TheWeek The Week US Edition US UK SUBSCRIBE & SAVE Less than $3 per week × Search Sign in View Profile Sign out Daily Briefing Talking Points The Week Recommends Newsletters Cartoons From the Magazine The Week Junior More Politics World News Business Health Science Food & Drink Travel Culture History Personal Finance Puzzles Photos All Categories Newsletter sign up Newsletter Business The daily business briefing: November 1, 2023 Toyota doubles its investment in a North Carolina EV battery factory, WeWork shares tumble on bankruptcy reports, and more Newsletter sign up Newsletter WeWork shares plummet on bankruptcy reports (Image credit: David Paul Morris / Bloomberg via Getty Images) Jump to category: 1. Toyota doubles investment in North Carolina battery factory 2. WeWork shares fall after reports of looming bankruptcy 3. Bankman-Fried denies telling staff to take FTX customers’ money 4. Jury finds Realtors liable for $1.8 billion in damages for inflating commissions 5. Stocks struggle ahead of Fed decision By Harold Maass, The Week US published 1 November 2023 1. Toyota doubles investment in North Carolina battery factory Toyota announced Tuesday it would spend another $8 billion to make a plant under construction in North Carolina a hub for battery production, creating 3,000 more jobs. The commitment increases the Japan-based automaker’s investment in the facility to nearly $14 billion to help meet rising demand for hybrid vehicles. The factory will have 14 assembly lines making batteries for hybrids, plug-in hybrids and fully electric vehicles, with production slated to start in 2025. Toyota said it will be able to shift between making EV and plug-in hybrid batteries, depending on demand. Toyota pioneered hybrids in the late 1990s and has pushed plug-in hybrids recently as a more affordable alternative to fully electric cars. Axios, The Wall Street Journal 2. WeWork shares fall after reports of looming bankruptcy WeWork shares plunged 37% in pre-market trading on Wednesday following news reports that the company plans to file for bankruptcy protection as early as next week. The move would cap a stunning decline for the company, which tapped into shifting work trends by offering flexible office space. WeWork, once valued at $47 billion, missed an Oct. 2 interest payment to its bondholders, The Wall Street Journal reported. It now has a 30-day grace period to pay, and would be considered in default if it fails to come up with the money. A WeWork spokesperson declined to comment on the report’s “speculation.” The company has been trying to renegotiate leases on its spaces with landlords to help it stay afloat. CNN, The Wall Street Journal 3. Bankman-Fried denies telling staff to take FTX customers’ money Sam Bankman-Fried, founder of the failed cryptocurrency exchange FTX, denied knowing his company had siphoned away billions from customers during a second day of questioning by a federal prosecutor in his criminal fraud trial. The prosecutor, Danielle Sassoon, asked the 31-year-old former crypto tycoon whether he told underlings to use customers’ money to buy real estate and make investments. “I don’t recall giving any direction,” he replied. Bankman-Fried is accused of orchestrating the theft of up to $10 billion from FTX customers and using the money on luxury real estate and goods, as well as propping up his crypto trading firm, Alameda Research. The New York Times Subscribe to The Week Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives. SUBSCRIBE & SAVE Sign up for The Week’s Free Newsletters From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox. From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox. Sign up 4. Jury finds Realtors liable for $1.8 billion in damages for inflating commissions A federal jury in Missouri on Tuesday found the National Association of Realtors and some residential brokerages liable to pay nearly $1.8 billion in damages for inflating home-sale commissions. The verdict could force changes to practices that have allowed real estate agents to boost commissions as home prices and mortgage rates rise. “We view it as a tremendous day of accountability for these companies,” Michael Ketchmark, the lead attorney for the plaintiffs, told CNN. NAR president Tracy Kasper said the group would appeal. “This matter is not close to being final,” Kasper said. Reuters, CNN 5. Stocks struggle ahead of Fed decision U.S. stock futures fell slightly early Wednesday as investors braced for the Federal Reserve’s statement at the end of its two-day policy meeting. Futures tied to the Dow Jones Industrial Average, the S&P 500 and the Nasdaq were down about 0.3% at 7 a.m. ET. The Fed is expected to hold interest rates steady. The decision will be released at 2 p.m., followed by comments by Fed Chair Jerome Powell. Earnings reports are continuing to roll in, too. Shares of Yum China Holdings dropped 12% after the restaurant operator’s third quarter revenue came in below estimates. Advanced Micro Devices fell 2% on its disappointing fourth-quarter guidance. Early Wednesday, CVS reported better-than-expected earnings and revenue on strong health services revenue. CNBC Explore More Business News Business Briefing Breaking News Continue reading for free We hope you’re enjoying The Week’s refreshingly open-minded journalism. sign up to continue reading Already have an account ? Sign in here Subscribed to The Week? Register your account with the same email as your subscription. Sign up to our 10 Things You Need to Know Today newsletter A free daily digest of the biggest news stories of the day – and the best features from our website Contact me with news and offers from other Future brandsReceive email from us on behalf of our trusted partners or sponsorsBy submitting your information you agree to the Terms & Conditions and Privacy Policy and are aged 16 or over. Harold Maass, The Week US Social Links Navigation Harold Maass is a contributing editor at TheWeek.com. He has been writing for The Week since the 2001 launch of the U.S. print edition. Harold has worked for a variety of news outlets, including The Miami Herald, Fox News, and ABC News. For several years, he wrote a daily round-up of financial news for The Week and Yahoo Finance. He lives in North Carolina with his wife and two sons. Latest Could an AI chatbot fix your finances? 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The daily business briefing: November 1, 2023
