Thursday started with some major global headlines as the European Union decided to double the steel tariffs in order to secure domestic economic and defence interests.
Tragic news came from Manchester, where a ‘terrorist incident’ shook the local Jewish community with a stabbing attack.
US President Donald Trump has officially decided to take advantage of US government shutdown and reduce the size of federal agencies.
A glance at the major developments on Thursday.
US government shutdown: Day 2
The US government hit its second day of a shutdown on Thursday, and President Trump is calling it a “unique opportunity” to trim down federal agencies.
Part of that plan? His team put a hold on about $18 billion in infrastructure money for New York City and canceled nearly $8 billion meant for climate projects in Democratic-led states.
Russell Vought, who runs the Office of Management and Budget, is helping figure out which agencies might see cuts.
This all started because Congress couldn’t get a funding bill through, which means hundreds of thousands of federal workers are either furloughed or working without pay.
Democrats are accusing the White House of using the shutdown for political reasons, while the White House points the finger at Democrats for the deadlock.
EU to raise steel duties to 50%
The European Union is planning to double its steel import tariffs to 50%. The idea is to match what the US is doing, since America already slapped heavy duties on steel to tackle overproduction and dumping, mostly from China.
Right now, the EU charges 25% on steel once quotas are hit, but the new plan would push that up to 50%, with quotas for certain products based on past import levels.
They’re also looking to give themselves the power to set country-specific quotas, so companies can’t just get around the rules.
The goal is simple: protect Europe’s steel industry, which has been hit hard by cheap imports that drive down prices and make it tough to modernize or go green.
And there’s a security angle too, leaders like Poland’s Prime Minister Donald Tusk say steel is super important for defence.
The plan is expected to be officially announced next week, and it shows Europe is ready to take a tougher stance to defend its steel sector.
Manchester Synagogue attack
A tragic attack took place Thursday morning outside the Heaton Park Hebrew Congregation Synagogue in Manchester, leaving two people dead and four others injured.
Reports say the attacker drove into bystanders and then went on a stabbing spree before police shot him, and he is believed to be dead.
The timing made it even worse: it happened at 9:30 AM on Yom Kippur, the holiest day in the Jewish calendar, shaking the local community to its core.
Greater Manchester Police have labeled the incident a terrorist attack and even brought in bomb disposal teams after finding suspicious items on the suspect.
Two more people have been arrested in connection with the attack. UK Prime Minister Keir Starmer called the violence “horrific” and promised increased security at synagogues across the country.
OpenAI becomes world’s most valuable startup
OpenAI just hit a huge milestone: it’s now the world’s most valuable startup. Employees sold $6.6 billion worth of stock in a secondary share sale, pushing the company’s valuation to a jaw-dropping $500 billion.
That beats Elon Musk’s SpaceX and makes OpenAI the biggest privately held startup on the planet. Back in a $40 billion funding round earlier this year, it was valued at $300 billion, so things are moving fast.
Big investors like Thrive Capital, SoftBank, Dragoneer, Abu Dhabi’s MGX, and T. Rowe Price took part in the sale.
Even though the company allowed up to $10 billion in stock sales, employees cashed out less, a sign they really believe in OpenAI’s future.
Plus, it’s a smart way to keep top AI talent from being poached by rivals like Meta. Bottom line: OpenAI isn’t just growing, it’s dominating the AI scene.
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