Ford plans more layoffs

Meta and Google restrict news access for Canadian users, Ford plans another round of layoffs, and more [What makes a subscription to The Week so valuable now? Click here.]( [The Week Logo]( [Subscribe to The Week magazine]( [Subscribe to The Week magazine]( Daily business briefing 1. [Meta, Google restrict Canadian users' news access due to new law]( Meta said Thursday it would start restricting news to Canadian users of its platforms, including Facebook, after the country's parliament passed an online news bill forcing platforms to pay publishers for news posted on social media. Google, too, has been testing limiting news access in Canada. Facebook users in Australia lost the ability to view and share news in 2021 after Australian lawmakers passed a similar law. Meta called Canada's law "fundamentally flawed," saying it "ignores the realities of how our platforms work." Canada's government said the legislation would "enhance fairness in the Canadian digital news market" and ensure "fair compensation" for outlets that produce news content. [[BBC News]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Meta,+Google+restrict+Canadian+users'+news+access+due+to+new+law&body=Read the story here: utm_campaign=business_briefing_newsletter_20230623&utm_source=business_briefing_newsletter) 2. [Ford planning another round of layoffs]( Ford plans more layoffs in its ongoing effort to cut costs as it invests heavily in electric vehicles, The Wall Street Journal reported Thursday. The move could be announced as soon as next week. It wasn't immediately clear how many workers would be affected. Ford laid off 3,000 white-collar and contract workers last August and started cutting 3,800 jobs in Europe earlier this year. The Journal said the next round of layoffs was expected to focus on U.S. salaried workers, including some in Ford's gas-engine operations, as well as EV and software division employees. A Ford joint venture has lined up a [record $9.2 billion Department of Energy loan]( to finance Tennessee and Kentucky battery plants crucial to its EV push. [[The Wall Street Journal]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Ford+planning+another+round+of+layoffs&body=Read the story here: utm_campaign=business_briefing_newsletter_20230623&utm_source=business_briefing_newsletter) Advertisement from wisebread [Earn $200 After Spending $500]( [Advertisement from wisebread]( 3. [3M reaches $10.3 billion forever-chemical settlement]( 3M reached a $10.3 billion settlement with U.S. cities and towns that accused the chemical and manufacturing giant of contaminating drinking water with so-called forever chemicals. The settlement calls for 3M to pay municipalities to detect and clean up perfluoroalkyl and polyfluoroalkyl substances, known as PFAS, in public water supplies for the next 13 years. The chemicals are used in numerous products, from firefighting foam to nonstick coatings. States and municipalities have filed about 4,000 lawsuits against 3M over PFAS contamination. Under the settlement, 3M didn't admit liability but committed to covering remediation of any water supply contamination. The company has said it will end PFAS manufacturing by 2025. [[The New York Times]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=3M+reaches+$10.3+billion+forever-chemical+settlement&body=Read the story here: utm_campaign=business_briefing_newsletter_20230623&utm_source=business_briefing_newsletter) 4. [Stock futures fall as winning streak ends]( U.S. stock futures fell early Friday as Wall Street remained on track to break a multi-week winning streak. Futures tied to the Dow Jones Industrial Average and the S&P 500 were down 0.3% and 0.5%, respectively, at 6:30 a.m. ET. Nasdaq futures were down 0.7%. The Dow and S&P 500 went into the last day of the week down 1% and 0.6%, respectively. The Nasdaq has fallen 0.4% so far this week and is poised to snap an eight-week winning streak. The Federal Reserve's plan to raise rates two more times this year to fight high inflation, despite a decision to pause rate hikes this month, has put markets "under a bit of pressure," said Yung-Yu Ma, chief investment strategist at BMO Wealth Management. [[CNBC]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Stock+futures+fall+as+winning+streak+ends&body=Read the story here: utm_campaign=business_briefing_newsletter_20230623&utm_source=business_briefing_newsletter) ADVERTISEMENT from wisebread [Spend $500 And Earn $200]( [ADVERTISEMENT from wisebread]( 5. [Honeybee losses reached 2nd highest rate on record last year]( U.S. beekeepers lost 48% of their honeybee hives in the year that ended April 1, the second highest death rate on record, according to an annual survey released Thursday by the University of Maryland and Auburn University, and funded by the Bee Informed Partnership, a nonprofit research group. The loss was up from 39% the previous year, and a 12-year average of 39.6%. The record mortality rate of 50.8% was set in 2020-2021. Scientists say several factors, including parasites, pesticides, and climate change, are killing honeybees, which pollinate more than 100 crops, including nuts, berries, vegetables, and citrus fruit. Beekeepers say a 21% winter loss rate is acceptable. [[The Associated Press]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Honeybee+losses+reached+2nd+highest+rate+on+record+last+year&body=Read the story here: utm_campaign=business_briefing_newsletter_20230623&utm_source=business_briefing_newsletter) [Read more business stories at theweek.com]( MOST POPULAR [Related image]( [Should taxpayers fund religious schools?]( Theara Coleman [Related image]( [The new Cold War in the Arctic, explained]( Joel Mathis [Related image]( [The future of 'Doctor Who']( Brendan Morrow [Related image]( [Will Trump's indictment be a fatal blow to his 2024 hopes?]( Rafi Schwartz [Related image]( [Alito did not disclose Alaska private jet trip from GOP billionaire with business before Supreme Court]( Peter Weber [Speed reads banner] [Article image]( ['Catastrophic implosion' killed all 5 passengers on Titan submersible]( June 22, 2023 [Article image]( [Alito did not disclose Alaska private jet trip from GOP billionaire with business before Supreme Court]( June 21, 2023 [Article image]( [Humans pushed the Earth into a new geological epoch in the 1950s, Canadian lake samples suggest]( June 21, 2023 [Article image]( [Judge sets Aug. 14 start for Trump secret documents trial, but legal experts are skeptical]( June 21, 2023 [Read more of today's best articles at theweek.com]( [What makes a subscription to The Week so valuable now? 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