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Meta to cut 600 jobs in artificial intelligence: reports
Facebook owner Meta is cutting 600 jobs in its artificial intelligence division in a move intended to streamline operations after an aggressive hiring spree, US media reported Wednesday. The job cuts will not affect the TBD Lab, an operation established by Meta CEO Mark Zuckerberg, according to reports in the Wall Street Journal, the New York Times and other publications.
Tesla profits tumble on higher costs, tariff drag
Tesla reported a hefty drop in profits Wednesday, citing a drag from tariffs and other expenses that more than offset a lift from increased auto sales. Besides tariffs, the company's earnings press release cited higher restructuring expenses and lower revenues from regulatory credits as factors in the profits, which lagged behind analyst expectations.
Car giant VW warns of production hit from Nexperia chips row
Germany's Volkswagen warned Wednesday that its car production could be hit by a shortage of Nexperia semiconductors amid a deepening row between China and the Netherlands over the chipmaker. Volkswagen, Europe's biggest carmaker, confirmed some Nexperia components are used it its vehicles but said production was "currently unaffected".
GM unveils plans for 'eyes-off' vehicle in 2028
General Motors announced plans Wednesday to incorporate Google's Gemini artificial intelligence platform into vehicles and to launch a vehicle capable of "eyes-off" driving in 2028.
Global trade system risks coming off the rails: UN chief
The rules-based international trade system is in danger, UN chief Antonio Guterres warned Wednesday, amid spiralling debt, heavy tariffs and financial insecurity for emerging nations. And the rules-based trading system is at risk of derailment," Guterres said at the 16th UN Conference on Trade and Development (UNCTAD) in Geneva.
SpaceX says 'disabled' 2,500 Starlink devices at Myanmar scam centres
SpaceX has cut service to more than 2,500 Starlink internet devices at Myanmar scam centres, a company executive said Wednesday, after AFP revealed that their use had exploded in the illicit industry. SpaceX's vice-president of Starlink business operations, Lauren Dreyer, said the company "disabled over 2,500 Starlink Kits in the vicinity of suspected 'scam centers'" in Myanmar.
Eurostar plans double-decker train amid competition threat
Eurostar said Wednesday it will run double-decker trains through the Channel Tunnel for the first time, as it faces potential competition on its routes between London and mainland Europe. "We're particularly proud to bring double-decker trains to the UK for the very first time," she added in a statement.
UniCredit beats expectations with rise in profits
Italy's second largest bank, UniCredit, beat analyst expectations on Wednesday with record third-quarter profits as higher commissions and cost cutting measures outweighed lower interest income. The bank confirmed its 2025 net profit target of 10.5 billion euros excluding measures to boost future performance, and its medium-term target of surpassing 11 billion euros in 2027.
Hermes defies US tariffs as sales grow
Sales by French luxury group Hermes, known for its silk scarves and leather handbags, defied US tariffs and a weak dollar to rise in the third quarter. Hermes said earlier this year that it hoped to avoid raising prices in the United States further despite the new 15 percent tariff on goods from the EU, but warned the weak dollar was also weighing on performance.
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