Here's your midday brief for Tuesday, October 28th. I'm Zoe Colkin for the Wall Street Journal.

UPS says it's cut 48,000 jobs this year, between management and operations through a combination of layoffs and buyouts.

The company says it's still well positioned to navigate the coming

holiday shipping season, and restructuring efforts have resulted in cost savings of about

$2.2 billion so far this year. It says it's also benefited from automating some positions,

leading to fewer seasonal workers needed for the holiday stretch. Although third quarter profit

and revenue fell, results were better

than expected, and UPS shares had rallied more than 7% in morning trading. OpenAI has successfully

converted its for-profit subsidiary into a public benefit corporation, granting its nonprofit

parent a $130 billion stake, and giving longtime partner Microsoft a 27% stake.

Microsoft also will receive exclusive intellectual property rights to Open AI technology until

2032. The agreement caps a multi-year saga over the company's relationship, which at one point

grew contentious. And it concludes a year of negotiations with

attorneys general and investors over how the artificial intelligence company could remain true

to its mission while transitioning into a more conventional corporate structure, one that would

make it easier to raise money, attract talent, and potentially clear the path for an initial

public offering.

And President Trump has ordered three new lethal strikes on four vessels allegedly operated

by drug smugglers in the Eastern Pacific. That's according to Defense Secretary Pete Hegeseth,

who wrote in a social media post that a total of 14 alleged narco-terrorists were killed in the three strikes,

leaving only one survivor. U.S. military forces initiated search and rescue operations for the

sole survivor before handing the case over to Mexican authorities, expanding regional involvement

...