A day of major economic and corporate developments is underway, as a jobs crisis deepens in the heart of the European auto industry, President Donald Trump unveils a controversial plan to bail out American farmers using tariff funds, and a powerful industry group accuses Warner Bros. of undermining its own creditors.
Here’s your one-stop stand to catch up on all the headlines you may have missed.
Trump to use tariff funds to aid beleaguered US farmers
President Donald Trump has announced his administration will use funds collected from his controversial tariffs to provide financial assistance to American farmers, who have been hit hard by his administration’s trade policies.
“We’re going to take some of that tariff money that we’ve made, we’re going to give it to our farmers, who are — for a little while — going to be hurt until it kicks in,” Trump said at the White House on Thursday.
Agriculture Secretary Brooke Rollins said the aid could be delivered “perhaps in the next couple of weeks.”
The move, however, could be risky, as the president’s tariffs have been ruled illegal by lower courts, a decision that, if upheld, could force the government to repay tens of billions of dollars.
Germany’s industry crisis deepens as Bosch plans to cut 13,000 jobs
The crisis gripping Germany’s famed auto industry is deepening, with the parts giant Robert Bosch GmbH announcing plans to slash an additional 13,000 jobs.
The move is a stark illustration of the pressures facing Europe’s biggest economy, as carmakers and their suppliers struggle with waning demand, rising costs, and intensifying competition from Chinese manufacturers.
Bosch’s peers, including Continental AG and ZF Friedrichshafen AG, are also slashing jobs, while giants like Volkswagen AG are reducing staff and output.
In total, Germany’s auto sector has lost roughly 55,000 jobs in the past two years, with tens of thousands more expected to disappear by 2030.
Warner Bros. slammed by an industry group over a swift debt buyback
A powerful bondholder industry group has accused Warner Bros. Discovery Inc. and its bankers of undermining creditors during a massive debt buyback earlier this year.
In a letter to the US Securities and Exchange Commission, The Credit Roundtable said on Thursday that Warner Bros. didn’t provide investors with sufficient time to assess its plan to repurchase as much as 40 percent of its roughly 36 billion dollar bond portfolio.
The group alleges that the “deliberate strategy” of giving creditors just five days to sign off on the complex deal made it harder for them to organize any significant opposition.
OpenAI rolls out a new personalized daily briefing feature for ChatGPT
OpenAI is rolling out a new ChatGPT feature called Pulse, which will send users a set of personalized news, research, and other updates each day based on their previous conversations with the chatbot.
The feature, available to select paid customers, will deliver five to 10 visual cards daily on topics of interest, a move designed to make the flagship product more proactive and to further integrate it into the everyday lives of its 700 million users.
It may also further establish ChatGPT as a first stop for targeted news, rivaling services from Google and others.
Ecuador to hold a referendum on rewriting its constitution
Ecuadorians will vote in a referendum on November 16 on whether to rewrite their constitution, a move the government says is necessary to give it the tools to fight powerful cocaine cartels.
President Daniel Noboa, who has said the nation’s legal system makes it difficult to combat organized crime, is seeking to limit due process and privacy rights to aid the fight.
A new constitution would be the 21st in the nation’s turbulent history. Soaring cocaine exports have made the country one of the world’s most violent in recent years.
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