MONEY Shopping

WATCH: Why Abercrombie & Fitch Will Ditch Its Logo

Responding to years of declining sales, the youth-oriented clothing retailer has decided to pull its logo from most U.S. clothes.

TIME uk

U.K. Raises Terror Threat Level to ‘Severe’

But it doesn't mean an attack is "imminent"

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Updated at 12:05 p.m.

The United Kingdom raised its terror threat level from “substantial” to “severe” Friday, at a time when Britons have traveled to Iraq and Syria to fight alongside the Islamist militant group wreaking havoc there.

Britain’s Home Secretary Theresa May first made the announcement, but cited no specific threat in doing so. Prime Minister David Cameron later said he agreed with the decision to raise the threat level in the wake of Briton’s fighting for the militant group Islamic State of Iraq and Greater Syria (ISIS). The new designation warns that a terrorist attack is “highly likely.”

“I understand and I agree with the assessment that they’ve made,” Cameron said, referring to MI5’s Joint Terrorism Analysis Center, which determines the threat level independent of the Prime Minister. “That there is a greater threat that we face from Syria and Iraq, that there is a greater problem of returning foreign fighters and also it’s worth remembering… you’re dealing not just with [ISIS], you’re also dealing with other al-Qaeda-linked franchises in Syria and indeed, potentially in Iraq.”

Cameron told Britons to “continue to go about our daily lives in our normal way.” He added that the changes will help the police put in place necessary security precautions.

“We must use all the resources we have at our disposal—aid, diplomacy, political influence and our military,” Cameron said, adding that the U.K. supports the U.S. airstrikes against ISIS. “Learning the lessons from the past doesn’t mean that there isn’t a place for our military,” he said.

London’s Metropolitan Police commissioner Sir Bernard Hogan-Howe said earlier this week that at least 500 Britons have fought in the Iraq and Syria conflict on behalf of ISIS, and that about half have already returned to the U.K., BBC reports.

May, the Home Secretary, said the change in threat level doesn’t imply, and that there is “no intelligence to suggest,” that an attack is “imminent.”

White House Press Secretary Josh Earnest said that senior Administration officials have been in touch with their British counterparts about the change in the U.K. international terrorism threat level. “I don’t anticipate at this point that there’s a plan to change that level” in the U.S., he added.

MONEY Odd Spending

WATCH: We Try Out NYC’s First Bitcoin ATM

The Bitcoin crypto-currency may be the wave of the future, but MONEY's Jacob Davidson finds that using it to buy lunch can be a hassle right now.

TIME Innovation

Google Reveals Drone Delivery Plans

The company just started conducting tests after two years of work

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Google has begun testing a small number of drones as it explores a possible delivery service powered by the unmanned aerial vehicles, the company revealed Thursday.

Google has been working on Project Wing for two years but only began testing the drones in the Australian outback this month, the Washington Post reports. In trials, the small aircraft have flown between 130 and 195 ft. (well above houses and trees) and delivered items such as a water bottle and a first-aid kit. Google says it conducted more than 30 successful flights, including one that traveled more than half a mile.

While the Federal Aviation Administration is still developing guidelines and regulations for commercial drones, several companies besides Google, including Amazon, Facebook and Disney, have opened up about possible applications for drones, including delivery capabilities and high-speed Internet services. According to Google, it will be years before the company will develop a fully functional delivery service with drones traveling along preprogrammed routes.

“When you can get something near-instantly, it changes how you think about it,” the company said in a statement. “Think of the mom stuck at home with two sick kids, the hiker who’s met a poisonous snake, or the farmer out in the field with a sick animal. It could also open up new models for sharing goods rather than owning them — who needs a power drill for more than eight minutes a year?”

[WP]

MONEY Jobs

WATCH: Quelle Horreur! France Might Expand Work Week Beyond 35 Hours!

French Economy Minister Emmanuel Macron has suggested doing away with the traditional 35-hour work week in France.

TIME Foreign Policy

Obama Says ‘We Don’t Have a Strategy Yet’ for Fighting ISIS

“I don’t want to put the cart before the horse"

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President Barack Obama seemed to commit the worst of Washington gaffes Thursday when he updated the American people about the ongoing threat from Islamist militants wreaking havoc in Iraq and Syria.

“I don’t want to put the cart before the horse: we don’t have a strategy yet,” Obama said of the effort to combat the militant group Islamic State of Iraq and Greater Syria (ISIS) in its safe haven in Syria. “I think what I’ve seen in some of the news reports suggest that folks are getting a little further ahead of what we’re at than what we currently are.”

Obama’s comment that “we don’t have a strategy,” delivered to reporters at the White House before the Labor Day holiday weekend, prompted immediate mockery from Republicans — not to mention quick damage control from the White House.

“In his remarks today, [Obama] was explicit — as he has been in the past — about the comprehensive strategy we’ll use to confront [ISIS] threat,” White House press secretary Josh Earnest said in a series of Twitter posts. “He was referring to military options for striking [ISIS] in Syria,” Earnest added in a hastily scheduled CNN appearance.

Obama was set to meet with the National Security Council on Thursday evening, and he said his Administration is working hard to develop a plan for stemming ISIS’s spread from Iraq to Syria.

“We need to make sure that we’ve got clear plans, that we’re developing them,” he said. Obama said he’s ordered Secretary of State John Kerry to begin assembling a coalition to strike back at ISIS, while he has tasked Secretary of Defense Chuck Hagel and the Joint Chiefs of Staff to present him with military options. “We’re gonna cobble together the kind of coalition that we need for a long-term strategy as soon as we are able to fit together the military, political and economic components of that strategy,” Obama said. “There will be a military aspect to that.”

The President defended his decision not to seek authorization from Congress before beginning strikes on ISIS targets in Iraq three weeks ago, saying the urgency of the threat to the U.S. consulate in Erbil required immediate action. “I can’t afford to wait in order to make sure that those folks are protected,” Obama said. Since Aug. 8, the military has conducted 106 air strikes in Iraq, according to U.S. Central Command.

Obama suggested that once he has a strategy for tackling ISIS, he would seek authorization from Congress, particularly since it may require additional funding. “It is my intention that Congress has to have some buy-in as representatives of the American people,” he said.

“This should be a wake-up call to Sunni, to [Shi‘ite], to everybody, that a group like ISIS is beyond the pale; that they have no vision or ideology beyond violence and chaos and the slaughter of innocent people,” Obama said. “And as a consequence, we’ve got to all join together — even if we have differences on a range of political issues — to make sure that they’re rooted out.”

Obama also condemned continued Russia aggression in Ukraine, following U.S. and NATO confirmation of Russian ground troops and heavy equipment fighting against the Ukrainian military in eastern Ukraine, but he stopped short of calling it an invasion. The President ruled out American military action in Ukraine, but said the U.S. stands with its NATO allies in the region and suggested that additional sanctions on Russia will be forthcoming.

“We are not taking military action to solve the Ukrainian problem,” Obama said. “What we’re doing is to mobilize the international community to apply pressure on Russia. But I think it is very important to recognize that a military solution to this problem is not going to be forthcoming.”

TIME movies

Watch the Trailer for Jon Stewart’s Directorial Debut Rosewater

Gael García Bernal plays a journalist imprisoned during the 2009 Iranian election

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Iranian-born Canadian journalist Maziar Bahari was imprisoned, interrogated and tortured on spy charges for 118 days after covering the 2009 Iranian election.

Written and directed by Jon Stewart — yes, the host of The Daily Show, making his directorial debut — Rosewater tells the story of Bahari’s ordeal, which he also recounted in his 2011 memoir Then They Came for Me.

Mexican actor Gael García Bernal plays Bahari, who in real life landed in hot water with the Iranian authorities partly because of a mock interview he did on Stewart’s show back in 2009. That segment was later used against him as evidence of seditious activity.

TIME White House

LIVE: Obama Speaks on ISIS and Ukraine Crisis

President expected to address the fight against Sunni militants in Iraq, and the worsening situation in Ukraine

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President Obama is expected to address the nation from the White House press briefing room on the fight against the Islamic State of Iraq and greater Syria (ISIS) and worsening violence in Ukraine.

TIME celebrity

Watch Steve Carell and Stephen Colbert Sing a Hilarious Song Together (20 Years Ago)

Back during their days at Chicago's Second City

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This video, unearthed by Splitsider, features a young Steve Carell and an even younger Stephen Colbert performing together back in 1993 at Chicago’s famed Second City comedy club. (They’re joined by fellow funnymen Paul Dinello and David Razowsky, but obviously those guys are a lot less famous.)

This clip, which features the performers singing a little ditty called “The Obvious Song,” was part of a show called Take Me Out to the Balkans. Man, look at Steve ‘n Stephen — they’re just babies here. Kids really do grow up so fast, don’t they?

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