Daily Recap: Business — 22 October 2026

Business news is dominated by how artificial intelligence is reshaping corporate decisions, from layoffs and new security risks to blockbuster fundraising under geopolitical pressure. Elsewhere, policymakers and commodity markets add fresh strain, while companies pursue acquisiti...

Barclays says it will cut 5,000 jobs, or about 5% of its workforce, as it pushes AI-led efficiency measures. The bank says 1,000 roles are already gone and the rest will be eliminated by year-end. The reductions mainly hit its UK retail banking business, including some roles based in India.

Major US banks are moving to limit third-party AI agents that log into customer accounts and in some cases appear to take actions beyond what users intended. Lenders face a growing challenge as AI tools use customers’ credentials to perform tasks, blurring whether activity is directly authorized or initiated by software.

DeepSeek reportedly raises about $15 billion in a funding round that ranks among China’s largest for an AI startup, even as US pressure on the company intensifies. The fundraising comes soon after Washington orders federal agencies to remove its technology over security concerns, and it fuels expectations of a future public listing.

The Bangko Sentral ng Pilipinas raises its key policy rate by 50 basis points to 5.50%, taking a bigger step than many expected against persistent inflation. The move extends the central bank’s tightening campaign as policymakers try to contain price pressures that have proved difficult to bring under control.

Fortescue warns that stalled iron ore pricing talks with Chinese counterparts could disrupt its operations and may force production slowdowns or cuts by the end of the year. The Australian miner says the deadlock threatens activity levels if no agreement is reached, underscoring tension in a key commodities trade.

Meta restructures its shares in a move designed to help Mark Zuckerberg remain in California if voters approve a proposed wealth tax aimed at billionaires. The change follows concern that the ballot measure could sharply increase his tax exposure and had prompted consideration of moving his primary residence out of state.

Bose agrees to acquire Skullcandy, adding the lifestyle audio brand to its consumer lineup while keeping it separate from the core Bose brand. Skullcandy will remain based in Park City, Utah, and operate within Bose’s Premium Consumer Audio division as the company broadens its reach across different price points and audiences.

Marvel’s Wolverine ranks as the best-selling video game in the United States in September, while PS5 hardware sales also rise. The game’s strong commercial showing stands out because it arrives to mixed reviews and negative online buzz, suggesting sales momentum is outpacing the early critical and social-media reaction.