Daily Recap: Business — 31 October 2026

Capital is getting more selective across the market, with companies and investors pulling back as high costs, heavy AI spending and debt pressures reshape decisions. The day’s business news centers on tighter financing, sharper scrutiny of cash flow and fresh moves to protect pro...

OpenAI scales back the target for its latest fundraising round as a selloff in AI-related stocks weakens investor appetite. The round remains in progress, but the lower goal signals that even the most prominent AI companies face a tougher market for fresh capital as valuations and expectations come under pressure.

S&P Global Ratings revises Meta’s credit outlook to negative, citing concern that the company’s heavy AI spending could strain cash flow and weaken its balance sheet. The move highlights growing investor focus on whether large technology groups can sustain aggressive AI investment without undermining financial flexibility.

The sale of the Los Angeles Lakers moves closer after Mark Walter and Josh Kushner agree on outstanding terms tied to a record $12.5 billion valuation. A formal agreement is expected soon, marking a major step in one of the biggest transactions in sports and entertainment ownership.

Virgin Media O2 prepares to cut thousands of jobs as it pushes through a cost-cutting overhaul while carrying roughly £22 billion of debt. The planned reductions show how heavily leveraged companies are turning to restructuring and workforce cuts to preserve cash and manage financial pressure.

Alaska Air says it will cut about 200 jobs after higher fuel costs squeeze earnings. The cuts affect less than 1% of its roughly 32,500 employees, including positions in Washington and Hawaii, underscoring how quickly energy-price shocks can feed into airline staffing and cost decisions.

Crypto exchanges move to tighten security and press for faster information-sharing after Binance suffers a $6.3 billion heist. Binance halts withdrawals following the attack, and the episode sharpens concerns about operational risk in digital-asset markets as exchanges seek broader acceptance in mainstream finance.

India revises its export levies on petroleum products, cutting the petrol export duty to zero while raising duties on diesel and aviation turbine fuel. The changes take effect October 31 for the next fortnightly period, reflecting the government’s continuing use of tax policy to respond to shifting energy-market conditions.

India’s market regulator says it is strengthening investor protection as the country’s capital markets broaden and participation grows. SEBI Chairman Tuhin Kanta Pandey links easier market access with the need for better risk awareness, while also pursuing reforms to improve fundraising processes and compliance.