Amazon has announced that it will cut about 14,000 corporate jobs as the online retail giant ramps up spending on artificial intelligence while cutting costs elsewhere. In June CEO Andy Jassy, who has sought to cut costs since becoming CEO in 2021, said that he anticipated generative AI would reduce Amazon’s corporate workforce in the [...]
NEW YORK (AP) — Citing a chronic shortage of financial backing for independent publishers and nonprofits dedicated to writing and reading, a coalition of seven charitable foundations has established a Literary Arts Fund that will distribute a minimum of $50 million over the next five years to a variety of entities in the literary world. [...]
Food banks and pantries were already struggling to supply enough food to users after federal program cuts this year, but now they’re bracing for a possible tsunami of hungry people if a pause in federal food aid to low-income people kicks in this weekend as the federal government shutdown persists. The rush has already begun. [...]
WASHINGTON (AP) — Treasury Secretary Scott Bessent this week confirmed the names of five candidates to replace Jerome Powell as chair of the Federal Reserve next year. Bessent said he would engage in a second round of interviews in the coming weeks and present a “good slate” of candidates to Trump “right after Thanksgiving.” Trump [...]
WASHINGTON (AP) — The United States and China are not going to resolve all of the issues that divide them before presidents Donald Trump and Xi Jinping meet today in Busan, South Korea. Yet they are likely to make enough progress on China’s stranglehold on strategic minerals, American export controls and other nettlesome problems to [...]
Target last week said it is eliminating about 1,800 corporate positions in an effort to streamline decision-making and accelerate initiatives to rebuild the flagging discount retailer’s customer base. About 1,000 employees are expected to receive layoff notices this week, and the company also plans to eliminate about 800 vacant jobs, a company spokesperson said. The [...]
United Parcel Service posted third-quarter results that handily beat Wall Street’s expectations and gave details about its turnaround efforts, including approximately 34,000 job cuts. UPS earned $1.31 billion, or $1.55 per share, for the three months ended Sept. 30. The Atlanta-based company earned $1.99 billion, or $1.80 per share, a year earlier. Removing one-time costs, [...]
TOKYO (AP) — Japan is filled with tiny white trucks that farmers and commercial workers use to lug their gear along the narrow roads of a nation smaller than California. Yet Japanese Prime Minister Sanae Takaichi had another, more substantial truck in mind as she looked to build rapport with visiting President Donald Trump. Takaichi, [...]
HONG KONG (AP) — China’s ambition to challenge Boeing and Airbus with its own homegrown passenger jet is running into turbulence, with deliveries of finished aircraft expected to fall far short of its target announced for this year. The C919 jet — a single-aisle passenger plane aiming to rival Boeing’s 737 and Airbus’ A320 — [...]