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BP is to make an accelerated payment of approximately $350m to the U.S. state of Louisiana and resolve remaining coastal zone lawsuits involving the company, including remaining litigation linked to the 2010 Deepwater Horizon oil spill. The new agreement was signed by Louisiana Governor Jeff Landry, Attorney General Liz Murrill and BP CEO Meg O’Neill. The payment replaces remaining instalments due over the next seven years under the 2015 Deepwater Horizon Economic Damages Settlement. "We have now disposed of ​claims and settled with all ​but ⁠one of the major defendants in these coastal cases," Landry said in a statement ​distributed by BP.

 

Offshore Technology

Reuters

The chairwoman of Germany’s IG Metall labor union has condemned Audi CEO Gernot Döllner’s appearance alongside Donald Trump at a Georgia campaign rally at which the U.S. President announced the German automaker’s $4bn plan for a factory near Macon. Döllner thanked Trump for his support and described the project as a “fantastic opportunity” for Audi and the U.S. Christiane Benner said: “The way Gernot Döllner presented himself and Audi in the U.S. is highly embarrassing, politically unacceptable and unworthy of the company and, above all, its employees.” Trump unveiled Audi's U.S. factory plan with less than two weeks to go until Election Day on Nov. 3.

 

Bloomberg

Saudi Aramco evacuated its headquarters in Dhahran on Thursday following an alarm, and has asked employees to work remotely. Sources said the reason for the alarm wasn’t immediately known and it wasn’t clear how long staff would be asked to work away from headquarters. The kingdom is on alert after recent attacks from Yemen’s Houthis, including lethal strikes on the oil giant's operations. Bloomberg notes that the U.S. State Department has ordered non-emergency personnel and their families to leave Saudi Arabia because of the growing threat from Houthi attacks.

 

Bloomberg

A cyberattack was the likely cause of significant internet outages in North Korea, affecting numerous state-managed websites, a network monitoring firm has said. Doug Madory, director of internet analysis at Kentik, observed: "This traffic all started at the same time and it is coming from Vietnam and Venezuela. That's definitely a DDoS attack." The outages impacted over 40 official sites, including the foreign ministry and state news agency KCNA, over a 32-hour period. While some experts suggested that North Korea's unstable power supplies might have contributed to the outages, they appeared to be unrelated to global internet issues linked to vulnerabilities in the PHP programming language. North Korea's internet has faced similar disruptions in the past, notably in 2014 following a controversial film about the country's leader Kim Jong Un, which precipitated an hours-long complete internet outage.

 

U.S. News

Attorney General Todd Blanche has defended a Justice Department (DOJ) lawsuit aimed at blocking the certification of Alaska's Senate election if Republican incumbent Sen. Dan Sullivan narrowly loses. The lawsuit, filed last week, claims potential voter confusion due to the presence of another candidate named Daniel J. Sullivan. Blanche said: “What we're asking the court to do is make sure that after the election, if it's clear that there was confusion, if it's clear, and that's for a court to decide at a later date if there's litigation . . . and that confusion led to an unjust, improper result that is not the will of the Alaskan voter, we want to make sure that the Alaskan system and the Alaskan state courts and the Alaskan electoral process can understand that in a way that lets them do the right thing.” Alaska Senate candidate Mary Peltola (D) responded to the DOJ's lawsuit by saying the move was “frivolous,” adding: “This is clearly corruption. This is clearly a very desperate attempt to cling to power.”

 

The Hill

CNBC

U.S. News

Flávio Bolsonaro has called for the annulment of Brazil’s presidential runoff after losing the election to President Luiz Inácio Lula da Silva. He has criticised the Supreme Court for mandating a last-minute extension of voting hours on Sunday. “It is impossible to recognize the election outcome given the circumstances in which all of this took place,” the eldest son of former President Jair Bolsonaro said, adding: “We will pursue legal action and seek to have the election annulled.”

 

Bloomberg

U.S. consumer confidence has fallen to a five-month low in October as persistent inflation, rising interest rates, and weakening household purchasing power weigh on sentiment. The University of Michigan’s final consumer sentiment index declined to 48 from 48.1 in September, although the reading exceeded economists’ forecasts. Inflation expectations for the coming year rose to 4.7% from 4.6%, while longer-term expectations reached 3.5%, with both measures at their highest levels since May. Nearly 70% of consumers expect interest rates to increase over the next year, the highest proportion in more than three years. Buying conditions for durable goods deteriorated to a record low, while assessments of current economic conditions fell to their second-lowest level on record. Despite these concerns, expectations for the broader economy improved for the first time since July.

 

Bloomberg

Texas-based Lone Star Funds has faced a setback after the Seoul High Court ruled against its claim for a tax refund of 168.2 bn won ($125.9m) from the Korean and Seoul city governments. The case, which was remanded by the Supreme Court, involved profits from Lone Star's investments in Korea. The court determined that the withheld taxes belonged to Korea Exchange Bank and other withholding agents, not Lone Star.

 

Korea Joongang Daily

The Korea Times

American Express has raised its 2026 profit forecast while announcing plans to cut approximately 3,500 jobs, representing 5% of its global workforce. The company expects adjusted annual earnings of $17.60 to $17.90 per share, following stronger-than-expected third-quarter results. Adjusted quarterly earnings reached $4.68 per share, exceeding analysts' forecasts of $4.48, while revenue rose 9% to $20.1bn. Cardholder spending increased 8% to $454bn, supported by affluent customers, with travel and entertainment expenditure climbing 10%. However, operating expenses rose 9% to $14.5bn, reflecting increased marketing investment and card benefits. CEO Stephen Squeri said restructuring would improve efficiency despite continued business momentum.

 

Bloomberg

CNBC

Reuters

The Wall Street Journal

Citigroup has received approval to operate a wholly owned securities business in China. A licence from China's securities regulator allows the U.S. bank to offer equities brokerage and securities underwriting. 

 

Financial Times

Financial Times

Bloomberg Law picks up on news first reported in the Financial Times that Weil Gotshal & Manges partner Ramona Nee has decided against taking the top job at the law firm. Nee, who had been due to start in January as executive partner, won't take the role, the FT reported citing people familiar with the matter. The decision is said to cast doubt on Nee's future time at the Wall Street firm.

 

Bloomberg Law

Analysis shared with the U.K.'s Observer newspaper indicates that the Big Four accounting firms audit offshore companies linked to an estimated $37bn of investment in economies that the World Bank says have a "low rule of law." The report says 90% of the money is held in networks deemed to be at "high risk" of sanctions, or involved in illicit financial activity, such as corruption, organised crime, or fraud. The research, led by the University of Sussex’s Centre for the Study of Corruption in partnership with the Tax Justice Network, examined around 12,000 offshore holding companies linked to 18 major economies. Researchers say Deloitte, EY, KPMG and PwC play a significant role in offshore structures linked to Russian oligarchs and other wealthy individuals, although the findings do not prove wrongdoing.

 

The Observer

The growing popularity of GLP-1 weight-loss drugs, including Ozempic and Mounjaro, has boosted demand for cobblers, tailors, and secondhand clothing retailers as Americans seek affordable ways to adjust their wardrobes. With approximately 11% of U.S. adults taking GLP-1 medications for weight loss, Cobblers Direct has reported double-digit annual growth in belt-shortening services, now handling up to 500 belts weekly. A survey found that 80% of GLP-1 users are wearing ill-fitting clothes, while many are delaying new purchases because of fluctuating weight and financial pressures. Secondhand retailer ThredUp has benefited from consumers shifting toward smaller clothing sizes, while Stitch Fix estimates that at least 20% of its new clients use GLP-1 medications.

 

Reuters