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BALTIMORE: Michael Phelps has launched a scathing attack on USA Swimming’s leadership, with the 23-time Olympic gold medallist branding the body weak and demanding sweeping reforms after what he sees as years of organisational decline. The 40-year-old American, the most decorated Olympian of all time with 28 medals, delivered his broadside while revealing he might not want his four young sons competing in the sport given the current state of swimming in the United States. Phelps traced his frustrations back through his competitive career, saying he often felt that his voice went unheard, was “told to be grateful for the…

DARWIN: Half-centuries from Abdul Samad, Khawaja Moha­mmad Nafay and Yasir Khan followed by a combined seven wickets from the spinners powered Pakistan Shaheens to a resounding 79-run win over Bangladesh ‘A’ in the opening match of the Top End T20 Series at the TIO Stadium in Darwin on Thursday. After opting to bat first, Shaheens posted a formidable 227 for four in 20 overs. Openers Khawaja Nafay (61 off 31 balls) and Yasir Khan (62 off 40) provided a blazing 118-run stand in just 11.1 overs. Abdul Samad then played an unbeaten knock of 56 off 27 balls as he…

President Franklin D. Roosevelt signs the Social Security Act into law on Aug. 14, 1935.FPG | Archive Photos | Getty ImagesNinety years ago, President Franklin Delano Roosevelt signed the Social Security Act, which created the program that now sends monthly benefit checks to millions of Americans, including retirees, disabled individuals and families.But by the time the program celebrates its centennial, benefits may not look the same as today’s Social Security payments.The reason: Social Security’s trust funds, which the program relies on to help pay benefits, are facing a looming shortfall.Starting in 2033 — two years before its 100th anniversary —…

18th April 1930: An outdoor target shooting class. (Photo by Fox Photos/Getty Images)Getty Images The jobs number – officially known as “nonfarm payroll employment”– is released monthly by the Bureau of Labor Statistics. It is said to have a greater impact on financial markets than any other economic indicator, and it is a critical input to the formation of monetary policy at the Federal Reserve. “Trillions of dollars in global assets reprice within moments of a BLS release,” The Economist wrote last week. “It is a puzzle why this month’s revisions were unusually large.” It is also quite flawed. The…

Jose Luis Pelaez Inc | Digitalvision | Getty ImagesData suggests the U.S. economy may be in a precarious spot — and investors may be wise not to take outsized risks with their portfolios for fear of steep losses, experts said.”This is not the environment to be a hero in,” Callie Cox, chief market strategist at Ritholtz Wealth Management, wrote this month in a newsletter.In other words: Stick to your long-term investment plan, including an appropriate asset allocation and time frame to reach your goals, experts said. Avoid the temptation to funnel a big chunk of money into high-flying shiny objects…

Stock buyback and Share buybacks is shown using a textgetty Tariffs are back. Consumers are struggling. August is historically the worst month for stocks. You’ve probably seen versions of these headlines recently. The articles appear designed to grab your attention by sounding the alarm, then close with a hand-wringing quote from someone who probably missed the last bull run. But here’s a rule I live by: Follow the trend lines, not the headlines. Because if you look past the fear mongering and focus on the data, you’ll find that the market is humming with strength, and investors should take note.…

Alvaro Gonzalez | Moment | Getty ImagesIf you’re eyeing a Roth conversion, President Donald Trump’s “big beautiful bill” could make the strategy more complicated, according to financial experts.Roth conversions transfer pretax or nondeductible individual retirement account funds to a Roth IRA, which starts future tax-free growth. The trade-off is paying regular income taxes on the converted balance.Trump’s new tax cuts could make Roth conversions more appealing for some investors, experts say. But incurring too much income could impact eligibility for certain tax breaks.More from Personal Finance:What to do with RMDs when you don’t need the moneySocial Security COLA may be 2.7% in 2026:…

Ann Hermes/The Christian Science Monitor via Getty ImagesEven a peanut butter and jelly sandwich is not immune to inflation’s bite.Although grocery prices cooled in July, food costs, overall, are trending higher, according to the latest consumer price index.As a result of food cost inflation, parents who pack lunches for their school-age children will pay more in the coming academic year compared with last year, a new report by Deloitte also found.For parents and other caregivers, the average daily cost of packing a lunch for school is now $6.15, according to Deloitte. That’s up 3% on average, compared with the start of the 2024 school year.”The high point of…

LAHORE: The Pakistan Cricket Board (PCB) has finalised the selection criteria — carrying several controversial points — for the 2025-26 domestic season, which begins with the Hanif Mohammad Trophy on Aug 29. According to a PCB document seen by Dawn, “players of the regional teams will be selected while considering their past performances in the Quaid-i-Azam Trophy, National T20, President’s Trophy and Cup (Grade-I), Pakistan U-19, National U-19 (2024-25) and also their performance in Regional Inter-District (2025-26) competitions.” Last season, all 18 teams from 16 regions competed in the Quaid-i-Azam Trophy, with weaker sides such as Larkana, Dera Murad Jamali,…

CHENGDU: Pakistan’s snooker hopes were dashed at the World Games as Mohammad Asif suffered consecutive defeats in the semi-final and bronze medal match, despite producing a breathtaking 141 clearance here at the Civil Aviation Flight Univer­sity’s Tianfu Cam­pus Gymnasium on Wednesday. Asif, aiming for a podium finish as an independence day gift for Pakistan, first fell to China’s Xiao Guodong in the semi-finals. Guodong — who won the Wuhan Open title last year — dominated the encounter, securing a commanding 2-0 victory. The 36-year-old home player sealed the first frame emphatically 80-0, featuring a 58-break, and clinched the second frame…