal’ evidence of social media harm, US court filings allege

Is your private data being used by tech companies to train AI models? | Latest Technology Updates

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Leading tech companies are in a race to release and improve artificial intelligence (AI) products, leaving users in the United States to puzzle out how much of their personal data could be extracted to train AI tools.

Meta (which owns Facebook, Instagram, Threads and WhatsApp), Google and LinkedIn have all rolled out AI app features that have the capacity to draw on users’ public profiles or emails. Google and LinkedIn offer users ways to opt out of the AI features, while Meta’s AI tool provides no means for its users to say “no, thanks.”

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“Gmail just flipped a dangerous switch on October 10, 2025 and 99% of Gmail users have no idea,” a November 8 Instagram post said.

Posts warned that the platforms’ AI tool rollouts make most private information available for tech company harvesting. “Every conversation, every photo, every voice message, fed into AI and used for profit,” a November 9 X video about Meta said.

Technology companies are rarely fully transparent when it comes to the user data they collect and what they use it for, Krystyna Sikora, a research analyst for the Alliance for Securing Democracy at the German Marshall Fund, told PolitiFact.

“Unsurprisingly, this lack of transparency can create significant confusion that in turn can lead to fear mongering and the spread of false information about what is and is not permissible,” Sikora said.

The best – if tedious – way for people to know and protect their privacy rights is to read the terms and conditions, since it often explicitly outlines how the data will be used and whether it will be shared with third parties, Sikora said. The US doesn’t have any comprehensive federal laws on data privacy for technology companies.

Here’s what we learned about how each platform’s AI is handling your data:

Social media claim: “Starting December 16th Meta will start reading your DMs, every conversation, every photo, every voice message fed into AI and used for profit.” – November 9 X post with 1.6 million views as of November 19.

The facts: Meta announced a new policy to take effect December 16, but that policy alone does not result in your direct messages, photos and voice messages being fed into its AI tool. The policy involves how Meta will customise users’ content and advertisements based on how they interact with Meta AI.

For example, if a user interacts with Meta’s AI chatbot about hiking, Meta might start showing that person recommendations for hiking groups or hiking boots.

But that doesn’t mean your data isn’t being used for AI purposes. Although Meta doesn’t use people’s private messages in Instagram, WhatsApp or Messenger to train its AI, it does collect user content that is set to “public” mode. This can include photos, posts, comments and reels. If the user’s Meta AI conversations involve religious views, sexual orientation and racial or ethnic origin, Meta says the system is designed to avoid parlaying these interactions into ads. If users ask questions of Meta AI using its voice feature, Meta says the AI tool will use the microphone only when users give permission.

There is a caveat: The tech company says its AI might use information about people who don’t have Meta product accounts if their information appears in other users’ public posts. For example, if a Meta user mentions a non-user in a public image caption, that photo and caption could be used to train Meta AI.

Can you opt out? No. If you are using Meta platforms in these ways – making some of your posts public and using the chatbot – your data could be used by Meta AI. There is no way to deactivate Meta AI in Instagram, Facebook or Threads. WhatsApp users can deactivate the option to talk with Meta AI in their chats, but this option is available only per chat, meaning that you must deactivate the option in each chat’s advanced privacy settings.

The X post inaccurately advised people to submit this form to opt out. But the form is simply a way for users to report when Meta’s AI supplies an answer that contains someone’s personal information.

David Evan Harris, who teaches AI ethics at the University of California, Berkeley, told PolitiFact that because the US has no federal regulations about privacy and AI training, people have no standardised legal right to opt out of AI training in the way that people in countries such as Switzerland, the United Kingdom and South Korea do.

Even when social media platforms provide opt-out options for US customers, it’s often difficult to find the settings to do so, Harris said.

Deleting your Meta accounts does not eliminate the possibility of Meta AI using your past public data, Meta’s spokesperson said.

Google

Social media claim: “Did you know Google just gave its AI access to read every email in your Gmail – even your attachments?”  – November 8 Instagram post with more than 146,000 likes as of November 19.

The facts: Google has a host of products that interact with private data in different ways. Google announced on November 5 that its AI product, Gemini Deep Research, can connect to users’ other Google products, including Gmail, Drive and Chat. But, as Forbes reported, users must first give permission to employ the tool.

Users who want to allow Gemini Deep Research to have access to private information across products can choose what data sources to employ, including Google search, Gmail, Drive and Google Chat.

There are other ways Google collects people’s data:

  • Through searches and prompts in Gemini apps, including its mobile app, Gemini in Chrome or Gemini in another web browser
  • Any video or photo uploads that the user entered into Gemini
  • Through interactions with apps such as YouTube and Spotify, if users give permission
  • Through message and phone calls apps, including call logs and message logs, if users give permission.

A Google spokesperson told PolitiFact the company doesn’t use this information to train AI when registered users are under age 13.

Google can also access people’s data when they have smart features activated in their Gmail and Google Workplace settings (that are automatically on in the US), which gives Google consent to draw on email content and user activity data to help users compose emails or suggest Google Calendar events. With optional paid subscriptions, users can access additional AI features, including in-app Gemini summaries.

Turning off Gmail’s smart features can stop Google’s AI from accessing Gmail, but it doesn’t stop Google’s access to the Gemini app, which users can either download or access in a browser.

A California lawsuit accuses Gemini of spying on users’ private communications. The lawsuit says an October policy change gives Gemini default access to private content such as emails and attachments in people’s Gmail, Chat and Meet. Before October, users had to manually allow Gemini to access the private content; now, users must go into their privacy settings to disable it. The lawsuit claims the Google policy update violates California’s 1967 Invasion of Privacy Act, a law that prohibits unauthorised wiretapping and recording confidential communications without consent.

Can you opt out? If people don’t want their conversations used to train Google AI, they can use “temporary” chats or chat without signing into their Gemini accounts. Doing that means Gemini can’t save a person’s chat history, a Google spokesperson said. Otherwise, opting out of having Google’s AI in Gmail, Drive and Meet requires turning off smart features in settings.

LinkedIn

Social media claim: Starting November 3, “LinkedIn will begin using your data to train AI.” – November 2 Instagram post with more than 18,000 likes as of November 19.

The facts: LinkedIn, owned by Microsoft, announced on its website that starting November 3, it will use some US members’ data to train content-generating AI models.

The data the AI collects includes details from people’s profiles and public content that users post.

The training does not draw on information from people’s private messages, LinkedIn said.

LinkedIn also said, aside from the AI data access, that Microsoft started receiving information about LinkedIn members – such as profile information, feed activity and ad engagement – as of November 3 in order to target users with personalised ads.

Can you opt out? Yes. Autumn Cobb, a LinkedIn spokesperson, confirmed to PolitiFact that members can opt out if they don’t want their content used for AI training purposes. They can also opt out of receiving targeted, personalised ads.

To remove your data from being used for training purposes, go to data privacy, click on the option that says “Data for Generative AI Improvement” and then turn off the feature that says “use my data for training content creation AI models.”

And to opt out of personalised ads, go to advertising data in settings, and turn off ads on LinkedIn and the option that says “data sharing with our affiliates and select partners”.

Get Exclusive Early Access to A3 Performance’s Biggest Sale of the Year

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By SwimSwam Partner Content on SwimSwam

Courtesy of A3 Performance, a SwimSwam partner.

A3 Performance is kicking off Black Friday/Cyber Monday early with its BIGGEST sale of the entire year. Now through December 2, athletes can save up to 60% on some of A3’s most popular products, including select tech suits, goggles, training gear, and more!

“As a former swimmer, coach, and now founder of A3 Performance, I’ve always believed every athlete deserves high-performing gear without the barrier of inflated prices,” says A3 Performance Founder and CEO, Dan Meinholz. “This is a chance for us to make A3 products even more accessible so every swimmer can gear up for their breakthrough season.”

Your Favorite A3 Products, Now at Unbeatable Prices

Whether you’re gearing up for championship season, refreshing your training essentials, or looking for the perfect holiday gift for your favorite swimmer, there’s no better time to shop!

Sale highlights include:

  • PHENOM Tech Suit: 60% off
  • VICI Tech Suit: 60% off
  • BODIMAX compression sleeves: 50% off
  • ALL goggles and training gear: 25% off
  • NOVA Tech Suit: 25% off

This is your chance to save big on tools that will help you swim smarter, train harder, and recover faster. Visit A3Performance.com to shop the lowest prices of the year, now through December 2, while supplies last!

About A3 Performance

A3 Performance is a leading provider of high-performance swimwear and training gear, committed to pushing the boundaries of innovation in the sport. With a focus on excellence, A3 Performance empowers athletes to achieve their highest potential. 

A3 Performance has been a SwimSwam partner since 2012.

Read the full story on SwimSwam: Early Access to A3 Performance’s BIGGEST Sale of the Year

McLaren Racing CEO Zak Brown says F1 has flourished by making once exclusive sport more accessible

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Good morning. If F1 has suddenly appeared on your radar over the past few years, it’s due to a few factors: Liberty Media, team CEOs like McLaren Racing’s Zak Brown, consumer shifts, and the increasing role that sports play in corporate marketing. Liberty Media acquired Formula 1 racing from a consortium of investors in 2017 at a valuation of $8 billion and has since tripled that value through partnering to create U.S. races, Netflix’s Formula 1: Drive to Survive series, an F1 movie, the F1 Academy woman’s circuit, fashion, influencer marketing and broadcast reach that will further expand with an Apple partnership next year.

“We were a very exclusive sport, ‘look, don’t touch,’ and Liberty brought a new way of thinking,” Brown said in the latest Fortune Leadership Next podcast. “We figured out how to let people in the tent to engage with the sport”—be it the drivers, the team, the technology, the drama off the grid or the idiosyncrasies of the sport itself.

At the Formula 1 Heineken Las Vegas Grand Prix this weekend, I saw evidence of both the democratization of the sport and the move to a two-tiered experience economy in which brands tailor special packages for the top. LVMH is now F1’s global luxury partner and many individuals I met had flown in from across the world and paid thousands of dollars to see the race from the Paddock Club and suites like House 44, F1’s collaboration with Ferrari driver Lewis Hamilton and Soho House. High-end American Express cardholders could sample ‘The Only Caviar’ with co-founders Breaking Bad star Aaron Paul and Michelin-star chef Diego Sabino at the Aria resort. At the same time, more mainstream consumer brands are also backing F1, like PepsiCo, LEGO, Disney, and Hello Kitty. 

The 10-team sport generated more than $2 billion in direct sponsorships last year and is accelerating in value; top F1 teams are worth more than most NBA franchises and European soccer clubs. Exhibit A: Mercedes team principal and part-owner Toto Wolff’s deal last week to sell a 15% stake to CrowdStrike CEO George Kurtz, which values the team at $6 billion. 

McLaren, meanwhile, has gone from facing insolvency five years ago to making a profit of $61 million last year, with more to come, thanks to a new sponsorship deal with Mastercard that will reportedly bring in around $100 million a year. But the ultimate measure of performance is still on the track. McLaren saw drivers Lando Norris and Oscar Piastri get disqualified after placing second and fourth in the Vegas Grand Prix because officials found both cars had technical infringements. That’s heartbreaking for McLaren and makes for good TV in a season in which Brown’s team has already secured the top place but individual drivers are still battling for first. As Brown put it on the podcast: “We’re in the sports and entertainment business.” Click here to listen to the podcast on Apple or Spotify.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

Top news

Ukraine peace deal

Ukrainian and American officials say they’ve made positive progress on a U.S.-drafted deal to end Russia’s invasion after many Ukrainians initially claimed the accord was too favorable for the Kremlin. President Donald Trump has imposed a deadline of Thursday for the deal and lashed out at Ukraine as talks progressed, accusing it of being ungrateful for American support. 

White collar unemployment

Americans with four-year university degrees now make up a quarter of the unemployed, a record, according to the Bureau of Labor Statistics. College grads’ unemployment rate of 2.8% in September—up half a percentage point from a year ago—reflects the recent slowdown in white collar hiring. 

Tariff backup plan

The White House is reportedly drafting backup plans should the U.S. Supreme Court strike down President Donald Trump’s tariffs on the basis that he doesn’t have the power to impose them unilaterally. The alternative avenues for enacting levies will likely be slower or more limited in scope.

Tariff risks fade

Meanwhile, on earnings calls, executives are talking less about tariffs risks than they were earlier this year as the levies’ true fallout takes hold. A WSJ analysis of 5,000 earnings calls found that of calls that mentioned tariffs, about 20% mentioned associated risks in November, down from a high of roughly 55% in mid-June. 

Britain’s new media giant

The owner of  The Daily Mail will buy rival newspaper, The Telegraph, in a £500 million deal that will create a new right-leaning media giant in the U.K. as the Reform Party gains popularity as a counter to the ruling Labour Party. 

Shein’s first store

Shein’s first physical location in Paris is rattling lawmakers and fellow retailers who say the Chinese ecommerce giant’s ultra low prices pose an existential threat to traditional department stores. 

Pershing Square to go public 

Bill Ackman is preparing to take his hedge fund management company Pershing Square public along with a new closed-end investment fund, Pershing Square USA. Both could launch as early as the first quarter of 2026 if market conditions permit.

Massive AI companies come together

OpenAI, Nvidia, and other tech companies have joined forces in the Stargate Project, a massive $500 billion undertaking to build advanced AI infrastructure in the U.S., with backing from the federal government. Although the collaboration is praised for bolstering national AI capabilities, a Yale legal expert warns it may violate antitrust laws by allowing major rivals to coordinate closely in ways that could reduce competition, increase prices, and stifle innovation in the tech industry.

The markets

S&P 500 futures were up 0.25% this morning. The last session closed up 0.98%. STOXX Europe 600 was up 0.39% in early trading. The U.K.’s FTSE 100 was up 0.12% in early trading. Japan’s stock market is closed today. China’s CSI 300 was down 0.12%. The South Korea KOSPI was down 0.19%. India’s NIFTY 50 is down 0.42%. Bitcoin was up at $86K.

Around the watercooler

‘It didn’t have to be this way’ — Top economist warns affordability crisis will continue as tariffs and immigration crackdown send inflation higher by Jason Ma

The analyst who once predicted the ‘end of capitalism’ sees Zohran Mamdani as a ‘day of reckoning coming in’—and corporates only have themselves to blame by Nick Lichtenberg

Shark Tank star Robert Herjavec says the best Gen Z career advice comes from Mark Cuban—it’s that nobody cares if you’re ‘passionate’ by Preston Fore 

As Google eyes exponential surge in serving capacity, analyst says we’re entering ‘stage two of AI’ where bottlenecks are physical constraints by Marco Quiroz-Gutierrez

CEO Daily is compiled and edited by Joey Abrams and Claire Zillman.