A California state auditor found waste, mismanagement, and misuse of taxpayer money inside several state agencies, including the office of state Controller Malia Cohen, which is responsible for managing state finances and payroll. The investigation found that for over a year, senior officials in Cohen's office deliberately stalled the recovery of more than $33,000 in salary overpayments to two employees, canceling a required payroll deduction while considering an alternative plan to seek state payments on the employees' behalf. Officials never carried out that plan, and the auditor concluded that the office violated state law by failing to collect one employee's debt. The investigation also found that two managers worked remotely from Idaho, Tennessee, and Alabama despite rules restricting out-of-state telework. Across nine cases involving multiple state agencies, the auditor identified about $885,000 in wasted, misused, uncollected, or improperly spent public funds.
Lo spread tra Btp italiani e Bund tedeschi ha mostrato un calo all’apertura dei mercati finanziari il 14 ottobre. Il differenziale è calato a 107 punti base, per la prima volta sotto la soglia psicologica dei 110 punti da giorni in apertura. I rendimenti sono rimasti fermi a 4,53%, mentre quelli tedeschi sono cresciuti.
Ieri si è conclusa l’asta dei titoli a medio e lungo termine dei Btp, che ha portato 7 miliardi di euro nelle casse dello Stato. I rendimenti sono stati piuttosto alti, anche oltre 4,8% per i titoli a scadenza più lunga. Nonostante questo, la domanda è stata sostenuta.
Lo spread è in calo, ma non i rendimenti
La riduzione dello spread verificatasi in apertura il 14 ottobre è stata causata soprattutto da un aumento dei rendimenti dei Bund tedeschi, non da un calo di quelli dei Btp, che sono rimasti al 4,53%. Questa quota è piuttosto stabile ormai da alcuni giorni e potrebbe essere un nuovo punto di equilibrio per i titoli italiani dopo la volatilità delle scorse settimane.
La crisi de debito in pausa
Tutti i principali elementi della crisi del debito mondiale non hanno presentato nuovi sviluppi questa settimana. Treasury e obbligazioni delle grandi aziende sono rimasti ai livelli precedenti e soltanto il debito francese continua a mostrare le conseguenze della pressione, soprattutto a causa dell’instabilità politica del Paese, con il governo che avrà grosse difficoltà ad approvare una nuova legge di bilancio.
Come è andata l’asta dei Btp del 13 ottobre
Ieri si è conclusa l’asta dei Btp a medio e lungo termine, la seconda emissione di titoli di Stato del mese di ottobre. Il Tesoro ha raccolto la cifra massima prevista, 7 miliardi di euro, divisi in:
2,5 miliardi di euro del Btp 3% 3 anni scadenza 15 settembre 2029;
3 miliardi di euro del Btp 3,35% 7 anni scadenza 15 settembre 2033;
1,5 miliardi di euro del Btp 3,95% 15 anni scadenza primo ottobre 2041.
I rendimenti sono stati piuttosto alti, in particolare quelli dei titoli a 15 anni:
il Btp 3% 3 anni scadenza 15 settembre 2029 ha avuto un rendimento del 3,69%, 27 punti base sopra l’ultima tranche;
il Btp 3,35% 7 anni scadenza 15 settembre 2033 ha avuto un rendimento del 4,24%, 26 punti base sopra l’ultima tranche;
il Btp 3,95% 15 anni scadenza primo ottobre 2041 ha avuto un rendimento del 4,84%, 61 punti base sopra l’ultima tranche.
Le prossime aste si terranno:
martedì 27 ottobre l’asta dei Btp Short Term e dei Btp€i;
mercoledì 28 ottobre l’asta dei Bot;
giovedì 29 ottobre l’asta dei titoli a medio e lungo termine.
Gli spread europei
Sostanziale stabilità per gli spread europei, con la Spagna che rimane poco sopra 60 punti base di differenziale e con la Francia che rientra a 137 dopo il picco di ieri, confermandosi però il grande Paese con i titoli di Stato più volatili in Europa in questo momento.
Spread e rendimenti dei titoli di Stato europei all’apertura del 13 ottobre 2026
Domani 13 ottobre saranno messi all’asta tre tranche di Btp, con scadenze a 3, 7 e 15 anni. Si tratta di una regolare asta dei titoli di Stato italiani, ma il momento è particolarmente favorevole per gli investitori. I rendimenti sui mercati sono infatti molto alti e quindi gli investimenti nel debito pubblico italiano sono più convenienti anche solo rispetto a prima dell’estate.
Le cedole di tutti questi prodotti sono sopra il 3%, ma i loro rendimenti raggiungono anche il 4%, se li si confronta con le altre tranche già sul mercato. Il Tesoro immetterà fino a 7 miliardi di euro di Btp sul mercato in questa occasione a seconda della domanda degli operatori. Per tutti i Btp all’asta la prenotazione da parte del pubblico avverrà entro oggi 12 ottobre, la prenotazione delle domande entro le 11 di domani, la prenotazione all’asta supplementare entro le 15:30 del 14 ottobre e il regolamento avverrà entro il 15 ottobre.
Il Btp a 3 anni con scadenza a settembre 2029
Il primo titolo, Il Btp a 3 anni con scadenza a settembre 2029, ha le seguenti caratteristiche:
codice Isin, IT0005716839;
tranche, settima;
emissione il 15/6/2026;
scadenza il 15/9/2029;
cedola annuale del 3%;
data del primo pagamento della cedola 15/3/2027;
importo massimo offerto 2,5 miliardi di euro più 500 milioni supplementari.
Confrontandolo con le altre tranche già sul mercato, il rendimento lordo di questo titolo potrebbe aggirarsi attorno al 3,70%, portando quello netto al 3,24%.
Il Btp a 7 anni con scadenza a settembre 2033
Il Btp a 7 anni, con una scadenza quindi un po’ più lunga, punta a investitori che cercano strumenti per il medio termine. Le sue caratteristiche sono:
codice Isin, IT0005722845;
tranche, quinta;
emissione il 15/7/2026;
scadenza il 15/9/2033;
cedola annuale del 3,35%;
data del primo pagamento della cedola 15/3/2027;
importo massimo offerto 3 miliardi di euro più 600 milioni supplementari.
Anche in questo caso si possono paragonare i rendimenti della tranche già sul mercato, deducendo che il rendimento potrebbe avvicinarsi al 4% lordo, cioè il 3,6% netto.
Il Btp a 15 anni con scadenza a settembre 2041
Per il lungo termine sarà invece presentato un Btp a 15 anni con scadenza a settembre 2041. Le sue caratteristiche sono:
codice Isin, IT0005694630;
tranche, sesta;
emissione il 10/02/2026;
scadenza il 01/10/2041;
cedola annuale del 3,95%;
data del primo pagamento della cedola 01/04/2027;
importo massimo offerto 1,5 miliardi di euro più 300 milioni supplementari.
I rendimenti di questo Btp sono particolarmente alti sul mercato, pari al 4,58% lordo, più del 4% netto.
Come acquistare i Btp all’asta
I Btp non possono essere acquistati all’asta direttamente dai privati. Le aste sono riservate ai cosiddetti specialisti, per lo più banche e investitori istituzionali, che però possono fare da intermediario per i propri clienti.
Per chiedere alla propria banca di acquistare per sé un Btp all’asta basta avere un conto corrente e un deposito titoli presso quell’istituto. Attraverso l’home banking, si può poi fare richiesta, con importo minimo di 1.000 euro.
Environmental organisation ZERO has called for more mechanical and biological treatment of municipal waste in the Algarve, saying sustainable alternatives offer a better solution to landfill-site problems. Speaking to the
Five more charities in receipt of three quarters of a million pounds of public funds have been added to Charlotte Gill's list of taxpayer-funded asylum charities which are assisting illegal migration to the UK.
Refugee Action is busy lobbying the Government to scrap its "cruel" new asylum bill. Which is curious, says Charlotte Gill, because this 'charity' received over £16 million in government funding in 2021-25.
On Saturday, September 5, around 100,000 people took to the streets of Zagreb to protest against illegal toxic waste disposal in the Lika region. The mobilization, one of the most notable in recent years, brought together diverse networks from all over Croatia.
Protesters demanded not only the clearing of the affected areas in Gospić, but also accountability from the government and a pledge to temporarily halt waste imports into the country. This final demand relates to the fact that tens of thousands of tons of illegal waste found at several dumping sites across the country originated from Slovenia, Italy, and Germany.
Zagreb’s central square was filled with protesters on Saturday. Source: Gospić je naš dom/Facebook
The protest built upon over a year of campaigning by local groups in Gospić. These initiatives have been fighting for the urgent removal of approximately 37,000 tons of waste, including hazardous material, exposed during a EU corruption investigation in early 2025. State institutions’ records indicate complaints were filed locally as early as 2023 and 2024 but received minimal, if any, reaction from authorities.
The government’s inaction is particularly striking given that the region is a traditional stronghold of the ruling Croatian Democratic Union (HDZ). On the ground, many perceived their stance – implicitly or explicitly – as profound betrayal and arrogance, likely compounding political headaches for party leadership. In practical terms, this widened the protest’s political spectrum, bringing together an unusually broad group of demonstrators.
The notable lack of official response continued even as it became apparent that the dumping site is likely to have long-term impacts not only in the area immediately surrounding it, but also in downstream regions through underwater pollution. Materials found at the site included shredded plastic from electronic components and medical-grade waste. In addition to having been left lying around, they were also buried underground.
Locals raised environmental and health alarms from the beginning, including concerns about soil pollution by heavy metals and PFAS contamination of the area. Only after a long period of pressure, authorities published related analyses. All showed local concerns were grounded, recording high levels of metals like zinc, lead, and chromium, as well as PFAS presence in water courses. The most recent of these reports, made publicly available by the Office for the Suppression of Corruption and Organized Crime (USKOK) on Monday, September 6, confirmed microplastic presence in water samples taken downstream of the illegal dump, adding urgency to demands for removal.
Protester holding banner “This is not patriotic” on Saturday, September 5. Source: Gospić je naš dom/Facebook
For its part, after a year and a half of alarms sounded by the community in Gospić, the government announced it would cover the waste with foil as a first step of the sanitation process. They claimed further steps would follow, yet without guarantee of timing.
On Monday, Gospić je naš dom reasserted the planned actions were not enough. “The liner can reduce the amount of rainwater entering the landfill from above, but the waste is buried an average of three meters deep in karst rock” they wrote. “Groundwater flows in from below and through cracks in the rock from the sides. A surface liner cannot stop this. Covering the waste will make it less visible, but all 37,000 tons will remain in the ground.”
“Last Saturday, on Zagreb’s central square, before tens of thousands of people from across Croatia, we presented our demands to the Government of the Republic of Croatia. These were not a negotiating position, but a minimum we refuse to go below. After this latest finding, that minimum remains unchanged, but the urgency can no longer be disputed.”
“Eighteen months later, we are still waiting for answers,” they added. “How did 37,000 tons of waste end up buried underground? Who brought it? Who took it? Who was paid for it? […] There is also the question of responsibility for what happened after the waste was discovered. Who knew, and when? Who decided it was not urgent? Who decided to withhold the initial analyses?”
Jake Edmiston, a business reporter for the Toronto Star, thinks highly of his mustard chicken recipe. So when one batch goes over like a lead balloon, he checks his namesake ingredients and finds that his usual glass pot of Maille Dijon Originale is extraordinarily spicy—a fact he confirms, good reporter that he is, by conducting a blind test with a professional taster. In no time, Edmiston is on the floor of one of Canada’s largest mustard mills, trying to stay dry and avoid mustard dust burns(!), and peppering Unilever, Maille’s owner, with questions. This isn’t exactly a case for Benoit Blanc, but Edmiston’s investigation takes a few surprising turns and drops some serious knowledge on glucosinolates on the way. Every ingredient is in harmony here.
“Do a little dollop,” she said, then turned her back so I could do my work in secret.
I spooned the mustard from my jar onto a plate, and some from another jar of Maille I found in the grocery store that morning. She tried the sample from my jar first and sputtered a little.
“It’s quite spicy,” she said.
I asked her how much spicier it was than the control jar.
“Taste is a new core skill,” OpenAI President Greg Brockman declared earlier this year—one voice in a growing chorus of pronouncements about the centrality of judgment and preference in an economy built on artificial intelligence. And yet taste itself is largely undefined by many of its loudest proponents. Celine Nguyen considers the historic relationship between automation and taste; the “seemingly irrelevant, unimportant” inputs that shape our critical perceptions; and the perils of wielding taste like a cudgel. A striking, insightful blend of criticism and personal essay.
Today’s frontier models are trained on enormous quantities of data. One takeaway from Anthropic’s 2025 settlement with a group of authors, in which the company agreed to pay $1.5 billion (or an estimated $3,000 per book) for scraping copyrighted books from shadow libraries like LibGen, is that its models have “read” at least 482,460 books. But even Claude Opus 4.8 hasn’t written a short story that I enjoy more than those by Lydia Davis or Jessi Jezewska Stevens — both of whom, despite being prodigiously well-read, have almost certainly read fewer books.
Linni Kral has always been preoccupied with her bowels, but as a food writer, it hasn’t usually been that end she’s focused on in her writing. Now, as the internet explodes with “scat chat,” Kral is ready to investigate whether obsessing over our bowel movements has any merit. The result is a giggle fest—though you’ll need the stomach for some serious poo talk.
One day, it seems, the internet woke up and chose BMs, and suddenly the hottest girl you know is posting about scat. Now you have to go out of your way to not eat fiber—prebiotic supplements are in our soda, our candy bars, our cold foam. The beverage case is dominated by the likes of Olipop and Poppi and Culture Pop, all offering varying degrees of digestive assistance. The other day, I saw a smoothie blend in the freezer aisle called “Fiber Supremacy,” and earlier this year, Frito-Lay launched a fiber-packed version of both SunChips and Smartfood popcorn. Kraft is making a purgative macaroni and cheese that boasts six grams of fiber per serving (or 15 grams if you eat the whole box—which is, let’s be honest, how most people consume Easy Mac). Outside the retail space, home cooks are finding ways to fit chia and flax into not just their breakfasts but their meat loaf. They’re pureeing beans into sauces and veggies into puddings and cakes. Literal doctors are posting their #fibermaxxing menus to TikTok. And while this may sound like just another wave on the ocean of content we surf daily, it gets…weirder.
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