Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Trump Backs Nexstar–Tegna Merger Amid Shifting U.S. Media Landscape 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom 
Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Ford Motor is slashing jobs of its salaried and contract employees and about 580 staff are affected. The automaker is undergoing restructuring to focus on electric vehicles and unfortunately, the move will also lead to job cuts.
According to CNBC, the company’s Ford+ turnaround restructuring plan is being carried out and it was confirmed on Wednesday this week that 230 agency workers and 350 salaried employees will have to be let go.
Most of the affected workers are said to be under the engineering department. This happened as Ford Motor is transitioning from making combustion engines to electric cars and trucks.
“We continue to align staffing around the critical skills needed to deliver our products, services, and the Ford+ plan,” the carmaker stated. “As part of the ongoing management of our business, we will continue to align our staffing to meet our future business needs and plans.”
The job cuts are expected to be completed by the end of the week and this comes just weeks after Ford Motor revealed its plans to reorganize its operations to divide its electric and internal combustion engine and create different units for them within the company.
Ford Motor further said that employees who will be impacted by the job cut as well as the agencies for the non-Ford staff, were already notified on Wednesday which is the same day when it announced a net loss of $3.1 billion in the first quarter. The profit loss is said to be largely due to its heavy investment in Rivian Automotive, an EV start-up.
Meanwhile, Ford Motor said that eligible employees will be given benefits continuation as well as severance pay that is equivalent to up to nine months of salary based on service. The automaker’s spokesperson declined to disclose an estimate of how much the packages will cost the company.
"Employees are provided a comprehensive career transition and reemployment assistance package through Right Management,” Detroit Free Press quoted Ford Motor as saying in a statement. This package provides personalized one-on-one career and/or retirement coaching along with resume and profile development, eLearning course library access, resume/profile development, and access to exclusive career fairs and networking events."
