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Charlie Javice, the founder of a startup acquired by JPMorgan Chase for $175 million, was sentenced to over seven years in prison for defrauding the bank by overstating the number of customers the fintech firm had. Javice and her chief growth officer were found guilty of fraud and conspiracy to commit fraud. Despite expressing remorse and asking for forgiveness, Javice received an 85-month prison sentence, $22.36 million in forfeiture, and $287 million in restitution to JPMorgan. The court found that Javice had inflated the number of customers using synthetic identities before the acquisition, leading to an embarrassing situation for JPMorgan as they failed to verify the actual number of customers before the purchase.

Ford Motor CEO Jim Farley expressed his expectation of a significant drop in demand for all-electric vehicles following the end of federal tax incentives. He anticipates EV sales to decrease from a record market share of 10% to 12% to just 5% after the incentive program expires. Farley noted that the industry may shift towards hybrids as customers find partial electrification more acceptable in the current context. The impending changes in policy and incentive structures will require the auto industry, including Ford, to adapt and make adjustments to their strategies and operations.

China’s new K visa targets young STEM graduates without job offer requirements, offering an alternative to the U.S. H-1B visa facing a $100,000 fee. As Beijing aims to boost its fortunes in the geopolitical rivalry with Washington, the K visa promises entry, residence, and employment for foreign workers in tech fields. Despite its potential, the K visa faces challenges such as language barriers, vague requirements, and limited citizenship options, raising questions about its effectiveness in attracting international talent. With other countries also loosening visa rules to attract skilled migrants, China’s move to lower barriers while the U.S. raises them may shift the dynamics of global talent recruitment in the tech sector.

Lufthansa Group revealed plans to cut 4,000 jobs by 2030 through the use of artificial intelligence, digitalization, and consolidating work among member airlines. The focus of the job cuts will mainly be on administrative roles, with the goal of increasing efficiency across business areas. The company stated that these changes are necessary due to the rapid advancements in digitalization and artificial intelligence.

Despite the job cuts, Lufthansa Group reported strong demand for air travel and predicted stronger profits in the years ahead. The company is preparing for the largest fleet modernization in its history, adding over 230 new aircraft by 2030, including 100 long-haul planes. With a focus on increased profitability and efficiency, Lufthansa Group aims to navigate the challenges of a tight market and stretched supply chains for planes and engines.

Workers for Toyota in Brazil have overwhelmingly voted to approve a plan for temporary layoffs following storm damage to one of the company’s factories in Sao Paulo. The Porto Feliz factory, where engines are manufactured, suffered severe damage from heavy rain and winds, leading to a halt in production. The layoff plan, aimed at protecting jobs and incomes, is set to begin on October 21 after a 20-day emergency vacation period. The company is assessing the damage and expects it to be months before work can resume at the plant.

In the meantime, Toyota is exploring alternative engine suppliers from other countries to resume vehicle production at its other plants. The Metalworkers’ Union of Sorocaba and vicinity reported that over 96% of workers voted in favor of the layoff proposal, with a key negotiation ensuring full payment for employees earning up to 10,000 reais per month during the layoff period. This proactive response demonstrates a collaborative effort to navigate the challenges posed by the storm damage, prioritizing the well-being and financial security of the workforce.

South Korea has expressed its inability to pay $350 billion upfront as suggested by President Donald Trump for investment in the United States. Despite a handshake deal in July to lower US tariffs from 25% to 15%, South Korea clarified that the investment would be in the form of loans, loan guarantees, and equity, not a cash payment upfront. Seoul’s National Security Adviser emphasized that such a massive outlay could lead to a financial crisis for Asia’s fourth largest economy.

With South Korea unable to meet Trump’s upfront payment demand, discussions are ongoing to find alternative solutions. The deadlock in formalizing the trade deal stems from US demands for control over the funds. South Korean President Lee Jae Myung highlighted the risk to the economy without safeguards like a currency swap, raising concerns about plunging into a crisis. As both sides work towards finalizing the agreement, the upcoming APEC summit hosted by South Korea could be a crucial platform for resolving the impasse.

Anthropic, a $183 billion artificial intelligence startup, is making significant strides in its international expansion efforts. With a rapidly growing customer base exceeding 300,000 in just two years and a shift towards global demand, the company is tripling its international workforce and expanding its applied AI team fivefold in 2025. This move comes as nearly 80% of Anthropic’s activity now originates from outside the United States, with countries like South Korea, Australia, and Singapore exceeding U.S. adoption rates.

The company’s Chief Commercial Officer, Paul Smith, highlighted the unexpected success of Anthropic’s international growth, citing rapid adoption in sectors like life sciences and sovereign wealth management. With plans to recruit country leads in key global markets and establish new offices across Asia and Europe, Anthropic is positioning itself as a dominant player in the enterprise AI space. As competition in the industry intensifies, Anthropic’s focus on providing a pure-play AI experience with direct access to cutting-edge models like Claude Code sets it apart from traditional players like OpenAI, Microsoft, and Google.