Alibaba Shares Fall After Anthropic Alleges Massive AI Model Distillation Campaign 
Doncasters Raises $919 Million in NYSE IPO as Aerospace Growth Accelerates 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
SpaceX Stock Rebounds After Sharp Selloff, But Valuation Concerns Persist 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
Nike CFO Shake-Up Fuels Concerns Over Turnaround Strategy 
Pelosi Discloses Major Intel and Uber Call Option Purchases Worth Up to $6 Million 
Italy Investigates Microsoft Over Microsoft 365 AI Subscription Price Hike 
Johns Hopkins University Lays Off 110 Employees as Federal Research Funding Declines 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
Bayer Wins Major U.S. Supreme Court Roundup Lawsuit, Shares Surge 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
Ford Motor Co. is slashing jobs in the U.S. and Canada as part of a broad cost-cutting strategy. The affected employees, primarily engineers, were informed this week with a reported estimate of about 1,000 job cuts.
Detroit Free Press reported that Ford Motor is terminating salaried workers in the said regions, and it will wrap up this round of job cuts before this day ends. Other publications specifically mentioned that most of the affected employees are engineers in all departments of its business, including commercial operations, gasoline-powered or internal combustion-engine vehicle units, and electric vehicles and technology.
"Notifications are largely finished," the spokesperson of Ford Motor, T.R. Reid, told the Free Press. "People who were affected are being provided with severance benefits and assistance in finding new opportunities outside the company."
Moreover, Reid previously said that some contract workers were informed last week that their assignments related to Ford Motor had ended. He declined to confirm the total number of white-collar jobs and contract workers that the automaker cut, but a source who has knowledge of the matter said that an estimated number of 1,000 salaried employees are affected, and most of them are engineers from Model e, Ford Pro, and Ford Blue units.
The Dearborn, Michigan-based automaker and its rivals have been reducing their workforce, and all of them said this is to trim the costs of their operations. They explained that this is needed since they are investing billions to transition from gas-powered to electric vehicles.
Reuters further reported that this decision is part of Ford Motor's plan to discontinue its unprofitable locations. It also comes after the company announced last month that it expects its restructuring to incur charges between $1.5 billion and $2 billion this year.
"This is related to the Ford+ growth plan we introduced in 2021," the company said via an email to the publication. "Delivering our Ford+ plan for growth and value creation includes increasing quality, lowering costs, investing in our priorities, and adjusting staffing to match the capabilities we need."
Photo by: Dan Dennis/ Unsplash
