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North American Edition
21st November 2025
 
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THE HOT STORY

Verizon to shed more than 13,000 jobs as it restructures

Verizon will lay off over 13,000 employees, its largest single workforce reduction, as the U.S. wireless carrier aims to lower costs and streamline operations. The cuts, mostly in the U.S., will be accompanied by converting 179 stores into franchises. CEO Dan Schulman said the company's cost structure “limits our ability to invest significantly in our customer value proposition.” Verizon expects to record up to $1.8bn in severance charges, with most employees departing by next month. Despite market pressures and competition, the company stressed the cuts are not due to AI. Schulman announced a $20m fund to support workers’ transitions.
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LEGAL

TD sued by former U.S. employees

A group of Chinese and Chinese-American employees who previously worked in TD Bank's New York branches say their roles were terminated as the lender sought to address its money-laundering breaches after pleading guilty to conspiracy to commit money laundering involving criminal organizations. “TD Bank has aggressively and disparately enforced AML policies against its Chinese and Chinese-American employees and at its NYC Chinatown Branches because they are Chinese and unjustly and insincerely linked to the Chinese money brokers that used TD Bank, N.A. to launder millions of dollars gained from criminal activity,” according to the complaint.

SEC drops SolarWinds cyber case

The Securities and Exchange Commission has dismissed its high-profile lawsuit against SolarWinds and its Chief Information Security Officer, Timothy Brown, over the 2020 Russia-linked Sunburst cyberattack. The case, filed in 2023, accused the firm of hiding security flaws but faced judicial pushback and industry criticism. A joint motion to dismiss with prejudice was filed Thursday. SolarWinds welcomed the move, saying: “We hope this resolution eases the concerns many CISOs have voiced.” The cybersecurity sector had feared the case could discourage transparency among security leaders.
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WORKFORCE

Labor Department publishes overdue jobs report for September

The Labor Department has belatedly published its September jobs report, almost seven weeks behind schedule due to the federal government shutdown. U.S. employers added 119,000 jobs, while the unemployment rate hit 4.4%, its highest since October 2021. Average hourly earnings increased 0.2% for the month and 3.8% from a year ago, compared to respective forecasts for 0.3% and 3.7%. The health care sector added 43,000 jobs, bars and restaurants 37,000, and social assistance 14,000. Professional and business services saw a decline of 20,000, transportation and warehousing 25,000, and the federal government 3,000. Employment data for October and November will be published on December 16th. Meanwhile, the Labor Department's latest weekly report revealed that initial claims for state unemployment benefits dropped 8,000 to a seasonally-adjusted 220,000 in the seven days to November 15th. Economists polled by Reuters had forecast 230,000 new claims. The number of people receiving unemployment benefits after an initial week of aid increased 28,000 to a seasonally adjusted 1.974m during the week ended November 8th.

Starbucks Workers United escalates strike

The Starbucks Workers United union is expanding its strike, with baristas from 30 additional stores in 25 U.S. cities joining the protest. This brings the total number of striking locations to 95 across 65 cities. The strike commenced on Starbucks' Red Cup Day, a peak sales day for the company. Despite the strike, Starbucks reported that "99% of our 17,000 U.S. locations remain open," with minimal disruption noted.
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STRATEGY

Toyota battery plant opens in North Carolina

Toyota Motor Corp. has officially opened its $13.9bn battery plant in Liberty, North Carolina, marking a significant step in its electrification strategy. The facility, which is the company's first and only battery plant outside Japan, will produce 30 gigawatt-hours of batteries annually and create 5,100 jobs. Ted Ogawa, president and CEO of Toyota North America, highlighted the company's commitment to the U.S. market. The plant will support various models, including hybrids and an upcoming all-electric vehicle. Toyota's total U.S. investment now reaches $60bn.
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TECHNOLOGY

Trump weighs executive order to preempt state AI laws

A draft of an executive order seen by Reuters indicates U.S. President Trump may be seeking to preempt state laws on artificial intelligence through lawsuits and by withholding federal funding. AI companies say a patchwork of state laws stifles innovation. According to the order, Attorney General Pam Bondi would be tasked with setting up an "AI Litigation Task Force whose sole responsibility shall be to challenge state AI laws, including on grounds that such laws unconstitutionally regulate interstate commerce, are preempted by existing federal regulations, or are otherwise unlawful."
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RISK

U.S. faces blackout risks this winter as data centers drive up power demand

Growing electricity demand from data centers is raising the risk of blackouts across parts of the U.S. during extreme conditions this winter, according to a report from the North American Electric Reliability Corp. (NERC), the regulatory body overseeing grid stability. "Record-setting demand is anticipated for some areas and may strain the grid in areas with double-digit growth rates," NERC said, observing that areas including PJM, the U.S. Southeast, and parts of the U.S. West have the largest increase in peak demand forecasts.
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INTERNATIONAL

Chinese agents use LinkedIn to target British lawmakers

U.K. lawmakers are being actively targeted by Chinese state agents with lucrative job offers on LinkedIn, according to security agency MI5. An espionage alert issued to MPs, peers and parliamentary staff by security services identified two LinkedIn profiles, which it said are used on behalf of the Chinese Ministry of State Security (MSS). House of Commons Speaker Lindsay Hoyle circulated the alert, which warned that two "recruitment head-hunters" are "known to be using" profiles on the career-focused social network "to conduct outreach at scale" for the Chinese security services.  The message from Hoyle to lawmakers went on to say: "Their aim is to collect information and lay the groundwork for long-term relationships, using professional networking sites, recruitment agents and consultants acting on their behalf."

Japanese firms relax rules for workers

In Japan, retailers are relaxing hair color rules amid a tight labor market. Hinako Mori, a 22-year-old employee at Don Quijote, says she appreciates the freedom to dye her hair, unlike in her previous job at a convenience store that enforced strict color policies. Nearly 25% of Don Quijote's staff now sport bright hair, reflecting a broader relaxed trend among companies including Fuji Yakuhin and Tokyu Store. Reuters notes that Japanese employers have been gradually relaxing their dress codes over the past two decades, precipitated by a 2005 Ministry of Environment "Cool Biz" campaign that encouraged the ditching of jackets and ties to cut down on air conditioning costs during summer months.

Tod's executives face labor exploitation probe

Italian prosecutors are investigating Tod's and three of its executives for alleged labor exploitation involving Chinese subcontractors. The Milan Prosecutor's Office claims Tod's knowingly violated labor laws regarding working hours, wages, and safety. A court document revealed that 53 workers were exploited, with one worker alleging physical abuse over unpaid wages. Prosecutors described the company's lack of oversight as "malicious." Tod's founder Diego Della Valle defended the luxury fashion label's reputation, warning that such investigations could harm "Made in Italy" brands. A hearing is set for December 3 regarding a proposed advertising ban.

Korea cracks down on labor violations at worksites employing foreign nationals

Korea's Ministry of Employment and Labor identified significant labor rights violations during inspections of 182 high-risk workplaces employing foreign workers. A total of 846 violations were identified, including wage theft amounting to 1.7bn won ($1.16m) at 123 businesses. Officials noted that some employers exploited workers' noncitizen status, denying them equal benefits. Labor Minister Kim Young-hoon said: "There cannot be any distinction between Korean and foreign workers when it comes to protecting basic labor rights." The ministry said it plans to enhance monitoring and improve conditions for foreign workers.
 
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