The daily business briefing: May 21, 2019

Ford says it will cut 7,000 jobs, Google will temporarily keep working with Huawei as U.S. eases restrictions, and more

A Ford dealership
(Image credit: Tim Boyle/Getty Images)

1. Ford says it will cut 7,000 jobs

Ford announced Monday that it would cut 7,000 white-collar jobs to reduce costs. The automaker said it would start notifying affected workers on Tuesday. The cuts amount to about 10 percent of Ford's global salaried staff. The company expects to save about $600 million a year. About 2,400 of the eliminated jobs will be in North America. The cuts, announced in a letter from CEO Jim Hackett to employees, came as Ford executes a massive restructuring and spends $11 billion to remake its business in a bid to increase international sales and modernize its vehicle models. General Motors in November announced that it was slashing 8,000 non-union jobs, or 15 percent of its salaried and contract employees.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.