Tesla announced on Thursday it is recalling about 10,500 units of its Powerwall 2 home battery power systems in the US for fire and burn hazards after receiving 22 reports of overheating.
The US Consumer Product Safety Commission said the recall covers systems that “may fail and overheat”, raising the risk of serious injury or death, though no injuries have been reported.
The Powerwall 2 is a residential energy-storage unit that integrates with solar-panel systems, storing electricity for self-consumption, shifting usage to lower-cost periods and providing backup in grid outages.
The defect stems from certain lithium-ion battery cells that may overheat under certain conditions, smoke or ignite. In a few cases the defect has caused property damage, according to the recall notice.
Tesla said it is remotely limiting the charge on affected units to minimize risk while it arranges free replacements for customers.
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The recall draws attention to Tesla’s battery-cell suppliers and comes as its energy-storage business plays a growing role in the company’s expansion beyond electric vehicles.
Nov. 13 (UPI) — Doubts about a potential third Federal Reserve rate in December triggered an 800-point drop in the Dow Jones Industrial Average on Thursday after setting a record high a day earlier.
The Dow closed higher than 48,000 for the first time on Wednesday, but Investopedia reported a steep decline on Thursday amid concerns over the Federal Reserve rate.
The Dow reached a daily high or 48,211.83 during morning trading on Thursday but declined steadily afterward to a low of 47,431.43 and closed at 47,457.22, which is a drop of 797.60 and 1.65% for the day.
The Nasdaq and S&P 500 likewise posted downturns during the day’s trading, with the Nasdaq closing at 22,870.36, which is a decline of 536.10 and 2.29%.
The S&P 500 dropped by 113.43 and 1.66% when it closed at 6,737.49.
Analysts largely attributed the declines to concerns regarding the Federal Reserve and whether it will approve a third quarter-point rate reduction before the year’s end, according to CNBC.
In October, analysts placed a 95% confidence in a December rate cut, but confidence has declined to about 49% due to a lack of data because of the record 43-day federal government shutdown ended following President Donald Trump’s signing of a funding measure on Wednesday.
The Federal Reserve Open Market Committee is scheduled to meet for two days on Dec. 9 and 10, but committee members have grown more doubtful of another 0.25% rate cut due to the effects of the government shutdown and the president’s often-changing tariff policies.
The current rate is between 3.75% and 4% after the Federal Reserve committee approved a 0.25% rate reduction on Oct. 29.
The return of the Dubai Airshow next week to Dubai World Central (DWC), the unfinished future home of the world’s largest airport, is symbolic.
The biennial show’s choreography will be familiar: fighter jets in elegant formation, wide-body aircraft snarling down the runway and helicopters slicing the air. But the real spectacle isn’t confined to the sky. It’s in the closed-door rooms where deals, partnerships and future routes are hammered out. The star attraction remains flying taxis – eVTOLs (electric vertical take-off and landing aircraft) will take pride of place with test demonstrations, mock-ups and operational briefings. Companies such as Joby Aviation and Archer are still pushing for a 2026 launch of eVTOL passenger services between Dubai and Abu Dhabi.
Flying colours: An aerobatic display during the 2023 Dubai Airshow (Image: Getty)
Such optimism invites scrutiny. Certification is complicated, battery density still falls short of commercial requirements and early users will probably only be those able to afford premium pricing. Still, few places can match the UAE’s capacity to build infrastructure at speed and holding the event at DWC only reinforces that momentum. The airshow functions as the sector’s deal-making furnace. Previous editions have seen tens of billions of dollars committed on the tarmac, wide-body orders, defence packages and long-term service agreements.
The full cast of aviation powerbrokers will be in attendance: Boeing and Airbus with their supply-chain headaches and stretched delivery schedules; Gulf carriers Emirates, Etihad and new player Riyadh Air pushing expansion and next-generation fleets; defence giants looking to secure long-horizon programmes; and aerospace companies breaking ground in the Middle East. It’s a gathering where strategy chiefs, government delegations, manufacturers and financiers mix with an unusual ease. Everyone understands that this is the room where tomorrow’s aviation map is drawn.
And for all the deals and strategy sessions behind the scenes, the airshow extends a hand to the public. The Skyview grandstand will again offer families a vantage point from which to observe the aerial acrobatics, a reminder that aviation can still enchant, even as the sector wrestles with its heaviest challenges.
Sustainability is likely to dominate corporate conversations – and the industry finally appears to be moving beyond platitudes and towards climate action instead. Dubai Airports is preparing a sustainability showcase for the event, highlighting operational innovations, energy-efficiency systems, waste-reduction measures and emerging propulsion options. Still, the broader sector is in a bind: sustainable aviation-fuel production is nowhere near scale, hydrogen is promising but distant and electrification is only beginning to consider short-haul mobility. The airshow will present glimpses of a greener future but also lay bare just how far from that horizon the commercial fleet remains.
Dubai Airshow 2025 arrives at a moment of flux in which technology is advancing faster than regulation can catch up. Ambition is everywhere. Scepticism is warranted. But the aviation industry should ready itself to witness the winds of change next week.
Inzamam Rashid is Monocle’s Gulf correspondent. For more opinion, analysis and insight, subscribe to Monocle today.
Read next: Archer Aviation CEO Adam Goldstein on the race to put flying taxis into the sky
Tourists visit the Nanjing Road Scenic Area in Shanghai, China, on October 20, 2025.
Nurphoto | Nurphoto | Getty Images
Asia-Pacific markets slid Friday, tracking losses on Wall Street as technology stocks continued to come under pressure and Fed rate-cut doubts swirled.
Japan’s benchmark Nikkei 225 index lost 1.85%, while the Topix slid 1.03%. South Korea’s Kospi fell 2.29% and the small-cap Kosdaq was 1.42% lower.
Australia’s S&P/ASX 200 lost 1.58%.
Futures for Hong Kong’s Hang Seng Index pointed to a lower open, trading at 26,701, against the index’s previous close of 27,073.03.
China will release data on retail sales, industrial output, and fixed-asset investment for October today. Fixed-asset investment, which includes real estate, fell unexpectedly by 0.5% in September.
Overnight in the U.S., all three major averages closed lower as investors continued to sell shares of technology companies, especially those in the artificial intelligence trade, amid worries about their valuations.
The Dow Jones Industrial Average lost 797.60 points, or 1.65%, to settle at 47,457.22, well off the record highs set in the previous session. The S&P 500 shed 1.66% to finish at 6,737.49.
The broad-based index saw notable declines in the information technology and communication services sectors, led by Disney, which fell nearly 8% on mixed results for its fiscal fourth quarter. The Nasdaq Composite pulled back 2.29% to close at 22,870.36. All three major averages, as well as the small-cap Russell 2000 index, suffered their worst day since Oct. 10.
Recent remarks from Fed chair Jerome Powell’s colleagues point to plenty of apprehension over whether the central bank should deliver its third consecutive easing of policy when it meets Dec. 9-10.
“Given my baseline outlook, it will likely be appropriate to keep policy rates at the current level for some time to balance the inflation and employment risks in this highly uncertain environment,” Boston Fed President Susan Collins recently said.
As a result, markets have recalibrated their expectations. Whereas traders as recently as a few days ago were pricing in at least a 2-to-1 probability of a quarter percentage point cut, that’s now flipped to a coin toss, according to futures markets readings tabulated by the CME Group in its FedWatch tool.
— CNBC’s Jeff Cox, Sean Conlon and Pia Singh contributed to this report.
More than a dozen primary and preschools in the ACT have shut their doors after an asbestos warning was issued for a range of colourful children’s sand products imported from China and sold at leading Australian retailers.
On Friday morning, the ACT’s education minister, Yvette Berry, confirmed 15 schools and three preschools would be fully closed and five schools would be partially closed to multiple cohorts while testing and remediation took place.
It followed a recall of 1.3kg versions of Kadink Sand (1.3kg) and Educational Colours – Rainbow Sand, as well as the 1kg packages of Creatistics – Coloured Sand products by the Australian Consumer Competition Commission (ACCC) on Wednesday due to chrysotile asbestos concerns.
In a post to Facebook around 9am on Friday morning, Berry said the situation was “evolving” and she understood the news “might be upsetting” for families.
She said the decorative sand product was used at some of the ACT’s public schools for sensory play and arts and crafts.
“WorkSafe ACT have advised the risk of exposure to traces of chrysotile is low, however the safety of students, staff and families is our highest priority,” she wrote.
“The decision to close schools has been made in line with Education Directorate policy and on the advice of WorkSafe on the safe management and remediation process required.
“The Education Directorate will advise of the testing results as soon as possible … The Education Directorate is providing advice to non-government schools, as well as early childhood education and care services.”
The ACCC said the products were sold throughout Australia between 2020 and 2025 including by other retailers Educating Kids, Modern Teaching Aids and Zart Art.
Officeworks has also recalled KD Plain Sand (1.3kg), KD Magic Sand (2kg) in natural and purple, and Kadink six-piece decorative sand over the concerns.
It said the products were made in China and nearly all of them were supplied by the art supplies company Educational Colours, apart from Kadink decorative sand, which was supplied by local wholesaler Shamrock Australia.
Cranleigh School, a specialist school in Holt, was among the schools to have shut.
In a post to Facebook on Friday morning, it said testing was already underway in some schools, which would continue over the weekend.
“Staff are not expected to provide teaching and learning to students today,” the post read. “Other duties that can be undertaken from home can continue. We are unable to access the building at all today.
“When works are complete, a clearance report will be provided to deem the spaces safe to use. On Sunday afternoon, we will confirm teaching and learning arrangements for Monday.”
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Asbestos, a hazardous material that can cause terminal diseases and has been banned in Australia since 2003, is not allowed to be imported except in very limited circumstances.
Worksafe ACT urged anyone with the product in their home or arts and crafts containing the sand to dispose of it immediately and do everything they can to prevent fibres from becoming airborne.
That included wearing disposable gloves, a P2-rated face mask and protective eyewear when disposing of any products.
“Do not disturb or use it and isolate the product,” the authority said.
“Carefully double wrap the sand, its container, and any related materials in 200-micron plastic bags, seal securely with tape, and clearly label the package as asbestos waste.”
Asbestos cannot be disposed of in general waste and must be taken to resource management facilities.
Asbestos-contaminated mulch prompted the closure of schools, hospitals and parks in Sydney in 2024 while historic dumping and legacy contamination was blamed for traces found at parks in Melbourne’s west.
(Bloomberg) — Asian stocks were primed to track Wall Street lower Friday, as optimism linked to the US government reopening was tempered by uncertainty over interest rates and equity valuations.
Equity-index futures for Japan and Hong Kong pointed to a weaker opening, while Australian shares fell more than 1% at the open. The S&P 500 closed 1.7% lower while the Nasdaq 100 declined 2.1% in Thursday’s session. The broad-based selling wiped 2.7% from a gauge of megacaps while the Russell 2000 benchmark of small firms lost 2.8% in New York trading.
Traditional havens offered little reprieve. The dollar, gold and Treasuries all fell Thursday, leaving the US 10-year yield five basis points higher as investors parsed commentary from Federal Reserve officials that cast doubt over a December rate cut. Also, the October jobs report will be released without a reading of the unemployment rate. Bitcoin sank below $100,000 and is down more than 20% since early October.
The moves dealt a fresh blow to risk sentiment, highlighted by heavy selling in high-flying tech giants amid mounting valuation concerns. Beneath the surface, some investors pointed to a rotation into more defensive sectors. With optimism over the US government’s reopening largely priced in, traders are now focusing on the upcoming wave of economic data, as the odds of a December rate cut slip below 50%.
“It’s an expensive market and expensive markets need lower rates to help justify today’s elevated valuations,” said Matt Maley at Miller Tabak + Co. “So, the idea that this could change quickly with so much data coming out all at once, this uncertainty is raising some fear in the marketplace.”
While President Donald Trump signed legislation to end the longest shutdown in US history, it may still take a while for the federal bureaucracy to fully restart. Even so, the October jobs report will skip the unemployment rate as household survey wasn’t conducted, US top economic adviser Kevin Hassett told Fox News’ America’s Newsroom.
Some traders may be concerned that the omission of key data due to the shutdown may bolster arguments for officials to stand pat. Currently, traders are pricing in about even odds the Fed will cut rates in December.
Chair Jerome Powell said last month that a reduction is “not a foregone conclusion,” with the decision to be premised on incoming information.
In separate statements, Fed Bank of St. Louis President Alberto Musalem said officials should move cautiously on rates with inflation running above target, while Cleveland counterpart Beth Hammack noted policy should remain “somewhat restrictive.” Minneapolis Fed President Neel Kashkari said he didn’t support the last cut and is undecided on December.
In Asia, investors await data due Friday on China’s home prices, retail sales and the jobless rate, following signs of sluggishness in the credit market. Bloomberg calculations based on data released by the People’s Bank of China on Thursday showed China’s credit expansion was the weakest in more than a year last month, dragged down by slower government bond sales and lackluster borrowing demand across the economy.
Meanwhile, Tencent Holdings Ltd. posted a faster-than-anticipated 15% rise in revenue, sustaining the steady growth that’s helped the social media leader attract investors despite eschewing splashy investments in AI infrastructure. Separately, Tencent struck a deal with Apple Inc. that will see the iPhone maker handle payments and take a 15% cut of purchases in WeChat mini games and apps, resolving a high-profile dispute.
Corporate News:
Verizon Communications Inc. is discussing plans to announce job cuts next week that could downsize the company by as much as 20%. A wave of voluntary and early retirement programs in Japan is on track to hit a four-year high, as companies from Panasonic Holdings Corp. to Japan Display Inc. try to balance an aging workforce with the need to boost competitiveness. Japan Airlines Co. has sought proposals from manufacturers for up to 70 regional and turboprop aircraft. Some of the main moves in markets:
Stocks
S&P 500 futures were little changed as of 8:16 a.m. Tokyo time Hang Seng futures fell 1.4% Australia’s S&P/ASX 200 fell 1.6% Currencies
The Bloomberg Dollar Spot Index fell 0.2% The euro was little changed at $1.1626 The Japanese yen was little changed at 154.61 per dollar The offshore yuan was little changed at 7.0976 per dollar The Australian dollar was unchanged at $0.6529 Cryptocurrencies
Bitcoin rose 1.5% to $100,248.01 Ether rose 2.1% to $3,245.46 Bonds
Australia’s 10-year yield advanced four basis points to 4.46% Commodities
West Texas Intermediate crude rose 0.2% to $58.82 a barrel Spot gold rose 0.1% to $4,175.98 an ounce This story was produced with the assistance of Bloomberg Automation.
Samsung Electronics today hosted the Silicon Valley Future Wireless Summit 2025 in Mountain View, California under the theme “Unlocking New Possibilities with AI-Centric Networks.”
The summit attracted approximately 100 distinguished participants, including representatives from major telecommunications operators, manufacturers, government agencies and academia. Following the official launch of 6G standardization discussions by the 3rd Generation Partnership Project (3GPP) in June, the industry has shifted its focus toward developing next-generation technologies that integrate AI into 6G communications. Samsung demonstrated its leadership in future communication technology at the event, unveiling achievements in AI-native technologies deployed in actual systems.
“We are focusing on integrating AI into communication systems to maximize user experience and network operational efficiency,” said JinGuk Jeong, Executive Vice President and Head of the Advanced Communications Research Center at Samsung Research. “Through the Silicon Valley Future Wireless Summit, we will expand collaboration with the telecommunications industry and continue our efforts to advance next-generation communication technology.”
AI-Driven Innovation in Wireless Communications, With Full-Scale AI-RAN Technology Validation
The summit commenced with keynote presentations from telecommunications industry experts, followed by three main sessions: “New AI-Driven Services,” “AI Radio Innovation” and “AI Network Innovation,” along with technology demonstrations. Each session included a lecture on the topic, as well as panel discussions that facilitated dynamic exchanges between participants through Q&A sessions and active debates.
The “New AI-Driven Services” session focused on new wireless network services enabled by AI technology. The session came within the context of the industry having reached a consensus on the potential for AR∙XR and Integrated Sensing and Communication (ISAC), among others.
The “AI Radio Innovation” session covered the latest developments in AI-RAN and wireless network performance optimization through AI. Furthermore, active discussions were held on AI-RAN as a core technology for 6G communications.
The “AI Network Innovation” session featured in-depth discussions on the various impacts of AI-native communication technology extending from wireless networks to wired networks and servers. Participants learned how AI will be utilized in network automation, resource management optimization and predictive maintenance to maximize network operational efficiency.
The technology demonstration session that closed out the day showcased AI-RAN technology jointly developed by Samsung and its partners. Attendees showed particular interest in the validation results demonstrating how base station communication equipment with AI-RAN autonomously makes determinations and adjustments to optimize network quality.
Leading the Development of AI-Native Next-Generation Communications Through Global Partnerships
Samsung is expanding its collaboration on 6G and AI-native communication technology with global partners, including telecommunications carriers, research institutes and consortia.
This year, the company has initiated collaboration with domestic carriers in Korea like KT — as well as global companies and research institutes such as SoftBank and KDDI Research — to enhance future communication quality. It is also participating in the Verizon 6G Innovation Forum, a global consortium leading the way in 6G technology development and commercialization.
Going forward, Samsung plans to further strengthen collaboration with global partners and continue research on the convergence of AI and communications technology to solidify its leadership in next-generation communications technology.
