Good morning. The Nobel Peace Prize goes to Venezuela’s opposition leader. A real estate mogul with a penchant for Disney-style gloss has ambitions to be governor of California. And that old Barbour jacket? Don’t throw it out. Listen to the day’s top stories.

— By Angela Cullen

Maria Corina Machado Photographer: Juan Barreto/Getty Images

Venezuelan opposition leader Maria Corina Machado was awarded the Nobel Peace Prize for her efforts to promote democracy at a time when more countries are sliding into authoritarianism. The world is bracing for how Donald Trump will react after he lobbied hard for the coveted prize. It remains to be seen how Machado’s choice will play out in the Americas, with Trump taking a hard line against the strongman regime of Venezuela’s Nicolas Maduro.

Further south, Dina Boluarte was unceremoniously dumped as president of Peru for failing to do enough to handle soaring crime. She’s been replaced by conservative José Jerí, sworn in just hours after. The change stunned Peruvians with its speed—impeachment motions were filed Thursday afternoon, voted on in the evening, and she was out shortly after. The events were triggered by a shooting at a concert by a popular band.

Trump doubled down on threats to use the government shutdown to make sweeping cuts to Democratic priorities and the federal bureaucracy. As the standoff stretches into its second week, the real-world impacts are starting to rise. But don’t use it to bet against the dollar; that trade is turning into a real pain for investors.

Meanwhile, Trump and Xi Jinping are jockeying for leverage ahead of their upcoming meeting and the expiration of a US-China trade truce, risking a fresh flare-up between the world’s two biggest economies. Beijing has launched an antitrust probe of Qualcomm’s acquisition of Autotalks. The move follows legislation requiring Nvidia and AMD to give US firms priority access to their chips, ahead of China.

Israel’s government approved a deal to free the remaining hostages held in Gaza in exchange for over 2,000 prisoners. Families and supporters flocked to the Tel Aviv square that’s become the focal point of two years of campaigning for the hostages’ release. Trump is expected to travel to Israel for the handover.

Deep Dive: California Currents

Rick Caruso outside a building destroyed by fire, across the street from his Palisades Village mall in Los Angeles. Photographer: Philip Cheung for Bloomberg Businessweek

Billionaire developer Rick Caruso is no stranger to California politics, having long played the role of civic fixer in disputes dating back to the 1980s. Now, the mogul behind Los Angeles’ shopping meccas is polishing his political credentials after a failed bid in 2022, when he cast himself as a centrist Democrat with a businessman’s knack for problem-solving.

• His criticism of LA Mayor Karen Bass’s handling of January’s catastrophic wildfires has thrust him back into the spotlight and invigorated his chances for a second run. Caruso says he’s confident LA can build up and bring jobs back.
• Bass has accused him of “exploiting tragedy,” but frustration over slow rebuilding permits has only fueled public anger—and Caruso’s prospects. Voters may soon face a choice between a 72-year-old political stalwart or a rich 66-year-old who builds malls with a Disney-style gloss.
• And Caruso’s ambitions may not stop at City Hall. He may go after Governor Gavin Newsom’s job; he hasn’t decided yet. All may be revealed after a Nov. 4 state election on redrawing congressional districts, a measure he supports. Asked why he’d dive into another bruising campaign, Caruso shrugged: “I’ve done it before,” he said, “and it’s intoxicating.”

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The Big Take

A smoke plume billows following Israeli bombardment on the Gaza Strip on Oct. 9. Photographer: NurPhoto/NurPhoto

What now? As a fragile Israel-Hamas ceasefire holds, millions of internally displaced Gazans return to homes reduced to rubble with urgent questions: “Will this food center be here next week? Who will be in charge?” For now, the focus is on humanitarian aid. What comes after that is far from clear.

Opinion

The owner of the NYSE buying a substantial interest in crypto-betting entity Polymarket blurs the line between the two, writes Aaron Brown. The deal may lead to cross-fertilization between securities trading and betting.

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Before You Go

A well-worn Barbour coat with the left half untouched, and the right half re-waxed.

This old thing? Fall has arrived in NYC, marked by the reappearance of finance bros in Barbour wax jackets. With a heritage dating back to 1894, the coats have become a status symbol for many, but in a slightly disheveled way. The older and more worn, the better.